Document:

<PAGE>

                                                                  EXECUTION COPY

                                                                    Exhibit 10.7

                                     364-DAY

                                CREDIT AGREEMENT

                           Dated as of August 7, 2003
                                      among

                            NUVEEN INVESTMENTS, INC.,
                                as the Borrower,

                             BANK OF AMERICA, N.A.,
                            as Administrative Agent,

                                 CITIBANK, N.A.,
                              as Syndication Agent,

                                  BANK ONE, NA,
                             as Documentation Agent

                                       and

                         The Other Lenders Party Hereto

                         BANC OF AMERICA SECURITIES LLC,
                                       as
                    Sole Lead Arranger and Sole Book Manager

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                    PAGE
                                                                                    ----
<S>                                                                                 <C>
SECTION
ARTICLE I.     DEFINITIONS AND ACCOUNTING TERMS.................................      1

     1.01  Defined Terms........................................................      1

     1.02  Other Interpretive Provisions........................................     14

     1.03  Accounting Terms.....................................................     14

     1.04  Rounding.............................................................     15

     1.05  References to Agreements and Laws....................................     15

     1.06  Times of Day.........................................................     15

ARTICLE II.    THE COMMITMENTS AND LOANS........................................     15

     2.01  Loans................................................................     15

     2.02  Borrowings, Conversions and Continuations of Loans...................     16

     2.03  Prepayments..........................................................     17

     2.04  Termination or Reduction of Commitments..............................     17

     2.05  Repayment of Loans...................................................     18

     2.06  Interest.............................................................     18

     2.07  Fees.................................................................     18

     2.08  Computation of Interest and Fees.....................................     19

     2.09  Evidence of Debt.....................................................     19

     2.10  Payments Generally...................................................     20

     2.11  Sharing of Payments..................................................     21

     2.12  Increase in Commitments..............................................     22

     2.13  Extension of Maturity Date...........................................     23

ARTICLE III.   TAXES, YIELD PROTECTION AND ILLEGALITY...........................     24

     3.01  Taxes................................................................     24

     3.02  Illegality...........................................................     25

     3.03  Inability to Determine Rates.........................................     25

     3.04  Increased Cost and Reduced Return; Capital Adequacy..................     26

     3.05  Funding Losses.......................................................     26

     3.06  Matters Applicable to all Requests for Compensation..................     27

     3.07  Survival.............................................................     27

ARTICLE IV.    CONDITIONS PRECEDENT TO LOANS....................................     27

     4.01  Conditions of Initial Loans..........................................     27

     4.02  Conditions to All Borrowings.........................................     29
</TABLE>

                                      -i-

<PAGE>

<TABLE>
<S>                                                                                 <C>
ARTICLE V.     REPRESENTATIONS AND WARRANTIES...................................     29

     5.01  Corporate Existence; Conduct of Business.............................     29

     5.02  Authorization and Validity...........................................     29

     5.03  Compliance with Laws and Contracts...................................     30

     5.04  Governmental Consents................................................     30

     5.05  Financial Statements.................................................     30

     5.06  Material Adverse Change..............................................     31

     5.07  Taxes................................................................     31

     5.08  Litigation and Contingent Obligations................................     31

     5.09  Subsidiaries.........................................................     31

     5.10  ERISA................................................................     31

     5.11  Defaults.............................................................     32

     5.12  Federal Reserve Regulations..........................................     32

     5.13  Public Utility Holding Company.......................................     32

     5.14  Certain Fees.........................................................     32

     5.15  Ownership of Properties..............................................     32

     5.16  Material Agreements..................................................     33

     5.17  Insurance............................................................     33

     5.18  Disclosure...........................................................     33

ARTICLE VI.    COVENANTS........................................................     33

     6.01  Financial Reporting..................................................     33

     6.02  Use of Proceeds......................................................     35

     6.03  Notice of Default....................................................     35

     6.04  Conduct of Business..................................................     35

     6.05  Taxes................................................................     36

     6.06  Insurance............................................................     36

     6.07  Compliance with Laws; Material Contractual Obligations...............     36

     6.08  Maintenance of Properties............................................     36

     6.09  Inspection...........................................................     36

     6.10  Ownership of Subsidiaries............................................     37

     6.11  Indebtedness.........................................................     37

     6.12  Merger...............................................................     38

     6.13  Sale of Assets.......................................................     38
</TABLE>

                                      -ii-

<PAGE>

<TABLE>
<S>                                                                                 <C>
     6.14  Sale of Accounts.....................................................     38

     6.15  Investments and Purchases............................................     38

     6.16  Contingent Obligations...............................................     39

     6.17  Liens................................................................     39

     6.18  Affiliates...........................................................     40

     6.19  Change in Corporate Structure; Fiscal Year...........................     40

     6.20  Inconsistent Agreements..............................................     40

     6.21  Financial Covenants..................................................     40

     6.22  ERISA Compliance.....................................................     40

ARTICLE VII.   DEFAULTS.........................................................     41

     7.01  Defaults.............................................................     41

     7.02  Remedies Upon Event of Default.......................................     42

     7.03  Application of Funds.................................................     43

ARTICLE VIII.  ADMINISTRATIVE AGENT.............................................     43

     8.01  Appointment and Authorization of Administrative Agent................     43

     8.02  Delegation of Duties.................................................     44

     8.03  Liability of Administrative Agent....................................     44

     8.04  Reliance by Administrative Agent.....................................     44

     8.05  Notice of Default....................................................     45

     8.06  Credit Decision; Disclosure of Information by Administrative Agent...     45

     8.07  Indemnification of Administrative Agent..............................     46

     8.08  Administrative Agent in its Individual Capacity......................     46

     8.09  Successor Administrative Agent.......................................     46

     8.10  Administrative Agent May File Proofs of Claim........................     47

     8.11  Other Agents; Arrangers and Managers.................................     47

ARTICLE IX.    MISCELLANEOUS....................................................     48

     9.01  Amendments, Etc......................................................     48

     9.02  Notices and Other Communications; Facsimile Copies...................     49

     9.03  No Waiver; Cumulative Remedies.......................................     50

     9.04  Attorney Costs, Expenses and Taxes...................................     50

     9.05  Indemnification by the Borrower......................................     50

     9.06  Payments Set Aside...................................................     51

     9.07  Successors and Assigns...............................................     51
</TABLE>

                                     -iii-

<PAGE>

<TABLE>
<S>                                                                                 <C>
     9.08  Confidentiality......................................................     54

     9.09  Set-off..............................................................     55

     9.10  Interest Rate Limitation.............................................     55

     9.11  Counterparts.........................................................     55

     9.12  Integration..........................................................     55

     9.13  Survival of Representations and Warranties...........................     55

     9.14  Severability.........................................................     56

     9.15  Tax Forms............................................................     56

     9.16  Replacement of Lenders...............................................     57

     9.17  Governing Law........................................................     58
</TABLE>

                                      -iv-

<PAGE>

SCHEDULES
     2.01  Commitments and Pro Rata Shares
     5.09  Subsidiaries and Investments
     5.10  ERISA
     9.02  Administrative Agent's Office, Certain Addresses for Notices

EXHIBITS
     FORM OF
     A     Loan Notice
     B     Note
     C     Compliance Certificate
     D     Assignment and Assumption
     E-1   Winston & Strawn Opinion
     E-2   Alan G. Berkshire Opinion

                                      -v-
<PAGE>

                            364-DAY CREDIT AGREEMENT

         This 364-DAY CREDIT AGREEMENT ("Agreement") is entered into as of
August 7, 2003, among NUVEEN INVESTMENTS, INC., a Delaware corporation (the
"Borrower"), each lender from time to time party hereto (collectively, the
"Lenders" and individually, a "Lender"), BANK OF AMERICA, N.A., as
Administrative Agent, CITIBANK N.A., as Syndication Agent, and BANK ONE, NA, as
Documentation Agent.

         The Borrower has requested that the Lenders provide a revolving credit
facility, and the Lenders are willing to do so on the terms and conditions set
forth herein.

         In consideration of the mutual covenants and agreements herein
contained, the parties hereto covenant and agree as follows:

                                   ARTICLE I.
                        DEFINITIONS AND ACCOUNTING TERMS

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

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

         "Administrative Agent's Office" means the Administrative Agent's
address and, as appropriate, account as set forth on Schedule 9.02, or such
other address or account as the Administrative Agent may from time to time
notify the Borrower and the Lenders.

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

         "Advisers Act" means the Investment Advisers Act of 1940, as amended.

         "Affiliate" means, as to any Person, any other Person which, directly
or indirectly, is in control of, is controlled by, or is under common control
with, such Person. A Person shall be deemed to control another Person if the
controlling Person possesses, directly or indirectly, the power to direct or
cause the direction of the management and policies of the other Person, whether
through the ownership of voting securities, by contract, or otherwise.

         "Agent-Related Persons" means the Administrative Agent, together with
its Affiliates (including, in the case of Bank of America in its capacity as the
Administrative Agent, the Arranger), and the officers, directors, employees,
agents and attorneys-in-fact of such Persons and Affiliates.

         "Aggregate Commitments" means the Commitments of all the Lenders.

         "Agreement" means this Credit Agreement.

<PAGE>

         "Annual Operating Cash Flow" means, as at any fiscal quarter end,
EBITDA for the four consecutive fiscal quarters then ended.

         "Applicable Rate" means the following percentages per annum, based upon
the Leverage Ratio as set forth in the most recent Compliance Certificate
received by the Administrative Agent pursuant to Section 6.02(b):

                                 APPLICABLE RATE
                                (in basis points)
<TABLE>
<CAPTION>
Pricing                                                   Eurodollar Rate and
 Level          Leverage Ratio             Facility Fee   Federal Funds Rate    Utilization Fee
-------    -------------------------       ------------   -------------------   ---------------
<S>        <C>                             <C>            <C>                   <C>
   1              < 1.00:1                      9.0               33.5                5.0
   2       > or =1.00:1 but < 2.00:1           10.0               40.0                7.5
   3            > or =2.00:1                   13.0               47.0               10.0
</TABLE>

         Any increase or decrease in the Applicable Rate resulting from a change
in the Consolidated Adjusted Leverage Ratio shall become effective as of the
first Business Day immediately following the date a Compliance Certificate is
delivered pursuant to Section 6.01(c); provided, however, that if a Compliance
Certificate is not delivered when due in accordance with such Section, then
Pricing Level 3 shall apply as of the first Business Day after the date on which
such Compliance Certificate was required to have been delivered. Until increased
or decreased pursuant to the provisions above, the Applicable Rate in effect
from the Closing Date through September 30, 2003 shall be determined based upon
Pricing Level 2.

         "Arranger" means Banc of America Securities LLC, in its capacity as
sole lead arranger and sole book manager.

         "Assignment and Assumption" means an Assignment and Assumption
substantially in the form of Exhibit D.

         "Attorney Costs" means and includes all fees, expenses and
disbursements of any law firm or other external counsel and, without
duplication, the allocated cost of internal legal services and all expenses and
disbursements of internal counsel.

         "Availability Period" means the period from and including the Closing
Date to the earliest of (a) the Maturity Date, (b) the date of termination of
the Aggregate Commitments pursuant to Section 2.04, and (c) the date of
termination of the commitment of each Lender to make Loans pursuant to Section
7.02.

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

         "Bankruptcy Code" means the Federal Bankruptcy Reform Act of 1978 (11
U.S.C. Section 101, et seq.).

         "Base Rate" means for any day a fluctuating rate per annum equal to the
higher of (a) the Federal Funds Rate plus 1/2 of 1% and (b) the rate of interest
in effect for such day as publicly announced from time to time by Bank of
America as its "prime rate." The "prime rate" is a rate

                                        2
<PAGE>

set by Bank of America based upon various factors including Bank of America's
costs and desired return, general economic conditions and other factors, and is
used as a reference point for pricing some loans, which may be priced at, above,
or below such announced rate. Any change in such rate announced by Bank of
America shall take effect at the opening of business on the day specified in the
public announcement of such change.

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

         "Borrower" has the meaning specified in the introductory paragraph
hereto.

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

         "Business Day" means any day other than a Saturday, Sunday or other day
on which commercial banks are authorized to close under the Laws of, or are in
fact closed in, the state where the Administrative Agent's Office is located
and, if such day relates to any Eurodollar Rate Loan, means any such day on
which dealings in Dollar deposits are conducted by and between Banks in the
London interbank eurodollar market.

         "CFTC" means the Commodities Future Trading Commission and any
successor entity.

         "Change of Control" means (a) the acquisition by any Person, or two or
more Persons acting in concert, including without limitation any acquisition
effected by means of any transaction contemplated by Section 6.12, of beneficial
ownership (within the meaning of Rule 13d-3 of the Securities and Exchange
Commission under the Exchange Act of 1934) of 30% or more of the outstanding
shares of voting stock of the Borrower, or (b) The St. Paul Companies, Inc., or
a successor acceptable to each of the Lenders, shall cease to own beneficially
and of record, free and clear of all Liens, other encumbrances, or voting
agreements, restrictions or trusts of any kind at least 50.1% of the outstanding
shares of capital stock of the Borrower on a fully diluted basis and shares
representing the right to elect a majority of the directors of the Borrower, or
(c) during any period of 25 consecutive calendar months, commencing on the date
of this Agreement, the ceasing of those individuals (the "Continuing Directors")
who (i) were directors of the Borrower on the first day of each such period or
(ii) subsequently became directors of the Borrower and whose initial election or
initial nomination for election subsequent to that date was approved by a
majority of the Continuing Directors then on the board of directors of the
Borrower, to constitute a majority of the board of directors of the Borrower.

         "Closing Date" means the first date all the conditions precedent in
Section 4.01 are satisfied or waived in accordance with Section 4.01 (or, in the
case of Section 4.01(b), waived by the Person entitled to receive the applicable
payment).

         "Code" means the Internal Revenue Code of 1986, and regulations
promulgated thereunder.

         "Commitment" means, as to each Lender, its obligation to make Loans to
the Borrower pursuant to Section 2.01, in an aggregate principal amount at any
one time outstanding not to exceed the amount set forth opposite such Lender's
name on Schedule 2.01 or in the Assignment

                                        3
<PAGE>

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

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

         "Contingent Obligation" means, as to any Person, any direct or indirect
liability of that Person, whether or not contingent, with or without recourse,
(a) with respect to any Indebtedness, lease, dividend, letter of credit or other
obligation (the "primary obligations") of another Person (the "primary
obligor"), including any obligation of that Person (i) to purchase, repurchase
or otherwise acquire such primary obligations or any security therefor, (ii) to
advance or provide funds for the payment or discharge of any such primary
obligation, or to maintain working capital or equity capital of the primary
obligor or otherwise to maintain the net worth or solvency or any balance sheet
item, level of income or financial condition of the primary obligor, (iii) to
purchase property, securities or services primarily for the purpose of assuring
the owner of any such primary obligation of the ability of the primary obligor
to make payment of such primary obligation, or (iv) otherwise to assure or hold
harmless the holder of any such primary obligation against loss in respect
thereof (each, a "Guaranty Obligation"); (b) with respect to any Surety
Instrument issued for the account of that Person or as to which that Person is
otherwise liable for reimbursement of drawings or payments; (c) to purchase any
materials, supplies or other property from, or to obtain the services of,
another Person if the relevant contract or other related document or obligation
requires that payment for such materials, supplies or other property, or for
such services, shall be made regardless of whether delivery of such materials,
supplies or other property is ever made or tendered, or such services are ever
performed or tendered, or (d) in respect of any Rate Hedging Obligations. The
amount of any Contingent Obligation shall, in the case of Guaranty Obligations,
be deemed equal to the stated or determinable amount of the primary obligation
in respect of which such Guaranty Obligation is made or, if not stated or if
indeterminable, the maximum reasonably anticipated liability in respect thereof,
and in the case of other Contingent Obligations, shall be equal to the maximum
reasonably anticipated liability in respect thereof.

         "Contractual Obligation" means, as to any Person, any provision of any
security issued by such Person or of any agreement, undertaking, contract,
indenture, mortgage, deed of trust or other instrument, document or agreement to
which such Person is a party or by which it or any of its property is bound.

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

         "Debt" means the aggregate outstanding principal balance of all
Indebtedness of the Borrower and its Subsidiaries on a consolidated basis
required to be reflected on a balance sheet prepared in accordance with GAAP.

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

                                        4
<PAGE>

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

         "Default" means any event or condition that constitutes an Event of
Default or that, with the giving of any notice, the passage of time, or both,
would be an Event of Default.

         "Default Rate" means an interest rate equal to (a) the Base Rate plus
(b) the Applicable Rate, if any, applicable to Base Rate Loans plus (c) 2% per
annum; provided, however, that with respect to a Eurodollar Rate Loan, the
Default Rate shall be an interest rate equal to the interest rate (including any
Applicable Rate) otherwise applicable to such Loan plus 2% per annum, in each
case to the fullest extent permitted by applicable Laws.

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

         "Distribution Receivables" means advanced sales commissions reflected
on the consolidated balance sheet of the Borrower and its Subsidiaries in
accordance with GAAP representing fees, commissions or other amounts payable by
registered investment companies sponsored or advised by Nuveen Investments or
any Affiliate thereof relating to the distribution of such investment companies'
shares.

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

         "EBITDA" means, for any applicable computation period, the Borrower's
and Subsidiaries' Net Income on a consolidated basis from continuing operations,
plus (a) income and franchise taxes paid or accrued during such period, (b)
interest expenses accrued during such period, and (c) amortization and
depreciation and other non-cash charges deducted in determining Net Income for
such period, all determined and computed in accordance with GAAP.

         "Eligible Assignee" has the meaning specified in Section 9.07(g).

         "ERISA" means the Employee Retirement Income Security Act of 1974, and
regulations promulgated thereunder.

         "Eurodollar Base Rate" has the meaning set forth in the definition of
Eurodollar Rate.

         "Eurodollar Rate" means for any Interest Period with respect to any
Eurodollar Rate Loan, a rate per annum determined by the Administrative Agent
pursuant to the following formula:

                                           Eurodollar Base Rate
                 Eurodollar Rate = ------------------------------------
                                   1.00 - Eurodollar Reserve Percentage

                                        5
<PAGE>

                  Where,

                  "Eurodollar Base Rate" means, for such Interest Period:

                  (a)      the rate per annum equal to the rate determined by
         the Administrative Agent to be the offered rate that appears on the
         page of the Telerate screen (or any successor thereto) that displays an
         average British Bankers Association Interest Settlement Rate for
         deposits in Dollars (for delivery on the first day of such Interest
         Period) with a term equivalent to such Interest Period, determined as
         of approximately 11:00 a.m. (London time) two Business Days prior to
         the first day of such Interest Period, or

                  (b)      if the rate referenced in the preceding clause (a)
         does not appear on such page or service or such page or service shall
         not be available, the rate per annum equal to the rate determined by
         the Administrative Agent to be the offered rate on such other page or
         other service that displays an average British Bankers Association
         Interest Settlement Rate for deposits in Dollars (for delivery on the
         first day of such Interest Period) with a term equivalent to such
         Interest Period, determined as of approximately 11:00 a.m. (London
         time) two Business Days prior to the first day of such Interest Period,
         or

                  (c)      if the rates referenced in the preceding clauses (a)
         and (b) are not available, the rate per annum determined by the
         Administrative Agent as the rate of interest at which deposits in
         Dollars for delivery on the first day of such Interest Period in same
         day funds in the approximate amount of the Eurodollar Rate Loan being
         made, continued or converted by Bank of America and with a term
         equivalent to such Interest Period would be offered by Bank of
         America's London Branch to major Banks in the London interbank
         eurodollar market at their request at approximately 4:00 p.m. (London
         time) two Business Days prior to the first day of such Interest Period.

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

         "Eurodollar Reserve Percentage" means, for any day during any Interest
Period, the reserve percentage (expressed as a decimal, carried out to five
decimal places) in effect on such day, whether or not applicable to any Lender,
under regulations issued from time to time by the FRB for determining the
maximum reserve requirement (including any emergency, supplemental or other
marginal reserve requirement) with respect to Eurocurrency funding (currently
referred to as "Eurocurrency liabilities"). The Eurodollar Rate for each
outstanding Eurodollar Rate Loan shall be adjusted automatically as of the
effective date of any change in the Eurodollar Reserve Percentage.

         "Event of Default" has the meaning specified in Section 7.01.

         "Exchange Act" means the Securities and Exchange Act of 1934, and
regulations promulgated thereunder.

                                        6
<PAGE>

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

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

         "Fee Letter" means the letter agreement, dated July 14, 2003, among the
Borrower, the Administrative Agent and the Arranger.

         "Foreign Lender" has the meaning specified in Section 9.15(a)(i).

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

         "GAAP" means generally accepted accounting principles in the United
States set forth in the opinions and pronouncements of the Accounting Principles
Board and the American Institute of Certified Public Accountants and statements
and pronouncements of the Financial Accounting Standards Board or such other
principles as may be approved by a significant segment of the accounting
profession in the United States, that are applicable to the circumstances as of
the date of determination, consistently applied.

         "Governmental Authority" means any nation or government, any state or
other political subdivision thereof, any central bank (or similar monetary or
regulatory authority) thereof, any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government,
and any corporation or other entity owned or controlled, through stock or
capital ownership or otherwise, by any of the foregoing.

         "Guaranty Obligation" has the meaning specified in the definition of
"Contingent Obligation."

         "Indebtedness" of any Person means, without duplication, (a) all
indebtedness for borrowed money; (b) all obligations issued, undertaken or
assumed as the deferred purchase price of property or services (other than trade
payables entered into in the ordinary course of business on ordinary terms); (c)
all non-contingent reimbursement or payment obligations with respect to Surety
Instruments; (d) all obligations evidenced by notes, bonds, debentures or
similar instruments, including obligations so evidenced incurred in connection
with the acquisition of property, assets or businesses; (e) all indebtedness
created or arising under any conditional sale or other title retention
agreement, or incurred as financing, in either case with respect to property
acquired by the Person (even though the rights and remedies of the seller or
lender under such agreement in the event of default are limited to repossession
or sale of such

                                        7
<PAGE>

property); (f) all obligations with respect to capital leases; (g) all Rate
Hedging Obligations; (h) all indebtedness referred to in clauses (a) through (g)
above secured by (or for which the holder of such Indebtedness has an existing
right, contingent or otherwise, to be secured by) any Lien upon or in property
(including accounts and contracts rights) owned by such Person, even though such
Person has not assumed or become liable for the payment of such Indebtedness;
and (i) all Guaranty Obligations in respect of indebtedness or obligations of
others of the kinds referred to in clauses (a) through (g) above.

         "Indemnified Liabilities" has the meaning set forth in Section 9.05.

         "Indemnitees" has the meaning set forth in Section 9.05.

         "Insolvency Proceeding" means (a) any case, action or proceeding before
any court or other Governmental Authority relating to bankruptcy,
reorganization, insolvency, liquidation, receivership, dissolution, winding-up
or relief of debtors, or (b) any general assignment for the benefit of
creditors, composition, marshaling of assets for creditors, or other, similar
arrangement in respect of its creditors generally or any substantial portion of
its creditors; undertaken under U.S. Federal, state or foreign law, including
the Bankruptcy Code.

         "Interest Payment Date" means, (a) as to any Eurodollar Rate Loan, the
last day of each Interest Period applicable to such Loan and the Maturity Date;
provided, however, that if any Interest Period for a Eurodollar Rate Loan
exceeds three months, the respective dates that fall every three months after
the beginning of such Interest Period shall also be Interest Payment Dates; and
(b) as to any Base Rate Loan or Federal Funds Rate Loan, the first Business Day
of each January, April, July and October and the Maturity Date.

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

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

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

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

         "Investment" of a Person means any loan, advance (other than
commission, travel and similar advances to officers and employees made in the
ordinary course of business), extension of credit (other than accounts
receivable arising in the ordinary course of business on terms customary in the
trade), deposit account or contribution of capital by such Person to any other

                                        8
<PAGE>

Person or any investment in, or purchase or other acquisition of, the stock,
partnership interests, notes, debentures or other securities of any other Person
made by such Person.

         "Investment Company Act" means the Investment Company Act of 1940, as
amended.

         "IRS" means the Internal Revenue Service, and any Governmental
Authority succeeding to any of its principal functions under the Code.

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

         "Lender" has the meaning specified in the introductory paragraph
hereto.

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

         "Leverage Ratio" means, as determined as of the end of any fiscal
quarter, the ratio of (a) Debt at such time to (b) Annual Operating Cash Flow.

         "Lien" means any security interest, mortgage, deed of trust, pledge,
hypothecation, assignment, charge or deposit arrangement, encumbrance or lien
(statutory or other) in respect of any property (including those created by,
arising under or evidenced by any conditional sale or other title retention
agreement, the interest of a lessor under a capital lease, any financing lease
having substantially the same economic effect as any of the foregoing, or the
filing of any financing statement naming the owner of the asset to which such
lien relates as debtor, under the Uniform Commercial Code or any comparable law)
and any contingent or other agreement to provide any of the foregoing, but not
including the interest of a lessor under an operating lease.

         "Loan" has the meaning specified in Section 2.01.

         "Loan Documents" means this Agreement, each Note, and the Fee Letter.

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

         "Margin Stock" has the meaning assigned to that term under Regulation
U.

         "Material Adverse Effect" means (a) a material adverse change in, or a
material adverse effect upon, the operations, business, assets or financial
condition of the Borrower or the Borrower and its Subsidiaries taken as a whole;
(b) a material impairment of the ability of the Borrower to perform under any
Loan Document and to avoid any Event of Default; or (c) a

                                        9
<PAGE>

material adverse effect upon the legality, validity, binding effect or
enforceability against the Borrower of any Loan Document.

         "Maturity Date" means August 5, 2004, as such date may be extended
pursuant to Section 2.13.

         "MSRB" means the Municipal Securities Rulemaking Board or any successor
entity.

         "Multiemployer Plan" means a Plan maintained pursuant to a collective
bargaining agreement or any other arrangement to which the Borrower or any
member of the Controlled Group is a party to which more than one employer is
obligated to make contributions.

         "NASD" means the NASD Regulation, Inc.

         "Net Income" means, for any computation period, with respect to the
Borrower on a consolidated basis with its Subsidiaries (other than any
Subsidiary which is restricted from declaring or paying dividends or otherwise
advancing funds to its parent whether by contract or otherwise), cumulative net
income earned during such period as determined in accordance with GAAP.

         "Net Worth" means at any date the consolidated common stockholders
equity of the Borrower and its consolidated Subsidiaries and redeemable
preferred stock of the Borrower determined in accordance with GAAP.

         "Note" means a promissory note made by the Borrower in favor of a
Lender evidencing Loans made by such Lender, substantially in the form of
Exhibit B.

         "Nuveen Advisory" means Nuveen Advisory Corp., a Delaware corporation.

         "Nuveen Asset Management" means Nuveen Asset Management Inc., a
Delaware corporation.

         "Nuveen Institutional" means Nuveen Institutional Advisory Corp., a
Delaware corporation.

         "Nuveen Investments" means Nuveen Investments, LLC, a Delaware limited
liability company.

         "NWQ Investment Management" means NWQ Investment Management, LLC., a
Delaware limited liability company.

         "NYSE" means the New York Stock Exchange, Inc.

         "Obligations" means all advances to, and debts, liabilities,
obligations, covenants and duties of, the Borrower arising under any Loan
Document or otherwise with respect to any Loan, whether direct or indirect
(including those acquired by assumption), absolute or contingent, due or to
become due, now existing or hereafter arising and including interest and fees
that accrue after the commencement by or against the Borrower or any Affiliate
thereof of any proceeding

                                       10
<PAGE>

under any Debtor Relief Laws naming such Person as the debtor in such
proceeding, regardless of whether such interest and fees are allowed claims in
such proceeding.

         "Other Credit Agreement" means the 364-day Revolving Credit Agreement
dated the date hereof among the Borrower, Bank of America, as Administrative
Agent and certain lenders.

         "Outstanding Amount" means the aggregate outstanding principal amount
of the Loans after giving effect to any borrowings and prepayments or repayments
of Loans.

         "Participant" has the meaning specified in Section 9.07(d).

         "PBGC" means the Pension Benefit Guaranty Corporation, or any
Governmental Authority succeeding to any of its principal functions under ERISA.

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

         "Plan" means an employee pension benefit plan, as defined in Section
3(2) of ERISA, as to which the Borrower or any member of the Controlled Group
may have any liability.

         "Pro Rata Share" means, with respect to each Lender at any time, a
fraction (expressed as a percentage, carried out to the ninth decimal place),
the numerator of which is the amount of the Commitment of such Lender at such
time and the denominator of which is the amount of the Aggregate Commitments at
such time. The initial Pro Rata Share of each Lender is set forth opposite the
name of such Lender on Schedule 2.01 or in the Assignment and Assumption
pursuant to which such Lender becomes a party hereto, as applicable.

         "Property" of a Person means any and all property, whether real,
personal, tangible, intangible, or mixed, of such Person, or other assets owned,
leased or operated by such Person.

         "Purchase" means any transaction, or any series of related
transactions, consummated on or after the date of this Agreement, by which the
Borrower or any of its Subsidiaries (a) acquires any ongoing business or all or
substantially all of the assets of any Person or division or line of business
thereof, whether through purchase of assets, merger or otherwise, or (b)
directly or indirectly acquires (in one transaction or as the most recent
transaction in a series of transactions) at least a majority (in number of
votes) of the securities of a corporation which have ordinary voting power for
the election of directors (other than securities having such power only by
reason of the happening of a contingency) or a majority (by percentage or voting
power) of the outstanding partnership interests of a partnership.

         "Rate Hedging Obligations" of a Person means any and all obligations of
such Person, whether absolute or contingent and howsoever and whensoever
created, arising, evidenced or acquired (including all renewals, extensions and
modifications thereof and substitutions therefor), under (a) any and all
agreements, devices or arrangements designed to protect at least one of the
parties thereto from the fluctuations of interest rates, exchange rates or
forward rates applicable to such party's assets, liabilities or exchange
transactions, including, but not limited to, dollar-denominated or
cross-currency interest rate exchange agreements, forward rate

                                       11
<PAGE>

currency or interest rate options, puts and warrants, and (b) any and all
cancellations, buybacks, reversals, terminations or assignments of any of the
foregoing.

         "Register" has the meaning set forth in Section 9.07(c).

         "Regulation D" means Regulation D of the FRB as from time to time in
effect and any successor thereto or other regulation or official interpretation
of the FRB relating to reserve requirements applicable to depositary
institutions.

         "Regulation T" means Regulation T of the FRB as from time to time in
effect and shall include any successor or other regulation or official
interpretation of the FRB relating to the extension of credit by securities
brokers and dealers for the purpose of purchasing or carrying margin stocks
applicable to such Persons.

         "Regulation U" means Regulation U of the FRB from time to time in
effect and any successor or other regulation or official interpretation of the
FRB relating to the extension of credit by banks for the purpose of purchasing
or carrying margin stocks applicable to such Person.

         "Regulation X" means Regulation X of the FRB as from time to time in
effect and shall include any successor or other regulation or official
interpretation of FRB relating to the extension of credit by the specified
lenders for the purpose of purchasing or carrying margin stocks applicable to
such Persons.

         "Reportable Event" means a reportable event as defined in Section 4043
of ERISA and the regulations issued under such section, with respect to a Plan,
excluding, however, such events as to which the PBGC has by regulation waived
the requirement of Section 4043(a) of ERISA that it be notified within 30 days
of the occurrence of such event; provided, that a failure to meet the minimum
funding standard of Section 412 of the Code and of Section 302 of ERISA shall be
a Reportable Event regardless of the issuance of any such waiver of the notice
requirement in accordance with either Section 4043(a) of ERISA or Section 412(d)
of the Code.

         "Required Lenders" means, as of any date of determination, Lenders
having more than 50% of the Aggregate Commitments or, if the commitment of each
Lender to make Loans has been terminated pursuant to Section 7.02, Lenders
holding in the aggregate more than 50% of the Total Outstandings; provided that
the Commitment of, and the portion of the Total Outstandings held or deemed held
by, any Defaulting Lender shall be excluded for purposes of making a
determination of Required Lenders.

         "Responsible Officer" means the chief executive officer, the president,
any executive vice president or any senior vice president of the Borrower; or,
with respect to compliance with financial covenants, the chief financial officer
or the treasurer of the Borrower, or any other officer having substantially the
same authority and responsibility.

         "Rittenhouse" means Rittenhouse Asset Management, Inc., a Delaware
corporation.

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

                                       12
<PAGE>

         "Seed Money" means Investments (i) constituting the initial investment
in any registered investment company sponsored by Nuveen Investments or any
Affiliate thereof made by the Borrower or any Subsidiary thereof pursuant to
Section 14(a) (or any successor provision) of the Investment Company Act,
without regard to any minimum investment requirements under said Section 14(a)
or (ii) constituting a portfolio of securities maintained on the books of the
Borrower or any Affiliate thereof and invested in accordance with a particular
method or investment style in order to develop a performance record and to be
subsequently offered to advisory clients as an investment option.

         "Short-term Indebtedness" means Indebtedness with a term of no more
than ten Business Days.

         "Single Employer Plan" means a Plan subject to Title IV of ERISA
maintained by the Borrower or any member of the Controlled Group for employees
of the Borrower or any member of the Controlled Group, other than a
Multiemployer Plan.

         "SIPC Act" has the meaning specified in Section 7.01(j).

         "Subsidiary" of a Person means any corporation, limited liability
company, association, partnership, joint venture or other business entity of
which more than 50% of the voting stock or other equity interests (in the case
of Persons other than corporations), is owned or controlled directly or
indirectly by the Person, or one or more of the Subsidiaries of the Person, or a
combination thereof. Unless the context otherwise clearly requires, references
herein to a "Subsidiary" refer to a Subsidiary of the Borrower.

         "Substantial Portion" means, with respect to the Property of the
Borrower and its Subsidiaries, Property which (a) represents more than 10% of
the consolidated assets of the Borrower and its Subsidiaries, as would be shown
in the consolidated financial statements of the Borrower and its Subsidiaries as
at the end of the quarter next preceding the date on which such determination is
made, or (b) is responsible for more than 10% of the consolidated net sales or
20% of the Net Income of the Borrower and its Subsidiaries for the 12-month
period ending as of the end of the quarter next preceding the date of
determination.

         "Surety Instruments" means all letters of credit (including standby and
commercial), banker's acceptances, bank guaranties, shipside bonds, surety bonds
and similar instruments.

         "Symphony Asset Management" means Symphony Asset Management, LLC, a
California limited liability company.

         "Termination Event" means, with respect to a Plan which is subject to
Title IV of ERISA, (a) a Reportable Event, (b) the withdrawal of the Borrower or
any other member of the Controlled Group from such Plan during a plan year in
which the Borrower or any other member of the Controlled Group was a
"substantial employer" as defined in Section 4001(a)(2) of ERISA or was deemed
such under Section 4068(f) of ERISA, (c) the termination of such Plan, the
filing of a notice of intent to terminate such Plan or the treatment of an
amendment of such Plan as a termination under Section 4041 of ERISA, (d) the
institution by the PBGC of proceedings to terminate such Plan or (e) any event
or condition which might constitute grounds under Section 4042 of ERISA for the
termination of, or appointment of a trustee to administer, such Plan.

                                       13
<PAGE>

         "Total Outstandings" means the aggregate Outstanding Amount of all
Loans.

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

         "UIT" means a unit investment trust consisting of a portfolio of
municipal bonds or taxable securities.

         "Unfunded Liability" means the amount (if any) by which the present
value of all vested and unvested accrued benefits under a Single Employer Plan
exceeds the fair market value of assets allocable to such benefits, all
determined as of the then most recent valuation date for such Plans using PBGC
actuarial assumptions for single employer plan terminations.

         "Wholly-Owned Subsidiary" means any corporation in which (other than
directors' qualifying shares required by law) 100% of the capital stock of each
class having ordinary voting power, and 100% of the capital stock of every other
class, in each case, at the time as of which any determination is being made, is
owned, beneficially and of record, by the Borrower, or by one or more of the
other Wholly-Owned Subsidiaries, or both.

         1.02     OTHER INTERPRETIVE PROVISIONS. With reference to this
Agreement and each other Loan Document, unless otherwise specified herein or in
such other Loan Document:

         (a) The meanings of defined terms are equally applicable to the
singular and plural forms of the defined terms.

         (b) (i) The words "herein," "hereto," "hereof" and "hereunder" and
words of similar import when used in any Loan Document shall refer to such Loan
Document as a whole and not to any particular provision thereof.

                  (ii)     Article, Section, Exhibit and Schedule references are
         to the Loan Document in which such reference appears.

                  (iii)    The term "including" is by way of example and not
         limitation.

                  (iv)     The term "documents" includes any and all
         instruments, documents, agreements, certificates, notices, reports,
         financial statements and other writings, however evidenced, whether in
         physical or electronic form.

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

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

         1.03     ACCOUNTING TERMS. (a) All accounting terms not specifically or
completely defined herein shall be construed in conformity with, and all
financial data (including financial

                                       14
<PAGE>

ratios and other financial calculations) required to be submitted pursuant to
this Agreement shall be prepared in conformity with, GAAP applied on a
consistent basis, as in effect from time to time, applied in a manner consistent
with that used in preparing the Audited Financial Statements, except as
otherwise specifically prescribed herein.

         (b) 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.

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

         1.05     REFERENCES TO AGREEMENTS AND LAWS. Unless otherwise expressly
provided herein, (a) references to organization documents, agreements (including
the Loan Documents) and other contractual instruments shall be deemed to include
all subsequent amendments, restatements, extensions, supplements and other
modifications thereto, but only to the extent that such amendments,
restatements, extensions, supplements and other modifications are not prohibited
by any Loan Document; and (b) references to any Law shall include all statutory
and regulatory provisions consolidating, amending, replacing, supplementing or
interpreting such Law.

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

                                   ARTICLE II.
                            THE COMMITMENTS AND LOANS

         2.01     LOANS. Subject to the terms and conditions set forth herein,
each Lender severally agrees to make loans (each such loan, a "Loan") to the
Borrower from time to time, on any Business Day during the Availability Period,
in an aggregate amount not to exceed at any time outstanding the amount of such
Lender's Commitment; provided, however, that after giving effect to any
Borrowing, (i) the Total Outstandings shall not exceed the Aggregate
Commitments, and (ii) the aggregate Outstanding Amount of the Loans of any
Lender shall not exceed such Lender's Commitment. Within the limits of each
Lender's Commitment, and subject to the other terms and conditions hereof, the
Borrower may borrow under this Section 2.01, prepay under Section 2.03, and
reborrow under this Section 2.01. Loans may be Base Rate Loans, Federal Funds
Rate Loans or Eurodollar Rate Loans, as further provided herein.

                                       15
<PAGE>

         2.02     BORROWINGS, CONVERSIONS AND CONTINUATIONS OF LOANS.

         (a) Each Borrowing, each conversion of Loans from one Type to the
other, and each continuation of Eurodollar Rate Loans shall be made upon the
Borrower's irrevocable notice to the Administrative Agent, which may be given by
telephone. Each such notice must be received by the Administrative Agent not
later than 11:00 a.m. (i) three Business Days prior to the requested date of any
Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any
conversion of Eurodollar Rate Loans to Base Rate Loans or Federal Funds Rate
Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans or
Federal Funds Rate Loans or conversion from Base Rate Loans to Federal Funds
Rate Loans or Federal Funds Rate Loans to Base Rate Loans. Each telephonic
notice by the Borrower pursuant to this Section 2.02(a) must be confirmed
promptly by delivery to the Administrative Agent of a written Loan Notice,
appropriately completed and signed by a Responsible Officer of the Borrower.
Each Borrowing of, conversion to or continuation of Loans shall be in a
principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess
thereof. Each Loan Notice (whether telephonic or written) shall specify (i)
whether the Borrower is requesting a Borrowing, a conversion of Loans from one
Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the
requested date of the Borrowing, conversion or continuation, as the case may be
(which shall be a Business Day), (iii) the principal amount of Loans to be
borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to
which existing Loans are to be converted, and (v) if applicable, the duration of
the Interest Period with respect thereto. If the Borrower fails to specify a
Type of Loan in a Loan Notice or if the Borrower fails to give a timely notice
requesting a conversion or continuation, then the applicable Loans shall be made
as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate
Loans shall be effective as of the last day of the Interest Period then in
effect with respect to the applicable Eurodollar Rate Loans. If the Borrower
requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans
in any such Loan Notice, but fails to specify an Interest Period, it will be
deemed to have specified an Interest Period of one month.

         (b) Following receipt of a Loan Notice, the Administrative Agent shall
promptly notify each Lender of the amount of its Pro Rata Share of the
applicable Loans, and if no timely notice of a conversion or continuation is
provided by the Borrower, the Administrative Agent shall notify each Lender of
the details of any automatic conversion to Base Rate Loans described in the
preceding subsection. In the case of a Borrowing, each Lender shall make the
amount of its Loan available to the Administrative Agent in immediately
available funds at the Administrative Agent's Office not later than 1:00 p.m. on
the Business Day specified in the applicable Loan Notice. Upon satisfaction of
the applicable conditions set forth in Section 4.02 (and, if such Borrowing is
the initial Loan, Section 4.01), the Administrative Agent shall make all funds
so received available to the Borrower in like funds as received by the
Administrative Agent either by (i) crediting the account of the Borrower on the
books of Bank of America with the amount of such funds or (ii) wire transfer of
such funds, in each case in accordance with instructions provided to (and
reasonably acceptable to) the Administrative Agent by the Borrower.

         (c) Except as otherwise provided herein, a Eurodollar Rate Loan may be
continued or converted only on the last day of an Interest Period for such
Eurodollar Rate Loan. During the existence of a Default, no Loans may be
requested as, converted to or continued as Eurodollar Rate Loans without the
consent of the Required Lenders.

                                       16
<PAGE>

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

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

         2.03     PREPAYMENTS.

         (a) The Borrower may, upon notice to the Administrative Agent, at any
time or from time to time voluntarily prepay Loans in whole or in part without
premium or penalty; provided that (i) such notice must be received by the
Administrative Agent not later than 11:00 a.m. (A) three Business Days prior to
any date of prepayment of Eurodollar Rate Loans and (B) on the date of
prepayment of Base Rate Loans or Federal Funds Rate Loans; and (ii) any
prepayment of Loans shall be in a principal amount of $5,000,000 or a whole
multiple of $1,000,000 in excess thereof. Each such notice shall specify the
date and amount of such prepayment and the Type(s) of Loans to be prepaid. The
Administrative Agent will promptly notify each Lender of its receipt of each
such notice, and of the amount of such Lender's Pro Rata Share of such
prepayment. If such notice is given by the Borrower, the Borrower shall make
such prepayment and the payment amount specified in such notice shall be due and
payable on the date specified therein. Any prepayment of a Eurodollar Rate Loan
shall be accompanied by all accrued interest thereon, together with any
additional amounts required pursuant to Section 3.05. Each such prepayment shall
be applied to the Loans of the Lenders in accordance with their respective Pro
Rata Shares.

         (b) If for any reason the Total Outstandings at any time exceed the
Aggregate Commitments then in effect, the Borrower shall immediately prepay
Loans in an aggregate amount equal to such excess.

         2.04     TERMINATION OR REDUCTION OF COMMITMENTS. The Borrower may,
upon notice to the Administrative Agent, terminate the Aggregate Commitments, or
from time to time permanently reduce the Aggregate Commitments; provided that
(i) any such notice shall be received by the Administrative Agent not later than
11:00 a.m. five Business Days prior to the date of termination or reduction,
(ii) any such partial reduction shall be in an aggregate amount of $5,000,000 or
any whole multiple of $1,000,000 in excess thereof, and (iii) the Borrower shall
not terminate or reduce the Aggregate Commitments if, after giving effect
thereto and to any concurrent prepayments hereunder, the Total Outstandings
would exceed the Aggregate Commitments. The Administrative Agent will promptly
notify the Lenders of any such notice of termination or reduction of the
Aggregate Commitments. Any reduction of the Aggregate Commitments shall be
applied to the Commitment of each Lender according to its Pro Rata Share. All
facility and utilization fees accrued until the effective date of any
termination of the Aggregate Commitments shall be paid on the effective date of
such termination.

                                       17
<PAGE>

         2.05 REPAYMENT OF LOANS. The Borrower shall repay to the Lenders on the
Maturity Date the aggregate principal amount of Loans outstanding on such date.

         2.06 INTEREST.

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

         (b) If any amount payable by the Borrower under any Loan Document is
not paid when due and such failure constitutes a Default, whether at stated
maturity, by acceleration or otherwise, such amount shall thereafter bear
interest at a fluctuating interest rate per annum at all times equal to the
Default Rate to the fullest extent permitted by applicable Laws. Furthermore,
upon the request of the Required Lenders, while any Event of Default exists, the
Borrower shall pay interest on the principal amount of all its outstanding
Obligations hereunder at a fluctuating interest rate per annum at all times
equal to the Default Rate to the fullest extent permitted by applicable Laws.
Accrued and unpaid interest on past due amounts (including interest on past due
interest) shall be due and payable upon demand.

         (c) Interest on each Loan shall be due and payable in arrears on each
Interest Payment Date applicable thereto and at such other times as may be
specified herein; provided, however, the interest payable on Federal Funds Rate
Loans and Base Rate Loans shall be payable on each Interest Payment Date for the
period ended the prior Business Day (other than the interest payable on the
Maturity Date which shall be payable for the period ended on the Maturity
Date.). Interest hereunder shall be due and payable in accordance with the terms
hereof before and after judgment, and before and after the commencement of any
proceeding under any Debtor Relief Law.

         2.07 FEES.

         (a) Facility Fee. The Borrower shall pay to the Administrative Agent
for the account of each Lender in accordance with its Pro Rata Share, a facility
fee equal to the Applicable Rate times the actual daily amount of the Aggregate
Commitments (or, if the Aggregate Commitments have terminated, on the
Outstanding Amount of all Loans), regardless of usage. The facility fee shall
accrue at all times during the Availability Period (and thereafter so long as
any Loans remain outstanding), including at any time during which one or more of
the conditions in Article IV is not met, and shall be due and payable quarterly
in arrears on the first Business Day of each January, April, July and October
for the period ended the prior Business Day, commencing with the first such date
to occur after the Closing Date, and on the Maturity Date for the period ended
on the Maturity Date (and, if applicable, thereafter on demand). The facility
fee shall be calculated quarterly in arrears, and if there is any change in the
Applicable Rate during any quarter, the actual daily amount shall be computed
and multiplied by the Applicable Rate separately for each period during such
quarter that such Applicable Rate was in effect.

                                       18
<PAGE>

         (b) Utilization Fee. The Borrower shall pay to the Administrative Agent
for the account of each Lender in accordance with its Pro Rata Share, a
utilization fee of the Applicable Rate per annum times the Total Outstandings on
each day that the Total Outstandings plus the "Total Outstandings" under the
Other Credit Agreement exceed 50% of the actual daily amount of the Aggregate
Commitments plus the "Aggregate Commitments" under the Other Credit Agreement.
The utilization fee shall be due and payable quarterly in arrears on the first
Business Day of each January, April, July and October for the period ended the
prior Business Day, commencing with the first such date to occur after the
Closing Date, and on the Maturity Date for the period ended on the Maturity
Date. The utilization fee shall be calculated quarterly in arrears. The
utilization fee shall accrue at all times, including at any time during which
one or more of the conditions in Article IV is not met.

         (c) Other Fees. (i) The Borrower shall pay to the Arranger and the
Administrative Agent for their own respective accounts fees in the amounts and
at the times specified in the Fee Letter. Such fees shall be fully earned when
paid and shall not be refundable for any reason whatsoever.

                  (ii)     The Borrower shall pay to the Lenders such fees as
         shall have been separately agreed upon in writing in the amounts and at
         the times so specified. Such fees shall be fully earned when paid and
         shall not be refundable for any reason whatsoever.

         2.08 COMPUTATION OF INTEREST AND FEES. All computations of interest for
Base Rate Loans when the Base Rate is determined by Bank of America's "prime
rate" shall be made on the basis of a year of 365 or 366 days, as the case may
be, and actual days elapsed. All other computations of fees and interest shall
be made on the basis of a 360-day year and actual days elapsed (which results in
more fees or interest, as applicable, being paid than if computed on the basis
of a 365-day year). Interest shall accrue on each Loan for the day on which the
Loan is made, and shall not accrue on a Loan, or any portion thereof, for the
day on which the Loan or such portion is paid, provided that any Loan that is
repaid on the same day on which it is made shall, subject to Section 2.10(a),
bear interest for one day.

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

                                       19
<PAGE>

         2.10 PAYMENTS GENERALLY.

         (a) All payments to be made by the Borrower shall be made without
condition or deduction for any counterclaim, defense, recoupment or setoff.
Except as otherwise expressly provided herein, all payments by the Borrower
hereunder shall be made to the Administrative Agent, for the account of the
respective Lenders to which such payment is owed, at the Administrative Agent's
Office in Dollars and in immediately available funds not later than 3:00 p.m. on
the date specified herein. The Administrative Agent will promptly distribute to
each Lender its Pro Rata Share (or other applicable share as provided herein) of
such payment in like funds as received by wire transfer to such Lender's Lending
Office. All payments received by the Administrative Agent after 2:00 p.m. shall
be deemed received on the next succeeding Business Day and any applicable
interest or fee shall continue to accrue.

         (b) If any payment to be made by the Borrower shall come due on a day
other than a Business Day, payment shall be made on the next following Business
Day, and such extension of time shall be reflected in computing interest or
fees, as the case may be.

         (c) Unless the Borrower or any Lender has notified the Administrative
Agent, prior to the date any payment is required to be made by it to the
Administrative Agent hereunder, that the Borrower or such Lender, as the case
may be, will not make such payment, the Administrative Agent may assume that
such Borrower or such Lender, as the case may be, has timely made such payment
and may (but shall not be so required to), in reliance thereon, make available a
corresponding amount to the Person entitled thereto. If and to the extent that
such payment was not in fact made to the Administrative Agent in immediately
available funds, then:

                  (i)      if the Borrower failed to make such payment, each
         Lender shall forthwith on demand repay to the Administrative Agent the
         portion of such assumed payment that was made available to such Lender
         in immediately available funds, together with interest thereon in
         respect of each day from and including the date such amount was made
         available by the Administrative Agent to such Lender to the date such
         amount is repaid to the Administrative Agent in immediately available
         funds at the Federal Funds Rate from time to time in effect; and

                  (ii)     if any Lender failed to make such payment, such
         Lender shall forthwith on demand pay to the Administrative Agent the
         amount thereof in immediately available funds, together with interest
         thereon for the period from the date such amount was made available by
         the Administrative Agent to the Borrower to the date such amount is
         recovered by the Administrative Agent (the "Compensation Period") at a
         rate per annum equal to the Federal Funds Rate from time to time in
         effect. If such Lender pays such amount to the Administrative Agent,
         then such amount shall constitute such Lender's Loan included in the
         applicable Borrowing. If such Lender does not pay such amount forthwith
         upon the Administrative Agent's demand therefor, the Administrative
         Agent may make a demand therefor upon the Borrower, and the Borrower
         shall, within two Business Days, pay such amount to the Administrative
         Agent, together with interest thereon for the Compensation Period at a
         rate per annum equal to the rate of interest applicable to the
         applicable Borrowing. Nothing herein shall be deemed to relieve any
         Lender from its obligation to fulfill its Commitment or to prejudice
         any rights which the

                                       20
<PAGE>

         Administrative Agent or the Borrower may have against any Lender as a
         result of any default by such Lender hereunder.

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

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

         (e) The obligations of the Lenders hereunder to make Loans are several
and not joint. The failure of any Lender to make any Loan or to fund any such
participation on any date required hereunder shall not relieve any other Lender
of its corresponding obligation to do so on such date, and no Lender shall be
responsible for the failure of any other Lender to so make its Loan or purchase
its participation.

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

         2.11 SHARING OF PAYMENTS. If, other than as expressly provided
elsewhere herein, any Lender shall obtain on account of the Loans made by it,
any payment (whether voluntary, involuntary, through the exercise of any right
of set-off, or otherwise) in excess of its ratable share (or other share
contemplated hereunder) thereof, such Lender shall immediately (a) notify the
Administrative Agent of such fact, and (b) purchase from the other Lenders such
participations in the Loans made by them as shall be necessary to cause such
purchasing Lender to share the excess payment in respect of such Loans;
provided, however, that if all or any portion of such excess payment is
thereafter recovered from the purchasing Lender under any of the circumstances
described in Section 9.06 (including pursuant to any settlement entered into by
the purchasing Lender in its discretion), such purchase shall to that extent be
rescinded and each other Lender shall repay to the purchasing Lender the
purchase price paid therefor, together with an amount equal to such paying
Lender's ratable share (according to the proportion of (i) the amount of such
paying Lender's required repayment to (ii) the total amount so recovered from
the purchasing Lender) of any interest or other amount paid or payable by the
purchasing Lender in respect of the total amount so recovered, without further
interest thereon. The Borrower agrees that any Lender so purchasing a
participation from another Lender may, to the fullest extent permitted by law,
exercise all its rights of payment (including the right of set-off, but subject
to Section 9.09) with respect to such participation as fully as if such Lender
were the direct creditor of such Borrower in the amount of such participation.
The Administrative Agent will keep records (which shall be conclusive and
binding in the absence of manifest error) of participations purchased under this
Section and will in each case notify the Lenders following any such purchases or
repayments. Each Lender that purchases a participation pursuant to this Section
shall from and after such purchase have the right to give all notices, requests,
demands, directions and other communications under this Agreement with respect
to the portion of the

                                       21
<PAGE>

Obligations purchased to the same extent as though the purchasing Lender were
the original owner of the Obligations purchased.

         2.12 INCREASE IN COMMITMENTS.

         (a) Provided there exists no Default, upon notice to the Administrative
Agent (which shall promptly notify the Lenders), the Borrower may from time to
time after the Closing Date request an increase in the Aggregate Commitments by
an amount (for all such requests) not exceeding $75,000,000. At the time of
sending such notice, the Borrower (in consultation with the Administrative
Agent) shall specify the time period within which each Lender is requested to
respond (which shall in no event be less than ten Business Days from the date of
delivery of such 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 Pro Rata Share of such requested increase. Any 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 the Lenders' responses to each request made hereunder. To achieve the
full amount of a requested increase, the Borrower may also invite additional
Eligible Assignees to become Lenders pursuant to a joinder agreement in form and
substance satisfactory to the Administrative Agent and its counsel.

         (b) If the Aggregate Commitments are increased in accordance with this
Section, the Administrative Agent and the Borrower shall determine the effective
date (the "Increase Effective Date") and the final allocation of such increase.
The Administrative Agent shall promptly notify the Borrower and the Lenders of
the final allocation of such increase and the Increase Effective Date. As a
condition precedent to such increase, the Borrower shall deliver to the
Administrative Agent a certificate of the Borrower dated as of the Increase
Effective Date (in sufficient copies for each Lender) signed by a Responsible
Officer of such Borrower (i) certifying and attaching the resolutions adopted by
the Borrower approving or consenting to such increase, and (ii) certifying that,
before and after giving effect to such increase, (A) the representations and
warranties contained in Article V and the other Loan Documents are true and
correct on and as of the Increase Effective Date, except to the extent that such
representations and warranties specifically refer to an earlier date, in which
case they are true and correct as of such earlier date, and except that for
purposes of this Section 2.12, the representations and warranties contained in
Section 5.05 shall be deemed to refer to the most recent statements furnished
pursuant to Section 6.01, and (B) no Default exists.

         (c) Upon the effectiveness of any increase pursuant to this Section
2.12 of the Aggregate Commitments and any resulting adjustment in a Pro Rata
Share, the Lenders will purchase from each other and sell to each other
outstanding Loans sufficient to cause the outstanding Loans of each Lender to
equal its Pro Rata Share (as so adjusted) of the aggregate outstanding Loans. If
any Lender shall suffer a loss or incur an expense as a result of the
effectiveness of such purchase or sale being during an Interest Period, the
Borrower shall reimburse such Lender the amount of such loss or expense. Each
such Lender shall furnish the Borrower with a certificate setting forth the
basis for determining the amount to be paid to it hereunder.

         (d) This Section shall supersede any provisions in Sections 2.11 or
9.01 to the contrary.

                                       22
<PAGE>

         2.13 EXTENSION OF MATURITY DATE. The Maturity Date shall be subject to
extension, as set forth in this Section.

         (a) No earlier than 60 days nor later than 45 days prior to the then
Maturity Date, the Borrower may, by delivery of a written request to the
Administrative Agent, irrevocably request that each Lender extend for an
additional 364 day period (such period to commence on the day immediately
following the then Maturity Date) the Maturity Date.

         (b) The Administrative Agent shall, promptly after receipt of any such
extension request notify each Lender thereof.

         (c) Each Lender shall, within 15 days of receipt of the notice
described in clause (b), notify the Administrative Agent whether or not it
consents to the request of the Borrower set forth in such extension request,
such consent to be in the sole discretion of such Lender. If any Lender does not
so notify the Administrative Agent of its decision within such 15 day period
(such 15 day period, herein the "Consent Period"), such Lender shall be deemed
not to have consented to such request of the Borrower.

         (d) The Administrative Agent shall promptly notify the Borrower whether
the Lenders have consented to such request, but in any event by the last day of
the Consent Period. If the Administrative Agent does not so notify the Borrower
within 5 days prior to the then existing Maturity Date, the Administrative Agent
shall be deemed to have notified the Borrower that the Lenders have not
consented to the Borrower's request.

         (e) Each Lender that elects not to extend the Maturity Date relating to
such Lender's Commitment upon the expiration of the then effective Maturity Date
or that fails to so notify the Administrative Agent of such consent (a
"Non-Consenting Lender") hereby agrees that if, on or prior to the then
effective Maturity Date, any other Lender or other financial institution
acceptable to the Borrower and the Administrative Agent offers to purchase such
Non-Consenting Lender's Pro Rata Share of the Commitments for a purchase price
equal to the sum of all amounts then owing with respect to the Loans and all
other amounts accrued for the account of such Non-Consenting Lender, such
Non-Consenting Lender will assign, sell and transfer on the then effective
Maturity Date all of its right, title, interest and obligations with respect to
the foregoing to such other Lender or financial institution pursuant to the
terms of Section 9.07 and the fee payable pursuant to Section 9.07 shall be
payable by such assignee.

         (f) On the date that would have been the Maturity Date had the Maturity
Date not been extended pursuant to the terms of this Section, the Loans of any
Non-Consenting Lender that were not purchased pursuant to clause (e) will mature
and be due and payable on the then Maturity Date, and the Commitment of such
Non-Consenting Lender will thereupon terminate. On such Maturity Date, the
aggregate Commitments will be automatically reduced by an amount equal to the
Commitments of the Non-Consenting Lender that were not purchased pursuant to
clause (e). The Pro Rata Shares of the remaining Lenders which have consented to
an extension of their Commitments hereunder shall be adjusted accordingly by the
Administrative Agent.

                                       23
<PAGE>

Notwithstanding anything to the contrary contained in this Section, the Maturity
Date of those Lenders consenting to such an extension shall not be extended for
an additional 364 day period, unless Required Lenders agree to such an
extension.

         (g) This Section shall supersede any provisions in Section 2.11 or 9.01
to the contrary.

                                  ARTICLE III.
                     TAXES, YIELD PROTECTION AND ILLEGALITY

         3.01 TAXES.

         (a) Any and all payments by the Borrower to or for the account of the
Administrative Agent or any Lender under any Loan Document shall be made free
and clear of and without deduction for any and all present or future taxes,
duties, levies, imposts, deductions, assessments, fees, withholdings or similar
charges, and all liabilities with respect thereto, excluding, in the case of the
Administrative Agent and each Lender, taxes imposed on or measured by its
overall net income, and franchise taxes imposed on it (in lieu of net income
taxes), by the jurisdiction (or any political subdivision thereof) under the
Laws of which the Administrative Agent or such Lender, as the case may be, is
organized or maintains a lending office (all such non-excluded taxes, duties,
levies, imposts, deductions, assessments, fees, withholdings or similar charges,
and liabilities being hereinafter referred to as "Taxes"). If the Borrower shall
be required by any Laws to deduct any Taxes from or in respect of any sum
payable under any Loan Document to the Administrative Agent or any Lender, (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), each of the Administrative Agent and such Lender receives
an amount equal to the sum it would have received had no such deductions been
made, (ii) the Borrower shall make such deductions, (iii) the Borrower shall pay
the full amount deducted to the relevant taxation authority or other authority
in accordance with applicable Laws, and (iv) within 30 days after the date of
such payment, the Borrower shall furnish to the Administrative Agent (which
shall forward the same to such Lender) the original or a certified copy of a
receipt evidencing payment thereof.

         (b) In addition, the Borrower agrees to pay any and all present or
future stamp, court or documentary taxes and any other excise or property taxes
or charges or similar levies which arise from any payment made under any Loan
Document or from the execution, delivery, performance, enforcement or
registration of, or otherwise with respect to, any Loan Document (hereinafter
referred to as "Other Taxes"). If the Borrower shall be required to deduct or
pay any Taxes or Other Taxes from or in respect of any sum payable under any
Loan Document to the Administrative Agent or any Lender, the Borrower shall also
pay to the Administrative Agent or to such Lender, as the case may be, at the
time interest is paid, such additional amount that the Administrative Agent or
such Lender specifies is necessary to preserve the after-tax yield (after
factoring in all taxes in respect of such additional amount, including taxes
imposed on or measured by net income) that the Administrative Agent or such
Lender would have received if such Taxes or Other Taxes had not been imposed.

         (c) The Borrower agrees to indemnify the Administrative Agent and each
Lender for (i) the full amount of Taxes and Other Taxes (including any Taxes or
Other Taxes imposed or

                                       24
<PAGE>

asserted by any jurisdiction on amounts payable under this Section) paid by the
Administrative Agent and such Lender, (ii) amounts payable under Section 3.01(c)
and (iii) any liability (including additions to tax, penalties, interest and
expenses) arising therefrom or with respect thereto, in each case whether or not
such Taxes or Other Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority; provided, however, any claim under this Section
3.01 must be reasonable. Payment under this subsection (c) shall be made within
30 days after the date the Lender or the Administrative Agent makes a demand
therefor, stating in reasonable detail the basis for the indemnification claim.

         3.02 ILLEGALITY. If any Lender determines that any Law has made it
unlawful, or that any Governmental Authority has asserted that it is unlawful,
for any Lender or its applicable Lending Office to make, maintain or fund
Eurodollar Rate Loans, or to determine or charge interest rates based upon the
Eurodollar Rate, then, on notice thereof by such Lender to the Borrower through
the Administrative Agent, any obligation of such Lender to make or continue
Eurodollar Rate Loans or to convert Base Rate Loans or Federal Funds Rate Loans
to Eurodollar Rate Loans shall be suspended until such Lender notifies the
Administrative Agent and the Borrower that the circumstances giving rise to such
determination no longer exist. Upon receipt of such notice, the Borrower shall,
upon demand from such Lender (with a copy to the Administrative Agent), prepay
or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate
Loans, either on the last day of the Interest Period therefor, if such Lender
may lawfully continue to maintain such Eurodollar Rate Loans to such day, or
immediately, if such Lender may not lawfully continue to maintain such
Eurodollar Rate Loans. Upon any such prepayment or conversion, the Borrower
shall also pay accrued interest on the amount so prepaid or converted. If the
Borrower is required to so prepay any such Eurodollar Rate Loan, then
concurrently with such prepayment, the Borrower may borrow from the affected
Lender a Base Rate Loan or a Federal Funds Rate Loan in the amount of such
prepayment. Each Lender agrees to designate a different Lending Office if such
designation will avoid the need for such notice and will not, in the good faith
judgment of such Lender, otherwise be materially disadvantageous to such Lender.

         3.03 INABILITY TO DETERMINE RATES. If the Required Lenders determine
that for any reason adequate and reasonable means do not exist for determining
the Eurodollar Rate for any requested Interest Period with respect to a proposed
Eurodollar Rate Loan, or that the Eurodollar Rate for any requested Interest
Period with respect to a proposed Eurodollar Rate Loan does not adequately and
fairly reflect the cost to such Lenders of funding such Loan, the Administrative
Agent will promptly so notify the Borrower and each Lender. Thereafter, the
obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be
suspended until the Administrative Agent (upon the instruction of the Required
Lenders) revokes such notice. Upon receipt of such notice, the Borrower may
revoke any pending request for a Borrowing of, conversion to or continuation of
Eurodollar Rate Loans or, failing that, will be deemed to have converted such
request into a request for a Borrowing of Base Rate Loans in the amount
specified therein.

         3.04 INCREASED COST AND REDUCED RETURN; CAPITAL ADEQUACY.

         (a) If any Lender determines that as a result of the introduction of or
any change in or in the interpretation of any Law, or such Lender's compliance
therewith, there shall be any increase in the cost to such Lender of agreeing to
make or making, funding or maintaining Eurodollar

                                       25
<PAGE>

Rate Loans, or a reduction in the amount received or receivable by such Lender
in connection with any of the foregoing (excluding for purposes of this
subsection (a) any such increased costs or reduction in amount resulting from
(i) Taxes or Other Taxes (as to which Section 3.01 shall govern), (ii) changes
in the basis of taxation of overall net income or overall gross income by the
United States or any foreign jurisdiction or any political subdivision of either
thereof under the Laws of which such Lender is organized or has its Lending
Office, and (iii) reserve requirements utilized, as to Eurodollar Rate Loans, in
the determination of the Eurodollar Rate, then from time to time upon demand of
such Lender (with a copy of such demand to the Administrative Agent), the
Borrower shall pay to such Lender such additional amounts as will compensate
such Lender for such increased cost or reduction; provided, however, the
Borrower shall not be required to pay any such expense if the applicable Lender
shall not notify the Borrower of such expense within 180 days of such Lender
being aware of its incurrence.

         (b) If any Lender determines that the introduction of any Law regarding
capital adequacy or any change therein or in the interpretation thereof, or
compliance by such Lender (or its Lending Office) therewith, has the effect of
reducing the rate of return on the capital of such Lender or any corporation
controlling such Lender as a consequence of such Lender's obligations hereunder
(taking into consideration its policies with respect to capital adequacy and
such Lender's desired return on capital), then from time to time upon demand of
such Lender (with a copy of such demand to the Administrative Agent), the
Borrower shall pay to such Lender such additional amounts as will compensate
such Lender for such reduction; provided, however, the Borrower shall not be
required to pay any such expense if the applicable Lender shall not notify the
Borrower of such expense within 180 days of such Lender being aware of its
incurrence.

         (c) Each Lender agrees to designate a different Lending Office if such
designation will avoid the need for the Borrower to pay additional amounts
pursuant to this Section 3.04 and will not, in the good faith judgment of such
Lender, otherwise be materially disadvantageous to such Lender.

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

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

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

         (c) any assignment of a Eurodollar Rate Loan on a day other than the
last day of the Interest Period therefor as a result of a request by the
Borrower pursuant to Section 9.16;

including any loss of anticipated profits and any loss or expense arising from
the liquidation or reemployment of funds obtained by it to maintain such Loan or
from fees payable to terminate

                                       26
<PAGE>

the deposits from which such funds were obtained. The Borrower shall also pay
any customary administrative fees charged by such Lender in connection with the
foregoing.

For purposes of calculating amounts payable by the Borrower to the Lenders under
this Section 3.05, each Lender shall be deemed to have funded each Eurodollar
Rate Loan made by it at the Eurodollar Base Rate used in determining the
Eurodollar Rate for such Loan by a matching deposit or other borrowing in the
London interbank eurodollar market for a comparable amount and for a comparable
period, whether or not such Eurodollar Rate Loan was in fact so funded.

         3.06 MATTERS APPLICABLE TO ALL REQUESTS FOR COMPENSATION.

         (a) The Administrative Agent or any Lender claiming compensation under
Article III shall deliver to the Borrower a certificate of the Administrative
Agent or any Lender claiming compensation under this Article III setting forth
the additional amount or amounts to be paid to it hereunder. Such certificate
shall be presumptively correct in the absence of manifest error. In determining
such amount, the Administrative Agent or such Lender may use any reasonable
averaging and attribution methods.

         (b) Upon any Lender's making a claim for compensation under Section
3.01 or 3.04, the Borrower may replace such Lender in accordance with Section
9.16.

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

                                  ARTICLE IV.
                          CONDITIONS PRECEDENT TO LOANS

         4.01 CONDITIONS OF INITIAL LOANS. The obligation of each Lender to make
its initial Loan hereunder is subject to the condition that the Administrative
Agent have received on or before the Closing Date all of the following, in form
and substance satisfactory to the Administrative Agent and each Lender, and in
sufficient copies for each Lender:

         (a) Credit Agreement and Notes. This Agreement and, if requested, the
Notes, executed by each party thereto;

         (b) Resolutions; Incumbency.

                  (i)      Copies of the resolutions of the board of directors
         of the Borrower authorizing the transactions contemplated hereby,
         certified as of the Closing Date by the Secretary or an Assistant
         Secretary of the Borrower; and

                  (ii)     A certificate of the Secretary or Assistant Secretary
         of the Borrower certifying the names and true signatures of the
         officers of the Borrower authorized to execute, deliver and perform, as
         applicable, this Agreement, and all other Loan Documents to be
         delivered by it hereunder;

         (c) Organization Documents; Good Standing. Each of the following
documents:

                                       27
<PAGE>

                  (i)      the articles or certificate of incorporation and the
         by-laws of the Borrower as in effect on the Closing Date, certified by
         the Secretary or Assistant Secretary of the Borrower as of the Closing
         Date; and

                  (ii)     a good standing certificate for the Borrower from the
         Secretary of State (or similar, applicable Governmental Authority) of
         its state of incorporation;

         (d) Legal Opinions. An opinion of (i) Winston & Strawn LLP, counsel to
the Borrower and (ii) Alan G. Berkshire, general counsel of the Borrower
addressed to the Agent and the Lenders, substantially in the forms of Exhibits
E-1 and E-2.

         (e) Payment of Fees. Evidence of payment by the Borrower of all accrued
and unpaid fees, costs and expenses to the extent then due and payable on the
Closing Date, together with Attorney Costs of Bank of America to the extent
invoiced prior to or on the Closing Date, plus such additional amounts of
Attorney Costs as shall constitute Bank of America's reasonable estimate of
Attorney Costs incurred or to be incurred by it through the closing proceedings
(provided that such estimate shall not thereafter preclude final settling of
accounts between the Borrower and Bank of America upon an invoice itemizing
charges); including any such costs, fees and expenses arising under or
referenced in Sections 2.07 and 9.04;

         (f) Certificate. A certificate signed by a Responsible Officer, dated
as of the Closing Date, stating that:

                  (i)      the representations and warranties contained in
         Article V are true and correct on and as of such date, as though made
         on and as of such date;

                  (ii)     no Default exists or would result from the initial
         Borrowing;

                  (iii)    there has occurred since December 31, 2002, no event
         or circumstance that has resulted or could reasonably be expected to
         result in a Material Adverse Effect; and

                  (iv)     immediately upon funding hereunder and under the
         Other Credit Agreement, the 364-Day Credit Agreement and the 3-Year
         Credit Agreement, both dated as of August 10, 2000 by and among the
         Borrower, Nuveen Investments, certain financial institutions, Bank of
         America, as Administrative Agent, Citicorp USA, Inc., as Syndication
         Agent and The Chase Manhattan Bank, as Document Agent shall be paid in
         full and terminated; and

         (g) Other Documents. Such other approvals, opinions, documents or
materials as the Administrative Agent or any Lender may request.

         4.02 CONDITIONS TO ALL BORROWINGS. The obligation of each Lender to
make any Loan to be made by it (including its initial Loan) is subject to the
satisfaction of the following conditions precedent on the relevant Borrowing
Date:

         (a) Loan Notice. The Administrative Agent shall have received a Loan
Notice;

                                       28
<PAGE>

         (b) Continuation of Representations and Warranties. The representations
and warranties in Article V shall be true and correct on and as of such
Borrowing Date with the same effect as if made on and as of such Borrowing Date
(except to the extent such representations and warranties expressly refer to an
earlier date, in which case they shall be true and correct as of such earlier
date); and

         (c) No Existing Default. No Default shall exist or shall result from
such Borrowing.

Each Loan Notice submitted by the Borrower hereunder shall constitute a
representation and warranty by the Borrower hereunder, as of the date of each
such notice and as of each Borrowing Date, that the conditions in Section 4.02
are satisfied.

                                   ARTICLE V.

                         REPRESENTATIONS AND WARRANTIES

         The Borrower represents and warrants to the Administrative Agent and
each Lender that:

         5.01 CORPORATE EXISTENCE; CONDUCT OF BUSINESS. The Borrower and its
Subsidiaries (a) are corporations duly incorporated, validly existing and in
good standing under the Laws of their respective jurisdictions of incorporation,
(b) are duly qualified and in good standing as foreign corporations in each
jurisdiction in which its ownership or lease of property or the conduct of its
business requires such qualification, except where failure to be so qualified
will not have a Material Adverse Effect, and (c) possess all licenses,
registrations and authorizations from and with any Governmental Authority,
self-regulatory organization or securities exchange necessary or material to the
conduct of its business as presently conducted. Nuveen Investments is (a) a
broker-dealer duly registered under the Exchange Act, (b) a member in good
standing of the NASD, (c) not in arrears in regard to any assessment of the
SIPC, and (d) has received no notice from the SEC, MSRB, NASD or any other
Governmental Authority, self-regulatory organization or securities exchange of
any alleged rule violation or other circumstance which could reasonably be
expected to have a Material Adverse Effect.

         5.02 AUTHORIZATION AND VALIDITY. The Borrower has all requisite power
and authority (corporate and otherwise) to execute and deliver each of the Loan
Documents to which it is a party and to perform its obligations thereunder. The
execution and delivery by the Borrower of the Loan Documents to which it is a
party and the performance of its obligations thereunder have been duly
authorized by proper corporate proceedings and such Loan Documents constitute
legal, valid and binding obligations of the Borrower, enforceable against the
Borrower in accordance with their terms, except as enforceability may be limited
by bankruptcy, insolvency or similar Laws affecting the enforcement of
creditors' right generally or by general principles of equity limiting the
availability of equitable remedies.

         5.03 COMPLIANCE WITH LAWS AND CONTRACTS. The Borrower and its
Subsidiaries have complied in all material respects with all applicable Laws,
statutes, rules, regulations, orders and restrictions of any Governmental
Authority, self-regulatory organization or securities exchange having
jurisdiction over the conduct of their respective businesses or the ownership of
their respective properties (including, without limitation the Exchange Act, the
Advisers Act, the

                                       29
<PAGE>

Investment Company Act and the applicable rules and regulations of the SEC,
NASD, NYSE, MSRB and CFTC), except where the failure to so comply could not
reasonably be expected to have a Material Adverse Effect. Neither the execution
and delivery by the Borrower of the Loan Documents, the application of the
proceeds of its Loans, the consummation of any transaction contemplated by the
Loan Documents, nor compliance with the provisions of the Loan Documents will,
or at the relevant time did, (a) violate any law, rule, regulation (including
Regulations T, U and X), order, writ, judgment, injunction, decree or award
binding on the Borrower or any Subsidiary thereof or the Borrower's or any such
Subsidiary's charter, articles or certificate of incorporation or by-laws, (b)
violate the provisions of or require the approval or consent of any party to any
indenture, instrument or agreement to which the Borrower or any such Subsidiary
is a party or is subject, or by which it, or its property, is bound or conflict
with or constitute a default thereunder, or result in the creation or imposition
of any Lien (other than Liens permitted by Section 6.17) in, of or on the
property of the Borrower or any such Subsidiary pursuant to the terms of any
such indenture, instrument or agreement, or (c) require the consent or approval
of any Person, except for any violation of, or failure to obtain an approval or
consent required under, any such indenture, instrument or agreement that could
not have a Material Adverse Effect.

         5.04 GOVERNMENTAL CONSENTS. No order, consent, approval, qualification,
license, authorization, or validation of, or filing, recording or registration
with, or exemption by, or other action in respect of, any Governmental
Authority, self-regulatory organization or securities exchange is necessary or
required in connection with the execution, delivery, consummation performance
of, or the legality, validity, binding effect or enforceability of, any of the
Loan Documents, the application of the proceeds of the Loans, or the
consummation of any other transaction contemplated by the Loan Documents.
Neither the Borrower nor any Subsidiary thereof is in default under or in
violation of any foreign, federal, state or local law, rule, regulation, order,
writ, judgment, injunction, decree or award binding upon or applicable to the
Borrower or such Subsidiary, in each case the consequence of which default or
violation could reasonably be expected to have a Material Adverse Effect.

         5.05 FINANCIAL STATEMENTS. The Borrower has heretofore furnished to
each of the Lenders (a) the December 31, 2002 audited consolidated financial
statements of the Borrower and its Subsidiaries and (b) the March 31, 2003
unaudited consolidated financial statements of the Borrower and its
Subsidiaries, (collectively, the "Financial Statements"). Each of the Financial
Statements was prepared in accordance with GAAP and fairly presents the
consolidated financial condition, results of operations, changes in
stockholders' equity and cash flows of the Borrower and its Subsidiaries (or of
the applicable Subsidiary, as the case may be) at such dates and for the
respective periods then ended (except, in the case of such unaudited statements,
for normal year-end audit adjustments).

         5.06 MATERIAL ADVERSE CHANGE. No material adverse change in the
business, Property, condition (financial or otherwise), performance, or results
of operations of the Borrower and its Subsidiaries taken as a whole has occurred
since December 31, 2002.

         5.07 TAXES. The Borrower and its Subsidiaries have filed or caused to
be filed on a timely basis and in correct form all United States federal and
applicable state tax returns and other material tax returns which are required
to be filed and have paid all material taxes due

                                       30
<PAGE>

pursuant to said returns or pursuant to any assessment received by the Borrower
or any Subsidiary, except such taxes, if any, as are being contested in good
faith and as to which adequate reserves have been provided in accordance with
GAAP. As of the date hereof, the United States income tax returns of the
Borrower on a consolidated basis have been audited by the Internal Revenue
Service through its Fiscal Year ending December 31, 1997 and, to the Borrower's
knowledge, there are no pending audits or investigations regarding the
Borrower's or its Subsidiaries' federal, state or local tax returns which could
reasonably be expected to have a Material Adverse Effect. No tax liens have been
filed and no claims are being asserted with respect to any such taxes which
could reasonably be expected to have a Material Adverse Effect. The charges,
accruals and reserves on the books of the Borrower and its Subsidiaries in
respect of any taxes or other governmental charges are in accordance with GAAP.

         5.08 LITIGATION AND CONTINGENT OBLIGATIONS. There is no litigation,
arbitration, proceeding, inquiry or investigation by any Governmental Authority,
self-regulatory organization or securities exchange pending or, to the knowledge
of any of the Borrower's officers, threatened against or affecting the Borrower
or any Subsidiary thereof or any of their respective Properties which could
reasonably be expected to have a Material Adverse Effect or to prevent, enjoin
or unduly delay the making of the Loans or the consummation of the transactions
contemplated by this Agreement. Neither the Borrower nor any Subsidiary thereof
has any material contingent obligations not provided for or disclosed in the
Financial Statements.

         5.09 SUBSIDIARIES. Schedule 5.09 hereto contains an accurate list of
all of the Borrower's existing Subsidiaries as of the date hereof, setting forth
their respective jurisdictions of incorporation and the percentage of their
capital stock owned by the Borrower or other Subsidiaries. Except as set forth
on Schedule 5.09 and except for Seed Money, as of the date hereof, the Borrower
does not own or hold, directly or indirectly, any capital stock or equity
security of, or any equity partnership interest in, any Person other than such
Subsidiaries.

         5.10 ERISA. Except as disclosed on Schedule 5.10, neither the Borrower
nor any other member of the Controlled Group maintains any Single Employer
Plans, and no Single Employer Plan has any Unfunded Liability. Neither the
Borrower nor any other member of the Controlled Group maintains, or is obligated
to contribute to, any Multiemployer Plan or has incurred, or is reasonably
expected to incur, any withdrawal liability to any Multiemployer Plan. Each Plan
complies in all material respects with all applicable requirements of law and
regulations. Neither the Borrower nor any member of the Controlled Group has,
with respect to any Plan, failed to make any contribution or pay any amount
required under Section 412 of the Code or Section 302 of ERISA or the terms of
such Plan which could reasonably be expected to be in excess of $5,000,000.
There are no pending or, to the knowledge of the Borrower, threatened claims,
actions, investigations or lawsuits against any Plan, any fiduciary thereof, or
the Borrower or any member of the Controlled Group with respect to a Plan which
could reasonably be expected to have a Material Adverse Effect. Neither the
Borrower nor any member of the Controlled Group has engaged in any prohibited
transaction (as defined in Section 4975 of the Code or Section 406 of ERISA) in
connection with any Plan which would subject such Person to any material
liability. Within the last five years neither the Borrower nor any member of the
Controlled Group has engaged in a transaction which resulted in a Single
Employer Plan with an Unfunded Liability being transferred out of the Controlled
Group.

                                       31
<PAGE>

No Termination Event has occurred or is reasonably expected to occur with
respect to any Plan which is subject to Title IV of ERISA.

         5.11 DEFAULTS. No Default has occurred and is continuing.

         5.12 FEDERAL RESERVE REGULATIONS. Neither the Borrower nor any
Subsidiary thereof is engaged, directly or indirectly, principally, or as one of
its important activities, in the business of extending or arranging for the
extension of, credit for the purpose of purchasing or carrying Margin Stock. No
part of the proceeds of any Loan will be used in a manner which would violate,
or result in any violation of, Regulation T, Regulation U or Regulation X.
Neither the making of a Loan hereunder or the use of the proceeds thereof will
violate or be inconsistent with the provisions of, Regulation T, Regulation U or
Regulation X. Following the application of the proceeds of the Loans, less than
25% of the value (as determined by any reasonable method) of the assets of the
Borrower and its Subsidiaries which are subject to any limitation on sale,
pledge, or other restriction hereunder taken as a whole have been, and will
continue to be, represented Margin Stock.

         5.13 PUBLIC UTILITY HOLDING COMPANY; INVESTMENT COMPANY. Neither the
Borrower nor any Subsidiary thereof is subject to regulation under the Public
Utility Holding Company Act of 1935, as amended. The Borrower is not, and after
giving effect to any Loan will not be, an "investment company" or a company
controlled by an "investment company" within the meaning of the Investment
Company Act of 1940, as amended.

         5.14 CERTAIN FEES. No broker's or finder's fee or commission was, is or
will be payable by the Borrower or any Subsidiary thereof with respect to any of
the transactions contemplated by this Agreement. The Borrower hereby agrees to
indemnify the Administrative Agent and the Lenders against, and agrees that it
will hold each of them harmless from, any claim, demand or liability for any
broker's finder's fees or commissions alleged to have been incurred by the
Borrower in connection with any of the transactions contemplated by this
Agreement and any expenses (including, without limitation, attorneys' fees and
time charges of attorneys for the Administrative Agent or any Lender, which
attorneys may be employees of the Administrative Agent or any Lender) arising in
connection with any such claim, demand or liability. No other similar fee or
commissions will be payable by the Borrower or any Subsidiary thereof for any
other services rendered to the Borrower or such Subsidiary thereof ancillary to
any of the transactions contemplated by this Agreement.

         5.15 OWNERSHIP OF PROPERTIES. The Borrower and its Subsidiaries have a
subsisting leasehold interest in, or good and marketable title, free of all
Liens, other than those permitted by Section 6.17, to all of the properties and
assets reflected in the Financial Statements as being owned by it, except for
assets sold, transferred or otherwise disposed of in the ordinary course of
business since the date thereof and such defects of title and Liens as could
not, individually or in the aggregate, have a Material Adverse Effect. To the
knowledge of the Borrower, there are no actual, threatened or alleged defaults
with respect to any leases of real property under which the Borrower or any
Subsidiary thereof is lessee or lessor which could reasonably be expected to
have a Material Adverse Effect.

                                       32
<PAGE>

         5.16 MATERIAL AGREEMENTS. Other than as provided in the Other Credit
Agreement and the Indebtedness issued pursuant to the Offering Memorandum dated
July 2003. Neither the Borrower nor any Subsidiary thereof is a party to any
agreement or instrument or subject to any charter or other corporate restriction
which could reasonably be expected to have a Material Adverse Effect or which
restricts or imposes conditions upon the ability of any Subsidiary thereof to
(a) pay dividends or make other distributions on its capital stock, (b) make
loans or advances to the Borrower, (c) repay loans or advances from the
Borrower, or (d) grant Liens to the Agent to secure the Obligations. Neither the
Borrower nor any Subsidiary thereof is in default in the performance, observance
or fulfillment of any of the obligations, covenants or conditions contained in
any agreement to which it is a party, which default could reasonably be expected
to have a Material Adverse Effect.

         5.17 INSURANCE. The Borrower and its Subsidiaries maintain with
financially sound and reputable insurance companies insurance on their Property
in such amounts and covering such risk as is consistent with sound business
practice.

         5.18 DISCLOSURE. None of the (a) information, exhibits or reports
furnished or to be furnished by the Borrower or any Subsidiary thereof to the
Administrative Agent or to any Lender in connection with the negotiation of the
Loan Documents, taken as a whole, or (b) representations or warranties of the
Borrower or any Subsidiary thereof contained in this Agreement, the other Loan
Documents or any other document, certificate or written statement furnished to
the Administrative Agent or the Lenders by or on behalf of the Borrower or any
Subsidiary thereof pursuant to this Agreement contained, contains or will
contain any untrue statement of a material fact or omitted, omits or will omit
to state a material fact necessary in order to make the statements contained
herein or therein not misleading in light of the circumstances in which they
were made. There is no fact known to the Borrower (other than matters of a
general economic nature) that has had or could reasonably be expected to have a
Material Adverse Effect and that has not been disclosed herein or in such other
documents, certificates and statements furnished to the Lenders for use in
connection with the transactions contemplated by this Agreement.

         5.19 PARI PASSU. The Obligations shall rank at least pari passu with
other unsecured Indebtedness of the Borrower.

                                  ARTICLE VI.

                                    COVENANTS

         During the term of this Agreement, unless the Required Lenders shall
otherwise consent in writing:

         6.01 FINANCIAL REPORTING. The Borrower will maintain, for itself and
each Subsidiary, a system of accounting established and administered in
accordance with GAAP, consistently applied, and will furnish to the
Administrative Agent, with sufficient copies for the Lenders:

         (a) As soon as practicable and in any event within 90 days after the
close of each of its fiscal years, an unqualified audit report certified by KPMG
or other independent certified public

                                       33
<PAGE>

accountants, acceptable to the Lenders, prepared in accordance with GAAP on a
consolidated and consolidating basis (consolidating statements need not be
certified by such accountants) for itself and its Subsidiaries, including
balance sheets as of the end of such period and related statements of income,
and changes in stockholders' equity and cash flows (provided that so long as the
common stock of the Borrower is listed for trading on the NYSE, the foregoing
requirement as to the Borrower's consolidated financial statements may be
satisfied by the delivery of the Borrower's Annual Report to Stockholders and
its Annual Report on Form 10-K filed with the SEC containing such information)
and accompanied by (i) any management letter prepared by said accountants and
(ii) a certificate of said accountants that, in the course of the examination
necessary for their certification of the foregoing, they have obtained no
knowledge of any Default, or if, in the opinion of such accountants, any Default
shall exist, stating the nature and status thereof.

         (b) As soon as practicable and in any event within 45 days after the
close of the first three fiscal quarters of each of its fiscal years, for itself
and its Subsidiaries, consolidated unaudited balance sheets as at the close of
each such period and consolidated statements of income, changes in stockholders'
equity and cash flows for the period from the beginning of such fiscal year to
the end of such quarter, all certified by its chief financial officer (provided
that so long as the common stock of the Borrower is listed for trading on the
NYSE, the foregoing requirement as to the Borrower's consolidated financial
statements may be satisfied by the delivery of the Borrower's Quarterly Report
on Form 10-Q as filed with the SEC containing such information.

         (c) Together with the financial statements required by clauses (a) and
(b) above and additionally for purposes of determining the Applicable Rate
within 45 days after the close of the fourth fiscal quarter of each fiscal year
(which preliminary determination shall be subject to adjustment upon receipt of
audited annual financial statements (or Form 10-K) and shall not be deemed to
constitute a misrepresentation or breach if prepared in good faith and the
audited numbers differ from the unaudited fourth quarter results), a Compliance
Certificate signed by its chief financial officer showing the calculations
necessary to determine compliance with this Agreement and stating that no
Default exists, or if any Default exists, the nature and thereof.

         (d) As soon as possible and in any event within 10 days after any
officer of the Borrower knows that any Termination Event has occurred with
respect to any Plan, a statement, signed by the chief financial officer of the
Borrower, describing said Termination Event and the action which the Borrower
proposes to take with respect thereto.

         (e) As soon as possible and in any event within 10 days after any
officer of the Borrower learns thereof, notice of the assertion or commencement
of any claim, action, litigation, suit or proceeding against or affecting the
Borrower or any Subsidiary, including any investigation or proceeding commenced
by the SEC, NASD, MSRB, NYSE or any other Governmental Authority,
self-regulatory organization or securities exchange, which could have a Material
Adverse Effect.

         (f) Promptly upon the furnishing thereof to the shareholders of the
Borrower, copies of all financial statements, reports and proxy statements so
furnished.

                                       34
<PAGE>

         (g) Within 15 days after the filing thereof, copies of all registration
statements and annual, quarterly, monthly or other regular reports which the
Borrower or any of its Subsidiaries files with the Securities and Exchange
Commission.

         (h) Such other information (including non-financial information) as the
Administrative Agent or any Lender may from time to time reasonably request.

         Documents required to be delivered pursuant to Section 6.01 (to the
extent any such documents are included in materials otherwise filed with the
SEC) may be delivered electronically and if so delivered, shall be deemed to
have been delivered on the date (i) on which the Borrower posts such documents,
or provides a link thereto on the Borrower's website on the Internet at the
website address listed on Schedule 9.02; or (ii) on which such documents are
posted on the Borrower's behalf on IntraLinks/IntraAgency or another relevant
website, if any, to which each Lender and the Administrative Agent have access
(whether a commercial, third-party website or whether sponsored by the
Administrative Agent); provided that: (i) the Borrower shall deliver paper
copies of such documents to the Administrative Agent or any Lender that requests
the Borrower to deliver such paper copies until a written request to cease
delivering paper copies is given by the Administrative Agent or such Lender and
(ii) the Borrower shall notify (which may be by facsimile or electronic mail)
the Administrative Agent and each Lender of the posting of any such documents
and provide to the Administrative Agent by electronic mail electronic versions
(i.e., soft copies) of such documents. Notwithstanding anything contained
herein, in every instance the Borrower shall be required to provide paper copies
of the Compliance Certificates required by Section 6.01(c) to the Administrative
Agent and each of the Lenders. Except for such Compliance Certificates, the
Administrative Agent shall have no obligation to request the delivery or to
maintain copies of the documents referred to above, and in any event shall have
no responsibility to monitor compliance by the Borrower with any such request
for delivery, and each Lender shall be solely responsible for requesting
delivery to it or maintaining its copies of such documents.

         6.02 USE OF PROCEEDS. The Borrower will use proceeds of its Loans for
general corporate purposes, including Purchases and working capital, of the
Borrower and its Subsidiaries. The Borrower will not and will not permit any
Subsidiary thereof to, use any of the proceeds of its Loans to purchase or carry
any Margin Stock in violation of Regulation T, Regulation U or Regulation X, or
to finance the Purchase of any Person which has not been approved and
recommended by the board of directors (or functional equivalent thereof) of such
Person.

         6.03 NOTICE OF DEFAULT. Within 5 days after any officer of the Borrower
has knowledge thereof, the Borrower will give notice in writing to the Lenders
of the occurrence of (a) any Default and (b) any other event or development,
financial or other, relating specifically to the Borrower or any of its
Subsidiaries (and not of a general economic or political nature) which could
reasonably be expected to have a Material Adverse Effect.

         6.04 CONDUCT OF BUSINESS. The Borrower will, and will cause each of its
Subsidiaries to,(a) subject to Section 6.12(c), preserve and maintain its
corporate existence, rights, franchises and privileges in the jurisdiction of
its incorporation, (b) maintain all registrations, licenses, consents, approvals
and authorizations from and with any Governmental Authority, self-

                                       35
<PAGE>

regulatory organization or securities exchange necessary or material to the
conduct of its business, and (c) qualify and remain qualified as a foreign
corporation in each jurisdiction in which its ownership or lease of property or
the conduct of its business requires such qualification, except where failure to
qualify could not have a Material Adverse Effect. The Borrower will not, and
will not permit any of its Subsidiaries to, engage in any material line of
business substantially different from those lines of business carried on by them
on the date hereof (provided that further entry into the financial services
business, as well as service businesses related thereto, will not be prohibited
by this Section 6.04).

         6.05 TAXES. The Borrower will, and will cause each Subsidiary to,
timely file complete and correct in all material respects United States federal
and applicable foreign, state and local tax returns required by applicable law
and pay when due all taxes, assessments and governmental charges and levies upon
it or its income, profits or Property, except (i) those which are being
contested in good faith by appropriate proceedings and with respect to which
adequate reserves have been set aside and (ii) those, with respect to which
failure to file or pay, the Borrower and its Subsidiaries would not reasonably
be expected to have an aggregate liability in excess of $1,000,000.

         6.06 INSURANCE. The Borrower will, and will cause each Subsidiary to,
maintain with financially sound and reputable insurance companies insurance in
such amounts and covering such risks as is consistent with sound business
practice, and the Borrower will furnish to the Administrative Agent and any
Lender upon request full information as to the insurance carried.

         6.07 COMPLIANCE WITH LAWS; MATERIAL CONTRACTUAL OBLIGATIONS. The
Borrower will, and will cause each Subsidiary to, comply with all Laws
(including, without limitation, the Exchange Act, the Advisers Act and the
Investment Company Act), orders, writs, judgments, injunctions, decrees or
awards to which it may be subject, the failure to comply with which could
reasonably be expected to have a Material Adverse Effect and with all
Contractual Obligations, the failure to comply with which could reasonably be
expected to have a Material Adverse Effect.

         6.08 MAINTENANCE OF PROPERTIES. The Borrower will, and will cause each
Subsidiary to, do all things necessary to maintain, preserve, protect and keep
all material portions of its Property in good repair, working order and
condition (other than ordinary wear and tear), and make all necessary and proper
repairs, renewals and replacements so that its business carried on in connection
therewith may be properly conducted at all times; provided that this Section
shall not prevent the Borrower or any Subsidiary from discontinuing the
operation and maintenance of any of its properties if such discontinuance is
desirable in the conduct of its business and the Borrower has concluded that
such discontinuance would not, individually or in the aggregate, have a Material
Adverse Effect.

         6.09 INSPECTION. The Borrower will, and will cause each Subsidiary to,
permit the Administrative Agent and the Lenders, upon at least two Business
Days' notice (unless a Default has occurred and is continuing) and during normal
business hours, by their respective representatives and agents, to inspect any
of the Property, corporate books and financial records of the Borrower and each
Subsidiary, to examine and make copies of the books of accounts and other
financial records of the Borrower and each Subsidiary, and to discuss the
affairs, finances

                                       36
<PAGE>

and accounts of the Borrower and each Subsidiary with, and to be advised as to
the same by, their respective officers. The Borrower will keep or cause to be
kept, and cause each Subsidiary to keep or cause to be kept, appropriate records
and books of account in which complete entries are to be made reflecting its and
their business and financial transactions, such entries to be made in accordance
with GAAP consistently applied.

         6.10 OWNERSHIP OF SUBSIDIARIES. The Borrower will continue to own
directly or indirectly, free and clear of all Liens and restrictions, 100% of
the outstanding shares of capital stock of Nuveen Investments, Nuveen Advisory,
Nuveen Institutional, Nuveen Asset Management, Rittenhouse, Symphony Asset
Management, and NWQ Investment Management Company, Inc. other than in the case
of any of the foregoing, shares owned by employees thereof through employee
related compensation and stock option plans.

         6.11 INDEBTEDNESS. The Borrower will not, nor will it permit any
Subsidiary to, create, incur or suffer to exist any Indebtedness, except:

         (a) the Loans;

         (b) the "Loans" under the Other Credit Agreement, as amended, in
amounts not in excess of $200,000,000 at any time outstanding;

         (c) Short-term Indebtedness incurred in connection with the purchase of
municipal, corporate and treasury bonds and other securities in the ordinary
course of business;

         (d) Indebtedness of any Subsidiary owed to the Borrower or any
Wholly-Owned Subsidiary;

         (e) securities sold under agreements to repurchase (to the extent such
obligations constitute Indebtedness) and Rate Hedging Obligations incurred in
the ordinary course of business;

         (f) Contingent Obligations permitted by Section 6.16;

         (g) contingent pay-out and similar obligations relating to prior
acquisitions by the Borrower and to acquisitions permitted hereunder;

         (h) unsecured Indebtedness relating to the financing of Distribution
Receivables in an aggregate principal amount not exceeding the amount of such
Distribution Receivables;

         (i) unsecured Indebtedness payable to The St. Paul Companies, Inc. in
an aggregate principal amount not in excess of $250,000,000 at any time
outstanding with terms no more restrictive on the Borrower than the terms of
this Agreement and terms providing that no payments would be made on such
Indebtedness if before or after giving effect to such payment an Event of
Default would be in existence;

         (j) unsecured Indebtedness in an amount not in excess of $300,000,000
with no maturity or mandatory prepayments until after the Maturity Date issued
pursuant to the terms described in the Offering Memorandum dated July 2003; and

                                       37
<PAGE>

         (k) other unsecured Indebtedness not otherwise permitted by this
Section 6.11 in an aggregate principal amount for the Borrower and all its
Subsidiaries not exceeding $20,000,000.

         6.12 MERGER. The Borrower will not, nor will it permit any Subsidiary
to, merge or consolidate with or into any other Person, except that (a) a
Subsidiary may merge into the Borrower or any Wholly-Owned Subsidiary of the
Borrower, (b) the Borrower or any Subsidiary may merge or consolidate with any
other Person so long as the Borrower or such Subsidiary is the continuing or
surviving corporation and, prior to and after giving effect to such merger or
consolidation, no Event of Default or Default shall exist, and (c) any
Subsidiary may enter into a merger or consolidation as a means of effecting a
disposition permitted by Section 6.13.

         6.13 SALE OF ASSETS. The Borrower will not, nor will it permit any
Subsidiary to, lease, sell, transfer or otherwise dispose of its Property, to
any other Person except for (a) sales of municipal, corporate and treasury
bonds, and other securities sold in the ordinary course of business, (b)
Distribution Receivables sold to a third party without recourse to the Borrower
or any of its Subsidiaries in order to effect a securitization of such
Receivables and, (c) leases, sales, transfers or other dispositions of its
Property that, together with all other Property of the Borrower and its
Subsidiaries previously leased, sold or disposed of (other than sales of
municipal, corporate and treasury bonds, and other securities sold in the
ordinary course of business) as permitted by this Section 6.13 since the date
hereof, do not constitute a Substantial Portion of the Property of the Borrower
and its Subsidiaries.

         6.14 SALE OF ACCOUNTS. The Borrower will not, nor will it permit any
Subsidiary to, sell or otherwise dispose of any notes receivable or accounts
receivable, with or without recourse, other than in the ordinary course of
business.

         6.15 INVESTMENTS AND PURCHASES. The Borrower will not, nor will it
permit an Subsidiary to, make or suffer to exist any Investments (including,
without limitation, loans and advances to, and other Investments in,
Subsidiaries), or commitments therefor, or to create any Subsidiary or to become
or remain a partner in any partnership or joint venture, or to make any
Purchases, except:

         (a) Existing Investments in Subsidiaries and other Investments in
existence on the date hereof and described on Schedule 5.9 hereto;

         (b) Securities purchased under agreements to resell; municipal,
corporate and treasury bonds; money market funds as defined in Rule 2a-7 of the
Investment Company Act; and other securities purchased in the ordinary course of
business;

         (c) Obligations of, or fully guaranteed by, the United States of
America; commercial paper and other notes and securities rated investment grade
by a national securities rating agency; demand deposit accounts maintained in
the ordinary course of business; and bankers acceptances and certificates of
deposit issued by and time deposits with commercial banks (whether domestic or
foreign) having capital and surplus in excess of $100,000,000;

         (d) Additional Purchases of or Investments in the stock of Subsidiaries
or the capital stock, assets, obligations or other securities of or interest in
other Persons provided that (i) each such Person shall be (x) incorporated,
organized or otherwise formed under the Laws of any state

                                       38
<PAGE>

of the United States, or under the Laws of Canada, any member country of the
European Economic Union, Switzerland, Liechtenstein, Japan, Australia or New
Zealand, and (y) engaged in a line of business not substantially different from
those lines of business carried on by the Borrower and its Subsidiaries on the
date hereof (which for this purpose shall be deemed to include the financial
services business as well as service businesses related thereto), (ii) the
transaction shall have been approved and recommended by the board of directors
(or functional equivalent thereof ) of such Person, and (iii) no Default shall
have occurred and be continuing either immediately before or after giving effect
to such transaction and No Material Adverse Effect would result therefrom;

         (e) Seed Money; and

         (f) The creation or acquisition of Subsidiaries that are registered
investment advisors to mutual funds or other investment advisory clients or
otherwise engaged in the financial services business, as well as service
businesses related thereto.

         6.16 CONTINGENT OBLIGATIONS. The Borrower will not, nor will it permit
any Subsidiary to, make or suffer to exist any Contingent Obligation (including,
without limitation, any Contingent Obligation with respect to the obligations of
a Subsidiary), except (a) by endorsement of instruments for deposit or
collection in the ordinary course of business; and (b) pursuant to contingent
note purchase agreements in respect of loans to employees of Subsidiaries of the
Borrower in amounts not in excess of the lesser of (i) the sum of the unused
Commitments and the unused "Commitments" under the Other Credit Agreement, or
(ii) $55,000,000, at any time outstanding.

         6.17 LIENS. The Borrower will not, nor will it permit any Subsidiary
to, create, incur, or suffer to exist any Lien in, of or on the Property of the
Borrower or any of its Subsidiaries, except:

         (a) Liens for taxes, assessments or governmental charges or levies on
its Property if the same shall not at the time be delinquent or thereafter can
be paid without penalty, or are being contested in good faith and by appropriate
proceedings and for which adequate reserves in accordance with GAAP shall have
been set aside on its books;

         (b) Liens imposed by law, such as carriers', warehousemen's and
mechanics' liens and other similar liens arising in the ordinary course of
business which secure the payment of obligations not more than 60 days past due
or which are being contested in good faith by appropriate proceedings and for
which adequate reserves shall have been set aside on its books;

         (c) Liens arising out of pledges or deposits under worker's
compensation laws, unemployment insurance, old age pensions, or other social
security or retirement benefits, or similar legislation;

         (d) Utility easements, building restrictions and such other
encumbrances or charges against real property as are of a nature generally
existing with respect to properties of a similar character and which do not in
any material way affect the marketability of the same or interfere with the use
thereof in the business of the Borrower or the Subsidiaries; and

                                       39
<PAGE>

         (e) Liens relating to Indebtedness permitted by Sections 6.11(c) and
6.11(e).

         6.18 AFFILIATES. The Borrower will not, and will not permit any
Subsidiary to, enter into any transaction (including, without limitation, the
purchase or sale of any Property or service) with, or make any payment or
transfer to, any Affiliate except (a) in the ordinary course of business and
pursuant to the reasonable requirements of the Borrower's or such Subsidiary's
business and upon fair and reasonable terms no less favorable to the Borrower or
such Subsidiary than the Borrower or such Subsidiary would obtain in a
comparable arms-length transaction and (b) transactions among the Borrower and
Wholly-Owned Subsidiaries of the Borrower.

         6.19 CHANGE IN CORPORATE STRUCTURE; FISCAL YEAR. The Borrower shall
not, nor shall it permit any Subsidiary to, (a) permit any amendment or
modification to be made to its certificate or articles of incorporation or
by-laws which is materially adverse to the interests of the Lenders (provided
that the Borrower shall notify the Agent of any other amendment or modification
thereto as soon as practicable thereafter) or (b) change its fiscal year to end
on any date other than December 31 of each year.

         6.20 INCONSISTENT AGREEMENTS. Other than as provided in the Other
Credit Agreement and the Indebtedness issued pursuant to the Offering Memorandum
dated July 2003, the Borrower shall not, nor shall it permit any Subsidiary to,
enter into any indenture, agreement, instrument or other arrangement which, (a)
directly or indirectly prohibits or restrains, or has the effect of prohibiting
or restraining, or imposes materially adverse conditions upon, the incurrence of
the Obligations, the granting of Liens to secure the Obligations, the amending
of the Loan Documents or the ability of any Subsidiary to (i) pay dividends or
make other distributions on its capital stock, (ii) make loans or advances to
the Borrower, or (iii) repay loans or advances from the Borrower or (b) contains
any provision which would be violated or breached by the making of Loans or by
the performance by the Borrower or any Subsidiary of any of its obligations
under any Loan Document.

         6.21 FINANCIAL COVENANTS. The Borrower on a consolidated basis with its
Subsidiaries shall:

         (a) Minimum Net Worth. At all times after the date hereof maintain a
minimum Net Worth of at least $360,000,000.

         (b) Leverage Ratio. Maintain a Leverage Ratio of not more than 2.75 to
1.

         6.22 ERISA COMPLIANCE. The Borrower will (a) fulfill, and cause each
member of the Controlled Group to fulfill, its obligations under the minimum
funding standards of ERISA and the Code with respect to each Plan, except where
the failure to do so would not result in any liabilities to members of the
Controlled Group in excess of $5,000,000, (b) comply, and cause each member of
the Controlled Group to comply, with all applicable provisions of ERISA and the
Code respect to each Plan, except where such failure or noncompliance
individually or in the aggregate would not have a Material Adverse Effect and
(c) not, and not permit any member of the Controlled Group to, (i) seek a waiver
of the minimum funding standards under ERISA, (ii) terminate or withdraw from
any Plan or (iii) take any other action with respect to any Plan which would
reasonably be expected to entitle the PBGC to terminate, impose liability in
respect of, or

                                       40
<PAGE>

cause a trustee to be appointed to administer, any Plan, unless the actions or
events described in foregoing clauses (i), (ii) or (iii) individually or in the
aggregate would not have a Material Adverse Effect.

                                  ARTICLE VII.

                                    DEFAULTS

         7.01 DEFAULTS. The occurrence of any one or more of the following
events shall constitute an Event of Default:

         (a) Representation or Warranty. Any representation or warranty made or
deemed made by or on behalf of the Borrower or any of its Subsidiaries to the
Lenders or the Administrative Agent under or in connection with this Agreement,
any other Loan Document, any Loan, or any certificate or information delivered
in connection with this Agreement or any other Loan Document shall be false in
any material respect on the date as of which made or deemed made.

         (b) Non-Payment. Nonpayment of (i) any principal of any Note when due,
or (ii) any interest upon any Note or any facility fee or other fee or
obligations under any of the Loan Documents within three (3) days after the same
becomes due.

         (c) Specific Defaults. The breach by the Borrower of any of the terms
or provisions of Section 6.02, Section 6.03(a), Section 6.04 or Sections 6.10
through 6.17 or Sections 6.19 through 6.22.

         (d) Other Defaults. The breach by the Borrower (other than a breach
which constitutes a Default under Section 7.01(a), (b) or (c) of any of the
terms or provisions of this Agreement which is not remedied within thirty (30)
days after written notice from the Administrative Agent or any Lender.

         (e) Cross-Default. Failure of the Borrower or any of its Subsidiaries
to pay any Indebtedness aggregating in excess of $10,000,000 for the Borrower
and all its Subsidiaries when due (other than contingent pay-out and similar
obligations relating to prior acquisitions of the Borrower and to acquisitions
permitted hereunder as to which a good faith dispute exists and which are being
appropriately contested); or the default by the Borrower or any of its
Subsidiaries in the performance of any term, provision or condition contained in
any agreement or agreements under which any such Indebtedness was created or is
governed, or the occurrence of any other event or existence of any other
condition, the effect of any of which is to cause, or to permit the holder or
holders of such Indebtedness to cause, such Indebtedness to become due prior to
its stated maturity; or any such Indebtedness of the Borrower or any of its
Subsidiaries shall be declared to be due and payable or required to be prepaid
(other than by a regularly scheduled payment) prior to the stated maturity
thereof.

         (f) Insolvency; Voluntary Proceedings. The Borrower or any of its
Subsidiaries shall (i) have an order for relief entered with respect to it under
the Federal Bankruptcy Laws as now or hereafter in effect, (ii) make an
assignment for the benefit of creditors, (iii) apply for, seek, consent to, or
acquiesce in, the appointment of a receiver, custodian, trustee, examiner,
liquidator or similar official for it or any Substantial Portion of its
Property, (iv) institute any proceeding

                                       41
<PAGE>

seeking an order for relief under the Federal Bankruptcy Laws as now or
hereafter in effect or seeking to adjudicate it a bankrupt or insolvent, or
seeking dissolution, winding up, liquidation, reorganization, arrangement,
adjustment or composition of it or its debt under any law relating to
bankruptcy, insolvency or reorganization or relief of debtors to fail or file an
answer or other pleading denying the material allegations of any such proceeding
filed against it, (v) take any corporate action to authorize or effect any of
the foregoing actions set forth in this Section 7.01(f), (vi) fail to contest in
good faith any appointment or proceeding described in Section 7.01(g) or (vii)
become unable to pay, not pay, or admit in writing its inability to pay, its
debts generally as they become due.

         (g) Involuntary Proceedings. Without the application, approval or
consent of the Borrower or any of its Subsidiaries, a receiver, trustee,
examiner, liquidator or similar official shall be appointed for the Borrower or
any of its Subsidiaries or any Substantial Portion of its Property, or a
proceeding described in Section 7.01(f)(iv) shall be instituted against the
Borrower or any of Subsidiaries and such appointment continues undischarged or
such proceeding continues undismissed or unstayed for a period of sixty
consecutive days.

         (h) Judgments. The Borrower or any of its Subsidiaries shall fail
within thirty days to pay, bond or otherwise discharge any judgment or order for
the payment of money of $25,000,000 or more (or multiple judgments or orders for
the payments of an aggregate amount of $25,000,000 or more), which is not stayed
on appeal or otherwise being appropriately contested in good faith and as to
which no enforcement actions have been commenced.

         (i) Change in Control. Any Change in Control shall occur.

         (j) SIPC. The SEC or any self-regulatory organization has notified the
SIPC pursuant to Section 5(a)(1) of the Securities Investor Protection Act of
1970 (the "SIPC Act") of facts which indicate that the Borrower or any of its
Subsidiaries is in or is approaching financial difficulty, or the SIPC shall
file an application for a protective decree with respect to the Borrower or any
of its Subsidiaries under Section 5(a)(3) of the SIPC Act.

         (k) ERISA. With respect to any Plan, the Borrower or any Subsidiary
shall (a) incur any "accumulated funding deficiency" (as such term is defined in
Section 302 of ERISA) in excess of $10,000,000 whether or not waived, or permit
any Unfunded Liability to exceed $10,000,000; or (b) permit the occurrence of
any Termination Event which could result in a liability to the Borrower or an
other member of the Controlled Group in excess of $10,000,000.

         7.02 REMEDIES UPON EVENT OF DEFAULT. If any Event of Default occurs and
is continuing, the Administrative Agent shall, at the request of, or may, with
the consent of, the Required Lenders, take any or all of the following actions:

         (a) declare the commitment of each Lender to make Loans to be
terminated, whereupon such commitments and obligation shall be terminated;

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

                                       42
<PAGE>

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

provided, however, that upon the occurrence of an actual or deemed entry of an
order for relief with respect to the Borrower under the Bankruptcy Code of the
United States, the obligation of each Lender to make Loans shall automatically
terminate and the unpaid principal amount of all outstanding Loans and all
interest and other amounts as aforesaid shall automatically become due and
payable, in each case without further act of the Administrative Agent or any
Lender.

         7.03 APPLICATION OF FUNDS. After the exercise of remedies provided for
in Section 7.02 (or after the Loans have automatically become immediately due
and payable), any amounts received on account of the Obligations shall be
applied by the Administrative Agent in the following order:

         First, to payment of that portion of the Obligations constituting fees,
indemnities, expenses and other amounts (including Attorney Costs and amounts
payable under Article III) payable to the Administrative Agent in its capacity
as such;

         Second, to payment of that portion of the Obligations constituting
fees, indemnities and other amounts (other than principal and interest) payable
to the Lenders (including Attorney Costs and amounts payable under Article III),
ratably among them in proportion to the amounts described in this clause Second
payable to them;

         Third, to payment of that portion of the Obligations constituting
accrued and unpaid interest on the Loans, ratably among the Lenders in
proportion to the respective amounts described in this clause Third payable to
them;

         Fourth, to payment of that portion of the Obligations constituting
unpaid principal of the Loans, ratably among the Lenders in proportion to the
respective amounts described in this clause Fourth held by them; and

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

                                 ARTICLE VIII.
                              ADMINISTRATIVE AGENT

         8.01 APPOINTMENT AND AUTHORIZATION OF ADMINISTRATIVE AGENT. Each Lender
hereby irrevocably appoints, designates and authorizes the Administrative Agent
to take such action on its behalf under the provisions of this Agreement and
each other Loan Document and to exercise such powers and perform such duties as
are expressly delegated to it by the terms of this Agreement or any other Loan
Document, together with such powers as are reasonably incidental thereto.
Notwithstanding any provision to the contrary contained elsewhere herein or in
any other Loan Document, the Administrative Agent shall not have any duties or
responsibilities, except those expressly set forth herein, nor shall the
Administrative Agent have or be deemed to have any fiduciary relationship with
any Lender or participant, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this
Agreement or any other Loan Document or otherwise exist against the
Administrative Agent.

                                       43
<PAGE>

Without limiting the generality of the foregoing sentence, the use of the term
"agent" herein and in the other Loan Documents with reference to the
Administrative Agent is not intended to connote any fiduciary or other implied
(or express) obligations arising under agency doctrine of any applicable Law.
Instead, such term is used merely as a matter of market custom, and is intended
to create or reflect only an administrative relationship between independent
contracting parties.

         8.02 DELEGATION OF DUTIES. The Administrative Agent may execute any of
its duties under this Agreement or any other Loan Document by or through agents,
employees or attorneys-in-fact and shall be entitled to advice of counsel and
other consultants or experts concerning all matters pertaining to such duties.
The Administrative Agent shall not be responsible for the negligence or
misconduct of any agent or attorney-in-fact that it selects in the absence of
gross negligence or willful misconduct.

         8.03 LIABILITY OF ADMINISTRATIVE AGENT. No Agent-Related Person shall
(a) be liable for any action taken or omitted to be taken by any of them under
or in connection with this Agreement or any other Loan Document or the
transactions contemplated hereby (except for its own gross negligence or willful
misconduct in connection with its duties expressly set forth herein), or (b) be
responsible in any manner to any Lender or participant for any recital,
statement, representation or warranty made by the Borrower or any officer
thereof, contained herein or in any other Loan Document, or in any certificate,
report, statement or other document referred to or provided for in, or received
by the Administrative Agent under or in connection with, this Agreement or any
other Loan Document, or the validity, effectiveness, genuineness, enforceability
or sufficiency of this Agreement or any other Loan Document, or for any failure
of the Borrower or any other party to any Loan Document to perform its
obligations hereunder or thereunder. No Agent-Related Person shall be under any
obligation to any Lender or participant to ascertain or to inquire as to the
observance or performance of any of the agreements contained in, or conditions
of, this Agreement or any other Loan Document, or to inspect the properties,
books or records of the Borrower or any Affiliate thereof.

         8.04 RELIANCE BY ADMINISTRATIVE AGENT.

         (a) The Administrative Agent shall be entitled to rely, and shall be
fully protected in relying, upon any writing, communication, signature,
resolution, representation, notice, consent, certificate, affidavit, letter,
telegram, facsimile, telex or telephone message, electronic mail message,
statement or other document or conversation believed by it to be genuine and
correct and to have been signed, sent or made by the proper Person or Persons,
and upon advice and statements of legal counsel (including counsel to the
Borrower), independent accountants and other experts selected by the
Administrative Agent. The Administrative Agent shall be fully justified in
failing or refusing to take any action under any Loan Document unless it shall
first receive such advice or concurrence of the Required Lenders as it deems
appropriate and, if it so requests, it shall first be indemnified to its
satisfaction by the Lenders against any and all liability and expense which may
be incurred by it by reason of taking or continuing to take any such action. The
Administrative Agent shall in all cases be fully protected in acting, or in
refraining from acting, under this Agreement or any other Loan Document in
accordance with a request or consent of the Required Lenders (or such greater
number of Lenders as may be expressly

                                       44
<PAGE>

required hereby in any instance) and such request and any action taken or
failure to act pursuant thereto shall be binding upon all the Lenders.

         (b) For purposes of determining compliance with the conditions
specified in Section 4.01, each Lender that has signed this Agreement shall be
deemed to have consented to, approved or accepted or to be satisfied with, each
document or other matter required thereunder to be consented to or approved by
or acceptable or satisfactory to a Lender unless the Administrative Agent shall
have received notice from such Lender prior to the proposed Closing Date
specifying its objection thereto.

         8.05 NOTICE OF DEFAULT. The Administrative Agent shall not be deemed to
have knowledge or notice of the occurrence of any Default, except with respect
to defaults in the payment of principal, interest and fees required to be paid
to the Administrative Agent for the account of the Lenders, unless the
Administrative Agent shall have received written notice from a Lender or the
Borrower referring to this Agreement, describing such Default and stating that
such notice is a "notice of default." The Administrative Agent will notify the
Lenders of its receipt of any such notice. The Administrative Agent shall take
such action with respect to such Default as may be directed by the Required
Lenders in accordance with Article VII; provided, however, that unless and until
the Administrative Agent has received any such direction, the Administrative
Agent may (but shall not be obligated to) take such action, or refrain from
taking such action, with respect to such Default as it shall deem advisable or
in the best interest of the Lenders.

         8.06 CREDIT DECISION; DISCLOSURE OF INFORMATION BY ADMINISTRATIVE
AGENT. Each Lender acknowledges that no Agent-Related Person has made any
representation or warranty to it, and that no act by the Administrative Agent
hereafter taken, including any consent to and acceptance of any assignment or
review of the affairs of the Borrower or any Affiliate thereof, shall be deemed
to constitute any representation or warranty by any Agent-Related Person to any
Lender as to any matter, including whether Agent-Related Persons have disclosed
material information in their possession. Each Lender represents to the
Administrative Agent that it has, independently and without reliance upon any
Agent-Related Person and based on such documents and information as it has
deemed appropriate, made its own appraisal of and investigation into the
business, prospects, operations, property, financial and other condition and
creditworthiness of the Borrower and its Subsidiaries, and all applicable bank
or other regulatory Laws relating to the transactions contemplated hereby, and
made its own decision to enter into this Agreement and to extend credit to the
Borrower hereunder. Each Lender also represents that it will, independently and
without reliance upon any Agent-Related Person and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
credit analysis, appraisals and decisions in taking or not taking action under
this Agreement and the other Loan Documents, and to make such investigations as
it deems necessary to inform itself as to the business, prospects, operations,
property, financial and other condition and creditworthiness of the Borrower.
Except for notices, reports and other documents expressly required to be
furnished to the Lenders by the Administrative Agent herein, the Administrative
Agent shall not have any duty or responsibility to provide any Lender with any
credit or other information concerning the business, prospects, operations,
property, financial and other condition or creditworthiness of any of the Loan
Parties or any of their respective Affiliates which may come into the possession
of any Agent-Related Person.

                                       45
<PAGE>

         8.07 INDEMNIFICATION OF ADMINISTRATIVE AGENT. Whether or not the
transactions contemplated hereby are consummated, the Lenders shall indemnify
upon demand each Agent-Related Person (to the extent not reimbursed by or on
behalf of the Borrower and without limiting the obligation of the Borrower to do
so), pro rata, and hold harmless each Agent-Related Person from and against any
and all Indemnified Liabilities incurred by it; provided, however, that no
Lender shall be liable for the payment to any Agent-Related Person of any
portion of such Indemnified Liabilities to the extent determined in a final,
nonappealable judgment by a court of competent jurisdiction to have resulted
from such Agent-Related Person's own gross negligence or willful misconduct;
provided, however, that no action taken in accordance with the directions of the
Required Lenders shall be deemed to constitute gross negligence or willful
misconduct for purposes of this Section. Without limitation of the foregoing,
each Lender shall reimburse the Administrative Agent upon demand for its ratable
share of any costs or out-of-pocket expenses (including Attorney Costs) incurred
by the Administrative Agent in connection with the preparation, execution,
delivery, administration, modification, amendment or enforcement (whether
through negotiations, legal proceedings or otherwise) of, or legal advice in
respect of rights or responsibilities under, this Agreement, any other Loan
Document, or any document contemplated by or referred to herein, to the extent
that the Administrative Agent is not reimbursed for such expenses by or on
behalf of the Borrower. The undertaking in this Section shall survive
termination of the Aggregate Commitments, the payment of all other Obligations
and the resignation of the Administrative Agent.

         8.08 ADMINISTRATIVE AGENT IN ITS INDIVIDUAL CAPACITY. Bank of America
and its Affiliates may make loans to, issue letters of credit for the account
of, accept deposits from, acquire equity interests in and generally engage in
any kind of banking, trust, financial advisory, underwriting or other business
with the Borrower and its Affiliates as though Bank of America were not the
Administrative Agent hereunder and without notice to or consent of the Lenders.
The Lenders acknowledge that, pursuant to such activities, Bank of America or
its Affiliates may receive information regarding the Borrower or its Affiliates
(including information that may be subject to confidentiality obligations in
favor of the Borrower or such Affiliate) and acknowledge that the Administrative
Agent shall be under no obligation to provide such information to them. With
respect to its Loans, Bank of America shall have the same rights and powers
under this Agreement as any other Lender and may exercise such rights and powers
as though it were not the Administrative Agent, and the terms "Lender" and
"Lenders" include Bank of America in its individual capacity.

         8.09 SUCCESSOR ADMINISTRATIVE AGENT. The Administrative Agent may
resign as Administrative Agent upon 30 days' notice to the Lenders. If the
Administrative Agent resigns under this Agreement, the Required Lenders shall
appoint from among the Lenders a successor administrative agent for the Lenders,
which successor administrative agent shall be consented to by the Borrower at
all times other than during the existence of an Event of Default (which consent
of the Borrower shall not be unreasonably withheld or delayed). If no successor
administrative agent is appointed prior to the effective date of the resignation
of the Administrative Agent, the Administrative Agent may appoint, after
consulting with the Lenders and the Borrower, a successor administrative agent
from among the Lenders. Upon the acceptance of its appointment as successor
administrative agent hereunder, the Person acting as such successor
administrative agent shall succeed to all the rights, powers and duties of the
retiring Administrative Agent, and the term "Administrative Agent" shall mean
such successor

                                       46
<PAGE>

administrative agent, and the retiring Administrative Agent's appointment,
powers and duties as Administrative Agent shall be terminated. After any
retiring Administrative Agent's resignation hereunder as Administrative Agent,
the provisions of this Article VIII and Sections 9.04 and 9.05 shall inure to
its benefit as to any actions taken or omitted to be taken by it while it was
Administrative Agent under this Agreement. If no successor administrative agent
has accepted appointment as Administrative Agent by the date which is 30 days
following a retiring Administrative Agent's notice of resignation, the retiring
Administrative Agent's resignation shall nevertheless thereupon become effective
and the Lenders shall perform all of the duties of the Administrative Agent
hereunder until such time, if any, as the Required Lenders appoint a successor
agent as provided for above.

         8.10 ADMINISTRATIVE AGENT MAY FILE PROOFS OF CLAIM. In case of the
pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Borrower, the Administrative Agent (irrespective of
whether the principal of any Loan shall then be due and payable as herein
expressed or by declaration or otherwise and irrespective of whether the
Administrative Agent shall have made any demand on the Borrower) shall be
entitled and empowered, by intervention in such proceeding or otherwise

                  (a)      to file and prove a claim for the whole amount of the
         principal and interest owing and unpaid in respect of the Loans and all
         other Obligations that are owing and unpaid and to file such other
         documents as may be necessary or advisable in order to have the claims
         of the Lenders and the Administrative Agent (including any claim for
         the reasonable compensation, expenses, disbursements and advances of
         the Lenders and the Administrative Agent and their respective agents
         and counsel and all other amounts due the Lenders and the
         Administrative Agent under Sections 2.07 and 9.04) allowed in such
         judicial proceeding; and

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Lender to make such payments to the Administrative Agent and, in the event
that the Administrative Agent shall consent to the making of such payments
directly to the Lenders, to pay to the Administrative Agent any amount due for
the reasonable compensation, expenses, disbursements and advances of the
Administrative Agent and its agents and counsel, and any other amounts due the
Administrative Agent under Sections 2.07 and 9.04.

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

         8.11 OTHER AGENTS; ARRANGERS AND MANAGERS. None of the Lenders or other
Persons identified on the facing page or signature pages of this Agreement as a
"syndication agent,"

                                       47
<PAGE>

"documentation agent," "co-agent," "book manager," "lead manager," "arranger,"
"lead arranger" or "co-arranger" shall have any right, power, obligation,
liability, responsibility or duty under this Agreement other than, in the case
of such Lenders, those applicable to all Lenders as such. Without limiting the
foregoing, none of the Lenders or other Persons so identified shall have or be
deemed to have any fiduciary relationship with any Lender. Each Lender
acknowledges that it has not relied, and will not rely, on any of the Lenders or
other Persons so identified in deciding to enter into this Agreement or in
taking or not taking action hereunder.

                                  ARTICLE IX.
                                  MISCELLANEOUS

         9.01 AMENDMENTS, ETC. No amendment or waiver of any provision of this
Agreement or any other Loan Document, and no consent to any departure by the
Borrower therefrom, shall be effective unless in writing signed by the Required
Lenders and the Borrower, and acknowledged by the Administrative Agent, and each
such waiver or consent shall be effective only in the specific instance and for
the specific purpose for which given; provided, however, that no such amendment,
waiver or consent shall:

         (a) waive any condition set forth in Section 4.01(a) without the
written consent of each Lender;

         (b) extend or increase the Commitment of any Lender (or reinstate any
Commitment terminated pursuant to Section 7.02) without the written consent of
such Lender;

         (c) postpone any date fixed by this Agreement or any other Loan
Document for any payment of principal, interest, fees or other amounts due to
the Lenders (or any of them) hereunder or under any other Loan Document without
the written consent of each Lender directly affected thereby;

         (d) reduce the principal of, or the rate of interest specified herein
on, any Loan, or (subject to clause (ii) of the third proviso to this Section
9.01) any fees or other amounts payable hereunder or under any other Loan
Document without the written consent of each Lender directly affected thereby;
provided, however, that only the consent of the Required Lenders shall be
necessary (i) to amend the definition of "Default Rate" or to waive any
obligation of the Borrower to pay interest at the Default Rate or (ii) to amend
any financial covenant hereunder (or any defined term used therein) even if the
effect of such amendment would be to reduce the rate of interest on any Loan or
to reduce any fee payable hereunder;

         (e) change Section 2.11 or Section 7.03 in a manner that would alter
the pro rata sharing of payments required thereby without the written consent of
each Lender; or

         (f) change any provision of this Section or the definition of "Required
Lenders" or any other provision hereof specifying the number or percentage of
Lenders required to amend, waive or otherwise modify any rights hereunder or
make any determination or grant any consent hereunder, without the written
consent of each Lender;

and, provided further, that (i) no amendment, waiver or consent shall, unless in
writing and signed by the Administrative Agent in addition to the Lenders
required above, affect the rights or

                                       48
<PAGE>

duties of the Administrative Agent under this Agreement or any other Loan
Document; and (ii) the Fee Letter may be amended, or rights or privileges
thereunder waived, in a writing executed only by the parties thereto.
Notwithstanding anything to the contrary herein, no Defaulting Lender shall have
any right to approve or disapprove any amendment, waiver or consent hereunder,
except that the Commitment of such Lender may not be increased or extended
without the consent of such Lender.

         9.02 NOTICES AND OTHER COMMUNICATIONS; FACSIMILE COPIES.

         (a) General. Unless otherwise expressly provided herein, all notices
and other communications provided for hereunder shall be in writing (including
by facsimile transmission). All such written notices shall be mailed, faxed or
delivered to the applicable address, facsimile number or (subject to subsection
(c) below) electronic mail address, and all notices and other communications
expressly permitted hereunder to be given by telephone shall be made to the
applicable telephone number, as follows:

                  (i)      if to the Borrower or the Administrative Agent, to
         the address, facsimile number, electronic mail address or telephone
         number specified for such Person on Schedule 9.02 or to such other
         address, facsimile number, electronic mail address or telephone number
         as shall be designated by such party in a notice to the other parties;
         and

                  (ii)     if to any other Lender, to the address, facsimile
         number, electronic mail address or telephone number specified in its
         Administrative Questionnaire or to such other address, facsimile
         number, electronic mail address or telephone number as shall be
         designated by such party in a notice to the Borrower and the
         Administrative Agent.

All such notices and other communications shall be deemed to be given or made
upon the earlier to occur of (i) actual receipt by the relevant party hereto and
(ii) (A) if delivered by hand or by courier, when signed for by or on behalf of
the relevant party hereto; (B) if delivered by mail, four Business Days after
deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent
and receipt has been confirmed by telephone; and (D) if delivered by electronic
mail (which form of delivery is subject to the provisions of subsection (c)
below), when delivered; provided, however, that notices and other communications
to the Administrative Agent pursuant to Article II shall not be effective until
actually received by such Person. In no event shall a voicemail message be
effective as a notice, communication or confirmation hereunder.

         (b) Effectiveness of Facsimile Documents and Signatures. Loan Documents
may be transmitted and/or signed by facsimile. The effectiveness of any such
documents and signatures shall, subject to applicable Law, have the same force
and effect as manually-signed originals and shall be binding on the Borrower,
the Administrative Agent and the Lenders. The Administrative Agent may also
require that any such documents and signatures be confirmed by a manually-signed
original thereof; provided, however, that the failure to request or deliver the
same shall not limit the effectiveness of any facsimile document or signature.

         (c) Limited Use of Electronic Mail. Electronic mail and Internet and
intranet websites may be used only to distribute routine communications, such as
financial statements and other

                                       49
<PAGE>

information as provided in Section 6.01, and to distribute Loan Documents for
execution by the parties thereto, and may not be used for any other purpose.

         (d) Reliance by Administrative Agent and Lenders. The Administrative
Agent and the Lenders shall be entitled to rely and act upon any notices
(including telephonic Loan Notices) purportedly given by or on behalf of the
Borrower even if (i) such notices were not made in a manner specified herein,
were incomplete or were not preceded or followed by any other form of notice
specified herein, or (ii) the terms thereof, as understood by the recipient,
varied from any confirmation thereof. All telephonic notices to and other
communications with the Administrative Agent may be recorded by the
Administrative Agent, and each of the parties hereto hereby consents to such
recording.

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

         9.04 ATTORNEY COSTS, EXPENSES AND TAXES. The Borrower agrees (a) to pay
or reimburse the Administrative Agent for all costs and expenses incurred in
connection with the development, preparation, negotiation and execution of this
Agreement and the other Loan Documents and any amendment, waiver, consent or
other modification of the provisions hereof and thereof (whether or not the
transactions contemplated hereby or thereby are consummated), and the
consummation and administration of the transactions contemplated hereby and
thereby, including all reasonable Attorney Costs, and (b) to pay or reimburse
the Administrative Agent and each Lender for all costs and expenses incurred in
connection with the enforcement, attempted enforcement, or preservation of any
rights or remedies under this Agreement or the other Loan Documents during the
existence of an Event of Default or after acceleration of the Loans (including
all such costs and expenses incurred during any "workout" or restructuring in
respect of the Obligations and during any legal proceeding, including any
proceeding under any Debtor Relief Law), including all reasonable Attorney
Costs. The foregoing costs and expenses shall include all search, filing,
recording, title insurance and appraisal charges and fees and taxes related
thereto, and other out-of-pocket expenses incurred by the Administrative Agent
and the cost of independent public accountants and other outside experts
retained by the Administrative Agent or any Lender. All amounts due under this
Section 9.04 shall be payable within ten Business Days after demand therefor.
The agreements in this Section shall survive the termination of the Aggregate
Commitments and repayment of all other Obligations.

         9.05 INDEMNIFICATION BY THE BORROWER. Whether or not the transactions
contemplated hereby are consummated, the Borrower shall indemnify and hold
harmless the Administrative Agent, the Arranger, each Lender and each of their
Affiliates and their directors, officers, employees, advisors and agents (each,
an "Indemnitee") from and against (and will reimburse each Indemnitee as the
same are incurred) any and all losses, claims, damages, liabilities, and
expenses (including, without limitation, the reasonable fees and expenses of
counsel and the allocated cost of internal counsel) that may be incurred by or
asserted or awarded

                                       50
<PAGE>

against any Indemnitee, in each case arising out of or in connection with or by
reason of (including, without limitation, in connection with any investigation,
litigation or proceeding or preparation of a defense in connection therewith)
any matters contemplated by this Agreement, any related transaction or any use
made or proposed to be made with the proceeds thereof unless and only to the
extent that, as to any Indemnitee, it shall be determined in a final
nonappealable judgment by a court of competent jurisdiction that such losses,
claims, damages, liabilities or expenses resulted primarily from the gross
negligence or willful misconduct of such Indemnified Party. Notwithstanding the
foregoing, the Borrower shall have no obligation to any Indemnitee in respect of
losses, claims, damages, liabilities or expenses arising from (a) disputes
between Lender, the Administrative Agent and/or the Arranger or (b) disputes
between any Borrower and an Indemnitee, with respect to which the Borrower is
the prevailing party unless such losses, claims, damages, liabilities or
expenses under this clause (b) arise from the negligence (but not gross
negligence or willful misconduct) of such Indemnitee. No Indemnitee shall be
liable for any damages arising from the use by others of any information or
other materials obtained through IntraLinks or other similar information
transmission systems in connection with this Agreement. The agreements in this
Section shall survive the resignation of the Administrative Agent, the
replacement of any Lender, the termination of the Aggregate Commitments and the
repayment, satisfaction or discharge of all the other Obligations.

         9.06 PAYMENTS SET ASIDE. To the extent that any payment by or on behalf
of the Borrower is made to the Administrative Agent or any Lender, or the
Administrative Agent or any Lender exercises its right of set-off, and such
payment or the proceeds of such set-off or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by the Administrative Agent
or such Lender in its discretion) to be repaid to a trustee, receiver or any
other party, in connection with any proceeding under any Debtor Relief Law or
otherwise, then (a) to the extent of such recovery, the obligation or part
thereof originally intended to be satisfied shall be revived and continued in
full force and effect as if such payment had not been made or such set-off had
not occurred, and (b) each Lender severally agrees to pay to the Administrative
Agent upon demand its applicable share of any amount so recovered from or repaid
by the Administrative Agent, plus interest thereon from the date of such demand
to the date such payment is made at a rate per annum equal to the Federal Funds
Rate from time to time in effect.

         9.07 SUCCESSORS AND ASSIGNS.

         (a) The provisions of this Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns
permitted hereby, except that the Borrower may not assign or otherwise transfer
any of its rights or obligations hereunder without the prior written consent of
each Lender and no Lender may assign or otherwise transfer any of their rights
or obligations hereunder except (i) to an Eligible Assignee in accordance with
the provisions of subsection (b) of this Section, (ii) by way of participation
in accordance with the provisions of subsection (d) of this Section, or (iii) by
way of pledge or assignment of a security interest subject to the restrictions
of subsection (f) (and any other attempted assignment or transfer by any party
hereto shall be null and void). Nothing in this Agreement, expressed or implied,
shall be construed to confer upon any Person (other than the parties hereto,
their respective successors and assigns permitted hereby, Participants to the
extent provided in

                                       51
<PAGE>

subsection (d) of this Section and, to the extent expressly contemplated hereby,
the Indemnitees) any legal or equitable right, remedy or claim under or by
reason of this Agreement.

         (b) Any Lender may at any time assign to one or more Eligible Assignees
all or a portion of its rights and obligations under this Agreement (including
all or a portion of its Commitment and the Loans at the time owing to it);
provided that (i) except in the case of an assignment of the entire remaining
amount of the assigning Lender's Commitment and the Loans at the time owing to
it or in the case of an assignment to a Lender or an Affiliate of a Lender or an
Approved Fund (as defined in subsection (g) of this Section) with respect to a
Lender, the aggregate amount of the Commitment (which for this purpose includes
Loans outstanding thereunder) subject to each such assignment, determined as of
the date the Assignment and Assumption with respect to such assignment is
delivered to the Administrative Agent or, if "Trade Date" is specified in the
Assignment and Assumption, as of the Trade Date, shall not be less than
$5,000,000 unless each of the Administrative Agent and, so long as no Event of
Default has occurred and is continuing, the Borrower otherwise consents (each
such consent not to be unreasonably withheld or delayed); (ii) each partial
assignment shall be made as an assignment of a proportionate part of all the
assigning Lender's rights and obligations under this Agreement with respect to
the Loans or the Commitment assigned; (iii) any assignment of a Commitment must
be approved by the Administrative Agent unless the Person that is the proposed
assignee is itself a Lender (whether or not the proposed assignee would
otherwise qualify as an Eligible Assignee); and (iv) the parties to each
assignment shall execute and deliver to the Administrative Agent an Assignment
and Assumption, together with a processing and recordation fee of $3,500.
Subject to acceptance and recording thereof by the Administrative Agent pursuant
to subsection (c) of this Section, from and after the effective date specified
in each Assignment and Assumption, the Eligible Assignee thereunder shall be a
party to this Agreement and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under
this Agreement, and the assigning Lender thereunder shall, to the extent of the
interest assigned by such Assignment and Assumption, be released from its
obligations under this Agreement (and, in the case of an Assignment and
Assumption covering all of the assigning Lender's rights and obligations under
this Agreement, such Lender shall cease to be a party hereto but shall continue
to be entitled to the benefits of Sections 3.01, 3.04, 3.05, 9.04 and 9.05 with
respect to facts and circumstances occurring prior to the effective date of such
assignment). Upon request, the Borrower (at its expense) shall execute and
deliver Notes to the assignee Lender. Any assignment or transfer by a Lender of
rights or obligations under this Agreement that does not comply with this
subsection shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with
subsection (d) of this Section.

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

                                       52
<PAGE>

inspection by the Borrower and any Lender, at any reasonable time and from time
to time upon reasonable prior notice.

         (d) Any Lender may at any time, with notice to the Borrower and the
Administrative Agent, sell participations to any Person (other than a natural
person or the Borrower or any of the Borrower's Affiliates or Subsidiaries)
(each, a "Participant") in all or a portion of such Lender's rights and/or
obligations under this Agreement (including all or a portion of its Commitment
and/or the Loans owing to it); provided that (i) such Lender's obligations under
this Agreement shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations
and (iii) the Borrower, the Administrative Agent 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,
waiver or other modification described in the first proviso to Section 9.01 that
directly affects such Participant. Subject to subsection (e) of this Section,
the Borrower agrees that each Participant shall be entitled to the benefits of
Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had
acquired its interest by assignment pursuant to subsection (b) of this Section.
To the extent permitted by law, each Participant also shall be entitled to the
benefits of Section 9.08 as though it were a Lender, provided such Participant
agrees to be subject to Section 2.11 as though it were a Lender.

         (e) A Participant shall not be entitled to receive any greater payment
under Section 3.01 or 3.04 than the applicable Lender would have been entitled
to receive with respect to the participation sold to such Participant, unless
the sale of the participation to such Participant is made with the Borrower's
prior written consent. A Participant that would be a Foreign Lender if it were a
Lender shall not be entitled to the benefits of Section 3.01 unless the Borrower
is notified of the participation sold to such Participant and such Participant
agrees, for the benefit of the Borrower, to comply with Section 9.16 as though
it were a Lender.

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

         (g) As used herein, the following terms have the following meanings:

                  "Eligible Assignee" means (a) a Lender; (b) an Affiliate of a
         Lender; (c) an Approved Fund; and (d) any other Person (other than a
         natural person) approved by (i) the Administrative Agent, and (ii)
         unless an Event of Default has occurred and is continuing, the Borrower
         (each such approval not to be unreasonably withheld or delayed);
         provided that notwithstanding the foregoing, "Eligible Assignee" shall
         not include the Borrower or any of the Borrower's Affiliates or
         Subsidiaries.

                                       53
<PAGE>

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

                  "Approved Fund" means any Fund 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.

         9.08 CONFIDENTIALITY. Each of the Administrative Agent 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 to which a Lender is subject (including any
self-regulatory authority, such as the National Association of Insurance
Commissioners), (c) to the extent required by applicable Laws or regulations or
by any subpoena or similar legal process, (d) to any other party hereto, (e) in
connection with the exercise of any remedies hereunder or under any other Loan
Document or any action or proceeding relating to this Agreement or any other
Loan Document or the enforcement of rights hereunder or thereunder, (f) subject
to an agreement containing provisions substantially the same as those of this
Section, to (i) any assignee of or Participant in, or any prospective assignee
of or Participant in, any of its rights or obligations under this Agreement or
(ii) any actual or prospective counterparty (or its advisors) to any swap or
derivative transaction relating to the Borrower and its obligations, (g) with
the consent of the Borrower or (h) to the extent such Information (x) becomes
publicly available other than as a result of a breach of this Section or (y)
becomes available to the Administrative Agent or any Lender on a nonconfidential
basis from a source other than the Borrower. For purposes of this Section,
"Information" means all information received from the Borrower relating to the
Borrower or any of its businesses, other than any such information that is
available to the Administrative Agent or any Lender on a nonconfidential basis
prior to disclosure by the Borrower, provided that, in the case of information
received from the Borrower after the date hereof, such information is clearly
identified at the time of delivery as confidential. Any Person required to
maintain the confidentiality of Information as provided in this Section shall be
considered to have complied with its obligation to do so if such Person has
exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential information.
Notwithstanding anything herein to the contrary, "Information" shall not
include, and the Administrative Agent and each Lender may disclose without
limitation of any kind, any information with respect to the "tax treatment" and
"tax structure" (in each case, within the meaning of Treasury Regulation Section
1.6011-4) of the transactions contemplated hereby and all materials of any kind
(including opinions or other tax analyses) that are provided to the
Administrative Agent or such Lender relating to such tax treatment and tax
structure; provided that with respect to any document or similar item that in
either case contains information concerning the tax treatment or tax structure
of the transaction as well as other information, this sentence shall only apply
to such portions of the document or similar item that relate to the tax
treatment or tax structure of the Loans and transactions contemplated hereby.

                                       54
<PAGE>

         9.09 SET-OFF. In addition to any rights and remedies of the Lenders
provided by law, upon the occurrence and during the continuance of any Event of
Default, each Lender is authorized at any time and from time to time, without
prior notice to the Borrower, any such notice being waived by the Borrower 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 by,
and other indebtedness at any time owing by, such Lender to or for the credit or
the account of the Borrower against any and all Obligations owing to such Lender
hereunder or under any other Loan Document, now or hereafter existing,
irrespective of whether or not the Administrative Agent or such Lender shall
have made demand under this Agreement or any other Loan Document and although
such Obligations may be contingent or unmatured or denominated in a currency
different from that of the applicable deposit or indebtedness. Each Lender
agrees promptly to notify the Borrower and the Administrative Agent after any
such set-off and application made by such Lender; provided, however, that the
failure to give such notice shall not affect the validity of such set-off and
application.

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

         9.11 COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

         9.12 INTEGRATION. This Agreement, together with the other Loan
Documents, comprises the complete and integrated agreement of the parties on the
subject matter hereof and thereof and supersedes all prior agreements, written
or oral, on such subject matter. In the event of any conflict between the
provisions of this Agreement and those of any other Loan Document, the
provisions of this Agreement shall control; provided that the inclusion of
supplemental rights or remedies in favor of the Administrative Agent or the
Lenders in any other Loan Document shall not be deemed a conflict with this
Agreement. Each Loan Document was drafted with the joint participation of the
respective parties thereto and shall be construed neither against nor in favor
of any party, but rather in accordance with the fair meaning thereof.

         9.13 SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All representations
and warranties made hereunder and in any other Loan Document or other document
delivered pursuant hereto or thereto or in connection herewith or therewith
shall survive the execution and delivery hereof and thereof. Such
representations and warranties have been or will be relied upon by the
Administrative Agent and each Lender, regardless of any investigation made by
the

                                       55
<PAGE>

Administrative Agent or any Lender or on their behalf and notwithstanding that
the Administrative Agent or any Lender may have had notice or knowledge of any
Default at the time of any Loan, and shall continue in full force and effect as
long as any Loan or any other Obligation hereunder shall remain unpaid or
unsatisfied.

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

         9.15 TAX FORMS. (a) (i) Each Lender that is not a "United States
person" within the meaning of Section 7701(a)(30) of the Code (a "Foreign
Lender") shall deliver to the Administrative Agent, prior to receipt of any
payment subject to withholding under the Code (or upon accepting an assignment
of an interest herein), two duly signed completed copies of either IRS Form
W-8BEN or any successor thereto (relating to such Foreign Lender and entitling
it to an exemption from, or reduction of, withholding tax on all payments to be
made to such Foreign Lender by the Borrower pursuant to this Agreement) or IRS
Form W-8ECI or any successor thereto (relating to all payments to be made to
such Foreign Lender by the Borrower pursuant to this Agreement) or such other
evidence satisfactory to the Borrower and the Administrative Agent that such
Foreign Lender is entitled to an exemption from, or reduction of, U.S.
withholding tax, including any exemption pursuant to Section 881(c) of the Code.
Thereafter and from time to time, each such Foreign Lender shall (A) promptly
submit to the Administrative Agent such additional duly completed and signed
copies of one of such forms (or such successor forms as shall be adopted from
time to time by the relevant United States taxing authorities) as may then be
available under then current United States laws and regulations to avoid, or
such evidence as is satisfactory to the Borrower and the Administrative Agent of
any available exemption from or reduction of, United States withholding taxes in
respect of all payments to be made to such Foreign Lender by the Borrower
pursuant to this Agreement, (B) promptly notify the Administrative Agent of any
change in circumstances which would modify or render invalid any claimed
exemption or reduction, and (C) take such steps as shall not be materially
disadvantageous to it, in the reasonable judgment of such Lender, and as may be
reasonably necessary (including the re-designation of its Lending Office) to
avoid any requirement of applicable Laws that the Borrower make any deduction or
withholding for taxes from amounts payable to such Foreign Lender.

                  (ii)     Each Foreign Lender, to the extent it does not act or
         ceases to act for its own account with respect to any portion of any
         sums paid or payable to such Lender under any of the Loan Documents
         (for example, in the case of a typical participation by such Lender),
         shall deliver to the Administrative Agent on the date when such Foreign
         Lender ceases to act for its own account with respect to any portion of
         any such sums paid or payable, and at such other times as may be
         necessary in the determination of the Administrative Agent (in the
         reasonable exercise of its discretion), (A) two duly signed completed
         copies of the forms or statements required to be provided by such
         Lender as

                                       56
<PAGE>

         set forth above, to establish the portion of any such sums paid or
         payable with respect to which such Lender acts for its own account that
         is not subject to U.S. withholding tax, and (B) two duly signed
         completed copies of IRS Form W-8IMY (or any successor thereto),
         together with any information such Lender chooses to transmit with such
         form, and any other certificate or statement of exemption required
         under the Code, to establish that such Lender is not acting for its own
         account with respect to a portion of any such sums payable to such
         Lender.

                  (iii)    The Borrower shall not be required to pay any
         additional amount to any Foreign Lender under Section 3.01 (A) with
         respect to any Taxes required to be deducted or withheld on the basis
         of the information, certificates or statements of exemption such Lender
         transmits with an IRS Form W-8IMY pursuant to this Section 9.15(a) or
         (B) if such Lender shall have failed to satisfy the foregoing
         provisions of this Section 9.15(a); provided that if such Lender shall
         have satisfied the requirement of this Section 9.15(a) on the date such
         Lender became a Lender or ceased to act for its own account with
         respect to any payment under any of the Loan Documents, nothing in this
         Section 9.15(a) shall relieve the Borrower of its obligation to pay any
         amounts pursuant to Section 3.01 in the event that, as a result of any
         change in any applicable law, treaty or governmental rule, regulation
         or order, or any change in the interpretation, administration or
         application thereof, such Lender is no longer properly entitled to
         deliver forms, certificates or other evidence at a subsequent date
         establishing the fact that such Lender or other Person for the account
         of which such Lender receives any sums payable under any of the Loan
         Documents is not subject to withholding or is subject to withholding at
         a reduced rate.

                  (iv)     The Administrative Agent may, without reduction,
         withhold any Taxes required to be deducted and withheld from any
         payment under any of the Loan Documents with respect to which the
         Borrower is not required to pay additional amounts under this Section
         9.15(a).

         (b) Upon the request of the Administrative Agent, each Lender that is a
"United States person" within the meaning of Section 7701(a)(30) of the Code
shall deliver to the Administrative Agent two duly signed completed copies of
IRS Form W-9. If such Lender fails to deliver such forms, then the
Administrative Agent may withhold from any interest payment to such Lender an
amount equivalent to the applicable back-up withholding tax imposed by the Code,
without reduction.

         (c) If any Governmental Authority asserts that the Administrative Agent
did not properly withhold or backup withhold, as the case may be, any tax or
other amount from payments made to or for the account of any Lender, such Lender
shall indemnify the Administrative Agent therefor, including all penalties and
interest, any taxes imposed by any jurisdiction on the amounts payable to the
Administrative Agent under this Section, and costs and expenses (including
Attorney Costs) of the Administrative Agent. The obligation of the Lenders under
this Section shall survive the termination of the Aggregate Commitments,
repayment of all other Obligations hereunder and the resignation of the
Administrative Agent.

         9.16 REPLACEMENT OF LENDERS. Under any circumstances set forth herein
providing that the Borrower shall have the right to replace a Lender as a party
to this Agreement, the

                                       57
<PAGE>

Borrower may, upon notice to such Lender and the Administrative Agent, replace
such Lender by causing such Lender to assign its Commitment (with the assignment
fee to be paid by the Borrower in such instance) pursuant to Section 9.07(b) to
one or more other Lenders or Eligible Assignees procured by the Borrower;
provided, however, that if the Borrower elects to exercise such right with
respect to any Lender pursuant to Section 3.06(b), they shall be obligated to
replace all Lenders that have made similar requests for compensation pursuant to
Section 3.01 or 3.04. The Borrower shall (x) pay in full all principal,
interest, fees and other amounts owing to such Lender through the date of
replacement (including any amounts payable pursuant to Section 3.05), and (y)
release such Lender from its obligations under the Loan Documents. Any Lender
being replaced shall execute and deliver an Assignment and Assumption with
respect to such Lender's Commitment and outstanding Loans.

         9.17 GOVERNING LAW.

         (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF ILLINOIS APPLICABLE TO AGREEMENTS MADE AND TO BE
PERFORMED ENTIRELY WITHIN SUCH STATE; PROVIDED THAT THE ADMINISTRATIVE AGENT AND
EACH LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.

         (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF ILLINOIS
SITTING IN CHICAGO OR OF THE UNITED STATES FOR THE NORTHERN DISTRICT OF SUCH
STATE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE BORROWER,
THE ADMINISTRATIVE AGENT AND EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF
ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. THE BORROWER,
THE ADMINISTRATIVE AGENT AND EACH LENDER IRREVOCABLY WAIVES ANY OBJECTION,
INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM
NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION
OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER
DOCUMENT RELATED THERETO. EACH OF THE BORROWER, THE ADMINISTRATIVE AGENT AND
EACH LENDER WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS,
WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH STATE.

         9.18 WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY TO THIS AGREEMENT
HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION
OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH
OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM
WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH
CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT
OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT

                                       58
<PAGE>

TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE
CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

                                       59
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the date first above written.

                                    NUVEEN INVESTMENTS, INC.

                                    By: /s/ Peter H. D'Arrigo
                                        ----------------------------------------
                                    Name: Peter H. D'Arrigo
                                    Title:  Vice President and Treasurer

                                    BANK OF AMERICA, N.A., as
                                    Administrative Agent and a Lender

                                    By:  /s/ Sean W. Cassidy
                                        ----------------------------------------
                                    Name: Sean W. Cassidy
                                    Title: Principal

                                    CITIBANK, N.A., as Syndication Agent and a
                                    Lender

                                    By: /s/ Matthew Nicholls
                                        ----------------------------------------
                                    Name: Matthew Nicholls
                                    Title: Director

                                    BANK ONE, NA, as Documentation Agent and a
                                    Lender

                                    By: /s/ Ryan Fibiger
                                        ----------------------------------------
                                    Name: Ryan Fibiger
                                    Title: Associate Director

                                      S-1
<PAGE>

                                    STATE STREET BANK AND TRUST COMPANY

                                    By: /s/ Anne Marie Gualtieri
                                        ----------------------------------------
                                    Name: Anne Marie Gualtieri
                                    Title: Vice President

                                    THE BANK OF NEW YORK

                                    By: /s/ Phillip A. Kudla
                                        ----------------------------------------
                                    Name: Phillip A. Kudla
                                    Title: Vice President

                                      S-2
<PAGE>

                                                                   SCHEDULE 2.01

                                   COMMITMENTS
                               AND PRO RATA SHARES

<TABLE>
<CAPTION>
             LENDER                                      COMMITMENT                         PRO RATA SHARE
-----------------------------------                    -------------                        --------------
<S>                                                    <C>                                  <C>
Bank of America, N.A.                                  $  37,500,000                          30.000000000%
Citibank, N.A.                                         $  25,000,000                          20.000000000%
Bank One, NA                                           $  25,000,000                          20.000000000%
State Street Bank and Trust Company                    $  25,000,000                          20.000000000%
The Bank of New York                                   $  12,500,000                          10.000000000%
Total                                                  $ 125,000,000                         100.000000000%
</TABLE>

                                  Schedule 2.01

<PAGE>

                                                                   SCHEDULE 5.09

                          SUBSIDIARIES AND INVESTMENTS

                                  SUBSIDIARIES

<TABLE>
<CAPTION>
                                                        JURISDICTION OF                  % OWNED BY NUVEEN
            SUBSIDIARY NAME                              INCORPORATION                    INVESTMENTS, INC.
<S>                                                   <C>                                <C>
1. Nuveen Advisory Corp.                                   Delaware                            100%

2. Nuveen Asia Investments, Inc.                           Delaware                            100%

3. Nuveen Asset Management Inc.                            Delaware                            100%

4. Nuveen Investments Advisers Inc.                        Delaware                            100%

5. Nuveen Institutional Advisory Corp.                     Delaware                            100%

6. Nuveen Investments Holdings, Inc.                       Delaware                            100%

7. Nuveen Investments, LLC                             Delaware limited                        100%
                                                       liability company

8. Nuveen Senior Loan Asset Management Inc.                Delaware                            100%

9. NWQ Investment Management Company, LLC              Delaware limited                        100%*
                                                       liability company

10. Rittenhouse Asset Management, Inc.                     Delaware                            100%**

11. Symphony Asset Management, LLC                    California limited                       100%
                                                       liability company

12. Nuveen Investments Institutional                  Delaware limited                         100%
    Services Group LLC                                 liability company
</TABLE>

* An unaffiliated entity owned by key employees of NWQ Investment Management
Company, LLC ("NWQ"), owns a non-controlling member interest in NWQ, allowing
its owners to participate in the growth of profits of NWQ. These interests allow
their owners to participate in the profits of NWQ above specified levels
beginning January 1, 2003. Beginning in 2004 and continuing through 2008, the
Borrower has the right to acquire these member interests.

** Excludes shares of Class B common stock held by current or former employees
of Rittenhouse Asset Management, Inc. ("Rittenhouse") pursuant to the
Rittenhouse 1997 Equity

                                  Schedule 5.09

<PAGE>

Incentive Award Plan, which shares do not participate in the earnings of
Rittenhouse. The Borrower has the right to acquire these shares beginning
October 2003.

                                OTHER INVESTMENTS

<TABLE>
<CAPTION>
              NAME                                  DESCRIPTION
<S>                                     <C>
Institutional Capital Corporation       Investment of Nuveen Investments, LLC in
                                        convertible preferred equity security
                                        convertible into20% of common equity.

Putnam Lovell Equity Partners L.P.      Investment of Nuveen Investments, Inc.
                                        in limited partnership interests of a
                                        private investment partnership
                                        representing approximately 14% of the
                                        total partnership equity interests.
</TABLE>

                                  Schedule 5.09

<PAGE>

                                                                   SCHEDULE 5.10

                                      ERISA

         The Borrower or other Controlled Group member maintains only the
following Single Employer Plan:

         Nuveen Investments Employees' Retirement Plan

                                  Schedule 5.10

<PAGE>

                                                                   SCHEDULE 9.02

                         ADMINISTRATIVE AGENT'S OFFICE,
                          CERTAIN ADDRESSES FOR NOTICES

NUVEEN INVESTMENTS, INC.

  as Borrower
Address for Notices:
333 West Wacker Drive
Chicago, Illinois 60606
Attention: Alan G. Berkshire, General Counsel
Telephone: (312) 917-7700
Facsimile: (312) 917-7952
Electronic Mail: alan.berkshire@nuveen.com
Website Address: www.nuveen.com

ADMINISTRATIVE AGENT:

Administrative Agent's Office
(for payments and Requests for Credit Extensions):
Bank of America, N.A.
One Independence Center
101 N. Tryon Street
Mail Code: NC1-001-15-04
Charlotte, N.C.  28255-0001
Attention: Merci Owens
Telephone: 704-388-3225
Facsimile: 704-409-0002
Electronic Mail: merci.s.owens@bankofamerica.com

Other Notices as Administrative Agent:
Bank of America, N.A.
Agency Management
One Independence Center
101 N. Tryon Street
Mail Code: NC1-001-15-02
Charlotte, N.C.  28255-0001
Attention: Cindy King
Telephone: (704) 387-5452
Facsimile: (704) 409-0180
Electronic Mail: cindy.king@bankofamerica.com

                                 Schedule 9.02<PAGE>

                                                                    Exhibit 10.8

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

                            NUVEEN INVESTMENTS, INC.

                                  $300,000,000
                               4.22% Senior Notes
                             Due September 19, 2008

                                    ---------

                             NOTE PURCHASE AGREEMENT

                                    ---------

                         Dated as of September 19, 2003

================================================================================
                                                        PPN: 67090F A* 7

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
Section                                                                                                           Page
-------                                                                                                           ----
<S>                                                                                                               <C>
1.       AUTHORIZATION OF NOTES................................................................................     1

2.       SALE AND PURCHASE OF NOTES.............................................................................    1

3.       CLOSING................................................................................................    2

4.       CONDITIONS TO CLOSING..................................................................................    2
         4.1.     Representations and Warranties................................................................    2
         4.2.     Performance; No Default.......................................................................    2
         4.3.     Compliance Certificates.......................................................................    2
         4.4.     Opinions of Counsel...........................................................................    3
         4.5.     Purchase Permitted By Applicable Law, etc.....................................................    3
         4.6.     Sale of Other Notes...........................................................................    3
         4.7.     Payment of Special Counsel Fees...............................................................    3
         4.8.     Private Placement Number......................................................................    3
         4.9.     Changes in Corporate Structure................................................................    4
         4.10.    Proceedings and Documents.....................................................................    4

5.       REPRESENTATIONS AND WARRANTIES OF THE COMPANY..........................................................    4
         5.1.     Organization; Power and Authority.............................................................    4
         5.2.     Authorization, etc............................................................................    4
         5.3.     Disclosure....................................................................................    5
         5.4.     Organization and Ownership of Shares of Subsidiaries..........................................    5
         5.5.     Financial Statements..........................................................................    6
         5.6.     Compliance with Laws, Other Instruments, etc..................................................    6
         5.7.     Governmental Authorizations, etc..............................................................    6
         5.8.     Litigation; Observance of Statutes and Orders.................................................    6
         5.9.     Taxes.........................................................................................    7
         5.10.    Title to Property; Leases.....................................................................    7
         5.11.    Licenses, Permits, etc........................................................................    7
         5.12.    Compliance with ERISA.........................................................................    7
         5.13.    Private Offering by the Company...............................................................    8
         5.14.    Use of Proceeds; Margin Regulations...........................................................    9
         5.15.    Existing Indebtedness.........................................................................    9
         5.16.    Foreign Assets Control Regulations, etc.......................................................    9
         5.17.    Status under Certain Statutes.................................................................   10

6.       REPRESENTATIONS OF THE PURCHASERS......................................................................   10
         6.1.     Purchase for Investment.......................................................................   10
         6.2.     Source of Funds...............................................................................   10

7.       INFORMATION AS TO COMPANY..............................................................................   12
         7.1.     Financial and Business Information............................................................   12
         7.2.     Officer's Certificate.........................................................................   14
         7.3.     Inspection....................................................................................   15
</TABLE>

                                       i

<PAGE>

<TABLE>
<S>                                                                                                                <C>
8.       PREPAYMENT OF THE NOTES................................................................................   15
         8.1.     No Scheduled Prepayments......................................................................   15
         8.2.     Optional Prepayments with Make-Whole Amount...................................................   16
         8.3.     Allocation of Partial Prepayments.............................................................   16
         8.4.     Maturity; Surrender, etc......................................................................   16
         8.5.     Purchase of Notes.............................................................................   16
         8.6.     Make-Whole Amount.............................................................................   17

9.       AFFIRMATIVE COVENANTS..................................................................................   18
         9.1.     Compliance with Law...........................................................................   18
         9.2.     Insurance.....................................................................................   19
         9.3.     Maintenance of Properties.....................................................................   19
         9.4.     Payment of Taxes..............................................................................   19
         9.5.     Corporate Existence, etc......................................................................   19
         9.6.     Nature of Business............................................................................   20
         9.7.     Ranking of Notes..............................................................................   20

10.      NEGATIVE COVENANTS.....................................................................................   20
         10.1.    Consolidated Net Worth........................................................................   20
         10.2.    Consolidated Debt.............................................................................   20
         10.3.    Limitation on Subsidiary Indebtedness.........................................................   20
         10.4.    Liens.........................................................................................   21
         10.5.    Mergers, Consolidations, etc..................................................................   23
         10.6.    Sale of Assets................................................................................   23
         10.7.    Transactions with Affiliates..................................................................   24

11.      EVENTS OF DEFAULT......................................................................................   25

12.      REMEDIES ON DEFAULT, ETC...............................................................................   27
         12.1.    Acceleration..................................................................................   27
         12.2.    Other Remedies................................................................................   27
         12.3.    Rescission....................................................................................   28
         12.4.    No Waivers or Election of Remedies, Expenses, etc.............................................   28

13.      REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES..........................................................   28
         13.1.    Registration of Notes.........................................................................   28
         13.2.    Transfer and Exchange of Notes................................................................   29
         13.3.    Replacement of Notes..........................................................................   29

14.      PAYMENTS ON NOTES......................................................................................   30
         14.1.    Place of Payment..............................................................................   30
         14.2.    Home Office Payment...........................................................................   30

15.      EXPENSES, ETC..........................................................................................   30
         15.1.    Transaction Expenses..........................................................................   30
         15.2.    Survival......................................................................................   31
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                                                                <C>
16.      SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT...........................................   31

17.      AMENDMENT AND WAIVER...................................................................................   31
         17.1.    Requirements..................................................................................   31
         17.2.    Solicitation of Holders of Notes..............................................................   32
         17.3.    Binding Effect, etc...........................................................................   32
         17.4.    Notes held by Company, etc....................................................................   33

18.      NOTICES................................................................................................   33

19.      REPRODUCTION OF DOCUMENTS..............................................................................   33

20.      CONFIDENTIAL INFORMATION...............................................................................   34

21.      SUBSTITUTION OF PURCHASER..............................................................................   35

22.      MISCELLANEOUS..........................................................................................   35
         22.1.    Successors and Assigns........................................................................   35
         22.2.    Payments Due on Non-Business Days.............................................................   35
         22.3.    Severability..................................................................................   36
         22.4.    Construction..................................................................................   36
         22.5.    Counterparts..................................................................................   36
         22.6.    Jurisdiction; Waiver of Jury Trial............................................................   36
         22.7.    Governing Law.................................................................................   36

SCHEDULE A         --       Information Relating to Purchasers
SCHEDULE B         --       Defined Terms

SCHEDULE 4.9       --       Changes in Corporate Structure
SCHEDULE 5.3       --       Disclosure Materials
SCHEDULE 5.4       --       Subsidiaries and Ownership of Subsidiary Stock
SCHEDULE 5.5       --       Financial Statements
SCHEDULE 5.8       --       Certain Litigation
SCHEDULE 5.11      --       Licenses, Permits, etc.
SCHEDULE 5.14      --       Use of Proceeds
SCHEDULE 5.15      --       Indebtedness
SCHEDULE 10.3      --       Indebtedness of Subsidiaries
SCHEDULE 10.4      --       Liens

EXHIBIT 1          --       Form of Senior Note
EXHIBIT 4.4(a)     --       Form of Opinion of Counsel for the Company
EXHIBIT 4.4(b)     --       Form of Opinion of Special Counsel to the Purchasers
</TABLE>

                                      iii

<PAGE>

                            NUVEEN INVESTMENTS, INC.
                              333 West Wacker Drive
                                Chicago, IL 60606
                                 (312) 917-7700
                               Fax: (312) 917-7952

                                  $300,000,000
                   4.22% Senior Notes, due September 19, 2008

                                                  Dated as of September 19, 2003

TO EACH OF THE PURCHASERS LISTED IN
         THE ATTACHED SCHEDULE A:

Ladies and Gentlemen:

                  NUVEEN INVESTMENTS, INC., a Delaware corporation (the
"Company"), agrees with you as follows:

1.       AUTHORIZATION OF NOTES.

                  The Company has authorized the issue and sale of $300,000,000
aggregate principal amount of its 4.22% Senior Notes due September 19, 2008 (the
"Notes", such term to include any such Notes issued in substitution therefor
pursuant to Section 13). The Notes shall be substantially in the form set out in
Exhibit 1, with such changes therefrom, if any, as may be approved by you, the
Other Purchasers and the Company. Certain capitalized terms used in this
Agreement are defined in Schedule B; references to a "Schedule" or an "Exhibit"
are, unless otherwise specified, to a Schedule or an Exhibit attached to this
Agreement. The Notes will be unsecured and will rank pari passu with the
Company's Indebtedness to banks under the Credit Agreements and with all other
senior unsecured Indebtedness of the Company.

2.       SALE AND PURCHASE OF NOTES.

                  Subject to the terms and conditions of this Agreement, the
Company will issue and sell to you and each of the other purchasers named in
Schedule A (the "Other Purchasers"), and you and the Other Purchasers will
purchase from the Company, at the Closing provided for in Section 3, Notes in
the principal amount specified opposite your names in Schedule A at the purchase
price of 100% of the principal amount thereof. Your obligation hereunder and the
obligations of the Other Purchasers are several and not joint obligations and
you shall have no

<PAGE>

obligation and no liability to any Person for the performance or non-performance
by any Other Purchaser hereunder.

3.       CLOSING.

                  The sale and purchase of the Notes to be purchased by you and
the Other Purchasers shall occur at the offices of Gardner Carton & Douglas, 191
North Wacker Drive, Suite 3700, Chicago, Illinois 60606-1698, at 9:00 a.m.,
Chicago time, at a closing (the "Closing") on September 19, 2003 or on such
other Business Day thereafter on or prior to September 30, 2003 as may be agreed
upon by the Company and you and the Other Purchasers. At the Closing the Company
will deliver to you the Notes to be purchased by you in the form of a single
Note (or such greater number of Notes in denominations of at least $100,000 as
you may request) dated the date of the Closing and registered in your name (or
in the name of your nominee), against delivery by you to the Company or its
order of immediately available funds in the amount of the purchase price
therefor by wire transfer of immediately available funds for the account of the
Company to account number 5760674 at Bank One, Chicago, ABA #071000013. If at
the Closing the Company fails to tender such Notes to you as provided above in
this Section 3, or any of the conditions specified in Section 4 shall not have
been fulfilled to your satisfaction, you shall, at your election, be relieved of
all further obligations under this Agreement, without thereby waiving any rights
you may have by reason of such failure or such nonfulfillment.

4.       CONDITIONS TO CLOSING.

                  Your obligation to purchase and pay for the Notes to be sold
to you at the Closing is subject to the fulfillment to your satisfaction, prior
to or at the Closing, of the following conditions:

4.1.     REPRESENTATIONS AND WARRANTIES.

                  The representations and warranties of the Company in this
Agreement shall be correct when made and at the time of the Closing.

4.2.     PERFORMANCE; NO DEFAULT.

                  The Company shall have performed and complied with all
agreements and conditions contained in this Agreement required to be performed
or complied with by it prior to or at the Closing and after giving effect to the
issue and sale of the Notes (and the application of the proceeds thereof as
contemplated by Schedule 5.14) no Default or Event of Default shall have
occurred and be continuing.

4.3.     COMPLIANCE CERTIFICATES.

                  (a)      Officer's Certificate. The Company shall have
         delivered to you an Officer's Certificate, dated the date of the
         Closing, certifying that the conditions specified in Sections 4.1, 4.2
         and 4.9 have been fulfilled.

                                       2
<PAGE>

                  (b)      Secretary's Certificate. The Company shall have
         delivered to you a certificate certifying as to the resolutions
         attached thereto and other corporate proceedings relating to the
         authorization, execution and delivery of the Notes and the Agreement.

4.4.     OPINIONS OF COUNSEL.

                  You shall have received opinions in form and substance
satisfactory to you, dated the date of the Closing (a) from Alan G. Berkshire,
General Counsel of the Company, and Winston & Strawn LLP, special counsel for
the Company, covering the matters set forth in Exhibit 4.4(a) and covering such
other matters incident to the transactions contemplated hereby as you or your
counsel may reasonably request (and the Company hereby instructs its counsel to
deliver such opinion to you) and (b) from Gardner Carton & Douglas LLP, your
special counsel in connection with such transactions, substantially in the form
set forth in Exhibit 4.4(b) and covering such other matters incident to such
transactions as you may reasonably request.

4.5.     PURCHASE PERMITTED BY APPLICABLE LAW, ETC.

                  On the date of the Closing, your purchase of Notes shall (i)
be permitted by the laws and regulations of each jurisdiction to which you are
subject, without recourse to provisions (such as Section 1405(a)(8) of the New
York Insurance Law) permitting limited investments by insurance companies
without restriction as to the character of the particular investment, (ii) not
violate any applicable law or regulation (including, without limitation,
Regulation U, T or X of the Board of Governors of the Federal Reserve System)
and (iii) not subject you to any tax, penalty or liability under or pursuant to
any applicable law or regulation, which law or regulation was not in effect on
the date hereof. If requested by you, you shall have received an Officer's
Certificate certifying as to such matters of fact as you may reasonably specify
to enable you to determine whether such purchase is so permitted.

4.6.     SALE OF OTHER NOTES.

                  Contemporaneously with the Closing the Company shall sell to
the Other Purchasers and the Other Purchasers shall purchase the Notes to be
purchased by them at the Closing as specified in Schedule A.

4.7.     PAYMENT OF SPECIAL COUNSEL FEES.

                  Without limiting the provisions of Section 15.1, the Company
shall have paid on or before the Closing the fees, charges and disbursements of
your special counsel referred to in Section 4.4, to the extent reflected in a
statement of such counsel rendered to the Company at least one Business Day
prior to the Closing.

4.8.     PRIVATE PLACEMENT NUMBER.

                  A Private Placement Number issued by Standard & Poor's CUSIP
Service Bureau (in cooperation with the Securities Valuation Office of the
National Association of Insurance Commissioners) shall have been obtained by
Gardner Carton & Douglas for the Notes.

                                       3
<PAGE>

4.9.     CHANGES IN CORPORATE STRUCTURE.

                  Except as specified in Schedule 4.9, the Company shall not
have changed its jurisdiction of incorporation or been a party to any merger or
consolidation and shall not have succeeded to all or any substantial part of the
liabilities of any other entity, at any time following the date of the most
recent financial statements referred to in Schedule 5.5.

4.10.    PROCEEDINGS AND DOCUMENTS.

                  All corporate and other proceedings in connection with the
transactions contemplated by this Agreement and all documents and instruments
incident to such transactions shall be satisfactory to you and your special
counsel, and you and your special counsel shall have received all such
counterpart originals or certified or other copies of such documents as you or
they may reasonably request.

5.       REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

                  The Company represents and warrants to you that:

5.1.     ORGANIZATION; POWER AND AUTHORITY.

                  The Company is a corporation duly organized, validly existing
and in good standing under the laws of its jurisdiction of incorporation, and is
duly qualified as a foreign corporation and is in good standing in each
jurisdiction in which such qualification is required by law, other than those
jurisdictions as to which the failure to be so qualified or in good standing
would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. The Company has the corporate power and authority to
own or hold under lease the properties it purports to own or hold under lease,
to transact the business it transacts and proposes to transact, to execute and
deliver this Agreement and the Notes and to perform the provisions hereof and
thereof. The Company possesses all licenses, registrations and authorizations
from and with any Governmental Authority, self-regulatory organization or
securities exchange necessary or material to the conduct of its business as
presently conducted, other than where the failure to possess such licenses,
registrations or authorizations would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

5.2.     AUTHORIZATION, ETC.

                  This Agreement and the Notes have been duly authorized by all
necessary corporate action on the part of the Company, and this Agreement
constitutes, and upon execution and delivery thereof each Note will constitute,
a legal, valid and binding obligation of the Company enforceable against the
Company in accordance with its terms, except as such enforceability may be
limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting the enforcement of creditors' rights generally and
(ii) general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law).

                                       4
<PAGE>

5.3.     DISCLOSURE.

                  The Company, through the Agents, has delivered to you and each
Other Purchaser a copy of a Private Placement Memorandum, dated July 2003 (the
"Memorandum"), relating to the transactions contemplated hereby. Except as
disclosed in Schedule 5.3, this Agreement, the Memorandum, the documents,
certificates or other writings identified in Schedule 5.3 and the financial
statements listed in Schedule 5.5, taken as a whole, do not contain any untrue
statement of a material fact or omit to state any material fact necessary to
make the statements therein not misleading in light of the circumstances under
which they were made. Except as disclosed in the Memorandum or as expressly
described in Schedule 5.3, or in one of the documents, certificates or other
writings identified therein, or in the financial statements listed in Schedule
5.5, since December 31, 2002, there has been no change in the financial
condition, operations, business or assets of the Company or any Subsidiary,
except changes that individually or in the aggregate would not reasonably be
expected to have a Material Adverse Effect.

5.4.     ORGANIZATION AND OWNERSHIP OF SHARES OF SUBSIDIARIES.

                  (a)      Schedule 5.4 is (except as noted therein) a complete
         and correct list of the Company's Subsidiaries, showing, as to each
         Subsidiary, the correct name thereof, the jurisdiction of its
         organization, and the percentage of shares of each class of its capital
         stock or similar equity interests outstanding owned by the Company and
         each other Subsidiary.

                  (b)      All of the outstanding shares of capital stock or
         similar equity interests of each Subsidiary shown in Schedule 5.4 as
         being owned by the Company and its Subsidiaries have been validly
         issued, are fully paid and nonassessable and are owned by the Company
         or another Subsidiary free and clear of any Lien (except as otherwise
         disclosed in Schedule 5.4).

                  (c)      Each Subsidiary identified in Schedule 5.4 is a
         corporation or other legal entity duly organized, validly existing and
         in good standing under the laws of its jurisdiction of organization,
         and is duly qualified as a foreign corporation or other legal entity
         and is in good standing in each jurisdiction in which such
         qualification is required by law, other than those jurisdictions as to
         which the failure to be so qualified or in good standing would not,
         individually or in the aggregate, reasonably be expected to have a
         Material Adverse Effect. Each such Subsidiary has the corporate or
         other power and authority to own or hold under lease the properties it
         purports to own or hold under lease and to transact the business it
         transacts and proposes to transact. Each Subsidiary possesses all
         licenses, registrations and authorizations from and with any
         Governmental Authority, self-regulatory organization or securities
         exchange necessary or material to the conduct of its business as
         presently conducted, other than where the failure to possess such
         licenses, registrations or authorizations would not, individually or in
         the aggregate, reasonably be expected to have a Material Adverse
         Effect.

                                       5
<PAGE>

5.5.     FINANCIAL STATEMENTS.

                  The Company has delivered to you and each Other Purchaser
copies of the financial statements of the Company and its Subsidiaries listed on
Schedule 5.5. All of said financial statements (including in each case the
related schedules and notes) fairly present in all material respects the
consolidated financial condition of the Company and its Subsidiaries as of the
respective dates specified in such Schedule and the consolidated results of
their operations and cash flows for the respective periods so specified and have
been prepared in accordance with GAAP consistently applied throughout the
periods involved except as set forth in the notes thereto (subject, in the case
of any interim financial statements, to normal year-end adjustments).

5.6.     COMPLIANCE WITH LAWS, OTHER INSTRUMENTS, ETC.

                  The execution, delivery and performance by the Company of this
Agreement and the Notes will not (i) contravene, result in any breach of, or
constitute a default under, or result in the creation of any Lien in respect of
any property of the Company or any Subsidiary under, any indenture, mortgage,
deed of trust, loan, purchase or credit agreement, lease, corporate charter or
by-laws, or any other Material agreement or instrument to which the Company or
any Subsidiary is bound or by which the Company or any Subsidiary or any of
their respective properties may be bound or affected, (ii) conflict with or
result in a breach of any of the terms, conditions or provisions of any order,
judgment, decree, or ruling of any court, arbitrator or Governmental Authority
applicable to the Company or any Subsidiary or (iii) violate any provision of
any statute or other rule or regulation of any Governmental Authority applicable
to the Company or any Subsidiary.

5.7.     GOVERNMENTAL AUTHORIZATIONS, ETC.

                  No consent, approval or authorization of, or registration,
filing or declaration with, any Governmental Authority is required in connection
with the execution, delivery or performance by the Company of this Agreement or
the Notes.

5.8.     LITIGATION; OBSERVANCE OF STATUTES AND ORDERS.

                  (a)      Except as disclosed in Schedule 5.8, there are no
         actions, suits or proceedings pending or, to the knowledge of the
         Company, threatened against or affecting the Company or any Subsidiary
         or any property of the Company or any Subsidiary in any court or before
         any arbitrator of any kind or before or by any Governmental Authority
         that, individually or in the aggregate, would reasonably be expected to
         have a Material Adverse Effect.

                  (b)      Neither the Company nor any Subsidiary is in default
         under any order, judgment, decree or ruling of any court, arbitrator or
         Governmental Authority or is in violation of any applicable law,
         ordinance, rule or regulation (including Environmental Laws and the USA
         Patriot Act) of any Governmental Authority, which default or violation,
         individually or in the aggregate, would reasonably be expected to have
         a Material Adverse Effect.

                                       6
<PAGE>

5.9.     TAXES.

                  The Company and its Subsidiaries have filed all income tax
returns that are required to have been filed in any jurisdiction, and have paid
all taxes, shown to be due and payable on such returns and all other taxes and
assessments payable by them, to the extent such taxes and assessments have
become due and payable and before they have become delinquent, except for any
tax returns, taxes and assessments (i) the amount of which or penalty for
failure to file is not individually or in the aggregate Material or (ii) the
amount, applicability or validity of which is currently being contested in good
faith by appropriate proceedings and with respect to which the Company or a
Subsidiary, as the case may be, has established adequate reserves in accordance
with GAAP. The federal income tax liabilities of the Company and its
Subsidiaries have been determined by the Internal Revenue Service and paid for
all fiscal years up to and including the fiscal year ended December 31, 1997.

5.10.    TITLE TO PROPERTY; LEASES.

                  The Company and its Subsidiaries have good and sufficient
title to their respective Material properties, including all such properties
reflected in the most recent audited balance sheet referred to in Section 5.5 or
purported to have been acquired by the Company or any Subsidiary after said date
(except as sold or otherwise disposed of in the ordinary course of business), in
each case free and clear of Liens prohibited by this Agreement, except for those
defects in title and Liens that, individually or in the aggregate, would not
have a Material Adverse Effect. All Material leases are valid and subsisting and
are in full force and effect in all material respects.

5.11.    LICENSES, PERMITS, ETC.

                  Except as disclosed in Schedule 5.11, the Company and its
Subsidiaries own or possess all licenses, permits, franchises, authorizations,
patents, copyrights, service marks, trademarks and trade names, or rights
thereto, that are Material, without known conflict with the rights of others,
except for those conflicts that, individually or in the aggregate, would not
have a Material Adverse Effect.

5.12.    COMPLIANCE WITH ERISA.

                  (a)      The Company and each ERISA Affiliate have operated
         and administered each Plan in compliance with all applicable laws
         except for such instances of noncompliance as have not resulted in and
         would not reasonably be expected to result in a Material Adverse
         Effect. Neither the Company nor any ERISA Affiliate has incurred any
         liability pursuant to Title I or IV of ERISA or the penalty or excise
         tax provisions of the Code relating to employee benefit plans (as
         defined in Section 3 of ERISA), and no event, transaction or condition
         has occurred or exists that would reasonably be expected to result in
         the incurrence of any such liability by the Company or any ERISA
         Affiliate, or in the imposition of any Lien on any of the rights,
         properties or assets of the Company or any ERISA Affiliate, in either
         case pursuant to Title I or IV of ERISA or to such penalty or

                                       7
<PAGE>

         excise tax provisions or to Section 401(a)(29) or 412 of the Code,
         other than such liabilities or Liens as would not be individually or in
         the aggregate Material.

                  (b)      The present value of the aggregate benefit
         liabilities under each of the Plans that are subject to the funding
         requirements of Section 412 of the Code (other than Multiemployer
         Plans), determined as of the end of such Plan's most recently ended
         plan year for which an actuarial valuation has been timely performed
         (so as to permit proper compliance with the funding requirements of
         Code Section 412 and the reporting requirements of the Code and ERISA),
         and on the basis of the actuarial assumptions specified for funding
         purposes in such Plan's most recent actuarial valuation report, did not
         exceed the aggregate current value of the assets of such Plan allocable
         to such benefit liabilities by an amount that, individually or in the
         aggregate, is Material. The term "benefit liabilities" has the meaning
         specified in Section 4001 of ERISA and the terms "current value" and
         "present value" have the meaning specified in Section 3 of ERISA.

                  (c)      The Company and its ERISA Affiliates have not
         incurred withdrawal liabilities (and are not subject to contingent
         withdrawal liabilities) under Section 4201 or 4204 of ERISA in respect
         of Multiemployer Plans that individually or in the aggregate are
         Material.

                  (d)      The expected postretirement benefit obligation
         (determined as of the last day of the Company's most recently ended
         fiscal year in accordance with Financial Accounting Standards Board
         Statement No. 106, without regard to liabilities attributable to
         continuation coverage mandated by Section 4980B of the Code) of the
         Company and its Subsidiaries is not Material or has been disclosed in
         the most recent audited consolidated financial statements of the
         Company and its Subsidiaries.

                  (e)      The execution and delivery of this Agreement and the
         issuance and sale of the Notes hereunder will not involve any
         transaction that is subject to the prohibitions of Section 406 of ERISA
         or in connection with which a tax would be imposed pursuant to Section
         4975(c)(1)(A)-(D) of the Code. The representation in the first sentence
         of this Section 5.12(e) is made in reliance upon and subject to the
         accuracy of your representation in Section 6.2 as to the sources of the
         funds used to pay the purchase price of the Notes to be purchased by
         you.

5.13.    PRIVATE OFFERING BY THE COMPANY.

                  Neither the Company nor anyone acting on its behalf has
offered the Notes or any similar securities for sale to, or solicited any offer
to buy any of the same from, or otherwise approached or negotiated in respect
thereof with, any Person other than you, the Other Purchasers and not more than
105 other Institutional Investors, each of which has been offered Notes at a
private sale for investment. Neither the Company nor anyone acting on its behalf
has taken, or will take, any action that would subject the issuance or sale of
the Notes to the registration requirements of Section 5 of the Securities Act.

                                       8
<PAGE>

5.14.    USE OF PROCEEDS; MARGIN REGULATIONS.

                  The Company will apply the proceeds of the sale of the Notes
for general corporate purposes and to repay Indebtedness as set forth in
Schedule 5.14. No part of the proceeds from the sale of the Notes will be used,
directly or indirectly, for the purpose of buying or carrying any margin stock
within the meaning of Regulation U of the Board of Governors of the Federal
Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading
in any securities under such circumstances as to involve the Company in a
violation of Regulation X of said Board (12 CFR 224) or to involve any broker or
dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock
does not constitute more than 5% of the value of the consolidated assets of the
Company and its Subsidiaries, and the Company does not have any present
intention that margin stock will constitute more than 5% of the value of such
assets. As used in this Section, the terms "margin stock" and "purpose of buying
or carrying" shall have the meanings assigned to them in said Regulation U.

5.15.    EXISTING INDEBTEDNESS.

                  Except as described therein, Schedule 5.15 sets forth a
complete and correct list of all outstanding Indebtedness of the Company and its
Subsidiaries as of June 30, 2003, since which date there has been no Material
change in the amounts, interest rates, sinking funds, installment payments or
maturities of the Indebtedness of the Company or its Subsidiaries. Neither the
Company nor any Subsidiary is in default and no waiver of default is currently
in effect, in the payment of any principal or interest on any Indebtedness of
the Company or such Subsidiary and no event or condition exists with respect to
any Indebtedness of the Company or any Subsidiary that is outstanding in an
aggregate principal amount in excess of $10,000,000 and that would permit (or
that with notice or the lapse of time, or both, would permit) one or more
Persons to cause such Indebtedness to become due and payable before its stated
maturity or before its regularly scheduled dates of payment.

5.16.    FOREIGN ASSETS CONTROL REGULATIONS, ETC.

                  Neither the sale of the Notes by the Company hereunder nor its
use of the proceeds thereof will violate (a) the Trading with the Enemy Act, as
amended, (b) any of the foreign assets control regulations of the United States
Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling
legislation or executive order relating thereto, (c) the Anti-Terrorism Order or
(d) the United States Foreign Corrupt Practices Act of 1997, as amended. Without
limiting the foregoing, neither the Company nor any Subsidiary (i) is a blocked
person described in Section 1 of the Anti-Terrorism Order or (ii) engages in any
dealings or transactions, or is otherwise associated, with any such person.

5.17.    STATUS UNDER CERTAIN STATUTES.

                  Neither the Company nor any Subsidiary is an "investment
company" or a company "controlled" by an "investment company" within the meaning
of the Investment Company Act of 1940, as amended, nor are any of them subject
to regulation under the Public

                                       9
<PAGE>

Utility Holding Company Act of 1935, as amended, the Interstate Commerce Act, as
amended by the ICC Termination Act, as amended, or the Federal Power Act, as
amended.

6.       REPRESENTATIONS OF THE PURCHASERS.

6.1.     PURCHASE FOR INVESTMENT.

                  You represent that you are purchasing the Notes for your own
account or for one or more separate accounts maintained by you or for the
account of one or more pension or trust funds and not with a view to the
distribution thereof, provided that the disposition of your or their property
shall at all times be within your or their control. You understand that the
Notes have not been registered under the Securities Act and may be resold only
if registered pursuant to the provisions of the Securities Act or if an
exemption from registration is available, except under circumstances where
neither such registration nor such an exemption is required by law, and that the
Company is not required to register the Notes. You represent that you are an
"accredited investor" as defined under Rule 501(a) of the Securities Act and
that, in connection with your purchase of Notes, you have had an opportunity to
request and obtain such information as you have required regarding the Company
and its Subsidiaries.

6.2.     SOURCE OF FUNDS.

                  You represent that at least one of the following statements is
an accurate representation as to each source of funds (a "Source") to be used by
you to pay the purchase price of the Notes to be purchased by you hereunder:

                  (a)      the Source is an "insurance company general account"
         (as the term is defined in the United States Department of Labor's
         Prohibited Transaction Exemption ("PTE") 95-60) in respect of which the
         reserves and liabilities (as defined by the annual statement for life
         insurance companies approved by the National Association of Insurance
         Commissioners (the "NAIC Annual Statement")) for the general account
         contract(s) held by or on behalf of any employee benefit plan together
         with the amount of the reserves and liabilities for the general account
         contract(s) held by or on behalf of any other employee benefit plans
         maintained by the same employer (or affiliate thereof as defined in PTE
         95-60) or by the same employee organization in the general account do
         not exceed 10% of the total reserves and liabilities of the general
         account (exclusive of separate account liabilities) plus surplus as set
         forth in the NAIC Annual Statement filed with such Purchaser's state of
         domicile; or

                  (b)      the Source is a separate account that is maintained
         solely in connection with such Purchaser's fixed contractual
         obligations under which the amounts payable, or credited, to any
         employee benefit plan (or its related trust) that has any interest in
         such separate account (or to any participant or beneficiary of such
         plan (including any annuitant)) are not affected in any manner by the
         investment performance of the separate account; or

                                       10
<PAGE>

                  (c)      the Source is either (i) an insurance company pooled
         separate account, within the meaning of PTE 90-1 (issued January 29,
         1990), or (ii) a bank collective investment fund, within the meaning of
         PTE 91-38 (issued July 12, 1991) and, except as you have disclosed to
         the Company in writing pursuant to this clause (c), no employee benefit
         plan or group of plans maintained by the same employer or employee
         organization beneficially owns more than 10% of all assets allocated to
         such pooled separate account or collective investment fund; or

                  (d)      the Source constitutes assets of an "investment fund"
         (within the meaning of Part V of PTE 84-14 (the "QPAM Exemption"))
         managed by a "qualified professional asset manager" or "QPAM" (within
         the meaning of Part V of the QPAM Exemption), no employee benefit
         plan's assets that are included in such investment fund, when combined
         with the assets of all other employee benefit plans established or
         maintained by the same employer or by an affiliate (within the meaning
         of Section V(c)(1) of the QPAM Exemption) of such employer or by the
         same employee organization and managed by such QPAM, exceed 20% of the
         total client assets managed by such QPAM, the conditions of Part I(c)
         and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a
         person controlling or controlled by the QPAM (applying the definition
         of "control" in Section V(e) of the QPAM Exemption) owns a 5% or more
         interest in the Company and (i) the identity of such QPAM and (ii) the
         names of all employee benefit plans whose assets are included in such
         investment fund have been disclosed to the Company in writing pursuant
         to this clause (d); or

                  (e)      the Source constitutes assets of a "plan(s)" (within
         the meaning of Section IV of PTE 96-23 (the "INHAM Exemption")) managed
         by an "in-house asset manager" or "INHAM" (within the meaning of Part
         IV of the INHAM exemption), the conditions of Part I(a), (g) and (h) of
         the INHAM Exemption are satisfied, neither the INHAM nor a person
         controlling or controlled by the INHAM (applying the definition of
         "control" in Section IV(h) of the INHAM Exemption) owns a 5% or more
         interest in the Company and (i) the identity of such INHAM and (ii) the
         name(s) of the employee benefit plan(s) whose assets constitute the
         Source have been disclosed to the Company in writing pursuant to this
         clause (e); or

                  (f)      the Source is a governmental plan; or

                  (g)      the Source is one or more employee benefit plans, or
         a separate account or trust fund comprised of one or more employee
         benefit plans, and the purchase of the Notes will not result in a
         nonexempt prohibited transaction under Section 4975 of the Code or
         Section 406 of ERISA or any similar state law applicable to the plan or
         plans; or

                  (h)      the Source does not include assets of any employee
         benefit plan, other than a plan exempt from the coverage of ERISA,
         Section 4975 of the Code and any provision of any state law similar to
         Section 4975 of the Code and Section 406 of ERISA.

                                       11
<PAGE>

As used in this Section 6.2, the terms "employee benefit plan", "governmental
plan" and "separate account" shall have the respective meanings assigned to such
terms in Section 3 of ERISA.

7.       INFORMATION AS TO COMPANY.

7.1.     FINANCIAL AND BUSINESS INFORMATION

                  The Company will deliver to each holder of Notes that is an
Institutional Investor:

                  (a)      Quarterly Statements -- within 45 days (or such other
         shorter period within which Quarterly Reports on Form 10-Q are required
         to be timely filed with the Securities and Exchange Commission,
         including any extension permitted by Rule 12b-25 of the Exchange Act)
         after the end of each quarterly fiscal period in each fiscal year of
         the Company (other than the last quarterly fiscal period of each such
         fiscal year), duplicate copies of,

                           (i)      a consolidated balance sheet of the Company
                  and its Subsidiaries as at the end of such quarter,

                           (ii)     consolidated statements of income of the
                  Company and its Subsidiaries for such quarter and (in the case
                  of the second and third quarters) for the portion of the
                  fiscal year ending with such quarter, and

                           (iii)    consolidated statements of cash flows and
                  changes in common stockholders' equity of the Company and its
                  Subsidiaries for such quarter or (in the case of the second
                  and third quarters) for the portion of the fiscal year ending
                  with such quarter,

         setting forth in each case in comparative form the figures for the
         corresponding periods in the previous fiscal year, all in reasonable
         detail, prepared in accordance with GAAP applicable to quarterly
         financial statements generally, and certified by a Senior Financial
         Officer as fairly presenting, in all material respects, the financial
         condition of the companies being reported on and their results of
         operations and cash flows, subject to changes resulting from year-end
         adjustments, provided that delivery within the time period specified
         above of copies of the Company's Quarterly Report on Form 10-Q prepared
         in compliance with the requirements therefor and filed with the
         Securities and Exchange Commission shall be deemed to satisfy the
         requirements of this Section 7.1(a);

                  (b)      Annual Statements -- within 90 days (or such other
         shorter period within which Annual Reports on Form 10-K are required to
         be timely filed with the Securities and Exchange Commission, including
         any extension permitted by Rule 12b-25 of the Exchange Act) after the
         end of each fiscal year of the Company, duplicate copies of,

                           (i)      a consolidated balance sheet of the Company
                  and its Subsidiaries, as at the end of such year, and

                                       12
<PAGE>

                           (ii)     consolidated statements of income, changes
                  in common stockholders' equity and cash flows of the Company
                  and its Subsidiaries for such year,

         setting forth in each case in comparative form the figures for the
         previous fiscal year, all in reasonable detail, prepared in accordance
         with GAAP, and accompanied by an opinion thereon of independent
         certified public accountants of recognized national standing, which
         opinion shall state that such financial statements present fairly, in
         all material respects, the financial condition of the companies being
         reported upon and their results of operations and cash flows and have
         been prepared in conformity with GAAP, and that the examination of such
         accountants in connection with such financial statements has been made
         in accordance with generally accepted auditing standards, and that such
         audit provides a reasonable basis for such opinion in the
         circumstances, provided that the delivery within the time period
         specified above of the Company's Annual Report on Form 10-K for such
         fiscal year (together with the Company's annual report to shareholders,
         if any, prepared pursuant to Rule 14a-3 under the Exchange Act)
         prepared in accordance with the requirements therefor and filed with
         the Securities and Exchange Commission shall be deemed to satisfy the
         requirements of this Section 7.1(b);

                  (c)      SEC and Other Reports -- promptly upon their becoming
         available, one copy of (i) each financial statement, report, notice or
         proxy statement sent by the Company or any Subsidiary to public
         securities holders generally, and (ii) each regular or periodic report
         (other than Financial and Operational Combined Uniform Single (FOCUS)
         Reports and Form 17-H Risk Assessment Reports of Nuveen Investments
         LLC), each registration statement (other than a Registration Statement
         on Form S-8) that shall have become effective (without exhibits except
         as expressly requested by such holder), and each final prospectus and
         all amendments (other than one relating solely to employee benefit
         plans) thereto filed by the Company or any Subsidiary with the
         Securities and Exchange Commission;

                  (d)      Notice of Default or Event of Default -- promptly,
         and in any event within ten days after a Responsible Officer becomes
         aware of the existence of any Default or Event of Default, a written
         notice specifying the nature and period of existence thereof and what
         action the Company is taking or proposes to take with respect thereto;

                  (e)      ERISA Matters -- promptly, and in any event within
         five days after a Responsible Officer becoming aware of any of the
         following, a written notice setting forth the nature thereof and the
         action, if any, that the Company or an ERISA Affiliate proposes to take
         with respect thereto:

                           (i)      with respect to any Plan, any reportable
                  event, as defined in Section 4043(b) of ERISA and the
                  regulations thereunder, for which notice thereof has not been
                  waived pursuant to such regulations as in effect on the date
                  hereof; or

                                       13
<PAGE>

                           (ii)     the taking by the PBGC of steps to
                  institute, or the threatening by the PBGC of the institution
                  of, proceedings under Section 4042 of ERISA for the
                  termination of, or the appointment of a trustee to administer,
                  any Plan, or the receipt by the Company or any ERISA Affiliate
                  of a notice from a Multiemployer Plan that such action has
                  been taken by the PBGC with respect to such Multiemployer
                  Plan; or

                           (iii)    any event, transaction or condition that
                  would result in the incurrence of any liability by the Company
                  or any ERISA Affiliate pursuant to Title I or IV of ERISA or
                  the penalty or excise tax provisions of the Code relating to
                  employee benefit plans, or in the imposition of any Lien on
                  any of the rights, properties or assets of the Company or any
                  ERISA Affiliate pursuant to Title I or IV of ERISA or such
                  penalty or excise tax provisions, if such liability or Lien,
                  taken together with any other such liabilities or Liens then
                  existing, would reasonably be expected to have a Material
                  Adverse Effect; and

                  (f)      Requested Information -- with reasonable promptness,
         such other data and information relating to the business, operations,
         affairs, financial condition, assets or properties of the Company or
         any of its Subsidiaries or relating to the ability of the Company to
         perform its obligations hereunder and under the Notes as from time to
         time may be reasonably requested by any such holder of Notes.

Documents required to be delivered pursuant to this Section 7.1 (to the extent
any such documents are included in materials otherwise filed with the Securities
and Exchange Commission) may be delivered electronically and, if so delivered,
shall be deemed to have been delivered on the date on which the Company posts
such documents, or provides a link thereto, on the Company's website on the
Internet (www.nuveen.com); provided that: (i) the Company shall deliver paper
copies of such documents to any holder of Notes that requests the Company to
deliver such paper copies until a written request to cease delivering paper
copies is given by such holder; and (ii) on such date the Company shall notify
(which may be by facsimile or electronic mail) each holder of the Notes of the
posting of any such documents.

7.2.     OFFICER'S CERTIFICATE.

                  Each set of financial statements delivered to a holder of
Notes pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a
certificate of a Senior Financial Officer setting forth:

                  (a)      Covenant Compliance -- the information (including
         detailed calculations) required in order to establish whether the
         Company was in compliance with the requirements of Sections 10.1, 10.2,
         10.3, 10.4 and 10.6 during the quarterly or annual period covered by
         the statements then being furnished (including with respect to each
         such Section, where applicable, the calculations of the maximum or
         minimum amount, ratio or percentage, as the case may be, permissible
         under the terms of such Sections, and the calculation of the amount,
         ratio or percentage then in existence); and

                                       14
<PAGE>

                  (b)      Event of Default -- a statement that such officer has
         reviewed the relevant terms hereof and has made, or caused to be made,
         under his or her supervision, a review of the transactions and
         conditions of the Company and its Subsidiaries from the beginning of
         the quarterly or annual period covered by the statements then being
         furnished to the date of the certificate and that such review shall not
         have disclosed the existence during such period of any condition or
         event that constitutes a Default or an Event of Default or, if any such
         condition or event existed or exists (including any such event or
         condition resulting from the failure of the Company or any Subsidiary
         to comply with any Environmental Law), specifying the nature and period
         of existence thereof and what action the Company shall have taken or
         proposes to take with respect thereto.

7.3.     INSPECTION.

                  The Company shall permit the representatives of each holder of
Notes that is an Institutional Investor:

                  (a)      No Default -- if no Default or Event of Default then
         exists, at the expense of such holder and upon reasonable prior notice
         to the Company, to visit the principal executive office of the Company,
         to discuss the affairs, finances and accounts of the Company and its
         Subsidiaries with the Company's officers, and, with the consent of the
         Company (which consent will not be unreasonably withheld), to visit the
         other offices and properties of the Company and each Subsidiary, all at
         such reasonable times and as often as may be reasonably requested in
         writing; and

                  (b)      Default -- if a Default or Event of Default then
         exists, at the expense of the Company, to visit and inspect any of the
         offices or properties of the Company or any Subsidiary, to examine all
         their respective books of account, records, reports and other papers,
         to make copies and extracts therefrom, and to discuss their respective
         affairs, finances, and accounts with their respective officers and
         independent public accountants (and by this provision the Company
         authorizes said accountants to discuss the affairs, finances and
         accounts of the Company and its Subsidiaries), all at such times and as
         often as may be requested.

8.       PREPAYMENT OF THE NOTES.

8.1.     NO SCHEDULED PREPAYMENTS.

                  No regularly scheduled prepayments are due on the Notes prior
to their stated maturity.

8.2.     OPTIONAL PREPAYMENTS WITH MAKE-WHOLE AMOUNT.

                  The Company may, at its option, upon notice as provided below,
prepay at any time all, or from time to time any part of, the Notes in an amount
not less than $5,000,000 in the aggregate in the case of a partial prepayment,
at 100% of the principal amount so prepaid, plus the Make-Whole Amount
determined for the prepayment date with respect to such principal

                                       15
<PAGE>

amount. The Company will give each holder of Notes written notice of each
optional prepayment under this Section 8.2 not less than 30 days and not more
than 60 days prior to the date fixed for such prepayment. Each such notice shall
specify such date, the aggregate principal amount of the Notes to be prepaid on
such date, the principal amount of each Note held by such holder to be prepaid
(determined in accordance with Section 8.3), and the interest to be paid on the
prepayment date with respect to such principal amount being prepaid, and shall
be accompanied by a certificate of a Senior Financial Officer as to the
estimated Make-Whole Amount due in connection with such prepayment (calculated
as if the date of such notice were the date of the prepayment), setting forth
the details of such computation. Two Business Days prior to such prepayment, the
Company shall deliver to each holder of Notes a certificate of a Senior
Financial Officer specifying the calculation of such Make-Whole Amount as of the
specified prepayment date.

8.3.     ALLOCATION OF PARTIAL PREPAYMENTS.

                  In the case of each partial prepayment of the Notes, the
principal amount of the Notes to be prepaid shall be allocated among all of the
Notes at the time outstanding in proportion, as nearly as practicable, to the
respective unpaid principal amounts thereof not theretofore called for
prepayment.

8.4.     MATURITY; SURRENDER, ETC.

                  In the case of each prepayment of Notes pursuant to this
Section 8, the principal amount of each Note to be prepaid shall mature and
become due and payable on the date fixed for such prepayment, together with
interest on such principal amount accrued to such date and the applicable
Make-Whole Amount, if any. From and after such date, unless the Company shall
fail to pay such principal amount when so due and payable, together with the
interest and Make-Whole Amount, if any, as aforesaid, interest on such principal
amount shall cease to accrue. Any Note paid or prepaid in full shall be
surrendered to the Company and canceled and shall not be reissued, and no Note
shall be issued in lieu of any prepaid principal amount of any Note.

8.5.     PURCHASE OF NOTES.

                  The Company will not and will not permit any Affiliate to
purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of
the outstanding Notes except (a) upon the payment or prepayment of the Notes in
accordance with the terms of this Agreement and the Notes or (b) pursuant to an
offer to purchase made by the Company or an Affiliate pro rata to the holders of
all Notes at the time outstanding upon the same terms and conditions. Any such
offer shall provide each holder with sufficient information to enable it to make
an informed decision with respect to such offer, and shall remain open for at
least 20 Business Days. If the holders of more than 25% of the principal amount
of the Notes then outstanding accept such offer, the Company shall promptly
notify the remaining holders of such fact and the expiration date for the
acceptance by holders of Notes of such offer shall be extended by the number of
days necessary to give each such remaining holder at least 10 Business Days from
its receipt of such notice to accept such offer. The Company will promptly
cancel all Notes acquired by it or any Affiliate

                                       16
<PAGE>

pursuant to any payment, prepayment or purchase of Notes pursuant to any
provision of this Agreement and no Notes may be issued in substitution or
exchange for any such Notes.

8.6.     MAKE-WHOLE AMOUNT.

                  The term "MAKE-WHOLE AMOUNT" means, with respect to any Note,
an amount equal to the excess, if any, of the Discounted Value of the Remaining
Scheduled Payments with respect to the Called Principal of such Note over the
amount of such Called Principal, provided that the Make-Whole Amount may in no
event be less than zero. For the purposes of determining the Make-Whole Amount,
the following terms have the following meanings:

                  "CALLED PRINCIPAL" means, with respect to any Note, the
         principal of such Note that is to be prepaid pursuant to Section 8.2 or
         has become or is declared to be immediately due and payable pursuant to
         Section 12.1, as the context requires.

                  "DISCOUNTED VALUE" means, with respect to the Called Principal
         of any Note, the amount obtained by discounting all Remaining Scheduled
         Payments with respect to such Called Principal from their respective
         scheduled due dates to the Settlement Date with respect to such Called
         Principal, in accordance with accepted financial practice and at a
         discount factor (applied on the same periodic basis as that on which
         interest on the Notes is payable) equal to the Reinvestment Yield with
         respect to such Called Principal.

                  "REINVESTMENT YIELD" means, with respect to the Called
         Principal of any Note, .50% over the yield to maturity implied by (i)
         the yields reported, as of 10:00 A.M. (New York City time) on the
         second Business Day preceding the Settlement Date with respect to such
         Called Principal, on the display designated as the "PX1 Screen" on the
         Bloomberg Financial Market Service (or such other display as may
         replace the PX1 Screen on the Bloomberg Financial Market Service) for
         actively traded U.S. Treasury securities having a maturity equal to the
         Remaining Average Life of such Called Principal as of such Settlement
         Date, or (ii) if such yields are not reported as of such time or the
         yields reported as of such time are not ascertainable, the Treasury
         Constant Maturity Series Yields reported, for the latest day for which
         such yields have been so reported as of the second Business Day
         preceding the Settlement Date with respect to such Called Principal, in
         Federal Reserve Statistical Release H.15 (519) (or any comparable
         successor publication) for actively traded U.S. Treasury securities
         having a constant maturity equal to the Remaining Average Life of such
         Called Principal as of such Settlement Date. Such implied yield will be
         determined, if necessary, by (a) converting U.S. Treasury bill
         quotations to bond-equivalent yields in accordance with accepted
         financial practice and (b) interpolating linearly between (1) the
         actively traded U.S. Treasury security with the maturity closest to and
         greater than the Remaining Average Life and (2) the actively traded
         U.S. Treasury security with the maturity closest to and less than the
         Remaining Average Life.

                  "REMAINING AVERAGE LIFE" means, with respect to any Called
         Principal, the number of years (calculated to the nearest one-twelfth
         year) obtained by dividing (i) such

                                       17
<PAGE>

         Called Principal into (ii) the sum of the products obtained by
         multiplying (a) the principal component of each Remaining Scheduled
         Payment with respect to such Called Principal by (b) the number of
         years (calculated to the nearest one-twelfth year) that will elapse
         between the Settlement Date with respect to such Called Principal and
         the scheduled due date of such Remaining Scheduled Payment.

                  "REMAINING SCHEDULED PAYMENTS" means, with respect to the
         Called Principal of any Note, all payments of such Called Principal and
         interest thereon that would be due after the Settlement Date with
         respect to such Called Principal if no payment of such Called Principal
         were made prior to its scheduled due date, provided that if such
         Settlement Date is not a date on which interest payments are due to be
         made under the terms of the Notes, then the amount of the next
         succeeding scheduled interest payment will be reduced by the amount of
         interest accrued to such Settlement Date and required to be paid on
         such Settlement Date pursuant to Section 8.2 or 12.1.

                  "SETTLEMENT DATE" means, with respect to the Called Principal
         of any Note, the date on which such Called Principal is to be prepaid
         pursuant to Section 8.2 or has become or is declared to be immediately
         due and payable pursuant to Section 12.1, as the context requires.

9.       AFFIRMATIVE COVENANTS.

                  The Company covenants that so long as any of the Notes are
outstanding:

9.1.     COMPLIANCE WITH LAW.

                  The Company will, and will cause each of its Subsidiaries to,
comply with all laws, ordinances or governmental rules or regulations to which
each of them is subject, including, without limitation, Environmental Laws, and
will obtain and maintain in effect all licenses, certificates, permits,
franchises and other governmental authorizations necessary to the ownership of
their respective properties or to the conduct of their respective businesses, in
each case to the extent necessary to ensure that non-compliance with such laws,
ordinances or governmental rules or regulations or failures to obtain or
maintain in effect such licenses, certificates, permits, franchises and other
governmental authorizations would not reasonably be expected, individually or in
the aggregate, to have a materially adverse effect on the business, operations,
financial condition or assets of the Company and its Subsidiaries taken as a
whole.

9.2.     INSURANCE.

                  The Company will, and will cause each of its Subsidiaries to,
maintain, with financially sound and reputable insurers, insurance with respect
to their respective properties and businesses against such casualties and
contingencies, of such types, on such terms and in such amounts (including
deductibles, co-insurance and self-insurance, if adequate reserves are
maintained with respect thereto) as is customary in the case of entities of
established reputations engaged in the same or a similar business and similarly
situated.

                                       18
<PAGE>

9.3.     MAINTENANCE OF PROPERTIES.

                  The Company will, and will cause each of its Subsidiaries to,
maintain and keep, or cause to be maintained and kept, their respective
properties in good repair, working order and condition (other than ordinary wear
and tear), so that the business carried on in connection therewith may be
properly conducted at all times, provided that this Section shall not prevent
the Company or any Subsidiary from discontinuing the operation and the
maintenance of any of its properties if such discontinuance is desirable in the
conduct of its business and the Company has concluded that such discontinuance
would not, individually or in the aggregate, have a materially adverse effect on
the business, operations, financial condition or assets of the Company and its
Subsidiaries taken as a whole.

9.4.     PAYMENT OF TAXES.

                  The Company will, and will cause each of its Subsidiaries to,
file all income tax or similar tax returns required to be filed in any
jurisdiction and to pay and discharge all taxes shown to be due and payable on
such returns and all other taxes, assessments, governmental charges, or levies
payable by any of them, to the extent such taxes and assessments have become due
and payable and before they have become delinquent, provided that neither the
Company nor any Subsidiary need file any such return or pay any such tax or
assessment if (i) the amount, applicability or validity thereof is contested by
the Company or such Subsidiary on a timely basis in good faith and in
appropriate proceedings, and the Company or a Subsidiary has established
adequate reserves therefor in accordance with GAAP on the books of the Company
or such Subsidiary or (ii) the nonfiling of all such returns and the nonpayment
of all such taxes and assessments in the aggregate would not reasonably be
expected to have a materially adverse effect on the business, operations,
financial condition or assets of the Company and its Subsidiaries, taken as a
whole.

9.5.     CORPORATE EXISTENCE, ETC.

                  Subject to Sections 10.5 and 10.6, the Company will at all
times preserve and keep in full force and effect its corporate existence.
Subject to Sections 10.5 and 10.6, the Company will at all times preserve and
keep in full force and effect the corporate existence of each of its
Subsidiaries (unless merged into the Company or a Wholly Owned Subsidiary) and
all rights and franchises of the Company and its Subsidiaries unless, in the
good faith judgment of the Company, the termination of or failure to preserve
and keep in full force and effect a particular corporate existence, right or
franchise would not, individually or in the aggregate, have a materially adverse
effect on the business, operations, financial condition or assets of the Company
and its Subsidiaries taken as a whole.

9.6.     NATURE OF BUSINESS.

                  The Company and its Subsidiaries, taken as a whole, will
continue to be engaged primarily in the investment management business or
businesses or activities reasonably related, ancillary or complimentary thereto.

                                       19
<PAGE>

9.7.     RANKING OF NOTES.

                  The Notes and the Company's obligations under this Agreement
will rank at least pari passu with all of the Company's outstanding unsecured
senior Indebtedness.

10.      NEGATIVE COVENANTS.

                  The Company covenants that so long as any of the Notes are
outstanding:

10.1.    CONSOLIDATED NET WORTH.

                  The Company will not permit Consolidated Net Worth to be less
than $300,000,000 at any time.

10.2.    CONSOLIDATED DEBT.

                  The Company will not permit the ratio of Consolidated Debt (as
of the last day of the most recently completed fiscal quarter) to Consolidated
EBITDA (for the Company's then most recently completed four fiscal quarters) to
be greater than 3.0 to 1.0 at any time.

10.3.    LIMITATION ON SUBSIDIARY INDEBTEDNESS.

                  The Company will not at any time permit any Subsidiary,
directly or indirectly, to create, incur, assume, guarantee, have outstanding,
or otherwise become or remain directly or indirectly liable with respect to, any
Indebtedness other than:

                  (a)      Indebtedness outstanding (or available under a
         committed line of credit) on the date hereof and disclosed on Schedule
         10.3 and any extension, renewal or refunding thereof, provided that the
         principal amount of Indebtedness outstanding (or available under a
         committed line of credit) at the time of such extension, renewal or
         refunding is not increased;

                  (b)      Indebtedness outstanding (or available under a
         committed line of credit) at the time such Subsidiary becomes a
         Subsidiary and any extension, renewal or refunding thereof, provided
         that the principal amount outstanding (or available under a committed
         line of credit) at the time of such extension, renewal or refunding is
         not increased, and provided further that (i) such Indebtedness was not
         incurred in contemplation of such Subsidiary becoming a Subsidiary, and
         (ii) at the time of such acquisition and after giving effect thereto no
         Default or Event of Default shall exist;

                  (c)      Indebtedness owed to the Company or another Wholly
         Owned Subsidiary;

                  (d)      Indebtedness of a Subsidiary that has entered into a
         Guaranty of the Company's obligations under the Notes and this
         Agreement (i) satisfactory in form and substance to Required Holders
         and (ii) as to which Guaranty the holders of outstanding

                                       20
<PAGE>

         Notes have received an opinion of independent counsel, in form and
         substance satisfactory to them, as to the validity and enforceability
         of such Guaranty;

                  (e)      Indebtedness of Nuveen Investments, LLC incurred in
         connection with the purchase of securities in the ordinary course of
         its business and maturing not more than 10 Business Days after the date
         of incurrence;

                  (f)      Indebtedness representing the sale of securities
         under an agreement to repurchase;

                  (g)      Rate Hedging Obligations;

                  (h)      unsecured Indebtedness to finance advanced sales
         commissions, provided that the aggregate principal amount of such
         Indebtedness does not at any time exceed the amount of such advanced
         sales commissions;

                  (i)      contingent pay-out and similar obligations relating
         to acquisitions; and

                  (j)      Indebtedness not otherwise permitted by the preceding
         clauses (a) through (i), provided that immediately before and after
         giving effect thereto and to the application of proceeds thereof,

                           (i)      no Default or Event of Default exists, and

                           (ii)     Priority Debt does not exceed 20% of
                  Consolidated Net Worth.

10.4.    LIENS.

                  The Company will not, and will not permit any Subsidiary to,
permit to exist, create, assume or incur, directly or indirectly, any Lien on
its properties or assets, whether now owned or hereafter acquired (unless it
makes, or causes to be made, effective provision whereby the Notes will be
equally and ratably secured with any and all other obligations thereby secured,
such security to be pursuant to an agreement, including an intercreditor
agreement, satisfactory in form and substance to the Required Holders), except:

                  (a)      Liens for taxes, assessments or governmental charges
         or levies not then due and delinquent or the nonpayment of which is
         permitted by Section 9.4;

                  (b)      any attachment or judgment Lien, unless the judgment
         it secures has not, within 60 days after the entry thereof, been
         discharged or execution thereof stayed pending appeal, or has not been
         discharged within 60 days after the expiration of any such stay;

                  (c)      Liens incidental to the conduct of business or the
         ownership of properties and assets (including landlords', lessors',
         carriers', operators', warehousemen's, mechanics', materialmen's and
         other similar Liens) and Liens to secure the performance of bids,
         tenders, leases or trade contracts, or to secure statutory obligations
         (including

                                       21
<PAGE>

         obligations under workers compensation, unemployment insurance, old age
         pensions and other social security or retirement legislation), surety
         or appeal bonds or other Liens of like general nature incurred in the
         ordinary course of business and not in connection with the borrowing of
         money, which do not in the aggregate materially impair the use of such
         property in the operation of the business of the Company and its
         Subsidiaries taken as a whole or the value of such property for the
         purposes of such business;

                  (d)      encumbrances in the nature of leases, subleases,
         zoning restrictions, easements, rights of way and other rights and
         restrictions of record on the use of real property and defects in title
         arising or incurred in the ordinary course of business, which,
         individually and in the aggregate, do not materially impair the use or
         value of the property or assets subject thereto or which relate only to
         assets that in the aggregate are not Material;

                  (e)      Liens existing on property or assets of the Company
         or other Subsidiary as of the date of this Agreement that are described
         in Schedule 10.4;

                  (f)      Liens securing Indebtedness of a Subsidiary to the
         Company or to another Wholly Owned Subsidiary;

                  (g)      Liens securing Indebtedness of a Subsidiary permitted
         by Section 10.3(e) or Liens securing Indebtedness representing the sale
         of securities under an agreement to repurchase or Liens securing Rate
         Hedging Obligations;

                  (h)      Liens (i) existing on property at the time of its
         acquisition by the Company or a Subsidiary and not created in
         contemplation thereof, whether or not the Indebtedness secured by such
         Lien is assumed by the Company or a Subsidiary; or (ii) on property
         created contemporaneously with its acquisition or within 120 days of
         the acquisition or completion of construction or development thereof to
         secure or provide for all or a portion of the purchase price or cost of
         the acquisition, construction or development of such property after the
         date of Closing; or (iii) existing on property of a Person at the time
         such Person is merged or consolidated with, or becomes a Subsidiary of,
         or substantially all of its assets are acquired by, the Company or a
         Subsidiary and not created in contemplation thereof; provided that in
         the case of clauses (i), (ii) and (iii) such Liens do not extend to
         additional property of the Company or any Subsidiary (other than
         property that is an improvement to or is acquired for specific use in
         connection with the subject property) and that the aggregate principal
         amount of Indebtedness secured by each such Lien does not exceed the
         fair market value of the property subject thereto;

                  (i)      Liens resulting from extensions, renewals or
         replacements of Liens permitted by paragraphs (e) and (h), provided
         that (i) there is no increase in the principal amount or decrease in
         maturity of the Indebtedness secured thereby at the time of such
         extension, renewal or replacement, (ii) any new Lien attaches only to
         the same property theretofore subject to such earlier Lien and (iii)
         immediately after such extension, renewal or replacement no Default or
         Event of Default would exist; and

                                       22
<PAGE>

                  (j)      Liens securing Indebtedness not otherwise permitted
         by paragraphs (a) through (i) of this Section 10.4, provided that, at
         the time of creation, assumption or incurrence thereof and immediately
         after giving effect thereto and to the application of the proceeds
         therefrom, Priority Debt does not exceed 20% of Consolidated Net Worth.

10.5.    MERGERS, CONSOLIDATIONS, ETC.

                  The Company will not consolidate with or merge with any other
Person or convey, transfer, sell or lease all or substantially all of its assets
in a single transaction or series of transactions to any Person except that the
Company may consolidate or merge with any other Person or convey, transfer, sell
or lease all or substantially all of its assets in a single transaction or
series of transactions to any Person, provided that:

                  (a)      the successor formed by such consolidation or the
         survivor of such merger or the Person that acquires by conveyance,
         transfer, sale or lease all or substantially all of the assets of the
         Company as an entirety, as the case may be, is a solvent corporation,
         general partnership, limited partnership or limited liability company
         organized and existing under the laws of the United States or any state
         thereof (including the District of Columbia), and, if the Company is
         not such survivor or Person, such survivor or Person shall have
         executed and delivered to each holder of any Notes its assumption of
         the due and punctual performance and observance of each covenant and
         condition of this Agreement and the Notes; and

                  (b)      after giving effect to such transaction, no Default
         or Event of Default shall exist.

No such conveyance, transfer, sale or lease of all or substantially all of the
assets of the Company shall have the effect of releasing the Company or any
successor entity that shall theretofore have become such in the manner
prescribed in this Section 10.5 from its liability under this Agreement or the
Notes.

10.6.    SALE OF ASSETS.

                  Except as permitted by Section 10.5, the Company will not, and
will not permit any Subsidiary to, sell, lease, transfer or otherwise dispose
of, including by way of merger (collectively a "Disposition"), any assets,
including capital stock of Subsidiaries, in one or a series of transactions, to
any Person, other than:

                  (a)      Dispositions in the ordinary course of business,
         including (i) sales of securities in the ordinary course of business
         and (ii) sales at fair value of advance sales commissions to a third
         party without recourse to the Company or any of its Subsidiaries in
         order to effect a securitization of such sales commissions;

                  (b)      Dispositions by a Subsidiary to the Company or a
         Wholly Owned Subsidiary; or

                                       23
<PAGE>

                  (c)      Dispositions not otherwise permitted by clauses (a)
         or (b) of this Section 10.6, provided that the aggregate net book value
         of all assets so disposed of in any fiscal year pursuant to this
         Section 10.6(c) does not exceed 15% of Consolidated Total Assets as of
         the end of the immediately preceding fiscal year.

Notwithstanding the foregoing, the Company may, or may permit any Subsidiary to,
make a Disposition and the assets subject to such Disposition shall not be
subject to or included in the foregoing limitation and computation contained in
clause (c) of the preceding sentence to the extent that the net proceeds from
such Disposition are within 365 days of such Disposition (A) reinvested in
assets of a similar nature of at least equivalent value to be used in the
existing business of the Company or such Subsidiary, and/or (B) applied to the
payment or prepayment of the Notes or any other outstanding Indebtedness of the
Company or any Subsidiary ranking pari passu with or senior to the Notes (other
than Indebtedness owing to the Company, any Subsidiary or any Affiliate or in
respect of any revolving credit or similar credit facility providing the Company
or any Subsidiary with the right to obtain loans or other extensions of credit
from time to time, except to the extent that in connection with such payment of
Indebtedness the availability of credit under such credit facility is
permanently reduced by an amount not less than the amount of such proceeds
applied to the payment of such Indebtedness). Any prepayment of Notes pursuant
to this Section 10.6 shall be in accordance with Sections 8.2 and 8.3 without
regard to the minimum prepayment requirements of Section 8.2 if such proceeds
are less than such minimum.

10.7.    TRANSACTIONS WITH AFFILIATES.

                  The Company will not, and will not permit any Subsidiary to,
enter into directly or indirectly any Material transaction or Material group of
related transactions (including the purchase, lease, sale or exchange of
properties of any kind or the rendering of any service) with any Affiliate
(other than the Company or another Subsidiary), except upon fair and reasonable
terms no less favorable to the Company or such Subsidiary than it would obtain
in a comparable arm's-length transaction with a Person not an Affiliate.

11.      EVENTS OF DEFAULT.

                  An "Event of Default" shall exist if any of the following
conditions or events shall occur and be continuing:

                  (a)      the Company defaults in the payment of any principal
         or Make-Whole Amount, if any, on any Note when the same becomes due and
         payable, whether at maturity or at a date fixed for prepayment or by
         declaration or otherwise; or

                  (b)      the Company defaults in the payment of any interest
         on any Note for more than five Business Days after the same becomes due
         and payable; or

                  (c)      the Company defaults in the performance of or
         compliance with any term contained in Sections 10.1 through 10.6; or

                                       24
<PAGE>

                  (d)      the Company defaults in the performance of or
         compliance with any term contained herein (other than those referred to
         in paragraphs (a), (b) and (c) of this Section 11) and such default is
         not remedied within 30 days after the earlier of (i) a Responsible
         Officer obtaining actual knowledge of such default and (ii) the Company
         receiving written notice of such default from any holder of a Note; or

                  (e)      any representation or warranty made in writing by or
         on behalf of the Company or by any officer of the Company in this
         Agreement or in any writing furnished in connection with the
         transactions contemplated hereby or thereby proves to have been false
         or incorrect in any material respect on the date as of which made; or

                  (f)      (i) the Company or any Subsidiary is in default (as
         principal or as guarantor or other surety) in the payment of any
         principal of or premium or make-whole amount or interest on any
         Indebtedness that is outstanding in an aggregate principal amount in
         excess of $25,000,000 beyond any period of grace provided with respect
         thereto, or (ii) the Company or any Subsidiary is in default in the
         performance of or compliance with any term of any evidence of any
         Indebtedness that is outstanding in an aggregate principal amount in
         excess of $25,000,000 or of any mortgage, indenture or other agreement
         relating thereto or any other condition exists, and as a consequence of
         such default or condition such Indebtedness has become, or has been
         declared, due and payable before its stated maturity or before its
         regularly scheduled dates of payment; or

                  (g)      the Company or any Significant Subsidiary (i) is
         generally not paying, or admits in writing its inability to pay, its
         debts as they become due, (ii) files, or consents by answer or
         otherwise to the filing against it of, a petition for relief or
         reorganization or arrangement or any other petition in bankruptcy, for
         liquidation or to take advantage of any bankruptcy, insolvency,
         reorganization, moratorium or other similar law of any jurisdiction,
         (iii) makes an assignment for the benefit of its creditors, (iv)
         consents to the appointment of a custodian, receiver, trustee or other
         officer with similar powers with respect to it or with respect to any
         substantial part of its property, (v) is adjudicated as insolvent or to
         be liquidated, or (vi) takes corporate action for the purpose of any of
         the foregoing; or

                  (h)      a court or governmental authority of competent
         jurisdiction enters an order appointing, without consent by the Company
         or any Significant Subsidiary, a custodian, receiver, trustee or other
         officer with similar powers with respect to it or with respect to any
         substantial part of its property, or constituting an order for relief
         or approving a petition for relief or reorganization or any other
         petition in bankruptcy or for liquidation or to take advantage of any
         bankruptcy or insolvency law of any jurisdiction, or ordering the
         dissolution, winding-up or liquidation of the Company or any
         Significant Subsidiary, or any such petition shall be filed against the
         Company or any Significant Subsidiary and such petition shall not be
         dismissed within 60 days; or

                  (i)      a final judgment or judgments for the payment of
         money aggregating in excess of $25,000,000 are rendered against one or
         more of the Company and its Significant Subsidiaries, which judgments
         are not, within 60 days after entry thereof,

                                       25
<PAGE>

         paid, bonded, discharged or stayed pending appeal, or are not
         discharged within 60 days after the expiration of such stay; or

                  (j)      if (i) any Plan shall fail to satisfy the minimum
         funding standards of ERISA or the Code for any plan year or part
         thereof or a waiver of such standards or extension of any amortization
         period is sought or granted under Section 412 of the Code, (ii) a
         notice of intent to terminate any Plan shall have been or is reasonably
         expected to be filed with the PBGC or the PBGC shall have instituted
         proceedings under ERISA Section 4042 to terminate or appoint a trustee
         to administer any Plan or the PBGC shall have notified the Company or
         any ERISA Affiliate that a Plan may become a subject of any such
         proceedings, (iii) the aggregate "amount of unfunded benefit
         liabilities" (within the meaning of Section 4001(a)(18) of ERISA) under
         all Plans determined in accordance with Title IV of ERISA, shall exceed
         $25,000,000, (iv) the Company or any ERISA Affiliate shall have
         incurred or is reasonably expected to incur any liability pursuant to
         Title I or IV of ERISA or the penalty or excise tax provisions of the
         Code relating to employee benefit plans, (v) the Company or any ERISA
         Affiliate withdraws from any Multiemployer Plan, or (vi) the Company or
         any Subsidiary establishes or amends any employee welfare benefit plan
         that provides post-employment welfare benefits in a manner that would
         increase the liability of the Company or any Subsidiary thereunder; and
         the unsatisfied liability with respect to any such event or events
         described in clauses (i) through (vi) above, either individually or
         together with any other such event or events, would reasonably be
         expected to have a Material Adverse Effect.

As used in Section 11(j), the terms "employee benefit plan" and "employee
welfare benefit plan" shall have the respective meanings assigned to such terms
in Section 3 of ERISA.

12.      REMEDIES ON DEFAULT, ETC.

12.1.    ACCELERATION.

                  (a)      If an Event of Default with respect to the Company
         described in paragraph (g) or (h) of Section 11 (other than an Event of
         Default described in clause (i) of paragraph (g) or described in clause
         (vi) of paragraph (g) by virtue of the fact that such clause
         encompasses clause (i) of paragraph (g)) has occurred, all the Notes
         then outstanding shall automatically become immediately due and
         payable.

                  (b)      If any other Event of Default has occurred and is
         continuing, any holder or holders of a majority in principal amount of
         the Notes at the time outstanding may at any time at its or their
         option, by notice or notices to the Company, declare all the Notes then
         outstanding to be immediately due and payable.

                  (c)      If any Event of Default described in paragraph (a) or
         (b) of Section 11 has occurred and is continuing, any holder or holders
         of Notes at the time outstanding affected by such Event of Default may
         at any time, at its or their option, by notice or notices to the
         Company, declare all the Notes held by it or them to be immediately due
         and payable.

                                       26
<PAGE>

                  Upon any Notes becoming due and payable under this Section
12.1, whether automatically or by declaration, such Notes will forthwith mature
and the entire unpaid principal amount of such Notes, plus (x) all accrued and
unpaid interest thereon and (y) the Make-Whole Amount determined in respect of
such principal amount (to the full extent permitted by applicable law), shall
all be immediately due and payable, in each and every case without presentment,
demand, protest or further notice, all of which are hereby waived. The Company
acknowledges, and the parties hereto agree, that each holder of a Note has the
right to maintain its investment in the Notes free from repayment by the Company
(except as herein specifically provided for) and that the provision for payment
of a Make-Whole Amount by the Company in the event that the Notes are prepaid or
are accelerated as a result of an Event of Default, is intended to provide
compensation for the deprivation of such right under such circumstances.

12.2.    OTHER REMEDIES.

                  If any Default or Event of Default has occurred and is
continuing, and irrespective of whether any Notes have become or have been
declared immediately due and payable under Section 12.1, the holder of any Note
at the time outstanding may proceed to protect and enforce the rights of such
holder by an action at law, suit in equity or other appropriate proceeding,
whether for the specific performance of any agreement contained herein or in any
Note, or for an injunction against a violation of any of the terms hereof or
thereof, or in aid of the exercise of any power granted hereby or thereby or by
law or otherwise.

12.3.    RESCISSION.

                  At any time after any Notes have been declared due and payable
pursuant to clause (b) or (c) of Section 12.1, the holders of not less than a
majority in principal amount of the Notes then outstanding, by written notice to
the Company, may rescind and annul any such declaration and its consequences if
(a) the Company has paid all overdue interest on the Notes, all principal of and
Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid
other than by reason of such declaration, and all interest on such overdue
principal and Make-Whole Amount, if any, and (to the extent permitted by
applicable law) any overdue interest in respect of the Notes, at the Default
Rate, (b) all Events of Default and Defaults, other than non-payment of amounts
that have become due solely by reason of such declaration, have been cured or
have been waived pursuant to Section 17, and (c) no judgment or decree has been
entered for the payment of any monies due pursuant hereto or to the Notes. No
rescission and annulment under this Section 12.3 will extend to or affect any
subsequent Event of Default or Default or impair any right consequent thereon.

12.4.    NO WAIVERS OR ELECTION OF REMEDIES, EXPENSES, ETC.

                  No course of dealing and no delay on the part of any holder of
any Note in exercising any right, power or remedy shall operate as a waiver
thereof or otherwise prejudice such holder's rights, powers or remedies. No
right, power or remedy conferred by this Agreement or by any Note upon any
holder thereof shall be exclusive of any other right, power or remedy referred
to herein or therein or now or hereafter available at law, in equity, by statute
or otherwise. Without limiting the obligations of the Company under Section 15,
the Company will

                                       27
<PAGE>

pay to the holder of each Note on demand such further amount as shall be
sufficient to cover all costs and expenses of such holder incurred in any
enforcement or collection under this Section 12, including reasonable attorneys'
fees, expenses and disbursements.

13.      REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES.

13.1.    REGISTRATION OF NOTES.

                  The Company shall keep at its principal executive office a
register for the registration and registration of transfers of Notes. The name
and address of each holder of one or more Notes, each transfer thereof and the
name and address of each transferee of one or more Notes shall be registered in
such register. Prior to due presentment for registration of transfer, the Person
in whose name any Note shall be registered shall be deemed and treated as the
owner and holder thereof for all purposes hereof, and the Company shall not be
affected by any notice or knowledge to the contrary. The Company shall give to
any holder of a Note that is an Institutional Investor, promptly upon request
therefor, a complete and correct copy of the names and addresses of all
registered holders of Notes.

13.2.    TRANSFER AND EXCHANGE OF NOTES.

                  Upon surrender of any Note at the principal executive office
of the Company for registration of transfer or exchange (and in the case of a
surrender for registration of transfer, duly endorsed or accompanied by a
written instrument of transfer duly executed by the registered holder of such
Note or his attorney duly authorized in writing and accompanied by the address
for notices of each transferee of such Note or part thereof), the Company shall
execute and deliver within five Business Days, at the Company's expense (except
as provided below), one or more new Notes (as requested by the holder thereof)
in exchange therefor, in an aggregate principal amount equal to the unpaid
principal amount of the surrendered Note. Each such new Note shall be payable to
such Person as such holder may request and shall be substantially in the form of
Exhibit 1. Each such new Note shall be dated and bear interest from the date to
which interest shall have been paid on the surrendered Note or dated the date of
the surrendered Note if no interest shall have been paid thereon. The Company
may require payment of a sum sufficient to cover any stamp tax or governmental
charge imposed in respect of any such transfer of Notes. Notes shall not be
transferred in denominations of less than $100,000, provided that if necessary
to enable the registration of transfer by a holder of its entire holding of
Notes, one Note may be in a denomination of less than $100,000. Any transferee,
by its acceptance of a Note registered in its name (or the name of its nominee),
shall be deemed to have made the representation set forth in Sections 6.1 and
6.2.

13.3.    REPLACEMENT OF NOTES.

                  Upon receipt by the Company of evidence reasonably
satisfactory to it of the ownership of and the loss, theft, destruction or
mutilation of any Note (which evidence shall be, in the case of an Institutional
Investor, notice from such Institutional Investor of such ownership and such
loss, theft, destruction or mutilation), and

                                       28
<PAGE>

                  (a)      in the case of loss, theft or destruction, of
         indemnity reasonably satisfactory to it (provided that if the holder of
         such Note is, or is a nominee for, an original Purchaser or another
         Institutional Investor holder of a Note with a minimum net worth of at
         least $250,000,000, such Person's own unsecured agreement of indemnity
         shall be deemed to be satisfactory), or

                  (b)      in the case of mutilation, upon surrender and
         cancellation thereof,

the Company at its own expense shall execute and deliver within five Business
Days, in lieu thereof, a new Note, dated and bearing interest from the date to
which interest shall have been paid on such lost, stolen, destroyed or mutilated
Note or dated the date of such lost, stolen, destroyed or mutilated Note if no
interest shall have been paid thereon.

14.      PAYMENTS ON NOTES.

14.1.    PLACE OF PAYMENT.

                  Subject to Section 14.2, payments of principal, Make-Whole
Amount, if any, and interest becoming due and payable on the Notes shall be made
in Chicago, Illinois at the principal office of Bank of America, N.A. in such
jurisdiction. The Company may at any time, by notice to each holder of a Note,
change the place of payment of the Notes so long as such place of payment shall
be either the principal office of the Company in such jurisdiction or the
principal office of a bank or trust company in such jurisdiction.

14.2.    HOME OFFICE PAYMENT.

                  So long as you or your nominee shall be the holder of any
Note, and notwithstanding anything contained in Section 14.1 or in such Note to
the contrary, the Company will pay all sums becoming due on such Note for
principal, Make-Whole Amount, if any, and interest by the method and at the
address specified for such purpose below your name in Schedule A, or by such
other method or at such other address as you shall have from time to time
specified to the Company in writing for such purpose, without the presentation
or surrender of such Note or the making of any notation thereon, except that
upon written request of the Company made concurrently with or reasonably
promptly after payment or prepayment in full of any Note, you shall surrender
such Note for cancellation, reasonably promptly after any such request, to the
Company at its principal executive office or at the place of payment most
recently designated by the Company pursuant to Section 14.1. Prior to any sale
or other disposition of any Note held by you or your nominee you will, at your
election, either endorse thereon the amount of principal paid thereon and the
last date to which interest has been paid thereon or surrender such Note to the
Company in exchange for a new Note or Notes pursuant to Section 13.2. The
Company will afford the benefits of this Section 14.2 to any Institutional
Investor that is the direct or indirect transferee of any Note purchased by you
under this Agreement and that has made the same agreement relating to such Note
as you have made in this Section 14.2.

                                       29
<PAGE>

15.      EXPENSES, ETC.

15.1.    TRANSACTION EXPENSES.

                  Whether or not the transactions contemplated hereby are
consummated, the Company will pay all reasonable costs and expenses (including
reasonable attorneys' fees of your special counsel and, if reasonably required,
local or other counsel) incurred by you and each Other Purchaser or holder of a
Note in connection with such transactions and in connection with any amendments,
waivers or consents under or in respect of this Agreement or the Notes (whether
or not such amendment, waiver or consent becomes effective), including: (a) the
costs and expenses incurred in enforcing or defending (or determining whether or
how to enforce or defend) any rights under this Agreement or the Notes, or in
responding to any subpoena or other legal process or informal investigative
demand issued in connection with this Agreement or the Notes, or by reason of
being a holder of any Note, (b) the costs and expenses, including financial
advisors' fees, incurred in connection with the insolvency or bankruptcy of the
Company or any Subsidiary or in connection with any work-out or restructuring of
the transactions contemplated hereby and by the Notes, and (c) the costs and
expenses incurred in connection with the initial filing of this Agreement and
all related documents and financial information, and all subsequent annual and
interim filings of documents and financial information related to this
Agreement, with the Securities Valuation Office of the National Association of
Insurance Commissioners or any successor organization succeeding to the
authority thereof. The Company will pay, and will save you and each other holder
of a Note harmless from, all claims in respect of any fees, costs or expenses if
any, of brokers and finders (other than those retained by you).

15.2.    SURVIVAL.

                  The obligations of the Company under this Section 15 will
survive the payment or transfer of any Note, the enforcement, amendment or
waiver of any provision of this Agreement or the Notes, and the termination of
this Agreement.

16.      SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.

                  All representations and warranties contained herein shall
survive the execution and delivery of this Agreement and the Notes, the purchase
or transfer by you of any Note or portion thereof or interest therein and the
payment of any Note, and may be relied upon by any subsequent holder of a Note,
regardless of any investigation made at any time by or on behalf of you or any
other holder of a Note. All statements contained in any certificate or other
instrument delivered by or on behalf of the Company pursuant to this Agreement
shall be deemed representations and warranties of the Company under this
Agreement. Subject to the preceding sentence, this Agreement and the Notes
embody the entire agreement and understanding between you and the Company and
supersede all prior agreements and understandings relating to the subject matter
hereof.

                                       30
<PAGE>

17.      AMENDMENT AND WAIVER.

17.1.    REQUIREMENTS.

                  This Agreement and the Notes may be amended, and the
observance of any term hereof or of the Notes may be waived (either
retroactively or prospectively), with (and only with) the written consent of the
Company and the Required Holders, except that (a) no amendment or waiver of any
of the provisions of Section 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term
(as it is used therein), will be effective as to you unless consented to by you
in writing, and (b) no such amendment or waiver may, without the written consent
of the holder of each Note at the time outstanding affected thereby, (i) subject
to the provisions of Section 12 relating to acceleration or rescission, change
the amount or time of any prepayment or payment of principal of, or reduce the
rate or change the time of payment or method of computation of interest or of
the Make-Whole Amount on, the Notes, (ii) change the percentage of the principal
amount of the Notes the holders of which are required to consent to any such
amendment or waiver, or (iii) amend any of Sections 8, 11(a), 11(b), 12, 17 or
20.

17.2.    SOLICITATION OF HOLDERS OF NOTES.

                  (a)      Solicitation. The Company will provide each holder of
         the Notes (irrespective of the amount of Notes then owned by it) with
         sufficient information, sufficiently far in advance of the date a
         decision is required, to enable such holder to make an informed and
         considered decision with respect to any proposed amendment, waiver or
         consent in respect of any of the provisions hereof or of the Notes. The
         Company will deliver executed or true and correct copies of each
         amendment, waiver or consent effected pursuant to the provisions of
         this Section 17 to each holder of outstanding Notes promptly following
         the date on which it is executed and delivered by, or receives the
         consent or approval of, the requisite holders of Notes.

                  (b)      Payment. The Company will not directly or indirectly
         pay or cause to be paid any remuneration, whether by way of
         supplemental or additional interest, fee or otherwise, or grant any
         security, to any holder of Notes as consideration for or as an
         inducement to the entering into by any holder of Notes or any waiver or
         amendment of any of the terms and provisions hereof unless such
         remuneration is concurrently paid, or security is concurrently granted,
         on the same terms, ratably to each holder of Notes then outstanding,
         even if such holder did not consent to such waiver or amendment.

                  (c)      Consent in Contemplation of Transfer. Any consent
         made pursuant to this Section 17 by a holder of Notes that has
         transferred or has agreed to transfer its Notes to the Company, any
         Subsidiary or any Affiliate of the Company and has provided or has
         agreed to provide such written consent as a condition to such transfer
         shall be void and of no force or effect except solely as to such
         holder, and any amendments effected or waivers granted or to be
         effected or granted that would not have been or would not be so
         effected or granted but for such consent (and the consents of other
         holders of Notes that were acquired under the same or similar
         conditions) shall be void and of no force or effect except solely as to
         such holder.

                                       31
<PAGE>

17.3.    BINDING EFFECT, ETC.

                  Any amendment or waiver consented to as provided in this
Section 17 applies equally to all holders of Notes and is binding upon them and
upon each future holder of any Note and upon the Company without regard to
whether such Note has been marked to indicate such amendment or waiver. No such
amendment or waiver will extend to or affect any obligation, covenant,
agreement, Default or Event of Default not expressly amended or waived or impair
any right consequent thereon. No course of dealing between the Company and the
holder of any Note nor any delay in exercising any rights hereunder or under any
Note shall operate as a waiver of any rights of any holder of such Note. As used
herein, the term "this Agreement" or "the Agreement" and references thereto
shall mean this Agreement as it may from time to time be amended or
supplemented.

17.4.    NOTES HELD BY COMPANY, ETC.

                  Solely for the purpose of determining whether the holders of
the requisite percentage of the aggregate principal amount of Notes then
outstanding approved or consented to any amendment, waiver or consent to be
given under this Agreement or the Notes, or have directed the taking of any
action provided herein or in the Notes to be taken upon the direction of the
holders of a specified percentage of the aggregate principal amount of Notes
then outstanding, Notes directly or indirectly owned by the Company or any of
its Affiliates shall be deemed not to be outstanding.

18.      NOTICES.

                  All notices and communications provided for hereunder shall be
in writing and sent (a) by telecopy if the sender on the same day sends a
confirming copy of such notice by a recognized overnight delivery service
(charges prepaid), or (b) by registered or certified mail with return receipt
requested (postage prepaid), or (c) by a recognized overnight delivery service
(with charges prepaid). Any such notice must be sent:

                           (i)      if to you or your nominee, to you or it at
                  the address specified for such communications in Schedule A,
                  or at such other address as you or it shall have specified to
                  the Company in writing,

                           (ii)     if to any other holder of any Note, to such
                  holder at such address as such other holder shall have
                  specified to the Company in writing, or

                           (iii)    if to the Company, to the Company at its
                  address set forth at the beginning hereof to the attention of
                  the Treasurer with a copy to the attention of the General
                  Counsel, or at such other address as the Company shall have
                  specified to the holder of each Note in writing.

Notices under this Section 18 will be deemed given only when actually received.

                                       32
<PAGE>

19.      REPRODUCTION OF DOCUMENTS.

                  This Agreement and all documents relating thereto, including
(a) consents, waivers and modifications that may hereafter be executed, (b)
documents received by you at the Closing (except the Notes themselves), and (c)
financial statements, certificates and other information previously or hereafter
furnished to you, may be reproduced by you at your sole cost and expense by any
photographic, photostatic, microfilm, microcard, miniature photographic or other
similar process and you may destroy any original document so reproduced. The
Company agrees and stipulates that, to the extent permitted by applicable law,
any such reproduction shall be admissible in evidence as the original itself in
any judicial or administrative proceeding (whether or not the original is in
existence and whether or not such reproduction was made by you in the regular
course of business) and any enlargement, facsimile or further reproduction of
such reproduction shall likewise be admissible in evidence. This Section 19
shall not prohibit the Company or any other holder of Notes from contesting any
such reproduction to the same extent that it could contest the original, or from
introducing evidence to demonstrate the inaccuracy of any such reproduction.

20.      CONFIDENTIAL INFORMATION.

                  For the purposes of this Section 20, "Confidential
Information" means information delivered to you by or on behalf of the Company
or any Subsidiary in connection with the transactions contemplated by or
otherwise pursuant to this Agreement that is proprietary or confidential in
nature and that was clearly marked or labeled or otherwise adequately identified
when received by you as being confidential information of the Company or such
Subsidiary, provided that such term does not include information that (a) was
publicly known or otherwise known to you prior to the time of such disclosure,
(b) subsequently becomes publicly known through no act or omission by you or any
Person acting on your behalf, (c) otherwise becomes known to you other than
through disclosure by the Company or any Subsidiary, or (d) constitutes
financial statements delivered to you under Section 7.1 that are otherwise
publicly available. You will maintain the confidentiality of such Confidential
Information in accordance with procedures adopted by you in good faith to
protect confidential information of third parties delivered to you, provided
that you may deliver or disclose Confidential Information to (i) your directors,
trustees, officers, employees, agents, attorneys and Affiliates (to the extent
such disclosure reasonably relates to the administration of the investment
represented by your Notes), (ii) your financial advisors and other professional
advisors who agree to hold confidential the Confidential Information
substantially in accordance with the terms of this Section 20, (iii) any other
holder of any Note, (iv) any Institutional Investor to which you sell or offer
to sell such Note or any part thereof or any participation therein (if such
Person has agreed in writing prior to its receipt of such Confidential
Information to be bound by the provisions of this Section 20), (v) any Person
from which you offer to purchase any security of the Company (if such Person has
agreed in writing prior to its receipt of such Confidential Information to be
bound by the provisions of this Section 20), (vi) any federal or state
regulatory authority having jurisdiction over you, (vii) the National
Association of Insurance Commissioners or any similar organization, or any
nationally recognized rating agency that requires access to information about
your investment portfolio or (viii) any other Person to which such delivery or
disclosure may be necessary or appropriate (w) to effect compliance with any
law, rule, regulation or order

                                       33
<PAGE>

applicable to you, (x) in response to any subpoena or other legal process, (y)
in connection with any litigation to which you are a party or (z) if an Event of
Default has occurred and is continuing, to the extent you may reasonably
determine such delivery and disclosure to be necessary or appropriate in the
enforcement or for the protection of the rights and remedies under your Notes
and this Agreement. Each holder of a Note, by its acceptance of a Note, will be
deemed to have agreed to be bound by and to be entitled to the benefits of this
Section 20 as though it were a party to this Agreement. On reasonable request by
the Company in connection with the delivery to any holder of a Note of
information required to be delivered to such holder under this Agreement or
requested by such holder (other than a holder that is a party to this Agreement
or its nominee), such holder will enter into an agreement with the Company
embodying the provisions of this Section 20.

                  Notwithstanding anything to the contrary set forth herein or
in any other written or oral understanding or agreement to which the parties
hereto are parties or by which they are bound, the parties acknowledge and agree
that (i) any obligations of confidentiality contained herein and therein do not
apply and have not applied from the commencement of discussions between the
parties to the tax treatment and tax structure of the Notes (and any related
transactions or arrangements), and (ii) each party (and each of its employees,
representatives, or other agents) may disclose to any and all persons, without
limitation of any kind, the tax treatment and tax structure of the Notes and all
materials of any kind (including opinions or other tax analyses) that are
provided to such party relating to such tax treatment and tax structure, all
within the meaning of Treasury Regulations Section 1.6011-4.

21.      SUBSTITUTION OF PURCHASER.

                  You shall have the right to substitute any one of your
Affiliates as the purchaser of the Notes that you have agreed to purchase
hereunder, by written notice to the Company, which notice shall be signed by
both you and such Affiliate, shall contain such Affiliate's agreement to be
bound by this Agreement and shall contain a confirmation by such Affiliate of
the accuracy with respect to it of the representations set forth in Section 6.
Upon receipt of such notice, wherever the word "you" is used in this Agreement
(other than in this Section 21), such word shall be deemed to refer to such
Affiliate in lieu of you. In the event that such Affiliate is so substituted as
a purchaser hereunder and such Affiliate thereafter transfers to you all of the
Notes then held by such Affiliate, upon receipt by the Company of notice of such
transfer, wherever the word "you" is used in this Agreement (other than in this
Section 21), such word shall no longer be deemed to refer to such Affiliate, but
shall refer to you, and you shall have all the rights of an original holder of
the Notes under this Agreement.

22.      MISCELLANEOUS.

22.1.    SUCCESSORS AND ASSIGNS.

                  All covenants and other agreements contained in this Agreement
by or on behalf of any of the parties hereto bind and inure to the benefit of
their respective successors and assigns (including any subsequent holder of a
Note) whether so expressed or not.

                                       34
<PAGE>

22.2.    PAYMENTS DUE ON NON-BUSINESS DAYS.

                  Anything in this Agreement or the Notes to the contrary
notwithstanding, any payment of principal of or Make-Whole Amount or interest on
any Note that is due on a date other than a Business Day shall be made on the
next succeeding Business Day without including the additional days elapsed in
the computation of the interest payable on such next succeeding Business Day.

22.3.    SEVERABILITY.

                  Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall (to the full extent permitted by law) not invalidate or
render unenforceable such provision in any other jurisdiction.

22.4.    CONSTRUCTION.

                  Each covenant contained herein shall be construed (absent
express provision to the contrary) as being independent of each other covenant
contained herein, so that compliance with any one covenant shall not (absent
such an express contrary provision) be deemed to excuse compliance with any
other covenant. Where any provision herein refers to action to be taken by any
Person, or which such Person is prohibited from taking, such provision shall be
applicable whether such action is taken directly or indirectly by such Person.

22.5.    COUNTERPARTS.

                  This Agreement may be executed in any number of counterparts,
each of which shall be an original but all of which together shall constitute
one instrument. Each counterpart may consist of a number of copies hereof, each
signed by less than all, but together signed by all, of the parties hereto.

22.6.    JURISDICTION; WAIVER OF JURY TRIAL.

                  The Company irrevocably submits to the non-exclusive in
personam jurisdiction of any New York State or federal court sitting in the
Borough of Manhattan, The City of New York, over any suit, action or proceeding
arising out of or relating to this Agreement or the Notes. To the fullest extent
permitted by applicable law, the Company irrevocably waives and agrees not to
assert, by way of motion, as a defense or otherwise, any claim that it is not
subject to the in personam jurisdiction of any such court, any objection that it
may now or hereafter have to the laying of the venue of any such suit, action or
proceeding brought in any such court and any claim that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient forum.

                                       35
<PAGE>

                  THE COMPANY HEREBY WAIVES TRIAL BY JURY IN ANY ACTION BROUGHT
ON OR WITH RESPECT TO THIS AGREEMENT, THE NOTES OR ANY OTHER DOCUMENT EXECUTED
IN CONNECTION HEREWITH OR THEREWITH.

22.7.    GOVERNING LAW.

                  THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE
OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW.

                                       36
<PAGE>

                  If you are in agreement with the foregoing, please sign the
form of agreement on the accompanying counterpart of this Agreement and return
it to the Company, whereupon the foregoing shall become a binding agreement
between you and the Company.

                                 Very truly yours,

                                 NUVEEN INVESTMENTS, INC.

                                 By:    /s/ Alan G. Berkshire
                                        ----------------------------------------
                                 Name:  Alan G. Berkshire
                                 Title: Senior Vice President and Secretary

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-1
<PAGE>

The foregoing is agreed
to as of the date thereof.

THE NORTHWESTERN MUTUAL LIFE INSURANCE
   COMPANY

By: /s/ Mark E. Kishler
    ----------------------------
Name: Mark E. Kishler
Title: Authorized Representative

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-2

<PAGE>

METROPOLITAN LIFE INSURANCE COMPANY

By: /s/ A. Dennis White
    -------------------
Name: A. Dennis White
Title: Director

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-3

<PAGE>

AIG SUNAMERICA LIFE ASSURANCE COMPANY
FIRST SUNAMERICA LIFE INSURANCE COMPANY
SUNAMERICA LIFE INSURANCE COMPANY

BY: AIG Global Investment Corp.,
    investment advisor

By: /s/ Gerald F. Herman
    --------------------
Name: Gerald F. Herman
Title: Vice President

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-4

<PAGE>

USG ANNUITY & LIFE COMPANY
GOLDEN AMERICAN LIFE INSURANCE COMPANY

By: ING Investment Management LLC, as Agent

By: /s/ Christopher P. Lyons
    ------------------------
Name: Christopher P. Lyons
Title: Vice President

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-5
<PAGE>

AMERICAN HERITAGE LIFE INSURANCE COMPANY

By: /s/ Jeffrey Cannon
    ------------------
Name: Jeffrey Cannon

By: /s/ Jerry D. Kinkula
    --------------------
Name: Jerry D. Kinkula

      Authorized Signatories

ALLSTATE LIFE INSURANCE COMPANY

By: /s/ Jeffrey Cannon
    ------------------
Name: Jeffrey Cannon

By: /s/ Jerry D. Kinkula
    --------------------
Name: Jerry D. Kinkula

      Authorized Signatories

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-6

<PAGE>

NEW YORK LIFE INSURANCE COMPANY

By: /s/ Trinh Nguyen
    ----------------
Name: Trinh Nguyen
Title: Asst. Vice President

NEW YORK LIFE INSURANCE AND ANNUITY
   CORPORATION

By: New York Life Investment Management LLC,
    its Investment Manager

By: /s/ Trinh Nguyen
    ----------------
Name: Trinh Nguyen
Title: Vice President

NEW YORK LIFE INSURANCE AND ANNUITY
    CORPORATION INSTITUTIONALLY OWNED LIFE
    INSURANCE SEPARATE ACCOUNT

By: New York Life Investment Management LLC,
    its Investment Manager

By: /s/ Trinh Nguyen
    ----------------
Name: Trinh Nguyen
Title: Vice President

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-7

<PAGE>

PACIFIC LIFE INSURANCE COMPANY
(Nominee:  Mac & Co.)

By: /s/ Cathy L. Schwartz
    ---------------------
Name: Cathy L. Schwartz
Title: Assistant Vice President

By: /s/ Peter S. Fiek
    -----------------
Name: Peter S. Fiek
Title: Assistant Secretary

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-8

<PAGE>

CIGNA LIFE INSURANCE COMPANY OF NEW YORK

CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By: CIGNA Investments, Inc. (authorized agent)

By: /s/ Debra J. Height
    -------------------
Name: Debra J. Height
Title: Managing Director

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-9

<PAGE>

THE TRAVELERS INSURANCE COMPANY

By: /s/ Matthew J. McInerny
    -----------------------
Name: Matthew J. McInerny
Title: Investment Officer

THE TRAVELERS LIFE AND ANNUITY COMPANY

By: /s/ Matthew J. McInerny
    -----------------------
Name: Matthew J. McInerny
Title: Investment Officer

NATIONAL BENEFIT LIFE INSURANCE COMPANY

By: /s/ Matthew J. McInerny
    -----------------------
Name: Matthew J. McInerny
Title: Investment Officer

PRIMERICA LIFE INSURANCE COMPANY

By: /s/ Matthew J. McInerny
    -----------------------
Name: Matthew J. McInerny
Title: Investment Officer

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-10
<PAGE>

MASSACHUSETTS MUTUAL LIFE INSURANCE
   COMPANY
By: David L. Babson & Company Inc. as
    Investment Adviser

By: /s/ Mark A. Ahmed
    --------------------
Name: Mark A. Ahmed
Title: Managing Director

C.M. LIFE INSURANCE COMPANY
By: David L. Babson & Company Inc. as
    Investment Adviser

By: /s/ Mark A. Ahmed
    ---------------------
Name: Mark A. Ahmed
Title: Managing Director

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-11

<PAGE>

GREAT-WEST LIFE & ANNUITY INSURANCE
   COMPANY

By: /s/ Ernie Friesen
    -------------------------------
Name: Ernie Friesen
Title: Vice President - Investments

By: /s/ Janet Hurkett
    ------------------------
Name: Janet Hurkett
Title: Manager - Investments

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-12

<PAGE>

HARTFORD LIFE INSURANCE COMPANY
By: Hartford Investment Services, Inc., its
    Agent and Attorney-in-Fact

By: /s/ Ronald Mendel
    -----------------
Name: Ronald Mendel
Title: Senior Vice President

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-13

<PAGE>

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA

By: /s/ Estelle Simsolo
    --------------------------------
Name: Estelle Simsolo
Title: Director - Private Placements

TIAA-CREF LIFE INSURANCE COMPANY

By: /s/ Estelle Simsolo
    ---------------------------------
Name: Estelle Simsolo
Title: Director - Private Placements

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-14

<PAGE>

PRINCIPAL LIFE INSURANCE COMPANY

By: Principal Global Investors, LLC
    a Delaware limited liability company,
    its authorized signatory

By: /s/ Jon C. Heiny
    ----------------
Name: Jon C. Heiny
Title: Counsel

By: /s/ Christopher J. Henderson
    ----------------------------
Name: Christopher J. Henderson
Title: Counsel

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-15

<PAGE>

SCOTTISH ANNUITY & LIFE INSURANCE
    COMPANY (CAYMAN) LTD

By: Principal Global Investors, LLC
    a Delaware limited liability company,
    its authorized signatory

By: /s/ Jon C. Heiny
    ----------------
Name: Jon C. Heiny
Title: Counsel

By: /s/ Christopher J. Henderson
    ----------------------------
Name: Christopher J. Henderson
Title: Counsel

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-16

<PAGE>

CALHOUN & CO., AS NOMINEE FOR COMERICA
  BANK & TRUST, NATIONAL ASSOCIATION,
  TRUSTEE TO THE TRUST CREATED BY TRUST
  AGREEMENT DATED OCTOBER 1, 2002

By: /s/ Annette Lawson
    ------------------
Name: Annette Lawson
Title: Trust Analyst

(Scottish - Lincoln)

CALHOUN & CO., AS NOMINEE FOR COMERICA
  BANK & TRUST, NATIONAL ASSOCIATION,
  TRUSTEE TO THE TRUST CREATED BY TRUST
  AGREEMENT DATED OCTOBER 1, 2002

By: /s/ Annette Lawson
    ------------------
Name: Annette Lawson
Title: Trust Analyst

(Scottish - 5YR)

CALHOUN & CO., AS NOMINEE FOR SCOTTISH RE
  (DUBLIN) LTD / SCOTTISH RE (US) INC RESERVE
  CREDIT TRUST ACCOUNT

By: /s/ Annette Lawson
    ------------------
Name: Annette Lawson
Title: Trust Analyst

(Scottish - Dublin)

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-17

<PAGE>

JEFFERSON PILOT FINANCIAL INSURANCE COMPANY

By: /s/ James E. McDonald, Jr.
    --------------------------
Name: James E. McDonald, Jr.
Title:Vice President

JEFFERSON PILOT LIFEAMERICA INSURANCE
  COMPANY

By: /s/ James E. McDonald, Jr.
    --------------------------
Name: James E. McDonald, Jr.
Title: Vice President

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-18

<PAGE>

UNITED OF OMAHA LIFE INSURANCE COMPANY

By: /s/ Edwin H. Garrison, Jr.
    --------------------------
Name: Edwin H. Garrison, Jr.
Title: First Vice President

COMPANION LIFE INSURANCE COMPANY

By: /s/ Edwin H. Garrison, Jr.
    --------------------------
Name: Edwin H. Garrison, Jr.
Title: Authorized Representative

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-19

<PAGE>

GUIDEONE PROPERTY & CASUALTY INSURANCE
  COMPANY

By: Advantus Capital Management, Inc.

By: /s/ Joseph Gogola
    -----------------
Name: Joseph Gogola
Title: Vice President

GUIDEONE MUTUAL INSURANCE COMPANY

By: Advantus Capital Management, Inc.

By: /s/ Joseph Gogola
    -----------------
Name: Joseph Gogola
Title: Vice President

MINNESOTA LIFE INSURANCE COMPANY

By: Advantus Capital Management, Inc.

By: /s/ Joseph Gogola
    -----------------
Name: Joseph Gogola
Title: Vice President

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-20

<PAGE>

PHL VARIABLE INSURANCE COMPANY

By: /s/ Christopher M. Wilkos
    -------------------------
Name: Christopher M. Wilkos
Title: Senior Vice President

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-21

<PAGE>

MIDLAND NATIONAL LIFE INSURANCE COMPANY

By: /s/ Todd Boehly
    ---------------------
Name: Todd Boehly
Title: Managing Director

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-22

<PAGE>

AMERICAN FAMILY LIFE INSURANCE COMPANY

By: /s/ Phillip Hannifan
    --------------------
Name: Phillip Hannifan
Title: Investment Director

Nuveen Investments, Inc. 4.22% Senior Notes due September 19, 2008
Note Purchase Agreement Dated as of September 19, 2003

                                      S-23

<PAGE>

                                                                       EXHIBIT 1

                              [FORM OF SENIOR NOTE]

                            NUVEEN INVESTMENTS, INC.

                                4.22% Senior Note

                             Due September 19, 2008

No. R-[__]                                                                [Date]
$[_______]                                                   PPN[______________]

                  FOR VALUE RECEIVED, the undersigned, NUVEEN INVESTMENTS, INC.
(herein called the "Company"), a corporation organized and existing under the
laws of the State of Delaware, hereby promises to pay to [ ], or registered
assigns, the principal sum of $[ ] on September 19, 2008, with interest
(computed on the basis of a 360-day year of twelve 30-day months) (a) on the
unpaid balance thereof at the rate of 4.22% per annum from the date hereof,
payable semiannually, on March 19 and September 19 in each year, commencing with
the March 19 or September 19 next succeeding the date hereof, until the
principal hereof shall have become due and payable, and (b) to the extent
permitted by law on any overdue payment (including any overdue prepayment) of
principal, any overdue payment of interest and any overdue payment of any
Make-Whole Amount (as defined in the Note Purchase Agreement referred to below),
payable semiannually as aforesaid (or, at the option of the registered holder
hereof, on demand), at a rate per annum from time to time equal to the greater
of (i) 6.22% or (ii) 2% over the rate of interest publicly announced by Bank of
America, N.A. from time to time in Chicago, Illinois as its "base" or "prime"
rate.

                  Payments of principal of, interest on and any Make-Whole
Amount with respect to this Note are to be made in lawful money of the United
States of America at the principal office of Bank of America, N.A. in Chicago,
Illinois or at such other place as the Company shall have designated by written
notice to the holder of this Note as provided in the Note Purchase Agreement
referred to below.

                  This Note is one of a series of Senior Notes (herein called
the "Notes") issued pursuant to a Note Purchase Agreement dated as of September
19, 2003 (as from time to time amended, the "Note Purchase Agreement"), between
the Company and the respective Purchasers named therein and is entitled to the
benefits and subject to the provisions thereof. Each holder of this Note will be
deemed, by its acceptance hereof, (i) to have agreed to the confidentiality
provisions set forth in Section 20 of the Note Purchase Agreement and (ii) to
have made the representation set forth in Section 6.2 of the Note Purchase
Agreement.

                                    Exhibit 1

<PAGE>

                  This Note is a registered Note and, as provided in the Note
Purchase Agreement, upon surrender of this Note for registration of transfer,
duly endorsed, or accompanied by a written instrument of transfer duly executed,
by the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be affected by any notice to
the contrary.

                  This Note is subject to optional prepayment, in whole or from
time to time in part, at the times and on the terms specified in the Note
Purchase Agreement.

                  If an Event of Default, as defined in the Note Purchase
Agreement, occurs and is continuing, the principal of this Note may be declared
or otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount) and with the effect provided in the Note Purchase
Agreement.

                  This Note shall be construed and enforced in accordance with,
and the rights of the parties shall be governed by, the law of the State of New
York, without regard to the principles of conflicts of law.

                                                NUVEEN INVESTMENTS, INC.

                                                By: ____________________________
                                                Name: __________________________
                                                Title: _________________________

                                    Exhibit 1

                                       2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00058-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00058-of-00352.parquet"}]]