Document:

Exhibit 10.23

    SETTLEMENT
      AGREEMENT

    

    THIS
      AGREEMENT, dated as of January __, 2007 (this "Agreement"),
      is
      entered into by and between InPlay Technologies, Inc. ("InPlay")
      and
      Delphi Automotive Systems LLC ("DAS
      LLC").

    

    RECITALS:

    

    WHEREAS,
      on April 20, 2000, DAS LLC entered into a License Agreement with InPlay,
      pursuant to which InPlay licensed certain proprietary technology to DAS LLC
      (the
      "License
      Agreement").
      

    

    WHEREAS,
      on October 8, 2005 (the "Petition
      Date"),
      Delphi
      Corporation ("Delphi"),
      together with certain of its U.S. affiliates, including DAS LLC (collectively,
      the "Debtors"),
      filed
      voluntary petitions under chapter 11 of the Bankruptcy Code, in the United
      States Bankruptcy Court for the Southern District of New York (the "Delphi
      Bankruptcy Cases"
      and the
      "Court,"
      respectively).

    

    WHEREAS,
      on or about April 4, 2006, InPlay filed proof of claim number 2558 (the
      "Proof
      of Claim")
      against
      Delphi, asserting an unsecured nonpriority claim in the amount of $9 million
      (the "Claim")
      for
      royalties allegedly owed pursuant to the License Agreement. 

    

    WHEREAS,
      on October 31, 2006, the Debtors objected to the Claim pursuant to the Debtors'
      (i) Third Omnibus Objection (Substantive) Pursuant To 11 U.S.C. § 502(b) And
      Fed. R. Bankr. P. 3007 To Certain (a) Claims With Insufficient Documentation,
      (b) Claims Unsubstantiated By Debtors' Books And Records, And (c) Claims Subject
      To Modification And (ii) Motion To Estimate Contingent And Unliquidated Claims
      Pursuant To 11 U.S.C. § 502(c) (Docket No. 5452) (the "Third
      Omnibus Claims Objection")

    

    WHEREAS,
      in order to resolve the Third Omnibus Claims Objection with respect to the
      Claim, DAS LLC and InPlay have agreed to enter into this settlement agreement
      (this "Settlement
      Agreement").
      

    

    WHEREAS,
      on June 29, 2006, the Court entered that certain Order
      Under 11 U.S.C. §§ 363, 502, And 503 And Fed. R. Bankr. P. 9019(b) Authorizing
      Debtors To Compromise Or Settle Certain Classes Of Controversy And Allow Claims
      Without Further Court Approval
      (Docket
      No. 4414) entered by the Court on June 29, 2006 (the "Settlement
      Procedures Order")
      pursuant to which the Debtors are authorized to settle certain claims and
      classes of controversy, including, but not limited to, the allowance of claims
      within those classes, in the Delphi Bankruptcy Cases without further Court
      approval. Pursuant to the Settlement Procedures Order, the Debtors will seek
      authority to settle the claims as set forth herein.

    

    NOW
      THEREFORE, in consideration of the premises set forth above and by execution
      of
      this Settlement Agreement, DAS LLC and InPlay agree as follows:

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	1.  	
              Allowed
                General Unsecured Non-Priority Claim and Waiver Of Rights.
                DAS LLC acknowledges and agrees that the Claim shall be allowed against
                DAS LLC in the amount of seven million five hundred thousand dollars
                ($7.5
                million). The Claim shall be treated as a general unsecured non-priority
                claim. InPlay waives any and all rights to assert that the Claim
                is
                anything but a general unsecured non-priority claim against DAS LLC.
                InPlay further waives any and all rights to assert any claim against
                any
                of the Debtors on any basis whatsoever, for any amount greater than,
                or
                any classification different than, that set forth in this Settlement
                Agreement. 

            

    

     

    
      	2.  	
              Governing
                Law.
                This Settlement Agreement shall be governed by, and construed and
                enforced
                in accordance with, as appropriate, the United States Bankruptcy
                Code and
                the laws of the State of Michigan, without regard to conflicts of
                law
                principles. 

            

    

     

    
      	3.  	
              Representations
                and Warranties.
                The parties hereto acknowledge that they are executing this Settlement
                Agreement without reliance on any representations, warranties, or
                commitments other than those representations, warranties, and commitments
                expressly set forth in this Settlement Agreement.
                

            

    

     

    
      	4.  	
              Entire
                Understanding.
                This Settlement Agreement constitutes the entire understanding of
                the
                parties in connection with the subject matter hereof. This Settlement
                Agreement may not be modified, altered, or amended except by an agreement
                in writing signed by the Debtors and InPlay. Should an inconsistency
                or
                conflict exist between the express terms of the License Agreement
                and this
                Settlement Agreement, the terms of this Settlement Agreement shall
                govern
                and control. 

            

    

     

    
      	5.  	
              Condition
                Precedent.
                This Settlement Agreement is effective upon the expiration of the
                notice
                period set forth in Paragraph 5(b) of the Settlement Procedures Order
                without receipt of a written objection or written request for additional
                time from a Notice Party (as that term is defined in the Settlement
                Procedures Order) or that additional time has been given to a Notice
                Party
                but no written objection has been timely
                received.

            

    

     

    

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

     

    
 

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	6.  	
              No
                Party Deemed Drafter.
                This Settlement Agreement is being entered into among competent persons
                who are experienced in business and represented by counsel, and has
                been
                reviewed by InPlay and its counsel. Therefore, any ambiguous language
                in
                this Settlement Agreement will not be construed against any particular
                party as the drafter of such
                language.

            

    

     

     

     

    
      	Accepted
              and agreed to by:	 	 
	 	 	 
	
              Delphi
                Automotive Systems LLC

            	 	InPlay
              Technologies, Inc.
	 	 	 
	  
              	  
              	  
              
	 	 	 
	By:
              /s/ Dean R. Unrue 	 	By:
              /s/ Robert J. Brilon
	Name:
              Dean R. Unrue 	 	Name:
              Rober J. Brilon
	Title:
              Administrator 	 	Title:
              CEO
	Dated:
              February 20, 2007 	 	Dated:
              February 13, 2007

    

     

     

     

     

     

    3Exhibit 10aaa

    EXHIBIT
      10aaa

     

     

     

     

    

      CONFIDENTIAL
        TREATMENT REQUESTED. CONFIDENTIAL PORTIONS OF THE DOCUMENT HAVE BEEN REDACTED
        AND HAVE BEEN SEPARATELY FILED WITH THE U.S. SECURITIES AND EXCHANGE
        COMMISSION.

    

     

     

     

    MULTICURRENCY
      REVOLVING CREDIT AGREEMENT

     

     

     

    DATED
      as
      of November 13, 2006

     

     

    among

     

     

    Rogers
      Corporation,

    Rogers
      Technologies (Barbados) SRL,

    Rogers
      (China) Investment Co., Ltd.,

    Rogers
      N.V.,

    Rogers
      Technologies (Suzhou) Co. Ltd., 

     

     

    and

     

     

    Citizens
      Bank of Connecticut

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Table
      of
      Contents

    

      

        
          	
                  1

                	
                  DEFINITIONS
                    AND RULES OF INTERPRETATION

                	
                    1

                
	
                  1.1.

                	
                  Definitions

                	
                    1

                
	
                  1.2

                	
                  Rules
                    of Interpretation

                	
                  17

                
	
                  2

                	
                  THE
                    REVOLVING CREDIT FACILITIES

                	
                  18

                
	
                  2.1.

                	
                  Revolving
                    Credit Facilities

                	
                  18

                
	
                  2.1.1.

                	
                  Revolving
                    Credit Facility A

                	
                  18

                
	
                  2.1.2

                	
                  Revolving
                    Credit Facility B

                	
                  19

                
	
                  2.2.

                	
                  Unused
                    Line Fee

                	
                  19

                
	
                  2.3.

                	
                  Reduction
                    of Commitments

                	
                  19

                
	
                  2.4.

                	
                  The
                    Revolving Credit Notes

                	
                  19

                
	
                  2.5.

                	
                  Interest
                    Provisions

                	
                  20

                
	
                  2.6.

                	
                  Borrowing
                    Procedures

                	
                  20

                
	
                  2.6.1
                    

                	
                  LIBOR
                    Loan Requests

                	
                  20

                
	
                  2.6.2

                	
                  Prime
                    Rate Loan Requests

                	
                  20

                
	
                  2.6.3
                    

                	
                  Continuation
                    and Conversion Elections

                	
                  20

                
	
                  2.7

                	
                  Repayments, 
                    Prepayments and Interest

                	
                  21

                
	
                  2.7.1
                    

                	
                  Continuations
                    and Coversions

                	
                  21

                
	
                  2.7.2
                    

                	
                  Voluntary 
                    Prepayment of LIBOR  Rate Loans

                	
                  21

                
	
                  2.8.

                	
                  [Intentionally
                    Omitted]

                	
                  22

                
	
                  2.9.

                	
                  Optional
                    Currencies

                	
                  22

                
	
                  2.9.1.

                	
                  General

                	
                  22

                
	
                  2.9.2.

                	
                  Exchange
                    Rate

                	
                  23

                
	
                  2.9.3.

                	
                  Multiple
                    Denominations

                	
                  23

                
	
                  2.9.4.

                	
                  Funding

                	
                  23

                
	
                  3

                	
                  REPAYMENT
                    OF THE REVOLVING CREDIT LOANS

                	
                  23

                
	
                  3.1.

                	
                  Maturity

                	
                  23

                
	
                  3.2.

                	
                  Mandatory
                    Repayments of the Loans

                	
                  23

                
	
                  3.3.

                	
                  Optional
                    Repayments of the Loans

                	
                  24

                
	
                  4

                	
                  LETTERS
                    OF CREDIT

                	
                  24

                
	
                  4.1.

                	
                  Letter
                    of Credit Commitments

                	
                  24

                
	
                  4.1.1.

                	
                  Commitment
                    to Issue Letters of Credit

                	
                  24

                
	
                  4.1.2.

                	
                  Letter
                    of Credit Applications

                	
                  24

                
	
                  4.1.3.

                	
                  Terms
                    of Letters of Credit

                	
                  24

                
	
                  4.2.

                	
                  Reimbursement
                    Obligation of the Borrowers

                	
                  25

                
	
                  4.3.

                	
                  Letter
                    of Credit Payments

                	
                  25

                
	
                  4.4.

                	
                  Obligations
                    Absolute

                	
                  25

                
	
                  4.5.

                	
                  Reliance
                    by Issuer

                	
                  26

                
	
                  4.6.

                	
                  Letter
                    of Credit Fee

                	
                  26

                
	
                  5

                	
                  CERTAIN
                    GENERAL PROVISIONS

                	
                  26

                
	
                  5.1.

                	
                  Indemnities

                	
                  26

                
	
                  5.2.

                	
                  Taxes

                	
                  27

                
	
                  5.3.

                	
                  Funds
                    for Payments

                	
                  27

                
	
                  5.3.1.

                	
                  Payments
                    to Bank

                	
                  27

                
	
                  5.3.2.

                	
                  No
                    Offset, etc

                	
                  27

                
	
                  5.3.3.

                	
                  Currency
                    Matters

                	
                  28

                
	
                  5.4.

                	
                  Computations

                	
                  28

                
	
                  5.5.

                	
                  Substitute
                    Rate

                	
                  29

                
	
                  5.6.

                	
                  LIBOR
                    Rate Lending Unlawful

                	
                  29

                
	
                  5.7.

                	
                  Increased
                    Costs

                	
                  29

                
	
                  5.8.

                	
                  Increased
                    Capital Costs

                	
                  30

                
	
                  5.9.

                	
                  Certificate

                	
                  30

                
	
                  5.10.

                	
                  Indemnity

                	
                  30

                
	
                  5.11.

                	
                  Interest
                    After Default

                	
                  31

                
	
                  5.12.

                	
                  Indemnifiable
                    Events

                	
                  31

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                  6

                	
                  REPRESENTATIONS
                    AND WARRANTIES OF THE BORROWERS

                	
                  31

                
	
                  6.1.

                	
                  Corporate
                    Authority

                	
                  31

                
	
                  6.1.1.

                	
                  Incorporation;
                    Good Standing

                	
                  31

                
	
                  6.1.2.

                	
                  Authorization

                	
                  32

                
	
                  6.1.3.

                	
                  Enforceability

                	
                  32

                
	
                  6.2.

                	
                  Governmental
                    Approvals

                	
                  32

                
	
                  6.3.

                	
                  Title
                    to Properties; Leases

                	
                  32

                
	
                  6.4.

                	
                  Financial
                    Statements and Projections

                	
                  32

                
	
                  6.4.1.

                	
                  Fiscal
                    Year

                	
                  32

                
	
                  6.4.2.

                	
                  Financial
                    Statements

                	
                  33

                
	
                  6.4.3.

                	
                  Projections

                	
                  33

                
	
                  6.5.

                	
                  No
                    Material Changes, Solvency etc

                	
                  33

                
	
                  6.6.

                	
                  Franchises,
                    Patents, Copyrights, etc

                	
                  33

                
	
                  6.7.

                	
                  Litigation

                	
                  33

                
	
                  6.8.

                	
                  No
                    Materially Adverse Contracts, etc

                	
                  34

                
	
                  6.9.

                	
                  Compliance
                    with Other Instruments, Laws, etc

                	
                  34

                
	
                  6.10.

                	
                  Tax
                    Status

                	
                  34

                
	
                  6.11.

                	
                  No
                    Event of Default

                	
                  34

                
	
                  6.12.

                	
                  Holding
                    Company and Investment Company Acts

                	
                  34

                
	
                  6.13.

                	
                  Absence
                    of Financing Statements, etc

                	
                  34

                
	
                  6.14.

                	
                  Certain
                    Transactions

                	
                  35

                
	
                  6.15.

                	
                  Employee
                    Benefit Plans

                	
                  35

                
	
                  6.15.1.

                	
                  In
                    General

                	
                  35

                
	
                  6.15.2.

                	
                  Terminability
                    of Welfare Plans

                	
                  35

                
	
                  6.15.3.

                	
                  Guaranteed
                    Pension Plans

                	
                  35

                
	
                  6.15.4.

                	
                  Multiemployer
                    Plans

                	
                  36

                
	
                  6.16.

                	
                  Use
                    of Proceeds

                	
                  36

                
	
                  6.16.1.

                	
                  General

                	
                  36

                
	
                  6.16.2.

                	
                  Regulations
                    U and X

                	
                  36

                
	
                  6.16.3.

                	
                  Ineligible
                    Securities

                	
                  36

                
	
                  6.17.

                	
                  Environmental
                    Compliance

                	
                  36

                
	
                  6.18.

                	
                  Subsidiaries,
                    etc

                	
                  37

                
	
                  6.19.

                	
                  Disclosure

                	
                  38

                
	
                  7

                	
                  AFFIRMATIVE
                    COVENANTS OF THE BORROWERS

                	
                  38

                
	
                  7.1.

                	
                  Punctual
                    Payment

                	
                  38

                
	
                  7.2.

                	
                  Maintenance
                    of Office

                	
                  38

                
	
                  7.3.

                	
                  Records
                    and Accounts

                	
                  38

                
	
                  7.4.

                	
                  Financial
                    Statements, Certificates and Information

                	
                  39

                
	
                  7.5.

                	
                  Notices

                	
                  39

                
	
                  7.5.1.

                	
                  Defaults

                	
                  40

                
	
                  7.5.2.

                	
                  Environmental
                    Events

                	
                  40

                
	
                  7.5.3.

                	
                  Notice
                    of Litigation and Judgments

                	
                  40

                
	
                  7.5.4.

                	
                  Notice
                    of Understanding

                	
                  40

                
	
                  7.6.

                	
                  Corporate
                    Existence; Maintenance of Properties

                	
                  40

                
	
                  7.7.

                	
                  Insurance

                	
                  40

                
	
                  7.8.

                	
                  Taxes

                	
                  41

                
	
                  7.9.

                	
                  Inspection
                    of Properties and Books, etc

                	
                  41

                
	
                  7.9.1.

                	
                  General

                	
                  41

                
	
                  7.9.2.

                	
                  Communications
                    with Accountants

                	
                  41

                
	
                  7.10.

                	
                  Compliance
                    with Laws, Contracts, Licenses, and Permits

                	
                  41

                
	
                  7.11.

                	
                  Compliance
                    with Environmental Laws

                	
                  41

                
	
                  7.12.

                	
                  Employee
                    Benefit Plans

                	
                  42

                
	
                  7.13.

                	
                  Use
                    of Proceeds

                	
                  42

                
	
                  7.14.

                	
                  Additional
                    Subsidiaries

                	
                  42

                
	
                  7.15.

                	
                  Further
                    Assurances

                	
                  42

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                  8

                	
                  CERTAIN
                    NEGATIVE COVENANTS OF THE BORROWERS

                	
                  42

                
	
                  8.1.

                	
                  Restrictions
                    on Indebtedness

                	
                  42

                
	
                  8.2.

                	
                  Restrictions
                    on Liens

                	
                  43

                
	
                  8.3.

                	
                  Restrictions
                    on Investments

                	
                  45

                
	
                  8.4.

                	
                  Distributions

                	
                  47

                
	
                  8.5.

                	
                  Merger,
                    Consolidation and Disposition of Assets

                	
                  47

                
	
                  8.5.1.

                	
                  Mergers
                    and Acquisitions

                	
                  47

                
	
                  8.5.2.

                	
                  Disposition
                    of Assets

                	
                  47

                
	
                  8.6.

                	
                  Sale
                    and Leaseback

                	
                  48

                
	
                  8.7.

                	
                  Employee
                    Benefit Plans

                	
                  48

                
	
                  8.8.

                	
                  Business
                    Activities

                	
                  49

                
	
                  8.9.

                	
                  Fiscal
                    Year

                	
                  49

                
	
                  8.10.

                	
                  Transactions
                    with Affiliates

                	
                  49

                
	
                  8.11.

                	
                  Activities
                    of World Properties

                	
                  49

                
	
                  8.12.

                	
                  Modification
                    of Charter Documents

                	
                  50

                
	
                  8.13.

                	
                  Upstream
                    Limitations

                	
                  50

                
	
                  8.14.

                	
                  Inconsistent
                    Agreements

                	
                  50

                
	
                  9

                	
                  FINANCIAL
                    COVENANTS OF THE BORROWER

                	
                  50

                
	
                  9.1.

                	
                  Leverage
                    Ratio

                	
                  50

                
	
                  9.2.

                	
                  Interest
                    Coverage Ratio

                	
                  50

                
	
                  9.3.

                	
                  Capital
                    Expenditures

                	
                  50

                
	
                  10

                	
                  CLOSING
                    CONDITIONS

                	
                  50

                
	
                  10.1.

                	
                  Loan
                    Documents

                	
                  51

                
	
                  10.2.

                	
                  Certified
                    Copies of Charter Documents

                	
                  51

                
	
                  10.3.

                	
                  Corporate
                    Action

                	
                  51

                
	
                  10.4.

                	
                  Incumbency
                    Certificate

                	
                  51

                
	
                  10.5.

                	
                  Opinion
                    of Counsel

                	
                  51

                
	
                  10.6.

                	
                  UCC
                    Search Results, etc

                	
                  51

                
	
                  10.7.

                	
                  Payment
                    of Fees and Expenses

                	
                  51

                
	
                  10.8.

                	
                  Termination
                    of Existing Bank of America Agreement

                	
                  51

                
	
                  10.9.

                	
                  Payoff
                    Letter

                	
                  51

                
	
                  10.10.

                	
                  Initial
                    Loan Request

                	
                  51

                
	
                  11

                	
                  CONDITIONS
                    TO ALL BORROWINGS

                	
                  52

                
	
                  11.1.

                	
                  Representations
                    True; No Event of Default

                	
                  52

                
	
                  11.2.

                	
                  No
                    Legal Impediment

                	
                  52

                
	
                  11.3.

                	
                  Governmental
                    Regulation

                	
                  52

                
	
                  11.4.

                	
                  Proceedings
                    and Documents

                	
                  52

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                  12

                	
                  EVENTS
                    OF DEFAULT; ACCELERATION; ETC

                	
                  52

                
	
                  12.1.

                	
                  Events
                    of Default and Acceleration

                	
                  52

                
	
                  12.2.

                	
                  Termination
                    of Commitments

                	
                  55

                
	
                  12.3.

                	
                  Remedies

                	
                  55

                
	
                  13

                	
                  SETOFF

                	
                  55

                
	
                  14

                	
                  JOINT
                    AND SEVERAL LIABILITY

                	
                  55

                
	
                  15

                	
                  EXPENSES
                    AND INDEMNIFICATION

                	
                  55

                
	
                  15.1.

                	
                  Expenses

                	
                  56

                
	
                  15.2.

                	
                  Indemnification

                	
                  56

                
	
                  15.3.

                	
                  Survival

                	
                  56

                
	
                  16

                	
                  TREATMENT
                    OF CERTAIN CONFIDENTIAL INFORMATION

                	
                  56

                
	
                  16.1.

                	
                  Confidentiality

                	
                  57

                
	
                  16.2.

                	
                  Prior
                    Notification

                	
                  57

                
	
                  16.3.

                	
                  Other

                	
                  57

                
	
                  17

                	
                  SURVIVAL
                    OF COVENANTS, ETC

                	
                  57

                
	
                  18

                	
                  PARTICIPATION

                	
                  57

                
	
                  18.1.

                	
                  Participations

                	
                  58

                
	
                  18.2.

                	
                  Disclosure

                	
                  58

                
	
                  18.3.

                	
                  Assignment
                    by Borrower

                	
                  58

                
	
                  19

                	
                  NOTICES,
                    ETC

                	
                  58

                
	
                  20

                	
                  GOVERNING
                    LAW

                	
                  58

                
	
                  21

                	
                  HEADINGS

                	
                  59

                
	
                  22

                	
                  COUNTERPARTS

                	
                  59

                
	
                  23

                	
                  ENTIRE
                    AGREEMENT, ETC

                	
                  59

                
	
                  24

                	
                  WAIVER
                    OF JURY TRIAL

                	
                  59

                
	
                  25

                	
                  CONSENTS,
                    AMENDMENTS, WAIVERS, ETC

                	
                  59

                
	
                  26

                	
                  SEVERABILITY

                	
                  60

                
	
                  27

                	
                  REPRESENTATIONS
                    AND WARRANTIES OF THE BANK

                	
                  60

                
	
                   

                	
                   

                	
                   

                

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      CONFIDENTIAL
        TREATMENT REQUESTED. CONFIDENTIAL PORTIONS OF THE DOCUMENT HAVE BEEN REDACTED
        AND HAVE BEEN SEPARATELY FILED WITH THE U.S. SECURITIES AND EXCHANGE
        COMMISSION.

    

    MULTICURRENCY
      REVOLVING CREDIT AGREEMENT

     

     

               
      This MULTICURRENCY REVOLVING CREDIT AGREEMENT is made as of
      November 13, 2006, by and between Rogers Corporation, a Massachusetts
      corporation having its principal place of business at One Technology Drive,
      Rogers, Connecticut 06263 ("Rogers US"), Rogers Technologies (Barbados) SRL,
      a
      corporation organized and existing under the laws of Barbados having its
      principal place of business at Fidelity House, Wildey Business Park, St.
      Michael, Barbados ("Rogers Barbados"), Rogers (China) Investment Co., Ltd.,
      a
      corporation organized and existing under the laws of the People's Republic
      of
      China having its principal place of business at 338 Shenshu Road, Suzhou
      Industrial Park, Suzhou, People's Republic of China 215122 ("Rogers China"),
      Rogers N.V., a corporation organized and existing under the laws of Belgium
      having its principal office at Afrikalaan 188, B-9000, Gent, Belgium ("Rogers
      Belgium"), Rogers Technologies (Suzhou) Co. Ltd., a corporation organized and
      existing under the laws of the People's Republic of China having its principal
      place of business at 399 Suhong Zhong Road, Suzhou Industrial Park, Suzhou,
      People's Republic of China 215122 ("Rogers Suzhou"; Rogers US, Rogers Barbados,
      Rogers China, Rogers Belgium, and Rogers Suzhou are hereinafter referred to
      individually as a "Borrower" and collectively as the "Borrowers"), and Citizens
      Bank of Connecticut (the "Bank"), a Connecticut stock savings bank with offices
      at 90 State House Square, 10th Floor, Hartford, Connecticut 06103.

     

         1.
      DEFINITIONS AND RULES OF INTERPRETATION.

     

        1.1.     
      Definitions. 
The
      following terms shall have the meaning set forth in this §1 or elsewhere in the
      provision of this Credit Agreement referred to below:

     

               
      Adjustment
      Date. 
      The first day of the month immediately following the month in which a Compliance
      Certificate is to be delivered by the Borrowers pursuant to §7.4(c)
      hereof.

     

               
      Affiliate. 
      Any Person that would be considered to be an affiliate of any Borrower under
      Rule 144(a) of the Rules and Regulations of the Securities and Exchange
      Commission, as in effect on the date hereof, if such Borrower were issuing
      securities.

     

               
      Applicable
      Margin. 
      For each period commencing on an Adjustment Date through the date immediately
      preceding the next Adjustment Date (each a "Rate Adjustment Period"), the
      Applicable Margin shall be the applicable margin set forth below with respect
      to
      the Leverage Ratio, as determined for the period ending on the fiscal quarter
      ended immediately preceding the applicable Rate Adjustment Period.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               

              LEVEL

            	
               

              LEVERAGE
                RATIO

            	
              PRIME
                RATE

              LOANS

            	
              LIBOR
                RATE LOANS

            	
              UNUSED
                LINE FEE RATE

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
              IV

            	
              Greater
                than

              1.50:1.00

            	
              [*]%

            	
              [*]%

            	
              [*]%

            
	
               

              III

            	
              Less
                than or equal to

              1.50:1.00
                but greater

              than
                1.25:1.00

            	
               

              [*]%

            	
               

              [*]%

            	
               

              [*]%

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

              II

            	
              Less
                than or equal to

              1.25:1.00
                but greater

              than
                0.75:1.00

            	
               

              [*]%

            	
               

              [*]%

            	
               

              [*]%

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

              I

            	
              Less
                than or equal to

              0.75:1.00

            	
               

              [*]%

            	
               

              [*]%

            	
               

              [*]%

            

    

     

    
          Notwithstanding
        the
        foregoing, (a) for Loans outstanding, the Letter of Credit Fees and the
        commitment fees payable during the period commencing on the Closing Date
        through
        the date immediately preceding the first Adjustment Date to occur after the
        Closing Date, the Applicable Margin shall be Level I set forth above, and
        (b) if
        the Borrowers fail to deliver any Compliance Certificate pursuant to §7.4(c)
        hereof then, for the period commencing on the next Adjustment Date to occur
        subsequent to such failure through the date immediately following the date
        on
        which such Compliance Certificate is delivered, the Applicable Margin shall
        be
        the highest Applicable Margin set forth above.

      

          Balance
        Sheet Date. January 1, 2006.

      

          Bank
        of
        America. Bank of America, N.A.

      

          Bank's
        Head Office. 90 State House Square, Hartford, Connecticut
        06103.

      

          Bank's
        Special Counsel. Tyler Cooper & Alcorn, LLP or such other counsel as may
        be approved by the Bank.

      

          Borrowers.
        As
        defined in the preamble hereto.

      

          Business
        Day. (a) Any day which is neither a Saturday or Sunday nor a legal holiday
        on which commercial banks are authorized or required to be closed in Hartford,
        Connecticut; (b) when such term is used to describe a day on which a borrowing,
        payment, prepaying, or repaying is to be made in respect of any LIBOR Rate
        Loan,
        any day which is: (i) neither a Saturday or Sunday nor a legal holiday on
        which
        commercial banks are authorized or required to be closed in New York City;
        and
        (ii) a London Banking Day; and (c) when such term is used to describe a day
        on
        which an interest rate determination is to be made in respect of any LIBOR
        Rate
        Loan, any day which is a London Banking Day.

      

      [*]
        CONFIDENTIAL TREATMENT REQUESTED 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

          Capital
        Assets. Fixed assets, both tangible (such as land, buildings, fixtures,
        machinery and equipment) and intangible (such as patents, copyrights,
        trademarks, franchises and good will); provided that Capital Assets shall
        not
        include any item customarily charged directly to expense or depreciated over
        a
        useful life of twelve (12) months or less in accordance with generally accepted
        accounting principles.

       

          Capital
        Expenditures. For any period, the aggregate amount paid or the amount of
        Indebtedness incurred (including in respect of obligations under any Capitalized
        Leases) by Rogers US or any of its Subsidiaries (i) for Capital Assets during
        such period, determined in accordance with generally accepted accounting
        principles, as indicated on the financial statements of Rogers US and its
        Subsidiaries prepared in accordance with such principles, and (ii) in connection
        with the lease of any assets by Rogers US or any of its Subsidiaries as lessee
        under any Synthetic Lease to the extent that such assets would have been
        Capital
        Assets had the Synthetic Lease been treated for accounting purposes as a
        Capitalized Lease.

       

          Capitalized
        Leases. Leases under which Rogers US or any of its Subsidiaries is the
        lessee or obligor, the discounted future rental payment obligations under
        which
        are required to be capitalized on the balance sheet of the lessee or obligor
        in
        accordance with generally accepted accounting principles.

      

      CERCLA.
        See §6.17(a).

      

      Closing
        Date. The first date on which the conditions set forth in §§10 and 11 have
        been satisfied.

      

      Code.
        The Internal Revenue Code of 1986.

      

      Commitment.
        The amount of the Bank's commitment to make Loans to the Borrowers under
        Revolving Credit Facility A and Revolving Credit Facility B, and to issue,
        extend and renew Letters of Credit for the account of, the Borrowers under
        Revolving Credit Facility A, in each case, as the same may be reduced from
        time
        to time; or if a Commitment is terminated pursuant to the provisions hereof,
        zero.

      

      Compliance
        Certificate. See §7.4(c).

      

      Consolidated
        or consolidated. With reference to any term defined herein, shall mean that
        term as applied to the accounts of Rogers US and its Subsidiaries, consolidated
        in accordance with generally accepted accounting principles.

      

      Consolidated
        Foreign Tangible Assets. Consolidated Foreign Total Assets less the sum
        of:

      

        (a) the
          total
          book value of all assets of Rogers US's Foreign Subsidiaries properly classified
          as intangible assets under generally accepted accounting principles, including
          such items as good will, the purchase price of acquired assets in excess
          of the
          fair market value thereof, trademarks, trade names, service marks, brand
          names,
          copyrights, patents and licenses, and rights with respect to the foregoing;
          plus

        

        (b) all
          amounts representing any write-up in the book value of any assets of Rogers
          US's
          Foreign Subsidiaries resulting from a revaluation thereof subsequent to
          the
          Balance Sheet Date, excluding (i) adjustments for making short-term investments
          to market and (ii) transaction adjustments made in accordance with Financial
          Accounting Standards Board Statement no. 133; provided that the underlying
          contract or arrangement is intended solely for hedging (and not speculative)
          purposes; plus 

        

        (c) to
          the
          extent otherwise included in the computation of Consolidated Foreign Total
          Assets, any subscriptions receivable.

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (c) to
        the
        extent otherwise included in the computation of Consolidated Foreign Total
        Assets, any subscriptions receivable.

      

      Consolidated
        Foreign Total Assets. The sum of (i) all assets ("consolidated balance sheet
        assets") of Rogers US's Foreign Subsidiaries determined on a consolidated
        basis
        in accordance with generally accepted accounting principles, plus (ii) without
        duplication, all assets leased by Rogers US's Foreign Subsidiaries as lessee
        under any Synthetic Lease to the extent that such assets would have been
        consolidated balance sheet assets had the Synthetic Lease been treated for
        accounting purposes as a Capitalized Lease, plus (iii) without duplication,
        all
        sold receivables referred to in clause (vii) of the definition of the term
        "Indebtedness" to the extent that such receivables would have been consolidated
        balance sheet assets had they not been sold.

      

          Consolidated
        Net
        Income (or Deficit). For any period, the consolidated net income (or
        deficit) of Rogers US and its Subsidiaries for such period (taken as a
        cumulative whole), after deducting all operating expenses, provision for
        all
        taxes and reserves (including reserves for deferred income taxes established
        in
        connection with accelerated depreciation or amortization claimed for income
        tax
        purposes) and all other proper deductions, all determined in accordance with
        generally accepted accounting principles and on a consolidated basis, after
        eliminating all inter-company items and portions of income (or deficit) properly
        attributable to minority interests, if any, in the stock of Subsidiaries;
        provided that there shall also be excluded (in each case without
        duplication):

      

      
        	 	
                (i)

              	
                the
                  income (or loss) of any Person accrued prior to the date it becomes
                  a
                  Subsidiary or is merged into or with Rogers US or a Subsidiary,
                  except as
                  otherwise provided in the definition of Pro Forma
                  Basis;

              

      

      

      
        	 	
                (ii)

              	
                any
                  aggregate net gain (or net loss) arising from sales of capital
                  assets or
                  from the acquisition or retirement or sale of securities during
                  such
                  period, if such gain or loss is treated as an extraordinary item
                  under
                  generally accepted accounting
                  principles;

              

      

      

      
        	 	
                (iii)

              	
                any
                  net gain arising from the collection of the proceeds of any life
                  insurance
                  policy if such gain is treated as an extraordinary item under generally
                  accepted accounting principles; and

              

      

      

      
        	 	
                (iv)

              	
                the
                  undistributed net income of any Foreign Subsidiary to the extent
                  Rogers US
                  is prohibited from repatriating such
                  income.

              

      

      

      Consolidated
        Net Worth. The excess of Consolidated Total Assets over Consolidated Total
        Liabilities, less, to the extent otherwise includable in the computations
        of
        Consolidated Net Worth, any subscriptions receivable.

      

      Consolidated
        Tangible Assets. Consolidated Total Assets less the sum of: 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (a) the
        total
        book value of all assets of Rogers US and its Subsidiaries properly classified
        as intangible assets under generally accepted accounting principles, including
        such items as good will, the purchase price of acquired assets in excess
        of the
        fair market value thereof, trademarks, trade names, service marks, brand
        names,
        copyrights, patents and licenses, and rights with respect to the foregoing;
        plus

      

      (b) all
        amounts representing any write-up in the book value of any assets of Rogers
        US
        and its Subsidiaries resulting from a revaluation thereof subsequent to the
        Balance Sheet Date, excluding (i) adjustments for marking short-term investments
        to market and (ii) transaction adjustments made in accordance with Financial
        Accounting Standards Board Statement no. 133; provided that the underlying
        contract or arrangement is intended solely for hedging (and not speculative)
        purposes; plus

      

      (c) to
        the
        extent otherwise included in the computation of Consolidated Total Assets,
        any
        subscriptions receivable.

      

      Consolidated
        Total Assets. The sum of (i) all assets ("consolidated balance sheet
        assets") of Rogers US and its Subsidiaries determined on a consolidated basis
        in
        accordance with generally accepted accounting principles, plus (ii) without
        duplication, all assets leased by Rogers US or any Subsidiary as lessee under
        any Synthetic Lease to the extent that such assets would have been consolidated
        balance sheet assets had the Synthetic Lease been treated for accounting
        purposes as a Capitalized Lease, plus (iii) without duplication, all sold
        receivables referred to in clause (vii) of the definition of the term
        "Indebtedness" to the extent that such receivables would have been consolidated
        balance sheet assets had they not been sold.

      

      Consolidated
        Total Interest Expense. For any period, the aggregate amount of interest
        required to be paid or accrued by Rogers US and its Subsidiaries during such
        period on all Indebtedness of Rogers US and its Subsidiaries outstanding
        during
        all or any part of such period, whether such interest was or is required
        to be
        reflected as an item of expense or capitalized, including payments consisting
        of
        interest in respect of any Capitalized Lease, or any Synthetic Lease, and
        including commitment fees, agency fees, facility fees, balance deficiency
        fees
        and similar fees or expenses in connection with the borrowing of money, other
        than fees and expenses incurred under §§5.7 or 5.8.

      

      Consolidated
        Total Liabilities. All liabilities of Rogers US and its Subsidiaries
        determined on a consolidated basis in accordance with generally accepted
        accounting principles and classified as such on the consolidated balance
        sheet
        of Rogers US and its Subsidiaries.

      

      Conversion
        Request. A notice given by the Borrowers to the Bank of the Borrowers'
        election to convert or continue a Loan in accordance with §§ 2.6 or
        2.7.

      

      Credit
        Agreement. This Multicurrency Revolving Credit Agreement, including the
        Schedules and Exhibits hereto.

      

      Default.
        See §12.1.

      

      Distribution.
        The declaration or payment of any dividend on or in respect of any shares
        of any
        class of capital stock of any Borrower, other than dividends to the extent
        payable in shares of common stock of such Borrower; the purchase, redemption,
        or
        other retirement of any shares of any class of capital stock of any Borrower,
        directly or indirectly through a Subsidiary of such Borrower or otherwise,
        other
        than in connection with the exercise of stock options by employees or directors
        of such Borrower or its Subsidiaries (or former employees or former directors);
        the return of capital by any Borrower to its shareholders as such; or any
        other
        distribution on or in respect of any shares of any class of capital stock
        of any
        Borrower, other than pursuant to the Shareholder Rights Plan.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Dollar
        Equivalent. On any particular date, with respect to any amount denominated
        in Dollars, such amount of Dollars, and with respect to any amount denominated
        in a currency other than Dollars, the amount (as conclusively ascertained
        by the
        Bank absent manifest error) of Dollars which could be purchased by the Bank
        (in
        accordance with its normal banking practices) in the London foreign currency
        deposit markets with such amount of such currency at the spot rate of exchange
        prevailing at or about 11:00 a.m. (London time) on such date.

      

      Dollars
        or $. Dollars in lawful currency of the United States of
        America.

      

      Domestic
        Lending Office. Initially, the office of the Bank at the address set forth
        on page 1; thereafter, such other office of the Bank, if any, located within
        the
        United States that will be making or maintaining Prime Rate Loans.

      

      Domestic
        Net Assets. The total domestic United States assets of Rogers US determined
        in accordance with generally accepted accounting principles, excluding the
        value
        of Investments in, and amounts due from, Subsidiaries and Joint Ventures,
        less
        the total liabilities (excluding the Obligations) of Rogers US and its
        Subsidiaries determined in accordance with generally accepted accounting
        principles. 

      

      Domestic
        Subsidiary. Any Subsidiary which is not a Foreign Subsidiary; provided that
        for the purposes of §§6.17 and 7.11, the term Domestic Subsidiary shall mean any
        Subsidiary at any time owning, leasing or operating any Real
        Estate.

      

      Drawdown
        Date. The date on which any Loan is made or is to be made, and the date on
        which any Loan is converted or continued in accordance with §§ 2.6 or
        2.7.

      

      EBITDA.
        The Consolidated Net Income (or Deficit) of Rogers US and its Subsidiaries
        for
        any fiscal period, plus, to the extent deducted in the calculation of
        Consolidated Net Income (or Deficit) and without duplication, (a) depreciation,
        amortization and other similar noncash changes for such period, (b) income
        tax
        expense for such period, and (c) Consolidated Total Interest Expense paid
        or
        accrued during such period, excluding the net income (or deficit) of any
        Person
        (other than a Subsidiary) in which Rogers US or a Subsidiary has an ownership
        interest, except to the extent that any such income has been actually received
        by Rogers US or such Subsidiary in the form of cash dividends or similar
        cash
        Distributions, in each case as determined in accordance with generally accepted
        accounting principles.

      

      Employee
        Benefit Plan. Any employee benefit plan within the meaning of §3(3) of ERISA
        maintained or contributed to by any Borrower or any ERISA Affiliate, other
        than
        a Guaranteed Pension Plan or a Multiemployer Plan.

      

      Environmental
        Laws. See §6.17(a).

      

      EPA.
        See §6.17(b).

      

      ERISA.
        The Employee Retirement Income Security Act of 1974.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ERISA
        Affiliate. Any Person which is treated as a single employer with any
        Borrower under §414 of the Code.

      

      ERISA
        Reportable Event. A reportable event with respect to a Guaranteed Pension
        Plan within the meaning of §4043 of ERISA and the regulations promulgated
        thereunder.

      

      EU
        Treaties. The Treaty of Rome of March 25, 1957 establishing the European
        Community, as amended by the Treaty on the European Union signed on February
        7,
        1992 (the Maastricht Treaty), and as further amended from time to
        time.

      

      Euro
        or
        e. The single currency of the Participating Member States.

      

      Eurocurrency
        Interbank Market. Any lawful recognized market in which deposits of Dollars
        and the relevant Optional Currencies are offered by international banking
        units
        of United States banking institutions and by foreign banking institutions
        to
        each other and in which foreign currency and exchange operations or eurocurrency
        funding operations are customarily conducted.

      

      Eurocurrency
        Lending Office. The office of the Bank that shall be making or maintaining
        LIBOR Rate Loans, as the same may change from time to time.

      

      Event
        of Default. See §12.1.

      

      Excluded
        Taxes. Any (i) franchise taxes on the Bank, (ii) taxes on income or profits
        of the Bank, or (iii) other taxes incurred by the Bank except those imposed
        as a
        result of, or relating to, this Agreement.

      

      Existing
        Bank of America Agreement. The Multi-Currency Revolving Credit Agreement
        dated as of December 8, 2000 among Rogers US, Bank of America, and the Bank,
        as
        amended and in effect immediately prior to the Closing Date.

      

      Existing
        Letters of Credit. The letters of credit, if any, issued by Bank of America
        for the account of Rogers US prior to the Closing Date and listed on Schedule
        2.

      

      Financial
        Affiliate. A Subsidiary of the bank holding company controlling the Bank,
        which Subsidiary is engaging in any of the activities permitted by §4(k) of the
        Bank Holding Company Act of 1956 (12 U.S.C. §1843), as amended.

      

      Foreign
        Exchange Exposure. The Bank's aggregate pre-settlement exposure, as
        determined by the Bank, under foreign exchange agreements to which the Bank
        and
        Rogers US are parties. In no event shall the aggregate Foreign Exchange Exposure
        exceed $7,500,000 at any one time.

      

      Foreign
        Subsidiary. Any Subsidiary which conducts substantially all of its business
        in countries other than the United States of America and that is organized
        under
        the laws of a jurisdiction other than the United States of America and the
        States (or the District of Columbia) thereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      generally
        accepted accounting principles. Accounting principles that are (A) consistent
        with the principles promulgated or adopted by the Financial Accounting Standards
        Board and its predecessors, as in effect from time to time, and (B) consistently
        applied in all material respects with past financial statements of Rogers
        US, in
        each case such that a certified public accountant would, insofar as the use
        of
        such accounting principles is pertinent, be in a position to deliver an
        unqualified opinion (other than a qualification regarding changes in generally
        accepted accounting principles) as to financial statements in which such
        principles have been properly applied.

      

      Guaranteed
        Pension Plan. Any employee pension benefit plan within the meaning of §3(2)
        of ERISA maintained or contributed to by any Borrower or any ERISA Affiliate
        the
        benefits of which are guaranteed on termination in full or in part by the
        PBGC
        pursuant to Title IV of ERISA, other than a Multiemployer Plan.

      

      Guarantors.
        Each Domestic Subsidiary of Rogers US existing on the Closing Date (other
        than
        World Properties) and each other Person required to be or become a guarantor
        from time to time pursuant to §7.14.

      

      Guaranty.
        The Guaranty, dated or to be dated on or prior to the Closing Date, made
        jointly
        and severally by each Domestic Subsidiary of Rogers US (other than World
        Properties) in favor of the Bank pursuant to which each Domestic Subsidiary
        of
        Rogers US guaranties to the Bank the payment and performance of the Obligations
        and in form and substance satisfactory to the Bank, and any other guaranty
        substantially in the form of such Guaranty in favor of the Bank made by any
        Person required to be or become a guarantor pursuant to §7.14.

      

      Hazardous
        Substances. See §6.17(b).

       

          Hedging
        Contracts. Interest rate swap agreements, interest rate cap agreements and
        interest rate collar agreements, or any other agreements or arrangements
        entered
        into between the Borrowers and the Bank and designed to protect the Borrowers
        against fluctuations in interest rates or currency exchange rates.

       

          Hedging
        Obligations. With respect to the Borrowers, all liabilities of the Borrowers
        to the Bank under Hedging Contracts.

       

          Indebtedness.
        As to any Person and whether recourse is secured by or is otherwise available
        against all or only a portion of the assets of such Person and whether or
        not
        contingent but without duplication:

      

          (i) every
        obligation of such Person for money borrowed.

      

          (ii) every
        obligation of such Person evidenced by bonds, debentures, notes or other
        similar
        instruments, including obligations incurred in connection with the acquisition
        of property, assets or businesses, 

      

          (iii) every
        reimbursement obligation of such Person with respect to letters of credit,
        bankers' acceptances or similar facilities issued for the account of such
        Person,

      

          (iv) every
        obligation of such Person issued or assumed as the deferred purchase price
        of
        property or services (including securities repurchase agreements but excluding
        trade accounts payable or accrued liabilities arising in the ordinary course
        of
        business),

      

          (v) every
        obligation of such Person under any Capitalized Lease,

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

          (vi) every
        obligation of such Person under any Synthetic Lease,

      

          (vii) all
        sales
        by such Person of (A) accounts or general intangibles for money due or to
        become
        due, (B) chattel paper, instruments or documents creating or evidencing a
        right
        to payment of money or (C) other receivables (collectively "receivables"),
        whether pursuant to a purchase facility or otherwise, other than in connection
        with the disposition of the business operations of such Person relating thereto
        or a disposition of defaulted receivables for collection and not as a financing
        arrangement, and together with any obligation of such Person to pay any
        discount, interest, fees, indemnities, penalties, recourse, expenses or other
        amounts in connection therewith,

      

          (viii) every
        obligation of such Person (an "equity related purchase obligation") to purchase,
        redeem, retire or otherwise acquire for value any shares of capital stock
        of any
        class issued by such Person, other than the obligation to purchase capital
        stock
        arising solely as a result of the difference between the trade date and the
        settlement date for such purchase,

      

          (ix) every
        obligation of such Person under any forward contract, futures contract, swap,
        option or other financing agreement or arrangement (including, without
        limitation, caps, floors, collars and similar agreements), the value of which
        is
        dependent upon interest rates, currency exchange rates, commodities or other
        indices (a "Derivative Contract"), 

      

          (x) every
        obligation in respect of Indebtedness of any other entity (including any
        joint
        venture to which such Person is a party or any partnership in which such
        Person
        is a general partner) to the extent that such Person is liable therefor as
        a
        result of such Person's ownership interest in or other relationship with
        such
        entity, except to the extent that the terms of such Indebtedness provide
        that
        such Person is not liable therefor and such terms are enforceable under
        applicable law, and

      

          (xi) every
        obligation, contingent or otherwise, of such Person guaranteeing, or having
        the
        legal effect of guaranteeing or otherwise acting as surety for, any obligation
        of a type described in any of clauses (i) through (x) (the "primary obligation")
        of another Person (the "primary obligor"), in any manner, whether directly
        or
        indirectly, and including, without limitation, any obligation of such Person
        (A)
        to purchase or pay (or advance or supply funds for the purchase of) any security
        for the payment of such primary obligation, (B) to purchase property, securities
        or services for the purpose of assuring the payment of such primary obligation,
        or (C) to maintain working capital, equity capital or other financial statement
        condition or liquidity of the primary obligor so as to enable the primary
        obligor to pay such primary obligation.

      

      The
        "amount" or "principal amount" of any Indebtedness at any time of determination
        represented by (u) any Indebtedness, issued at a price that is less than
        the
        principal amount at maturity thereof, shall be the amount of the liability
        in
        respect thereof determined in accordance with generally accepted accounting
        principles, (v) any Capitalized Lease shall be the principal component of
        the
        aggregate of the rental obligation under such Capitalized Lease payable over
        the
        term thereof that is not subject to termination by the lessee, (w) any sale
        of
        receivables shall be the amount of unrecovered capital or principal investment
        of the purchaser (other than Rogers US or any of its wholly-owned Subsidiaries)
        thereof, excluding amounts representative of yield or interest earned on
        such
        investment, (x) any Synthetic Lease shall be the stipulated loss value,
        termination value or other equivalent amount, (y) any Derivative Contract
        shall
        be the maximum amount of any termination or loss payment required to be paid
        by
        such Person (net of any offsetting positions) if such Derivative Contract
        were,
        at the time of determination, to be terminated by reason of any event of
        default
        or early termination event thereunder, whether or not such event of default
        or
        early termination event has in fact occurred and (z) any equity related purchase
        obligation shall be the maximum fixed redemption or purchase price thereof
        inclusive of any accrued and unpaid dividends to be comprised in such redemption
        or purchase price.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Ineligible
        Securities. Securities which may not be underwritten or dealt in by member
        banks of the Federal Reserve System under Section 16 of the Banking Act of
        1933
        (12 U.S.C. §24, Seventh), as amended.

      

      Intellectual
        Property. See §8.11.

      

      Interest
        Payment Date. (i) Relative to any Prime Rate Loan, with respect to interest
        accrued during the applicable calendar quarter, the last day of such calendar
        quarter (including the calendar quarter that includes the Drawdown Date of
        such
        Prime Rate Loan); provided that if the last day of the calendar quarter is
        not a
        Business Day, then the Interest Payment Date shall be the next succeeding
        Business Day; and (ii) relative to any LIBOR Rate Loan having an Interest
        Period
        of three months or less, the last Business Day of such Interest Period, and as
        to any LIBOR Rate Loan having an Interest Period longer than three months,
        each
        Business Day which is three months, or a whole multiple thereof, after the
        first
        day of such Interest Period and the last day of such Interest
        Period.

      

      
        	 	
                Interest
                  Period. Relative to any LIBOR Rate
                  Loans:

              

      

      

      (A) initially,
        the period beginning on (and including) the date on which such LIBOR Rate
        Loan
        is made or continued as, or converted into, a LIBOR Rate Loan pursuant to
        Section 2.6 or 2.7 and ending on (but excluding) the day which
        numerically corresponds to such date one, two, three, six, nine, or twelve
        months thereafter (or, if such month has no numerically corresponding day,
        on
        the last Business Day of such month), in each case as a Borrower may select
        in
        its notice pursuant to Section 2.6 or 2.7; and

      

      (B)
         thereafter,
        each period commencing on the last day of the next preceding Interest Period
        applicable to such LIBOR Rate Loan and ending one, two, three, six, nine,
        or
        twelve months thereafter, as selected by a Borrower by irrevocable notice
        to the
        Bank not less than two Business Days prior to the last day of the then current
        Interest Period with respect thereto;

      

      provided,
        however, that

       

      
        	 	
                (i)

              	
                the
                  Borrowers shall not be permitted to select Interest Periods to
                  be in
                  effect at any one time which have expiration dates occurring on
                  more than
                  five (5) different dates;

              

      

      
        	 	
                (ii)

              	
                Interest
                  Periods commencing on the same date for LIBOR Rate Loans comprising
                  part
                  of the same advance under this Credit Agreement shall be of the
                  same
                  duration;

              

      

      
        	 	
                (iii)

              	
                Interest
                  Periods for LIBOR Rate Loans in connection with which Borrowers
                  have or
                  may incur Hedging Obligations with the Bank shall be of the same
                  duration
                  as the relevant periods set under the applicable Hedging
                  Contracts;

              

      

      
        	 	
                (iv)

              	
                if
                  such Interest Period would otherwise end on a day which is not
                  a Business
                  Day, such Interest Period shall end on the next following Business
                  Day
                  unless such day falls in the next calendar month, in which case
                  such
                  Interest Period shall end on the first preceding Business Day;
                  and

              

      

      
        	 	
                (v)

              	
                no
                  Interest Period may end later than the termination of this Credit
                  Agreement.

              

      

      

      International
        Standby Practices. With respect to any standby Letter of Credit,
        International Standby Practices (ISP98), International Chamber of Commerce
        Publication No. 590, or any successor code of standby letter of credit practices
        among banks adopted by the Bank in the ordinary course of its business as
        a
        standby letter of credit issuer and in effect at the time of issuance of
        such
        Letter of Credit.

      

      Investments.
        All expenditures made and (without duplication) all liabilities incurred
        (contingently or otherwise) (a) for the acquisition of stock (other than
        stock
        of Rogers US) or Indebtedness of any Person, (b) for loans, advances, capital
        contributions or transfers of property to any Person (other than sales of
        inventory, licenses of intellectual property and dispositions of obsolete
        assets
        in the ordinary course of business consistent with past practices), (c) in
        respect of any guaranties (or other commitments as described under Indebtedness)
        of the obligations of any Person; provided that income from Joint Ventures
        shall
        not be an Investment for purposes of this Credit Agreement notwithstanding
        that
        Rogers US or such Subsidiary may, in accordance with generally accepted
        accounting principles, account for such income as a debit to the investment
        account on Rogers US or such Subsidiary's balance sheet. In determining the
        aggregate amount of Investments outstanding at any particular time: (i) the
        amount of any Investment represented by a guaranty shall be taken at not
        less
        than the principal amount of the obligations guaranteed and still outstanding;
        (ii) there shall be deducted in respect of each such Investment any amount
        received as a return of capital (but only by repurchase, redemption, retirement,
        repayment, liquidating dividend or liquidating distribution) or repayment
        of
        loan principal; (iii) there shall not be deducted in respect to any Investment
        any amounts received as earnings on such Investment, whether as dividends,
        interest or otherwise; (iv) the amount of Investments consisting of non-cash
        property (including without limitation any Intellectual Property) transferred
        to
        a Joint Venture shall be deemed to be the book value (determined in accordance
        with generally accepted accounting principles) of such non-cash property
        at the
        time of such transfer to such Joint Venture, disregarding for this purpose
        any
        valuation the parties to such Joint Venture shall have placed thereon for
        purposes of establishing such Joint Venture; provided that a non-perpetual
        license of Intellectual Property in which Rogers US or the applicable Subsidiary
        retains rights having significant value and which is of limited exclusivity
        with
        respect to the applicable territory or field of use, shall not be deemed
        to be a
        transfer of such Intellectual Property for purposes of this definition; and
        (v)
        there shall not be deducted from the aggregate amount of Investments any
        decrease in the value thereof; provided that Rogers US may in any fiscal
        period
        deduct from the aggregate amount of Investments decreases in the value of
        Investments (up to any aggregate amount of $2,500,000 during the term of
        this
        Agreement) to the extent the amount of any such decrease is deducted from
        Consolidated Net Income of Rogers US and its Subsidiaries during such fiscal
        period.

      

      Japanese
        Yen. The lawful currency of the country of Japan.

      

      Joint
        Venture. Any Affiliate of Rogers US or a Subsidiary of which the designated
        parent shall at any time own directly or indirectly through a Subsidiary
        or
        Subsidiaries less than a majority (by number of votes) of the outstanding
        Voting
        Stock; provided that notwithstanding the foregoing, Rogers Inoac shall be
        deemed
        to be a Joint Venture until such time as Rogers US shall own, directly or
        indirectly, sixty percent (60%) or more of its outstanding Voting Stock,
        at
        which time Rogers Inoac shall become a Subsidiary.

      

      Letter
        of Credit. See §4.1.1.

      

      Letter
        of Credit Application. See §4.1.1.

      

      Letter
        of Credit Fee. See §4.6.

      

      Leverage
        Ratio. As at any date of determination, the ratio of (a) Total Funded
        Indebtedness of Rogers US and its Subsidiaries outstanding on such date to
        (b)
        EBITDA of Rogers US and its Subsidiaries for the period of four consecutive
        fiscal quarters ended on such date (or, if such date is not a fiscal quarter
        end
        date, the period of four consecutive fiscal quarters most recently
        ended).

      

      LIBOR
        Lending Rate. Relative to any LIBOR Rate Loan to be made, continued or
        maintained as, or converted into, a LIBOR Rate Loan for any Interest Period,
        a
        rate per annum determined pursuant to the following formula:

      

      LIBOR
        Lending Rate =        LIBOR
        Rate

              (1.00
        - LIBOR Reserve Percentage)

       

      LIBOR
        Rate. Relative to any Interest Period for LIBOR Rate Loans, the offered rate
        for
        deposits of U.S. Dollars in an amount approximately equal to the amount of
        the
        requested LIBOR Rate Loan for a term coextensive with the designated Interest
        Period which the British Bankers’ Association fixes as its LIBOR rate as of
        11:00 a.m. London time on the day which is two London Banking Days prior
        to the
        beginning of such Interest Period.

       

      LIBOR
        Rate
        Loan. Any Loan the rate of interest applicable to which is based upon the
        LIBOR
        Rate.

       

      LIBOR-Reference
        Banks Loan. Any Loan the rate of interest applicable to which is based upon
        the
        LIBOR-Reference Banks Rate.

      

      LIBOR-Referenced
        Banks Lending Rate. Relative to a LIBOR-Referenced Banks Rate Loan for any
        Interest Period, a rate per annum determined pursuant to the following
        formula:

      

      LIBOR-Reference
        Banks Lending Rate =  LIBOR-Reference
        Banks
        Rate

                  (1.00
        - LIBOR Reserve Percentage)

       

      LIBOR-Reference
        Banks Rate. Relative to any Interest Period for LIBOR-Reference Banks Loans,
        the rate for which deposits in U.S. Dollars are offered by the Reference
        Banks
        to prime banks in the London interbank market in an amount approximately
        equal
        to the amount requested LIBOR-Reference Banks Loan at approximately 11:00
        a.m.,
        London time on the day that is two London Banking Days prior to the beginning
        of
        such Interest Period. The Bank will request the principal London office of
        each
        of the Reference Banks to provide a quotation of its rate. If at least two
        such
        quotations are provided, the rate for such date will be the arithmetic mean
        of
        the quotations. If fewer than two quotations are provided as requested, the
        rate
        for such date will be the arithmetic mean of the rates quoted by major banks
        in
        New York City selected by the Bank at approximately 11:00 a.m. New York City
        time for loans in U.S. Dollars to leading European banks for such Interest
        Period and in an amount approximately equal to the amount requested
        LIBOR-Reference Banks Loan.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      LIBOR
        Reserve Percentage. Relative to any day of any Interest Period for LIBOR
        Rate Loans, the maximum aggregate (without duplication) of the rates (expressed
        as a decimal fraction) of reserve requirements (including all basic, emergency,
        supplemental, marginal and other reserves and taking into account any
        transitional adjustments or other scheduled changes in reserve requirements)
        under any regulations of the Board of Governors of the Federal Reserve System
        (the “Board”) or other governmental authority having jurisdiction with respect
        thereto as issued from time to time and then applicable to assets or liabilities
        consisting of “Eurocurrency Liabilities”, as currently defined in Regulation D
        of the Board, having a term approximately equal or comparable to such Interest
        Period.

      

      Loan
        Documents. This Credit Agreement, the Notes, the Letter of Credit
        Applications, the Letters of Credit, the Guaranty, and any other documents
        executed in connection with this Credit Agreement.

      

      Loan
        Request. See §2.6.

       

          Loans.
        Revolving credit loans made or to be made by the Bank to the Borrowers pursuant
        to §2.

       

          London
        Banking Day. A day on which dealings in US dollar deposits are transacted in
        the London interbank market.

      

      Material
        Adverse Effect. A material adverse effect on (a) the business, condition
        (financial or otherwise), operations, performance or properties of Rogers
        US and
        its Subsidiaries, taken as a whole, (b) the rights and remedies of the Bank
        to
        enforce any of the Loan Documents or (c) the ability of any Borrower or any
        of
        the Guarantors to perform its obligations under the Loan Documents.

      

      Maximum
        Drawing Amount. The maximum aggregate amount that the beneficiaries may at
        any time draw under outstanding Letters of Credit, as such aggregate amount
        may
        be reduced from time to time pursuant to the terms of the Letters of
        Credit.

      

      Multiemployer
        Plan. Any multiemployer plan within the meaning of §3(37) of ERISA
        maintained or contributed to by any Borrower or any ERISA
        Affiliate.

      

      Notes.
        Revolving Credit Note A and Revolving Credit Note B.

      

      Obligations.
        All indebtedness, obligations and liabilities of any of the Borrowers and
        their
        respective Subsidiaries to the Bank, individually or collectively, existing
        on
        the date of this Credit Agreement or arising thereafter, direct or indirect,
        joint or several, absolute or contingent, matured or unmatured, liquidated
        or
        unliquidated, secured or unsecured, arising by contract, operation of law
        or
        otherwise, arising or incurred under this Credit Agreement or any of the
        other
        Loan Documents or in respect of any of the Loans made or Reimbursement
        Obligations incurred or any of the Notes, Letter of Credit Application, Letter
        of Credit or other instruments at any time evidencing any thereof. Without
        limiting any other provision of this Agreement, the Borrowers shall be jointly
        and severally liable for all of the Obligations.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Optional
        Currency. The Japanese Yen, the Euro, and any other currency that is freely
        convertible into Dollars and is traded on a recognized Eurocurrency Interbank
        Market selected by the Bank in good faith.

      

      Outstanding.
        With respect to the Loans, the aggregate unpaid principal thereof as of any
        date
        of determination.

      

      Overnight
        Rate. For any day, (a) as to Loans denominated in Dollars, the weighted
        average interest rate paid by the Bank for federal funds acquired by the
        Bank,
        and (b) as to Loans denominated in an Optional Currency, the rate of interest
        per annum at which overnight deposits in the applicable Optional Currency,
        in an
        amount approximately equal to the amount with respect to which such rate
        is
        being determined, would be offered for such day by the Bank to major banks
        in
        the London interbank market.

      

      Participating
        Member State. A member state of the European Union that adopts a single
        currency in accordance with the EU Treaties.

      

      PBGC.
        The Pension Benefit Guaranty Corporation created by §4002 of ERISA and any
        successor entity or entities having similar responsibilities.

      

      Permitted
        Liens. Liens, security interests and other encumbrances permitted by
§8.2.

      

      Person.
        Any individual, corporation, partnership, trust, unincorporated association,
        business, or other legal entity, and any government or any governmental agency
        or political subdivision thereof.

      

      Prime
        Rate. The rate of interest announced by Bank in Hartford, Connecticut from
        time to time as its “Prime Rate.” The Borrowers acknowledge that the Bank may
        make loans to its customers above, at or below the Prime Rate. Interest accruing
        by reference to the Prime Rate shall be calculated on the basis of actual
        days
        elapsed and a 365-day year.

      

      Prime
        Rate Loan. Any Loan for the period(s) when the rate of interest applicable
        to such Loan is calculated by reference to the Prime Rate.

      

      Pro
        Forma Basis. In connection with a proposed stock or asset acquisition, the
        calculation of compliance with the financial covenants set forth in §9 hereof by
        Rogers US and its Subsidiaries (including the person or asset(s) to be acquired)
        with reference to the audited historical financial results of such Person,
        if
        available, and if not so available, then with reference to such management
        certified financial results of such Person as shall be reasonably acceptable
        to
        the Bank (or, if an acquisition of assets, the financial results attributable
        to
        such assets) for the most recently ended period of four consecutive fiscal
        quarters ending prior to the date of such acquisition for which such management
        certified financial results are available (but in any event ending no later
        than
        the penultimate fiscal quarter ending prior to the date of such acquisition),
        after giving effect on a pro forma basis to such acquisition in the manner
        described below:

      

      (i) all
        Indebtedness (whether under this Credit Agreement or otherwise), all assets
        and
        any other balance sheet adjustments incurred or made in connection with such
        acquisition shall be deemed to have been incurred or made on the first day
        of
        such period of four fiscal quarters, and all Indebtedness of the Person acquired
        or to be acquired in such acquisition which was or will have been repaid
        in
        connection with the consummation of such acquisition shall be deemed to have
        been repaid concurrently with the incurrence of the Indebtedness incurred
        in
        connection with such acquisition;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (ii) all
        Indebtedness assumed to have been incurred pursuant to the preceding clause
        (i)
        shall be deemed to have borne interest at the sum of (a) the arithmetic mean
        of
        (x) the LIBOR Rate for LIBOR Rate Loans denominated in the currency in which
        such Indebtedness has been incurred having an Interest Period of one month,
        as
        in effect on the first day of such period of four fiscal quarters, and (y)
        the
        LIBOR Rate for LIBOR Rate Loans having an Interest Period of one month, as
        in
        effect on the last day of such period of four fiscal quarters plus (b) the
        Applicable Margin on LIBOR Rate Loans then in effect (after giving effect
        to the
        incurrence of such Indebtedness);

      

      (iii) without
        duplication, Consolidated Net Income and EBITDA of Rogers US and its
        Subsidiaries shall be determined, and any adjustments to Consolidated Net
        Income
        and EBITDA which are attributable to the change in ownership and/or management
        resulting from such acquisition shall be deemed to have been realized, assuming
        that such acquisition occurred on the first day of such period of four fiscal
        quarters; and

      

      (iv) other
        reasonable cost savings, expenses and other income statement or operating
        statement adjustments which are attributable to the change in ownership and/or
        management resulting from such acquisition as may be approved by the Bank
        in
        writing (which approval shall not be unreasonably withheld) shall be deemed
        to
        have been realized on the first day of such period of four fiscal
        quarters.

      

      RCRA.
        See §6.17(a).

      

      Real
        Estate. All real property situated in the United States of America at any
        time owned or leased (as lessee or sublessee) by Rogers US or any of its
        Subsidiaries.

      

      Record.
        The grid attached to a Note, or the continuation of such grid, or any other
        similar record, including computer records, maintained by the Bank with respect
        to any Loan referred to in such Note.

       

          Reference
        Banks. Four major banks in the London interbank market.

       

          Reimbursement
        Obligation. The Borrowers' obligation to reimburse the Bank on account of
        any drawing under any Letter of Credit as provided in §4.2.

       

          Revolving
        Credit A Commitment. The amount of the Bank's Commitment under Revolving
        Credit Facility A, as in effect from time to time. On the Closing Date, the
        Revolving Credit A Commitment is Seventy-five Million Dollars
        ($75,000,000).

       

          Revolving
        Credit B Commitment. The amount of the Bank's Commitment under Revolving
        Credit Facility B, as in effect from time to time. On the Closing Date, the
        Revolving Credit B Commitment is Twenty-five Million Dollars
        ($25,000,000).

       

          Revolving
        Credit A Maturity Date. November 13, 2011.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

          Revolving
        Credit B Maturity Date. November 13, 2007.

       

          Revolving
        Credit Facility A. See §2.1.1.

       

          Revolving
        Credit Facility B. See §2.1.2. 

       

          Revolving
        Credit Note. See §2.4.

       

          Revolving
        Credit Note A. The promissory note evidencing the Borrowers' obligations
        with respect to Revolving Credit Facility A.

       

          Revolving
        Credit Note B. The promissory note evidencing the Borrowers' obligations
        with respect to Revolving Credit Facility B.

       

          Revolving
        Credit Note Record. A Record with respect to a Revolving Credit
        Note.

       

          Rogers
        Inoac. Rogers Inoac Corporation, a Japanese corporation.

       

          Sale/Leaseback
        Arrangement. See §8.6.

       

          SARA.
        See §6.17(a).

       

          Same
        Day
        Funds. With respect to disbursements and payment in (a) Dollars, immediately
        available funds and (b) an Optional Currency, same day or other funds as
        may be
        determined by the Bank to be customary in the place of disbursement or payment
        for the settlement of international banking transactions in the relevant
        Optional Currency.

       

          Senior
        Funded Debt. The Total Funded Indebtedness of Rogers US and its
        Subsidiaries, less the amount of any such Indebtedness subordinated to the
        Obligations on terms and conditions satisfactory to the Bank.

       

          Senior
        Funded Debt to EBITDA Ratio. As of any given date, the ratio of (a) the
        total amount of Senior Funded Debt on such date to (b) the consolidated EBITDA
        of Rogers US and its Domestic Subsidiaries for the most recently ended rolling
        twelve-month period.

       

          Shareholder
        Rights Plan. The Rights Agreement between Rogers US and Registrar and
        Transfer Company, as rights Bank, and filed with the Securities and Exchange
        Commission as of March 25, 1997.

       

          Subsidiary.
        Any corporation, association, trust, or other business entity of which the
        designated parent owns or acquires directly or indirectly through a Subsidiary
        or Subsidiaries at least a majority (by number of votes) of the outstanding
        Voting Stock, other than Rogers Inoac; provided that at such time as Rogers
        US
        shall own, directly or indirectly, sixty percent (60%) or more of the
        outstanding Voting Stock of Rogers Inoac, Rogers Inoac shall become a Subsidiary
        of Rogers US for purposes of this Credit Agreement.

       

          Synthetic
        Lease. Any lease treated as an operating lease under generally accepted
        accounting principles and as a loan or a financing for U.S. income tax
        purposes.

       

          Taxes.
        See
§5.2.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

          Total
        Commitment. The sum of the Revolving Credit A Commitment and the Revolving
        Credit B Commitment, as in effect from time to time. On the Closing Date
        the
        Total Commitment is $100,000,000.

       

          Total
        Funded Indebtedness. On any date of determination, all Indebtedness of
        Rogers US and its Subsidiaries for borrowed money (including, without
        limitation, all notes and bonds and all guarantees by such Persons of
        Indebtedness of others for borrowed money), purchase money Indebtedness,
        Indebtedness consisting of reimbursement obligations with respect to letters
        of
        credit, and Indebtedness with respect to Capitalized Leases and Synthetic
        Leases
        outstanding on such date, determined on a consolidated basis in accordance
        with
        generally accepted accounting principles. Total Funded Indebtedness shall
        not
        include Indebtedness for borrowed money of any Joint Venture unless Rogers
        US or
        a Subsidiary has guaranteed the Indebtedness for borrowed money of such joint
        venture or similar entity or is otherwise liable for such
        Indebtedness.

       

          Type.
        As to any Loan, its nature as a Prime Rate Loan or a LIBOR Rate
        Loan.

       

          Uniform
        Customs. With respect to any Letter of Credit, the Uniform Customs and
        Practice for Documentary Credits (1993 Revision), International Chamber of
        Commerce Publication No. 500 or any successor version thereto adopted by
        the
        Bank in the ordinary course of its business as a letter of credit issuer
        and in
        effect at the time of issuance of such Letter of Credit.

       

          Unpaid
        Reimbursement Obligation. Any Reimbursement Obligation for which the
        Borrowers do not reimburse the Bank on the date specified in, and in accordance
        with, §4.2.

       

          Unused
        Line Fee Rate. The applicable rate per annum set forth in the chart
        contained in the definition of Applicable Margin under the heading "Unused
        Line
        Fee Rate".

       

          Voting
        Stock. Stock or similar interests, of any class or classes (however
        designated), the holders of which are at the time entitled, as such holders,
        to
        vote for the election of a majority of the directors (or persons performing
        similar functions) of the corporation, association, trust or other business
        entity involved, whether or not the right so to vote exists by reason of
        the
        happening of a contingency.

       

          World
        Properties. World Properties, Inc., an Illinois corporation and a
        wholly-owned Subsidiary of Rogers US.

       

          1.2 Rules
        of
        Interpretation.

       

              (a) A
        reference to any document or agreement shall include such document or agreement
        as amended, modified or supplemented from time to time in accordance with
        its
        terms and the terms of this Credit Agreement.

       

              (b) The
        singular includes the plural and the plural includes the singular.

       

              (c) A
        reference to any law includes any amendment or modification to such
        law.

       

              (d) A
        reference to any Person includes its permitted successors and permitted
        assigns.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

              (e) Accounting
        terms not otherwise defined herein have the meanings assigned to them by
        generally accepted accounting principles applied on a consistent basis by
        the
        accounting entity to which they refer.

       

              (f) The
        words
        "include", "includes" and "including" are not limiting.

       

              (g) All
        terms
        not specifically defined herein or by generally accepted accounting principles,
        which terms are defined in the Uniform Commercial Code as in effect in the
        Commonwealth of Massachusetts, have the meanings assigned to them therein,
        with
        the term "instrument" being that defined under Article 9 of the Uniform
        Commercial Code.

       

              (h) Reference
        to a particular "§" refers to that section of this Credit Agreement unless
        otherwise indicated.

       

              (i) The
        words
        "herein", "hereof", "hereunder" and words of like import shall refer to this
        Credit Agreement as a whole and not to any particular section or subdivision
        of
        this Credit Agreement.

       

              (j) Unless
        otherwise expressly indicated, 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."

       

              (k) This
        Credit Agreement and the other Loan Documents may use several different
        limitation, tests or measurements to regulate the same or similar matters.
        All
        such limitations, tests and measurements are, however, cumulative and are
        to be
        performed in accordance with the terms thereof.

       

              (l) This
        Credit Agreement and the other Loan Documents are the result of negotiation
        among, and have been reviewed by counsel to, among others, the Bank and the
        Borrowers and are the product of discussions and negotiations among all parties.
        Accordingly, this Credit Agreement and the other Loan Documents are not intended
        to be construed against the Bank merely on account of the Bank's involvement
        in
        the preparation of such documents. 

      

      2. THE
        REVOLVING CREDIT FACILITIES.

       

          2.1. Revolving
        Credit Facilities.

       

               2.1.1. Revolving
        Credit Facility A. Subject to the terms and conditions set forth in
        this Credit Agreement, the Bank agrees to lend to the Borrowers and the
        Borrowers may borrow, repay, and reborrow from time to time from the Closing
        Date up to but not including the Revolving Credit A Maturity Date, upon notice
        by any Borrower to the Bank given in accordance with §2.6, such sums in Dollars
        and/or at such Borrower's option and subject to §2.9, in an Optional Currency,
        as are requested by such Borrower up to a maximum aggregate amount outstanding
        (after giving effect to all amounts requested) at any one time equal to the
        Revolving Credit A Commitment minus the sum of (a) the Maximum Drawing Amount
        and (b) all Unpaid Reimbursement Obligations, provided that the sum of the
        Dollar Equivalents of the outstanding amounts of the Loans under Revolving
        Credit Facility A (after giving effect to all amounts requested) plus the
        Maximum Drawing Amount and all Unpaid Reimbursement Obligations shall not
        at any
        time exceed the Revolving Credit A Commitment. Each request for a Loan hereunder
        shall constitute a representation and warranty by the Borrowers that the
        conditions set forth in §10 and §11, in the case of the initial Loans to be made
        on the Closing Date, and §11, in the case of all other Loans, have been
        satisfied on the date of such request.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

                 2.1.2.
         Revolving
        Credit Facility B. Subject to the terms and conditions set forth in
        this Credit Agreement, the Bank agrees to lend to the Borrowers and the
        Borrowers may borrow, repay, and reborrow from time to time from the Closing
        Date up to but not including the Revolving Credit B Maturity Date, upon notice
        by any Borrower to the Bank given in accordance with §2.6, such sums in Dollars
        and/or at such Borrower's option and subject to §2.9, in an Optional Currency,
        as are requested by such Borrower up to a maximum aggregate amount outstanding
        (after giving effect to all amounts requested) at any one time equal to the
        Revolving Credit B Commitment, provided that the sum of the Dollar Equivalents
        of the outstanding amounts of the Loans under Revolving Credit Facility B
        (after
        giving effect to all amounts requested) plus the total Foreign Exchange
        Exposure, as determined by the Bank, shall not at any time exceed the Revolving
        Credit B Commitment. Each request for a Loan hereunder shall constitute a
        representation and warranty by the Borrowers that the conditions set forth
        in
§10 and §11, in the case of the initial Loans to be made on the Closing Date,
        and §11, in the case of all other Loans, have been satisfied on the date of such
        request.

       

           2.2. Unused
        Line Fee. The Borrowers agree to pay to the Bank a fee calculated
        at the Unused Line Fee Rate per annum on the average daily amount during
        each
        calendar quarter or portion thereof from the Closing Date to the Revolving
        Credit A Maturity Date by which the Total Commitment minus the sum of the
        Maximum Drawing Amount and all Unpaid Reimbursement Obligations exceeds the
        Dollar Equivalent of the outstanding amount of Loans during such calendar
        quarter. The unused line fee shall be payable quarterly in arrears on the
        first
        Business Day of each calendar quarter for the immediately preceding calendar
        quarter commencing on the first such date following the date hereof, with
        a
        final payment on the Revolving Credit A Maturity Date or any earlier date
        on
        which any Commitment shall terminate.

       

           2.3. Reduction
        of Commitments. The Borrowers shall have the right at any time and
        from time to time upon three (3) days prior written notice to the Bank to
        reduce
        by $5,000,000 or a larger integral multiple of $1,000,000 or terminate entirely
        the Revolving Credit A Commitment or the Revolving Credit B Commitment,
        whereupon such Commitment shall be reduced or, as the case may be, terminated.
        Upon the effective date of any such reduction or termination, the Borrowers
        shall pay to the Bank the full amount of any unused line fee then accrued
        on the
        amount of the reduction. No reduction or termination of any Commitment may
        be
        reinstated.

       

           2.4. The
        Revolving Credit Notes. The Loans under Revolving Credit Facility A
        shall be evidenced by Revolving Credit Note A in substantially the form of
        Exhibit A hereto, and the Loans under Revolving Credit Facility B shall be
        evidenced by Revolving Credit Note B in substantially the form of Exhibit
        B
        hereto (each a "Revolving Credit Note"), dated as of the Closing Date and
        completed with appropriate insertions. Each Revolving Credit Note shall be
        payable to the order of the Bank in a principal amount equal to the Revolving
        Credit A Commitment or Revolving Credit B Commitment, as applicable, or,
        if
        less, the outstanding amount of all Loans made by the Bank, plus interest
        accrued thereon, as set forth below. The Borrowers irrevocably authorize
        the
        Bank to make or cause to be made, at or about the time of the Drawdown Date
        of
        any Loan or at the time of receipt of any payment of principal on a Revolving
        Credit Note, an appropriate notation on the Revolving Credit Note Record
        for
        such Revolving Credit Note reflecting the making of such Loan or (as the
        case
        may be) the receipt of such payment. The outstanding amount of the Loans
        set
        forth on each Revolving Credit Note Record shall be prima facie evidence
        of the
        principal amount thereof owing and unpaid to the Bank, but the failure to
        record, or any error in so recording, any such amount on a Revolving Credit
        Note
        Record shall not limit or otherwise affect the obligations of the Borrowers
        hereunder or under any Revolving Credit Note to make payments of principal
        of or
        interest on any Revolving Credit Note when due.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
            2.5. Interest
          Provisions. Interest on the outstanding principal amount of any
          Loan when classified as a: (i) LIBOR Rate Loan shall accrue during each
          Interest
          Period at a rate equal to the sum of the LIBOR Lending Rate for such Interest
          Period plus the Applicable Margin thereto and be payable on each Interest
          Payment Date, (ii) LIBOR-Reference Banks Rate Loan shall accrue during
          each
          Interest Period at a rate equal to the sum of the LIBOR-Reference Banks
          Lending
          Rate for such Interest Period plus the Applicable Margin thereto and be
          payable
          on each Interest Payment Date, and (iii) Prime Rate Loan shall accrue during
          each Interest Period at a rate equal to the Prime Rate and be payable on
          each
          Interest Payment Date.

         

            2.6. Borrowing
          Procedures. 

         

                    2.6.1LIBOR
          Loan Requests. By delivering a borrowing request to the Bank on or
          before 10:00 a.m., New York time, on a Business Day, any Borrower may from
          time
          to time irrevocably request, on not less than two nor more than five Business
          Days’ notice, that a LIBOR Rate Loan be made in a minimum amount of $100,000
          and
          integral multiples of $100,000, with a specified Interest Period. On the
          terms
          and subject to the conditions of this agreement, each LIBOR Rate Loan shall
          be
          made available to such Borrower no later than 11:00 a.m. New York time
          on the
          first day of the applicable Interest Period by deposit to the account of
          such
          Borrower as shall have been specified in its borrowing request.

         

                    2.6.2
          Prime Rate
          Loan Requests. By delivering a borrowing request to the Bank on or
          before 2:00 p.m., Hartford time, on a Business Day, any Borrower may from
          time
          to time irrevocably request that a Prime Rate Loan be made in a minimum
          amount
          of $100,000 and integral multiples of $100,000. On the terms and subject
          to the
          conditions of this Agreement, each Prime Rate Loan shall be made available
          to
          such Borrower on the next Business Day following receipt of such borrowing
          request (if such request is made by 2:00 p.m., Hartford time) or the second
          Business Day following receipt of such request (if such request is made
          after
          2:00 p.m., Hartford time) by deposit to the account of such Borrower as
          shall
          have been specified in its borrowing request.

         

                    2.6.3
Continuation
          and Conversion Elections. (a) By delivering a
          continuation/conversion notice to the Bank on or before 10:00 a.m., New
          York
          time, on a Business Day, any Borrower may from time to time irrevocably
          elect,
          on not less than two nor more than five Business Days’ notice, that all, or any
          portion in an aggregate minimum amount of $100,000 and integral multiples
          of
          $100,000, of any LIBOR Rate Loan be converted on the last day of an Interest
          Period into a LIBOR Rate Loan with a different Interest Period, or continued
          on
          the last day of an Interest Period as a LIBOR Rate Loan with a similar
          Interest
          Period, provided, however, that no portion of the outstanding principal
          amount
          of any LIBOR Rate Loans may be converted to, or continued as, LIBOR Rate
          Loans
          when any default or Event of Default has occurred and is continuing, and
          no
          portion of the outstanding principal amount of any LIBOR Rate Loans may
          be
          converted to LIBOR Rate Loans of a different duration if such LIBOR Rate
          Loans
          relate to any Hedging Obligations. In the absence of delivery of a
          continuation/conversion notice with respect to any LIBOR Rate Loan at least
          two
          Business Days before the last day of the then current Interest Period with
          respect thereto, each maturing LIBOR Rate Loan shall automatically be continued
          as a LIBOR Rate Loan with an Interest Period of thirty (30) days.
          Notwithstanding the foregoing, if any Default or Event of Default has occurred
          and is continuing (if the Bank does not otherwise elect to exercise any
          right to
          accelerate the Loans it is granted hereunder), each maturing LIBOR Rate
          Loan
          shall automatically be continued as a Prime Rate Loan. 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b)
        By
        delivering a conversion notice to the Bank on or before 10:00 a.m., New York
        time, on a Business Day, any Borrower may from time to time irrevocably elect,
        on not less than two nor more than five Business Days’ notice, that all, or any
        portion in an aggregate minimum amount of $100,000 and integral multiples
        of
        $100,000, of any Prime Rate Loan be converted on the last day of an Interest
        Period into a LIBOR Rate Loan, provided, however, that no portion of the
        outstanding principal amount of any Prime Rate Loans may be converted to,
        or
        continued as, LIBOR Rate Loans when any default or Event of Default has occurred
        and is continuing. In the absence of delivery of a conversion notice with
        respect to any Prime Rate Loan, each Prime Rate Loan shall remain a Prime
        Rate
        Loan.

       

          2.7
        Repayments, Prepayments and Interest.

       

                  2.7.1
        Continuations and Conversions. LIBOR Rate Loans shall mature and
        become payable in full on the last day of the Interest Period relating to
        such
        LIBOR Rate Loan. Prior to the termination of this Credit Agreement, upon
        the
        maturity of a LIBOR Rate Loan it may be continued for an additional Interest
        Period or may be converted to a Prime Rate Loan (if there exists no default
        or
        Event of Default and the Bank does not otherwise elect to exercise any right
        to
        accelerate the Loans it is granted hereunder).

       

                  2.7.2
Voluntary
        Prepayment of LIBOR Rate Loans. LIBOR Rate Loans may be prepaid
        upon the terms and conditions set forth herein. For LIBOR Rate Loans in
        connection with which the Borrowers have or may incur Hedging Obligations,
        additional obligations may be associated with prepayment, in accordance with
        the
        terms and conditions of the applicable Hedging Contracts. The Borrowers shall
        give the Bank, no later than 10:00 a.m., New York City time, at least four
        (4)
        Business Days notice of any proposed prepayment of any LIBOR Rate Loans,
        specifying the proposed date of payment of such LIBOR Rate Loans, and the
        principal amount to be paid. Each partial prepayment of the principal amount
        of
        LIBOR Rate Loans shall be in an integral multiple of $100,000 and accompanied
        by
        the payment of all charges outstanding on such LIBOR Rate Loans and of all
        accrued interest on the principal repaid to the date of payment. Borrowers
        acknowledge that prepayment or acceleration of a LIBOR Rate Loan during an
        Interest Period shall result in the Bank incurring additional costs, expenses
        and/or liabilities and that it is extremely difficult and impractical to
        ascertain the extent of such costs, expenses and/or liabilities. Therefore,
        all
        full or partial prepayments of LIBOR Rate Loans shall be accompanied by,
        and the
        Borrowers hereby promise to pay, on each date a LIBOR Rate Loan is prepaid
        or
        the date all sums payable hereunder become due and payable, by acceleration
        or
        otherwise, in addition to all other sums then owing, an amount (“LIBOR Rate Loan
        Prepayment Fee”) determined by the Bank pursuant to the following
        formula:

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (a) the
        then
        current rate for United States Treasury securities (bills on a discounted
        basis
        shall be converted to a bond equivalent) with a maturity date closest to
        the end
        of the Interest Period as to which prepayment is made, subtracted from

      

      (b) the
        LIBOR
        Lending Rate plus the Applicable Margin applicable to the LIBOR Rate Loan
        being
        prepaid.

      

      If
        the
        result of this calculation is zero or a negative number, then there shall
        be no
        LIBOR Rate Loan Prepayment Fee. If the result of this calculation is a positive
        number, then the resulting percentage shall be multiplied by:

      

      (c) the
        amount
        of the LIBOR Rate Loan being prepaid.

      

      The
        resulting amount shall be divided by:

      

      (d) 360

      

      and
        multiplied by:

      

      (e) the
        number
        of days remaining in the Interest Period as to which the prepayment is being
        made.

      

      Said
        amount shall be reduced to present value calculated by using the referenced
        United States Treasury securities rate and the number of days remaining on
        the
        Interest Period for the LIBOR Rate Loan being prepaid.

       

          The
        resulting amount of these calculations shall be the LIBOR Rate Loan Prepayment
        Fee. The Bank will notify the Borrowers of the amount of the LIBOR Rate Loan
        Prepayment Fee and costs for which Bank is entitled to indemnification under
        Section 5.1 within two (2) Business Days after receipt of the Borrowers'
        notice
        of proposed prepayment; provided, however, that the Bank's failure to give
        such
        notice within such time shall not impair or otherwise affect the Borrowers'
        obligation to pay the LIBOR Rate Loan Prepayment Fee or costs for which Bank
        is
        entitled to indemnification under Section 5.1.

       

          2.8. [Intentionally
        Omitted]

       

          2.9. Optional
        Currencies.

       

                  2.9.1. General.
        Subject to this §2.9.1 and the satisfaction of the terms and
        conditions of §10 (in the case such Loans to be made on the Closing Date) and
§11, each Loan requested to be made in an Optional Currency will be made on
        the
        Drawdown Date specified therefor in the applicable Loan Request, in the Optional
        Currency requested in such Loan Request and, upon being so made, will have
        the
        Interest Period requested in such Loan Request. If on or prior to any Drawdown
        Date of a Loan in which a Borrower has requested be denominated in an Optional
        Currency, the Bank determines (which determination shall be conclusive) that
        the
        requested Optional Currency is not freely transferable and convertible into
        Dollars or that it will be impracticable for the Bank to fund the Loan in
        such
        Optional Currency, then the requested Loan shall instead be denominated in
        Dollars.

      
         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

          

                    2.9.2. Exchange
          Rate. For purposes of this Credit Agreement the amount in one
          Optional Currency which shall be equivalent on any particular date to a
          specified amount in another Optional Currency shall be that amount (as
          conclusively ascertained by the Bank by its normal banking practices, absent
          manifest error) in the first Optional Currency which is or could be purchased
          by
          the Bank (in accordance with normal banking practices) with such specified
          amount of the second Optional Currency in any recognized Eurocurrency Interbank
          market selected by the Bank in good faith for delivery on such date at
          the spot
          rate of exchange prevailing at 11:00 a.m. (London time) on such
          date.

         

                 2.9.3. Multiple
          Denominations. In the event that any portion of the funds available
          under the terms of this Credit Agreement is denominated in one or more
          Optional
          Currencies, the Dollar Equivalent of such portion of the funds shall be
          calculated pursuant to the definition of "Dollar Equivalent". The amount
          so
          determined shall then be added to the amount already outstanding in Dollars
          for
          the purpose of determining the remaining availability of funds under §2.1 hereof
          and any required repayments under §3.2(a).

         

                 2.9.4. Funding.
          The Bank may make any Loan denominated in an Optional Currency by causing
          its
          Eurocurrency Lending Office or any of its foreign branches or foreign affiliate
          to make such Loan (whether or not such lending office, branch or affiliate
          is
          named as a lending office prior thereto; provided that in such event the
          obligation of the Borrowers to repay such Loan shall nevertheless be to
          the Bank
          and shall, for all purposes of this Credit Agreement be deemed made by
          the Bank
          to the extent of such Loan, for the account of such applicable lending
          office,
          branch or affiliate.

      

      

      3. REPAYMENT
        OF THE REVOLVING CREDIT LOANS.

       

          3.1. Maturity.
        (a) The Borrowers promise to pay on the Revolving Credit A Maturity Date,
        and
        there shall become absolutely due and payable on the Revolving Credit A Maturity
        Date, all Loans under Revolving Credit Facility A outstanding on such date,
        together with any and all accrued and unpaid interest thereon.

      

              (b) The
        Borrowers promise to pay on the Revolving Credit B Maturity Date, and there
        shall become absolutely due and payable on the Revolving Credit B Maturity
        Date,
        all Loans under Revolving Credit Facility B outstanding on such date, together
        with any and all accrued and unpaid interest thereon.

       

          3.2. Mandatory
        Repayments of the Loans. (a) If at any time the sum of the Dollar
        Equivalents of the outstanding amounts of the Loans under Revolving Credit
        Facility A, the Maximum Drawing Amount and all Unpaid Reimbursement Obligations
        exceeds the Revolving Credit A Commitment (whether as a result of currency
        fluctuations or otherwise), then the Borrowers shall immediately pay the
        amount
        of such excess to the Bank for application: first, to any Unpaid Reimbursement
        Obligations; second, to the Loans; and third, to provide the Bank cash
        collateral for Reimbursement Obligations as contemplated by §4.2(b) and
        (c).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b)
        If at
        any time the sum of the Dollar Equivalents of the outstanding amounts of
        the
        Loans under Revolving Credit Facility B and the Foreign Exchange Exposure,
        as
        determined by the Bank, exceeds the Revolving Credit B Commitment (whether
        as a
        result of currency fluctuations or otherwise), then the Borrowers shall
        immediately pay the amount of such excess to the Bank for application to
        the
        Loans.

       

          3.3. Optional
        Repayments of the Loans. The Borrowers shall have the right, at its
        election, to repay the outstanding amount of the Loans, as a whole or in
        part,
        at any time without penalty or premium, provided that any full or partial
        prepayment of the outstanding amount of any LIBOR Rate Loans shall be subject
        to
        the terms of Section 2.7.2. The Borrowers shall give the Bank written notice
        no
        later than 10:00 a.m. (Hartford time) on the date of any proposed prepayment
        pursuant to this §3.3 of Prime Rate Loans specifying the principal amount to be
        prepaid. Each such partial prepayment of the Loans shall be in an integral
        multiple of $50,000 (or in the case of a Loan denominated in an Optional
        Currency an amount (rounded to the nearest thousand) of which the Dollar
        Equivalent is $50,000), shall be accompanied by the payment of accrued interest
        on the principal prepaid to the date of prepayment and shall be applied,
        in the
        absence of instruction by the Borrowers, first to the principal of Prime
        Rate
        Loans and then to the principal of LIBOR Rate Loans.

      

      

      
        	
                 

              	
                4.
                  LETTERS OF CREDIT.

              

      

       

          4.1. Letter
        of
        Credit Commitments.

       

             4.1.1. Commitment
        to Issue Letters of Credit. Subject to the terms and conditions
        hereof and the execution and delivery by any Borrower of a letter of credit
        application on the Bank's customary form (a "Letter of Credit Application"),
        the
        Bank in reliance upon the representations and warranties of the Borrowers
        contained herein, agrees, at any time and from time to time from the Closing
        Date to the date which is thirty (30) days prior to the Revolving Credit
        A
        Maturity Date, to issue, extend and renew for the account of such Borrower
        one
        or more standby or documentary letters of credit (individually, a "Letter
        of
        Credit") denominated in Dollars, in such form as may be requested from time
        to
        time by such Borrower and agreed to by the Bank; provided, however, that,
        after
        giving effect to such request, the sum of (i) the Maximum Drawing Amount
        of all
        Letters of Credit, (ii) all Unpaid Reimbursement Obligations, and (iii) the
        Dollar Equivalent of the amount of all Loans outstanding shall not exceed
        the
        Revolving Credit A Commitment.

       

             4.1.2. Letter
        of Credit Applications. Each Letter of Credit Application shall be
        completed to the satisfaction of the Bank. In the event that any provision
        of
        any Letter of Credit Application shall be inconsistent with any provision
        of
        this Credit Agreement, then the provisions of this Credit Agreement shall,
        to
        the extent of any such inconsistency, govern.

      

             4.1.3. Terms
        of Letters of Credit. Each Letter of Credit issued, extended or
        renewed hereunder shall, among other things, (i) provide for the payment
        of
        sight drafts for honor thereunder when presented in accordance with the terms
        thereof and when accompanied by the documents described therein, and (ii)
        have
        an expiry date no later than seven (7) days prior to the Revolving Credit
        A
        Maturity Date. Each Letter of Credit so issued, extended or renewed shall
        be
        subject to the Uniform Customs or, in the case of a standby Letter of Credit,
        either the Uniform Customs or the International Standby Practices.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
           4.2. Reimbursement
          Obligation of the Borrowers. In order to induce the Bank to issue,
          extend and renew each Letter of Credit, the Borrowers hereby agree to reimburse
          or pay to the Bank, with respect to each Letter of Credit issued, extended
          or
          renewed by the Bank hereunder,

      

      

      (a) except
        as
        otherwise expressly provided in §4.2(b) and (c), on each date that any draft
        presented under such Letter of Credit is honored by the Bank, or the Bank
        or
        otherwise makes a payment with respect thereto, (i) the amount paid by the
        Bank
        under or with respect to such Letter of Credit, and (ii) the amount of any
        taxes
        (other than Excluded Taxes), fees, charges or other costs and expenses
        whatsoever incurred by the Bank in connection with any payment made by the
        Bank
        under, or with respect to, such Letter of Credit,

      

      (b) upon
        the
        reduction (but not termination) of the Revolving Credit A Commitment to an
        amount less than the Maximum Drawing Amount, an amount equal to such difference,
        which amount shall be held by the Bank as cash collateral for all Reimbursement
        Obligations, and

      

      (c) upon
        the
        termination of the Revolving Credit A Commitment, or the acceleration of
        the
        Reimbursement Obligations with respect to all Letters of Credit in accordance
        with §12, an amount equal to the then Maximum Drawing Amount on all Letters of
        Credit, which amount shall be held by the Bank as cash collateral for all
        Reimbursement Obligations.

          

      Each
        such
        payment shall be made to the Bank at the Bank's Head Office in Same Day Funds.
        Interest on any and all amounts remaining unpaid by the Borrowers under this
        §4.2 at any time from the date such amounts become due and payable (whether
        stated in this §4.2, by acceleration or otherwise) until payment in full
        (whether before or after judgment) shall be payable to the Bank on demand
        at the
        rate specified in §5.11 for overdue principal on Prime Rate Loans.

       

          4.3. Letter
        of Credit Payments. If any draft shall be presented or other demand
        for payment shall be made under any Letter of Credit, the Bank shall notify
        the
        Borrowers of the date and amount of the draft presented or demand for payment
        and of the date and time when it expects to pay such draft or honor such
        demand
        for payment. The responsibility of the Bank to the Borrowers shall be only
        to
        determine that the documents (including each draft) delivered under each
        Letter
        of Credit in connection with such presentment shall be in conformity in all
        material respects with such Letter of Credit.

       

          4.4. Obligations
        Absolute. The Borrowers' obligations under this §4 shall be
        absolute and unconditional under any and all circumstances and irrespective
        of
        the occurrence of any Default or Event of Default or any condition precedent
        whatsoever or any setoff, counterclaim or defense to payment which any Borrower
        may have or have had against the Bank or any beneficiary of a Letter of Credit.
        The Borrowers further agree with the Bank that the Bank shall not be responsible
        for, and the Borrowers' Reimbursement Obligations under §4.2 shall not be
        affected by, among other things, the validity or genuineness of documents
        or of
        any endorsements thereon, even if such document should in fact prove to be
        in
        any or all respects invalid, fraudulent or forged, or any dispute between
        or
        among any Borrower, the beneficiary of any Letter of Credit or any financing
        institution or other party to which any Letter of Credit may be transferred
        or
        any claims or defenses whatsoever of such Borrower against the beneficiary
        of
        any Letter of Credit or any such transferee. The Bank shall not be liable
        for
        any error, omission, interruption or delay in transmission, dispatch or delivery
        of any message or advice, however transmitted, in connection with any Letter
        of
        Credit, except to the extent such error, omission, interruption or delay
        arose
        from the Bank's gross negligence or willful misconduct. The Borrowers agree
        that
        any action taken or omitted by the Bank under or in connection with each
        Letter
        of Credit and the related drafts and document, if done in good faith and
        absent
        gross negligence or willful misconduct, shall be binding upon the Borrowers
        and
        shall not result in any liability on the part of the Bank to the
        Borrowers.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

          4.5. Reliance
        by Issuer. To the extent not inconsistent with §4.4, the Bank shall
        be entitled to rely, and shall be fully protected in relying upon, any Letter
        of
        Credit, draft, writing, resolution, notice, consent, certificate, affidavit,
        letter, cablegram, telegram, telecopy, telex or teletype message, statement,
        order or other document 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, independent accountants and other experts selected
        by the Bank.

       

          4.6. Letter
        of Credit Fee. The Borrowers shall pay a fee (in each case, a
        "Letter of Credit Fee") to the Bank in respect of each documentary or standby
        Letter of Credit calculated at the rate equal to the Applicable Margin for
        LIBOR
        Rate Loans per annum of the face amount of such Letter of Credit. The Letter
        of
        Credit Fees for each Letter of Credit shall be payable quarterly in arrears
        on
        the first day of each calendar quarter for the immediately preceding calendar
        quarter.

      

      

      5. CERTAIN
        GENERAL PROVISIONS.

       

          5.1. Indemnities.
        In addition to the LIBOR Rate Loan Prepayment Fee, the Borrowers agree to
        reimburse the Bank (without duplication) for any increase in the cost to
        the
        Bank, or reduction in the amount of any sum receivable by the Bank, in respect,
        or as a result of:

      

      
        	(a)	
                any
                  conversion or repayment or prepayment of the principal amount of
                  any LIBOR
                  Rate Loans on a date other than the scheduled last day of the Interest
                  Period applicable thereto, whether pursuant to Section 2.6 or 2.7
                  or
                  otherwise;

              

      

      

      
        	(b)	
                any
                  LIBOR Rate Loans not being continued as, or converted into, LIBOR 
                  Rate
                  Loans in accordance with the continuation/conversion notice thereof,
                  or
                  

              

      

      
         

        
          	(c)	
                  any
                    costs associated with marking to market any Hedging Obligations
                    that (in
                    the reasonable determination of the Bank) are required to be
                    terminated as
                    a result of any conversion, repayment or prepayment of the principal
                    amount of any LIBOR Rate Loan on a date other than the scheduled
                    last day
                    of the Interest Period applicable thereto, whether pursuant to
                    Section 2.7
                    or otherwise;

                

        

      

       

      The
        Bank
        shall promptly notify the Borrowers in writing of the occurrence of any such
        event, such notice to state, in reasonable detail, the reasons therefor and
        the
        additional amount required fully to compensate the Bank for such increased
        cost
        or reduced amount. Such additional amounts shall be payable by the Borrowers
        to
        the Bank within five days of its receipt of such notice, and such notice
        shall,
        in the absence of manifest error, be conclusive and binding on the Borrowers.
        The Borrowers understand, agree and acknowledge the following: (i) the Bank
        does
        not have any obligation to purchase, sell and/or match funds in connection
        with
        the use of LIBOR Rate as a basis for calculating the rate of interest on
        a LIBOR
        Rate Loan, (ii) the LIBOR Rate may be used merely as a reference in determining
        such rate, and (iii) the Borrowers have accepted the LIBOR Rate as a reasonable
        and fair basis for calculating such rate, the LIBOR Rate Prepayment Fee,
        and
        other funding losses incurred by the Bank. Borrowers further agree to pay
        the
        LIBOR Rate Prepayment Fee and other funding losses, if any, whether or not
        the
        Bank elects to purchase, sell and/or match funds.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

          5.2. Taxes.
        All payments by the Borrowers of principal of, and interest on, the LIBOR
        Rate
        Loans and all other amounts payable hereunder shall be made free and clear
        of
        and without deduction for any present or future income, excise, stamp or
        franchise taxes and other taxes, fees, duties, withholdings or other charges
        of
        any nature whatsoever imposed by any taxing authority, but excluding franchise
        taxes and taxes imposed on or measured by the Bank’s net income or receipts
        (such non-excluded items being called “Taxes”). In the event that any
        withholding or deduction from any payment to be made by the Borrowers hereunder
        is required in respect of any Taxes pursuant to any applicable law, rule
        or
        regulation, then the Borrowers will

      

      
        	(a)	
                pay
                  directly to the relevant authority the full amount required to
                  be so
                  withheld or deducted;

              

      

      

      
        	(b)	
                promptly
                  forward to the Bank an official receipt or other documentation
                  satisfactory to the Bank evidencing such payment to such authority;
                  and

              

      

       

      
        	(c)	
                pay
                  to the Bank such additional amount or amounts as is necessary to
                  ensure
                  that the net amount actually received by the Bank will equal the
                  full
                  amount the Bank would have received had no such withholding or
                  deduction
                  been required.

              

      

      

      Moreover,
        if any Taxes are directly asserted against the Bank with respect to any payment
        received by the Bank hereunder, the Bank may pay such Taxes and the Borrowers
        will promptly pay such additional amount (including any penalties, interest
        or
        expenses) as is necessary in order that the net amount received by the Bank
        after the payment of such Taxes (including any Taxes on such additional amount)
        shall equal the amount the Bank would have received had such Taxes not been
        asserted.

      

      If
        the
        Borrowers fail to pay any Taxes when due to the appropriate taxing authority
        or
        fails to remit to the Bank the required receipts or other required documentary
        evidence, the Borrowers shall indemnify the Bank for any incremental Taxes,
        interest or penalties that may become payable by the Bank as a result of
        any
        such failure.

       

          5.3. Funds
        for Payments.

       

          5.3.1. Payments
        to Bank. All payments of principal, interest, Reimbursement
        Obligations, commitment fees, Letter of Credit Fees and any other amounts
        due
        hereunder or under any of the other Loan Documents shall be made in Same
        Day
        Funds on the due date thereof to the Bank at the Bank's Head Office or at
        such
        other place that the Bank may from time to time designate, in each case at
        or
        about 11:00 a.m. (Hartford, Connecticut time or other local time at the place
        of
        payment).

       

          5.3.2. No
        Offset, etc. All payments by the Borrowers hereunder and under any
        of the other Loan Documents shall be made without recoupment, setoff or
        counterclaim and free and clear of and without deduction for any Taxes (other
        than any Excluded Taxes, if applicable) now or hereafter imposed or levied
        by
        any jurisdiction or any political subdivision thereof or taxing or other
        authority therein unless the Borrowers are compelled by law to make such
        deduction or withholding. If any such obligation is imposed upon the Borrowers
        with respect to any amount payable by any Borrower hereunder or under any
        of the
        other Loan Documents, the Borrowers will pay to the Bank on the date on which
        such amount is due and payable hereunder or under such other Loan Document,
        such
        additional amount in Dollars as shall be necessary to enable the Bank to
        receive
        the same net amount which the Bank would have received on such due date had
        no
        such obligation been imposed upon the Borrowers. The Borrowers will deliver
        promptly to the Bank certificates or other valid vouchers for all Taxes or
        other
        charges deducted from or paid with respect to payments made by the Borrowers
        hereunder or under such other Loan Document.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

                5.3.3. Currency
        Matters.

      

      (a) Dollars
        are the currency of payment for each and every sum due at any time from the
        Borrowers hereunder; provided, that (i) except as expressly provided in this
        Credit Agreement, each repayment of a Loan or a part thereof shall be made
        in
        the currency in which such Loan is denominated at the time of repayment;
        (ii)
        each payment of interest shall be made in the currency in which the applicable
        principal amount is denominated; (iii) each payment of Letter of Credit Fees
        and
        commitment fees shall be in Dollars; (iv) each payment in respect of costs,
        expenses and indemnities shall be made in the currency in which they were
        incurred; and (v) any amount expressed to be payable in a currency other
        than
        Dollars shall be paid in that other currency.

      

      (b) No
        payment
        to the Bank (whether under any judgment or court order or otherwise) shall
        discharge the obligation or liability in respect of which it was made unless
        and
        until the Bank shall have received payment in full in the currency in which
        such
        obligation or liability was incurred, and to the extent that the amount of
        any
        such payment shall, on actual conversion into such currency, fall short of
        such
        obligation or liability expressed in that currency, the Borrowers shall
        indemnify and hold harmless the Bank, as the case may be, with respect to
        the
        amount of the shortfall. In the event that, notwithstanding the requirements
        of
§5.3.3(a), the Borrowers make a payment in a currency other than the currency
        in
        which the amount to be paid is expressed, the Bank shall use reasonable efforts
        to convert such amount promptly into such currency in accordance with its
        usual
        and customary practice.

       

          5.4. Computations.
        All computations of interest on the Loans (other than Prime Rate Loans),
        unused
        line fees, Letter of Credit Fees and all other fees and charges shall be
        based
        on a 360-day year and paid for the actual number of days elapsed. All
        computations of interest on Prime Rate Loans shall be based on a 365-day
        year
        and paid for the actual number of days elapsed. Except as otherwise provided
        in
        the definition of the term "Interest Period" with respect to LIBOR Rate Loans,
        whenever a payment hereunder or under any of the other Loan Documents becomes
        due on a day that is not a Business Day, the due date for such payment shall
        be
        extended to the next succeeding Business Day, and interest shall accrue during
        such extension. The Bank shall disclose to the Borrowers the outstanding
        amount
        of the Loans as reflected on the Revolving Credit Note Records from time
        to time
        within ten (10) days after notice from the Borrowers requesting such amount.
        The
        outstanding amount of the Loans as reflected on the Revolving Credit Note
        Records from time to time shall be considered correct and binding on the
        Borrowers unless within five (5) Business Days after receipt of any notice
        by
        the Bank of such outstanding amount, the Bank shall notify the Borrowers
        to the
        contrary.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

          5.5. Substitute
        Rate. If the Bank shall have reasonably determined (which
        determination shall be conclusive and binding absent manifest error)
        that

      

      
        	(a)	
                by
                  reason of circumstances affecting the relevant market, US Dollar
                  deposits
                  in the relevant amount and for the relevant Interest Period are
                  not
                  available to the Bank in the London interbank market;
                  or

              

      

      

      
        	
              	(b)	
                by
                  reason of circumstances affecting the Bank in the London interbank
                  market,
                  adequate means do not exist for ascertaining the LIBOR Rate applicable
                  hereunder to LIBOR Rate Loans of any duration;
                  or

              

      

      

      
        	(c)	
                the
                  LIBOR Rate does not adequately and fairly reflect the cost to the
                  Bank of
                  funding LIBOR Rate Loans that the Borrowers have
                  requested,

              

      

      

      the
        Bank
        shall forthwith give telephonic notice of such determination, confirmed in
        writing, to the Borrowers, and upon delivery of such notice, all LIBOR Rate
        Loans shall automatically convert, at the Borrowers' option, either (i) to
        Prime
        Rate Loans or (ii) to LIBOR-Reference Banks Loans. Until any such notice
        has
        been withdrawn by the Bank, no further Loans shall be made as, or converted
        into, LIBOR Rate Loans. 

       

          5.6. LIBOR
        Rate Lending Unlawful. If the Bank shall determine (which
        determination shall, upon notice thereof to the Borrowers be conclusive and
        binding on the Borrowers) that the introduction of or any change in or in
        the
        interpretation of any law, rule, regulation or guideline, (whether or not
        having
        the force of law) makes it unlawful, or any central bank or other governmental
        authority asserts that it is unlawful, for the Bank to make, continue or
        maintain any LIBOR Rate Loan as, or to convert any Loan into, a LIBOR Rate
        Loan
        of a certain duration, all LIBOR Rate Loans of such type shall automatically
        convert into LIBOR-Reference Banks Loans at the end of the then current Interest
        Periods with respect thereto or sooner, if required by such law or assertion.
        For purposes of this Credit Agreement, in the event of such a conversion,
        all
        LIBOR-Reference Banks Loans shall be treated (except as to interest rate)
        as
        equivalent to a LIBOR Rate Loan of similar amount and Interest Period. For
        greater certainty, all provisions of this Credit Agreement relating to LIBOR
        Rate Loans shall apply equally to LIBOR-Reference Banks Loans, including,
        but
        not limited to the manner in which LIBOR-Reference Banks Loans are requested,
        continued, converted, the manner in which interest accrues, is payable,
        principal payments are made, whether voluntary or involuntary, as well as
        any
        penalties, increased costs or taxes associated with any of the
        foregoing.

       

          5.7. Increased
        Costs. If on or after the date hereof the adoption of any
        applicable law, rule or regulation or guideline (whether or not having the
        force
        of law), or any change therein, or any change in the interpretation or
        administration thereof by any governmental authority, central bank or comparable
        agency charged with the interpretation or administration thereof, or compliance
        by the Bank with any request or directive (whether or not having the force
        of
        law) of any such authority, central bank or comparable agency:

      

      (a) shall
        subject the Bank to any tax, duty or other charge with respect to its LIBOR
        Rate
        Loans or its obligation to make LIBOR Rate Loans, or shall change the basis
        of
        taxation of payments to the Bank of the principal of or interest on its LIBOR
        Rate Loans or any other amounts due under this agreement in respect of its
        LIBOR
        Rate Loans or its obligation to make LIBOR Rate Loans (except for the
        introduction of, or change in the rate of, tax on the overall net income
        of the
        Bank or franchise taxes, imposed by the jurisdiction (or any political
        subdivision or taxing authority thereof) under the laws of which the Bank
        is
        organized or in which the Bank’s principal executive office is located);
        or

      

      (b) shall
        impose, modify or deem applicable any reserve, special deposit or similar
        requirement (including, without limitation, any such requirement imposed
        by the
        Board of Governors of the Federal Reserve System of the United States) against
        assets of, deposits with or for the account of, or credit extended by, the
        Bank
        or shall impose on the Bank or on the London interbank market any other
        condition affecting its LIBOR Rate Loans or its obligation to make LIBOR
        Rate
        Loans;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      and
        the
        result of any of the foregoing is to increase the cost to the Bank of making
        or
        maintaining any LIBOR Rate Loan, or to reduce the amount of any sum received
        or
        receivable by the Bank under this Agreement with respect thereto, by an amount
        deemed by the Bank to be material, then, within 15 days after demand by the
        Bank, the Borrowers shall pay to the Bank such additional amount or amounts
        as
        will compensate the Bank for such increased cost or reduction.

       

          5.8. Increased
        Capital Costs. If any change in, or the introduction, adoption,
        effectiveness, interpretation, reinterpretation or phase-in of, any law or
        regulation, directive, guideline, decision or request (whether or not having
        the
        force of law) of any court, central bank, regulator or other governmental
        authority affects or would affect the amount of capital required or expected
        to
        be maintained by the Bank, or person controlling the Bank, and the Bank
        determines (in its sole and absolute discretion) that the rate of return
        on its
        or such controlling person’s capital as a consequence of its commitments or the
        Loans made by the Bank is reduced to a level below that which the Bank or
        such
        controlling person could have achieved but for the occurrence of any such
        circumstance (other than a circumstance in which the Bank's capital is required
        to be increased because of losses on loans to other borrowers), then, in
        any
        such case upon notice from time to time by the Bank to the Borrowers, the
        Borrowers shall immediately pay directly to the Bank additional amounts
        sufficient to compensate the Bank or such controlling person for such reduction
        in rate of return. A statement of the Bank as to any such additional amount
        or
        amounts (including calculations thereof in reasonable detail) shall, in the
        absence of manifest error, be conclusive and binding on the Borrowers. In
        determining such amount, the Bank may use any method of averaging and
        attribution that it (in its sole and absolute discretion) shall deem
        applicable.

       

          5.9. Certificate.
        A certificate setting forth any additional amounts payable pursuant to §§5.7 or
        5.8 and a brief explanation of such amounts which are due, submitted by the
        Bank
        or the Bank to the Borrowers, shall be conclusive, absent manifest error,
        that
        such amounts are due and owing.

       

          5.10. Indemnity.
        The Borrowers agree to indemnify the Bank and to hold the Bank harmless from
        and
        against any loss, cost or expense (including loss of anticipated profits)
        that
        the Bank may sustain or incur as a consequence of (i) default by the Borrowers
        in payment of the principal amount of or any interest on any LIBOR Rate Loans
        as
        and when due and payable, including any such loss or expense arising from
        interest or fees payable by the Bank to lenders of funds obtained by it in
        order
        to maintain its LIBOR Rate Loans, (ii) default by any Borrower in making
        a
        borrowing or conversion after such Borrower has given (or is deemed to have
        given) a Loan Request or a Conversion Request relating thereto in accordance
        with §2.6 or §2.7 or (iii) the making of any payment of a LIBOR Rate Loan or the
        making of any conversion of any such Loan to a Prime Rate Loan on a day that
        is
        not the last day of the applicable Interest Period with respect thereto,
        including interest or fees payable by the Bank to lenders of funds obtained
        by
        it in order to maintain any such Loans.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
         

            5.11. Interest
          After Default. During the continuance of a Default or an Event of
          Default the principal of the Loans and all other amounts payable hereunder
          or
          under any of the other Loan Documents shall, until such Default or Event
          of
          Default has been cured or remedied bear interest at a rate per annum (a)
          in the
          case of the Loans, equal to two percentage points (2%) above the rate of
          interest otherwise applicable to such Loans pursuant to §2.5, and (b) in the
          case of all such other amounts, equal to two percentage points (2%) above
          the
          rate of interest otherwise applicable to Prime Rate Loans pursuant to
§2.5.

      

       

          5.12. Indemnifiable
        Events.

      

      (a) Should
        an
        event referred to in Section 5.5, 5.6, 5.7, or 5.8 occur that results in
        an
        additional amount or amounts due by Borrower to Bank (an “Indemnifiable Event”),
        Bank shall notify Borrower of the Indemnifiable Event. To the extent the
        Indemnifiable Event is not addressed by an adjustment to the LIBOR Lending
        Rate,
        the LIBOR-Referenced Banks Lending Rate, or the Prime Rate, as applicable,
        the
        Borrower and Bank shall thereafter attempt to negotiate in good faith, within
        thirty (30) days of the day that Borrower receives notice, an adjustment
        that
        will adequately compensate Bank. If the Borrower and Bank are unable to agree
        to
        an adjustment amount within thirty (30) days of the day that Borrower receives
        notice, then Borrower shall within 15 days after demand by the Bank, pay
        to the
        Bank such additional amount or amounts as are necessary to compensate Bank
        in
        accordance with the applicable section. A statement of the Bank as to any
        such
        additional amount or amounts (including calculations thereof in reasonable
        detail) shall, in the absence of manifest error, be conclusive and binding
        on
        the Borrowers. In determining such amount, the Bank may use any method of
        averaging and attribution that it (in its sole and absolute discretion) shall
        deem applicable.

      

      (b) In
        all
        cases, should the Borrower’s prepayment of any Obligations or the Borrower’s
        reduction of a Commitment in accordance with Section 2.3 result in the reduction
        or elimination of the additional amount or amounts that would otherwise be
        due
        Bank pursuant to sections 5.5,5.6,5.7 or 5.8, then Borrower may at its sole
        discretion prepay such Obligations or reduce the commitment under this
        Agreement.

      

          (c) A
        change
        in the LIBOR Reserve Percentage shall not constitute an Indemnifiable Event
        for
        the purposes of this Section 5.12.

      

      

      6. REPRESENTATIONS
        AND WARRANTIES OF THE BORROWERS.

      

      Each
        Borrower represents and warrants to the Bank as follows:

       

          6.1. Corporate
        Authority.

       

                 6.1.1. Incorporation;
        Good Standing. Each of Rogers US and its Subsidiaries (i) is a
        corporation or other limited liability entity duly organized, validly existing
        and in good standing under the laws of its state or other jurisdiction of
        incorporation except, in the case of Foreign Subsidiaries that are not
        Borrowers, where the failure to be so organized, existing or in good standing
        would not have a Material Adverse Effect, (ii) has all requisite corporate
        power
        to own its property and conduct its business as now conducted and as presently
        contemplated, and (iii) is in good standing as a foreign corporation and
        is duly
        authorized to do business in each jurisdiction where such qualification is
        necessary except where a failure to be so qualified would not have a Material
        Adverse Effect.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

              6.1.2. Authorization.
        The execution, delivery and performance of this Credit Agreement and the
        other
        Loan Documents to which the Borrowers or any of their respective Subsidiaries
        are or are to become a party and the transactions contemplated hereby and
        thereby (i) are within the authority (corporate or otherwise) of such Person,
        (ii) have been duly authorized by all necessary proceedings (corporate or
        otherwise), (iii) to the knowledge of the Borrowers or any of their respective
        Subsidiaries, do not conflict with or result in any breach or contravention
        of
        any provision of law, statute, rule or regulation to which any Borrower or
        any
        of its Subsidiaries is subject or any judgment, order, writ, injunction,
        license
        or permit applicable to any Borrower or any of its Subsidiaries and (iv)
        do not
        conflict with any provision of the charter or bylaws of, or any agreement
        or
        other instrument binding upon, any Borrower or any of its
        Subsidiaries.

       

                6.1.3. Enforceability.
        The execution and delivery of this Credit Agreement and the other Loan Documents
        to which the Borrowers or any of their respective Subsidiaries are or are
        to
        become a party will result in valid and legally binding obligations of such
        Person enforceable against it in accordance with the respective terms and
        provisions hereof and thereof, except as enforceability is limited by
        bankruptcy, insolvency, reorganization, moratorium or other laws relating
        to or
        affecting generally the enforcement of creditors' rights and except to the
        extent that availability of the remedy of specific performance or injunctive
        relief is subject to the discretion of the court before which any proceeding
        therefor may be brought.

       

          6.2. Governmental
        Approvals. The execution, delivery and performance by the Borrowers
        and any of their respective Subsidiaries of this Credit Agreement and the
        other
        Loan Documents to which the Borrowers or any of their respective Subsidiaries
        are or are to become a party and the transactions contemplated hereby and
        thereby do not require the approval or consent of, or filing with, any
        governmental agency or authority other than those already obtained.

       

          6.3. Title
        to Properties; Leases. Except as indicated on Schedule 6.3 hereto
        and except for property and assets disposed of pursuant to §8.5.2, Rogers US and
        its Subsidiaries own all of the assets reflected in the consolidated balance
        sheet of Rogers US and its Subsidiaries as at the Balance Sheet Date or acquired
        since that date (except property and assets either singly or in the aggregate
        (i) the failure of which to be owned by Rogers US or a Subsidiary would not
        have
        a Material Adverse Effect, or (ii) sold or otherwise disposed of in the ordinary
        course of business since that date), subject to no rights of others, including
        any mortgages, leases, conditional sales agreements, title retention agreements,
        liens or other encumbrances except Permitted Liens.

       

          6.4. Financial
        Statements and Projections.

       

              6.4.1. Fiscal
        Year. Except as set forth in Schedule 6.4.1, Rogers US and each of
        its Domestic Subsidiaries has a fiscal year which is the twelve months beginning
        on the Monday nearest January 1 and ending on the Sunday nearest December
        31 of
        each year.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

               6.4.2. Financial
        Statements. There has been furnished to the Bank a consolidated
        balance sheet of Rogers US and its Subsidiaries as at the Balance Sheet Date,
        and a consolidated statement of income of Rogers US and its Subsidiaries
        for the
        fiscal year then ended, each certified by Ernst & Young LLP. Such balance
        sheet and statement of income have been prepared in accordance with generally
        accepted accounting principles and fairly present the financial condition
        of
        Rogers US as at the close of business on the date thereof and the results
        of
        operations for the fiscal year then ended. There are no contingent liabilities
        of Rogers US or any of its Subsidiaries as of such date involving material
        amounts, known to the officers of Rogers US, which were not disclosed in
        such
        balance sheet and the notes related thereto.

       

               6.4.3. Projections.
        The projections of the annual operating budgets of Rogers US and its
        Subsidiaries on a consolidated basis, balance sheets and cash flow statements
        for the 2006 to 2010 fiscal years of Rogers US, copies of which have been
        delivered to the Bank, disclose all material assumptions made with respect
        to
        general economic, financial and market conditions used in formulating such
        projections. To the knowledge of Rogers US or any of its Subsidiaries, no
        facts
        exist that (individually or in the aggregate) would result in any material
        change in any of such projections. The projections are based upon reasonable
        estimates and assumptions, have been prepared on the basis of the assumptions
        stated therein and reflect the reasonable estimates of Rogers US and its
        Subsidiaries of the results of operations and other information projected
        therein.

       

          6.5. No
        Material Changes, Solvency etc. (a) Since the Balance Sheet Date
        there has occurred no materially adverse change in the financial condition
        or
        business of Rogers US and its Subsidiaries as shown on or reflected in the
        consolidated balance sheet of Rogers US and its Subsidiaries as at the Balance
        Sheet Date, or the consolidated statement of income for the fiscal year then
        ended, other than changes in the ordinary course of business that have not
        had
        any Material Adverse Effect. Since the Balance Sheet Date, no Borrower has
        made
        any Distributions other than as permitted by §8.4.

      

      (b) Except
        as
        disclosed on Schedule 6.5(b), Rogers US and each of its Subsidiaries (both
        before and after giving effect to the transactions contemplated by this Credit
        Agreement and the other Loan Documents) (i) is solvent, (ii) has assets having
        a
        fair value in excess of its liabilities, (iii) has assets having a fair value
        in
        excess of the amount required to pay its liabilities on existing debts as
        such
        debts become absolute and matured, and (iv) has, and expects to continue
        to
        have, access to adequate capital for the conduct of its business and the
        ability
        to pay its debts from time to time incurred in connection therewith as such
        debts mature.

       

          6.6. Franchises,
        Patents, Copyrights, etc. Each of Rogers US and its Subsidiaries
        possesses all franchises, patents, copyrights, trademarks, trade names, licenses
        and permits, and rights in respect of the foregoing, adequate for the conduct
        of
        its business substantially as now conducted without known conflict with any
        rights of others, except where the failure to possess any of the foregoing
        would
        not, either in any case or in the aggregate, have a Material Adverse
        Effect.

       

          6.7. Litigation.
        Except as set forth in Schedule 6.7 hereto, there are no actions, suits,
        proceedings or investigations of any kind pending or threatened against any
        Borrower or any of its Subsidiaries before any court, tribunal or administrative
        agency or board that, if adversely determined, would be reasonably likely,
        either in any case or in the aggregate, to +have a Material Adverse Effect,
        or
        result in any substantial liability not adequately covered by insurance,
        or for
        which adequate reserves are not maintained on the consolidated balance sheet
        of
        Rogers US and its Subsidiaries, or which question the validity of this Credit
        Agreement or any of the other Loan Documents, or any action taken or to be
        taken
        pursuant hereto or thereto.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

          6.8. No
        Materially Adverse Contracts, etc. Neither Rogers US nor any of its
        Subsidiaries is subject to any charter, corporate or other legal restriction,
        or
        any judgment, decree, order, rule or regulation that has or is expected in
        the
        future to have a Material Adverse Effect. Neither Rogers US nor any of its
        Subsidiaries is a party to any contract or agreement that has or is expected,
        in
        the judgment of Rogers US's officers, to have a Material Adverse
        Effect.

       

          6.9. Compliance
        with Other Instruments, Laws, etc. Neither Rogers US nor any of its
        Subsidiaries is in violation of any provision of its charter documents, bylaws,
        or any agreement or instrument to which it may be subject or by which it
        or any
        of its properties may be bound or any decree, order, judgment, statute, license,
        rule or regulation, in any of the foregoing cases in a manner that could
        result
        in the imposition of substantial penalties or have a Material Adverse
        Effect.

       

          6.10. Tax
        Status. Rogers US and its Subsidiaries (i) to their knowledge have
        made or filed all federal and state income and all other tax returns, reports
        and declarations required by any jurisdiction to which any of them is subject,
        (ii) to their knowledge have paid all taxes and other governmental assessments
        and charges shown or determined to be due on such returns, reports and
        declarations, except those being contested in good faith and by appropriate
        proceedings and (iii) have set aside on their books provisions reasonably
        adequate for the payment of all taxes for periods subsequent to the periods
        to
        which such returns, reports or declarations apply. There are no unpaid taxes
        in
        any material amount claimed to be overdue by the taxing authority of any
        jurisdiction except for those being contested in good faith and by appropriate
        proceedings, and (except in respect of such contested taxes) the officers
        of the
        Borrowers know of no basis for any such claim. On the Closing Date, neither
        Rogers US nor its Subsidiaries is the subject of an ongoing audit conducted
        by
        the Internal Revenue Service or an agency having equivalent authority in
        any
        other country, except as otherwise set forth on Schedule 6.10.

       

          6.11. No
        Event of Default. No Default or Event of Default has occurred and
        is continuing.

       

          6.12. Holding
        Company and Investment Company Acts. Neither Rogers US nor any of
        its Subsidiaries is a "holding company", or a "subsidiary company" of a "holding
        company", or an "affiliate" of a "holding company", as such terms are defined
        in
        the Public Utility Holding Company Act of 1935; nor is it an "investment
        company", or an "affiliated company" or a "principal underwriter" of an
        "investment company", as such terms are defined in the Investment Company
        Act of
        1940.

      
    6.13. Absence
        of Financing Statements, etc. To the knowledge of Rogers US or any
        of its Subsidiaries, after reasonable inquiry, and except with respect to
        the
        liens set forth on Schedule 8.2 and other Permitted Liens, there is no financing
        statement, security agreement, chattel mortgage, real estate mortgage or
        other
        document filed or recorded with any filing records, registry or other public
        office, that purports to cover, affect or give notice of any present or possible
        future lien on, or security interest in, any assets or property of any Borrower
        or any of its Subsidiaries or any rights relating thereto.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

          6.14. Certain
        Transactions. Except for arm's length transactions pursuant to
        which Rogers US or any of its Subsidiaries makes payments in the ordinary
        course
        of business upon terms no less favorable than Rogers US or such Subsidiary
        could
        obtain from third parties, none of the officers, directors, or to the knowledge
        of the Borrowers employees of Rogers US or any of its Subsidiaries is presently
        a party to any transaction with Rogers US or any of its Subsidiaries (other
        than
        for services as employees, officers and directors), including any contract,
        agreement or other arrangement providing for the furnishing of services to
        or
        by, providing for rental of real or personal property to or from, or otherwise
        requiring payments to or from any officer, director or such employee or,
        to the
        knowledge of the Borrowers, any corporation, partnership, trust or other
        entity
        in which any officer, director, or any such employee has a substantial interest
        or is an officer, director, trustee or partner.

       

          6.15. Employee
        Benefit Plans.

       

                6.15.1. In
        General. Each Employee Benefit Plan and each Guaranteed Pension
        Plan (each, a "Plan") has been maintained and operated in compliance in all
        material respects with the provisions of ERISA and, to the extent applicable,
        the Code, including but not limited to the provisions thereunder respecting
        prohibited transactions and the bonding of fiduciaries and other persons
        handling plan funds as required by §412 of ERISA, except where such
        noncompliance would not have a Material Adverse Effect.

       

              6.15.2. Terminability
        of Welfare Plans. No Employee Benefit Plan that is an employee
        welfare benefit plan within the meaning of §3(1) or §3(2)(B) of ERISA provides
        benefit coverage subsequent to termination of employment, except as set forth
        on
        Schedule 6.15 or as required by Title I, Part 6 of ERISA or the applicable
        state
        insurance laws. The Borrowers may terminate each such Plan at any time (or
        at
        any time subsequent to the expiration of any applicable bargaining agreement)
        in
        the discretion of the Borrowers without liability to any Person other than
        for
        claims arising prior to termination.

       

              6.15.3. Guaranteed
        Pension Plans. Each contribution required to be made to a
        Guaranteed Pension Plan, whether required to be made to avoid the incurrence
        of
        an accumulated funding deficiency, the notice or lien provisions of §302(f) of
        ERISA, or otherwise, has been timely made. No waiver of an accumulated funding
        deficiency or extension of amortization periods has been received with respect
        to any Guaranteed Pension Plan, and neither Rogers US nor any ERISA Affiliate
        is
        obligated to or has posted security in connection with an amendment to a
        Guaranteed Pension Plan pursuant to §307 of ERISA or §401(a)(29) of the Code. No
        liability to the PBGC (other than required insurance premiums, all of which
        have
        been paid when due) has been incurred by Rogers US or any ERISA Affiliate
        with
        respect to any Guaranteed Pension Plan and there has not been any ERISA
        Reportable Event (other than an ERISA Reportable Event as to which the
        requirement of 30 days notice has been waived), or any other event or condition
        which presents a material risk of termination of any Guaranteed Pension Plan
        by
        the PBGC. Based on the valuation of each Guaranteed Pension Plan dated as
        of
        January 1, 2006, and on the actuarial methods and assumptions employed for
        that
        valuation, as of January 1, 2006 the benefit liabilities of each such Guaranteed
        Pension Plan within the meaning of §4001 of ERISA did not exceed the value of
        the assets of such Guaranteed Pension Plan by more than $500,000.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

              6.15.4. Multiemployer
        Plans. Neither Rogers US nor any ERISA Affiliate has incurred any
        material liability (including secondary liability) to any Multiemployer Plan
        as
        a result of a complete or partial withdrawal from such Multiemployer Plan
        under
§4201 of ERISA or as a result of a sale of assets described in §4204 of ERISA.
        Neither Rogers US nor any ERISA Affiliate has been notified that any
        Multiemployer Plan is in reorganization or insolvent under and within the
        meaning of §4241 or §4245 of ERISA or is at risk of entering reorganization or
        becoming insolvent, or that any Multiemployer Plan intends to terminate or
        has
        been terminated under §4041A of ERISA.

       

      6.16. Use
        of Proceeds.

       

              6.16.1. General.
        The proceeds of the Loans shall be used on the Closing Date to repay all
        existing Indebtedness, if any, outstanding under the Existing Bank of America
        Agreement and thereafter for (i) working capital, Capital Expenditures and
        other
        lawful general corporate purposes, and (ii) acquisitions, in each case subject
        to the terms and conditions of this Agreement. The Borrowers will obtain
        Letters
        of Credit solely for general corporate purposes.

       

              6.16.2. Regulations
        U and X. No portion of any Loan is to be used, and no portion of
        any Letter of Credit is to be obtained, for the purpose of purchasing or
        carrying any "margin security" or "margin stock" as such terms are used in
        Regulations U and X of the Board of Governors of the Federal Reserve System,
        12
        C.F.R. Parts 221 and 224.

       

              6.16.3. Ineligible
        Securities. No portion of the proceeds of any Loans is to be used,
        and no portion of any Letter of Credit is to be obtained, for the purpose
        of
        knowingly purchasing, or providing credit support for the purchase of, during
        the underwriting or placement period or within 30 days thereafter, any
        Ineligible Securities underwritten or privately placed by a Financial
        Affiliate.

       

      6.17. Environmental
        Compliance. Except as disclosed on Schedule 6.17:

      

      (a) to
        the
        best of the knowledge of Rogers US or its Domestic Subsidiaries, none of
        Rogers
        US, its Domestic Subsidiaries or any of the Real Estate currently owned or
        leased by any one or more of them or in respect of which any of them is an
        "operator" within the meaning of that term as used in 42 U.S.C. §§9601 et seq.
        is in violation of any judgment, decree, order, law, license, rule or regulation
        pertaining to environmental matters, including without limitation, those
        arising
        under the Resource Conservation and Recovery Act ("RCRA"), the Comprehensive
        Environmental Response, Compensation and Liability Act of 1980 as amended
        ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986 ("SARA"),
        the Federal Clean Water Act, the Federal Clean Air Act, the Toxic Substances
        Control Act, or any analogous state or local statute, regulation, ordinance,
        order or decree (hereinafter "Environmental Laws"), which violation would
        have a
        Material Adverse Effect;

      

      (b) neither
        Rogers US nor any of its Domestic Subsidiaries has received notice from any
        third party including, without limitation, any federal, state or local
        governmental authority, (i) that any one of them has been identified by the
        United States Environmental Protection Agency ("EPA") as a potentially
        responsible party under CERCLA with respect to a site listed on the National
        Priorities List, 40 C.F.R. Part 300 Appendix B; (ii) that any hazardous waste,
        as defined by 42 U.S.C. §6903(5), any hazardous substances as defined by 42
        U.S.C. §9601(14), any pollutant or contaminant as defined by 42 U.S.C. §9601(33)
        and any toxic substances, oil or hazardous materials or other chemicals or
        substances regulated by any Environmental Laws ("Hazardous Substances") which
        any one of them has generated, transported or disposed of has been found
        at any
        site at which a federal, state or local agency or other third party has
        conducted or has ordered that Rogers US or any of its Domestic Subsidiaries
        conduct a remedial investigation, removal or other response action pursuant
        to
        any Environmental Law; or (iii) that it is a named party to any claim, action,
        cause of action, complaint, or legal or administrative proceeding (in each
        case,
        contingent or otherwise) in connection with such third party's incurrence
        of
        costs, expenses, losses or damages of any kind whatsoever caused by the release
        of Hazardous Substances; and

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (c) to
        the
        knowledge of Rogers US or its Domestic Subsidiaries after reasonable inquiry,
        (i) no portion of the Real Estate currently owned or leased by any one or
        more
        of them or in respect of which any of them is an "operator" within the meaning
        of that term as used in 42 U.S.C. §§9601 et seq. has been used for the handling,
        processing, storage or disposal of Hazardous Substances except in accordance
        with applicable Environmental Laws (A) at any time since 1995; or (B) between
        1980 and 1995, other than matters which have been closed and could not
        reasonably be expected to be reopened and as to which the failure to comply
        with
        such laws would not have a Material Adverse Effect; or (C) prior to 1980,
        other
        matters as to which the failure to comply with such laws would not have a
        Material Adverse Effect; (ii) no underground tank or other underground storage
        receptable for Hazardous Substances is located on any portion of that Real
        Estate except in accordance with applicable Environmental Law; (iii) in the
        course of any business or operations conducted by Rogers US, its Domestic
        Subsidiaries or other operators of its properties, no Hazardous Substances
        are
        currently being generated or are currently being used on the Real Estate
        except
        in accordance with applicable Environmental Laws; (iv) there have been no
        releases (i.e. any past or present releasing, spilling, leaking, pumping,
        pouring, emitting, emptying, discharging, injecting, escaping, disposing
        or
        dumping) or threatened releases of Hazardous Substances on, upon, into or
        from
        the Real Estate currently owned or leased by any one or more of them or in
        respect of which any of them is an "operator" within the meaning of that
        term as
        used in 42 U.S.C. §§9601 et seq. of Rogers US or its Domestic Subsidiaries,
        which releases would have a Material Adverse Effect; (v) there have been
        no
        releases from any real property in the vicinity of any of the Real Estate
        currently owned or leased by any one or more of them or in respect of which
        any
        of them is an "operator" within the meaning of that term as used in 42 U.S.C.
        §§9601 et seq. which, through soil or groundwater contamination, may have come
        to be located on that Real Estate, and which would have a Material Adverse
        Effect; and (vi) any Hazardous Substances that have been generated on any
        of the
        Real Estate currently owned or leased by any one or more of them or in respect
        of which any of them is an "operator" within the meaning of that term as
        used in
        42 U.S.C. §§9601 et seq. have been transported offsite by carriers having an
        identification number issued by the EPA, treated or disposed of by treatment
        or
        disposal facilities maintaining valid permits as required under applicable
        Environmental Laws at the time of such transportation, treatment or
        disposal.

       

          6.18. Subsidiaries,
        etc. The only Subsidiaries of each of the Borrowers are set forth
        on Schedule 6.18 hereto. Except as set forth on Schedule 6.18 hereto or as
        permitted by §8.3, neither Rogers US nor any Subsidiary of Rogers US has an
        interest in any Joint Venture or is engaged in any partnership with any other
        Person.

       

          6.19. Disclosure.
        None of this Credit Agreement or any of the other Loan Documents contains
        any
        untrue statement of a material fact or omits to state a material fact (known
        to
        Rogers US or any of its Subsidiaries in the case of any document or information
        not furnished by it or any of its Subsidiaries) necessary in order to make
        the
        statements herein or therein not misleading. There is no fact known to Rogers
        US
        or any of its Subsidiaries which has a Material Adverse Effect, or which
        is
        reasonably likely in the future to have a Material Adverse Effect, exclusive
        of
        effects resulting from changes in general economic conditions, legal standards
        or regulatory conditions.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      7. AFFIRMATIVE
        COVENANTS OF THE BORROWERS.

      

      Each
        Borrower covenants and agrees that, so long as any Loan, Unpaid Reimbursement
        Obligation, Letter of Credit or Note is outstanding or the Bank has any
        obligation to make any Loans or to issue, extend or renew any Letters of
        Credit:

       

          7.1. Punctual
        Payment. The Borrowers will duly and punctually pay or cause to be
        paid the principal and interest on the Loans, all Reimbursement Obligations,
        the
        Letter of Credit Fees, the fees, and all other amounts provided for in this
        Credit Agreement and the other Loan Documents to which any Borrower or any
        of
        their respective Subsidiaries is a party, all in accordance with the terms
        of
        this Credit Agreement and such other Loan Documents.

       

          7.2. Maintenance
        of Office. Rogers US will maintain its chief executive office in
        Rogers, Connecticut, or at such other place in the United States of America
        as
        Rogers US shall designate upon written notice to the Bank, where notices,
        presentations and demands to or upon the Borrowers in respect of the Loan
        Documents to which any Borrower is a party may be given or made. Rogers Barbados
        will maintain its chief executive office in Fidelity House, Wildey Business
        Park, St. Michael, Barbados, or at such other place in Barbados as Rogers
        Barbados shall designate. Rogers China will maintain its chief executive
        office
        in 338 Shenshu Road, Suzhou Industrial Park, Suzhou, People's Republic of
        China,
        or at such other place in China as Rogers China shall designate. Rogers Belgium
        will maintain its chief executive office in Afrikalaan 188, B-9000, Gent,
        Belgium, or at such other place in Belgium as Rogers Belgium shall designate.
        Rogers Suzhou will maintain its chief executive office in 399 Suhong Zhong
        Road,
        Suzhou Industrial Park, Suzhou, People's Republic of China, or at such other
        place in China as Rogers Suzhou shall designate. 

       

          7.3. Records
        and Accounts. Rogers US will (i) keep, and cause each of its
        Subsidiaries to keep, true and accurate records and books of account in which
        full, true and correct entries will be made in accordance with generally
        accepted accounting principles, (ii) maintain adequate accounts and reserves
        for
        all taxes (including income taxes), depreciation, depletion, obsolescence
        and
        amortization of its properties and the properties of its Subsidiaries,
        contingencies, and other reserves, and (iii) at all times engage Ernst &
Young LLP or other independent certified public accountants satisfactory
        to the
        Bank as the independent certified public accountants of Rogers US and its
        Subsidiaries (on a consolidated basis) and will not permit more than thirty
        (30)
        days to elapse between the cessation of such firm's (or any successor firm's)
        engagement as the independent certified public accountants of Rogers US and
        its
        Subsidiaries and the appointment in such capacity of a successor firm as
        shall
        be satisfactory to the Bank.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

          7.4. Financial
        Statements, Certificates and Information. The Borrowers will
        deliver to the Bank:

      

      (a) as
        soon as
        practicable, but in any event not later than the earlier of (i) five (5)
        days
        after filing the same with the Securities and Exchange Commission or (ii)
        one
        hundred twenty (120) days after the end of each fiscal year of Rogers US,
        Rogers
        US shall (x) post on its website the consolidated balance sheet of Rogers
        US and
        its Subsidiaries, as at the end of such year, and the related consolidated
        statement of income and consolidated statement of cash flow for such year,
        each
        setting forth in comparative form the figures for the previous fiscal year
        and
        all such consolidated statements to be in reasonable detail, prepared in
        accordance with generally accepted accounting principles, and certified without
        qualification (other than a qualification regarding changes in generally
        accepted accounting principles) by Ernst & Young LLP or by other independent
        certified public accountants satisfactory to the Bank, and (y) notify the
        Bank
        that Rogers US has posted such information on its website;

      

      (b) as
        soon as
        practicable, but in any event not later than sixty (60) days after the end
        of
        each of the fiscal quarters of Rogers US, copies of the unaudited consolidated
        balance sheet of Rogers US and its Subsidiaries as at the end of such quarter,
        and the related consolidated statement of income and consolidated statement
        of
        cash flow for such fiscal quarter and for the portion of Rogers US's fiscal
        year
        then elapsed, each setting forth in comparative form the figures for the
        comparable periods in the previous fiscal year (where applicable), all such
        consolidated statements to be in reasonable detail and prepared in accordance
        with generally accepted accounting principles, together with a certification
        by
        a principal financial accounting officer of Rogers US that the information
        contained in such financial statements fairly presents the financial position
        of
        Rogers US and its Subsidiaries on the date thereof (subject to year-end
        adjustments);

      

      (c) simultaneously
        with the delivery of the financial statements referred to in subsections
        (a) and
        (b) above, a statement certified by a principal financial or accounting officer
        of Rogers US in substantially the form of Exhibit C hereto (a "Compliance
        Certificate") setting forth in reasonable detail computations evidencing
        compliance with the covenants contained in §9 and (if applicable)
        reconciliations to reflect changes in generally accepted accounting principles
        since the Balance Sheet Date;

      

      (d) contemporaneously
        with the filing or mailing thereof, copies of all material of a financial
        nature
        filed with the Securities and Exchange Commission or sent to the stockholders
        of
        Rogers US;

      

      (e) not
        later
        than May 1 of each year, (i) a budget for the fiscal year of Rogers US and
        (ii)
        projections of Rogers US and its Subsidiaries for the current fiscal year
        and
        the two (2) subsequent fiscal years, updating those projections delivered
        to the
        Bank and referred to in §6.4.3 or, if applicable, updating any later such
        projections delivered pursuant to this §7.4(e); and

      

      (f) from
        time
        to time such other financial data and information (including a standard annual
        accountants' management letter) as the Bank may reasonably request.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

          7.5. Notices.

      

         7.5.1. Defaults.
        The Borrowers will promptly notify the Bank in writing of the occurrence
        of any
        Default or Event of Default.

      

         7.5.2. Environmental
        Events.The Borrowers will promptly give notice to the Bank (i) of
        any violation of any Environmental Law that Rogers US or any of its Domestic
        Subsidiaries reports in writing to any federal, state or local environmental
        agency and may reasonably be expected to have a Material Adverse Effect,
        and
        (ii) any written notice from any federal, state or local environmental agency
        or
        board of potential environmental liability that may reasonably be expected
        to
        have a Material Adverse Effect.

      

         7.5.3. Notice
        of Litigation and Judgments. Each Borrower will, and will cause
        each of its Subsidiaries to, give notice to the Bank in writing within fifteen
        (15) days of becoming aware of any litigation or proceedings threatened in
        writing or any pending litigation and proceedings affecting such Borrower
        or any
        of its Subsidiaries or to which such Borrower or any of its Subsidiaries
        is or
        becomes a party involving an uninsured claim against such Borrower or any
        of its
        Subsidiaries that could reasonably be expected to have a Material Adverse
        Effect, and stating the nature and status of such litigation or proceedings.
        Each Borrower will, and will cause each of its Subsidiaries to, give notice
        to
        the Bank, in writing, in form and detail satisfactory to the Bank, within
        ten
        (10) days of any judgment not covered by insurance, final or otherwise, against
        such Borrower or any of its Subsidiaries in an amount in excess of
        $5,000,000.

      

         7.5.4. Notice
        of Underfunding. The Borrowers will promptly notify the Bank if at
        any time, based on the latest valuation of each Guaranteed Pension Plan,
        and on
        the actuarial methods and assumptions employed for that valuation, the benefit
        liabilities of each such Guaranteed Pension Plan within the meaning of §4001 of
        ERISA exceed 111% of the value of the assets of such Guaranteed Pension
        Plan.

       

          7.6. Corporate
        Existence; Maintenance of Properties. Each Borrower will do or
        cause to be done all things necessary to preserve and keep in full force
        and
        effect its corporate existence, rights and franchises and those of its
        Subsidiaries and will not, and will not cause or permit any of its Subsidiaries
        to, convert to a limited liability company. It (i) will cause all of its
        properties and those of its Subsidiaries used or useful in the conduct of
        its
        business or the business of its Subsidiaries to be maintained and kept in
        good
        condition, repair and working order, (ii) will cause to be made all necessary
        repairs, renewals, replacements, betterments and improvements thereof, all
        as in
        the judgment of such Borrower may be necessary so that the business carried
        on
        in connection therewith may be properly and advantageously conducted at all
        times, and (iii) will, and will cause each of its Subsidiaries to, continue
        to
        engage primarily in the businesses now conducted by them and in related
        businesses; provided that nothing in this §7.6 shall prevent any Borrower from
        discontinuing the operation and maintenance of any of its properties or any
        of
        those of its Subsidiaries if such discontinuance is, in the judgment of such
        Borrower, desirable in the conduct of its or their business and would not
        have a
        Material Adverse Effect.

       

          7.7. Insurance.
        Each Borrower will, and will cause each of its Subsidiaries to, maintain
        with
        financially sound and reputable insurers insurance with respect to its
        properties and business against such casualties and contingencies as shall
        be in
        accordance with the general practices of businesses engaged in similar
        activities in similar geographic areas and in amounts, containing such terms,
        in
        such forms and for such periods as may be reasonable and prudent.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

          7.8. Taxes.
        Each Borrower will, and will cause each of its Subsidiaries to, duly pay
        and
        discharge, or cause to be paid and discharged, before the same shall become
        overdue, all taxes, assessments and other governmental charges imposed upon
        it
        and its real properties, sales and activities, or any part thereof, or upon
        the
        income or profits therefrom, as well as all claims for labor, materials,
        or
        supplies that if unpaid might by law become a lien or charge upon any of
        its
        property, other than amounts not to exceed $5,000.00 where the failure to
        make
        such payment would not constitute a Material Adverse Effect; provided that
        any
        such tax, assessment, charge, levy or claim need not be paid if the validity
        or
        amount thereof shall currently be contested in good faith by appropriate
        proceedings and if such Borrower or such Subsidiary shall have set aside
        on its
        books adequate reserves with respect thereto; and provided further that such
        Borrower and each Subsidiary of such Borrower will pay all such taxes,
        assessments, charges, levies or claims forthwith upon the commencement of
        proceedings to foreclose any lien that may have attached as security
        therefor.

       

          7.9. Inspection
        of Properties and Books, etc.

      

         7.9.1. General.
        Each Borrower shall permit the Bank, through any of the Bank's designated
        representatives, to visit and inspect any of the properties of such Borrower
        or
        any of its Subsidiaries, to examine the books of account of such Borrower
        and
        its Subsidiaries (and to make copies thereof and extracts therefrom), and
        to
        discuss the affairs, finances and accounts of such Borrower and its Subsidiaries
        with, and to be advised as to the same by, its and their officers, all at
        such
        reasonable times and intervals as the Bank may reasonably request and, in
        the
        absence of a Default or Event of Default, at the Bank's cost and with reasonable
        advance notice.

      

         7.9.2. Communications
        with Accountants. Each Borrower authorizes the Bank to communicate
        directly with such Borrower's independent certified public accountants and
        authorizes such accountants to disclose to the Bank any and all financial
        statements and other supporting financial documents and schedules including
        copies of any management letter with respect to the business, financial
        condition and other affairs of such Borrower or any of its Subsidiaries.
        At the
        request of the Bank, each Borrower shall deliver a letter addressed to such
        accountants instructing them to comply with the provisions of this
§7.9.2.

       

          7.10. Compliance
        with Laws, Contracts, Licenses, and Permits. Each Borrower will,
        and will cause each of its Subsidiaries to, comply in all material respects
        with
        (i) the applicable laws and regulations wherever its business is conducted,
        (ii)
        the provisions of its charter documents and by-laws, (iii) all agreements
        and
        instruments by which it or any of its properties may be bound and (iv) all
        applicable decrees, orders, and judgments. If any authorization, consent,
        approval, permit or license from any officer, agency or instrumentality of
        any
        government shall become necessary or required in order that any Borrower
        or any
        of its Subsidiaries may fulfill any of its obligations hereunder or any of
        the
        other Loan Documents to which such Borrower or such Subsidiary is a party,
        such
        Borrower will, or (as the case may be) will cause such Subsidiary to,
        immediately take or cause to be taken all reasonable steps within the power
        of
        such Borrower or such Subsidiary to obtain such authorization, consent,
        approval, permit or license and furnish the Bank with evidence
        thereof.

       

          7.11. Compliance
        with Environmental Laws. Each Borrower will, and will cause each of
        its Domestic Subsidiaries to, comply with all applicable Environmental Laws
        and
        the terms of any permits, licenses or approvals required for the operation
        of
        such Borrower's or any Domestic Subsidiaries' businesses or Real Estate
        currently owned, leased or "operated" within the meaning of 42 U.S.C. §§9601 et
        seq. by any one or more of them, other than where such failure to comply
        could
        not result in a fine, judgment, penalty or other levy in excess of $10,000.00
        and could not result in an order of any court or administrative or regulatory
        agency enjoining or otherwise preventing the use of any material part of
        such
        Borrower's or any Domestic Subsidiary's business.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

          7.12. Employee
        Benefit Plans. Each Borrower will (i) promptly upon request of the
        Bank, furnish to the Bank a copy of the most recent actuarial statement required
        to be submitted under §103(d) of ERISA and Annual Report, Form 5500, with all
        required attachments, in respect of each Guaranteed Pension Plan and (ii)
        promptly upon receipt or dispatch, furnish to the Bank any notice, report
        or
        demand sent or received in respect of a Guaranteed Pension Plan under §§302,
        4041, 4042, 4043, 4063, 4065, 4066 and 4068 of ERISA, or in respect of a
        Multiemployer Plan, under §§4041A, 4202, 4219, 4242, or 4245 of
        ERISA.

       

          7.13. Use
        of Proceeds. The Borrowers will use the proceeds of the Loans and
        will obtain Letters of Credit solely for the purposes described in
§6.16.1.

       

          7.14. Additional
        Subsidiaries. If, after the Closing Date, any Borrower or any of
        its Subsidiaries creates or acquires, either directly or indirectly, any
        Subsidiary, or acquires an interest in any Joint Venture, it will, on or
        before
        the last date of the fiscal quarter in which such creation or acquisition
        occurs, notify the Bank of such creation or acquisition, as the case may
        be, and
        provide the Bank with an updated Schedule 6.18 hereof. Rogers US will cause
        each
        Domestic Subsidiary (other than World Properties) created, acquired or existing
        on or after the Closing Date to become a Guarantor within thirty (30) days
        of
        such Domestic Subsidiary having been created, acquired or existing, and shall
        cause such Domestic Subsidiary to execute and deliver to the Bank a Guaranty,
        together with a legal opinion in form and substance reasonably satisfactory
        to
        the Bank opining as to the authorization, validity and enforceability of
        such
        Guaranty.

       

          7.15. Further
        Assurances. Each Borrower will, and will cause each of its
        Subsidiaries to, cooperate with the Bank and execute such further instruments
        and documents as the Bank shall reasonably request to carry out to its
        satisfaction the transactions contemplated by this Credit Agreement and the
        other Loan Documents.

      

      8. CERTAIN
        NEGATIVE COVENANTS OF THE BORROWERS.

      

      Each
        Borrower covenants and agrees that, so long as any Loan, Unpaid Reimbursement
        Obligation, Letter of Credit or Note is outstanding or the Bank has any
        obligation to make any Loans or to issue, extend or renew any Letters of
        Credit:

       

          8.1. Restrictions
        on Indebtedness. Each Borrower will not, and will not permit any of
        its Subsidiaries to, create, incur, assume, guarantee or be or remain liable,
        contingently or otherwise, with respect to any Indebtedness other than the
        following (each of which categories shall be interpreted as being separately
        permitted, notwithstanding any overlap among such categories):

      

      (a) Indebtedness
        to the Bank arising under any of the Loan Documents;

      

      (b) endorsements
        for collection, deposit or negotiation and warranties of products or services,
        in each case incurred in the ordinary course of business;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (c) Indebtedness
        (i) incurred in connection with the secured financing of any real or personal
        property by Rogers US or any of its Subsidiaries, (ii) under any Synthetic
        Lease
        or (iii) under any Capitalized Lease, provided that the aggregate principal
        amount of such Indebtedness (including under any such Synthetic Lease or
        Capitalized Lease) of Rogers US and its Subsidiaries shall not exceed the
        aggregate amount of $10,000,000 at any one time;

      

      (d) Indebtedness
        of Rogers US and its Domestic Subsidiaries existing on the date hereof and
        listed and described on Schedule 8.1(d) hereto;

      

      (e) Indebtedness
        of Rogers US's Foreign Subsidiaries existing on the date hereof and listed
        and
        described on Schedule 8.1(e) hereto;

      

      (f) Indebtedness
        (i) of a Subsidiary of Rogers US to Rogers US or to another Subsidiary of
        Rogers
        US, (ii) of Rogers US to any Guarantor, or (iii) of Rogers US to World
        Properties in an aggregate principal amount not to exceed $20,000,000; provided
        that in each of cases (ii) and (iii) above, such Indebtedness shall be
        subordinated to the Obligations on terms and conditions satisfactory to the
        Bank;

      

      (g) [Intentionally
        Omitted]

      

      (h) Indebtedness
        of Foreign Subsidiaries (other than as permitted by §8.1(f)) which, when
        aggregated with amounts outstanding under §8.1(e), shall not exceed fifty
        percent (50%) of Consolidated Foreign Tangible Assets at any time;

      

      (i) [Intentionally
        Omitted]

      

      (j) Indebtedness
        in respect of Derivative Contracts entered into solely for hedging (and not
        speculative) purposes in the ordinary course of Rogers US's (or the applicable
        Subsidiary's) business; and

      

      (k) unsecured
        Indebtedness of the Borrowers and Rogers US's Domestic Subsidiaries other
        than
        as permitted by clauses (a) through (j) above; provided that the aggregate
        principal amount of all such Indebtedness shall not exceed $25,000,000 at
        any
        time outstanding.

       

       

          8.2. Restrictions
        on Liens. Each Borrower will not, and will not permit any of its
        Subsidiaries to, (i) create or incur or suffer to be created or incurred
        or to
        exist any lien, encumbrance, mortgage, pledge, charge, restriction or other
        security interest of any kind upon any of its property or assets of any
        character whether now owned or hereafter acquired, or upon the income or
        profits
        therefrom; (ii) transfer any of such property or assets or the income or
        profits
        therefrom for the purpose of subjecting the same to the payment of Indebtedness
        or performance of any other obligation in priority to payment of its general
        creditors; (iii) acquire, or agree or have an option to acquire, any property
        or
        assets upon conditional sale or other title retention or purchase money security
        agreement, device or arrangement; (iv) suffer to exist for a period of more
        than
        thirty (30) days after the same shall have been incurred any Indebtedness
        or
        claim or demand against it that if unpaid might by law or upon bankruptcy
        or
        insolvency, or otherwise, be given any priority whatsoever over its general
        creditors; or (v) sell, assign, pledge or otherwise transfer any "receivables"
        as defined in clause (vii) of the definition of the term "Indebtedness,"
        with or
        without recourse; or (vi) enter into or permit to exist any arrangement or
        agreement, enforceable under applicable law, which directly or indirectly
        prohibits such Borrower or any of its Subsidiaries from creating or incurring
        any lien, encumbrance, mortgage, pledge, charge, restriction or other security
        interest other than in favor of the Bank under the Loan Documents and other
        than
        customary anti-assignment provisions in leases and licensing agreements entered
        into by such Borrower or such Subsidiary in the ordinary course of its business,
        provided that such Borrower or any of its Subsidiaries may create or incur
        or
        suffer to be created or incurred or to exist the following (each of which
        categories shall be interpreted as being separately permitted, notwithstanding
        any overlap among such categories):

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

                  (a) liens
        in
        favor of Rogers US on all or part of the assets of Subsidiaries of Rogers
        US
        securing Indebtedness owing by Subsidiaries of Rogers US to Rogers
        US;

      

      (b) liens
        to
        secure taxes, assessments and other government charges in respect of obligations
        not overdue or liens on properties to secure claims for labor, material or
        supplies in respect of obligations not overdue;

      

      (c) deposits
        or pledges made in connection with, or to secure payment of, workmen's
        compensation, unemployment insurance, old age pensions or other social security
        obligations;

      

      (d) liens
        on
        properties in respect of judgments or awards that have been in force for
        less
        than the applicable period for taking an appeal so long as execution is not
        levied thereunder or in respect of which Rogers US or such Subsidiary shall
        at
        the time in good faith be prosecuting an appeal or proceedings for review
        and in
        respect of which a stay of execution shall have been obtained pending such
        appeal or review;

      

      (e) liens
        of
        carriers, warehousemen, mechanics and materialmen, and other like liens on
        properties, in existence less than 120 days from the date of creation thereof
        in
        respect of obligations not overdue;

      

      (f) encumbrances
        on real property owned by Rogers US or a Subsidiary consisting of easements,
        rights of way, zoning restrictions, restrictions on the use of real property
        and
        defects and irregularities in the title thereto, which defects and
        irregularities do not individually or in the aggregate have a Material Adverse
        Effect; and landlord's or lessor's liens under leases to which Rogers US
        or a
        Subsidiary of Rogers US is a party;

      

      (g) liens
        existing on the date hereof and listed on Schedule 8.2 hereto;

      

      (h) purchase
        money security interests in, title retention agreements in, conditional sales
        agreements for, purchase money mortgages on or other single asset liens on
        real
        or personal property securing Indebtedness of the type and amount permitted
        by
§8.1(c), which security interests, mortgages or liens cover only the applicable
        real or personal property and do not extend to any other assets or properties
        of
        Rogers US or its Subsidiaries;

      

      (i) liens
        or
        security interests arising pursuant to or in connection with the Economic
        Development and Manufacturing Assistance Act of 1990 (the "Act") set forth
        in
        Sections 32-220 to 32-234 of Chapter 5881 of Title 32 of the General Statutes
        of
        Connecticut Revision of 1958, Revised to 1996 as the same may be amended
        from
        time to time (the "Connecticut Statutes") and as set forth in Connecticut
        tax
        code (the "Connecticut Tax Code") Section 12-81(70) and (72) of Chapter 201
        of
        Title 12 of the Connecticut Statues (the lien described in this clause (i)
        shall
        be limited to transactions in which tax credits or exemptions are granted
        to
        purchasers under the Act and the Connecticut Tax Code arising from the purchase
        of specific machinery and equipment);

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (j) liens
        or
        security interests in, or pledges or assignments of, life insurance policies
        owned by Rogers US or any of its Subsidiaries securing borrowings against
        the
        cash value of said policies provided that the Indebtedness in respect of
        such
        borrowings is permitted by §8.1(g);

      

      (k) liens
        on
        the assets and properties of Foreign Subsidiaries securing Indebtedness of
        such
        Foreign Subsidiaries permitted by §8.1(h); and

      

      (l) unrecorded
        minor liens, leases or encumbrances on the Real Estate or other assets of
        Rogers
        US and its Subsidiaries which do not interfere materially with the use of
        the
        property or assets affected in the ordinary course of such Person's business
        and
        do not secure Indebtedness for borrowed money.

      
         

            8.3. Restrictions
          on Investments. Each Borrower will not, and will not permit any of
          its Subsidiaries to, make or permit to exist or to remain outstanding any
          Investment except Investments in the following (each of which categories
          shall
          be interpreted as being separately permitted, notwithstanding any overlap
          among
          such categories):

      

      

      (a) marketable
        direct or guaranteed obligations of the United States of America or any state
        or
        city therein, in each case that mature within two (2) years from the date
        of
        purchase by Rogers US; provided that such obligations of any such state or
        city
        shall have a long-term credit rating of not less than "A" by Moody's Investors
        Service, Inc. and Standard & Poors Ratings Services;

      

      (b) Investments
        made in accordance with the Investment Policy adopted by Rogers US's Board
        of
        Directors as in effect on the date hereof, a copy of which has been furnished
        to
        the Bank;

      

      (c) Investments
        in Foreign Subsidiaries in accordance with the following:

      

      (i)
        if the
        Senior Funded Debt to EBITDA Ratio is less than or equal to 3.5:1.0, there
        shall
        be no limitation on the amount of such Investments;

      

      (ii)
        if
        the Senior Funded Debt to EBITDA Ratio is greater than 3.5:1.0, and Domestic
        Net
        Assets are equal to or greater than $120,000,000, the maximum amount of such
        Investments (including any Investments of the kind described in Sections
        8.1(f)
        and 8.3(f)) at any one time shall be $75,000,000; and

      

      (iii)
        if
        the Senior Funded Debt to EBITDA Ratio is greater than 3.5:1.0, and Domestic
        Net
        Assets are less than $120,000,000, the maximum amount of such Investments
        (including any Investments of the kind described in Sections 8.1(f) and 8,3(f))
        at any one time shall be $50,000,000.

      

      (d) [intentionally
        omitted];

      

      (e) Investments
        existing on the date hereof (including existing Investments in the Foreign
        Subsidiaries and Joint Ventures) and listed on Schedule 8.3 hereto;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (f) Investments
        with respect to Indebtedness permitted by §8.1(f);

      

      (g) (i)
        Investments by the Guarantors consisting of the Guaranty, (ii) Investments
        by
        any Subsidiary in Rogers US, (iii) Investments by Rogers US in any Guarantor,
        and (iv) Investments in World Properties not to exceed $750,000 at any time
        outstanding;

      

      (h) Investments
        in Joint Ventures in accordance with the following:

      

      (i)
        if the
        Senior Funded Debt to EBITDA Ratio is less than or equal to 3.5:1.0, there
        shall
        be no limitation on the amount of such Investments;

      

      (ii)
        if
        the Senior Funded Debt to EBITDA Ratio is greater than 3.5:1.0, and Domestic
        Net
        Assets are equal to or greater than $120,000,000, the maximum amount of such
        Investments at any one time shall be $40,000,000; and

      

      (iii)
        if
        the Senior Funded Debt to EBITDA Ratio is greater than 3.5:1.0, and Domestic
        Net
        Assets are less than $120,000,000, the maximum amount of such Investments
        at any
        one time shall be $30,000,000.

      

      (i) Investments
        in respect of Guarantied JV/Foreign Indebtedness permitted by
§8.1(i);

      

      (j) Investments
        in respect of guaranties by Rogers US or any of its Domestic Subsidiaries
        of
        contractual obligations (not constituting Indebtedness) of Foreign Subsidiaries
        or Joint Ventures requiring payments in any fiscal year in excess of $500,000
        ("Material JV/Foreign Contracts"); provided that the aggregate amount of
        required payments under all such guarantied Material JV/Foreign Contracts
        shall
        not exceed $5,000,000 in any fiscal year of Rogers US;

      

      (k) Investments
        consisting of promissory notes received as proceeds of asset dispositions
        permitted by §8.5.2;

      

      (l) Investments
        consisting of loans and advances to employees or former employees for moving,
        entertainment, travel and other similar expenses in the ordinary course of
        business not to exceed $1,500,000 in the aggregate at any time
        outstanding;

      

      (m) Investments
        in respect of mergers, consolidations and acquisitions permitted by §8.5.1;
        and

      

      (n) Investments
        other than as permitted by clauses (a) through (m) above; provided that the
        aggregate amount of all such Investments shall not exceed $750,000 at any
        time
        outstanding.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      For
        the
        avoidance of doubt, the foregoing restrictions shall not apply to investments
        made by any Guaranteed Pension Plan or Multiemployer Plan or so-called "Rabbi
        Trust" established for the benefit of directors or executives of Rogers US
        (or
        former executives or directors).

       

          8.4. Distributions.
        No Borrower will make any Distributions unless no Default or Event of Default
        shall have occurred and be continuing or shall arise from such
        Distribution.

       

          8.5. Merger,
        Consolidation and Disposition of Assets.

       

                 8.5.1. Mergers
        and Acquisitions. Each Borrower will not, and will not permit any
        of its Subsidiaries to, become a party to any merger or consolidation, or
        agree
        to or effect any asset acquisition or stock acquisition (other than the
        acquisition of assets in the ordinary course of business consistent with
        past
        practices) except:

      

      (i) the
        merger
        or consolidation of one or more of the Subsidiaries of Rogers US with and
        into
        Rogers US,

      

      
        	 	
                (ii)

              	
                the
                  merger or consolidation of two or more Subsidiaries of Rogers
                  US,

              

      

      

      
        	 	
                (iii)

              	
                mergers
                  or consolidations with or stock or asset acquisitions of entities
                  or
                  businesses that are in the same or a related line of business as
                  Rogers US
                  or any of its Subsidiaries and which have been approved by the
                  board of
                  directors or equivalent governing body of the entity or business
                  to be
                  acquired; provided that (x) in the case of mergers or consolidations
                  Rogers US or a Subsidiary is the survivor thereof, (y) no Default
                  or Event
                  of Default shall have occurred and be continuing both immediately
                  before
                  and immediately after giving effect to such transaction, and (z)
                  if the
                  aggregate consideration for such stock or asset acquisition is
                  $35,000,000
                  or more, prior to consummating such acquisition Rogers US (A) shall
                  have
                  delivered to the Bank projections, prepared based on assumptions
                  and
                  otherwise in a manner reasonably satisfactory to the Bank, of the
                  balance
                  sheets, statements of income and cash flows of Rogers US and its
                  Subsidiaries for the forthcoming period of four fiscal quarters
                  after
                  giving effect to such acquisition, and (B) based on the projections
                  referred to in clause (A) above, shall have demonstrated to the
                  reasonable
                  satisfaction of the Bank that (x) both immediately before and immediately
                  after giving effect to such acquisition the Borrowers are and will
                  be in
                  compliance with the financial covenants set forth in §9 on a Pro Forma
                  Basis and (y) the Borrowers can reasonably be expected to remain
                  in
                  compliance with the financial covenants set forth in §9 for such
                  forthcoming period of four fiscal
                  quarters.

              

      

       

       

                 8.5.2. Disposition
        of Assets. Each Borrower will not, and will not permit any of its
        Subsidiaries to, become a party to or agree to or effect any sale or other
        disposition of assets, except the following (each of which categories shall
        be
        interpreted as being separately permitted, notwithstanding any overlap among
        such categories):

      

      (a) Rogers
        US
        and its Subsidiaries may sell inventory, license intellectual property and
        dispose of obsolete assets, in each case in the ordinary course of business
        consistent with past practices;

      

      (b) Rogers
        US
        and its Subsidiaries may transfer intellectual property to World Properties
        consistent with past practices;

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
         

      

      (c) any
        Guarantor may sell or otherwise dispose of all or any part of its assets
        to
        Rogers US or another Guarantor;

      

      (d) Rogers
        US
        may sell or otherwise dispose of any assets to a Guarantor;

      

      (e) any
        Foreign Subsidiary may sell or otherwise dispose of all or any part of its
        assets to Rogers US, any Guarantor or any other Foreign Subsidiary;

      

      (f) Rogers
        US
        or any Subsidiary may sell or otherwise dispose of all or any part of its
        stock
        or its assets to any other Person; provided that the aggregate value on the
        books of Rogers US and its Subsidiaries of the assets so sold or otherwise
        disposed of (including any dispositions of the assets or stock of World
        Properties pursuant to §8.11) shall not exceed (i) ten percent (10%) of
        Consolidated Tangible Assets in any fiscal year of Rogers US, as determined
        on
        the last day of the previous fiscal year, and (ii) twenty-five percent (25%)
        of
        Consolidated Tangible Assets in the aggregate during the term of this Credit
        Agreement, as determined on December 31, 2006, it being understood that prior
        to
        December 31, 2006 the Borrowers shall be required to comply only with the
        requirements of subclause (i) of this proviso with respect to such
        dispositions); and

      

      (g) Rogers
        US
        may transfer assets consisting of cash or cash equivalents or stock of Rogers
        US
        into a so-called "Rabbi Trust" for the benefit of certain executives or
        directors of Rogers US (or former executives or directors); provided that
        the
        amount of cash or cash equivalents so transferred shall not exceed, in the
        aggregate, a maximum amount of $25,000,000 during the term of this
        Agreement.

       

          8.6. Sale
        and Leaseback. Each Borrower will not, and will not permit any of
        its Subsidiaries to, enter into any arrangement, directly or indirectly,
        whereby
        such Borrower or any Subsidiary of such Borrower shall sell or transfer any
        property owned by it in order then or thereafter to lease such property or
        lease
        other property that such Borrower or any Subsidiary of such Borrower intends
        to
        use for substantially the same purpose as the property being sold or transferred
        (each, a "Sale/Leaseback Arrangement"); provided that so long as in each
        case
        the Indebtedness incurred thereunder is permitted by §8.1(c), Rogers US and its
        Subsidiaries may (a) enter into Sale/Leaseback Arrangements the aggregate
        consideration for which does not exceed $5,000,000 during the term of this
        Credit Agreement, and (b) enter into Sale/Leaseback Arrangements with respect
        to
        newly-acquired property purchased no more than sixty (60) days prior to the
        effective date of such Sale/Leaseback Arrangement.

       

         8.7. Employee
        Benefit Plans. Neither Rogers US nor any ERISA Affiliate
        will:

      

      (a) engage
        in
        any "prohibited transaction" within the meaning of §406 of ERISA or §4975 of the
        Code which could result in a material liability for Rogers US or any of its
        Subsidiaries; or

      

      (b) permit
        any
        Guaranteed Pension Plan to incur an "accumulated funding deficiency", as
        such
        term is defined in §302 of ERISA, in excess of 11% for a period of thirty (30)
        days or more, whether or not such deficiency is or may be waived;
        or

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (c) fail
        to
        contribute to any Guaranteed Pension Plan to an extent which, or terminate
        any
        Guaranteed Pension Plan in a manner which, could result in the imposition
        of a
        lien or encumbrance on the assets of Rogers US or any of its Subsidiaries
        pursuant to §302(f) or §4068 of ERISA; or

      

      (d) amend
        any
        Guaranteed Pension Plan in circumstances requiring the posting of security
        pursuant to §307 of ERISA or §401(a)(29) of the Code; or

      

      (e) terminate
        any Guaranteed Pension Plan at any time that the benefit liabilities (with
        the
        meaning of §4001 of ERISA) of such Guaranteed Pension Plan exceed the value of
        the assets of such Plan.

       

          8.8. Business
        Activities. Each Borrower will not, and will not permit any of its
        Subsidiaries to, engage directly or indirectly (whether through Subsidiaries
        or
        otherwise) in any type of business other than the businesses conducted by
        them
        on the Closing Date, in related businesses, and in other businesses consistent
        with a reasonable business and industry expansion plan.

       

          8.9. Fiscal
        Year. Each Borrower will not, and will not permit any of its
        Subsidiaries to, change the date of the end of its fiscal year from that
        set
        forth in §6.4.1, unless any such change (i) will have no Material Adverse Effect
        and (ii) does not prevent such Borrower and its Subsidiaries from calculating
        and does not limit the ability of the Bank from readily determining compliance
        with the provisions of this Agreement, including without limitation the
        financial covenants set forth in §9.

       

          8.10. Transactions
        with Affiliates. Each Borrower will not, and will not permit any of
        its Subsidiaries to, engage in any transaction with any Affiliate (other
        than
        for services as employees, officers and directors), including any contract,
        agreement or other arrangement providing for the furnishing of services to
        or
        by, providing for rental of real or personal property to or from, or otherwise
        requiring payments to or from any such Affiliate or, to the knowledge of
        the
        Borrowers, any corporation, partnership, trust or other entity in which any
        such
        Affiliate has a substantial interest or is an officer, director, trustee
        or
        partner, except in accordance with customary business practices for companies
        organized in the United States engaged in similar transactions with domestic
        and
        international affiliates.

       

          8.11. Activities
        of World Properties. Rogers US will not permit World Properties to
        (a) own or otherwise hold any assets other than patents, trademarks, copyrights
        and related rights (the "Intellectual Property"), or notes and interest
        receivable, cash and short term investments received in connection with
        Intellectual Property licensed or transferred by World Properties, or (b)
        engage
        directly or indirectly (whether through Subsidiaries or otherwise) in any
        type
        of business other than the ownership, licensing, protecting, defending and
        managing of the Intellectual Property. Rogers US will not permit World
        Properties to transfer (including pursuant to long-term licenses) the
        Intellectual Property or its other assets in any way economically or legally
        equivalent to a sale, except that World Properties may transfer assets in
        such
        manner in an amount not to exceed (i) ten percent (10%) of the book value
        of its
        total assets in any fiscal year, as determined on the last day of the previous
        fiscal year, and (ii) twenty-five percent (25%) of the book value of its
        total
        assets in the aggregate during the term of this Credit Agreement, as determined
        on December 31, 2006. Rogers US will not sell or otherwise transfer the stock
        of
        World Properties to anyone other than a wholly-owned Subsidiary, nor will
        it
        permit World Properties to incur any Indebtedness or to create or incur or
        suffer to be created or incurred or to exist any lien, encumbrance, mortgage,
        pledge, charge, restriction or other security interest of any kind upon any
        of
        its property or assets, whether now owned or hereafter acquired, or upon
        the
        income or profits therefrom.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
         

            8.12. Modification
          of Charter Documents. Neither Rogers US nor any of its Subsidiaries
          will amend or permit to be amended its certificate of incorporation or
          bylaws,
          or similar organizational documents without the Bank's prior written consent
          unless such change or amendment would not have a Material Adverse
          Effect.

         

            8.13. Upstream
          Limitations. Neither Rogers US nor any of its Subsidiaries will
          enter into, or permit any of their Subsidiaries to enter into, any agreement,
          contract or arrangement (other than this Credit Agreement and the other
          Loan
          Documents) restricting the ability of such Subsidiary to pay or make dividends
          or distributions in cash or kind, to make loans, advances or other payments
          of
          whatsoever nature or to make transfers or distributions of all or any part
          of
          its assets to any Borrower or any Subsidiary of which such Subsidiary is
          a
          Subsidiary.

         

            8.14. Inconsistent
          Agreements. Neither Rogers US nor any of its Subsidiaries will, nor
          will they permit their Subsidiaries to, enter into any agreement containing
          any
          provision which would be violated or breached by the performance by any
          Borrower
          or any Subsidiary of its obligations hereunder or under any of the Loan
          Documents.

      

      

      9. FINANCIAL
        COVENANTS OF THE BORROWER.

      

      Each
        Borrower covenants and agrees that, so long as any Loan, Unpaid Reimbursement
        Obligation, Letter of Credit or Note is outstanding or the Bank has any
        obligation to make any Loans or to issue, extend or renew any Letters of
        Credit:

      

          9.1. Leverage
        Ratio. The Borrowers will not, as of the end of any fiscal quarter,
        permit the Leverage Ratio to exceed 2.00 to 1.00 at any time.

       

          9.2. Interest
        Coverage Ratio. The Borrowers will not, as of the end of any fiscal
        quarter, permit the ratio of (i) EBITDA for any period of four consecutive
        fiscal quarters ended on such date, to (ii) Consolidated Total Interest Expense
        for such period to be less than 3.00 to 1.00 at any time.

       

          9.3. Capital
        Expenditures. The Borrowers will not make, or permit any Subsidiary
        of any Borrower to make, Capital Expenditures in any fiscal year that exceed,
        in
        the aggregate for all Borrowers and their Subsidiaries:

      

      (a)
        $75,000,000 if (i) the aggregate cash balances of Rogers US and its Domestic
        Subsidiaries equal or exceed $35,000,000 at all times during such fiscal
        year,
        and (ii) the sum of the Maximum Drawing Amount, all Unpaid Reimbursement
        Obligations, and the outstanding amount of Loans is less than or equal to
        50% of
        the Total Commitment at all times during such fiscal year; and

      

      (b)
        otherwise, $50,000,000.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      10. CLOSING
        CONDITIONS.

      

      The
        obligations of the Bank to make the initial Loans and to issue any initial
        Letters of Credit shall be subject to the satisfaction of the following
        conditions precedent:

       

          10.1. Loan
        Documents. Each of the Loan Documents shall have been duly executed
        and delivered by the respective parties thereto, shall be in full force and
        effect and shall be in form and substance satisfactory to the Bank. The Bank
        shall have received a fully executed copy of each of this Credit Agreement,
        the
        Notes, and Guaranty and all other Loan Documents.

       

          10.2. Certified
        Copies of Charter Documents. The Bank shall have received from each
        of the Borrowers and each of the Guarantors a copy, certified by a duly
        authorized officer of such Person to be true and complete on the Closing
        Date,
        of each of (i) its charter or other incorporation documents as in effect
        on such
        date of certification, and (ii) its by-laws as in effect on such
        date.

       

          10.3. Corporate
        Action. All corporate action necessary for the valid execution,
        delivery and performance by each of the Borrowers and each of the Guarantors
        of
        this Credit Agreement and the other Loan Documents to which it is or is to
        become a party shall have been duly and effectively taken, and evidence thereof
        satisfactory to the Bank shall have been provided to the Bank.

       

          10.4. Incumbency
        Certificate. The Bank shall have received from each of the
        Borrowers and each of the Guarantors an incumbency certificate, dated as
        of the
        Closing Date, signed by a duly authorized officer of such Borrower or such
        Guarantor, as the case may be, and giving the name and bearing a specimen
        signature of each individual who shall be authorized: (i) to sign, in the
        name
        and on behalf of such Borrower or such Guarantor, each of the Loan Documents
        to
        which such Borrower or such Guarantor is or is to become a party; (ii) in
        the
        case of each Borrower, to make Loan Requests and Conversion Requests and
        to
        apply for Letters of Credit; and (iii) to give notices and to take other
        action
        on its behalf under the Loan Documents.

       

          10.5. Opinion
        of Counsel. The Bank shall have received favorable legal opinions
        addressed to the Bank, dated as of the Closing Date, in form and substance
        satisfactory to the Bank, from Burns & Levinson, counsel to Rogers US and
        its Subsidiaries.

       

          10.6. UCC
        Search Results, etc. The Bank shall be satisfied with the results
        of all Uniform Commercial Code, Patent and Trademark Office, mortgage, tax
        and
        judgment lien search results with respect to Rogers US and its Domestic
        Subsidiaries in all relevant jurisdictions.

       

          10.7. Payment
        of Fees and Expenses. The Borrowers shall have paid to the Bank and
        all expenses subject to reimbursement under the terms of this Credit
        Agreement.

       

          10.8. Termination
        of Existing Bank of America Agreement. Bank of America shall have
        received a letter from Rogers US terminating all commitments to lend under
        the
        Existing Bank of America Agreement effective on and as of the Closing
        Date.

       

          10.9. Payoff
        Letter. The Bank and Rogers US shall have received a payoff letter
        from Bank of America, indicating the amount of the loan obligations of Rogers
        US, if any, under the Existing Bank of America Agreement to be discharged
        on the
        Closing Date.

       

          10.10. Initial
        Loan Request. The Bank shall have received a Loan Request, if
        applicable, dated the Closing Date duly completed with the details of all
        Loans
        to be made on the Closing Date, if any, together with disbursement instructions
        from the Borrowers with respect to proceeds thereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      11. CONDITIONS
        TO ALL BORROWING

      The
        obligations of the Bank to make any Loan and to issue, extend or renew any
        Letter of Credit, in each case whether on or after the Closing Date, shall
        also
        be subject to the satisfaction of the following conditions
        precedent:

       

          11.1. Representations
        True; No Event of Default. Each of the representations and
        warranties of any of the Borrowers and their respective Subsidiaries contained
        in this Credit Agreement, the other Loan Documents or in any document or
        instrument delivered pursuant to or in connection with this Credit Agreement
        shall be true as of the date as of which they were made and shall also be
        true
        at and as of the time of the making of such Loan or the issuance, extension
        or
        renewal of such Letter of Credit, with the same effect as if made at and
        as of
        that time (except to the extent of changes resulting from transactions
        contemplated or permitted by this Credit Agreement and the other Loan Documents
        and changes occurring in the ordinary course of business that singly or in
        the
        aggregate do not have a Material Adverse Effect, and to the extent that such
        representations and warranties relate expressly to an earlier date) and no
        Default or Event of Default shall have occurred and be continuing.

       

          11.2. No
        Legal Impediment. No change shall have occurred in any law or
        regulations thereunder or interpretations thereof that in the reasonable
        opinion
        of the Bank would make it illegal for the Bank to make such Loan or to issue,
        extend or renew such Letter of Credit. The Bank is not aware, on and as of
        the
        Closing Date, of any such law or regulations.

       

          11.3. Governmental
        Regulation. The Bank shall have received such statements in
        substance and form reasonably satisfactory to the Bank as the Bank shall
        require
        for the purpose of compliance with any applicable regulations of the Comptroller
        of the Currency or the Board of Governors of the Federal Reserve
        System.

       

          11.4. Proceedings
        and Documents. All proceedings in connection with the transactions
        contemplated by this Credit Agreement, the other Loan Documents and all other
        documents incident thereto shall be satisfactory in substance and in form
        to the
        Bank and the Bank's Special Counsel, and the Bank and such counsel shall
        have
        received all information and such counterpart originals or certified or other
        copies of such documents as the Bank may reasonably request.

      

      12. EVENTS
        OF
        DEFAULT; ACCELERATION; ETC.

       

          12.1. Events
        of Default and Acceleration. If any of the following events
        ("Events of Default" or, if the giving of notice or the lapse of time or
        both is
        required, then, prior to such notice or lapse of time, "Defaults") shall
        occur:

      

      (a) any
        Borrower shall fail to pay any principal of the Loans when the same shall
        become
        due and payable, whether at the stated date of maturity or any accelerated
        date
        of maturity or at any other date fixed for payment;

      

      (b) any
        Borrower or any of its Subsidiaries shall fail to pay any interest on the
        Loans,
        the unused fee, any Letter of Credit Fee, any Reimbursement Obligation, or
        other
        sums due hereunder or under any of the other Loan Documents, within five
        (5)
        days after the same shall become due and payable, whether at the stated date
        of
        maturity or any accelerated date of maturity or at any other date fixed for
        payment;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (c) any
        Borrower shall fail to comply with any of its covenants contained in §§7.1, 7.4,
        7.5, 7.6 (as it relates to corporate existence), 7.8, 8 or 9;

      

      (d) any
        Borrower or any of its Subsidiaries shall fail to perform any term, covenant
        or
        agreement contained herein or in any of the other Loan Documents (other than
        those specified elsewhere in this §12.1) for thirty (30) days after written
        notice of such failure has been given to the Borrowers by the Bank;

      

      (e) any
        representation or warranty of any Borrower or any of its Subsidiaries in
        this
        Credit Agreement or any of the other Loan Documents or in any other document
        or
        instrument delivered pursuant to or in connection with this Credit Agreement
        shall prove to have been false in any material respect upon the date when
        made
        or deemed to have been made or repeated;

      

      (f) any
        Borrower or any of its Subsidiaries shall fail to pay at maturity, or within
        any
        applicable period of grace, any obligation for borrowed money or credit received
        (other than trade payables incurred in the ordinary course of business) or
        in
        respect of any Capitalized Leases in an aggregate principal amount outstanding
        of $1,000,000 or more, or fail to observe or perform any material term, covenant
        or agreement contained in any agreement by which it is bound, evidencing
        or
        securing borrowed money or credit received or in respect of any Capitalized
        Leases in an aggregate principal amount outstanding of $1,000,000 or more,
        for
        such period of time as would permit (assuming the giving of appropriate notice
        if required) the holder or holders thereof or of any obligations issued
        thereunder to accelerate the maturity thereof, or any such holder or holders
        shall rescind or shall have a right to rescind the purchase of any such
        obligations;

      

      (g) any
        Borrower or any of its Subsidiaries shall make an assignment for the benefit
        of
        creditors, or admit in writing its inability to pay or generally fail to
        pay its
        debts as they mature or become due, or shall petition or apply for the
        appointment of a trustee or other custodian, liquidator or receiver of such
        Borrower or any of its Subsidiaries or of any substantial part of the assets
        of
        such Borrower or any of its Subsidiaries or shall commence any case or other
        proceeding relating to such Borrower or any of its Subsidiaries under any
        bankruptcy, reorganization, arrangement, insolvency, readjustment of debt,
        dissolution or liquidation or similar law of any jurisdiction, now or hereafter
        in effect, or shall take any action to authorize or in furtherance of any
        of the
        foregoing, or if any such petition or application shall be filed or any such
        case or other proceeding shall be commenced against such Borrower or any
        of its
        Subsidiaries and such Borrower or any of its Subsidiaries shall indicate
        its
        approval thereof, consent thereto or acquiescence therein or such petition
        or
        application shall not have been dismissed within sixty (60) days following
        the
        filing thereof;

      

      (h) a
        decree
        or order is entered appointing any such trustee, custodian, liquidator or
        receiver or adjudicating any Borrower or any of its Subsidiaries bankrupt
        or
        insolvent, or approving a petition in any such case or other proceeding,
        or a
        decree or order for relief is entered in respect of such Borrower or any
        Subsidiary of such Borrower in an involuntary case under federal bankruptcy
        laws
        as now or hereafter constituted;

      

      (i) there
        shall remain in force, undischarged, unsatisfied (unless bonded) and unstayed,
        for more than forty-five days, whether or not consecutive, any final judgment
        against any Borrower or any of its Subsidiaries that, with other outstanding
        final judgments, undischarged, against such Borrower or any of its Subsidiaries
        exceeds in the aggregate $5,000,000;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (j) if
        any of
        the Loan Documents shall be cancelled, terminated, revoked or rescinded,
        in each
        case otherwise than in accordance with the terms thereof or with the express
        prior written agreement, consent or approval of the Bank, or any action at
        law,
        suit or in equity or other legal proceeding to cancel, revoke or rescind
        any of
        the Loan Documents shall be commenced by or on behalf of any Borrower or
        any of
        its Subsidiaries party thereto or any of their respective stockholders, or
        any
        court or any other governmental or regulatory authority or agency of competent
        jurisdiction shall make a determination that, or issue a judgment, order,
        decree
        or ruling to the effect that, any one or more of the Loan Documents is illegal,
        invalid or unenforceable in accordance with the terms thereof;

      

      (k) any
        Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed
        Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding
        $5,000,000, or any Borrower or any ERISA Affiliate is assessed withdrawal
        liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring
        aggregate annual payments exceeding $3,000,000, or any of the following occurs
        with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event,
        or a
        failure to make a required installment or other payment (within the meaning
        of
§302(f)(1) of ERISA), provided that the Bank determines in its reasonable
        discretion that such event (A) is reasonably likely to result in liability
        of
        such Borrower or any of its Subsidiaries to the PBGC or such Guaranteed Pension
        Plan in an aggregate amount exceeding $5,000,000 and (B) could constitute
        grounds for the termination of such Guaranteed Pension Plan by the PBGC,
        for the
        appointment by the appropriate United States District Court of a trustee
        to
        administer such Guaranteed Pension Plan or for the imposition of a lien in
        favor
        of such Guaranteed Pension Plan; or (ii) the appointment by a United States
        District Court of a trustee to administer such Guaranteed Pension Plan; or
        (iii)
        the institution by the PBGC of proceedings to terminate such Guaranteed Pension
        Plan;

      

      (l) any
        Borrower or any of its Subsidiaries shall be enjoined, restrained or in any
        way
        prevented by the order of any court or any administrative or regulatory agency
        from conducting any material part of its business and such order shall continue
        in effect for more than thirty (30) days;

      

      (m) there
        shall occur the loss, suspension or revocation of, or failure to renew, any
        license or permit now held or hereafter acquired by any Borrower or any of
        its
        Subsidiaries if such loss, suspension, revocation or failure to renew would
        have
        a Material Adverse Effect; or

      

      (n) any
        person
        or group of persons (within the meaning of Section 13 or 14 of the Securities
        Exchange Act of 1934, as amended) shall have acquired beneficial ownership
        (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange
        Commission under said Act) of 20% or more of the outstanding shares of common
        stock of Rogers US; or, during any period of twelve consecutive calendar
        months,
        individuals who were directors of Rogers US on the first day of such period
        shall cease to constitute a majority of the board of directors of Rogers
        US;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      then,
        and
        in any such event, so long as the same may be continuing, the Bank may, by
        notice in writing to the Borrowers, declare all amounts owing with respect
        to
        this Credit Agreement, the Notes and the other Loan Documents and all
        Reimbursement Obligations to be, and they shall thereupon forthwith become,
        immediately due and payable without presentment, demand, protest or other
        notice
        of any kind, all of which are hereby expressly waived by each Borrower; provided
        that in the event of any Event of Default specified in §§12.1(g) or 12.1(h), all
        such amounts shall become immediately due and payable automatically and without
        any requirement of notice from the Bank.

       

          12.2. Termination
        of Commitments. If any one or more of the Events of Default
        specified in §12.1(g) or §12.1(h) shall occur, any unused portion of the credit
        hereunder shall forthwith terminate and the Bank shall be relieved of all
        further obligations to make Loans to any Borrower and to issue, extend or
        renew
        Letters of Credit. If any other Event of Default shall have occurred and
        be
        continuing, the Bank may, by notice to the Borrowers, terminate the unused
        portion of the credit hereunder, and upon such notice being given such unused
        portion of the credit hereunder shall terminate immediately and the Bank
        shall
        be relieved of all further obligations to make Loans and to issue, extend
        or
        renew Letters of Credit. No termination of the credit hereunder shall relieve
        any Borrower or any of its Subsidiaries of any of the Obligations.

       

          12.3. Remedies.
        In case any one or more of the Events of Default shall have occurred and
        be
        continuing, and whether or not the Bank shall have accelerated the maturity
        of
        the Loans pursuant to §12.1, the Bank may proceed to protect and enforce its
        rights by suit in equity, action at law or other appropriate proceeding,
        whether
        for the specific performance of any covenant or agreement contained in this
        Credit Agreement and the other Loan Documents or any instrument pursuant
        to
        which the Obligations to the Bank are evidenced, including as permitted by
        applicable law the obtaining of the ex parte appointment of a receiver, and,
        if
        such amount shall have become due, by declaration or otherwise, proceed to
        enforce the payment thereof or any other legal or equitable right of the
        Bank.
        No remedy herein conferred upon any Bank or the holder of any Note or purchaser
        of any Letter of Credit Participation is intended to be exclusive of any
        other
        remedy and each and every remedy shall be cumulative and shall be in addition
        to
        every other remedy given hereunder or now or hereafter existing at law or
        in
        equity or by statute or any other provision of law.

      

      

      13. SETOFF.

      

      Regardless
        of the adequacy of any collateral, during the continuance of any Event of
        Default, any deposits or other sums credited by or due from the Bank to any
        Borrower and any securities or other property of any Borrower in the possession
        of the Bank may be applied to or set off by the Bank against the payment
        of
        Obligations and any and all other liabilities, direct, or indirect, absolute
        or
        contingent, due or to become due, now existing or hereafter arising, of the
        Borrowers to the Bank.

      

      14. JOINT
        AND
        SEVERAL LIABILITY.

      

      Notwithstanding
        anything to the contrary in this Agreement, the Borrowers shall be jointly
        and
        severally liable for all of the Obligations.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      15. EXPENSES
        AND INDEMNIFICATION.

       

          15.1. Expenses.
        The Borrowers agree to pay (i) the reasonable costs of producing and reproducing
        this Credit Agreement, the other Loan Documents and the other agreements
        and
        instruments mentioned herein, (ii) any taxes (including any interest and
        penalties in respect thereto) payable by the Bank (other than Excluded Taxes)
        on
        or with respect to the transactions contemplated by this Credit Agreement
        (the
        Borrowers hereby agreeing to indemnify the Bank with respect thereto), (iii)
        the
        reasonable fees, expenses and disbursements of the Bank or any of its affiliates
        or Bank's Special Counsel or any local counsel to the Bank incurred in
        connection with the preparation, syndication, administration or interpretation
        of the Loan Documents and other instruments mentioned herein, each closing
        hereunder, any amendments, modifications, approvals, consents or waivers
        hereto
        or hereunder, the cancellation of any Loan Document upon payment in full
        in cash
        of all of the Obligations or pursuant to any terms of such Loan Document
        for
        providing for such cancellation, and (iv) all reasonable out-of-pocket expenses
        (including without limitation reasonable attorneys’ fees and costs, which
        attorneys may be employees of the Bank, and reasonable consulting, accounting,
        appraisal, investment banking and similar professional fees and charges)
        incurred by the Bank, in each case in connection with (A) the enforcement
        of or
        preservation of rights under any of the Loan Documents against any Borrower
        or
        any of its Subsidiaries or the administration thereof after the occurrence
        of a
        Default or Event of Default and (B) any litigation, proceeding or dispute
        whether arising hereunder or otherwise, in any way related to the Bank’s
        relationship with any Borrower or any of its Subsidiaries.

       

          15.2. Indemnification.
        Each Borrower agrees to indemnify and hold harmless the Bank and its affiliates
        (together, the "Indemnitees") from and against any and all claims, actions
        and
        suits whether groundless or otherwise, and from and against any and all
        liabilities, losses, damages and expenses of every nature and character arising
        out of this Credit Agreement or any of the other Loan Documents or the
        transactions contemplated hereby including, without limitation, (i) any actual
        or proposed use by any Borrower or any of its Subsidiaries of the proceeds
        of
        any of the Loans or Letters of Credit, (ii) any Borrower or any of its
        Subsidiaries entering into or performing this Credit Agreement or any of
        the
        other Loan Documents or (iii) with respect to any Borrower and its Subsidiaries
        and the Real Estate, (x) the violation of any Environmental Law, or (y) the
        presence, disposal, escape, seepage, leakage, spillage, discharge, emission,
        release or threatened release of any Hazardous Substances in violation of
        applicable Environmental Laws or any action, suit, proceeding or investigation
        brought or threatened with respect thereto (including, but not limited to,
        claims with respect to wrongful death, personal injury or damage to property),
        in each case including, without limitation, the reasonable fees and
        disbursements of counsel and allocated costs of internal counsel incurred
        in
        connection with any such investigation, litigation or other proceeding; provided
        that the Borrowers shall not be required to indemnify any Indemnitee from
        and
        against any claims, actions, suits, liabilities, losses, damages or expenses
        to
        the extent the same arises out of such Indemnitee’s own gross negligence or
        willful misconduct. In litigation, or the preparation therefor, the Bank
        and its
        affiliates shall be entitled to select their own counsel and, in addition
        to the
        foregoing indemnity, each Borrower agrees to pay promptly the reasonable
        fees
        and expenses of such counsel. If, and to the extent that the obligations
        of the
        Borrowers under this §15.2 are unenforceable for any reason, the Borrowers
        hereby agree to make the maximum contribution to the payment in satisfaction
        of
        such obligations which is permissible under applicable law.

       

          15.3. Survival.
        The covenants contained in this §15 shall survive payment or satisfaction in
        full of all other Obligations.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      16. TREATMENT
        OF CERTAIN CONFIDENTIAL INFORMATION.

       

          16.1. Confidentiality.
        The Bank agrees, on behalf of itself and each of its affiliates, directors,
        officers, employees and representatives (including their respective counsel,
        auditors and accountants), to use reasonable precautions to keep confidential,
        in accordance with their customary procedures for handling confidential
        information of the same nature and in accordance with safe and sound banking
        practices, any non-public proprietary information supplied to it by any Borrower
        or any of its Subsidiaries pursuant to this Credit Agreement that is identified
        orally or in writing by such Person as being confidential or proprietary
        (or
        words of like effect) at the time the same is delivered to the Bank, provided
        that nothing herein shall limit the disclosure of any such information (a)
        after
        such information shall have become public other than through a violation
        of this
§16, (b) to the extent required by statute, rule, regulation or judicial
        process, (c) to counsel for any of the Bank, (d) to bank examiners or any
        other
        regulatory authority having jurisdiction over any Bank, or to auditors or
        accountants, (e) in connection with any litigation to which the Bank is a
        party,
        or in connection with the enforcement of rights or remedies hereunder or
        under
        any other Loan Document, or (f) to any participant (or prospective participant)
        so long as such participant agrees to be bound by the provisions of §18.2. The
        covenants contained in this §16.1 shall survive payment or satisfaction in full
        of the Obligations for a period of eighteen (18) months.

       

          16.2. Prior
        Notification. Unless specifically prohibited by applicable law or
        court order, the Bank shall, prior to disclosure thereof, notify the Borrowers
        of any request for disclosure of any such non-public information by any
        governmental agency or representative thereof (other than any such request
        in
        connection with an examination of the financial condition of the Bank by
        such
        governmental agency) or pursuant to legal process.

       

          16.3. Other.
        In no event shall the Bank be obligated or required to return any materials
        furnished to it by any Borrower or any of its Subsidiaries. The obligations
        of
        the Bank under this §16 shall supersede and replace the obligations of the Bank
        under any confidentiality letter in respect of this financing signed and
        delivered by the Bank to the Borrowers prior to the date hereof and shall
        be
        binding upon any assignee of, or purchaser of any participation in, any interest
        in any of the Loans or Reimbursement Obligations from the Bank.

      

      17. SURVIVAL
        OF COVENANTS, ETC.

      

      All
        covenants, agreements, representations and warranties made herein, in the
        Notes,
        in any of the other Loan Documents or in any documents or other papers delivered
        by or on behalf of any Borrower or any of its Subsidiaries pursuant hereto
        shall
        be deemed to have been relied upon by the Bank, notwithstanding any
        investigation heretofore or hereafter made by any of them, and shall survive
        the
        making by the Bank of any of the Loans and the issuance, extension or renewal
        of
        any Letters of Credit, as herein contemplated, and shall continue in full
        force
        and effect so long as any Letter of Credit or any amount due under this Credit
        Agreement or the Notes or any of the other Loan Documents remains outstanding
        or
        the Bank has any obligation to make any Loans or to issue, extend or renew
        any
        Letter of Credit, and for such further time as may be otherwise expressly
        specified in this Credit Agreement. All statements contained in any certificate
        or other paper delivered to the Bank at any time by or on behalf of any Borrower
        or any of its Subsidiaries pursuant hereto or in connection with the
        transactions contemplated hereby shall constitute representations and warranties
        by such Borrower or such Subsidiary hereunder unless otherwise specifically
        provided in such certificate or other paper.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      18. PARTICIPATION.

       

          18.1. Participations.The
        Bank may sell participations to one or more banks or other entities in all
        or a
        portion of the Bank's rights and obligations under this Credit Agreement
        and the
        other Loan Documents.

      

       

          18.2. Disclosure.Each
        Borrower agrees that in addition to disclosures made in accordance with standard
        and customary banking practices the Bank may disclose information obtained
        by
        the Bank pursuant to this Credit Agreement to participants and potential
        participants hereunder; provided that such participants or potential
        participants shall agree (i) to treat in confidence such information unless
        such
        information otherwise becomes public knowledge through no fault of the Bank,
        (ii) not to disclose such information to a third party, except as required by
        law or legal process and (iii) not to make use of such information for purposes
        of transactions unrelated to such contemplated assignment or participation.
        For
        purposes of this §18.2 participant or potential participant may include a
        counterparty with whom the Bank has entered into or potentially might enter
        into
        a derivative contract referenced to credit or other risks or events arising
        under this Credit Agreement or any other Loan Document.

       

          18.3. Assignment
        by Borrowers. No Borrower shall assign or transfer any of its
        rights or obligations under any of the Loan Documents without the prior written
        consent of the Bank.

      

      19. NOTICES,
        ETC.

      

      Except
        as
        otherwise expressly provided in this Credit Agreement, all notices and other
        communications made or required to be given pursuant to this Credit Agreement
        or
        the Notes or any Letter of Credit Applications shall be in writing and shall
        be
        delivered in hand, mailed by United States registered or certified first
        class
        mail, postage prepaid, sent by overnight courier, or sent by telegraph,
        telecopy, facsimile or telex and confirmed by delivery via courier or postal
        service, addressed as follows:

      

      (a) if
        to the
        Borrowers, at One Technology Drive, P.O. Box 188, Rogers, Connecticut
        06263-0188, Attention: Robert M. Soffer, Vice President and Treasurer or
        at such
        other address for notice as the Borrowers shall last have furnished in writing
        to the Bank; and

      

      (b) if
        to the
        Bank, at 90 State House Square, 10th
        Floor,
        Hartford, Connecticut 06103, Attention: Patricia D. Donnelly, Vice President,
        or
        such other address for notice as the Bank shall last have furnished in writing
        to the Borrower.

      

      Any
        such
        notice or demand shall be deemed to have been duly given or made and to have
        become effective (i) if delivered by hand, overnight courier or facsimile
        to a
        responsible officer of the party to which it is directed, at the time of
        the
        receipt thereof by such officer or the sending of such facsimile and (ii)
        if
        sent by registered or certified first-class mail, postage prepaid, on the
        third
        Business Day following the mailing thereof.

      

      20. GOVERNING
        LAW.

      

      THIS
        CREDIT AGREEMENT AND, EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED THEREIN,
        EACH OF
        THE OTHER LOAN DOCUMENTS ARE CONTRACTS UNDER THE LAWS OF THE COMMONWEALTH
        OF
        MASSACHUSETTS AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH
        AND
        GOVERNED BY THE LAWS OF SAID COMMONWEALTH OF MASSACHUSETTS (EXCLUDING THE
        LAWS
        APPLICABLE TO CONFLICTS OR CHOICE OF LAW). EACH OF THE PARTIES AGREES THAT
        ANY
        SUIT FOR THE ENFORCEMENT OF THIS CREDIT AGREEMENT OR ANY OF THE OTHER LOAN
        DOCUMENTS MAY BE BROUGHT IN THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS
        OR
        ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE JURISDICTION
        OF SUCH COURT AND SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON ANY
        BORROWER BY MAIL AT THE ADDRESS SPECIFIED IN §19. EACH OF THE PARTIES HEREBY
        WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY
        SUCH
        SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT
        COURT.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      21. HEADINGS.

      

      The
        captions in this Credit Agreement are for convenience of reference only and
        shall not define or limit the provisions hereof.

      

      22. COUNTERPARTS.

      

      This
        Credit Agreement and any amendment hereof may be executed in several
        counterparts and by each party on a separate counterpart, each of which when
        executed and delivered shall be an original, and all of which together shall
        constitute one instrument. In proving this Credit Agreement it shall not
        be
        necessary to produce or account for more than one such counterpart signed
        by the
        party against whom enforcement is sought.

      

      23. ENTIRE
        AGREEMENT, ETC.

      

      The
        Loan
        Documents and any other documents executed in connection herewith or therewith
        express the entire understanding of the parties with respect to the transactions
        contemplated hereby. Neither this Credit Agreement nor any term hereof may
        be
        changed, waived, discharged or terminated, except as provided in
§25.

      

      24. WAIVER
        OF
        JURY TRIAL.

      

      Each
        Borrower hereby waives its right to a jury trial with respect to any action
        or
        claim arising out of any dispute in connection with this Credit Agreement,
        the
        Notes or any of the other Loan Documents, any rights or obligations hereunder
        or
        thereunder or the performance of such rights and obligations. Except as
        prohibited by law, each Borrower hereby waives any right it may have to claim
        or
        recover in any litigation referred to in the preceding sentence any special,
        exemplary, punitive or consequential damages or any damages other than, or
        in
        addition to, actual damages. Each Borrower (i) certifies that no representative,
        agent or attorney of the Bank has represented, expressly or otherwise, that
        the
        Bank would not, in the event of litigation, seek to enforce the foregoing
        waivers and (ii) acknowledges that the Bank has been induced to enter into
        this
        Credit Agreement, the other Loan Documents to which it is a party by, among
        other things, the waivers and certifications contained herein.

      

      25. CONSENTS,
        AMENDMENTS, WAIVERS, ETC.

      

      Any
        consent or approval required or permitted by this Credit Agreement to be
        given
        by the Bank may be given, and any term of this Credit Agreement, the other
        Loan
        Documents or any other instrument related hereto or mentioned herein may
        be
        amended, and the performance or observance by any Borrower or any of its
        Subsidiaries of any terms of this Credit Agreement, the other Loan Documents
        or
        such other instrument or the continuance of any Default or Event of Default
        may
        be waived (either generally or in a particular instance and either retroactively
        or prospectively) with, but only with, the written consent of the Borrowers
        and
        the written consent of the Bank. No waiver shall extend to or affect any
        obligation not expressly waived or impair any right consequent thereon. No
        course of dealing or delay or omission on the part of the Bank in exercising
        any
        right shall operate as a waiver thereof or otherwise be prejudicial thereto.
        No
        notice to or demand upon any Borrower shall entitle such Borrower to other
        or
        further notice or demand in similar or other circumstances.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      26. SEVERABILITY.

      

      The
        provisions of this Credit Agreement are severable and if any one clause or
        provision hereof shall be held invalid or unenforceable in whole or in part
        in
        any jurisdiction, then such invalidity or unenforceability shall affect only
        such clause or provision, or part thereof, in such jurisdiction, and shall
        not
        in any manner affect such clause or provision in any other jurisdiction,
        or any
        other clause or provision of this Credit Agreement in any
        jurisdiction.

      

      27. REPRESENTATIONS
        AND WARRANTIES OF THE BANK.

      

      The
        Bank
        represents and warrants to the Borrowers that the execution, delivery and
        performance of this Credit Agreement and the other Loan Documents to which
        the
        Bank is a party and the transactions contemplated hereby and thereby (i)
        are
        within the authority (corporate or otherwise) of the Bank, (ii) have been
        duly
        authorized by all necessary proceedings (corporate or otherwise), (iii) do
        not
        conflict with or result in any breach or contravention of any provision of
        law,
        statute, rule or regulation to which the Bank is subject or any judgment,
        order,
        writ, injunction, license or permit applicable to the Bank, and (iv) do not
        conflict with any provision of the charter or bylaws of, or any agreement
        or
        other instrument binding upon, the Bank.

      

      [remainder
        of page intentionally left blank]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS
        WHEREOF, the undersigned have duly executed this Credit Agreement as a sealed
        instrument as of the date first set forth above.

       

      
        	 	
                ROGERS
                  CORPORATION

              
	 	 
	 	 
	 	
                By:
                  __________________________

              
	 	
                Robert
                  D. Wachob

              
	 	
                President
                  and Chief Executive Officer

              
	 	 
	 	 
	 	
                By:
                  ___________________________

              
	 	
                Dennis
                  M. Loughran

              
	 	
                Vice
                  President-Finance and Chief Financial Officer

              
	 	 
	 	 
	 	 
	 	
                ROGERS
                  TECHNOLOGIES (BARBADOS) SRL

              
	 	 
	 	 
	 	
                By:
                  __________________________

              
	 	
                Robert
                  M. Soffer, Manager

              
	 	 
	 	 
	 	 
	 	
                ROGERS
                  (CHINA) INVESTMENT CO., LTD

              
	 	 
	 	 
	 	
                By:
                  __________________________

              
	 	
                Robert
                  D. Wachob, Director

              
	 	 
	 	 
	 	
                By:
                  ___________________________

              
	 	
                Robert
                  M. Soffer, Director

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	 	
                ROGERS
                  N.V.

              
	 	 
	 	 
	 	
                By:
                  __________________________

              
	 	
                Robert
                  D. Wachob

              
	 	
                President
                  and Chief Executive Officer

              
	 	 
	 	 
	 	
                By:
                  ___________________________

              
	 	
                Dennis
                  M. Loughran

              
	 	
                Vice
                  President-Finance and Chief Financial Officer

              
	 	 
	 	 
	 	 
	 	
                ROGERS
                  TECHNOLOGIES (SUZHOU) CO. LTD.

              
	 	 
	 	 
	 	
                By:
                  __________________________

              
	 	
                Robert
                  D. Wachob, Director

              
	 	 
	 	 
	 	
                By:
                  ___________________________

              
	 	
                Robert
                  M. Soffer, Director

              
	 	 
	 	 
	 	 
	 	 
	 	
                CITIZENS
                  BANK OF CONNECTICUT

              
	 	 
	 	 
	 	
                By:
                  __________________________________

              
	 	
                Patricia
                  D. Donnelly

              
	 	
                Vice
                  President

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A

    

    REVOLVING
      CREDIT NOTE A

     

    
      
        	
                $75,000,000.00

              	
                November
                  __, 2006

              

      

    

    

    FOR
      VALUE
      RECEIVED, the undersigned Rogers Corporation, a Massachusetts corporation,
      Rogers Technologies (Barbados) SRL, a corporation organized and existing under
      the laws of Barbados, Rogers (China) Investment Co., Ltd., a corporation
      organized and existing under the laws of the People's Republic of China, Rogers
      N.V., a corporation organized and existing under the laws of Belgium, and Rogers
      Technologies (Suzhou) Co. Ltd., a corporation organized and existing under
      the
      laws of the People's Republic of China (individually, a "Borrower" and
      collectively, the "Borrowers") hereby jointly and severally promise to pay
      to
      the order of Citizens Bank of Connecticut (the "Bank"), a Connecticut stock
      savings bank, at the Bank's Head Office at 90 State House Square, 10th
      Floor,
      Hartford, Connecticut 06103:

    

    (a) prior
      to
      or on the Revolving Credit A Maturity Date, the principal amount of SEVENTY-FIVE
      MILLION DOLLARS ($75,000,000.00) or, if less, the aggregate unpaid principal
      amount of Loans advanced by the Bank to the Borrowers under Revolving Credit
      Facility A pursuant to the Multicurrency Revolving Credit Agreement dated as
      of
      November __, 2006 (as amended, modified, supplemented or restated and in effect
      from time to time, the "Credit Agreement"), among the Borrowers and the Bank;
      and

    

    (b) interest
      on the principal balance hereof from time to time outstanding, from the Closing
      Date under the Credit Agreement through and including the repayment in full
      hereof and termination of all commitments under the Credit Agreement, at the
      times and at the rates set forth in the Credit Agreement.

    

    This
      Revolving Credit Note A (the "Note") evidences borrowings under and has been
      issued by the Borrowers in accordance with the terms of the Credit Agreement.
      The Bank and any holder hereof is entitled to the benefits of the Credit
      Agreement and the other Loan Documents, and may enforce the agreements of the
      Borrowers contained therein, and any holder hereof may exercise the respective
      remedies provided for thereby or otherwise available in respect thereof, all
      in
      accordance with the respective terms thereof. All capitalized terms used in
      this
      Note and not otherwise defined herein shall have the same meanings herein as
      in
      the Credit Agreement.

    

    The
      Borrower irrevocably authorizes the Bank to make or cause to be made, at or
      about the time of the Drawdown Date of any Loan or at the time of receipt of
      any
      payment of principal of this Note, an appropriate notation on the grid attached
      to this Note, or the continuation of such grid, or any other similar record,
      including computer records, reflecting the making of such Loan or (as the case
      may be) the receipt of such payment. The outstanding amount of the Loans set
      forth on the grid attached to this Note, or the continuation of such grid,
      or
      any other similar record, including computer records, maintained by the Bank
      with respect to any Loans shall be prima facie evidence of the principal amount
      thereof owing and unpaid to the Bank, but the failure to record, or any error
      in
      so recording, any such amount on any such grid, continuation or other record
      shall not limit or otherwise affect the obligation of the Borrowers hereunder
      or
      under the Credit Agreement to make payments of principal of and interest on
      this
      Note when due.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
      Borrowers have the right in certain circumstances and the obligation in certain
      other circumstances to prepay the whole or part of the principal of this Note
      on
      the terms and conditions specified in the Credit Agreement.

    

    If
      any one
      or more of the Events of Default shall occur, the entire unpaid principal amount
      of this Note and all of the unpaid interest accrued thereon may become or be
      declared due and payable in the manner and with the effect provided in the
      Credit Agreement.

    

    No
      delay
      or omission on the part of the Bank or any holder hereof in exercising any
      right
      hereunder shall operate as a waiver of such right or of any other rights of
      the
      Bank or such holder, nor shall any delay, omission or waiver on any one occasion
      be deemed a bar or waiver of the same or any other right on any further
      occasion.

    

    Each
      Borrower and every endorser and guarantor of this Note or the obligation
      represented hereby waives presentment, demand, notice, protest and all other
      demands and notices in connection with the delivery, acceptance, performance,
      default or enforcement of this Note, and assents to any extension or
      postponement of the time of payment or any other indulgence, to any
      substitution, exchange or release of collateral and to the addition or release
      of any other party or person primarily or secondarily liable.

    

    THIS
      NOTE
      AND THE OBLIGATIONS OF THE BORROWERS HEREUNDER SHALL FOR ALL PURPOSES BE
      GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF
      MASSACHUSETTS (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW).
      EACH BORROWER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS NOTE MAY BE
      BROUGHT IN THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS OR ANY FEDERAL COURT
      SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURT
      AND
      THE SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON SUCH BORROWER BY MAIL
      AT
      THE ADDRESS SPECIFIED IN §19 OF THE CREDIT AGREEMENT. EACH BORROWER HEREBY
      WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY
      SUCH
      SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT
      COURT.

    

    This
      Note
      shall be deemed to take effect as a sealed instrument under the laws of The
      Commonwealth of Massachusetts.

    

     

    [Signatures
      on next page]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      IN
      WITNESS
      WHEREOF, the undersigned have caused this Revolving Credit Note to be signed
      in
      their corporate names by their duly authorized officers as of the day and year
      first above written.

    

      
        	 	
                ROGERS
                  N.V.

              
	 	 
	 	 
	
              	
                By:
                  __________________________

              
	
              	
                Robert
                  D. Wachob

              
	
              	
                President
                  and Chief Executive Officer

              
	 	 
	 	 
	 	
                By:
                  ___________________________

              
	 	
                Dennis
                  M. Loughran

              
	 	
                Vice
                  President-Finance and Chief Financial Officer

              
	 	 
	 	 
	 	 
	 	
                ROGERS
                  TECHNOLOGIES (BARBADOS) SRL

              
	 	 
	 	 
	 	
                By:
                  __________________________

              
	 	
                Robert
                  D. Wachob

              
	 	
                President
                  and Chief Executive Officer

              
	 	 
	 	
                By:
                  ___________________________

              
	 	
                
                  Dennis
                    M. Loughran

                

              
	 	
                Vice
                  President-Finance and Chief Financial Officer

              
	 	 
	 	 
	 	 
	 	
                ROGERS
                  (CHINA) INVESTMENT CO., LTD.

              
	 	 
	 	 
	 	
                By:
                  __________________________________

              
	 	
                
                  Robert
                    D. Wachob

                

              
	 	
                
                  President
                    and Chief Executive Officer

                

              
	 	 
	 	
                By:
                  __________________________________

              
	 	
                Dennis
                  M. Loughran

              
	 	
                Vice
                  President-Finance and Chief Financial
                  Officer

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

        
          	 	
                  ROGERS
                    N.V.

                
	 	 
	 	 
	 	
                  By:
                    __________________________

                
	 	
                  Robert
                    D. Wachob

                
	 	
                  President
                    and Chief Executive Officer

                
	 	 
	 	 
	 	
                  By:
                    ___________________________

                
	 	
                  Dennis
                    M. Loughran

                
	 	
                  Vice
                    President-Finance and Chief Financial Officer

                
	 	 
	 	 
	 	 
	 	
                  ROGERS
                    TECHNOLOGIES (SUZHOU) CO. LTD.

                
	 	 
	 	 
	 	
                  By:
                    __________________________

                
	 	
                  Robert
                    D. Wachob

                
	 	
                  President
                    and Chief Executive Officer

                
	 	 
	 	
                  By:
                    ___________________________

                
	 	
                  Dennis
                    M. Loughran

                
	 	
                  Vice
                    President-Finance and Chief Financial
                    Officer

                

        

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      	
              Date

            	 	 	
              
              

              Amount

              of
                Loan

            	 	 	
              Amount
                of

              Principal
                Paid

              or
                Prepaid

            	 	 	
              Balance
                of

              Principal

              Unpaid

            	 	 	
              
              

              Notation

              Made
                By:

            	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

    

    REVOLVING
      CREDIT NOTE B

     

    
      
        	
                $25,000,000.00

              	
                November
                  __, 2006

              

      

    

     

    FOR
      VALUE
      RECEIVED, the undersigned Rogers Corporation, a Massachusetts corporation,
      Rogers Technologies (Barbados) SRL, a corporation organized and existing under
      the laws of Barbados, Rogers (China) Investment Co., Ltd., a corporation
      organized and existing under the laws of the People's Republic of China, Rogers
      N.V., a corporation organized and existing under the laws of Belgium, and Rogers
      Technologies (Suzhou) Co. Ltd., a corporation organized and existing under
      the
      laws of the People's Republic of China (individually, a "Borrower" and
      collectively, the "Borrowers") hereby jointly and severally promise to pay
      to
      the order of Citizens Bank of Connecticut (the "Bank"), a Connecticut stock
      savings bank, at the Bank's Head Office at 90 State House Square, 10th
      Floor,
      Hartford, Connecticut 06103:

    

    (a) prior
      to
      or on the Revolving Credit B Maturity Date, the principal amount of TWENTY-FIVE
      MILLION DOLLARS ($25,000,000.00) or, if less, the aggregate unpaid principal
      amount of Loans advanced by the Bank to the Borrowers under Revolving Credit
      Facility B pursuant to the Multicurrency Revolving Credit Agreement dated as
      of
      November __, 2006 (as amended, modified, supplemented or restated and in effect
      from time to time, the "Credit Agreement"), among the Borrowers and the Bank;
      and

    

    (b) interest
      on the principal balance hereof from time to time outstanding, from the Closing
      Date under the Credit Agreement through and including the repayment in full
      hereof and termination of all commitments under the Credit Agreement, at the
      times and at the rates set forth in the Credit Agreement.

    

    This
      Revolving Credit Note B (the "Note") evidences borrowings under and has been
      issued by the Borrowers in accordance with the terms of the Credit Agreement.
      The Bank and any holder hereof is entitled to the benefits of the Credit
      Agreement and the other Loan Documents, and may enforce the agreements of the
      Borrowers contained therein, and any holder hereof may exercise the respective
      remedies provided for thereby or otherwise available in respect thereof, all
      in
      accordance with the respective terms thereof. All capitalized terms used in
      this
      Note and not otherwise defined herein shall have the same meanings herein as
      in
      the Credit Agreement.

    

    The
      Borrower irrevocably authorizes the Bank to make or cause to be made, at or
      about the time of the Drawdown Date of any Loan or at the time of receipt of
      any
      payment of principal of this Note, an appropriate notation on the grid attached
      to this Note, or the continuation of such grid, or any other similar record,
      including computer records, reflecting the making of such Loan or (as the case
      may be) the receipt of such payment. The outstanding amount of the Loans set
      forth on the grid attached to this Note, or the continuation of such grid,
      or
      any other similar record, including computer records, maintained by the Bank
      with respect to any Loans shall be prima facie evidence of the principal amount
      thereof owing and unpaid to the Bank, but the failure to record, or any error
      in
      so recording, any such amount on any such grid, continuation or other record
      shall not limit or otherwise affect the obligation of the Borrowers hereunder
      or
      under the Credit Agreement to make payments of principal of and interest on
      this
      Note when due.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
      Borrowers have the right in certain circumstances and the obligation in certain
      other circumstances to prepay the whole or part of the principal of this Note
      on
      the terms and conditions specified in the Credit Agreement.

    

    If
      any one
      or more of the Events of Default shall occur, the entire unpaid principal amount
      of this Note and all of the unpaid interest accrued thereon may become or be
      declared due and payable in the manner and with the effect provided in the
      Credit Agreement.

    

    No
      delay
      or omission on the part of the Bank or any holder hereof in exercising any
      right
      hereunder shall operate as a waiver of such right or of any other rights of
      the
      Bank or such holder, nor shall any delay, omission or waiver on any one occasion
      be deemed a bar or waiver of the same or any other right on any further
      occasion.

    

    Each
      Borrower and every endorser and guarantor of this Note or the obligation
      represented hereby waives presentment, demand, notice, protest and all other
      demands and notices in connection with the delivery, acceptance, performance,
      default or enforcement of this Note, and assents to any extension or
      postponement of the time of payment or any other indulgence, to any
      substitution, exchange or release of collateral and to the addition or release
      of any other party or person primarily or secondarily liable.

    

    THIS
      NOTE
      AND THE OBLIGATIONS OF THE BORROWERS HEREUNDER SHALL FOR ALL PURPOSES BE
      GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF
      MASSACHUSETTS (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW).
      EACH BORROWER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS NOTE MAY BE
      BROUGHT IN THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS OR ANY FEDERAL COURT
      SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURT
      AND
      THE SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON SUCH BORROWER BY MAIL
      AT
      THE ADDRESS SPECIFIED IN §19 OF THE CREDIT AGREEMENT. EACH BORROWER HEREBY
      WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY
      SUCH
      SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT
      COURT.

    

    This
      Note
      shall be deemed to take effect as a sealed instrument under the laws of The
      Commonwealth of Massachusetts.

    

     

    [Signatures
      on next page]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      IN
      WITNESS
      WHEREOF, the undersigned have caused this Revolving Credit Note to be signed
      in
      their corporate names by their duly authorized officers as of the day and year
      first above written.

    

      
        	 	
                ROGERS
                  N.V.

              
	 	 
	 	 
	 	
                By:
                  __________________________

              
	 	
                Robert
                  D. Wachob

              
	 	
                President
                  and Chief Executive Officer

              
	 	 
	 	 
	 	
                By:
                  ___________________________

              
	 	
                Dennis
                  M. Loughran

              
	 	
                Vice
                  President-Finance and Chief Financial Officer

              
	 	 
	 	 
	 	 
	 	
                ROGERS
                  TECHNOLOGIES (BARBADOS) SRL

              
	 	 
	 	 
	 	
                By:
                  __________________________

              
	 	
                Robert
                  D. Wachob

              
	 	
                President
                  and Chief Executive Officer

              
	 	 
	 	
                By:
                  ___________________________

              
	 	
                Dennis
                  M. Loughran

              
	 	
                Vice
                  President-Finance and Chief Financial Officer

              
	 	 
	 	 
	 	 
	 	
                ROGERS
                  (CHINA) INVESTMENT CO., LTD.

              
	 	 
	 	 
	 	
                By:
                  __________________________________

              
	 	
                Robert
                  D. Wachob

              
	 	
                President
                  and Chief Executive Officer

              
	 	 
	 	
                By:
                  __________________________________

              
	 	
                Dennis
                  M. Loughran

              
	 	
                Vice
                  President-Finance and Chief Financial
                  Officer

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

      
        	 	
                ROGERS
                  N.V.

              
	 	 
	 	 
	 	
                By:
                  __________________________

              
	 	
                Robert
                  D. Wachob

              
	 	
                President
                  and Chief Executive Officer

              
	 	 
	 	 
	 	
                By:
                  ___________________________

              
	 	
                Dennis
                  M. Loughran

              
	 	
                Vice
                  President-Finance and Chief Financial Officer

              
	 	 
	 	 
	 	 
	 	
                ROGERS
                  TECHNOLOGIES (SUZHOU) CO. LTD.

              
	 	 
	 	 
	 	
                By:
                  __________________________

              
	 	
                Robert
                  D. Wachob

              
	 	
                President
                  and Chief Executive Officer

              
	 	 
	 	
                By:
                  ___________________________

              
	 	
                Dennis
                  M. Loughran

              
	 	
                Vice
                  President-Finance and Chief Financial
                  Officer

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

      
        	
                Date

              	 	 	
                Amount
                  

                of
                  Loan

              	 	 	
                Amount
                  of 

                Principal
                  Paid 

                or
                  Prepaid

              	 	 	
                Balance
                  of 

                Principal

                Unpaid

              	 	 	
                Notation
                  

                Made
                  By:

              	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    EXHIBIT
      C

    

    FORM
      OF

    COMPLIANCE
      CERTIFICATE

    

    

    ______________,
      200__

    

    

    Citizens
      Bank of Connecticut

    90
      State
      House Square

    10th
      Floor

    Hartford,
      CT 06103

    

    Re: Compliance
      Certificate

    

    Ladies
      and
      Gentlemen:

    

    Reference
      is made to the Multicurrency Revolving Credit Agreement, dated as of November
      __, 2006 (as amended, modified, supplemented or restated and in effect from
      time
      to time, the "Credit Agreement"), by and among ROGERS CORPORATION, ROGERS
      TECHNOLOGIES (BARBADOS) SRL, ROGERS (CHINA) INVESTMENT CO., LTD., ROGERS N.V.,
      and ROGERS TECHNOLOGIES (SUZHOU) CO. LTD. (the "Borrowers"), and CITIZENS BANK
      OF CONNECTICUT (the "Bank"). Capitalized terms used herein without definition
      that are defined in the Credit Agreement shall have the respective meanings
      assigned to such terms in the Credit Agreement.

    

    Pursuant
      to §7.4 of the Credit Agreement, a principal financial or accounting officer of
      the Borrower hereby certifies to each of you as follows: (a) the information
      furnished in the calculations attached hereto was true and correct as of the
      last day of the fiscal [year] [quarter] next preceding the date of this
      certificate; (b) as of the date of this certificate, there exists no Event
      of
      Default or condition which would, with either (or both) the giving of notice
      or
      the lapse of time, result in an Event of Default; and (c) the financial
      statements delivered herewith were prepared in accordance with generally
      accepted accounting principles (as defined in the Credit Agreement ), except,
      in
      the case of quarterly statements, for year-end adjustments and provisions for
      footnotes.

    

    IN
      WITNESS
      WHEREOF, the undersigned officer has executed this Compliance Certificate as
      of
      the date first written above.

     

    
      	 	 	
              ROGERS
                CORPORATION

            	 
	 	 	 	 
	 	 	
              By:
                __________________________

            	 
	 	 	
              Name: 

            	 
	 	 	
              
                Title:

              

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Compliance
      Certificate Worksheet

    

    ROGERS
      CORPORATION

    

    As
      of
      __________________

     

    Section

    
       

      
        
          	
                  9.1

                	
                  Leverage Ratio.

                	 	 	 	 	 
	
                  (four
                    consecutive fiscal quarters then ended)

                	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	
                  A.
                    Total Funded Indebtedness:

                	 	 	 	 
	 	 	 	 	 	 	 
	 	
                  (1)

                	Indebtedness
                  for borrowed money	 	 	 
	 	 	(including
                  notes and bonds):	
                  $

                	 	 
	 	
                  (2)

                	plus
                  purchase money Indebtedness:	
                  $

                	 	 
	 	
                  (3)

                	plus
                  Indebtedness consisting of reimbursement 	 	 	 
	 	 	obligations
                  with respect to letters of credit;	
                  $

                	 	 
	 	
                  (4)

                	plus
                  Indebtedness with respect to Capitalized Leases:	 	 	 
	 	 	and
                  Synthetic Leases	
                  $

                	 	 
	 	
                  (5)

                	Total:	
                  $

                	 	 
	 	 	 	 	 	 
	 	
                  B.
                    EBITDA:

                	 	 	 	 
	 	 	 	 	 	 
	 	
                  (1)

                	Consolidated
                  Net Income:	
                  $

                	 	 
	 	
                  (2)

                	plus
                  depreciation and amortization and similar	 	 	 
	 	 	non-cash
                  charges:	
                  $

                	 	 
	 	
                  (3)

                	plus
                  income tax expense:	
                  $

                	 	 
	 	
                  (4)

                	plus
                  Consolidated Total Interest Expense:	
                  $

                	 	 
	 	
                  (5)

                	minus
                  net
                  income (or deficit) of joint ventures,	 	 	 
	 	 	except
                  to the extent actually received in cash:	
                  $

                	 	 
	 	
                  (6)

                	Total:	
                  $

                	 	 
	 	 	 	 	 	 
	 	
                  C.
                    Ratio of A(5) to B(6:)

                	 	 	 
	 	 	 	 	 	 
	 	
                  D.
                    Maximum Permitted Leverage Ratio:

                	
                   

                	 	
                  2.00:1.00

                
	 	 	 	 	 	 
	
                  9.2

                	
                  Interest Coverage Ratio.

                	 	 	 
	 	
                  (four
                    fiscal quarters then ended)

                	 	 	 
	 	 	 	 	 	 
	 	
                  A.
                    EBITDA (see 9.1(B)):

                	
                  $

                	 	 
	 	 	 	 	 	 
	 	
                  B.
                    Consolidated Total Interest Expense:

                	
                  $

                	 	 
	 	 	 	 	 	 
	 	
                  C.
                    Ratio of A to B:

                	 	
                   

                	 	
                  :

                
	 	 	 	 	 	 
	 	
                  D.
                    Minimum Required Interest Coverage Ratio:

                	
                   

                	 	
                  3.00:1.00

                

        

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
                9.3

              	
                Capital
                  Expenditures

              	 	 	 
	 	
                
                  (any
                    fiscal year)

                

              	
                 

              	 	 
	 	 	 	 	 
	 	
                A.
                  Capital Expenditures:

              	
                $

              	 	 
	 	
                
                  B.
                    Maximum Permitted Capital Expenditures

                

              	
                
                  $

                

              	 	
                 

              

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

    

     

    SCHEDULE
      6.3

     

    ENCUMBRANCES
      

     

    Liens
      disclosed on SCHEDULE 8.2

     

    Permitted
      Liens 

     

    [*]

     

     

    [*]
      CONFIDENTIAL TREATMENT REQUESTED

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SCHEDULE
      6.4.1

     

    FISCAL
      YEARS OTHER THAN THOSE ENDING ON THE SUNDAY NEAREST DECEMBER 31ST

    

    None

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    SCHEDULE
      6.5(b)

     

    INSOLVENCY,
      ETC. OF BORROWER AND SUBSIDIARIES

     

    

    At
      July 2,
      2006 the following Subsidiaries had liabilities in excess of assets resulting
      from amounts owed to Rogers Corporation:

     

    Rogers
      Japan, Inc.

     

    Rogers
      Southeast Asia, Inc.

     

    Rogers
      L-K
      Corp.

     

    TL
      Properties, Inc.

     

    
      
        1

      

      
         

        
          

        

      

      
         

      

    

    

    SCHEDULE
      6.7

     

    LITIGATION

     

    Rogers
      Corporation (the “Company”) is currently engaged in the following environmental
      and legal proceedings:

    

    Environmental
      Remediation in Manchester, Connecticut

    

    In
      the
      fourth quarter of 2002, the Company sold its Moldable Composites Division (MCD)
      located in Manchester, Connecticut to Vyncolit North America, Inc., a subsidiary
      of the Perstorp Group, located in Sweden. Subsequent to the divestiture, certain
      environmental matters were discovered at the Manchester location and Rogers
      determined that under the terms of the arrangement, the Company would be
      responsible for estimated remediation costs of approximately $500,000 and
      recorded this reserve in 2002 in accordance with SFAS No. 5 (FAS 5), Accounting
      for Contingencies. In the fourth quarter of 2004, the Connecticut Department
      of
      Environmental Protection (CT DEP) accepted the Company’s plan of remediation,
      which was also subsequently accepted by the Town of Manchester. In the second
      half of 2005, the Company commenced remediation procedures at the site, which
      was completed in the first half of 2006. Billings related to the remediation
      approximated the original accrual and are substantially complete as of the
      end
      of the second quarter of 2006. The Company is currently in the monitoring stages
      of the remediation and will be responsible for such monitoring for at least
      two
      years after completion of the remediation. The costs of monitoring, which are
      not expected to be material, will be treated as period expenses as
      incurred.

    

    Superfund
      Sites

    

    The
      Company is currently involved as a potentially responsible party (PRP) in four
      active cases involving waste disposal sites. In certain cases, these proceedings
      are at a stage where it is still not possible to estimate the ultimate cost
      of
      remediation, the timing and extent of remedial action that may be required
      by
      governmental authorities, and the amount of liability, if any, of the Company
      alone or in relation to that of any other PRPs. However, the costs incurred
      since inception for these claims have been immaterial and have been primarily
      covered by insurance policies, for both legal and remediation costs. In one
      particular case, the Company has been assessed a cost sharing percentage of
      2.47% in relation to the range for estimated total cleanup costs of $17 to
      $24
      million. The Company has confirmed sufficient insurance coverage to fully cover
      this liability and has recorded a liability and related insurance receivable
      of
      approximately $0.5 million, which approximates its share of the low end of
      the
      range. The Company believes that this remediation will continue for many
      years.

    

    In
      all its
      superfund cases, the Company believes it is a de minimis participant and has
      only been allocated an insignificant percentage of the total PRP cost sharing
      responsibility. Based on facts presently known to it, the Company believes
      that
      the potential for the final results of these cases having a material adverse
      effect on its results of operations, financial position or cash flows is remote.
      These cases have been ongoing for many years and the Company believes that
      they
      will continue on for the indefinite future. No time frame for completion can
      be
      estimated at the present time.

     

    PCB
      Contamination

    

    
      
        1

      

      
         

        
          

        

      

      
         

      

    

     

    The
      Company has been working with the CT DEP and Environmental Protection Agency
      (EPA) Region I related to certain polychlorinated biphenyl (PCB) contamination
      in the soil beneath a section of cement 

    flooring
      at its Woodstock, Connecticut facility. The Company completed clean-up efforts
      in 2000 in accordance with a previously agreed upon remediation plan. This
      Groundwater Remedial Action Plan was prepared to address PCB’s that are present
      in the shallow groundwater and competent bedrock. The Company is in the process
      of determining the extent of PCB contamination in the groundwater prior to
      implementing the Groundwater Remedial Action Plan. In the first quarter of
      2006,
      additional contamination was found in well clusters installed along the edge
      of
      the building and the Company subsequently installed additional clusters, which
      tested negative for contamination. The Company is currently working with the
      CT
      DEP to finalize a remedial action plan based on these latest results. The
      Company cannot estimate the range of future remediation costs based on facts
      and
      circumstances known to it at the present time and has not recorded a reserve
      as
      of July 2, 2006 related to this issue. The Company believes that this situation
      will continue for several more years and no time frame for completion can be
      estimated at the present time. Since inception, the Company has spent
      approximately $2.5 million in remediation and monitoring costs related to the
      site.

     

    Asbestos
      Litigation

    

    
      	
              o

            	
              Overview

            

    

    

    Over
      the
      past several years, there has been a significant increase in certain U.S. states
      in asbestos-related product liability claims brought against numerous industrial
      companies where the third-party plaintiffs allege personal injury from exposure
      to asbestos-containing products. The Company has been named, along with hundreds
      of other industrial companies, as a defendant in some of these claims. In
      virtually all of these claims filed against the Company, the plaintiffs are
      seeking unspecified damages or, if an amount is specified, it merely represents
      jurisdictional amounts or amounts to be proven at trial. Even in those
      situations where specific damages are alleged, the claims frequently seek the
      same amount of damages, irrespective of the disease or injury. Plaintiffs’
lawyers often sue dozens or even hundreds of defendants in individual lawsuits
      on behalf of hundreds or even thousands of claimants. As a result, even when
      specific damages are alleged with respect to a specific disease or injury,
      those
      damages are not expressly identified as to the Company. 

    

    The
      Company did not mine, mill, manufacture or market asbestos; rather, the Company
      made some limited products, which contained encapsulated asbestos. Such products
      were provided to industrial users. The Company stopped the manufacture of these
      products in 1987.

    

    
      	
              o

            	
              Claims

            

    

    

    The
      Company has been named in asbestos litigation primarily in Illinois,
      Pennsylvania, and Mississippi. As of July 2, 2006, there were approximately
      160
      pending claims compared to 215 pending claims at January 1, 2006. The number
      of
      open claims during a particular time can fluctuate significantly from period
      to
      period depending on how successful the Company has been in getting these cases
      dismissed or settled. In addition, most of these lawsuits do not include
      specific dollar claims for damages, and many include a number of plaintiffs
      and
      multiple defendants. Therefore, the Company cannot provide any meaningful
      disclosure about the total amount of the damages sought. 

     

    
      
        2

      

      
         

        
          

        

      

      
         

      

    

    
The
      rate
      at which plaintiffs filed asbestos-related suits against a number of defendants,
      including the Company, increased in 2001, 2002 and the first half of 2003
      because of increased activity on the part of plaintiffs to identify those
      companies that sold asbestos containing products, but which did not directly
      mine, mill or market asbestos. In addition, a significant increase in the volume
      of asbestos-related bodily injury cases arose in Mississippi beginning in 2002
      and extended through mid-year 2003. This increase in the volume of claims in
      Mississippi was apparently due to the passage of tort reform legislation
      (applicable to asbestos-related injuries), which became effective on September
      1, 2003 and which resulted in a large number of claims being filed in
      Mississippi by plaintiffs seeking to ensure their claims would be governed
      by
      the law in effect prior to the passage of tort reform. The number of
      asbestos-related suits filed against the Company increased in 2004, then
      decreased in 2005. At this time, the Company cannot accurately estimate if
      the
      full year rate of such filings against the Company will continue to decline
      in
      2006.

    

    
      	
              o

            	
              Defenses

            

    

    

    In
      many
      cases, plaintiffs are unable to demonstrate that they have suffered any
      compensable loss as a result of exposure to the Company’s asbestos-containing
      products. Management continues to believe that a majority of the claimants
      in
      pending cases will not be able to demonstrate exposure or loss. This belief
      is
      based in large part on two factors: the limited number of asbestos-related
      products manufactured and sold by the Company and the fact that the asbestos
      was
      encapsulated in such products. In addition, even at sites where the presence
      of
      an alleged injured party can be verified during the same period those products
      were used, liability of the Company cannot be presumed because even if an
      individual contracted an asbestos-related disease, not everyone who was employed
      at a site was exposed to the Company’s asbestos-containing products. Based on
      these and other factors, the Company has and will continue to vigorously defend
      itself in asbestos-related matters.

     

    
      	
              o

            	
              Dismissals
                and Settlements

            

    

    

    Cases
      involving the Company typically name 50-300 defendants, although some cases
      have
      had as few as 1 and as many as 833 defendants. The Company has obtained
      dismissals of many of these claims. In the first half of 2006, the Company
      was
      able to have approximately 40 claims dismissed, including 18 in the second
      quarter of 2006, and settled 10 claims, including 4 in the second quarter of
      2006. For the full year 2005, the Company previously disclosed that
      approximately 99 claims were dismissed; however, in the second quarter of 2006,
      the Company received new information from its legal counsel reporting that
      approximately 158 claims were dismissed during 2005. Approximately 12 claims
      were settled in 2005. The majority of costs have been paid by the Company’s
      insurance carriers, including the majority of costs associated with the small
      number of cases that have been settled. Payments related to such settlements
      were approximately $2 million in the first half of 2006, including approximately
      $1 million in the second quarter of 2006, and $4.4 million in all of 2005.
      Although these figures provide some insight into the Company’s experience with
      asbestos litigation, no guarantee can be made as to the dismissal and settlement
      rate the Company will experience in the future.

    

    Settlements
      are made without any admission of liability. Settlement amounts may vary
      depending upon a number of factors, including the jurisdiction where the action
      was brought, the nature and extent of the disease alleged and the associated
      medical evidence, the age and occupation of the alleged injured party, the
      existence or absence of other possible causes of the alleged illness of the
      alleged injured party, and the availability of legal defenses, as well as
      whether the action is brought alone or as part of a group of claimants. To
      date,
      the Company has been successful in obtaining dismissals for many of the claims
      and has settled only a limited number. The majority of settled claims were
      settled for immaterial amounts, and the Company’s insurance carriers have paid
      the majority of such costs. In addition, to date, the Company has not been
      required to pay any punitive damage awards.

     

    
      
        3

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              o

            	
              Potential
                Liability

            

    

    

    National
      Economic Research Associates, Inc. (NERA), a consulting firm with expertise
      in
      the field of evaluating mass tort litigation asbestos bodily-injury claims,
      was
      engaged to assist the Company in projecting the Company’s future
      asbestos-related liabilities and defense costs with regard to pending claims
      and
      future unasserted claims. Projecting future asbestos costs is subject to
      numerous variables that are extremely difficult to predict, including the number
      of claims that might be received, the type and severity of the disease alleged
      by each claimant, the long latency period associated with asbestos exposure,
      dismissal rates, costs of medical treatment, the financial resources of other
      companies that are co-defendants in claims, uncertainties surrounding the
      litigation process from jurisdiction to jurisdiction and from case to case,
      and
      the impact of potential changes in legislative or judicial standards, including
      potential tort reform. Furthermore, any predictions with respect to these
      variables are subject to even greater uncertainty as the projection period
      lengthens. In light of these inherent uncertainties, the Company’s limited
      claims history and consultations with NERA, the Company believes that five
      years
      is the most reasonable period for recognizing a reserve for future costs, and
      that costs that might be incurred after that period are not reasonably estimable
      at this time. As a result, the Company also believes that its ultimate net
      asbestos-related contingent liability (i.e., its indemnity or other claim
      disposition costs plus related legal fees) cannot be estimated with
      certainty.

    

    
      	
              o

            	
              Insurance
                Coverage

            

    

    

    The
      Company’s applicable insurance policies generally provide coverage for asbestos
      liability costs, including coverage for both resolution and defense costs.
      Following the initiation of asbestos litigation, an effort was made to identify
      all of the Company’s primary and excess insurance carriers that provided
      applicable coverage beginning in the 1950s through the mid-1980s. There appear
      to be three such primary carriers, all of which were put on notice of the
      litigation. Marsh Risk Consulting (Marsh), a consulting firm with expertise
      in
      the field of evaluating insurance coverage and the likelihood of recovery for
      asbestos-related claims, has been engaged to work with the Company to project
      the insurance coverage of the Company for asbestos-related claims. Marsh’s
      conclusions were based primarily on a review of the Company’s coverage history,
      application of reasonable assumptions on the allocation of coverage consistent
      with industry standards, an assessment of the creditworthiness of the insurance
      carriers, analysis of applicable deductibles, retentions and policy limits,
      and
      the experience of NERA and a review of NERA’s report. 

    

    
      	
              o

            	
              Cost
                Sharing Agreement

            

    

    

    To
      date,
      the Company’s primary insurance carriers have provided for substantially all of
      the legal and defense costs associated with its asbestos-related claims.
      However, as claims continue, the Company and its primary insurance carriers
      have
      determined that it would be appropriate to enter into a cost sharing agreement
      to clearly define the cost sharing relationship among such carriers and the
      Company. As of November 5, 2004, an interim cost sharing agreement was
      established that provided that the primary insurance carriers would continue
      to
      pay legal and defense costs associated with these claims until a definitive
      cost
      sharing arrangement was consummated. A definitive cost sharing agreement has
      been negotiated amongst the primary insurance carriers and the Company that
      is
      expected to be finalized during the third quarter of 2006. The cost sharing
      formula in the definitive agreement is essentially the same as the one currently
      being used by the respective parties.

     

    
      
        4

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              o

            	
              Impact
                on Financial Statements

            

    

    

    Given
      the
      inherent uncertainty in making future projections, the Company plans to have
      the
      projections of current and future asbestos claims periodically re-examined,
      and
      the Company will update them if needed based on the Company’s experience,
      changes in the underlying assumptions that formed the basis for NERA’s and
      Marsh’s models, and other relevant factors, such as changes in the tort system
      and the success in resolving claims against the Company. Based on the
      assumptions employed by and the report prepared by NERA and other variables,
      in
      the fourth quarter of 2004 the Company recorded a reserve for its estimated
      bodily injury liabilities for asbestos-related matters, including projected
      indemnity and legal costs, for the five-year period through 2009 in the
      undiscounted amount of $36.2 million. Likewise, based on the analysis prepared
      by Marsh, the Company recorded a receivable for its estimated insurance recovery
      of $36.0 million. This resulted in the Company recording a pre-tax charge to
      earnings of approximately $230,000 in 2004. At year-end 2005, NERA and Marsh
      were asked to update their respective analyses, which they did, and the Company
      adjusted its estimated liability and estimated insurance recovery to $37.9
      million and $37.6 million, respectively, resulting in a cumulative pre-tax
      charge to earnings of approximately $300,000, of which approximately $70,000
      was
      recognized in 2005. These amounts are currently reflected in the Company’s
      financial statements at July 2, 2006 as no material changes occurred during
      the
      quarter that would cause the Company to believe that an additional update to
      the
      analysis was required. The Company plans to have the analysis updated again
      at
      the end of 2006.

     

    The
      amounts recorded by the Company for the asbestos-related liability and the
      related insurance receivables described above were based on currently known
      facts and a number of assumptions. However, projecting future events, such
      as
      the number of new claims to be filed each year, the average cost of disposing
      of
      such claims, coverage issues among insurers, and the continuing solvency of
      various insurance companies, as well as the numerous uncertainties surrounding
      asbestos litigation in the United States, could cause the actual liability
      and
      insurance recoveries for the Company to be higher or lower than those projected
      or recorded.

    

    There
      can
      be no assurance that the Company’s accrued asbestos liabilities will approximate
      its actual asbestos-related settlement and defense costs, or that its accrued
      insurance recoveries will be realized. The Company believes that it is
      reasonably possible that it will incur additional charges for its asbestos
      liabilities and defense costs in the future, which could exceed existing
      reserves, but such excess amount cannot be estimated at this time. The Company
      will continue to vigorously defend itself and believes it has substantial
      unutilized insurance coverage to mitigate future costs related to this matter.
      

    

    Other
      Environmental and Legal Matters

    

    
      	
              o

            	
              In
                2004, the Company became aware of a potential environmental matter
                at its
                facility in Korea involving possible soil contamination. The initial
                assessment on the site has been completed and has confirmed that
                there is
                contamination. The Company believes that such contamination is historical
                and occurred prior to its occupation of the facility. Also, the Company
                is
                in the process of relocating this operation from Korea to its
                manufacturing facility in Suzhou, China. Based on this information
                and the
                fact that the Company will be finished with the relocation in the
                second
                half of 2006, the Company believes it is under no current obligation
                to
                remediate the site and does not believe that it is probable that
                it will
                be responsible for any future remediation. The Company will continue
                to
                monitor this issue in the future. 

            

    

     

    
      
        5

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              o

            	
              The
                Company is also aware of a potential environmental matter involving
                soil
                contamination at one of its European facilities. The Company is currently
                assessing this matter and believes that it is probable that a loss
                contingency exists relating to this site. In the first quarter of
                2006,
                the Company increased its estimates of the potential remediation
                costs to
                a range of between $0.3 million and $1.0 million from its previous
                estimates of between $200,000 and $400,000. The Company increased
                its
                reserve in the first quarter of 2006 to approximate the low end of
                its
                updated range. In the second quarter of 2006, the Company decided
                to
                conduct a more thorough investigation of the site to determine the
                extent
                of the contamination and to develop a more accurate assessment of
                the
                potential costs associated with any remediation
                plan.

            

    

    

    
      	
              o

            	
              In
                2005, the Company began to market its manufacturing facility in South
                Windham, Connecticut to find potential interested buyers. This facility
                was formerly the location of the manufacturing operations of the
                Company’s
                elastomer component and float businesses prior to the relocation
                of these
                businesses to Suzhou, China in the fall of 2004. As part of its due
                diligence in preparing the site for sale, the Company determined
                that
                there were several environmental issues at the site and, although
                under no
                legal obligation to voluntarily remediate the site, the Company believes
                that remediation procedures will have to be performed in order to
                successfully sell the property. Therefore, the Company obtained an
                assessment, which determined that the potential remediation cost
                range
                would be approximately $0.4 million to $1.0 million. In accordance
                with
                SFAS 5, the Company determined that the potential remediation would
                most
                likely approximate the mid-point of this range and recorded a $0.7
                million
                charge in the fourth quarter of 2005. The timing of any potential
                remediation action is largely dependent upon the progress the company
                makes in its efforts to sell this facility and no definitive timetable
                has
                currently been established.

            

    

     

    
      	
              o

            	
              In
                the second quarter of 2006, a former customer of the Company’s polyolefin
                foam business filed suit against the Company for a multitude of alleged
                improprieties, including breach of contract. Although the Company
                has not
                been formally served in this lawsuit, the Company is currently in
                negotiations with this customer and intends to defend itself vigorously
                in
                this matter. As of the end of the second quarter of 2006, the Company
                believes that a loss in this matter is probable and estimates that
                the low
                end of the potential settlement range approximates $0.7 million,
                which has
                been accrued. 

            

    

    

    In
      addition to the above issues, the nature and scope of the Company's business
      bring it in regular contact with the general public and a variety of businesses
      and government agencies. Such activities inherently subject the Company to
      the
      possibility of litigation, including environmental and product liability matters
      that are defended and handled in the ordinary course of business. The Company
      has established accruals for matters for which management considers a loss
      to be
      probable and reasonably estimable. It is the opinion of management that facts
      known at the present time do not indicate that such litigation, after taking
      into account insurance coverage and the aforementioned accruals, will have
      a
      material adverse impact on the results of operations, financial position, or
      cash flows of the Company.

    

    
      
        6

      

      
         

        
          

        

      

      
         

      

    

     

    SCHEDULE
      6.10

     

    TAX
      STATUS

    None

     

    
      
        1

      

      
         

        
          

        

      

      
         

      

    

    
SCHEDULE
      6.15

     

    EMPLOYEE
      BENEFIT PLANS PROVIDING COVERAGE SUBSEQUENT TO TERMINATION 

    

      
        	
                Benefits
                  That Continue During Severance - Salaried

              	 	 
	
                Medical
                  Insurance:

              	
                Anthem
                  Blue Cross and Blue Shield

              	 
	 	
                PPO
                  Network

              
	
                Dental
                  Insurance:

              	
                Delta
                  Dental Plan of New Jersey

              	 
	 	
                Option
                  I (5715-01)

              
	 	
                Option
                  II (5715-02)

              
	
                Flexible
                  Spending Accounts:

              	 	 
	
                Health
                  Care Reimbursement

              	 
	
                Dependent
                  Care Reimbursement

              	
                Sentinel
                  Benefits

              
	 	 	 
	
                Group
                  Term Life Insurance:

              	
                Aetna

              	 

      

    

     

    
      	
              Benefits
                That Continue During Retirement -
                Salaried:

            
	
              Medical
                Insurance: Early retirees keep the insurance plan listed above until
                age
                70

            
	
              Medical
                Part B Reimbursement:

            	
              For
                the small group of special 1990 retirees (only), payments are made
                on a
                monthly basis reimbursing them for their Medicare Part B
                entitlement.

            	 
	 	 	 
	
              Benefits
                That Continue During Retirement - Union:

            
	
              Medical
                Insurance:

            	
              Early
                Union Retirees choose to continue the medical plan listed above until
                age
                65. Normal contributions are made on a monthly basis.

            	 
	
              Life
                Insurance:

            	 	 
	
              $2,000
                Policy

            	
              Aetna

            	 

    

     

    
      
        1

      

      
         

        
          

        

      

      
         

      

    

    

    SCHEDULE
      6.15, continued

     

    EMPLOYEE
      BENEFIT PLANS PROVIDING COVERAGE SUBSEQUENT TO TERMINATION 

    

      
        	
                 

                Benefits
                  That Continue During A Lay-Off Period - Union

              	 	 
	 	 	
                Laid-off
                  employees that meet certain labor contract requirements can choose
                  to
                  continue their medical benefits for a specific period of time,
                  by paying a
                  reduced premium, as outlined in their specific labor
                  contract.

              
	 	 	 
	
                Medical
                  Insurance:

              	 	
                Anthem
                  Blue Cross and Blue Shield

              
	 	 	
                PPO
                  Network

              
	 	 	 
	
                Dental
                  Insurance:

              	 	
                Delta
                  Dental Plan of New Jersey

              
	 	 	
                Oak
                  Plan

              
	
                Group
                  Term Life Insurance:

              	 	
                Aetna

              

      

    

     

    
      
        2

      

      
         

        
          

        

      

      
         

      

    

    
SCHEDULE
      6.17

    ENVIRONMENTAL
      NONCOMPLIANCE

    

      

        6.17(a)
          Violations - Material Adverse Effect - None

      

      
6.17(b)
        Superfund Site Involvement

       

      Rogers
        Corporation is currently involved as a potentially responsible party (PRP)
        in
        four active cases involving waste disposal sites. In certain cases, these
        proceedings are at a stage where it is still not possible to estimate the
        ultimate cost of remediation, the timing and extent of remedial action that
        may
        be required by governmental authorities, and the amount of liability, if
        any, of
        Rogers Corporation alone or in relation to that of any other PRPs. However,
        the
        costs incurred since inception for these claims have been immaterial and
        have
        been primarily covered by insurance policies, for both legal and remediation
        costs. In one particular case, Rogers Corporation has been assessed a cost
        sharing percentage of 2.47% in relation to the range for estimated total
        cleanup
        costs of $17 to $24 million. Rogers Corporation has confirmed sufficient
        insurance coverage to fully cover this liability and has recorded a liability
        and related insurance receivable of approximately $0.5 million, which
        approximates its share of the low end of the range. 

      

      In
        all its
        superfund cases, Rogers Corporation believes it is a de minimis participant
        and
        has only been allocated an insignificant percentage of the total PRP cost
        sharing responsibility. Based on facts presently known to it, Rogers Corporation
        believes that the potential for the final results of these cases having a
        material adverse effect on its results of operations, financial position
        or cash
        flows is remote. These cases have been ongoing for many years and Rogers
        Corporation believes that they will continue on for the indefinite future.
        No
        time frame for completion can be estimated at the present
        time.

    

     

    The
      active
      cases are as follows:

    

    Case
      1
      sites and date of first notice:

    Chem
      Dyne
      Disposal Corporation, 3/82; Yaworski Lagoon, 3/83; Cannons Engineering
      Corporation, 4/86; and Hassayampa Landfill, 4/87

    

    Case
      2
      sites and date of first notice:

    Chathem
      Brothers Barrell Yard, 1/91

    

    Case
      3
      sites and date of first notice:

    Solvent
      Recovery Services, 1/92; Old Southington Landfill, 1/94; and Angelillo Property
      3/2000

    

    Case
      4
      sites and date of first notice:

    Omega
      Chemical Site, 9/94; and Casmalia Disposal Site 10/98

     

    
      
        1

      

      
         

        
          

        

      

      
         

      

    

     

    SCHEDULE
      6.17, continued

    ENVIRONMENTAL
      MATTERS

    

    6.17(c)
      Rogers Historic Site Activity - Voluntary Compliance

     

    
      	
              Description
                of Item

            	
              Location

            	 	
              Remarks

            
	 	 	 	 
	
              PCB
                Soil Contamination

            	
              Woodstock,
                Connecticut 

            	 	
              The
                use of polychlorinated biphenyl (PCB) prior to 1972 resulted in soil
                contamination, which was discovered in 1994. The EPA, became involved
                when
                Borrower voluntarily notified that agency of the situation. Clean
                up and
                remediation was completed in 2000. The EPA filed a complaint and
                assessed
                a $281,400 penalty. Borrower is vigorously disputing this penalty
                and,
                although the EPA’s Environmental Appeals Board has sided with the EPA,
                Borrower expects to file an appeal with the Federal Appeals Court.
                A
                reserve was established for the penalty by the
                Borrower.

            
	 	 	 	 
	
              Groundwater
                Contamination

            	
              South
                Windham, Connecticut 

            	 	
              Area
                groundwater contamination was discovered and allegations made that
                Borrower’s plant was the source. The results of Borrower’s investigation
                indicated that there was some minor localized soil contamination
                but that
                the groundwater contamination came from an old, abandoned off-site
                town
                dump. The soil contamination was properly removed and disposed of
                off-site
                in 1980 and 1981.

            
	 	 	 	 	 
	
              Removal
                of Latex 

              Drying
                Pits

            	
              Woodstock,
                Connecticut 

            	 	 	
              In
                1979 and 1980 the dried latex was removed from the drying pits, and
                properly disposed of off-site. The confirmation soil testing was
                accomplished and the lagoons were filled in. The DEP was notified
                of this.
                

            
	 	 	 	 	 
	
              Study
                of Local 

              Landfill

            	
              Woodstock,
                Connecticut 

            	 	 	
              In
                the mid-1980’s consultants were hired to investigate the possible
                contamination of groundwater from Borrower wastes at the Woodstock,
                Connecticut landfill. Study confirmed that groundwater contamination
                existed, but nothing indicated that Borrower’s wastes contributed anything
                above what would be expected from general municipal landfilling and
                there
                were no environmental violations or fines. The report was submitted
                to the
                Town of Woodstock, Connecticut and the DEP; the matter is closed.
                

            

    

     

    
      
        2

      

      
         

        
          

        

      

      
         

      

    

    

    SCHEDULE
      6.17, continued

    ENVIRONMENTAL
      MATTERS

    

    6.17(c)
      Rogers Historic Site Activity - Voluntary Compliance

    

    
      	
              Description
                of Item

            	
              Location

            	 	Remarks
	
              Fuel
                Oil Spill

            	
              Woodstock,
                Connecticut

            	 	In
              1992 an oil tank overflowed when being filled. The spill was cleaned
              up in
              accordance with applicable Environmental Laws and the DEP was
              notified.
	 	 	 	 	 	 
	
              Removal
                of Lagoons

            	
              Rogers,
                Connecticut 

            	 	In
              1979 and 1980, two lagoons were cleaned and filled in. Although the
              project is closed, future soil testing may be required by the
              DEP.
	 	 	 	 	 	 
	
              Overflow
                Tank

            	
              Rogers,
                Connecticut 

            	 	In
              1990, an abandoned concrete overflow tank used with pre-1975 plating
              operations was cleaned and removed in accordance with applicable
              Environmental Laws and properly disposed of off-site. The DEP was
              notified. 
	 	 	 	
            	 	 
	
              Oil
                Spills (2)

            	
              South
                Windham, Connecticut 

            	 	In
              1992 an oil tank overflowed during filling in one instance and in another
              a leaking oil tank was discovered. The DEP was notified in both cases
              and
              the tank was cleaned and replaced in accordance with applicable
              environmental laws and properly disposed of off-site. 
	 	 	 	 	 
	
              Phenol
                Spill

            	
              Manchester,
                Connecticut 

            	 	In
              1969 and 1970 a phenol bulk tank leaked and spilled onto floor and
              parking
              lot. The spill was cleaned up and the bulk tank system was decontaminated
              and removed in accordance with applicable environmental laws and the
              tank
              system and contaminated materials were properly disposed of.
              

    

    

    
      
        4

      

      
         

        
          

        

      

      
         

      

    

    

    SCHEDULE
      6.17, continued

    ENVIRONMENTAL
      MATTERS

    

    6.17(c)
      Rogers Historic Site Activity - Voluntary Compliance

     

    
      	
              Description
                of Item

            	
              Location

            	
              Remarks

            
	 	 	 
	
              Oil
                Spill

            	Manchester,
              Connecticut	
              In
                1986 fuel oil overflowed from the tank during filling. The DEP was
                notified and the spill was remedied in accordance with applicable
                environmental laws. 

            
	 	 	 
	
              Solvent
                Contamination of Soil

            	
              Chandler,
                Arizona 

            	In
              1994 local testing discovered several areas of low-level soil
              contamination, from Borrower’s prior operations at a plant that is now
              leased to a third party. Contamination levels do not require agency
              notification or immediate remediation.
	 	 	 
	
              Connecticut
                Voluntary Remediation Action

            	
              Rogers,
                South Windham and Woodstock, Connecticut 

            	 Currently,
              the Rogers, South Windham and Woodstock, Connecticut plants have RCRA
              interim Part A permitted hazardous waste storage areas. As part of
              a
              required closure plan, Connecticut requires that voluntary soil and
              groundwater evaluations be done and initial reports of results have
              been
              submitted to the DEP. These facilities were properly closed pursuant
              to
              the requirements of RCRA prior to 1994. 

    

     

    
      
        4

      

      
         

        
          

        

      

      
         

      

    

    

    SCHEDULE
      6.17, continued

    ENVIRONMENTAL
      MATTERS

    

    6.17(c)
      Summary of Environmental Agency Notices Since 1995

    

    
      	
              Rogers

              Locations

            	
              Description
                

              of
                Notice

            	
              Date
                

              Notice
                

              Received

            	
              Date
                

              Resolved

            	
              Remarks

            
	 	 	 	 	 
	
              Chandler,
                

              Arizona

            	
              Complaint
                Arizona 

              Department
                of 

              Environmental
                

              Quality
                (ADEQ)

            	
              1/9/95

            	
              2/24/95

            	
              Even
                though Part B storage area had been decommissioned for over a year
                and a
                closure notice had been sent to the EPA, the ADEQ was not notified
                by the
                EPA. The ADEQ filed a complaint for not submitting previously required
                inspection reports. The situation was clarified and the complaint
                was
                dropped.

            
	 	 	 	 	 
	
              Rogers,
                

              Connecticut

            	
              Notice
                of 

              Violation
                (DEP)

            	
              5/8/95

            	
              6/13/95

            	
              Non-contact
                cooling water was discharged into sewer and was not clearly indicated
                on
                the permit conditions. This was corrected and no penalty was
                incurred.

            
	 	 	 	 	 
	
              Chandler,
                Arizona

            	
              Notice
                of Deficiency

               (Maricopa
                County, 

              Arizona)

            	
              12/8/95

            	
              2/28/96

            	
              Documentation
                on air emission correction made. The process was corrected and no
                penalty
                was incurred.

            
	 	 	 	 	 
	
              Manchester,

              Connecticut

            	
              Notice
                of 

              Violation
                (DEP)

            	
              2/22/96

            	
              6/17/96

            	
              The
                Notice of Violation alleged that Borrower failed to submit a compliance
                plan for air emissions by 5/1/94. Borrower was not required to submit
                plan
                and the Notice of Violation was rescinded.

            
	 	 	 	 	 
	
              Rogers,
                

              Connecticut

            	
              Notice
                of 

              Violation
                (DEP)

            	
              4/4/96

            	
              5/2/96

            	
              A
                Notice of Violation was issued because the DEP did not have a discharge
                permit renewal application in their files. Borrower proved that the
                application was submitted and received on a timely basis. The Notice
                of
                Violation was dropped.

            

    

    

    
      
        6

      

      
         

        
          

        

      

      
         

      

    

     

    SCHEDULE
      6.17, continued

    ENVIRONMENTAL
      MATTERS

    

    6.17(c)
      Summary of Environmental Agency Notices Since 1995

    

    
      	
              Rogers

              Locations

            	
              Description
                

              of
                Notice

            	
              Date
                

              Notice
                

              Received

            	
               

              Date
                

              Resolved

            	
              Remarks

            
	 	 	 	 	 
	
              Woodstock,
                

              Connecticut

            	
              Notice
                of 

              Violation
                (DEP)

            	
              5/30/97

            	
              6/97

            	
              A
                Notice of Violation was issued alleging that 1996 monitoring results
                were
                not submitted to the DEP. Certified mail receipts proved that reports
                had
                been sent and the DEP received them. The matter was
                dropped.

            
	 	 	 	 	 
	
              South
                Windham, Connecticut

            	
              Notice
                of 

              Violation
                (DEP)

            	
              11/24/97

            	
              12/23/97

            	
              Stormwater
                plan was not updated to reflect personnel changes and changes in
                run-off
                location. The process was corrected and no penalty was
                incurred.

            
	 	 	 	 	 
	
              Chandler,
                

              Arizona

            	
              Notice
                of Deficiency (Maricopa) County, Arizona)

            	
              7/28/98

            	
              8/13/98

            	
              Inconsistency
                in the operations log of chemical usage was corrected and no penalty
                was
                incurred.

            
	 	 	 	 	 
	
              Manchester,
                

              Connecticut

            	
              Notice
                of 

              Violation
                (DEP)

            	
              8/28/98

            	
              10/22/98

            	
              Stormwater
                plan wasn’t updated to reflect personnel changes. The process was
                corrected and no penalty was incurred.

            
	 	 	 	 	 
	
              Chandler,
                

              Arizona

            	
              Notice
                of 

              Violation
                (ADEQ)

            	
              8/26/98

            	
              11/5/98

            	
              Hazardous
                waste container had improperly affixed labels, the contingency plan
                was
                not updated and training records were incomplete. These items were
                corrected and no penalty was incurred.

            
	 	 	 	 	 
	
              Manchester,
                

              Connecticut

            	
              Notice
                of 

              Violation
                (DEP)

            	
              9/23/98

            	
              1/5/99

            	
              Emergency
                Response Plan did not reflect recent changes in personnel, job titles,
                training requirements and inspection protocols. These items were
                corrected
                and no penalty was incurred.

            
	 	 	 	 	 
	
              Woodstock,
                

              Connecticut

            	
              Notice
                of 

              Violation
                (DEP)

            	
              12/7/98

            	
              12/18/98

            	
              There
                was improper labeling of hazardous waste containers in the satellite
                accumulation area. The process was corrected and no penalty was
                incurred.

            

    

    

    
      
        7

      

      
         

        
          

        

      

      
         

      

    

     

    SCHEDULE
      6.17, continued

    ENVIRONMENTAL
      MATTERS

    

    6.17(c)
      Summary of Environmental Agency Notices Since 1995

    

    
      	
              Rogers

              Locations

            	
              Description
                

              of
                Notice

            	
              Date
                

              Notice
                

              Received

            	
              Date
                

              Resolved

            	
              Remarks

            
	 	 	 	 	 
	
              Manchester,
                

              Connecticut

            	
              Notice
                of 

              Violation
                (DEP)

            	
              12/7/98

            	
              1/5/99

            	
              Violation
                due to overflow/spill of particulates from baghouse collectors. The
                process was corrected and no penalty was incurred.

            
	 	 	 	 	 
	
              Rogers,
                

              Connecticut

            	
              Notice
                of 

              Violation
                (DEP)

            	
              12/7/98

            	
              1/15/99

            	
              Satellite
                hazardous waste containers were not properly sealed and several containers
                lacked date information. The process was corrected and no penalty
                was
                incurred.

            
	 	 	 	 	 
	
              South
                Windham, Connecticut

            	
              Notice
                of 

              Violation
                (DEP)

            	
              2/8/99

            	
              3/5/99

            	
              A
                Notice of Violation was issued regarding discharge of wash water
                to
                leaching field. The issue was resolved and no penalty was
                incurred.

            
	 	 	 	 	 
	
              Rogers,
                

              Connecticut

            	
              Notice
                of 

              Violation
                (DEP)

            	
              5/98

            	
              10/9/98

            	
              A
                Notice of Violation was issued because the Site Pollution Prevention
                Plan
                was not certified by a licensed professional engineer. This was corrected
                and no penalty was incurred.

            
	 	 	 	 	 
	
              Rogers,
                

              Connecticut

            	
              Notice
                of 

              Violation
                (DEP)

            	
              6/15/99

            	
              7/14/99

            	
              A
                Notice of Violation was issued alleging that an improper analytical
                method
                was used by outside testing lab and that the discharges exceeded
                pH
                limitations. The lab was using the correct test method but recorded
                the
                wrong reference number. The pH issues were due to faulty pH equipment
                and
                not to nature of effluent. The equipment was replaced. No penalty
                was
                incurred.

            

    

     

    
      
        8

      

      
         

        
          

        

      

      
         

      

    

    

    SCHEDULE
      6.17, continued

    ENVIRONMENTAL
      MATTERS

    

    6.17(c)
      Summary of Environmental Agency Notices Since 1995

    

    
      	
              Rogers

              Locations

            	
              Description
                

              of
                Notice

            	
              Date
                

              Notice
                

              Received

            	
              Date
                

              Resolved

            	
              Remarks

            
	 	 	 	 	 
	
              Manchester,
                

              Connecticut

            	
              Notice
                of 

              Violation
                (DEP)

            	
              10/4/99

            	
              10/29/99

            	
              A
                Notice of Violation was issued to force installation of an in-line
                flow
                meter on discharges of non-contact cooling water to sewer. In-line
                flow
                meters were installed and no penalty was incurred. 

            
	 	 	 	 	 
	
              Chandler,
                

              Arizona

            	
              Notice
                of Violation 

              (Maricopa
                County, 

              Arizona)

            	
              7/24/00

            	
              8/1/00

            	
              Maricopa
                County required additional information on chemical usage and throughput
                to
                the plant’s thermal oxidizer. This was supplied and no penalty was
                incurred.

            
	 	 	 	 	 
	
              Chandler,
                

              Arizona

            	
              Voluntary
                Submission of 

              Possible
                TSCA 

              Violation

            	
              11/3/00

            	
              11/25/00

            	
              Discovery
                that one constituent of a product imported from Japan was not on
                public
                TSCA listing prompted a notice to the EPA of a probable violation
                with
                imports over past several years. It was determined that the item
                was
                listed on a confidential listing. Borrower has resumed importation
                of the
                material with EPA's agreement.

            

    

     

    
      Notices
        of violations subsequent to 12/8/2000, none of which are material, to be
        provided.

    

     

    
      
        	
                NOTE:

              	
                The
                  disclosure of information on any part of this Schedule 6.17 is
                  deemed to
                  be disclosure of such information on all other relevant portions
                  of this
                  schedule.

              

      

    

     

    
      
        9

      

      
         

        
          

        

      

      
         

      

    

     

    SCHEDULE
      6.18

     

    SUBSIDIARIES
      OF BORROWERS

     

    
      	
              Subsidiary
                Name

            	
              Place
                of Incorporation

            
	
              KF,
                Inc.

            	
              South
                Korea

            
	
              Rogers
                (China) Investment Co., Ltd

            	
              Peoples
                Republic of China

            
	
              Rogers
                Circuit Materials, Incorporated

            	
              Delaware

            
	
              Rogers
                GmbH

            	
              Germany

            
	
              Rogers
                Induflex, N.V.

            	
              Belgium

            
	
              Rogers
                Japan, Inc.

            	
              Delaware

            
	
              Rogers
                KF, Inc.

            	
              Delaware

            
	
              Rogers
                Korea, Inc.

            	
              Delaware

            
	
              Rogers
                L-K Corp.

            	
              Delaware

            
	
              Rogers
                N.V.

            	
              Belgium

            
	
              Rogers
                S.A.

            	
              France

            
	
              Rogers
                (Shanghai) International Trading Co., Ltd.

            	
              Peoples
                Republic of China

            
	
              Rogers
                Southeast Asia, Inc.

            	
              Delaware

            
	
              Rogers
                Specialty Materials Corporation

            	
              Delaware

            
	
              Rogers
                Taiwan, Inc.

            	
              Delaware

            
	
              Rogers
                Technologies (Barbados) SRL

            	
              Barbados

            
	
              Rogers
                Technologies Singapore, Inc.

            	
              Delaware

            
	
              Rogers
                Technologies (Suzhou) Company Ltd.

            	
              Peoples
                Republic of China

            
	
              Rogers
                (UK) Ltd.

            	
              England

            
	
              TL
                Properties, Inc.

            	
              Arizona

            
	
              World
                Properties, Inc.

            	
              Illinois

            
	 	 
	
              Joint
                Venture Corporations (all 50% owned by vote)

            	
              Place
                of Incorporation

            
	
              Rogers
                Chang Chun Technology Co., Ltd.

            	
              Taiwan

            
	
              Rogers
                Inoac Corporation

            	
              Japan

            
	
              Rogers
                Inoac Suzhou Corporation

            	
              Peoples
                Republic of China

            
	
              Polyimide
                Laminate Systems, LLC

            	
              Delaware

            

    

     

    
      
        1

      

      
         

        
          

        

      

      
         

      

    

    
SCHEDULE
      8.1(d)

     

    INDEBTEDNESS
      OF ROGERS US AND DOMESTIC SUBSIDIARIES

    

    None

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    SCHEDULE
      8.1(e)

     

    INDEBDTEDNESS
      OF FOREIGN SUBSIDIARIES

    

    Rogers
      Technologies (Barbados) SRL - $30,375,000 Note Payable to Rogers
      Corporation

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      SCHEDULE
        8.2

    

     

    CURRENTLY
      OUTSTANDING LIENS

     

    
      
        	
                Holder

              	 	
                Asset

              
	
                Bayer
                  Polymers LLC

              	 	
                consigned
                  polyol inventory

              
	
                100
                  Bayer Road

              	 	 
	
                Pittsburgh
                  PA 15205-9741

              	 	 
	 	 	 
	
                Facilitec,
                  Inc.

              	 	
                furniture

              

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    SCHEDULE
      8.3

     

    INVESTMENTS
      PERMITTED BY VIRTUE OF DISCLOURE

    

    Investments
      by Rogers Corporation

            

    
      	 	Investment
              In:	Investment
              Value (US$): 
	 	
              Rogers
                Inoac Corporation Technology Co. Ltd.

            	
              341,417

            
	 	
              Rogers
                Chang Chun

            	
              42,419

            
	 	
              Rogers
                Inoac Suzhou Co. Ltd

            	
              0

            
	 	
              Rogers
                L-K Corp.

            	
              2,437,192

            
	 	
              TL
                Properties, Inc.

            	
              1,000

            
	 	
              World
                Properties, Inc

            	
              103,494

            
	 	
              Rogers
                Specialty Materials Corporation

            	
              1,000

            
	 	
              Polyimide
                Laminate Sys

            	
              39,979
                

            
	 	
              Rogers
                Technologies (Barbados) SRL 

            	
              2,468,389

            
	 	
              Rogers
                NV

            	
              480,493
                

            
	 	
              Rogers
                Induflex NV

            	
              5,183,474
                

            
	 	
              Rogers
                Japan Inc.

            	
              1,000,100
                

            
	 	
              Rogers
                Southeast Asia

            	
              100
                

            
	 	
              Rogers
                Taiwan Inc.

            	
              100
                

            
	 	
              Rogers
                Korea Inc

            	
              1,000
                

            
	 	
              Rogers
                Tech Singapore

            	
              1,000
                

            
	 	
              Rogers
                Circuit Materials

            	
              1,000
                

            
	 	
              Rogers
                China

            	
              1,000
                

            
	 	
              Rogers
                Technologies Suzhou Company, Ltd

            	
              8,064
                

            
	 	
              Rogers
                KF

            	
              10
                

            
	 	
              Note
                Receivable from Rogers Technologies (Barbados) SRL 

            	
              30,375,000

            

    

     

    
      
        	
                Investments
                  by Rogers Technologies (Barbados) SRL

              	 	 
	 	 	 
	
                Investment
                  In:
                  

              	 	
                Investment
                  Value (US$):

              
	
                Rogers
                  Technologies (China) Inc., Ltd

              	 	
                32,200,000

              
	 	 	 
	
                Investments
                  by Rogers Technologies (China) Inc., Ltd

              	 	 
	 	 	 
	
                Investment
                  In: 

              	 	
                Investment
                  Value (US$):

              
	
                Rogers
                  Technologies (Suzhou) Inc., Ltd

              	 	
                29,000,000

              
	
                
                  Rogers
                    Technologies (Shanghai) Inc., Ltd

                

              	 	
                200,000

              

      

    

     

    1

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