Document:

exv10w2

 

Exhibit 10.2

AMENDMENT NO. 1 TO THE

VALMONT 2002 STOCK PLAN

     Effective April 26, 2004, Section 5.2 of the Valmont 2002 Stock Plan is
amended and restated in its entirety to read as follows:

“5.2 Cancelled, Terminated or Forfeited Awards. Any shares of Stock
subject to an Award which for any reason are cancelled, terminated or
otherwise settled without the issuance of any Stock shall again be
available for Awards under the Plan. In the event that an Award is
exercised through the delivery of Stock or in the event that withholding
tax liabilities arising from such Award are satisfied by the withholding
of Stock by the Company, the number of shares available for Awards under
the Plan shall be increased by the number of shares delivered or withheld.
Notwithstanding the immediately preceding sentence, the number of shares
available for Awards under the Plan shall not be increased by the number
of any previously issued shares surrendered in connection with the
exercise of an Award or in connection with the tax withholding for an
Award, more than ten years after the date of the most recent shareholder
approval of the Plan.”exv10w3

Table of Contents

Exhibit 10.3

Execution Copy

CREDIT AGREEMENT

by and among

VALMONT INDUSTRIES, INC.,

THE SUBSIDIARY BORROWERS PARTY HERETO,

THE LENDERS PARTY HERETO,

and

THE BANK OF NEW YORK,

AS ISSUING BANK, AS SWING LINE LENDER

and

AS ADMINISTRATIVE AGENT,

WACHOVIA BANK, NATIONAL ASSOCIATION, AS ISSUING BANK

and

WACHOVIA CAPITAL MARKETS, LLC,

AS SYNDICATION AGENT

and

LASALLE BANK NATIONAL ASSOCIATION,

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.,

“RABOBANK INTERNATIONAL,” NEW YORK BRANCH,

AND

U.S. BANK NATIONAL ASSOCIATION,

AS CO-DOCUMENTATION AGENTS

with

BNY CAPITAL MARKETS, INC. and WACHOVIA CAPITAL MARKETS, LLC,

AS CO-LEAD ARRANGERS

Dated as of May 4, 2004

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page

	1.	 	DEFINITIONS AND PRINCIPLES OF CONSTRUCTION	 	 	1	 
	

	 	1.1.
	 	Definitions
	 	 	 	 	1	 
	

	 	1.2.
	 	Principles of Construction
	 	 	 	 	33	 
	2.	 	AMOUNT AND TERMS OF LOANS AND LETTERS OF CREDIT	 	 	35	 
	

	 	2.1.
	 	Revolving Credit Loans and Term Loans
	 	 	 	 	35	 
	

	 	2.2.
	 	Swing Line Loans
	 	 	 	 	36	 
	

	 	2.3.
	 	Procedure for Borrowing
	 	 	 	 	37	 
	

	 	2.4.
	 	Bid Procedure
	 	 	 	 	40	 
	

	 	2.5.
	 	Termination or Reduction of Commitments
	 	 	 	 	43	 
	

	 	2.6.
	 	Repayments and Prepayments
	 	 	 	 	44	 
	

	 	2.7.
	 	Use of Proceeds
	 	 	 	 	46	 
	

	 	2.8.
	 	Letter of Credit Sub-Facility
	 	 	 	 	47	 
	

	 	2.9.
	 	Letter of Credit Participation and Funding Commitments
	 	 	 	 	48	 
	

	 	2.10.
	 	Absolute Obligation With Respect to Letter of Credit Payments
	 	 	 	 	49	 
	

	 	2.11.
	 	Payments
	 	 	 	 	50	 
	

	 	2.12.
	 	Addition and Removal of Subsidiary Borrowers;
Addition of Non-Core Currencies
	 	 	 	 	51	 
	

	 	2.13.
	 	Records
	 	 	 	 	52	 
	3.	 	INTEREST, FEES, CONVERSIONS AND YIELD PROTECTIONS	 	 	53	 
	

	 	3.1.
	 	Interest Rates and Payment Dates
	 	 	 	 	53	 
	

	 	3.2.
	 	Fees
	 	 	 	 	55	 
	

	 	3.3.
	 	Conversions; Concerning Interest Periods
	 	 	 	 	55	 
	

	 	3.4.
	 	Indemnification for Loss
	 	 	 	 	57	 
	

	 	3.5.
	 	Capital Adequacy
	 	 	 	 	58	 
	

	 	3.6.
	 	Reimbursement for Increased Costs
	 	 	 	 	58	 
	

	 	3.7.
	 	Illegality of Funding
	 	 	 	 	59	 
	

	 	3.8.
	 	Substituted Interest Rate
	 	 	 	 	60	 
	

	 	3.9.
	 	Taxes
	 	 	 	 	61	 
	

	 	3.10.
	 	Option to Fund
	 	 	 	 	63	 
	

	 	3.11.
	 	Changes of Lending Offices
	 	 	 	 	64	 
	

	 	3.12.
	 	Replacement of Lenders
	 	 	 	 	64	 
	4.	 	REPRESENTATIONS AND WARRANTIES	 	 	65	 
	

	 	4.1.
	 	Subsidiaries; Capitalization
	 	 	 	 	65	 
	

	 	4.2.
	 	Existence and Power
	 	 	 	 	66	 
	

	 	4.3.
	 	Authority and Execution
	 	 	 	 	66	 
	 Indenture
	 Amendment No. 1 to 1999 Stock Plan
	 Amendment No. 1 to 2002 Stock Plan
	 Company's Credit Agreement
	 Certificate of CEO
	 Certificate CFO
	 Certifications of CEO and CFO

 

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	 	 	 	 	 	 	 	 	Page

	

	 	4.4.
	 	Binding Agreement
	 	 	 	 	66	 
	

	 	4.5.
	 	Litigation
	 	 	 	 	66	 
	

	 	4.6.
	 	Required Consents
	 	 	 	 	67	 
	

	 	4.7.
	 	Absence of Defaults; No Conflicting Agreements
	 	 	 	 	67	 
	

	 	4.8.
	 	Compliance with Applicable Laws
	 	 	 	 	67	 
	

	 	4.9.
	 	Taxes
	 	 	 	 	67	 
	

	 	4.10.
	 	Governmental Regulations
	 	 	 	 	68	 
	

	 	4.11.
	 	Federal Reserve Regulations; Use of Loan Proceeds
	 	 	 	 	68	 
	

	 	4.12.
	 	Plans	 	 	 	 	68	 
	

	 	4.13.
	 	Financial Statements
	 	 	 	 	69	 
	

	 	4.14.
	 	Property
	 	 	 	 	69	 
	

	 	4.15.
	 	Authorizations
	 	 	 	 	70	 
	

	 	4.16.
	 	Environmental Matters
	 	 	 	 	70	 
	

	 	4.17.
	 	Absence of Certain Restrictions
	 	 	 	 	70	 
	

	 	4.18.
	 	No Misrepresentation
	 	 	 	 	71	 
	

	 	4.19.
	 	Subordinated Notes
	 	 	 	 	71	 
	5.	 	CONDITIONS OF LENDING — THE FIRST BORROWING DATE	 	 	71	 
	

	 	5.1.
	 	Evidence of Action
	 	 	 	 	71	 
	

	 	5.2.
	 	Opinions of Counsel
	 	 	 	 	72	 
	

	 	5.3.
	 	Opinion of Special Counsel
	 	 	 	 	72	 
	

	 	5.4.
	 	Subsidiary Guaranty
	 	 	 	 	72	 
	

	 	5.5.
	 	Fees and Expenses
	 	 	 	 	72	 
	

	 	5.6.
	 	Existing Indebtedness
	 	 	 	 	72	 
	

	 	5.7.
	 	Bridge Loan Indebtedness
	 	 	 	 	72	 
	

	 	5.8.
	 	Subordinated Notes
	 	 	 	 	73	 
	6.	 	CONDITIONS OF LENDING — EACH BORROWING DATE	 	 	73	 
	

	 	6.1.
	 	Compliance
	 	 	 	 	73	 
	

	 	6.2.
	 	Borrowing Request; Letter of Credit Request; Bid Request
	 	 	 	 	73	 
	

	 	6.3.
	 	Loan Closings
	 	 	 	 	73	 
	

	 	6.4.
	 	Other Documents
	 	 	 	 	74	 
	7.	 	AFFIRMATIVE COVENANTS	 	 	74	 
	

	 	7.1.
	 	Financial Statements and Information
	 	 	 	 	74	 
	

	 	7.2.
	 	Certificates; Other Information
	 	 	 	 	75	 
	

	 	7.3.
	 	Legal Existence
	 	 	 	 	77	 
	

	 	7.4.
	 	Taxes
	 	 	 	 	77	 
	

	 	7.5.
	 	Insurance
	 	 	 	 	77	 
	

	 	7.6.
	 	Performance of Obligations
	 	 	 	 	77	 
	

	 	7.7.
	 	Condition of Property
	 	 	 	 	78	 
	

	 	7.8.
	 	Observance of Legal Requirements
	 	 	 	 	78	 
	

	 	7.9.
	 	Inspection of Property; Books and Records; Discussions
	 	 	 	 	78	 
	

	 	7.10.
	 	Authorizations
	 	 	 	 	78	 

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	 	7.11.
	 	Financial Covenants
	 	 	 	 	78	 
	

	 	7.12.
	 	Subsidiaries
	 	 	 	 	79	 
	

	 	7.13.
	 	Private Placement Debt
	 	 	 	 	79	 
	8.	 	NEGATIVE COVENANTS	 	 	80	 
	

	 	8.1.
	 	Indebtedness
	 	 	 	 	80	 
	

	 	8.2.
	 	Liens
	 	 	 	 	81	 
	

	 	8.3.
	 	Mergers and Consolidations
	 	 	 	 	81	 
	

	 	8.4.
	 	Acquisitions
	 	 	 	 	82	 
	

	 	8.5.
	 	Dispositions
	 	 	 	 	83	 
	

	 	8.6.
	 	Investments
	 	 	 	 	84	 
	

	 	8.7.
	 	[Intentionally left blank]
	 	 	 	 	85	 
	

	 	8.8.
	 	Business Changes
	 	 	 	 	85	 
	

	 	8.9.
	 	Amendments, Etc.
	 	 	 	 	85	 
	

	 	8.10.
	 	Transactions with Affiliates
	 	 	 	 	85	 
	

	 	8.11.
	 	Limitation on Upstream Payments by Subsidiaries
	 	 	 	 	86	 
	

	 	8.12.
	 	Prepayments of Indebtedness
	 	 	 	 	86	 
	

	 	8.13.
	 	Limitation on Negative Pledges
	 	 	 	 	86	 
	

	 	8.14.
	 	Limitation on Synthetic Leases
	 	 	 	 	87	 
	

	 	8.15.
	 	Limitation on Securitization Transactions
	 	 	 	 	87	 
	

	 	8.16.
	 	Limitation on Amendments to Private Placement Documents
	 	 	 	 	87	 
	9.	 	DEFAULT	 	 	87	 
	

	 	9.1.
	 	Events of Default
	 	 	 	 	87	 
	

	 	9.2.
	 	Contract Remedies
	 	 	 	 	90	 
	10.	 	 THE ADMINISTRATIVE AGENT	 	 	91	 
	

	 	10.1.
	 	Appointment
	 	 	 	 	91	 
	

	 	10.2.
	 	Delegation of Duties
	 	 	 	 	91	 
	

	 	10.3.
	 	Exculpatory Provisions
	 	 	 	 	92	 
	

	 	10.4.
	 	Reliance by Administrative Agent
	 	 	 	 	92	 
	

	 	10.5.
	 	Notice of Default
	 	 	 	 	93	 
	

	 	10.6.
	 	Non-Reliance on Administrative Agent and Other Lenders
	 	 	 	 	93	 
	

	 	10.7.
	 	Indemnification
	 	 	 	 	94	 
	

	 	10.8.
	 	Administrative Agent in Its Individual Capacity
	 	 	 	 	95	 
	

	 	10.9.
	 	Successor Administrative Agent
	 	 	 	 	95	 
	11.	 	 OTHER PROVISIONS	 	 	96	 
	

	 	11.1.
	 	Amendments and Waivers
	 	 	 	 	96	 
	

	 	11.2.
	 	Notices
	 	 	 	 	97	 
	

	 	11.3.
	 	No Waiver; Cumulative Remedies
	 	 	 	 	98	 
	

	 	11.4.
	 	Survival of Representations and Warranties and Certain Obligations
	 	 	 	 	98	 
	

	 	11.5.
	 	Expenses
	 	 	 	 	98	 

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	 	 	 	 	 	 	 	 	Page

	

	 	11.6.
	 	Assignments and Participations
	 	 	 	 	99	 
	

	 	11.7.
	 	Indemnity
	 	 	 	 	101	 
	

	 	11.8.
	 	Limitation of Liability
	 	 	 	 	102	 
	

	 	11.9.
	 	Counterparts
	 	 	 	 	102	 
	

	 	11.10.
	 	Adjustments; Set-off
	 	 	 	 	103	 
	

	 	11.11.
	 	Construction
	 	 	 	 	104	 
	

	 	11.12.
	 	Governing Law
	 	 	 	 	104	 
	

	 	11.13.
	 	Judgment Currency
	 	 	 	 	104	 
	

	 	11.14.
	 	International Banking Facilities
	 	 	 	 	105	 
	

	 	11.15.
	 	Headings Descriptive
	 	 	 	 	105	 
	

	 	11.16.
	 	Severability
	 	 	 	 	105	 
	

	 	11.17.
	 	Integration
	 	 	 	 	105	 
	

	 	11.18.
	 	Consent to Jurisdiction
	 	 	 	 	106	 
	

	 	11.19.
	 	Service of Process
	 	 	 	 	106	 
	

	 	11.20.
	 	No Limitation on Service or Suit
	 	 	 	 	106	 
	

	 	11.21.
	 	WAIVER OF TRIAL BY JURY
	 	 	 	 	106	 
	

	 	11.22.
	 	Parent Borrower as Agent for Subsidiary Borrowers
	 	 	 	 	107	 
	

	 	11.23.
	 	Treatment of Certain Information
	 	 	 	 	107	 
	

	 	11.24.
	 	Parent Borrower Guaranty
	 	 	 	 	108	 
	

	 	11.25.
	 	USA Patriot Act Notice
	 	 	 	 	110	 

EXHIBITS

	 	 	 
	Exhibit A

	 	List of Revolving Credit and Term Loan Commitment Amounts
	Exhibit B-1

	 	Form of Borrower Addendum
	Exhibit B-2

	 	Form of Currency Addendum
	Exhibit C-1

	 	Form of Borrowing Request
	Exhibit C-2

	 	Form of Letter of Credit Request
	Exhibit D

	 	Form of Notice of Conversion
	Exhibit E

	 	Form of Compliance Certificate
	Exhibit F-1

	 	Form of Opinion of Counsel to the Parent Borrower and its
Subsidiaries
	Exhibit F-2

	 	Form of Opinion of Corporate Counsel of the Parent Borrower
and its Subsidiaries
	Exhibit G

	 	Form of Opinion of Special Counsel
	Exhibit H

	 	Form of Assignment and Acceptance Agreement
	Exhibit I

	 	Form of Bid Request
	Exhibit J

	 	Form of Invitation to Bid

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	Exhibit K

	 	Form of Bid
	Exhibit L

	 	Form of Bid Accept/Reject Letter
	Exhibit M

	 	List of Administrative Agent’s Address for Notices and Agent
Payment Offices
	Exhibit N

	 	List of Lenders’, Issuing Banks’ and Swing Line Lender’s
Addresses for Notices
	Exhibit O

	 	List of Borrowers’ Addresses for Notices
	Exhibit P

	 	List of Borrowers’ Payment Accounts
	Exhibit Q-1

	 	Form of Revolving Credit Note
	Exhibit Q-2

	 	Form of Term Note
	Exhibit Q-3

	 	Form of Bid Note
	Exhibit Q-4

	 	Form of Swing Line Note
	Exhibit R

	 	Form of Subsidiary Guaranty
	SCHEDULES
	 	 
	Schedule 4.1

	 	List of Subsidiaries; Capitalization
	Schedule 4.5

	 	List of Litigation
	Schedule 8.1

	 	List of Existing Indebtedness
	Schedule 8.2

	 	List of Existing Liens
	Schedule 8.6

	 	List of Existing Investments

-v-

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     CREDIT AGREEMENT, dated as of May 4, 2004, by and among VALMONT
INDUSTRIES, INC., a Delaware corporation (the “Parent Borrower”), the Qualified
Subsidiaries of the Parent Borrower party hereto or which from time to time
become party hereto (each a “Subsidiary Borrower” and, collectively, the
“Subsidiary Borrowers”), the lenders party hereto (each a “Lender” and,
collectively, the “Lenders”), WACHOVIA CAPITAL MARKETS, LLC, as Syndication
Agent, LASALLE BANK NATIONAL ASSOCIATION, COOPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK INTERNATIONAL,” NEW YORK BRANCH, and
U.S. BANK NATIONAL ASSOCIATION, as Co-Documentation Agents, WACHOVIA BANK,
NATIONAL ASSOCIATION, as an Issuing Bank, and THE BANK OF NEW YORK (“BNY”), as
an Issuing Bank, as swing line lender (in such capacity, the “Swing Line
Lender”), and as administrative agent for the Lenders, the Issuing Bank and the
Swing Line Lender (in such capacity, the “Administrative Agent”).

RECITALS:

     (1) The Borrowers have requested the Lenders to extend credit to the
Borrowers and the Lenders are willing to do so subject to the terms and
conditions set forth herein.

     (2) Accordingly, for good and valuable consideration, the parties hereto
agree as follows:

	1.	 	DEFINITIONS AND PRINCIPLES OF CONSTRUCTION

	 	1.1.	 	Definitions

     As used in this Agreement, terms defined in the preamble have the meanings
therein indicated, and the following terms have the following meanings:

     “ABR Advances”: the Revolving Credit Loans or Term Loans (or any portions
thereof), at such time as they (or such portions) are made and/or being
maintained at a rate of interest based upon the Alternate Base Rate.

     “Accountants”: Deloitte & Touche LLP (or any successor thereto), or such
other firm of certified public accountants of recognized national standing
selected by the Parent Borrower.

     “Accumulated Funding Deficiency”: as defined in Section 302 of ERISA.

     “Acquisition”: with respect to any Person, the purchase or other
acquisition by such Person, by any means whatsoever (including through a
merger, dividend, or otherwise and whether in a single transaction or in a
series of related transactions), of (i) any Capital Stock of any other Person
if, immediately thereafter, such

 

Table of Contents

other Person would be either a Subsidiary of such Person or otherwise
under the control of such Person or (ii) any business unit, going concern, or
division or segment of any other Person.

     “Active Subsidiary Borrower”: at any time, any Subsidiary Borrower other
than an Inactive Subsidiary Borrower.

     “Advance”: an ABR Advance, a Eurodollar Advance, or a Core Currency Euro
Advance, as the case may be.

     “Affected Advance”: as defined in Section 3.8.

     “Agent Payment Office”: (i) with respect to all amounts owing under the
Loan Documents (other than in respect of Alternate Currency Loans), initially,
the office, branch, affiliate, or correspondent bank of the Administrative
Agent designated as its “Domestic Payment Office” in Exhibit M and,
thereafter, such other office, branch, affiliate, or correspondent bank thereof
as it may from time to time designate in writing as such to the Parent
Borrower, the Issuing Banks, the Swing Line Lender and each Lender, and (ii)
with respect to all amounts owing in respect of each Alternate Currency Loan,
initially, the office, branch, affiliate, or correspondent bank of the
Administrative Agent designated as its payment office for the applicable
Alternate Currency in Exhibit M and, thereafter, such other office, branch,
affiliate, or correspondent bank thereof as it may from time to time designate
in writing as such to the Parent Borrower, the Issuing Banks, the Swing Line
Lender and each Lender.

     “Affiliate”: as to any Person, any other Person which, directly or
indirectly, is in control of, is controlled by, or is under common control
with, such Person. For purposes of this definition, control of a Person shall
mean the power, direct or indirect, to direct or cause the direction of the
management and policies of such Person, whether by contract or otherwise.

     “Aggregate Commitment Amount”: at any time, the sum at such time of (i)
the Aggregate Term Loan Commitment Amount and (ii) the Aggregate Revolving
Credit Commitment Amount.

     “Aggregate Credit Exposure”: at any time, the sum at such time of (i) the
Aggregate Revolving Credit Exposure plus (ii) the outstanding principal balance
of the Term Loans of all Lenders.

     “Aggregate Revolving Credit Commitment Amount”: at any time, the sum at
such time of the Revolving Credit Commitment Amounts of all Lenders.

     “Aggregate Revolving Credit Exposure”: at any time, the sum at such time
of (i) the outstanding principal amount of the Revolving Credit Loans and Bid
Loans of all Lenders (determined, in the case of each Alternate Currency Loan,
on the basis of the

- 2 -

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Dollar Equivalent thereof), plus (ii) the outstanding principal amount of
the Swing Line Loans, plus (iii) an amount equal to the Letter of Credit
Exposure of all Lenders.

     “Aggregate Term Loan Commitment Amount”: at any time, the sum at such time
of the Term Loan Commitment Amounts of all Lenders.

     “Agreement”: this Credit Agreement, as the same may be amended,
supplemented, or otherwise modified from time to time.

     “Aircraft Lease”: the equipment lease by and between the Parent Borrower
and Wells Fargo Bank Northwest, National Association (as successor in interest
to First Security Bank, National Association), relating to a 1998 Astra SPX
aircraft (the “Initial Lease”) and any replacement equipment lease relating to
the same property or a substitute (but not additional) aircraft, not greater in
principal amount than (i) in the case of the same property, the original amount
of the Initial Lease and (ii) in the case of a substitute aircraft the sum of
(a) the original amount of the Initial Lease and (b) an amount not to exceed
$15,000,000, and in either case such replacement equipment lease shall be on
financial terms which the Administrative Agent, acting in its sole discretion,
deems not less advantageous to the Lenders than the terms of the Initial Lease.

     “Alternate Base Rate”: on any date, a rate of interest per annum equal to
the higher of (i) the Federal Funds Rate in effect on such date plus 1/2 of 1%
and (ii) the BNY Rate in effect on such date.

     “Alternate Currency”: any Currency (other than Dollars).

     “Alternate Currency Bid Loan”: each Bid Loan denominated in an Alternate
Currency.

     “Alternate Currency Equivalent”: on any date of determination thereof, the
amount, as determined by the Administrative Agent, of the relevant Alternate
Currency which could be purchased with the amount of Dollars involved in such
computation at the spot rate at which such Alternate Currency may be exchanged
into Dollars as set forth on such date on Dow Jones Telerate pages 262, 264,
265, 266 or 9993 (or any successor pages) or, if such rate does not appear on
such pages, at the arithmetic mean of the respective spot exchange rates
therefor notified to the Administrative Agent by BNY as of 11:00 a.m. (London
time) on such date for delivery, (i) in the case of an exchange of Canadian
Dollars into Dollars, one Core Currency Business Day later, and (ii) in all
other cases, two Core Currency Business Days later.

     “Alternate Currency Loan”: an Alternate Currency Revolving Credit Loan or
an Alternate Currency Bid Loan, as the case may be.

     “Alternate Currency Revolving Credit Loan”: each Revolving Credit Loan
denominated in Alternate Currency.

- 3 -

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     “Applicable Margin”: (i) Subject to clause (ii) of this definition, (a)
with respect to the Eurodollar Revolving Credit Advances, Core Currency Euro
Advances, and the Letter of Credit Commissions for Standby Letters of Credit,
at all times during which the applicable Pricing Level set forth below is in
effect, the percentage set forth below under the heading “Applicable Eurodollar
Margin for Revolving Credit Loans, Core Currency Euro and Standby LC Margin”
and adjacent to such Pricing Level, (b) with respect to the Eurodollar Term
Loan Advances, at all times during which the applicable Pricing Level set forth
below is in effect, the percentage set forth below under the heading
“Applicable Eurodollar Margin for Term Loans, (c) with respect to the Letter of
Credit Commissions for Trade Letters of Credit, at all times during which the
applicable Pricing Level set forth below is in effect, the percentage set forth
below under the heading “ Trade LC Margin” and adjacent to such Pricing Level
and (d) with respect to the Facility Fee, at all times during which the
applicable Pricing Level set forth below is in effect, the percentage set forth
below under the heading “Facility Fee” and adjacent to such Pricing Level:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Applicable	 	 	 	 	 	 
	 	 	Eurodollar Margin	 	 	 	 	 	 
	 	 	for Revolving	 	 	 	 	 	 
	 	 	Credit Loans, Core	 	Applicable	 	 	 	 
	 	 	Currency Euro and	 	Eurodollar Margin	 	 	 	 
	Pricing Level
	 	Standby LC Margin
	 	for Term Loans
	 	Trade LC Margin
	 	Facility Fee

	Pricing Level I
	 	 	0.6000	%	 	 	0.7500	%	 	 	0.1875	%	 	 	0.1500	%
	Pricing Level II
	 	 	0.8000	%	 	 	1.0000	%	 	 	0.2500	%	 	 	0.2000	%
	Pricing Level III
	 	 	1.0000	%	 	 	1.2500	%	 	 	0.3000	%	 	 	0.2500	%
	Pricing Level IV
	 	 	1.2000	%	 	 	1.5000	%	 	 	0.3750	%	 	 	0.3000	%
	Pricing Level V
	 	 	1.4500	%	 	 	1.7500	%	 	 	0.4500	%	 	 	0.3000	%

     (ii) Changes in the Applicable Margin resulting from a change in a Pricing
Level shall be based upon the Compliance Certificate most recently delivered
pursuant to Section 7.1(a) and shall become effective on the date such
Compliance Certificate is delivered to the Administrative Agent and the
Lenders. Notwithstanding anything to the contrary contained in this
definition, (a) if, at any time and from time to time, the Parent Borrower
shall be in Default of its obligations under Section 7.1(a), Pricing Level V
shall apply until such Default is cured, and (b) during the period commencing
on the Effective Date and ending on the date of delivery thereafter of the
first Compliance Certificate pursuant to Section 7.1(a), the Pricing Level
shall be Pricing Level IV.

     “Approved Bank”: any bank whose (or whose parent company’s) unsecured
non-credit supported short-term commercial paper rating from (i) Standard &
Poor’s is at least A-1, or the equivalent thereof, or (ii) Moody’s is at least
P-1, or the equivalent thereof.

     “Assignment”: as defined in Section 11.6(b).

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     “Assignment and Acceptance Agreement”: an assignment and acceptance
agreement executed by an assignor and an assignee, substantially in the form of
Exhibit H.

     “Attributed Principal Amount” means, on any day, with respect to any
Securitization Transaction entered into by a Receivables Seller, the aggregate
outstanding amount of the obligations (whether or not constituting indebtedness
under GAAP) of any Eligible Special Purpose Entity as of such date under such
Securitization Transaction.

     “Australian Dollars”: freely transferable lawful money of Australia.

     “Bid”: an offer by a Lender to make a Bid Loan, substantially in the form
of Exhibit K.

     “Bid Accept/Reject Letter”: a notification given by a Borrower or, if such
Borrower is a Subsidiary Borrower, the Parent Borrower, on behalf of such
Borrower, pursuant to Section 2.4(d), substantially in the form of Exhibit L.

     “Bid Interest Period”: as to any Bid Loan, the period commencing on the
Borrowing Date with respect to such Bid Loan and ending on the date requested
in the Bid Request with respect to such Bid Loan, which date shall be neither
earlier than seven days, nor later than 180 days, after such Borrowing Date;
provided, however, that (i) if any Bid Interest Period would otherwise end on a
day which is not a Business Day, such Bid Interest Period shall be extended to
the next succeeding Business Day, unless such next succeeding Business Day
would be a date on or after the Scheduled Revolving Credit Commitment
Termination Date, in which event such Bid Interest Period shall end on the next
preceding Business Day, and (ii) no Bid Interest Period shall end after the
Scheduled Revolving Credit Commitment Termination Date. Interest shall accrue
from and including the first day of a Bid Interest Period to, but excluding,
the last day of such Bid Interest Period.

     “Bid Loan”: each loan made pursuant to Section 2.4.

     “Bid Rate”: as to any Bid made by a Lender pursuant to Section 2.4(b), the
fixed rate of interest offered by such Lender with respect thereto as set forth
in such Bid.

     “Bid Request”: a request by a Borrower or, if such Borrower is a
Subsidiary Borrower, the Parent Borrower, on behalf of such Borrower, for Bids,
substantially in the form of Exhibit I.

     “BNY Rate”: a rate of interest per annum equal to the rate of interest
publicly announced in New York City by BNY from time to time as its prime
commercial lending rate, such rate to be adjusted automatically (without
notice) on the effective date of any change in such publicly announced rate.

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     “Borrower Addendum”: an Addendum, duly completed and executed by each of
the Parent Borrower and the relevant Subsidiary thereof, substantially in the
form of Exhibit B-1.

     “Borrowers”: collectively, the Parent Borrower and the Subsidiary
Borrowers.

     “Borrowing Date”: (i) any Business Day on which (a) the Lenders make ABR
Advances, (b) a Lender makes a Bid Loan, (c) the Swing Line Lender makes a
Swing Line Loan, or (d) an Issuing Bank issues a Letter of Credit, as the case
may be, or (ii) any Core Currency Business Day on which the Lenders make
Eurodollar Advances or Core Currency Euro Advances, as the case may be.

     “Borrowing Request”: a request for Revolving Credit Loans or a Swing Line
Loan, substantially in the form of Exhibit C-1.

     “Brazilian Reals”: freely transferable lawful money of Brazil.

     “Bridge Loan Agreement”: the Bridge Loan Agreement dated as of April 15,
2004 among Valmont Industries, Inc., The Bank of New York, as administrative
agent, and the lenders party thereto, in each case as amended, supplemented or
otherwise modified from time to time.

     “Bridge Loan Documents”: the Bridge Loan Agreement, the Bridge Loan
Subsidiary Guaranty and the Bridge Notes, and all agreements, instruments and
other documents executed or delivered in connection with any of the foregoing,
in each case as amended, supplemented or otherwise modified from time to time.

     “Bridge Loan Subsidiary Guaranty”: the “Subsidiary Guaranty,” as defined
in the Bridge Loan Agreement.

     “Bridge Notes”: the “Notes,” as defined in the Bridge Loan Agreement.

     “Business Day”: any day except Saturday, Sunday or a day which in New York
City is a legal holiday or a day on which banking institutions are authorized
or required by law or other government action to close.

     “Canadian Dollars”: freely transferable lawful money of Canada.

     “Capital Expenditures”: for any period, the sum of the aggregate of all
expenditures (whether paid in cash or other consideration or accrued as a
liability) by the Parent Borrower and the Subsidiaries on a consolidated basis
in accordance with GAAP during such period for fixed or capital assets
(excluding any Acquisition, any capitalized interest and any such asset
acquired in connection with normal replacement and

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maintenance programs properly charged to current operations and excluding
any replacement assets acquired with the proceeds of insurance).

     “Capital Lease”: a lease the obligations in respect of which are required
to be capitalized by the lessee thereunder for financial reporting purposes in
accordance with GAAP.

     “Capital Stock”: as to any Person, all shares, interests, partnership
interests, limited liability company interests, participations and other rights
in, or other equivalents (however designated) of, such Person’s equity (however
designated), and any rights, warrants or options exchangeable for, or
convertible into, such shares, interests, participations, rights or other
equivalents.

     “Cash Equivalents”: (i) securities issued or directly and fully guaranteed
or insured by the United States or any agency or instrumentality thereof
(provided that the full faith and credit of the United States is pledged in
full support thereof), in each case having a maturity of not more than six
months from the date of acquisition thereof, (ii) Dollar denominated time
deposits, certificates of deposit and bankers acceptances of any Lender or any
Approved Bank, in each case having a maturity of not more than six months from
the date of acquisition thereof, (iii) commercial paper (a) issued by any
Approved Bank or the parent company of any Approved Bank, (b) issued or
directly and fully guaranteed or insured by any industrial or financial company
with an unsecured non-credit supported short-term commercial paper rating of at
least A-1, or the equivalent thereof, by Standard & Poor’s or at least P-1, or
the equivalent thereof, by Moody’s, or (c) directly and fully guaranteed or
insured by any industrial or financial company with a long term unsecured
non-credit supported senior debt rating of at least A or A-2, or the equivalent
thereof, by Standard & Poor’s or Moody’s, as the case may be, in each case
having a maturity of not more than six months from the date of acquisition
thereof, (iv) marketable direct obligations issued by any State of the United
States or any political subdivision or public instrumentality of any such
State, in each case having a maturity of not more than six months from the date
of acquisition thereof and, at the time of such acquisition, having one of the
two highest ratings obtainable from either Standard & Poor’s or Moody’s, and
(v) investments in money market funds substantially all the assets of which are
comprised of securities of the types described in clauses (i) through (iv) of
this definition.

     “Casualty/Condemnation Proceeds” means cash proceeds of
Prepayment/Reduction Events described in clause (c) of the definition of such
term.

     “Change of Control”: one or both of the following events:

     (a) any person or group (other than any one or more permitted
investors) shall have become the beneficial owner of voting shares
entitled to exercise more than 30% of the total power of all outstanding
voting shares of the

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Parent Borrower (including any voting shares which are not then
outstanding of which such person or group is deemed the beneficial
owner); and

     (b) a change in the composition of the Managing Person of the Parent
Borrower shall have occurred in which the individuals who constituted the
Managing Person of the Parent Borrower at the beginning of the two-year
period immediately preceding such change (together with any other
director whose election by the Managing Person of the Parent Borrower or
whose nomination for election by the shareholders of the Parent Borrower
was approved by a vote of at least a majority of the members of such
Managing Person then in office who either were members of such Managing
Person at the beginning of such period or whose election or nomination
for election was previously so approved) cease for any reason to
constitute a majority of the members of such Managing Person then in
office.

     For purposes of this definition, (i) the terms “person” and “group” shall
have the respective meanings ascribed thereto in Sections 13(d) and 14(d)(2) of
the Exchange Act, (ii) the term “beneficial owner” shall have the meaning
ascribed thereto in Rule 13d-3 under the Exchange Act, (iii) the term
“permitted investors” shall mean any one or more of the following: (A) Robert
B. Daugherty, (B) any of his immediate family members, (C) any of his heirs or
beneficiaries, (D) any tax-exempt entity established by him, (E) any key
employee of the Parent Borrower which shall have acquired voting shares from
him, and (F) any employee stock ownership plan sponsored by or otherwise
established by the Parent Borrower, and (iv) the term “voting shares” shall
mean outstanding shares of any class or classes (however designated) of Capital
Stock of the Parent Borrower entitled to vote generally in the election of
members of the Managing Person thereof.

     “Class”: when used in reference to any Advance refers to whether such
Advance is a Revolving Credit Advance or a Term Loan Advance.

     “Code”: the Internal Revenue Code of 1986, as the same may be amended from
time to time, or any successor thereto, and the rules and regulations issued
thereunder, as from time to time in effect.

     “Commitment Percentage”: with respect to any Lender such Lender’s
Revolving Credit Commitment Percentage or Term Loan Commitment Percentage, as
the context may require.

     “Commitments”: collectively, the Revolving Credit Commitments and the Term
Loan Commitments

     “Compliance Certificate”: a certificate substantially in the form of
Exhibit E.

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     “Consolidated”: the Parent Borrower and its Subsidiaries on a consolidated
basis in accordance with GAAP.

     “Consolidated Debt Service”: for any period, the sum of (i) Consolidated
Interest Expense, and (ii) all repayments of Indebtedness (including
Indebtedness under the Loan Documents) of the Parent Borrower and its
Subsidiaries, determined on a Consolidated basis in accordance with GAAP, which
were required to be made during such period.

     “Consolidated EBITDA”: for any period, net income of the Parent Borrower
and its Subsidiaries, determined on a Consolidated basis in accordance with
GAAP, for such period, plus the sum of, without duplication, each of the
following with respect to the Parent Borrower and its Subsidiaries, to the
extent utilized in determining such net income: (i) all interest expense, (ii)
provision for income taxes, and (iii) depreciation and amortization.

     “Consolidated Fixed Charges”: for any period, the sum of, without
duplication, (i) Consolidated Debt Service for such period, (ii) all income
taxes payable during such period by the Parent Borrower and its Subsidiaries,
determined on a Consolidated basis in accordance with GAAP, and (iii) all
Restricted Payments made in cash during such period by the Parent Borrower and
its Subsidiaries, determined on a Consolidated basis in accordance with GAAP.

     “Consolidated Interest Expense”: for any period, the interest expense for
such period of the Parent Borrower and its Subsidiaries, determined on a
Consolidated basis in accordance with GAAP (including any interest payable in
connection with the Attributed Principal Amount).

     “Consolidated Tangible Net Worth”: as of any date, the total
stockholders’ equity of the Parent Borrower and its Subsidiaries, less
intangible assets, all determined on a Consolidated basis in accordance with
GAAP, as set forth in, (i) during the period commencing on the Effective Date
and ending on the date of delivery thereafter of the first annual audited
financial statements pursuant to Section 7.1(b), the Parent Borrower’s December
30, 2003 audited Consolidated financial statements constituting a part of the
Financial Statements, and (ii) at all other times, the most recent annual
audited Consolidated financial statements delivered pursuant to Section 7.1(b).

     “Consolidated Total Assets”: as of any date, total assets of the Parent
Borrower and its Subsidiaries determined as of such date on a Consolidated
basis in accordance with GAAP.

     “Contingent Obligation”: as to any Person ( a “secondary obligor”), any
obligation of such secondary obligor (i) guaranteeing or in effect guaranteeing
any return on any investment made by another Person, or (ii) guaranteeing or in
effect guaranteeing any Indebtedness, lease, dividend or other obligation (a
“primary obligation”) of any

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other Person (a “primary obligor”) in any manner, whether directly or
indirectly, including any obligation of such secondary obligor, whether
contingent, (a) to purchase any primary obligation or any Property constituting
direct or indirect security therefor, (b) to advance or supply funds (A) for
the purchase or payment of any primary obligation or (B) to maintain working
capital or equity capital of the primary obligor or otherwise to maintain the
net worth or solvency of a primary obligor, (c) to purchase Property,
securities or services primarily for the purpose of assuring the beneficiary of
any primary obligation of the ability of a primary obligor to make payment of a
primary obligation, (d) otherwise to assure or hold harmless the beneficiary of
a primary obligation against loss in respect thereof, and (e) in respect of the
liabilities of any partnership in which a secondary obligor is a general
partner, except to the extent that such liabilities of such partnership are
nonrecourse to such secondary obligor and its separate Property, provided,
however, that the term “Contingent Obligation” shall not include the
indorsement of instruments for deposit or collection in the ordinary course of
business. The amount of any Contingent Obligation of a Person shall be deemed
to be an amount equal to the stated or determinable amount of a primary
obligation in respect of which such Contingent Obligation is made or, if not
stated or determinable, the maximum reasonably anticipated liability in respect
thereof as determined by such Person in good faith.

     “Control Person”: as defined in Section 3.5.

     “Conversion Date”: any date on which (i) a Eurodollar Advance is converted
to an ABR Advance or a new Eurodollar Advance, as the case may be, (ii) an ABR
Advance is converted to a Eurodollar Advance or (iii) a Core Currency Euro
Advance is converted to a new Core Currency Euro Advance, as the case may be.

     “Core Currency”: Dollars and Euros.

     “Core Currency Business Day”: with respect to any Currency, any Business
Day which is a day on which dealings in eurocurrencies and exchange between
banks may be carried on in London, England and which is not a legal holiday or
a day on which banking institutions are authorized or required by law or other
government action to close in the national jurisdiction in which the Agent
Payment Office with respect to such Currency is located or, if there is no such
Agent Payment Office, the national jurisdiction of which such Currency is the
freely transferable lawful money.

     “Core Currency Euro Advances”: the Revolving Credit Loans (or any portions
thereof) at such time as they (or such portions) are made and/or being
maintained in a Core Currency (other than Dollars) at a rate of interest based
upon the applicable Core Currency Euro Rate.

     “Core Currency Euro Rate”: with respect to each Core Currency Euro
Advance, a rate of interest per annum, as determined by the Administrative
Agent,

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obtained by dividing (and then rounding to the nearest 1/16 of 1% or, if
there is no nearest 1/16 of 1%, then to the next higher 1/16 of 1%):

     (a) (i) the rate per annum for deposits in the applicable Core
Currency having a maturity most nearly comparable to the Euro Interest
Period in respect of such Core Currency Euro Advance which appears on
page 3740 or 3750, or any other applicable page with respect to such Core
Currency, of the Dow Jones Telerate Screen (or any successor page) as of
11:00 a.m. London time on the date which is two Core Currency Business
Days prior to the first day of such Euro Interest Period, (ii) if such
rate does not appear on such page of the Dow Jones Telerate Screen (or
any successor page), the rate, as reported by BNY to the Administrative
Agent, quoted by BNY at approximately 11:00 a.m. London time (or as soon
thereafter as practicable) on the date which is two Core Currency
Business Days prior to the first day of such Euro Interest Period to
leading banks in the interbank eurocurrency market as the rate at which
BNY is offering deposits in such Core Currency in an amount approximately
equal to BNY’s Commitment Percentage of such Core Currency Euro Advance
and having a period to maturity approximately equal to such Euro Interest
Period, or (iii) to the extent required by Section 3.8, the rate, as
reported by BNY to the Administrative Agent, determined by BNY to be
reflective of the all-in cost of funds to BNY of funding such Core
Currency Euro Advance in an amount approximately equal to its Commitment
Percentage of such Core Currency Euro Advance and having a period to
maturity approximately equal to such Euro Interest Period, by

     (b) a number equal to 1.00 minus the aggregate of the then stated
maximum rates during such Euro Interest Period of all reserve
requirements (including marginal, emergency, supplemental and special
reserves), expressed as a decimal, established by any Governmental
Authority, including those established by the Board of Governors of the
Federal Reserve System and any other banking authority to which BNY and
other major United States money center banks are subject in respect of
eurocurrency funding (currently referred to as “Eurocurrency Liabilities”
in Regulation D), without benefit of credits for proration, exceptions
or offsets which may be available from time to time to BNY.

     “Credit Party”: each Borrower and each other party (other than the
Administrative Agent, the Issuing Banks, the Swing Line Lender, and the
Lenders) to a Loan Document.

     “Currencies”: collectively, Dollars, Euros and the Non-Core Currencies.

     “Currency Addendum”: an Addendum, duly completed and executed by the
Parent Borrower, substantially in the form of Exhibit B-2.

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     “Default”: any event or condition which constitutes an Event of Default or
which, with the giving of notice, the lapse of time, or any other condition,
would, unless cured or waived, become an Event of Default.

     “Disposition”: with respect to any Person, any sale, assignment, transfer
or other disposition by such Person, by any means, of (i) the Capital Stock of
any other Person, (ii) any business, going concern or division or segment
thereof, or (iii) any other Property of such Person other than in the ordinary
course of business, provided, however, that no such sale, assignment, transfer
or other disposition of Property (other than inventory, except to the extent
subject to a bulk sale) shall be deemed to be in the ordinary course of
business if it is the sale, assignment, transfer or disposition of (a) all or
substantially all of the Property of such Person, or (b) any Operating Entity.

     “Dollar Bid Loan”: each Bid Loan denominated in Dollars.

     “Dollar Equivalent”: on any date of determination thereof, the amount, as
determined by the Administrative Agent, of Dollars which could be purchased
with the amount of the relevant Alternate Currency involved in such computation
at the spot rate at which Dollars may be exchanged into such Alternate Currency
as set forth on such date on Dow Jones Telerate pages 262, 264, 265, 266 or
9993 (or any successor pages) or, if such rate does not appear on such pages,
at the spot exchange rate therefor notified to the Administrative Agent by BNY
as of 11:00 a.m. (London time) on such date for delivery, (i) in the case of an
exchange of Dollars into Canadian Dollars, one Core Currency Business Day
later, and (ii) in all other cases, two Core Currency Business Days later.

     “Dollar Revolving Credit Loan”: as defined in Section 2.1(b)(i).

     “Dollars” and “$”: lawful currency of the United States.

     “Domestic Subsidiary”: any direct or indirect wholly owned Subsidiary of
the Parent Borrower which is organized under the laws of the United States or
any State thereof.

     “Dutch Borrower”: any Borrower which is organized under the laws of, and
has its principal office in, the Netherlands.

     “Effective Date”: May 4, 2004.

     “Eligible Assignee”: (i) at all times upon the occurrence and during the
continuance of any Default, any commercial bank, trust company, banking
association, insurance company, financial institution, pension fund, mutual
fund or other similar fund, and (ii) at all other times, any commercial bank,
trust company or banking association having undivided capital surplus and
retained earnings exceeding $100,000,000,

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provided, however, that, for purposes of this definition, “Eligible
Assignee” shall not include any Lender or any subsidiary or affiliate thereof.

     “Eligible Special Purpose Entity” means any Person which may or may not be
a Subsidiary of the Receivables Seller which has been formed by or for the
benefit of the Receivables Seller for the purpose of purchasing or securitizing
Securitization Receivables from the Receivables Seller.

     “Employee Benefit Plan”: an employee benefit plan within the meaning of
Section 3(3) of ERISA maintained, sponsored or contributed to by the Parent
Borrower, any of its Subsidiaries or any ERISA Affiliate.

     “ERISA”: the Employee Retirement Income Security Act of 1974, as amended
from time to time, and the rules and regulations issued thereunder, as from
time to time in effect.

     “ERISA Affiliate”: when used with respect to an Employee Benefit Plan,
ERISA, the PBGC or a provision of the Code pertaining to employee benefit
plans, any Person which is a member of any group of organizations within the
meaning of Sections 414(b) or (c) of the Code (or, solely for purposes of
potential liability under Section 302(c)(11) of ERISA and Section 412(c)(11) of
the Code and the lien created under Section 302(f) of ERISA and Section 412(n)
of the Code, Sections 414(m) or (o) of the Code) of which the Parent Borrower
or any of its Subsidiaries is a member.

     “Eurodollar Advances”: the Revolving Credit Loans or Term Loans (or any
portions thereof), at such time as they (or such portions) are made and/or
being maintained at a rate of interest based upon the Eurodollar Rate.

     “Eurodollar Rate”: with respect to each Eurodollar Advance, a rate of
interest per annum, as determined by the Administrative Agent, obtained by
dividing (and then rounding to the nearest 1/16 of 1% or, if there is no
nearest 1/16 of 1%, then to the next higher 1/16 of 1%):

     (a) (i) the rate per annum for deposits in Dollars having a maturity
most nearly comparable to the Euro Interest Period in respect of such
Eurodollar Advance which appears on page 3750 of the Dow Jones Telerate
Screen (or any successor page) as of 11:00 a.m. London time on the date
that is two Core Currency Business Days prior to the first day of such
Euro Interest Period, or (ii) if such rate does not appear on page 3750
of the Dow Jones Telerate Screen (or any successor page), the rate, as
reported by BNY to the Administrative Agent, quoted by BNY at
approximately 11:00 a.m. London time (or as soon thereafter as
practicable) on the date which is two Core Currency Business Days prior
to the first day of such Euro Interest Period to leading banks in the
interbank eurocurrency market as the rate at which BNY is offering Dollar
deposits in an amount approximately equal to BNY’s Commitment Percentage
of

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such Eurodollar Advance and having a period to maturity
approximately equal to such Euro Interest Period, by

     (b) a number equal to 1.00 minus the aggregate of the then stated
maximum rates during such Euro Interest Period of all reserve
requirements (including marginal, emergency, supplemental and special
reserves), expressed as a decimal, established by the Board of Governors
of the Federal Reserve System and any other banking authority to which
BNY and other major United States money center banks are subject in
respect of eurocurrency funding (currently referred to as “Eurocurrency
Liabilities” in Regulation D), without benefit of credits for proration,
exceptions or offsets which may be available from time to time to BNY.

     “Euro Interest Period”: with respect to any Eurodollar Advance or Core
Currency Euro Advance, as the case may be, requested by any Borrower or, if
such Borrower is a Subsidiary Borrower, the Parent Borrower, on behalf of such
Borrower, the period commencing on the Borrowing Date or Conversion Date, as
the case may be, with respect to such Advance and ending one, two, three or six
months thereafter, as selected by such Borrower or, if such Borrower is a
Subsidiary Borrower, the Parent Borrower, on behalf of such Borrower, in the
applicable Borrowing Request or Notice of Conversion, as the case may be,
therefor, provided, however, that (i) if any Euro Interest Period would
otherwise end on a day which is not a Core Currency Business Day, such Euro
Interest Period shall be extended to the next succeeding Core Currency Business
Day unless (a) in the case of Eurodollar Revolving Credit Advances, such next
succeeding Core Currency Business Day would be a date on or after the Scheduled
Revolving Credit Commitment Termination Date, or, in the case of Eurodollar
Term Loan Advances, such next succeeding Core Currency Business Day would be a
date on or after the Term Loan Maturity Date, in which event such Euro Interest
Period shall end on the next preceding Core Currency Business Day, or (b) the
result of such extension would be to carry such Euro Interest Period into
another calendar month, in which event such Euro Interest Period shall end on
the immediately preceding Core Currency Business Day, (ii) any Euro Interest
Period that begins on the last Core Currency Business Day of a calendar month
(or on a day for which there is no numerically corresponding day in the
calendar month at the end of such Euro Interest Period) shall end on the last
Core Currency Business Day of a calendar month, and (iii) no Euro Interest
Period (a) for Eurodollar Revolving Credit Advances shall end after the
Scheduled Revolving Credit Commitment Termination Date or (b) for Eurodollar
Term Loan Advances shall end after the Term Loan Maturity Date. Interest shall
accrue from and including the first day of a Euro Interest Period to, but
excluding, the last day of such Euro Interest Period.

     “European Borrower”: any Dutch Borrower, French Borrower or German
Borrower.

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     “Euros”: lawful currency of the European Union, to the extent adopted by
its member nations.

     “Event of Default”: as defined in Section 9.1.

     “Exchange Act”: the Securities Exchange Act of 1934, as amended.

     “Existing Indebtedness”: the Indebtedness outstanding under Original
Credit Agreement

     “Existing Letter of Credit”: the following Letter of Credit which was
originally issued for the account of the Parent Borrower, is outstanding
pursuant to the Original Credit Agreement and remains outstanding on the
Effective Date:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Original Stated	 	Current Stated	 	 
	Beneficiary
	 	L/C No.
	 	Amount
	 	Amount
	 	Expiry Date

	Liberty Mutual
Insurance Co.

	 	 	37257	 	 	$	2,100,000	 	 	$	5,550,000	 	 	one-year evergreen

(current expiry

2/6/05)

     “Facility Fee”: as defined in Section 3.2(a).

     “Federal Funds Rate”: for any day, a rate per annum (expressed as a
decimal, rounded upwards, if necessary, to the next higher 1/100 of 1%) equal
to the weighted average of the rates on overnight federal funds transactions
with members of the Federal Reserve System arranged by federal funds brokers on
such day, as published by the Federal Reserve Bank of New York on the Business
Day next succeeding such day, provided that, (i) if the day for which such rate
is to be determined is not a Business Day, the Federal Funds Rate for such day
shall be such rate on such transactions on the next preceding Business Day as
so published on the next succeeding Business Day, and (ii) if such rate is not
so published for any day, the Federal Funds Rate for such day shall be the
average of the quotations for such day on such transactions received by the
Administrative Agent.

     “Fees”: as defined in Section 2.11.

     “Financial Officer”: as to any Person, the chief financial officer of such
Person, or such other officer as shall be satisfactory to the Administrative
Agent.

     “Financial Statements”: as defined in Section 4.13.

     “Fixed Charge Coverage Ratio”: as of any date, the ratio of (i)
Consolidated EBITDA to (ii) Consolidated Fixed Charges, in each case for the
four fiscal

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quarter period ending on such date or, if such date is not the last day of
a fiscal quarter, the immediately preceding four fiscal quarter period.

     “Fixed Rate Loan”: any Eurodollar Advance, Core Currency Euro Advance, Bid
Loan or Swing Line Loan, as the case may be.

     “French Borrower”: (i) the Parent Borrower or (ii) any other Borrower
which is organized under the laws of, and has its principal office in, France.

     “GAAP”: generally accepted accounting principles as in effect from time to
time in the United States.

     “German Borrower”: any Borrower which is organized under the laws of, and
has its principal office in, Germany.

     “Governmental Authority”: any foreign, federal, state, municipal or other
government, or any department, commission, board, bureau, agency, public
authority or instrumentality thereof, or any court or arbitrator.

     “Guarantor”: as defined in the Subsidiary Guaranty.

     “Hedging Agreement” means any interest rate protection agreement.

     “Inactive Subsidiary Borrower”: at any time, any Subsidiary Borrower which
has no Subsidiary Borrower Obligations.

     “Indebtedness”: as to any Person, at a particular time, all items which
constitute, without duplication, (i) indebtedness for borrowed money, (ii)
indebtedness in respect of the deferred purchase price of Property (other than
trade payables incurred in the ordinary course of business), (iii) indebtedness
evidenced by notes, bonds, debentures or similar instruments, (iv) obligations
with respect to any conditional sale or title retention agreement, (v)
indebtedness arising under acceptance facilities and the amount available to be
drawn under all letters of credit issued for the account of such Person (other
than letters of credit issued in support of trade payables incurred in the
ordinary course of business) and, without duplication, all drafts drawn
thereunder to the extent such Person shall not have reimbursed the issuer in
respect of the issuer’s payment thereof, (vi) all liabilities secured by any
Lien on any Property owned by such Person even though such Person has not
assumed or otherwise become liable for the payment thereof (other than
carriers’, warehousemen’s, mechanics’, repairmen’s or other like non-consensual
statutory Liens arising in the ordinary course of business), (vii) obligations
under Capital Leases, (viii) all Receivables Indebtedness of such Person, (ix)
all Synthetic Lease Obligations of such Person, (x) the Attributed Principal
Amount in connection with a Securitization Transaction of such Person as
Receivables Seller and (xi) all Contingent Obligations of such Person in
respect of any of the foregoing.

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     “Indemnified Liabilities”: as defined in Section 11.5.

     “Indemnified Person”: as defined in Section 11.7.

     “Indemnified Tax”: as to any Person, any Tax, except (i) a Tax on the
Income imposed on such Person and (ii) any interest, fees or penalties for late
payment imposed on such Person, in each case to the extent not attributable to
the failure of the Parent Borrower or any of its Subsidiaries to obtain any
necessary approvals or consents of, or file or cause to be filed any reports,
applications, documents, instruments or information required to be filed
pursuant to any applicable law, rule, regulation or request of, any
Governmental Authority.

     “Indemnified Tax Person”: the Administrative Agent, each Issuing Bank, the
Swing Line Lender, or any Lender, as the case may be.

     “Interest Coverage Ratio”: as of any date, the ratio of (i) Consolidated
EBITDA to (ii) Consolidated Interest Expense, in each case for the four fiscal
quarter period ending on such date or, if such date is not the last day of a
fiscal quarter, the immediately preceding four fiscal quarter period.

     “Interest Payment Date”: (i) as to any ABR Advance, the last day of each
March, June, September and December commencing on the first of such days to
occur after such ABR Advance is made or any Eurodollar Advance is converted to
an ABR Advance, (ii) as to any Swing Line Loan, the date on which the
outstanding principal amount of such Swing Line Loan shall become due and
payable in accordance with Section 2.2, (iii) as to any Eurodollar Advance or
Core Currency Euro Advance, as the case may be, as to which the applicable
Borrower has selected a Euro Interest Period of one, two or three months, or
any Bid Loan in respect of which the Bid Interest Period applicable thereto is
less than or equal to 90 days, the last day of such Euro Interest Period or
such Bid Interest Period, as the case may be, (iv) as to any Eurodollar Advance
or Core Currency Euro Advance, as the case may be, as to which the applicable
Borrower has selected a Euro Interest Period of six months, or any Bid Loan in
respect of which the Bid Interest Period applicable thereto is greater than 90
days, the last day of each three-month or 90-day, as the case may be, interval
occurring during such Euro Interest Period or such Bid Interest Period, as the
case may be, and the last day of such Euro Interest Period or such Bid Interest
Period, as the case may be, (v) as to any all Revolving Credit Advances and all
Bid Loans, the Revolving Credit Maturity Date, (vi) as to all Swing Line Loans,
the Swing Line Maturity Date and (vii) as to all Term Loan Advances, the Term
Loan Maturity Date,.

     “Investments”: as defined in Section 8.6.

     “Invitation to Bid”: an invitation to make Bids in the form of Exhibit J.

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     “Issuing Bank”: BNY or Wachovia Bank, National Association, in its
capacity as Letter of Credit issuer and, with respect to a particular Letter of
Credit, shall mean whichever of them shall have issued such Letter of Credit.

     “Judgment Currency”: as defined in Section 11.13.

     “Judgment Currency Conversion Date”: as defined in Section 11.13.

     “Lender Party”: the Administrative Agent, the Issuer, the Swing Line
Lender or a Lender, as the case may be.

     “Letter of Credit”: as defined in Section 2.8.

     “Letter of Credit Commissions”: as defined in Section 3.2(b).

     “Letter of Credit Commitments”: the commitments of the Issuing Banks to
issue Letters of Credit having an aggregate outstanding face amount up to the
Letter of Credit Commitment Amount, and the commitment of the Lenders to
participate in the Letter of Credit Exposure as set forth in Section 2.9.

     “Letter of Credit Commitment Amount”: $50,000,000.

     “Letter of Credit Exposure”: as of any date and in respect of any Lender,
an amount equal to (i) the sum as of such date, without duplication, of (a) the
aggregate undrawn face amount of all outstanding Letters of Credit, (b) the
aggregate amount of unpaid drafts drawn on all Letters of Credit, and (c) the
aggregate unpaid Reimbursement Obligations (after giving effect to any
Revolving Credit Loans made on such date to pay any such Reimbursement
Obligations), multiplied by (ii) such Lender’s Revolving Credit Commitment
Percentage.

     “Letter of Credit Request”: a request in the form of Exhibit C-2.

     “Leverage Ratio”: as of any date, the ratio of (i) the aggregate
Indebtedness as of such date of the Parent Borrower and its Subsidiaries,
determined on a Consolidated basis in accordance with GAAP (excluding, however,
for any date during a period of 15 Business Days after the Effective Date, an
amount (to the extent positive) equal to the excess of (a) the aggregate
outstanding principal amount of Indebtedness under the Private Placement
Documents over (b) cash as set forth on a balance sheet of the Parent Borrower
prepared on a Consolidated basis in accordance with GAAP as of such date),
together with the aggregate Attributed Principal Amount in connection with a
Permitted Securitization, to (ii) Consolidated EBITDA for the four fiscal
quarter period ending on such date or, if such date is not the last day of a
fiscal quarter, for the immediately preceding four fiscal quarter period;
provided however that, in the event that any Acquisition or Disposition
permitted by this Agreement shall have been consummated during such four fiscal
quarter period, in computing Consolidated

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EBITDA, net income (and all amounts specified in clauses (i), (ii) and
(iii) of the definition of Consolidated EBITDA) shall be computed on a pro
forma basis giving effect to such Acquisition or Disposition, as the case may
be, as of the first day of such period.

     “Lien”: any mortgage, pledge, hypothecation, assignment, deposit or
preferential arrangement, encumbrance, lien (statutory or other), or other
security agreement or security interest of any kind or nature whatsoever,
including any conditional sale or other title retention agreement and any
capital or financing lease having substantially the same economic effect as any
of the foregoing.

     “Loan”: a Revolving Credit Loan, Term Loan, Bid Loan, or Swing Line Loan,
as the case may be.

     “Loan Documents”: collectively, this Agreement, the Subsidiary Guaranty,
the Reimbursement Agreements, and all agreements, instruments and other
documents executed or delivered in connection with any of the foregoing,
including any promissory notes executed and delivered pursuant to Section 2.13,
in each case as amended, supplemented or otherwise modified from time to time.

     “Loans”: the Revolving Credit Loans, the Term Loans, the Bid Loans and/or
the Swing Line Loans, as the case may be.

     “Managing Person”: with respect to any Person that is (i) a corporation,
its board of directors, (ii) a limited liability company, its board of control
or managing member or members, (iii) a limited partnership, its general
partner, (iv) a general partnership or a limited liability partnership, its
managing partner or executive committee, or (v) any other Person, the managing
body thereof or other Person analogous to the foregoing.

     “Margin Stock”: any “margin stock”, as defined in Regulation U of the
Board of Governors of the Federal Reserve System, as amended, supplemented or
otherwise modified from time to time.

     “Material Adverse Change”: a material adverse change in (i) the condition
(financial or otherwise), operations, business or Property of the Parent
Borrower and its Subsidiaries, taken as a whole, (ii) the ability of the Parent
Borrower or any of its Subsidiaries to perform its obligations under any Loan
Document, or (iii) the ability of the Administrative Agent, the Issuing Banks,
the Swing Line Lender or any Lender to enforce any Loan Document.

     “Material Adverse Effect”: a material adverse effect on (i) the condition
(financial or otherwise), operations, business or Property of the Parent
Borrower and its Subsidiaries, taken as a whole, (ii) the ability of the Parent
Borrower or any of its Subsidiaries to perform its obligations under any Loan
Document, or (iii) the ability of

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the Administrative Agent, each Issuing Bank, the Swing Line Lender or any
Lender to enforce any Loan Document.

     “Material Subsidiary”: at any time, each Domestic Subsidiary which has at
such time assets or net sales greater than or equal to 5% of the aggregate
assets or net sales of the Parent Borrower and its Subsidiaries, determined on
a Consolidated basis in accordance with GAAP.

     “Maximum Purchase Amount”: with respect to any Securitization Transaction,
the maximum amount of the obligations permitted to be outstanding under such
Securitization Transaction pursuant to the documents governing the purchase and
sale of Securitization Receivables in such transaction.

     “Moody’s”: Moody’s Investors Service, Inc., or any successor thereto.

     “Multiemployer Plan”: a Pension Plan which is a multiemployer plan as
defined in Section 4001(a)(3) of ERISA.

     “Negotiated Rate”: with respect to each Swing Line Loan, the rate per
annum equal to, (i) at all times during the period, if any, commencing on the
date of delivery of a notice of an Event of Default by the Administrative Agent
to the Lenders under Section 2.2(c) with respect to such Swing Line Loan and
terminating on the date on which such Event of Default shall no longer be
continuing, the Alternate Base Rate, and (ii) at all other times, the rate
agreed to by the Parent Borrower and the Swing Line Lender in accordance with
Section 2.2 as the interest rate that such Swing Line Loan shall bear.

     “Newmark”: Newmark International, Inc. a Delaware corporation and a
Subsidiary of the Parent Borrower.

     “Net Proceeds” means:

     (a) the cash proceeds when received in respect of such
Prepayment/Reduction Event, including (i) any cash received in respect of
any non-cash proceeds, but only as and when received, (ii) in the case of
a casualty, insurance proceeds, and (iii) in the case of a condemnation
or similar event, condemnation awards and similar payments, when received
in cash,

     net of the sum of

     (b) (i) all reasonable fees and out-of-pocket expenses paid by the
Parent Borrower and the Subsidiaries to third parties in connection with
such Prepayment/Reduction Event, (ii) in the case of a sale, transfer,
lease or other disposition of an asset (including pursuant to a sale and
leaseback transaction), the amount of all payments required to be made by
the Parent Borrower and the

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Subsidiaries as a result thereof to repay Indebtedness (other than
the Loans) secured by such asset or otherwise subject to mandatory
payment as a result thereof and (iii) the amount of all taxes paid (or
reasonably estimated to be payable) by the Parent Borrower and the
Subsidiaries, and the amount of any reserves established by the Parent
Borrower and the Subsidiaries to fund contingent liabilities reasonably
estimated to be payable, in each case during the year that such event
occurred or the next succeeding year and that are directly attributable
to such event (as determined reasonably and in good faith by a Financial
Officer of the Parent Borrower) provided that the amount of any
subsequent reduction of such reserve (other than in connection with the
payment of a retained liability) shall constitute Net Proceeds as of the
date of such reduction;

     provided, however, that, with respect to any Casualty/Condemnation
Proceeds, such proceeds shall not constitute Net Proceeds if (A) the
Parent Borrower shall deliver a certificate of a Financial Officer
thereof to the Administrative Agent at the time of the receipt of such
proceeds setting forth the Parent Borrower’s intention to use such
proceeds to acquire (or cause a Subsidiary to acquire) within 180 days of
receipt of such proceeds replacement assets to be used in its business,
(B) no Default shall have occurred and shall be continuing at the time of
such certificate or at the proposed time of the application of such
proceeds, (C) if such proceeds exceed $5,000,000, the Required Lenders
shall have consented to the proposed application of such proceeds in
writing (such consent not to be unreasonably withheld or delayed), and
(D) such proceeds are in fact so applied at or prior to the end of such
180-day period. To the extent not so applied after such a certificate
shall have been delivered and the foregoing conditions shall have been
fulfilled, such proceeds shall be deemed Net Proceeds at the end of such
180-day period.

     “Non-Core Currencies”: collectively, Australian Dollars, Brazilian Reals,
Canadian Dollars, and Pounds Sterling, and such other currencies as shall
become Non-Core Currencies in accordance with Section 2.12(b).

     “Note” and “Notes”: as defined in Section 2.13(d)

     “Notice of Conversion”: a notice substantially in the form of Exhibit D.

     “Obligation Currency”: as defined in Section 11.13.

     “Operating Entity”: any Person or any business or operating unit of a
Person which is, or could be, operated separate and apart from (i) the other
businesses and operations of such Person, or (ii) any other line of business or
business segment.

     “Organizational Documents”: as to any Person which is (i) a corporation,
the certificate or articles of incorporation and by-laws of such Person, (ii) a
limited

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liability company, the limited liability company agreement or similar
agreement of such Person, (iii) a partnership, the partnership agreement or
similar agreement of such Person, or (iv) any other form of entity or
organization, the organizational documents analogous to the foregoing.

     “Original Credit Agreement”: the Amended and Restated Credit Agreement,
dated as of August 21, 2001 and amended as of June 12, 2002, September 25, 2003
and April 15, 2004, by and among the Parent Borrower, certain Subsidiaries of
the Parent Borrower, the lenders party thereto, Cooperatieve Centrale
Raiffeisen-Boerenleenbank B.A., “Rabobank International,” New York Branch, as
Syndication Agent, Wachovia Bank, National Association and LaSalle Bank
National Association, as Co-Documentation Agents, and The Bank of New York, as
issuing bank, swing line lender and administrative agent.

     “Other Intercompany Acquisition”: an Acquisition by the Parent Borrower or
any Subsidiary thereof from the Parent Borrower or any such Subsidiary,
provided, however, that, for purposes hereof, “Other Intercompany Acquisition”
shall not include any Unrestricted Intercompany Acquisition.

     “Other Intercompany Basket Amount”: at any time, an amount equal to the
sum of, without duplication, (i) the aggregate outstanding principal amount of
all Other Intercompany Indebtedness at such time, plus (ii) the aggregate
consideration paid as of such time for all Other Intercompany Investments made
under Section 8.6(g) on and after the date hereof, plus (iii) the aggregate
amount as of such time of all Other Intercompany Restricted Payments made on or
after the date hereof.

     “Other Intercompany Disposition”: a Disposition by the Parent Borrower or
any Subsidiary thereof to the Parent Borrower or any such Subsidiary, provided,
however, that, for purposes hereof, “Other Intercompany Disposition” shall not
include any Unrestricted Intercompany Disposition.

     “Other Intercompany Indebtedness”: Indebtedness of the Parent Borrower or
any Subsidiary thereof to the Parent Borrower or any such Subsidiary, provided,
however, that, for purposes hereof, “Other Intercompany Indebtedness” shall not
include any Unrestricted Intercompany Indebtedness.

     “Other Intercompany Investment”: an Investment by the Parent Borrower or
any Subsidiary thereof in the Parent Borrower or any such Subsidiary, provided,
however, that, for purposes hereof, “Other Intercompany Investment” shall not
include any Unrestricted Intercompany Investment.

     “Other Intercompany Restricted Payment”: a Restricted Payment made by any
Subsidiary of the Parent Borrower to the Parent Borrower or any such
Subsidiary, to the extent received by the Parent Borrower or such Subsidiary,
as the case may be,

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provided, however, that, for purposes hereof, “Other Intercompany
Restricted Payment” shall not include any Unrestricted Intercompany Payment.

     “Outstanding Percentage”: as of any date and with respect to the Issuing
Bank, the Swing Line Lender or any Lender, as the case may be, a fraction the
numerator of which is the Outstandings on such date of such Issuing Bank, the
Swing Line Lender or such Lender, as applicable, and the denominator of which
is the aggregate Outstandings on such date of such Issuing Bank, the Swing Line
Lender and all Lenders.

     “Outstandings”: with respect to each Issuing Bank, the Swing Line Lender
or any Lender, as the case may be, as of any date, an amount equal to (i) the
outstanding principal amount on such date of all the Loans (determined, in the
case of each Alternate Currency Loan, on the basis of the Dollar Equivalent
thereof) of such Lender, plus (ii) with respect to each Issuing Bank only, the
excess of (a) the aggregate sum of all drafts honored under all Letters of
Credit issued by such Issuing Bank, over (b) all payments made to such Issuing
Bank by the Credit Parties and the Lenders in reimbursement thereof or
participation therein, as the case may be, plus (iii) with respect to the Swing
Line Lender only, the excess of (a) the outstanding principal amount on such
date of all the Swing Line Loans, over (b) all payments made to the Swing Line
Lender by the Credit Parties and the Lenders in repayment thereof or
participation therein, as the case may be, plus (iv) with respect to each
Lender, the excess of (a) the aggregate sum of all payments by such Lender in
participation of the Reimbursement Obligations and the Swing Line Loans, over
(b) all reimbursements of such Lender in respect thereof.

     “PBGC”: the Pension Benefit Guaranty Corporation established pursuant to
Subtitle A of Title IV of ERISA, or any Governmental Authority succeeding to
the functions thereof.

     “Pension Plan”: at any date of determination, any Employee Benefit Plan
(including a Multiemployer Plan), the funding requirements of which (under
Section 302 of ERISA or Section 412 of the Code) are, or at any time within the
six years immediately preceding such date, were in whole or in part, the
responsibility of the Parent Borrower, any of its Subsidiaries or any ERISA
Affiliate.

     “Permitted Lien”: a Lien permitted to exist under Section 8.2.

     “Permitted Securitization”: a Securitization Transaction permitted by
Section 8.15.

     “Person”: any individual, firm, partnership, limited liability company,
joint venture, corporation, association, business enterprise, joint stock
company, unincorporated association, trust, Governmental Authority or any other
entity, whether acting in an individual, fiduciary or other capacity, and for
the purpose of the definition of “ERISA Affiliate”, a trade or business.

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     “Pounds Sterling”: freely transferable lawful money of the United Kingdom.

     “Prepayment/Reduction Event” means:

     (a) any sale, lease or other disposition (including pursuant to a
sale and leaseback transaction) of any property or asset of the Parent
Borrower or any Subsidiary (other than the sale of goods and services in
the ordinary course of business); provided that, so long as no Event of
Default exists, no such sale, lease or other disposition shall constitute
a Prepayment/Reduction Event unless it results in aggregate Net Proceeds
of not less than $5,000,000;

     (b) a public or private offering of common stock or other equity
securities of the Parent Borrower or any of its Subsidiaries (except the
issuance of equity securities (i) in respect of options granted to
employees of the Parent Borrower or its Subsidiaries and (ii) by any
Subsidiary of the Parent Borrower to the Parent Borrower); provided that,
so long as no Event of Default exists, no such equity offering shall
constitute a Prepayment/Reduction Event unless it results in aggregate
Net Proceeds of not less than $5,000,000;

     (c) any casualty or other insured damage to, or any taking under
power of eminent domain or by condemnation or similar proceeding of, any
property or asset of the Parent Borrower or any Subsidiary; provided
that, so long as no Event of Default exists, no such casualty, insured
damage or taking shall constitute a Prepayment/Reduction Event unless it
results in aggregate Net Proceeds of not less than $5,000,000; and

     (d) a public or private offering of promissory notes or other debt
securities of the Parent Borrower or any of its Subsidiaries or other
incurrence of indebtedness for borrowed money by the Parent Borrower or
any of its Subsidiaries (other than Indebtedness for borrowed money
pursuant to this Agreement, refinancings of Indebtedness described in
Section 8.1(ii) and Indebtedness described in Section 8.1(v)); provided
that, so long as no Event of Default exists, no such debt offering or
incurrence of indebtedness for borrowed money shall constitute a
Prepayment/Reduction Event unless it results in aggregate Net Proceeds of
not less than $5,000,000.

     “Pricing Level”: Pricing Level I, Pricing Level II, Pricing Level III,
Pricing Level IV or Pricing Level V, as applicable.

     “Pricing Level I”: any time when the Leverage Ratio is less than
1.50:1.00.

     “Pricing Level II”: any time when the Leverage Ratio is greater than or
equal to 1.50:1.00 but less than 2.00:1.00.

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     “Pricing Level III”: any time when the Leverage Ratio is greater than or
equal to 2.00:1.00 but less than 2.50:1.00.

     “Pricing Level IV”: any time when the Leverage Ratio is greater than or
equal to 2.50:1.00 but less than 3.00:1.00.

     “Pricing Level V”: any time when the Leverage Ratio is greater than or
equal to 3.00:1.00.

     “Private Placement Documents”: the Valmont Industries, Inc. Private Shelf
Agreement, dated as of September 10, 1999 and amended as of November 24, 1999,
May 22, 2000, February 27, 2001, May 8, 2002 and April 15, 2004, with The
Prudential Insurance Company of America and the other Purchasers party thereto
relating to a maximum of $100,000,000 in aggregate principal amount of senior
promissory notes of Valmont Industries, Inc., together with the promissory
notes issued thereunder.

     “Prohibited Transaction”: a transaction which is prohibited under Section
4975 of the Code or Section 406 of ERISA and not exempt under Section 4975 of
the Code or Section 408 of ERISA.

     “Property”: all types of real, personal, tangible, intangible or mixed
property.

     “Proposed Lender”: as defined in Section 3.12.

     “Qualified Subsidiary”: a direct or indirect Subsidiary of the Parent
Borrower, as to which the Parent Borrower owns beneficially (and of record, in
the case of a direct Subsidiary) all of the issued and outstanding Capital
Stock other than directors’ qualifying shares.

     “Real Property”: all real property owned or leased by the Parent Borrower
or any of its Subsidiaries.

     “Receivables Indebtedness” means Indebtedness incurred by any Eligible
Special Purpose Entity to finance, refinance or guaranty the financing or
refinancing of Securitization Receivables; provided (x) such Indebtedness shall
in accordance with GAAP not be accounted for as an asset or liability on the
balance sheet of Receivables Seller or any of its Subsidiaries; (y) no assets
other than the Securitization Receivables to be financed or refinanced secure
such Indebtedness; and (z) neither the Receivables Seller nor any of its
Subsidiaries shall incur any liability with respect to such Indebtedness other
than liability arising by reason of (1) a breach of a representation or
warranty or customary indemnities in each case contained in any instrument
relating to such Indebtedness or (2) customary interests retained by the
Receivables Seller in such Indebtedness.

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     “Receivables Seller”: as defined in the definition of “Securitization
Transaction.”

     “Regulation D”: Regulation D of the Board of Governors of the Federal
Reserve System as from time to time in effect and any successor to all or a
portion thereof establishing reserve requirements.

     “Regulatory Change”: (i) the introduction or phasing in of any law, rule
or regulation after the Relevant Date, (ii) the issuance or promulgation after
the Relevant Date of any directive, guideline or request from any Governmental
Authority (whether or not having the force of law), or (iii) any change after
the Relevant Date in the interpretation of any existing law, rule, regulation,
directive, guideline or request by any Governmental Authority charged with the
administration thereof.

     “Reimbursement Agreement”: as defined in Section 2.8(b).

     “Reimbursement Obligation”: the obligation of the Parent Borrower to
reimburse an Issuing Bank for amounts drawn under a Letter of Credit issued by
such Issuing Bank.

     “Related Parties”: with respect to any Person, such Person’s Affiliates
and the respective directors, officers, employees, agents and advisors of such
Person and such Person’s Affiliates.

     “Relevant Date”: (i) in the case of each Lender listed on the signature
pages hereof, the Effective Date, and (ii) in the case of each other Lender,
the effective date of the Assignment and Acceptance Agreement or other document
pursuant to which it became a Lender.

     “Reportable Event”: with respect to any Pension Plan, (i) any event set
forth in Sections 4043(b) (other than a Reportable Event as to which the 30 day
notice requirement is waived by the PBGC under applicable regulations), 4062(c)
or 4063(a) of ERISA or the regulations thereunder, (ii) an event requiring the
Parent Borrower, any of its Subsidiaries or any ERISA Affiliate to provide
security to a Pension Plan under Section 401(a)(29) of the Code, or (iii) any
failure to make any payment required by Section 412(m) of the Code.

     “Required Lenders”: at any time (i) prior to the Revolving Credit
Commitment Termination Date and after the making of the Term Loans, Lenders
having Revolving Credit Commitment Amounts and Term Loans greater than 50% of
the sum of (a) the Aggregate Revolving Credit Commitment Amount and (b) the
outstanding principal amount of the Term Loans and (ii) at all other times, the
Issuing Banks, the Swing Line Lender and the Lenders having Outstandings
greater than 50% of the aggregate Outstandings of the Issuing Banks, the Swing
Line Lender and all Lenders.

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     “Required Payment”: as defined in Section 3.9(a).

     “Restricted Payment”: as to any Person (i) any dividend or other
distribution, direct or indirect, on account of any shares of Capital Stock of
such Person now or hereafter outstanding (other than a dividend payable solely
in shares of such Capital Stock to the holders of such shares) and (ii) any
redemption, retirement, sinking fund or similar payment, purchase or other
acquisition, direct or indirect, of any shares of any class of Capital Stock of
such Person now or hereafter outstanding.

     “Revolving Credit Commitment”: in respect of any Lender, such Lender’s
undertaking during the Revolving Credit Commitment Period to make Revolving
Credit Loans, subject to the terms and conditions hereof, in an aggregate
outstanding principal amount not exceeding the Revolving Credit Commitment
Amount of such Lender.

     “Revolving Credit Commitment Amount”: as of any date and with respect to
any Lender, the amount set forth adjacent to its name under the heading
“Revolving Credit Commitment Amount” in Exhibit A on such date or, in the event
that such Lender is not listed in Exhibit A, the “Revolving Credit Commitment
Amount” which such Lender shall have assumed from another Lender in accordance
with Section 11.6 on or prior to such date, in each case as the same may be
adjusted from time to time pursuant to Sections 2.5 and 11.6.

     “Revolving Credit Commitment Percentage”: with respect to any Lender as of
any date, the percentage as of such date equal to such Lender’s Revolving
Credit Commitment Amount divided by the Aggregate Revolving Credit Commitment
Amount (or, if no Commitments then exist, the percentage equal to such Lender’s
Revolving Credit Commitment Amount on the last day upon which Revolving Credit
Commitments did exist divided by the Aggregate Revolving Credit Commitment
Amount as in effect on such day).

     “Revolving Credit Commitment Period”: the period from the Effective Date
until the Revolving Credit Commitment Termination Date.

     “Revolving Credit Commitment Termination Date”: the earlier of the
Business Day immediately preceding the Scheduled Revolving Credit Commitment
Termination Date or such other date upon which the Revolving Credit Commitments
shall have been terminated in accordance with Section 2.5 or Section 9.2.

     “Revolving Credit Exposure”: with respect to any Lender as of any date,
the sum as of such date of (i) the outstanding principal amount of such
Lender’s Revolving Credit Loans (determined, in the case of each Alternate
Currency Loan, on the basis of the Dollar Equivalent thereof), (ii) such
Lender’s Swing Line Exposure, and (iii) such Lender’s Letter of Credit
Exposure.

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     “Revolving Credit Loan” and “Revolving Credit Loans”: as defined in
Section 2.1(a).

     “Revolving Credit Maturity Date”: the Scheduled Revolving Credit
Commitment Termination Date, or such earlier date on which the Revolving Credit
Loans shall become due and payable, whether by acceleration or otherwise.

     “Scheduled Revolving Credit Commitment Termination Date”: May 4, 2009.

     “Scheduled Swing Line Commitment Termination Date”: the fifth Business Day
preceding the Scheduled Revolving Credit Commitment Termination Date.

     “SEC”: the Securities and Exchange Commission or any Governmental
Authority succeeding to the functions thereof.

     “Securitization Receivables”: as defined in the definition of
“Securitization Transaction.”

     “Securitization Transaction” means any financing transaction or series of
financing transactions that have been or may be entered into by any Person
pursuant to which such Person (the “Receivables Seller”) sells, conveys or
otherwise transfers on a non-recourse basis (with certain exceptions customary
in transactions of such type) to an Eligible Special Purpose Entity any of its
accounts receivable (the “Securitization Receivables”) (whether such
Securitization Receivables are then existing or arise in the future), and any
assets related thereto (including without limitation, all security interests in
merchandise or services financed thereby, the proceeds of such Securitization
Receivables and other assets which are customarily sold or in respect of which
security interests are customarily granted in connection with securitization
transactions involving such assets), and the Eligible Special Purpose Entity
either (i) borrows funds from or (ii) sells the Securitization Receivables to a
commercial paper conduit which issues securities, the payment obligations under
which, in either case, are satisfied from the Securitization Receivables and
the proceeds of the sale of which are used to purchase additional
Securitization Receivables.

     “Senior
Debt”: as of any date the sum of the following Indebtedness as of
such date of the Parent Borrower and its Subsidiaries, determined on a
Consolidated basis in accordance with GAAP: (i) Indebtedness under the Loan
Documents, (ii) other Indebtedness which ranks pari passu in right of payment
to the Indebtedness under the Loan Documents (excluding, however, for any date
during a period of 15 Business Days after the Effective Date, an amount (to the
extent positive) equal to the excess of (a) the aggregate outstanding principal
amount of Indebtedness under the Private Placement Documents over (b) cash as
set forth on a balance sheet of the Parent Borrower prepared on a Consolidated
basis in accordance with GAAP as of such date), (iii) Indebtedness secured by a
Lien on any Property owned by any such Person even though such Person

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has not assumed or otherwise become liable for the payment thereof (other
than carriers’, warehousemen’s, mechanics’, repairmen’s or other like
non-consensual statutory Liens arising in the ordinary course of business) and
(iv) the aggregate Attributed Principal Amount in connection with a Permitted
Securitization.

     “Senior Debt Ratio”: as of any date, the ratio of (i) Senior Debt to (ii)
Consolidated EBITDA for the four fiscal quarter period ending on such date or,
if such date is not the last day of a fiscal quarter, for the immediately
preceding four fiscal quarter period; provided however that, in the event that
any Acquisition or Disposition permitted by this Agreement shall have been
consummated during such four fiscal quarter period, in computing Consolidated
EBITDA, net income (and all amounts specified in clauses (i), (ii) and (iii) of
the definition of Consolidated EBITDA) shall be computed on a pro forma basis
giving effect to such Acquisition or Disposition, as the case may be, as of the
first day of such period.

     “Special Counsel”: Emmet, Marvin & Martin, LLP, special counsel to the
Administrative Agent.

     “Standard & Poor’s”: Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc., or any successor thereto.

     “Standby Letters of Credit”: as defined in Section 2.8(a).

     “Subordinated Notes”: up to $150,000,000 aggregate principal amount of the
Parent Borrower’s Senior Subordinated Notes due 2014 issued pursuant to the
Confidential Offering Circular issued in April 2004.

     “Subsidiary”: as to any Person, any corporation, association, partnership,
limited liability company, joint venture or other business entity of which such
Person or any Subsidiary of such Person, directly or indirectly, either (i) in
respect of a corporation, owns or controls more than 50% of the outstanding
Capital Stock having ordinary voting power to elect a majority of the managing
Person thereof, irrespective of whether a class or classes shall or might have
voting power by reason of the happening of any contingency, or (ii) in respect
of an association, partnership, limited liability company, joint venture or
other business entity, is entitled to share in more than 50% of the profits and
losses thereof, however determined.

     “Subsidiary Borrower”: as defined in the preamble to this Agreement.

     “Subsidiary Borrower Obligations”: at any time, in respect of any
Subsidiary Borrower, the principal amount outstanding at such time of the Loans
made to such Subsidiary Borrower (determined on the basis of the Dollar
Equivalent thereof), together with all accrued interest thereon and all other
sums due and owing at such time from such Subsidiary Borrower under the Loan
Documents.

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     “Subsidiary Guaranty”: as defined in Section 5.4.

     “Swing Line Commitment”: the undertaking of the Swing Line Lender during
the Swing Line Commitment Period to make Swing Line Loans, subject to the terms
and conditions hereof, in an aggregate outstanding principal amount not in
excess of the Swing Line Commitment Amount, and the commitment of the Lenders
to participate therein as set forth in Section 2.2, as the same may be adjusted
from time to time pursuant to Sections 2.5 and 11.6.

     “Swing Line Commitment Amount”: $10,000,000.

     “Swing Line Commitment Period”: the period from the Effective Date until
the Swing Line Commitment Termination Date.

     “Swing Line Commitment Termination Date”: the earlier of the Business Day
immediately preceding the Scheduled Swing Line Commitment Termination Date or
such other date upon which the Swing Line Commitment shall have been terminated
in accordance with Section 2.5 or Section 9.2.

     “Swing Line Exposure”: at any time, in respect of any Lender, an amount
equal to the aggregate outstanding principal amount of the Swing Line Loans at
such time, multiplied by such Lender’s Revolving Credit Commitment Percentage
at such time.

     “Swing Line Interest Period”: with respect to any Swing Line Loan
requested by the Parent Borrower, the period commencing on the Borrowing Date
with respect to such Swing Line Loan and ending not in excess of five days
thereafter, as selected by the Parent Borrower in the applicable Borrowing
Request therefor, provided, however, that (i) if any Swing Line Interest Period
would otherwise end on a day that is not a Business Day, such Swing Line
Interest Period shall be extended to the next succeeding Business Day, unless
such next succeeding Business Day would be a date on or after the Scheduled
Swing Line Commitment Termination Date, in which event such Swing Line Interest
Period shall end on the next preceding Business Day, and (ii) no Swing Line
Interest Period shall end after the Scheduled Swing Line Commitment Termination
Date. Interest shall accrue from and including the first day of a Swing Line
Interest Period to, but excluding, the last day of such Swing Line Interest
Period.

     “Swing Line Loan” and “Swing Line Loans”: as defined in Section 2.2(a).

     “Swing Line Maturity Date”: the Scheduled Swing Line Commitment
Termination Date, or such earlier date on which the Swing Line Loans shall
become due and payable, whether by acceleration or otherwise.

     “Swing Line Participation Amount”: as defined in Section 2.2(c).

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     “Synthetic Lease”: as to any Person, any lease (including leases that may
be terminated by the lessee at any time) of any Property (a) that is not a
Capital Lease and (b) in respect of which the lessee is treated as the owner of
the Property so leased for federal income tax purposes, other than any such
lease under which such Person is the lessor.

     “Synthetic Lease Obligations”: all monetary obligations of a lessee under
any Synthetic Lease which, at any date of determination thereof, shall be equal
to the aggregate purchase price of any property subject to such Synthetic Lease
less the aggregate amount of payments of rent theretofore made which reduce the
lessee’s obligations under such Synthetic Lease and which are not the financial
equivalent of interest. The aggregate purchase price of any property subject
to, and payments of rent under, a Synthetic Lease shall not include any amounts
payable solely from funds generated by the property subject thereto and as to
which the lessee has no personal liability.

     “Tax”: any present or future tax, levy, impost, duty, charge, fee,
deduction or withholding of any nature and whatever called, by a Governmental
Authority, on whomsoever and wherever imposed, levied, collected, withheld or
assessed.

     “Tax on the Income”: as to any Person, a Tax imposed by one of the
following jurisdictions or by any political subdivision or taxing authority
thereof: (i) the United States, (ii) the jurisdiction in which such Person is
organized, (iii) the jurisdiction in which such Person’s principal office is
located, or (iv) in the case of each Lender, any jurisdiction in which such
Person is deemed to be doing business; which Tax is an income tax (or any tax
in lieu thereof or equivalent thereto) or franchise tax imposed on all or part
of the net income or net profits of such Person or with respect to the net
increase in the shareholders’ or owners’ equity or capital in such Person or
which Tax represents interest, fees or penalties for payment of any such income
tax or franchise tax.

     “Termination Event”: with respect to any Pension Plan, (i) a Reportable
Event, (ii) the termination of a Pension Plan, or the filing of a notice of
intent to terminate a Pension Plan, or the treatment of a Pension Plan
amendment as a termination under Section 4041(c) of ERISA, (iii) the
institution of proceedings to terminate a Pension Plan under Section 4042 of
ERISA, or (iv) the appointment of a trustee to administer any Pension Plan
under Section 4042 of ERISA.

     “Term Loan” and “Term Loans”: as defined in Section 2.1(b)

     “Term Loan Commitment”: in respect of any Lender, such Lender’s
undertaking to make the Term Loan, subject to the terms and conditions hereof,
in an aggregate outstanding principal amount not exceeding the Term Loan
Commitment Amount of such Lender.

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     “Term Loan Commitment Amount”: as of any date and with respect to any
Lender, the amount set forth adjacent to its name under the heading “Term Loan
Commitment Amount” in Exhibit A on such date or, in the event that such Lender
is not listed in Exhibit A, the “Term Loan Commitment Amount” which such Lender
shall have assumed from another Lender in accordance with Section 11.6 on or
prior to such date, in each case as the same may be adjusted from time to time
pursuant to Section 2.5 and 11.6.

     “Term Loan Commitment Percentage”: with respect to any Lender as of any
date, the percentage as of such date equal to such Lender’s Term Loan
Commitment Amount divided by the Aggregate Term Loan Commitment Amount (or, if
no Term Loan Commitments then exist, the percentage equal to such Lender’s Term
Loan Commitment Amount on the last day upon which Term Loan Commitments did
exist divided by the Aggregate Term Loan Commitment Amount as in effect on such
day).

     “Term Loan Maturity Date”: May 4, 2009.

     “Test Date”: with respect to any Securitization Transaction means each of
(a) the date of the closing of such Securitization Transaction and (b) the date
of each closing of any amendment to such Securitization Transaction which
increases the Maximum Purchase Amount thereunder.

     “Total Commitment Percentage”: with respect to any Lender as of any date,
the percentage as of such date equal to the sum of such Lender’s Revolving
Credit Commitment Amount and Term Loan Commitment Amount divided by the
Aggregate Revolving Credit Commitment Amount and the Aggregate Term Loan
Commitment Amount (or, if no Commitments then exist, the percentage equal to
such Lender’s Revolving Credit Commitment Amount and Term Loan Commitment
Amount on the last day upon which Revolving Credit Commitments and Term Loan
Commitments did exist divided by the Aggregate Revolving Credit Commitment
Amount and the Aggregate Term Loan Commitment Amount as in effect on such day).

     “Trade Letters of Credit”: as defined in Section 2.8(a).

     “Unfunded Pension Liabilities”: with respect to any Pension Plan, at any
date of determination, the amount determined by taking the accumulated benefit
obligation, as disclosed in accordance with Statement of Accounting Standards
No. 87, “Employers’ Accounting for Pensions”, over the fair market value of
Pension Plan assets.

     “United States”: the United States of America.

     “Unrecognized Retiree Welfare Liability”: with respect to any Employee
Benefit Plan that provides postretirement benefits other than pension benefits,
the amount of the transition obligation, as determined in accordance with
Statement of Financial Accounting Standards No. 106, “Employers’ Accounting for
Postretirement Benefits

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Other Than Pensions,” as of the most recent valuation date, that has not
been recognized as an expense in an income statement of the Parent Borrower and
its Consolidated subsidiaries, provided that, prior to the date such Statement
is applicable to the Parent Borrower, such amount shall be based on an estimate
made in good faith of such transition obligation.

     “Unrestricted Intercompany Acquisition”: (i) an Acquisition by the Parent
Borrower or any Guarantor from the Parent Borrower or any Subsidiary of the
Parent Borrower or (ii) an Acquisition by any such Subsidiary (other than a
Guarantor) from any such Subsidiary (other than a Guarantor).

     “Unrestricted Intercompany Disposition”: (i) a Disposition by the Parent
Borrower or any Subsidiary thereof to the Parent Borrower or any Guarantor or
(ii) a Disposition by any such Subsidiary (other than a Guarantor) to any such
Subsidiary (other than a Guarantor).

     “Unrestricted Intercompany Indebtedness”: (i) Indebtedness of the Parent
Borrower or any Guarantor to the Parent Borrower or any Subsidiary of the
Parent Borrower or (ii) Indebtedness of any such Subsidiary (other than a
Guarantor) to any such Subsidiary (other than a Guarantor).

     “Unrestricted Intercompany Investment”: (i) an Investment by the Parent
Borrower or any Subsidiary thereof in the Parent Borrower or any Guarantor or
(ii) an Investment by any such Subsidiary (other than a Guarantor) in any such
Subsidiary (other than a Guarantor).

     “Unrestricted Intercompany Payment”: (i) a Restricted Payment made by any
Subsidiary of the Parent Borrower to the Parent Borrower or any Guarantor, to
the extent received by the Parent Borrower or such Guarantor, as the case may
be, or (ii) a Restricted Payment made by any such Subsidiary (other than a
Guarantor) to any such Subsidiary (other than a Guarantor), to the extent
received by such Subsidiary.

     “Wachovia Synthetic Lease Arrangement”: the synthetic lease arrangement
dated on or about September 25, 2003 by and among the Parent Borrower, Wachovia
Development Corporation and Wachovia Bank, National Association, as Agent, and
other lenders relating to the office building/headquarters project located in
Omaha, Nebraska (the “Initial Lease”) and any replacement Synthetic Lease
relating to the same property, not greater in principal amount than the
original amount of the Initial Lease and on financial terms which the
Administrative Agent, acting in its sole discretion, deems not less
advantageous to the Lenders than the terms of the Initial Lease.

	 	1.2.	 	Principles of Construction

     (a) For purposes of this Agreement, Loans may be classified and referred
to by Class (e.g., a “Revolving Credit Loan”) or by Type (e.g., a “Eurodollar

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Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Credit Loan”).
Advances also may be classified and referred to by Class (e.g., a “Revolving
Credit Advance”) or by Type (e.g., a “Eurodollar Advance”) or by Class and Type
(e.g., a “Eurodollar Revolving Credit Advance” or a “Eurodollar Term Loan
Advance”).

     (b) All terms defined in a Loan Document shall have the meanings given
such terms therein when used in the other Loan Documents or any certificate,
opinion or other document made or delivered pursuant thereto to the extent not
otherwise provided therein.

     (c) As used in the Loan Documents and in any certificate, opinion or other
document made or delivered pursuant thereto, accounting terms not defined in
Section 1.1, and accounting terms partly defined in Section 1.1, to the extent
not defined, shall have the respective meanings given to them under GAAP. If
at any time any change in GAAP would affect the computation of any financial
ratio or requirement set forth in this Agreement, the Administrative Agent, the
Issuing Banks, the Swing Line Lender, the Lenders and the Parent Borrower shall
negotiate in good faith to amend such ratio or requirement to reflect such
change in GAAP (subject to the approval of the Required Lenders), provided
that, until so amended, (i) such ratio or requirement shall continue to be
computed in accordance with GAAP prior to such change therein and (ii) the
Parent Borrower shall provide to the Administrative Agent and the Lenders
financial statements and other documents required under this Agreement (or such
other items as the Administrative Agent may reasonably requested) setting forth
a reconciliation between calculations of such ratio or requirement made before
and after giving effect to such change in GAAP.

     (d) The words “hereof”, “herein”, “hereto” and “hereunder” and similar
words when used in a Loan Document shall refer to such Loan Document as a whole
and not to any particular provision thereof, and Section, schedule and exhibit
references contained therein shall refer to Sections thereof or schedules or
exhibits thereto unless otherwise expressly provided therein.

     (e) The phrase “may not” is prohibitive and not permissive.

     (f) Unless the context otherwise requires, words in the singular number
include the plural, and words in the plural include the singular.

     (g) Unless specifically provided in a Loan Document to the contrary, any
reference to a time shall refer to such time in New York.

     (h) Unless specifically provided in a Loan Document to the contrary, in
the computation of periods of time from a specified date to a later specified
date, the word “from” means “from and including” and the words “to” and “until”
each means “to but excluding”.

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     (i) References in any Loan Document to a fiscal period shall refer to that
fiscal period of the Parent Borrower.

     (j) The words “include” and “including”, when used in each Loan Document,
shall mean that the same shall be included “without limitation”, unless
otherwise expressly provided therein.

	2.	 	AMOUNT AND TERMS OF LOANS AND LETTERS OF CREDIT

	 	2.1.	 	Revolving Credit Loans and Term Loans

     (a) Subject to the terms and conditions of this Agreement, each Lender
severally (and not jointly) agrees to make revolving credit loans (each a
“Revolving Credit Loan” and, as the context may require, collectively with all
other Revolving Credit Loans of such Lender and with the Revolving Credit Loans
of all other Lenders, the “Revolving Credit Loans”) to one or more of the
Borrowers in the Core Currencies from time to time during the Revolving Credit
Commitment Period, provided, however, that:

     (i) immediately after giving effect thereto, (i) such Lender’s
Revolving Credit Exposure shall not exceed such Lender’s Revolving Credit
Commitment Amount, (ii) the Aggregate Revolving Credit Exposure shall not
exceed the Aggregate Revolving Credit Commitment Amount, and (iii) if
such Revolving Credit is an Alternate Currency Revolving Credit Loan, the
aggregate principal amount of all Alternate Currency Loans (in each case
determined on the basis of the Dollar Equivalent thereof) shall not
exceed $50,000,000, and

     (ii) such Revolving Credit Loan, (i) if to be made in Dollars (each
a “Dollar Revolving Credit Loan”), shall be made to the Parent Borrower
and (ii) if to be made in Euros, shall be made to the Parent Borrower or
a European Borrower.

During the Revolving Credit Commitment Period, the Borrowers may borrow, prepay
in whole or in part and reborrow under the Revolving Credit Commitments, all in
accordance with the terms and conditions of this Agreement. Subject to the
provisions of Sections 2.3 and 3.3, at the option of the Parent Borrower,
Dollar Revolving Credit Loans may be made as (A) one or more ABR Advances, (B)
one or more Eurodollar Advances, or (C) a combination thereof. The outstanding
principal amount of the Revolving Credit Loans shall be due and payable on the
Revolving Credit Maturity Date.

     (b) Subject to the terms and conditions hereof, each Lender severally (and
not jointly) agrees to make a Term Loan (each a “Term Loan” and collectively
with the Term Loans of all other Lenders, the “Term Loans”) in Dollars to the
Parent Borrower on the Effective Date in a principal amount equal to the Term
Loan

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Commitment Amount of such Lender. Term Loans which are prepaid or repaid,
in whole or in part, may not be reborrowed.

	 	2.2.	 	Swing Line Loans

     (a) Subject to the terms and conditions hereof, the Swing Line Lender
agrees to make swing line loans (each a “Swing Line Loan” and, collectively,
the “Swing Line Loans”) to the Parent Borrower in Dollars from time to time
during the Swing Line Commitment Period in an aggregate principal amount at any
one time outstanding not to exceed the Swing Line Commitment Amount, provided,
however, that, immediately after making each Swing Line Loan, (i) the aggregate
unpaid balance of the Swing Line Loans would not exceed the Swing Line
Commitment Amount and (ii) the Aggregate Revolving Credit Exposure would not
exceed the Aggregate Revolving Credit Commitment Amount. During the Swing Line
Commitment Period, the Parent Borrower may borrow, prepay in whole or in part
and reborrow under the Swing Line Commitment, all in accordance with the terms
and conditions of this Agreement. No Swing Line Loan shall be made prior to
the making of the first Revolving Credit Loans on the first Borrowing Date.

     (b) The Swing Line Lender shall not be obligated to make any Swing Line
Loan at a time when any Lender shall be in default of its obligations under
this Agreement unless arrangements to eliminate the Swing Line Lender’s risk
with respect to such defaulting Lender’s participation in such Swing Line Loan
shall have been made for the benefit of the Swing Line Lender and such
arrangements are in all respects satisfactory to the Swing Line Lender. The
Swing Line Lender will not make any Swing Line Loan if the Administrative Agent
or any Lender, by notice to the Swing Line Lender and the Parent Borrower no
later than one Business Day prior to the Borrowing Date with respect to such
Swing Line Loan, shall have determined that the conditions set forth in Section
6 have not been satisfied and such conditions remain unsatisfied as of the
requested time of the making such Swing Line Loan. Each Swing Line Loan shall
be due and payable on the earlier to occur of the last day of the Swing Line
Interest Period applicable thereto and the Swing Line Maturity Date.

     (c) Upon each receipt by a Lender of notice of an Event of Default from
the Administrative Agent pursuant to Section 10.5, such Lender shall purchase
unconditionally, irrevocably, and severally (and not jointly) from the Swing
Line Lender a participation in the outstanding Swing Line Loans (including
accrued interest thereon) in an amount (the “Swing Line Participation Amount”)
equal to the product of its Revolving Credit Commitment Percentage and the
aggregate outstanding principal amount of the Swing Line Loans plus all accrued
and unpaid interest thereon. Each Lender shall also be liable for an amount
equal to the product of its Revolving Credit Commitment Percentage and any
amounts paid by any Credit Party pursuant to this Section that are subsequently
rescinded or avoided, or must be otherwise restored or returned. Such
liabilities shall be absolute and unconditional and without regard to the

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occurrence of any Default or the compliance by any Credit Party with any
of its obligations under the Loan Documents.

     (d) In furtherance of Section 2.2(c), upon each receipt by a Lender of
notice of an Event of Default from the Administrative Agent pursuant to Section
10.5, such Lender shall promptly make available its Swing Line Participation
Amount to the Administrative Agent for the account of the Swing Line Lender at
the applicable Agent Payment Office, in Dollars, and in immediately available
funds. The Administrative Agent shall deliver the payments made by each Lender
pursuant to the immediately preceding sentence to the Swing Line Lender
promptly upon receipt thereof in like funds as received. Each Lender shall
indemnify and hold harmless the Administrative Agent and the Swing Line Lender
from and against any and all losses, liabilities (including liabilities for
penalties), actions, suits, judgments, demands, costs and expenses resulting
from any failure on the part of such Lender to pay, or from any delay in paying
the Administrative Agent any amount such Lender is required to pay in
accordance with this Section 2.2 (except in respect of losses, liabilities,
actions, suits, judgments, demands, costs and expenses suffered by the
Administrative Agent or the Swing Line Lender, as the case may be, resulting
from the gross negligence or willful misconduct of the Administrative Agent or
the Swing Line Lender, as the case may be), and such Lender shall be required
to pay interest to the Administrative Agent for the account of the Swing Line
Lender from the date such amount was due until paid in full, on the unpaid
portion thereof, at a rate of interest per annum equal to the Federal Funds
Rate payable upon demand by the Swing Line Lender. The Administrative Agent
shall distribute such interest payments to the Swing Line Lender upon receipt
thereof in like funds as received.

     (e) Whenever the Administrative Agent is reimbursed by any Credit Party,
for the account of the Swing Line Lender, for any payment in connection with
Swing Line Loans and such payment relates to an amount previously paid by a
Lender pursuant to this Section, the Administrative Agent will promptly pay
over such payment to such Lender.

	 	2.3.	 	Procedure for Borrowing

     (a) Revolving Credit Loans. Any Borrower may borrow under the Revolving
Credit Commitments on any Business Day or any Core Currency Business Day, as
the case may be, during the Revolving Credit Commitment Period, provided that
such Borrower or, if such Borrower is a Subsidiary Borrower, the Parent
Borrower, on behalf of such Borrower, shall notify the Administrative Agent by
the delivery of a Borrowing Request, which shall be sent by facsimile and shall
be irrevocable (confirmed promptly by the delivery to the Administrative Agent
of a Borrowing Request manually signed by such Borrower or the Parent Borrower,
on behalf of such Borrower, as the case may be), no later than: 11:00 a.m.
three Core Currency Business Days prior to the requested Borrowing Date, in the
case of Eurodollar Advances, 11:00 a.m. four Core

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Currency Business Days prior to the requested Borrowing Date, in the case
of Core Currency Euro Advances, and 12:00 noon on the requested Borrowing Date,
in the case of ABR Advances, specifying (i) the requested Borrowing Date, (ii)
whether such borrowing is to consist of one or more Eurodollar Advances, one or
more Core Currency Euro Advances, ABR Advances, or a combination thereof, and
the amount of each thereof (stated in the applicable Currency), and (iii) if
the borrowing is to consist of one or more Eurodollar Advances or Core Currency
Euro Advances, the length of the Euro Interest Period for each such Eurodollar
Advance and Core Currency Euro Advance. Notwithstanding anything to the
contrary contained herein, (A) each Eurodollar Advance to be made on a
Borrowing Date, when aggregated with all amounts to be converted to a
Eurodollar Advance on such date and having the same Euro Interest Period as
such first Eurodollar Advance, shall equal no less than $5,000,000 or such
amount plus a whole multiple of $1,000,000 in excess thereof, (B) each Core
Currency Euro Advance to be made on a Borrowing Date, when aggregated with all
amounts to be converted to a Core Currency Euro Advance on such date and having
the same Euro Interest Period, and being denominated in the same Currency, as
such first Core Currency Euro Advance shall not be less than an amount in such
Currency having a Dollar Equivalent of approximately $2,500,000 or such amount
plus an amount in such Currency having a Dollar Equivalent of a whole multiple
of approximately $1,000,000 in excess thereof, and (C) each ABR Advance to be
made on a Borrowing Date shall equal no less than $1,000,000 or such amount
plus a whole multiple of $100,000 in excess thereof or, if less, the unused
portion of the Aggregate Revolving Credit Commitment Amount.

     (b) The Parent Borrower may borrow under the Term Loan Commitments in a
single borrowing on the Effective Date. The Term Loans shall initially be made
as ABR Advances and may be converted from ABR Advances to Eurodollar Advances
or from Eurodollar Advances to ABR Advances or continued as Eurodollar Advances
for a new Euro Interest Period in accordance with Section 3.3(a).

     (c) Swing Line Loans. The Parent Borrower may borrow under the Swing Line
Commitment on any Business Day during the Swing Line Commitment Period,
provided that the Parent Borrower shall notify the Administrative Agent and the
Swing Line Lender (by telephone or facsimile confirmed promptly by the delivery
to the Administrative Agent and the Swing Line Lender of a Borrowing Request
manually signed by the Parent Borrower) no later than: 3:00 p.m. on the
requested Borrowing Date, specifying (i) the aggregate principal amount to be
borrowed under the Swing Line Commitment, (ii) the requested Borrowing Date,
and (iii) the amount of, and the length of the Swing Line Interest Period for,
each Swing Line Loan. The Swing Line Lender will then, subject to its
determination that the terms and conditions of this Agreement have been
satisfied and subject to its agreement with the Parent Borrower on the
Negotiated Rate to be applicable thereto, make the requested amount available,
in Dollars, and in immediately available funds, promptly on that same day, to
the Administrative Agent at the applicable Agent Payment Office who, thereupon,
will promptly make such amount available to the Parent Borrower at such Agent
Payment

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Office, in Dollars, and in immediately available funds. Each borrowing of
Swing Line Loans shall be in an aggregate principal amount equal to $500,000 or
such amount plus a whole multiple of $100,000 in excess thereof or, if less,
the unused portion of the Swing Line Commitment Amount.

     (d) Funding of Revolving Credit Loans. Upon receipt of each Borrowing
Request requesting Revolving Credit Loans, the Administrative Agent shall
promptly notify each Lender thereof. Subject to its receipt of the notice
referred to in the preceding sentence, each Lender will make an amount equal to
its Revolving Credit Commitment Percentage of the requested Revolving Credit
Loans available to the Administrative Agent for the account of the applicable
Borrower at the applicable Agent Payment Office in the applicable Currency not
later than (i) 11:00 a.m. (local time in the city in which such Agent Payment
Office is located), in the case of an Alternate Currency Revolving Credit Loan,
and (ii) 2:00 p.m. (New York City time), in the case of a Dollar Revolving
Credit Loan, in each case on the on the relevant Borrowing Date requested by
such Borrower or the Parent Borrower, on behalf of such Borrower, as the case
may be, in funds immediately available to the Administrative Agent at such
Agent Payment Office. The amounts so made available to the Administrative
Agent on such Borrowing Date will then, subject to the satisfaction of the
terms and conditions of this Agreement, as determined by the Administrative
Agent, be made available on such Borrowing Date to such Borrower by the
Administrative Agent at such Agent Payment Office, in such Currency, and in
immediately available funds, no later than (A) 1:30 p.m. (local time in the
city in which such Agent Payment Office is located), in the case of an
Alternate Currency Revolving Credit Loan, and (B) 3:00 p.m. (New York City
time), in the case of a Dollar Revolving Credit Loan.

     (e) Funding of Term Loans. On the Effective Date, each Lender will make
an amount equal to its Term Loan Commitment Percentage of the Term Loans
available to the Administrative Agent for the account of the Parent Borrower at
the applicable Agent Payment Office in Dollars not later than 2:00 p.m. (New
York City time), in funds immediately available to the Administrative Agent at
such Agent Payment Office. The amounts so made available to the Administrative
Agent on the Effective Date will then, subject to the satisfaction of the terms
and conditions of this Agreement, as determined by the Administrative Agent, be
made available on the Effective Date to the Parent Borrower by the
Administrative Agent at such Agent Payment Office in immediately available
funds, no later than 3:00 p.m. (New York City time).

     (f) Failure to Fund. Unless the Administrative Agent shall have received
prior notice from a Lender (by telephone or otherwise, such notice to be
promptly confirmed by facsimile or other writing) that such Lender will not
make available to the Administrative Agent such Lender’s Revolving Credit
Commitment Percentage of the Revolving Credit Loans to be made on a Borrowing
Date or such Lender’s Term Loan Commitment Percentage of the Term Loans to be
made on the Effective Date, the Administrative Agent may assume that such
Lender has made such

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amount available to the Administrative Agent on the Borrowing Date or the
Effective Date, as the case may be, in accordance with this Section, provided
that such Lender received notice thereof from the Administrative Agent in
accordance with the terms hereof, and the Administrative Agent may, in reliance
upon such assumption, make available to the applicable Borrower on such
Borrowing Date a corresponding amount. If and to the extent such Lender shall
not have so made such amount available to the Administrative Agent, such Lender
and such Borrower severally agree to pay to the Administrative Agent, forthwith
on demand, such corresponding amount (to the extent not previously paid by the
other), together with interest thereon for each day from the date such amount
is made available to such Borrower until the date such amount is paid to the
Administrative Agent, at a rate per annum equal to, in the case of such
Borrower, the applicable interest rate set forth in Section 3.1, and, in the
case of such Lender, the Federal Funds Rate (or, in the case of each Alternate
Currency Loan, a rate determined by the Administrative Agent to be reflective
of the all-in cost of funds to the Administrative Agent in funding such
Alternate Currency Loan). Such payment by such Borrower, however, shall be
without prejudice to its rights against such Lender. If such Lender shall pay
to the Administrative Agent such corresponding amount, such amount so paid
shall constitute (i) such Lender’s Revolving Credit Loan as part of such
Revolving Credit Loans for purposes of this Agreement or (ii) such Lender’s
Term Loan as part of such Term Loans, as the case may be, which Loans shall be
deemed to have been made by such Lender on the applicable Borrowing Date.

     (g) Borrower Accounts. Each Loan shall be made to the applicable payment
account of the applicable Borrower set forth in Exhibit P or the Borrower
Addendum, if any, executed and delivered with respect to such Borrower pursuant
to Section 2.12, as the case may be, or such other account which such Borrower
may from time to time specify by written notice to the Administrative Agent and
the Lenders.

	 	2.4.	 	Bid Procedure

     (a) Each Borrower may, provided that no Default shall have occurred and be
continuing, request Bids for one or more Bid Loans denominated in any Currency
during the Commitment Period by delivering, or, if such Borrower is a
Subsidiary Borrower, causing the Parent Borrower to deliver, on behalf of such
Borrower, by hand or facsimile to the Administrative Agent a duly completed Bid
Request no later than 12:00 noon: four Core Currency Business Days, in the case
of Alternate Currency Bid Loans, and one Business Day, in the case of Dollar
Bid Loans, in each case before the proposed Borrowing Date therefor. A request
for Bids that does not conform substantially to the format of Exhibit I may be
rejected in the Administrative Agent’s sole discretion, and the Administrative
Agent shall promptly notify the applicable Borrower and, if such Borrower is a
Subsidiary Borrower, the Parent Borrower of such rejection by facsimile. Each
Bid Request shall specify (i) the amount of each Bid Loan (stated in the
applicable Currency), (ii) the proposed Borrowing Date therefor, and (iii) the
Bid Interest Period or Bid Interest Periods (which shall not exceed three
different Bid Interest Periods

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in a single Bid Request), with respect thereto. Promptly after its
receipt of each Bid Request that is not rejected as aforesaid, the
Administrative Agent shall send to each Lender an Invitation to Bid,
appropriately completed by the Administrative Agent with reference to such Bid
Request.

     (b) Each Lender may, in its sole and absolute discretion, make one or more
Bids in response to each Invitation to Bid. Each Bid by a Lender must be
received by the Administrative Agent not later than 9:30 a.m. one Core Currency
Business Day before the proposed Borrowing Date for a proposed Alternate
Currency Bid Loan and on the proposed Borrowing Date for a proposed Dollar Bid
Loan. Bids to make Bid Loans that do not conform substantially to the format
of Exhibit K may be rejected by the Administrative Agent after conferring with,
and upon the instruction of, the applicable Borrower and, if such Borrower is a
Subsidiary Borrower, the Parent Borrower, and the Administrative Agent shall
notify the Lender making such nonconforming bid of such rejection as soon as
practicable. Each Bid shall be irrevocable and shall specify (i) the amount
(stated in the applicable Currency and which (A) shall be in a minimum
principal amount of $5,000,000 or such amount plus a whole multiple of
$1,000,000 in excess thereof (or, in the case of Alternate Currency Bid Loans,
an amount in the applicable Alternate Currency having a Dollar Equivalent of
approximately $5,000,000 or such amount plus an amount in the applicable
Alternate Currency having a Dollar Equivalent of a whole multiple of
approximately $1,000,000 in excess thereof), and (B) may equal the entire
principal amount requested by such Borrower) of such Bid Loan, (ii) the Bid
Rate with respect to such Bid Loan, and (iii) the Bid Interest Period with
respect to such Bid Loan and the last day thereof. If any Lender shall elect
not to make a Bid, such Lender shall so notify the Administrative Agent by
facsimile not later than 9:30 a.m. one Core Currency Business Day before the
proposed Borrowing Date for a proposed Alternate Currency Bid Loan and on the
proposed Borrowing Date for a proposed Dollar Bid Loan, provided, however, that
the failure by any Lender to give any such notice shall not obligate such
Lender to make any Bid Loan in connection with the relevant Bid Request or
result in any other liability on the part of such Lender.

     (c) With respect to each Invitation to Bid sent to the Lenders, the
Administrative Agent shall (i) promptly notify the applicable Borrower and, if
such Borrower is a Subsidiary Borrower, the Parent Borrower by facsimile of
each Bid made, the amount (stated in the applicable Currency) of the Bid Loan
offered thereby, and the identity of the Lender that made such Bid, and (ii)
send a list of all Bids to such Borrower and, if such Borrower is a Subsidiary
Borrower, the Parent Borrower for their respective records as soon as
practicable after completion of the bidding process. Each notice and list sent
by the Administrative Agent pursuant to this Section 2.4(c) shall list the Bids
in ascending yield order.

     (d) The applicable Borrower may in its sole and absolute discretion,
subject only to the provisions of this Section 2.4(d), accept or reject any Bid
made in accordance with the procedures set forth in this Section 2.4, and such
Borrower or, if

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such Borrower is a Subsidiary Borrower, the Parent Borrower, on behalf of
such Borrower, shall notify the Administrative Agent by telephone, confirmed by
facsimile in the form of a Bid Accept/Reject Letter, whether and to what extent
it has decided to accept or reject any or all of such Bids, not later than
10:30 a.m. one Core Currency Business Day before the proposed Borrowing Date
for a proposed Alternate Currency Bid Loan and on the proposed Borrowing Date
for a proposed Dollar Bid Loan, provided, however, that the failure by such
Borrower or the Parent Borrower, on behalf of such Borrower, as the case may
be, to give such notice shall be deemed to be a rejection of all such Bids. In
connection with each acceptance of one or more Bids by such Borrower:

     (i) such Borrower shall not accept a Bid made at a particular Bid
Rate if it has decided to reject any other Bid made at a lower Bid Rate
and having the same Bid Interest Period as such Bid,

     (ii) the aggregate amount of the Bids accepted by such Borrower
shall not exceed the principal amount specified in the Bid Request
therefor (determined, in the case of each Alternate Currency Bid Loan, on
the basis of the Dollar Equivalent thereof),

     (iii) if such Borrower shall desire to accept a Bid made at a
particular Bid Rate and having a particular Bid Interest Period, it must
accept all other Bids made at such Bid Rate and having such Bid Interest
Period, provided, however, that, if the acceptance of all such other Bids
would cause the aggregate amount of all such accepted Bids to exceed the
amount requested (determined, in the case of each Alternate Currency Bid
Loan, on the basis of the Dollar Equivalent thereof), then such
acceptance shall be made pro rata in accordance with the amount of each
such Bid at such Bid Rate and having such Bid Interest Period, and

     (iv) except pursuant to Section 2.4(d)(ii), no Bid shall be accepted
unless the Bid Loan with respect thereto shall be in (1) a minimum
principal amount of $5,000,000, or such amount plus a whole multiple of
$1,000,000 in excess thereof (or, in the case of Alternate Currency Bid
Loans, an amount in the applicable Alternate Currency having a Dollar
Equivalent of approximately $5,000,000, or such amount plus an amount in
the applicable Alternate Currency having a Dollar Equivalent of a whole
multiple of approximately $1,000,000 in excess thereof), or (2) if less,
an aggregate principal amount equal to the excess of the Aggregate
Revolving Credit Commitment Amount over the outstanding principal amount
of all Revolving Credit Loans, Bid Loans and Swing Line Loans
(determined, in the case of each Alternate Currency Bid Loan, on the
basis of the Dollar Equivalent thereof).

     (e) The Administrative Agent shall promptly notify each bidding Lender
whether or not each Bid of such Lender has been accepted (and, if so, in what
amount) by facsimile sent by the Administrative Agent, and, if such Bid has
been

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accepted by the applicable Borrower, in whole or in part, such bidding
Lender shall, after its receipt of such notice, make immediately available
funds in the applicable Currency and in the amount in which such Bid was so
accepted available, (i) in the case of Dollar Bid Loans, to the Administrative
Agent at the applicable Agent Payment Office, and (ii) in the case of
Alternate Currency Bid Loans, (A) directly to such Borrower, or (B) upon the
occurrence and during the continuance of an Event of Default, if directed by
the Required Lenders and with the consent of the Administrative Agent, to the
Administrative Agent at the applicable Agent Payment Office, in each case no
later than 12:00 noon (local time in the city in which such funds are to be
made available in accordance with the terms hereof) on the proposed Borrowing
Date. The Administrative Agent will make available to such Borrower at the
applicable Agent Payment Office, in the applicable Currency, and in immediately
available funds, the aggregate of any amount so made available by such Lender
no later than 2:30 p.m. (such local time) on such Borrowing Date.
Notwithstanding anything to the contrary contained herein, no Lender shall be
obligated to make a Bid Loan if, immediately after making such Bid Loan, (1)
the outstanding principal amount of the Bid Loans of all Lenders (determined,
in the case of each Alternate Currency Bid Loan, on the basis of the Dollar
Equivalent thereof) would exceed $60,000,000, and (2) if such Bid Loan is an
Alternate Currency Bid Loan, the aggregate principal amount of all Alternate
Currency Loans (in each case determined on the basis of the Dollar Equivalent
thereof) would exceed $50,000,000.

     (f) A Bid Request shall not be made within five Business Days after the
date of any previous Bid Request, unless the applicable Borrower has accepted
one or more Bids pursuant to a Bid Request made within such five Business Days.

     (g) If the Administrative Agent shall elect to submit a Bid in its
capacity as a Lender, it shall submit such bid directly to the applicable
Borrower and, if such Borrower is a Subsidiary Borrower, the Parent Borrower
fifteen minutes earlier than the latest time at which the other Lenders are
required to submit their bids to the Administrative Agent pursuant to Section
2.4(b).

     (h) All notices required by this Section 2.4 shall be given in accordance
with Section 11.2.

     (i) Each Bid Loan shall be due and payable on the last day of the Bid
Interest Period applicable thereto.

	 	2.5.	 	Termination or Reduction of Commitments

     (a) Termination of Commitments. Unless previously terminated, (i) the
Revolving Credit Commitments shall terminate on the Revolving Credit Commitment
Termination Date and (ii) the Term Loan Commitments shall terminate on the
Effective Date after giving effect to any Term Loans made on such date.

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     (b) Voluntary Termination or Reductions. The Parent Borrower shall have
the right, upon at least three Business Days’ prior written notice to the
Administrative Agent, (i) at any time when the Aggregate Revolving Credit
Exposure shall be zero, to terminate the Revolving Credit Commitments of all of
the Lenders, and (A) at any time and from time to time when the Aggregate
Revolving Credit Commitment Amount shall exceed the Aggregate Revolving Credit
Exposure, to reduce permanently the Aggregate Revolving Credit Commitment
Amount by a sum not greater than the amount of such excess, provided, however,
that each such reduction shall be in the amount of $5,000,000 or such amount
plus a whole multiple of $1,000,000 in excess thereof. Each of the Parent
Borrower and the Swing Line Lender shall have the right, upon at least three
Business Days’ prior written notice to the other and the Administrative Agent,
to terminate the Swing Line Commitment and/or permanently reduce the Swing Line
Commitment Amount, provided, however, that each such reduction shall be in the
amount of $1,000,000 or such amount plus a whole multiple of $1,000,000 in
excess thereof.

     (c) Reductions in General. Each reduction of the Aggregate Revolving
Credit Commitment Amount shall be made by reducing each Lender’s Revolving
Credit Commitment Amount by an amount equal to such Lender’s Revolving Credit
Commitment Percentage of such reduction.

	 	2.6.	 	Repayments and Prepayments

     (a) Repayment of Term Loans. The Parent Borrower hereby unconditionally
promises to pay to the Administrative Agent for the account of the Lenders the
principal amount of the Term Loans in 20 consecutive quarterly installments on
the last day of each March, June, September and December of each year prior to
the Term Loan Maturity Date, and on the Term Loan Maturity Date, commencing on
September 30, 2005, in the amounts and on the dates set forth below:

	 	 	 	 	 
	Date
	 	Amount

	September 30, 2005
	 	$	1,875,000	 
	December 31, 2005
	 	$	1,875,000	 
	March 31, 2006
	 	$	1,875,000	 
	June 30, 2006
	 	$	1,875,000	 
	September 30, 2006
	 	$	3,750,000	 
	December 31, 2006
	 	$	3,750,000	 
	March 31, 2007
	 	$	3,750,000	 
	June 30, 2007
	 	$	3,750,000	 
	September 30, 2007
	 	$	5,625,000	 
	December 31, 2007
	 	$	5,625,000	 
	March 31, 2008
	 	$	5,625,000	 
	June 30, 2008
	 	$	5,625,000	 
	September 30, 2008
	 	$	7,500,000	 

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	Date
	 	Amount

	December 31, 2008
	 	$	7,500,000	 
	March 31, 2009
	 	$	7,500,000	 
	Term Loan Maturity Date
	 	the remaining unpaid principal
amount of the Term Loans together with all accrued and unpaid interest thereon.

     (b) Voluntary Prepayments. Each Borrower may, at its option, prepay the
Revolving Credit Loans, the Term Loans or the Swing Line Loans, as the case may
be, without premium or penalty (but subject to Section 3.4), in full at any
time or in part from time to time by delivering, or, if such Borrower is a
Subsidiary Borrower, causing the Parent Borrower, on behalf of such Borrower,
to deliver, to the Administrative Agent an irrevocable written notice thereof
at least one Business Day prior to the proposed prepayment date, in the case of
Revolving Credit Loans or Term Loans consisting of ABR Advances and Swing Line
Loans, as the case may be, and at least three Core Currency Business Days prior
to the proposed prepayment date, in the case of Revolving Credit Loans
consisting of Eurodollar Advances or Core Currency Euro Advances, or Term Loans
consisting of Eurodollar Advances, as the case may be, in each case specifying
whether the Loans to be prepaid consist of Revolving Credit Loans, Term Loans
or Swing Line Loans, and, in the case of (i) Revolving Credit Loans, whether
such Revolving Credit Loans consist of ABR Advances, Eurodollar Advances, Core
Currency Euro Advances, or a combination thereof and the amount to be prepaid
(stated in the applicable Currency), and the date of prepayment, whereupon the
amount specified in such notice shall be due and payable on the date specified
and (ii) and Term Loans, whether such Term Loans consist of ABR Advances,
Eurodollar Advances, or a combination thereof and the amount to be prepaid, and
the date of prepayment, whereupon the amount specified in such notice shall be
due and payable on the date specified. Upon receipt of such notice, the
Administrative Agent shall promptly notify each Lender thereof. Each partial
prepayment pursuant to this Section 2.6(b) shall be (i) in the case of Swing
Line Loans, in a minimum amount of $500,000 or such amount plus a whole
multiple of $100,000 in excess thereof, (ii) in the case of ABR Advances and
Eurodollar Advances, in a minimum amount of $1,000,000 or such amount plus a
whole multiple of $1,000,000 in excess thereof, and (iii) in the case of Core
Currency Euro Advances, in a minimum amount in the applicable Currency having
an Alternate Currency Equivalent of approximately $1,000,000 or such amount
plus an amount in the applicable Currency having an Alternate Currency
Equivalent of a whole multiple of approximately $100,000 in excess thereof.
Except as otherwise permitted by Sections 2.6(c) or 3.7, no Borrower shall, or
shall be permitted to, prepay any Bid Loan without the prior consent of the
applicable Lender.

     (c) Aggregate Revolving Credit Exposure Prepayments. If, on the last day
of any calendar quarter, the Aggregate Revolving Credit Exposure shall exceed
the Aggregate Revolving Credit Commitment Amount, then the Borrowers shall
prepay the

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Revolving Credit Loans on the immediately succeeding Business Day such
that, immediately after giving effect thereto, the Aggregate Revolving Credit
Exposure shall not exceed the Aggregate Revolving Credit Commitment Amount.

     (d) Mandatory Prepayments. The Loans and all interest thereon, and all
fees and expenses and other amounts due hereunder shall be prepaid as follows:

     (i) On each occasion that any Net Proceeds are received by or on
behalf of the Parent Borrower or any Subsidiary in respect of any
Prepayment/Reduction Event, then, immediately upon receipt of such Net
Proceeds, the Borrowers shall apply an amount equal to the Net Proceeds
of such Prepayment/Reduction Event in accordance with Section 2.6(e).

     (ii) in the event a Securitization Transaction is consummated, the
Borrowers shall the Borrowers shall apply, in accordance with Section
2.6(e), an amount equal to the Attributed Principal Amount received from
time to time with respect to such Securitization Transaction as and when
such amounts are received.

     (e) Application of Prepayments. In the event and on each occasion that
any Net Proceeds are received by or on behalf of any Borrower or any Subsidiary
in respect of any Prepayment/Reduction Event, then, immediately after such Net
Proceeds are received, such Net Proceeds shall be applied as follows: (i)
first, the Term Loans shall be reduced by an amount equal to 100% of such Net
Proceeds until the Term Loans shall have been reduced to zero, and (ii)
thereafter, the Revolving Credit Commitments shall be reduced by an amount
equal to 100% of such Net Proceeds to the extent such Net Proceeds were not
applied to the reduction of the Term Loans. If, after giving effect any
reduction in the Revolving Credit Commitments pursuant to this subsection (e),
the Aggregate Revolving Credit Exposure shall exceed the Aggregate Revolving
Credit Commitment Amount, then the Borrowers shall immediately prepay the
Revolving Credit Loans such that, immediately after giving effect thereto, the
Aggregate Revolving Credit Exposure shall not exceed the Aggregate Revolving
Credit Commitment Amount.

     (f) In General. Each prepayment of the Term Loans shall be applied pro
rata to the remaining installments of principal required under Section 2.6(a).
Simultaneously with each prepayment hereunder, the Borrowers shall prepay all
accrued and unpaid interest on the amount prepaid through the date of
prepayment. If any prepayment is made in respect of any Eurodollar Advance, in
whole or in part, prior to the last day of the applicable Interest Period, the
Borrowers agree to indemnify the Lenders in accordance with Section 3.4. Any
amounts prepaid shall not be readvanced.

	 	2.7.	 	Use of Proceeds

     Each Borrower agrees that the proceeds of the Loans shall be used solely
(i) to repay the Existing Indebtedness to the lenders party to the Original
Credit

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Agreement on the Effective Date (including all accrued and unpaid interest
on the principal amount thereof and all amounts payable under Section 3.4 of
the Original Credit Agreement) (ii) to pay all of the Fees, (ii) to pay the
reasonable out-of-pocket fees and expenses incurred by the Borrowers in
connection with the Loan Documents, (iv) for the Borrowers’ working capital
purposes in the ordinary course of business, and (v) for the Borrowers’ general
corporate purposes not inconsistent with the provisions hereof.
Notwithstanding anything to the contrary contained in any Loan Document, each
Borrower further agrees that no part of the proceeds of any Loan, and no Letter
of Credit, will be used, directly or indirectly, for a purpose which violates
any law, rule or regulation of any Governmental Authority, including the
provisions of Regulation T, U or X of the Board of Governors of the Federal
Reserve System, as amended.

	 	2.8.	 	Letter of Credit Sub-Facility

     (a) Subject to the terms and conditions of this Agreement, each Issuing
Bank agrees, in reliance on the agreement of the other Lenders set forth in
Section 2.9, to issue standby letters of credit (the “Standby Letters of
Credit”) or commercial (trade) letters of credit (the “Trade Letters of Credit”
and, together with the Standby Letters of Credit, the “Letters of Credit”)
denominated in Dollars during the Revolving Credit Commitment Period for the
account of the Parent Borrower, provided that, immediately after the issuance
of each Letter of Credit, (i) the Letter of Credit Exposure of all Lenders
(whether or not the conditions for drawing under any Letter of Credit have or
may be satisfied) would not exceed the Letter of Credit Commitment Amount, and
(ii) the Aggregate Revolving Credit Exposure would not exceed the Aggregate
Revolving Credit Commitment Amount. Each Letter of Credit shall have an
expiration date which shall be not later than the earlier of (i) twelve months
after the date of issuance thereof or (ii) five Business Days before the
Scheduled Revolving Credit Commitment Termination Date. Each Letter of Credit
which provides for drawing by means of time drafts shall provide that no time
draft shall have an expiration date later than five Business Days before the
Scheduled Revolving Credit Commitment Termination Date. No Letter of Credit
shall be issued if the Administrative Agent, or any Lender by notice to the
Administrative Agent no later than 1:00 p.m. one Business Day prior to the
requested date of issuance of such Letter of Credit, shall have determined that
any condition set forth in Sections 5 or 6 has not been satisfied.

     (b) Each Letter of Credit shall be issued for the account of the Parent
Borrower in support of an obligation of the Parent Borrower or any Subsidiary
thereof in favor of a beneficiary who has requested the issuance of such Letter
of Credit as a condition to a transaction entered into in the ordinary course
of business. The Parent Borrower shall give the Administrative Agent a Letter
of Credit Request for the issuance of each Letter of Credit by no later than
11:00 a.m. three Business Days prior to the requested date of issuance. Each
Letter of Credit Request shall specify which Issuing Bank is requested to issue
such Letter of Credit and shall be accompanied by such Issuing Bank’s standard
letter of credit application, standard reimbursement agreement (each a

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“Reimbursement Agreement”) and such other documentation as such Issuing
Bank may reasonably require, executed by the Parent Borrower. Upon receipt of
such Letter of Credit Request from the Parent Borrower, the Administrative
Agent shall promptly notify the relevant Issuing Bank and each other Lender
thereof. Each Letter of Credit shall be in form and substance reasonably
satisfactory to the Issuing Bank issuing same, with such provisions with
respect to the conditions under which a drawing may be made thereunder and the
documentation required in respect of such drawing as such Issuing Bank shall
reasonably require. The Issuing Bank specified in the Letter of Credit Request
shall, on the proposed date of issuance, and subject to the terms and
conditions of the Reimbursement Agreement and to the other terms and conditions
of this Agreement, issue the requested Letter of Credit.

     (c) Upon each payment by the Issuing Bank of a draft drawn under a Letter
of Credit issued by such Issuing Bank, the Parent Borrower shall pay to the
Administrative Agent, for the account of such Issuing Bank, an amount equal to
such payment.

     (d) Notwithstanding anything to the contrary contained herein or in any
Reimbursement Agreement, to the extent that the terms of this Agreement shall
be inconsistent with the terms of such Reimbursement Agreement, the terms of
this Agreement shall govern.

	 	2.9.	 	Letter of Credit Participation and Funding Commitments

     (a) Each Lender hereby unconditionally, irrevocably and severally (and not
jointly) for itself only and without any notice to or the taking of any action
by such Lender, takes an undivided participating interest in the obligations of
each Issuing Bank under and in connection with each Letter of Credit issued by
such Issuing Bank in an amount equal to such Lender’s Revolving Credit
Commitment Percentage of the amount of such Letter of Credit. With respect to
each Letter of Credit, each Lender shall be liable to the Issuing Bank issuing
same for its Revolving Credit Commitment Percentage of (i) the unreimbursed
amount of any draft drawn and honored under such Letter of Credit, and (ii) any
amounts paid by any Credit Party pursuant to Sections 2.8(c) or 3.6 that are
subsequently rescinded or avoided, or must be otherwise restored or returned.
Such liabilities shall be unconditional and without regard to the occurrence of
any Default or the compliance by any Credit Party with the Loan Documents.

     (b) Each Issuing Bank will promptly notify the Administrative Agent, and
the Administrative Agent will promptly notify each Lender (which notice shall
be promptly confirmed in writing) of the date and the amount of any draft
presented under each Letter of Credit issued by it with respect to which full
reimbursement is not made as provided in Section 2.8(c), and forthwith upon
receipt of each such notice, such Lender (other than the relevant Issuing Bank
in its capacity as a Lender) shall make available to the Administrative Agent
for the account of such Issuing Bank its Revolving Credit Commitment Percentage
of the amount of such unreimbursed draft at the office of the

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applicable Agent Payment Office, in Dollars, and in immediately available
funds, before 4:00 p.m. on the day such notice was given by the Administrative
Agent, if the relevant notice was given by the Administrative Agent at or prior
to 1:00 p.m. on such day, and before 12:00 noon, on the next Business Day, if
the relevant notice was given by the Administrative Agent after 1:00 p.m. on
such day. The Administrative Agent shall distribute the payments made pursuant
to the immediately preceding sentence to such Issuing Bank promptly upon
receipt thereof in like funds as received. Each Lender shall indemnify and
hold harmless the Administrative Agent and the Issuing Banks from and against
any and all losses, liabilities (including liabilities for penalties), actions,
suits, judgments, demands, costs and expenses (including reasonable attorneys’
fees and expenses and an administration fee of not less than $100 payable to
the Issuing Bank as the issuer of the relevant Letter of Credit) resulting from
any failure on the part of such Lender to perform its obligations under this
Section 2.9 (except in respect of losses, liabilities, actions, suits,
judgments, demands, costs and expenses incurred by an Issuing Bank to the
extent resulting from the gross negligence or willful misconduct of such
Issuing Bank). If a Lender does not make any payment required under this
Section when due, such Lender shall be required to pay interest to the
Administrative Agent for the account of the relevant Issuing Bank (upon demand
therefor) the amount of such payment at a rate of interest per annum equal to
the Federal Funds Rate from the due date of such payment until the date such
payment is received by the Administrative Agent. The Administrative Agent
shall distribute such interest payments to such Issuing Bank upon receipt
thereof in like funds as received.

     (c) Whenever an Issuing Bank is reimbursed by any Credit Party or the
Administrative Agent is reimbursed by any Credit Party, for the account of such
Issuing Bank, for any payment under a Letter of Credit and such payment relates
to an amount previously paid by a Lender pursuant to this Section, the
Administrative Agent (or such Issuing Bank, to the extent that it has received
the same) will pay over such payment to such Lender (i) before 4:00 p.m. on the
day such payment from such Credit Party is received, if such payment is
received at or prior to 1:00 p.m. on such day, or (ii) before 12:00 noon on the
next succeeding Business Day, if such payment from such Credit Party is
received after 1:00 p.m. on such day.

     (d) The Lenders and the Borrowers hereby acknowledge and agree that the
Existing Letter of Credit constitutes a Letter of Credit hereunder and the
Borrowers acknowledge and agree that they are jointly and severally obligated
with respect to the Letter of Credit Exposure related thereto.

	 	2.10.	 	Absolute Obligation With Respect to Letter of Credit Payments

     The Parent Borrower’s obligation to reimburse the Administrative Agent for
the account of each Issuing Bank in respect of each payment under or in respect
of the Letters of Credit issued by it shall be absolute and unconditional under
any and all circumstances and irrespective of any set-off, counterclaim or
defense to payment which

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any Credit Party may have or have had against the beneficiary of such
Letter of Credit, the Administrative Agent, such Issuing Bank, the Swing Line
Lender, any Lender or any other Person, including any defense based on the
failure of any drawing to conform to the terms of such Letter of Credit, any
drawing document proving to be forged, fraudulent or invalid, or the legality,
validity, regularity or enforceability of such Letter of Credit, provided that,
with respect to any Letter of Credit, the foregoing shall not relieve the
Issuing Bank issuing same of any liability it may have to the Parent Borrower
for any actual damages sustained by the Parent Borrower arising from a wrongful
payment under such Letter of Credit made as a result of such Issuing Bank’s
gross negligence, willful misconduct or failure to meet the applicable standard
of care required under UPC 500 issued by the International Chamber of Commerce
(or any customs or practices published in substitution or in lieu thereof).

	 	2.11.	 	Payments

     (a) Except as otherwise specifically provided in this Agreement, each
payment, including each prepayment, of principal and interest on the Loans, the
Facility Fee, the Letter of Credit Commissions and all other fees to be paid to
the Administrative Agent, the Issuing Banks, the Swing Line Lender and the
Lenders in connection with the Loan Documents (the Facility Fee and the Letter
of Credit Commissions, together with all of such other fees, being sometimes
hereinafter collectively referred to as the “Fees”) shall be made by the
Borrowers to the Administrative Agent at the applicable Agent Payment Office in
funds immediately available to the Administrative Agent at such office by 12:00
noon (local time in the city in which such Agent Payment Office is located) on
the due date for such payment, provided, however, that, unless an Event of
Default has occurred and is continuing and the Required Lenders have directed
the Administrative Agent and the Borrowers to the contrary, and the
Administrative Agent shall have consented thereto, each payment, including each
prepayment, of principal and interest on the Alternate Currency Bid Loans shall
be made directly by the applicable Borrower to the applicable Lender by 12:00
noon (local time in the city in which such payment is to be made in accordance
with the terms hereof), and such Lender and such Borrower or, if such Borrower
is a Subsidiary Borrower, the Parent Borrower, on behalf of such Borrower,
shall promptly notify the Administrative Agent of the date and amount of such
payment. The failure of the applicable Borrower to make any such payment by
such time shall not constitute a default hereunder, provided that such payment
is made on such due date, but any such payment made after 2:00 p.m. (local time
in the city in which such payment is to be made in accordance with the terms
hereof) on such due date shall be deemed to have been made on the next Business
Day or Core Currency Business Day, as the case may be, for the purpose of
calculating interest on amounts outstanding on the applicable Loans. Subject
to Section 9.2(b), promptly upon receipt thereof by the Administrative Agent,
(i) each payment of principal and interest on the Loans shall be remitted by
the Administrative Agent in like funds as received to the Swing Line Lender and
each Lender pro rata according to its Outstanding Percentage of the Loans, and
(ii) each payment of the Facility Fee shall be remitted by the Administrative
Agent in like

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funds as received to each Lender pro rata according to such Lender’s
Revolving Credit Commitment Amount or, if the Revolving Credit Commitments
shall have terminated or been terminated, according to the outstanding
principal amount of such Lender’s Revolving Credit Loans.

     (b) Notwithstanding anything to the contrary contained in any Loan
Document, each payment (including each prepayment) of principal and interest on
each Alternate Currency Loan shall be made solely in the Currency in which such
Alternate Currency Loan is denominated.

     (c) If any payment hereunder or under any Reimbursement Agreement shall be
due and payable on a day which is not a Business Day or a Core Currency
Business Day, as the case may be, the due date thereof (except as otherwise
provided herein) shall be extended to the next Business Day or Core Currency
Business Day, as the case may be, and (except with respect to payments in
respect of the Fees) interest shall be payable at the applicable rate specified
herein during such extension, provided, however, that, if such next Business
Day or Core Currency Business Day, as the case may be, is after the Revolving
Credit Maturity Date, the Term Loan Maturity Date or the Swing Line Maturity
Date, as the case may be, any such payment shall be due on the immediately
preceding Business Day or Core Currency Business Day, as the case may be.

	 	2.12.	 	Addition and Removal of Subsidiary Borrowers; Addition of Non-Core
Currencies

     (a) Addition and Removal of Subsidiary Borrowers

     (i) Provided that no Default has occurred and is then continuing,
the Parent Borrower may from time to time direct that any of its
Qualified Subsidiaries which is not then a Subsidiary Borrower become a
Subsidiary Borrower by submitting a Borrower Addendum to the
Administrative Agent with respect to such Subsidiary, together with (A) a
certificate, dated the date of such Borrower Addendum, of the Secretary
or Assistant Secretary of such Subsidiary and substantially in the form
of, and with substantially the same attachments as, the certificate which
would have been required under Section 5.1 if such Subsidiary had become
a party hereto on the Effective Date, and (B) an opinion of counsel
(excluding opinions of foreign counsel) to such Subsidiary in all
respects reasonably satisfactory to the Administrative Agent, provided
that, to the extent that any such certificate, attachment or opinion is
not in English, it shall be accompanied by a certified English
translation thereof. Upon receipt of such Borrower Addendum and all of
the supporting items referred to in clauses (A) and (B) of this Section
2.12(a)(i), the Administrative Agent shall confirm such Borrower Addendum
by signing a copy thereof and shall deliver a copy thereof to the Parent
Borrower, the Issuing Banks, the Swing Line Lender and each Lender, at
which time such Subsidiary shall become a “Subsidiary Borrower”
hereunder.

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     (ii) Removal of Subsidiary Borrowers. The Parent Borrower may from
time to time direct that any Inactive Subsidiary Borrower cease to be a
Subsidiary Borrower by submitting written notice thereof to the
Administrative Agent. Upon receipt of such notice, the Administrative
Agent shall confirm such notice by signing a copy thereof and shall
deliver a copy thereof to the Parent Borrower and each Lender, at which
time such Inactive Subsidiary Borrower shall cease to be a “Subsidiary
Borrower” hereunder.

     (b) Addition of Non-Core Currencies. Provided that no Default has occurred
and is then continuing, the Parent Borrower may from time to time request that
any currency which is not then a Non-Core Currency become a Non-Core Currency
by submitting a Currency Addendum with respect to such currency to the
Administrative Agent. Upon receipt of such Currency Addendum, the
Administrative Agent shall confirm such Currency Addendum by signing a copy
thereof and shall deliver a copy thereof to the Parent Borrower, the Issuing
Banks, the Swing Line Lender and each Lender. In the event that the
Administrative Agent consents (which consent shall not be unreasonably
withheld) to such currency becoming a Non-Core Currency in a writing delivered
to the Parent Borrower on or prior to the third day following the date of such
Currency Addendum, then, on the fourth day following such Currency Addendum,
such currency shall become a “Non-Core Currency".

	 	2.13.	 	Records

     (a) Lender Records. Each of the Lenders and the Swing Line Lender will
note on its internal records with respect to each Loan made by it: (i) the date
of such Loan and the identity of the Borrower to whom such Loan was made, (ii)
whether such Loan is a Revolving Credit Loan, a Term Loan, a Bid Loan, or a
Swing Line Loan, (iii) in the case of each Revolving Credit Loan, (A) whether
such Loan consists of one or more ABR Advances, one or more Eurodollar
Advances, one or more Core Currency Euro Advances, or a combination thereof,
and the amount of each thereof (stated in the applicable Currency), (B) the
interest rate (without regard to the Applicable Margin) applicable to each
Advance, and (C) in the case of each Eurodollar Advance and each Core Currency
Euro Advance, the Euro Interest Period applicable thereto, (iv) in the case of
each Term Loan, (A) whether such Loan consists of one or more ABR Advances, one
or more Eurodollar Advances or a combination thereof, and the amount of each
thereof, (B) the interest rate (without regard to the Applicable Margin)
applicable to each Advance, and (C) in the case of each Eurodollar Advance, the
Euro Interest Period applicable thereto, (v) in the case of each Bid Loan and
each Swing Line Loan, (A) the Bid Rate or the Negotiated Rate, as the case may
be, applicable thereto, and (B) the Bid Interest Period or the Swing Line
Period, as the case may be, applicable thereto, and (vi) each payment and
prepayment of the principal of such Loan.

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     (b) Administrative Agent Records. The Administrative Agent shall keep
records regarding the Loans, the Letters of Credit and the Loan Documents in
accordance with its customary procedures for agented credits.

     (c) Prima Facie Evidence. The entries made in the records maintained
pursuant to Sections 2.13(a) and (b) shall, to the extent not prohibited by
applicable law and not otherwise inconsistent with any entries made in the
Notes, be prima facie evidence of the existence and amount of the obligations
of the Borrowers recorded therein; provided that the failure of the
Administrative Agent, the Swing Line Lender or any Lender, as the case may be,
to make any notation on its records shall not affect the respective obligations
of the Credit Parties in respect of the Loan Documents.

     (d) Notes. Upon the request of any Lender or the Swing Line Lender, as the
case may be, to the Administrative Agent and the Parent Borrower, with respect
to any Loan made by such Lender or the Swing Line Lender, as the case may be,
the Parent Borrower agrees to execute and deliver (or cause the applicable
Subsidiary Borrower to execute and deliver), at the Parent Borrower’s own cost
and expense, to the Administrative Agent (for delivery to such Lender or the
Swing Line Lender, as the case may be) a promissory note (each a “Note” and
collectively, the “Notes”) of the applicable Borrower evidencing such Loan,
substantially in the form of Exhibit Q-1, Q-2, Q-3 or Q-4, as the case may be,
payable to the order of such Lender or the Swing Line Lender, as the case may
be, and dated the Effective Date.

	3.	 	 	INTEREST, FEES, CONVERSIONS AND YIELD PROTECTIONS

	 	3.1.	 	Interest Rates and Payment Dates

     (a) Prior to Maturity. Except as otherwise provided in Section 3.1(b),
prior to maturity, the Loans shall bear interest on the outstanding principal
amount thereof at the applicable interest rate or rates per annum set forth
below:

	 	 	 
	ADVANCES/LOANS
	 	RATE

	Each ABR Advance

	 	Alternate Base Rate.
	Each Eurodollar Advance

	 	Eurodollar Rate for the
applicable Euro Interest
Period plus the Applicable
Margin.
	Each Core Currency Euro Advance

	 	Core Currency Euro Rate for
the applicable Euro Interest
Period plus the Applicable
Margin.
	Each Bid Loan

	 	Bid Rate applicable thereto for the
applicable Bid Interest Period.

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	ADVANCES/LOANS
	 	RATE

	Each Swing Line Loan

	 	Negotiated Rate applicable
thereto for the applicable
Swing Line Interest Period.

     (b) Default Rate. Upon the occurrence and during the continuance of an
Event of Default under Section 9.1(a) or (b), (i) the unpaid principal amount
of any Loans shall bear interest payable on demand at a rate per annum (whether
before or after the entry of a judgment thereon) equal to (A) in the case of
each Dollar Bid Loan and each Swing Line Loan, 2% plus the Bid Rate or the
Negotiated Rate, as the case may be, applicable thereto until the last day of
the Bid Interest Period or the Swing Line Interest Period, as the case may be,
applicable thereto and, thereafter, 2% plus the Alternate Base Rate, (B) in the
case of each Alternate Currency Bid Loan, 2% plus the Bid Rate applicable
thereto until the last day of the Bid Interest Period applicable thereto and,
thereafter, 2% plus the rate determined by the applicable Lender to be
reflective of the all-in cost of funds to such Lender with respect thereto, and
(C) in all other cases, 2% plus the rate which would be otherwise applicable
under Section 3.1(a), and (ii) any overdue interest or other amount payable
under the Loan Documents shall bear interest (whether before or after the entry
of a judgment thereon) payable on demand at a rate per annum equal to 2% plus
the Alternate Base Rate.

     (c) In General. Interest on all Loans shall be calculated on the basis of
a 360-day year for the actual number of days elapsed, except that interest on
(i) ABR Advances, to the extent based on the BNY Rate, and (ii) Bid Loans
denominated in Canadian Dollars or Pounds Sterling, in each case shall be
calculated on the basis of a 365- or 366-day year (as the case may be) for the
actual number of days elapsed. Except as otherwise expressly provided herein,
interest shall be payable in arrears on each Interest Payment Date and upon
each payment (including prepayment) of the Loans. Any change in the interest
rate on the Loans resulting from a change in the Alternate Base Rate or reserve
requirements shall become effective as of the opening of business on the day on
which such change shall become effective. The Administrative Agent shall, as
soon as practicable, notify the Parent Borrower, the Issuing Banks, the Swing
Line Lender and the Lenders of the effective date and the amount of each such
change in the BNY Rate, but any failure so to notify shall not in any manner
affect the obligation of any Borrower to pay interest on the Loans in the
amounts and on the dates required. Each determination of a rate of interest by
the Administrative Agent or BNY, as the case may be, pursuant to the Loan
Documents shall be conclusive and binding on all parties hereto absent manifest
error. Each Borrower acknowledges that to the extent interest payable on ABR
Advances is based on the BNY Rate, such rate is only one of the bases for
computing interest on loans made by the Lenders, and by basing interest payable
on ABR Advances on the BNY Rate, the Lenders have not committed to charge, and
no Borrower has in any way bargained for, interest based on a lower or the
lowest rate at which any Lender may now or in the future make loans to other
borrowers.

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	 	3.2.	 	Fees

     (a) Facility Fee. The Parent Borrower agrees to pay to the Administrative
Agent, for the account of the Lenders in accordance with each Lender’s
Revolving Credit Commitment Percentage, a fee (the “Facility Fee”), during the
Revolving Credit Commitment Period, at a rate per annum equal to the Applicable
Margin applicable thereto on the average daily Aggregate Revolving Credit
Commitment Amount, regardless of usage. The Facility Fee shall be payable (i)
quarterly in arrears on the last day of each March, June, September and
December during the Revolving Credit Commitment Period, commencing on the first
such day following the Effective Date, (ii) on the date of any reduction in the
Aggregate Revolving Credit Commitment Amount (to the extent of the amount which
shall have accrued on the amount of such reduction), and (iii) on the Revolving
Credit Maturity Date. The Facility Fee shall be calculated on the basis of a
360-day year for the actual number of days elapsed.

     (b) Letter of Credit Commissions. The Parent Borrower agrees to pay to
the Administrative Agent, for the account of the Lenders in accordance with
each Lender’s Revolving Credit Commitment Percentage, commissions (the “Letter
of Credit Commissions”) with respect to the Letters of Credit for the period
from and including the date of issuance of each thereof to and including the
expiration date thereof, at a rate per annum equal to (i) with respect to
Standby Letters of Credit, the Applicable Margin applicable thereto in effect
on the date of issuance thereof, and (ii) with respect to Trade Letters of
Credit, the Applicable Margin applicable thereto in effect on the date of
issuance thereof, in each case on the average daily maximum amount available
under any contingency to be drawn under such Letter of Credit. The Letter of
Credit Commissions shall be (A) calculated on the basis of a 360-day year for
the actual number of days elapsed and (B) payable quarterly in arrears on the
last day of each March, June, September and December of each year and on the
Revolving Credit Commitment Termination Date.

     (c) Agent’s and Issuing Banks’ Fees. Each Borrower agrees to pay (i) to
the Administrative Agent, for its own account, such other fees, if any, as have
been agreed to in writing by such Borrower and the Administrative Agent and
(ii) to each Issuing Bank, for its own account, such other fees, if any, as
have been agreed to in writing by such Borrower and such Issuing Bank.

	 	3.3.	 	Conversions; Concerning Interest Periods

     (a) Each applicable Borrower may elect from time to time to convert one or
more Eurodollar Advances to ABR Advances of the same Class by giving, or, if
such Borrower is a Subsidiary Borrower, by causing the Parent Borrower, on
behalf of such Borrower, to give, the Administrative Agent at least two
Business Day’s prior irrevocable notice of such election, specifying the Class
or Classes of Advances to be converted and the amount of each Class to be
converted, provided, that any such conversion of Eurodollar Advances shall be
made only on the last day of the Interest

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Period applicable thereto, except as otherwise provided in Section 3.7.
In addition, each applicable Borrower may elect from time to time to convert
(i) ABR Advances to Eurodollar Advances of the same Class, (ii) Eurodollar
Advances to new Eurodollar Advances of the same Class by selecting a new Euro
Interest Period therefor, and (iii) Core Currency Euro Advances to new Core
Currency Euro Advances in the same applicable Currency by selecting a new Euro
Interest Period therefor, in each case by giving, or, if such Borrower is a
Subsidiary Borrower, by causing the Parent Borrower, on behalf of such
Borrower, to give, the Administrative Agent at least three Core Currency
Business Days’ prior irrevocable notice of such election, specifying the Class
or Classes of Advances to be converted and the amount of each Class to be
converted and the initial Euro Interest Period relating thereto, provided that
any such conversion of ABR Advances to Eurodollar Advances shall be made only
on a Core Currency Business Day and, except as otherwise provided in Section
3.7, any such conversion of Eurodollar Advances to new Eurodollar Advances or
Core Currency Euro Advances to new Core Currency Euro Advances, as the case may
be, shall be made only on the last day of the Euro Interest Period applicable
to the Eurodollar Advances or Core Currency Euro Advances, as the case may be,
which are to be converted to such new Eurodollar Advances or such new Core
Currency Euro Advances, as the case may be. Each such notice shall be
irrevocable and shall be promptly confirmed by delivery to the Administrative
Agent of a Notice of Conversion manually signed by the applicable Borrower or,
if such Borrower is a Subsidiary Borrower, the Parent Borrower, on behalf of
such Borrower, as the case may be. The Administrative Agent shall promptly
notify each Lender (by telephone or otherwise, such notice to be confirmed by
facsimile or other writing) of each such election. Advances may be converted
pursuant to this Section in whole or in part, provided that (A) the amount to
be converted to each Eurodollar Advance, when aggregated with any Eurodollar
Advance of the same Class to be made on such date in accordance with Section
2.3 and having the same Euro Interest Period as such first Eurodollar Advance,
shall equal no less than $5,000,000 or such amount plus a whole multiple of
$1,000,000 in excess thereof, and (B) the amount to be converted to each Core
Currency Euro Advance, when aggregated with any Core Currency Euro Advance to
be made on such date in accordance with Section 2.3 and having the same Euro
Interest Period, and being denominated in the same applicable Currency, as such
first Core Currency Euro Advance, shall equal no less than an amount in such
Currency having a Dollar Equivalent of approximately $2,500,000 or such amount
plus an amount in such Currency having a Dollar Equivalent of a whole multiple
of approximately $1,000,000 in excess thereof.

     (b) Notwithstanding anything in this Agreement to the contrary, upon the
occurrence and during the continuance of an Event of Default, no Borrower shall
have the right to elect to convert any existing ABR Advance to a new Eurodollar
Advance or to continue any existing Eurodollar Advance as a new Eurodollar
Advance. In such event, except as otherwise provided in Section 3.7, (i) each
ABR Advance shall be automatically continued as an ABR Advance, (ii) each
Eurodollar Advance shall be automatically converted to an ABR Advance on the
last day of the Euro Interest Period

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applicable thereto, and (iii) each Core Currency Euro Advance shall, on
the last day of the Euro Interest Period applicable thereto, be automatically
converted to a new Core Currency Euro Advance in the same applicable Currency
with a one month Euro Interest Period.

     (c) Each conversion or continuation shall be effected by each Lender by
applying the proceeds of its new ABR Advance, new Eurodollar Advance or new
Core Currency Euro Advance, as the case may be, to its Advances (or portion
thereof) being converted or continued, as applicable (it being understood that
any such conversion or continuation shall not constitute a borrowing for
purposes of Section 4, 5 or 6).

     (d) Notwithstanding anything to the contrary contained in any Loan
Document, if the applicable Borrower or, if such Borrower is a Subsidiary
Borrower, the Parent Borrower, on behalf of such Borrower, shall have failed,
for any reason, to elect a Eurodollar Advance or Core Currency Euro Advance, as
the case may be, under Section 2.3 or 3.3, as the case may be, in connection
with any borrowing of new Loans or expiration of a Euro Interest Period with
respect to any existing Eurodollar Advance or Core Currency Euro Advance, as
the case may be, the amount of the Loans subject to such borrowing or such
existing Eurodollar Advance or Core Currency Euro Advance, as the case may be,
shall, except as otherwise provided in Section 3.7, thereafter be (i) in the
case of a Eurodollar Advance, an ABR Advance of the same Class, and (ii) in the
case of a Core Currency Euro Advance, a new Core Currency Euro Advance in the
same applicable Currency with a one-month Euro Interest Period, in each case
until such time, if any, as such Borrower shall elect a new Eurodollar Advance
or Core Currency Euro Advance, as the case may be, pursuant to Section 3.3.

     (e) Neither Bid Loans nor Swing Line Loans may be converted.

     (f) At no time shall the aggregate outstanding number (whether as a result
of borrowings or conversions), of (i) all Eurodollar Advances exceed ten, (ii)
all Core Currency Euro Advances exceed eight, and (iii) all Swing Line Interest
Periods exceed three.

	 	3.4.	 	Indemnification for Loss

     Notwithstanding anything contained herein to the contrary, (i) if any
Borrower shall fail for any reason to borrow or convert from or into any Fixed
Rate Loan on the date specified therefor in the applicable Borrowing Request,
Notice of Conversion, or Bid, as the case may be, or (ii) if any Fixed Rate
Loan to such Borrower shall terminate for any reason prior to the last day of
the Euro Interest Period, Bid Interest Period or Swing Line Interest Period, as
the case may be, applicable thereto, or (iii) if such Fixed Rate Loan is repaid
or prepaid, in whole or in part, for any reason prior to the last day of the
Euro Interest Period, Bid Interest Period or Swing Line Interest Period, as the
case may be, applicable thereto, such Borrower agrees to indemnify each
applicable Lender or the Swing Line Lender, as the case may be, against, and to
pay on demand

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directly to such Lender or the Swing Line Lender, as the case may be, the
amount (calculated by such Lender or the Swing Line Lender, as the case may be,
using any method chosen by it which is customarily used by it for such purpose)
equal to any loss or out-of-pocket expense (excluding loss of margin) suffered
by such Lender or the Swing Line Lender, as the case may be, as a result of
such failure to borrow or convert or such termination, repayment or prepayment,
including any loss, cost or expense suffered by such Lender or the Swing Line
Lender, as the case may be, in liquidating or employing deposits acquired to
fund or maintain the funding of its Fixed Rate Loans to such Borrower, or
redeploying funds prepaid or repaid, in amounts which correspond to such Fixed
Rate Loans, and any internal processing charge customarily charged by such
Lender or the Swing Line Lender, as the case may be, in connection therewith.

	 	3.5.	 	Capital Adequacy

     If the amount of capital required to be maintained by any Lender, either
Issuing Bank or the Swing Line Lender, as the case may be, or any Person
directly or indirectly owning or controlling such Lender, either Issuing Bank
or the Swing Line Lender, as the case may be (each a “Control Person”), shall
be affected by the occurrence of a Regulatory Change and such Lender, such
Issuing Bank or the Swing Line Lender, as the case may be, shall have
determined that such Regulatory Change shall have had or will thereafter have
the effect of reducing (i) the rate of return on capital of such Lender, such
Issuing Bank, the Swing Line Lender or such Control Person, as the case may be,
or (ii) the asset value to such Lender, such Issuing Bank, the Swing Line
Lender or such Control Person, as the case may be, of the Loans, Letters of
Credit, Revolving Credit Commitments, Term Loan Commitments, Letter of Credit
Commitments or Swing Line Commitment made or maintained by such Lender, such
Issuing Bank or the Swing Line Lender, as the case may be, to a level below
that which such Lender, such Issuing Bank, the Swing Line Lender or such
Control Person, as the case may be, could have achieved or would thereafter be
able to achieve but for such Regulatory Change (after taking into account its
policies regarding capital adequacy) by an amount deemed by such Lender, such
Issuing Bank or the Swing Line Lender, as the case may be, to be material to
such Lender, such Issuing Bank, the Swing Line Lender or such Control Person,
as the case may be, then the Borrowers severally agree to pay to such Lender,
such Issuing Bank, the Swing Line Lender or such Control Person, as the case
may be, within ten days after demand by such Lender, such Issuing Bank or the
Swing Line Lender, such additional amount or amounts as shall be sufficient to
compensate such Lender, such Issuing Bank, the Swing Line Lender or such
Control Person, as the case may be, for such reduction (which demand shall be
accompanied by a statement setting forth the calculations of such additional
amount or amounts which statement shall be conclusive absent manifest error).

	 	3.6.	 	Reimbursement for Increased Costs

     If any Lender, either Issuing Bank or the Swing Line Lender, as the case
may be, shall determine that a Regulatory Change does or shall impose, modify
or make

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applicable any reserve, special deposit, compulsory loan, assessment,
increased cost or similar requirement against assets held by, or deposits of,
or advances or loans by, or other credit extended by, or any other acquisition
of funds by, any office of such Lender in respect of its Fixed Rate Loans or
Letters of Credit, as the case may be, which is not otherwise included in the
determination of a Eurodollar Rate, Core Currency Euro Rate, Bid Rate or
Negotiated Rate, as the case may be, and the result of any of the foregoing is
to increase the cost to such Lender, such Issuing Bank or the Swing Line
Lender, as the case may be, of making, renewing, converting or maintaining its
Fixed Rate Loans or Letters of Credit, as the case may be, or its commitment to
make such Fixed Rate Loans or the Letters of Credit, as the case may be, or to
reduce any amount receivable under the Loan Documents in respect of its Fixed
Rate Loans or Letters of Credit, as the case may be, then, in any such case,
the Borrowers severally agree to pay such Lender, such Issuing Bank or the
Swing Line Lender, as the case may be, within ten days after demand therefor,
such additional amounts as are sufficient to compensate such Lender, such
Issuing Bank or the Swing Line Lender, as the case may be, for such additional
cost or reduction in such amount receivable which it deems to be material as
determined by it (which demand shall be accompanied by a statement setting
forth the calculations of such additional amounts which statement shall be
conclusive absent manifest error).

	 	3.7.	 	Illegality of Funding

     Notwithstanding any other provision hereof, if any Lender or the Swing
Line Lender, as the case may be, shall reasonably determine that any law,
regulation, treaty or directive, or any change therein or in the interpretation
or application thereof, shall make it unlawful for such Lender or the Swing
Line Lender, as the case may be, to make or maintain any Fixed Rate Loan as
contemplated by this Agreement, such Lender or the Swing Line Lender, as the
case may be, shall promptly notify the Parent Borrower and the Administrative
Agent thereof, and (i) the commitment or other obligation of such Lender or the
Swing Line Lender, as the case may be, to make such Fixed Rate Loans or convert
ABR Advances to Eurodollar Advances or convert Core Currency Euro Advances to
new Core Currency Euro Advances, as the case may be, shall forthwith be
suspended, (ii) such Lender or the Swing Line Lender, as the case may be, shall
fund its portion of each requested Eurodollar Advance as an ABR Advance, (iii)
such Lender’s or the Swing Line Lender’s, as the case may be, Loans then
outstanding as such Eurodollar Advances, if any, shall be converted
automatically to an ABR Advance on the last day of the then current Euro
Interest Period applicable thereto or at such earlier time as may be required,
and (iv) in the case of each Core Currency Euro Advance, each Bid Loan and each
Swing Line Loan, the applicable Borrower shall take such action as such Lender
or the Swing Line Lender, as the case may be, may reasonably request with a
view to minimizing the obligations of such Borrower under Section 3.4. If the
commitment of any Lender or the Swing Line Lender, as the case may be, with
respect to Fixed Rate Loans is suspended pursuant to this Section and such
Lender shall have obtained actual knowledge that it is once again legal for
such Lender or the Swing Line Lender, as the case may be, to make or maintain
Fixed Rate Loans, such Lender or the Swing Line

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Lender, as the case may be, shall promptly notify the Administrative Agent
and the Parent Borrower thereof and, upon receipt of such notice by each of the
Administrative Agent and the Parent Borrower, such Lender’s or the Swing Line
Lender’s, as the case may be, commitment to make or maintain Fixed Rate Loans
shall be reinstated.

	 	3.8.	 	Substituted Interest Rate

     In the event that (i) the Administrative Agent or BNY shall have
determined (which determination shall be conclusive and binding upon the
Borrowers) that by reason of circumstances affecting the interbank market
either adequate or reasonable means do not exist for ascertaining the
Eurodollar Rate or Core Currency Euro Rate, as the case may be, applicable
pursuant to Section 3.1 or (ii) the Required Lenders shall have notified the
Administrative Agent that they have determined (which determination shall be
conclusive and binding on the Borrowers) that the applicable Eurodollar Rate or
Core Currency Euro Rate, as the case may be, will not adequately and fairly
reflect the cost to such Lenders of maintaining or funding loans bearing
interest based on such Eurodollar Rate or Core Currency Euro Rate, as the case
may be, with respect to any portion of the Loans that any Borrower has
requested be made as Eurodollar Advances or Core Currency Euro Advances, as the
case may be, or Eurodollar Advances or Core Currency Euro Advances, as the case
may be, that will result from the requested conversion of any portion of the
Advances into or of Eurodollar Advances or Core Currency Euro Advances, as the
case may be (each an “Affected Advance”), the Administrative Agent shall
promptly notify the Parent Borrower and the Lenders (by telephone or otherwise,
to be promptly confirmed in writing) of such determination, on or, to the
extent practicable, prior to the requested Borrowing Date or Conversion Date
for such Affected Advances. If the Administrative Agent shall give such
notice, (a) in the case of Eurodollar Advances, (A) such Affected Advances
shall be made as ABR Advances, (B) the Advances (or any portion thereof) that
were to have been converted to Affected Advances shall be converted to ABR
Advances, and (C) any outstanding Affected Advances shall be converted, on the
last day of the then current Euro Interest Period with respect thereto, to ABR
Advances, and (b) in the case of Core Currency Euro Advances, the interest rate
for such Affected Advances shall be determined pursuant to clause (a)(iii) of
the definition of Core Currency Euro Rate. Until any notice under clause (i)
or (ii), as the case may be, of this Section has been withdrawn by the
Administrative Agent (by notice to the Parent Borrower promptly upon either (1)
the Administrative Agent having determined that such circumstances affecting
the interbank market no longer exist and that adequate and reasonable means do
exist for determining the Eurodollar Rate or Core Currency Euro Rate, as the
case may be, pursuant to Section 3.1 or (2) the Administrative Agent having
been notified by such Required Lenders that circumstances no longer render the
Advances (or any portion thereof) Affected Advances, (x) no further Eurodollar
Advances shall be required to be made by the Lenders, (y) no Borrower shall
have the right to convert all or any portion of the Loans to or as Eurodollar
Advances, and (z) the interest rate for Core Currency Euro Advances

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shall be determined pursuant to clause (a)(iii) of the definition of Core
Currency Euro Rate.

	 	3.9.	 	Taxes

     (a) Payments to Be Free and Clear. Subject to Sections 3.9 (e) and
3.9(f), all payments by each Credit Party under the Loan Documents shall be
made free and clear of, and without any deduction or withholding for, any
Indemnified Tax. If any Credit Party or any other Person is required by any
law, rule, regulation, order, directive, treaty or guideline to make any
deduction or withholding (which deduction or withholding would constitute an
Indemnified Tax) from any amount required to be paid by any Credit Party to or
on behalf of any Indemnified Tax Person under any Loan Document (each a
“Required Payment”), then:

     (i) such Credit Party shall notify the Administrative Agent and such
Indemnified Tax Person of any such requirement or any change in any such
requirement as soon as such Credit Party becomes aware thereof;

     (ii) such Credit Party shall pay such Indemnified Tax prior to the
date on which penalties attach thereto, such payment to be made (to the
extent that the liability to pay is imposed on such Credit Party) for its
own account or (to the extent that the liability to pay is imposed on
such Indemnified Tax Person) on behalf and in the name of such
Indemnified Tax Person;

     (iii) such Credit Party shall pay to such Indemnified Tax Person an
additional amount such that such Indemnified Tax Person shall receive on
the due date therefor an amount equal to the Required Payment had no such
deduction or withholding been required; and

     (iv) such Credit Party shall, within 30 days after paying such
Indemnified Tax, deliver to the Administrative Agent and such Indemnified
Tax Person satisfactory evidence of such payment to the relevant
Governmental Authority.

     (b) Other Indemnified Taxes. If any Indemnified Tax Person or any
affiliate thereof is required by any law, rule, regulation, order, directive,
treaty or guideline to pay any Indemnified Tax (excluding an Indemnified Tax
which is subject to Section 3.9(a)) with respect to any sum paid or payable by
any Credit Party to such Indemnified Tax Person under the Loan Documents, then,
within five days after such Indemnified Tax Person shall have notified such
Credit Party thereof (which notice shall be accompanied by a statement setting
forth the reasonable calculation thereof), such Credit Party shall pay to such
Indemnified Tax Person the amount of such Indemnified Tax.

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     (c) Tax on Indemnified Taxes. If any amounts are payable by any Credit
Party in respect of Indemnified Taxes pursuant to Section 3.9(a) or (b), such
Credit Party agrees to pay to the applicable Indemnified Tax Person, within
five days of written request therefor (which request shall set forth the
reasonable calculations thereof), an amount equal to all Taxes imposed with
respect to such amounts as such Indemnified Tax Person shall determine in good
faith are payable by such Indemnified Tax Person or any affiliate thereof in
respect of such amounts and in respect of any amounts paid to or on behalf of
such Indemnified Tax Person pursuant to this Section 3.9(c).

     (d) [Intentionally left blank]

     (e) U.S. Tax Certificates. Each Lender that is organized under the laws
of any jurisdiction other than the United States or any political subdivision
thereof shall deliver to the Administrative Agent for transmission to the
Parent Borrower, on or prior to the Relevant Date, and at such other times, as
may be necessary in the determination of the Parent Borrower, any other Credit
Party or the Administrative Agent (each in the reasonable exercise of its
discretion), such certificates, documents or other evidence, properly completed
and duly executed by such Lender (including Internal Revenue Service Form
W-8ECI or Form W-8BEN (or, in each case, any equivalent or successor form)) to
establish that such Lender is not subject to deduction or withholding of United
States federal income tax under Section 1441 or 1442 of the Code or otherwise
(or under any comparable provisions of any successor statute) with respect to
any payments to such Lender of principal, interest, fees or other amounts
payable under the Loan Documents. No Credit Party shall be required to pay any
additional amount to any such Lender under Section 3.9(a)(iii) if such Lender
shall have failed to satisfy the requirements of the immediately preceding
sentence; provided that, if such Lender shall have satisfied such requirements
on the Relevant Date, nothing in this Section 3.9(e) shall relieve any Credit
Party of its obligation to pay any additional amounts pursuant to Section
3.9(a)(iii) in the event that, as a result of any change in applicable law
(including any change in the interpretation thereof), such Lender is no longer
properly entitled to deliver certificates, forms, documents or other evidence
at a subsequent date establishing the fact that such Lender is not subject to
deduction or withholding as described in the immediately preceding sentence.

     (f) Other Tax Certificates. Each Indemnified Tax Person agrees to use
reasonable efforts to deliver to any Credit Party or the Administrative Agent,
promptly upon any reasonable request therefor from time to time by such Credit
Party or the Administrative Agent, such certificates, forms, documents and
information as may be required by applicable law, regulation, order, directive,
guideline or treaty from time to time and to file all appropriate forms to
obtain a certificate, form or other appropriate documents from the appropriate
Governmental Authorities to establish that payments made in respect of any
Alternate Currency Loan by such Credit Party can be made without (or at a
reduced rate of) deduction or withholding of Indemnified Taxes, provided,
however, that if such Indemnified Tax Person is or becomes unable by virtue of

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any change in applicable law, regulation or treaty, to establish such
exemption or reduction, such Credit Party shall nonetheless remain obligated
under Section 3.9(a) to pay the amounts described therein, and provided further
that no Indemnified Tax Person shall be required to take any action under this
Section 3.9(f) which, in the sole discretion of such Indemnified Tax Person,
would cause such Indemnified Tax Person or any affiliate thereof to suffer a
material economic, legal or regulatory disadvantage.

     (g) Other Taxes. Each Credit Party agrees to pay any current or future
stamp or documentary taxes or any other excise or property taxes, charges or
similar levies that arise from any payment made hereunder or from the
execution, delivery or registration of, or any amendment, supplement or
modification of, or any waiver or consent under or in respect of, the Loan
Documents or otherwise with respect to, the Loan Documents.

	 	3.10.	 	Option to Fund

     Each Lender and the Swing Line Lender has indicated that, if any Borrower
requests a Eurodollar Advance, a Core Currency Euro Advance or a Swing Line
Loan, or if such Lender makes a Bid Loan to any Borrower, as the case may be,
such Lender or the Swing Line Lender, as the case may be, may wish to purchase
one or more deposits in order to fund or maintain its funding of its Commitment
Percentage of such Eurodollar Advance or Core Currency Euro Advance, its Bid
Loan or its Swing Line Loan, as the case may be, during the Euro Interest
Period, Bid Interest Period or Swing Line Interest Period, as the case may be,
applicable thereto; it being understood that the provisions of this Agreement
relating to such funding are included only for the purpose of determining the
rate of interest to be paid in respect of such Eurodollar Advance, Core
Currency Euro Advance, Bid Loan or Swing Line Loan, as the case may be, and any
amounts owing under Sections 3.4 and 3.6. Each Lender and the Swing Line
Lender shall be entitled to fund and maintain its funding of all or any part of
each Eurodollar Advance, each Core Currency Euro Advance, each Bid Loan and
each Swing Line Loan in any manner it sees fit, but all such determinations
under Sections 3.4 and 3.6 shall be made as if each Lender and the Swing Line
Lender had actually funded and maintained its Commitment Percentage of each
such Eurodollar Advance or such Core Currency Euro Advance, or the amount of
its Bid Loan or Swing Line Loan, as the case may be, during the applicable Euro
Interest Period, Bid Interest Period or Swing Line Interest Period, as the case
may be, through the purchase of deposits in an amount equal to the amount of
its Commitment Percentage of such Eurodollar Advance or such Core Currency Euro
Advance, or the amount of its Bid Loan or Swing Line Loan, as the case may be,
having a maturity corresponding to such Euro Interest Period, Bid Interest
Period or Swing Line Interest Period, as the case may be. Any Lender or the
Swing Line Lender, as the case may be, may fund its Commitment Percentage of
each Eurodollar Advance or Core Currency Euro Advance, or each Bid Loan or
Swing Line Loan, as the case may be, from or for the account of any branch,
office, affiliate, or correspondent

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bank of such Lender or the Swing Line Lender, as the case may be, as such
Lender or the Swing Line Lender, as the case may be, may choose from time to
time.

	 	3.11.	 	Changes of Lending Offices

     (a) With respect to any Loan of any Lender or the Swing Line Lender, or
any Letter of Credit, as the case may be, such Lender, the Swing Line Lender or
the Issuing Bank issuing such Letter of Credit, as the case may be, agrees that
upon the occurrence of any event giving rise to the operation of Section 3.4,
3.5, 3.6, 3.7 or 3.9 with respect to such Loan or such Letter of Credit, as the
case may be, it will, if requested by the applicable Borrower or, if such
Borrower is a Subsidiary Borrower, the Parent Borrower, on behalf of such
Borrower, use reasonable efforts (subject to overall policy considerations of
such Lender, the Swing Line Lender or such Issuing Bank, as the case may be) to
designate another office of such Lender, the Swing Line Lender or such Issuing
Bank, as the case may be, for such Loan or such Letter of Credit, as the case
may be, affected by such event, provided that such designation is made on such
terms that such Lender, the Swing Line Lender or such Issuing Bank, as the case
may be, suffers no economic, legal or regulatory disadvantage, with the object
of avoiding the consequence of the event giving rise to the operation of such
Section. Nothing in this Section shall affect or postpone any of the
obligations of any Borrower or the right of any Lender, the Swing Line Lender
or either Issuing Bank, as the case may be, provided in Sections 3.4, 3.5, 3.6,
3.7 and 3.9.

     (b) Each of the Lenders, the Swing Line Lender and each Issuing Bank shall
have the right at any time and from time to time to transfer any of its Loans
to a different office, affiliate or subsidiary thereof, provided that it shall
promptly notify the Administrative Agent and the Parent Borrower of any such
change of office, affiliate or subsidiary, provided, however, that such Lender,
the Swing Line Lender or such Issuing Bank, as the case may be, shall not be
entitled to receive any greater amount under Sections 3.4, 3.5, 3.6, 3.7 or 3.9
as a result of such transfer than it would be entitled to immediately prior
thereto unless such claim would have arisen even if such transfer had not
occurred.

	 	3.12.	 	Replacement of Lenders

     Notwithstanding the foregoing, if (i) any Lender shall request
compensation pursuant to Section 3.5 or 3.6, (ii) any Lender shall give any
notice to the Parent Borrower or the Administrative Agent pursuant to Section
3.7, or (iii) any Borrower shall be required to pay any additional amounts
pursuant to Section 3.9 in respect of any Lender, then, in each such case, the
Parent Borrower may require that such Lender transfer all of its right, title
and interest under the Loan Documents to any lender identified by the Parent
Borrower (a “Proposed Lender”) if such Proposed Lender agrees to assume all of
the obligations of such Lender for consideration equal to the outstanding
principal amount of such Lender’s Loans and all unreimbursed sums paid by such
Lender under Sections 2.2(d) and 2.9(b), together with interest thereon to the
date of such

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transfer and all other amounts payable under the Loan Documents to such
Lender on or prior to the date of such transfer (including any fees accrued
hereunder and any amounts which would be payable under Section 3.4 as if all of
such Lender’s Loans were being prepaid in full on such date). Subject to the
execution and delivery of an Assignment and Acceptance Agreement and such other
documents as such Lender may reasonably require, and the satisfaction of all of
the other terms and conditions of Section 11.6, such Proposed Lender shall be a
“Lender” for all purposes hereunder. Without prejudice to the survival of any
other agreement of the Borrowers under the Loans Documents, the agreements of
the Borrowers contained in Sections 3.4, 3.5, 3.6, 11.5 and 11.7 (without
duplication of any payments made to such Lender by any Borrower or the Proposed
Lender) shall survive for the benefit of any Lender replaced under this Section
3.12 with respect to the time prior to such replacement.

	4.	 	REPRESENTATIONS AND WARRANTIES

     In order to induce the Administrative Agent and the Lenders to enter into
this Agreement, the Lenders to make the Loans, each Issuing Bank to issue
Letters of Credit and the Lenders to participate therein, and the Swing Line
Lender to make the Swing Line Loans and the Lenders to participate therein, the
Parent Borrower makes the following representations and warranties to the
Administrative Agent, each Issuing Bank, the Swing Line Lender and each Lender:

	 	4.1.	 	Subsidiaries; Capitalization

     As of the Effective Date, (i) the Parent Borrower has only the
Subsidiaries set forth on Schedule 4.1, (ii) the authorized and issued and
outstanding Capital Stock of the Parent Borrower is as set forth in the Report
on Form 10-K filed by the Parent Borrower with the SEC for the fiscal year
ended December 27, 2003, (iii) the authorized and issued and outstanding
Capital Stock of each Guarantor is as set forth on Schedule 4.1 and (iv) the
percentage owned by the Parent Borrower of the issued and outstanding Capital
Stock of each other Subsidiary is as set forth on Schedule 4.1. Except as set
forth on Schedule 4.1, the shares of, or partnership or other interests in,
each Subsidiary of the Parent Borrower are owned beneficially and of record by
the Parent Borrower or another Subsidiary of the Parent Borrower, are free and
clear of all Liens (other than Permitted Liens) and are duly authorized,
validly issued, fully paid and nonassessable. As of the Effective Date, except
as set forth on Schedule 4.1, (i) neither the Parent Borrower nor any of its
Subsidiaries has issued any securities convertible into, or options or warrants
for, any common or preferred equity securities thereof, (ii) there are no
agreements, voting trusts or understandings binding upon the Parent Borrower or
any of its Subsidiaries with respect to the voting securities of the Parent
Borrower or any of its Subsidiaries or affecting in any manner the sale,
pledge, assignment or other disposition thereof, including any right of first
refusal, option, redemption, call or other right with respect thereto, whether
similar or dissimilar to any of the foregoing, and (iii) all of the

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outstanding Capital Stock of each Subsidiary of the Parent Borrower is
owned by the Parent Borrower or another Subsidiary of the Parent Borrower.

	 	4.2.	 	Existence and Power

     Each of the Parent Borrower and its Subsidiaries is duly organized or
formed and validly existing in good standing under the laws of the jurisdiction
of its formation, has all requisite power and authority to own its Property and
to carry on its business as now conducted, and is in good standing and
authorized to do business in each jurisdiction in which the nature of the
business conducted therein or the Property owned by it therein makes such
qualification necessary, except where such failure to qualify could not
reasonably be expected to have a Material Adverse Effect.

	 	4.3.	 	Authority and Execution

     Each of the Parent Borrower and each of its Subsidiaries has full legal
power and authority to enter into, execute, deliver and perform the terms of
the Loan Documents to which it is a party all of which have been duly
authorized by all proper and necessary corporate, partnership or other
applicable action and are in full compliance with its Organizational Documents.
The Parent Borrower and each of its Subsidiaries has duly executed and
delivered the Loan Documents to which it is a party.

	 	4.4.	 	Binding Agreement

     The Loan Documents constitute the valid and legally binding obligations of
each of the Parent Borrower and its Subsidiaries, in each case to the extent it
is a party thereto, enforceable in accordance with their respective terms,
except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization or other similar laws affecting the enforcement of
creditors’ rights generally.

	 	4.5.	 	Litigation

     Except as set forth on Schedule 4.5, there are no actions, suits or
proceedings at law or in equity or by or before any Governmental Authority
(whether purportedly on behalf of the Parent Borrower or any of its
Subsidiaries) pending or, to the knowledge of the Parent Borrower, threatened
against the Parent Borrower or any of its Subsidiaries or maintained by the
Parent Borrower or any of its Subsidiaries or which may affect the Property of
the Parent Borrower or any of its Subsidiaries or any of their respective
Properties or rights, which (i) could reasonably be expected to have a Material
Adverse Effect, (ii) call into question the validity or enforceability of, or
otherwise seek to invalidate, any Loan Document, or (iii) might, individually
or in the aggregate, materially and adversely affect any of the transactions
contemplated by any Loan Document.

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	 	4.6.	 	Required Consents

     Except for information filings required to be made in the ordinary course
of business which are not a condition to the performance by the Parent Borrower
or any of its Subsidiaries under the Loan Documents to which it is a party, no
consent, authorization or approval of, filing with, notice to, or exemption by,
stockholders or holders of any other equity interest, any Governmental
Authority or any other Person, which has not already been obtained or made, is
required to authorize, or is required in connection with the execution,
delivery or performance of, the Loan Documents to which the Parent Borrower or
any of its Subsidiaries is a party, or is required as a condition to the
validity or enforceability of the Loan Documents to which any of the same is a
party. Each Borrower, prior to each borrowing by it hereunder in any
jurisdiction, has obtained all necessary approvals and consents of, and has
filed or caused to be filed all reports, applications, documents, instruments
and information required to be filed pursuant to all applicable laws, rules,
regulations and requests of, all Governmental Authorities in connection with
such borrowing in such jurisdiction.

	 	4.7.	 	Absence of Defaults; No Conflicting Agreements

     (a) None of the Parent Borrower or any of its Subsidiaries is in default
under any mortgage, indenture, contract or agreement to which it is a party or
by which it or any of its Property is bound, the effect of which default could
reasonably be expected to have a Material Adverse Effect. The execution,
delivery or carrying out of the terms of the Loan Documents will not constitute
a default under, or result in the creation or imposition of, or obligation to
create, any Lien upon any Property of the Parent Borrower or any of its
Subsidiaries or result in a breach of or require the mandatory repayment of or
other acceleration of payment under or pursuant to the terms of any such
mortgage, indenture, contract or agreement.

     (b) None of the Parent Borrower or any of its Subsidiaries is in default
with respect to any judgment, order, writ, injunction, decree or decision of
any Governmental Authority which default could reasonably be expected to have a
Material Adverse Effect.

	 	4.8.	 	Compliance with Applicable Laws

     Each of the Parent Borrower and its Subsidiaries is in compliance in all
material respects with all statutes, regulations, rules and orders of all
Governmental Authorities which are applicable to it, a violation of which could
reasonably be expected to have a Material Adverse Effect.

	 	4.9.	 	Taxes

     Each of the Parent Borrower and each of its Subsidiaries has filed or
caused to be filed all tax returns required to be filed and has paid, or has
made adequate

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provision for the payment of, all taxes shown to be due and payable on
said returns or in any assessments made against it (other than those being
contested as required under Section 7.4) which would be material to the Parent
Borrower or any of its Subsidiaries, and no tax Liens have been filed with
respect thereto. The charges, accruals and reserves on the books of the Parent
Borrower and each of its Subsidiaries with respect to all taxes are, to the
best knowledge of the Parent Borrower, adequate for the payment of such taxes,
and the Parent Borrower knows of no unpaid assessment which is due and payable
against the Parent Borrower or any of its Subsidiaries or any claims being
asserted which could reasonably be expected to have a Material Adverse Effect,
except such thereof as are being contested as required under Section 7.4, and
for which adequate reserves have been set aside in accordance with GAAP.

	 	4.10.	 	Governmental Regulations

     Neither the Parent Borrower, any of its Subsidiaries nor any Person
controlled by, controlling, or under common control with, the Parent Borrower
or any of its Subsidiaries, is subject to regulation under the Public Utility
Holding Company Act of 1935, as amended, the Federal Power Act, as amended, or
the Investment Company Act of 1940, as amended, or is subject to any statute or
regulation which prohibits or restricts the incurrence of Indebtedness,
including statutes or regulations relative to common or contract carriers or to
the sale of electricity, gas, steam, water, telephone, telegraph or other
public utility services.

	 	4.11.	 	Federal Reserve Regulations; Use of Loan Proceeds

     Neither the Parent Borrower nor any of its Subsidiaries is engaged
principally, or as one of its important activities, in the business of
extending credit for the purpose of purchasing or carrying any Margin Stock.
After giving effect to the making of each Loan and each Letter of Credit,
Margin Stock will constitute less than 25% of the assets (as determined by any
reasonable method) of the Parent Borrower and its Subsidiaries.

	 	4.12.	 	Plans

     Each Employee Benefit Plan is in compliance with ERISA and the Code, where
applicable, in all material respects. As of the Effective Date, (i) the amount
of all Unfunded Pension Liabilities under the Pension Plans, excluding any plan
which is a Multiemployer Plan, does not exceed $50,000, and (ii) the amount of
the aggregate Unrecognized Retiree Welfare Liability under all applicable
Employee Benefit Plans does not exceed $50,000. The Parent Borrower and each
of its Subsidiaries and ERISA Affiliates has complied with the requirements of
Section 515 of ERISA with respect to each Pension Plan which is a Multiemployer
Plan. As of the Effective Date, the Parent Borrower and its Subsidiaries and
ERISA Affiliates have no liability under Section 4201 or 4204 of ERISA
(including the obligation to satisfy secondary liability as a result of
purchaser default) and the aggregate potential annual withdrawal liability
payments, as

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determined in accordance with Title IV of ERISA, of the Parent Borrower
and its Subsidiaries and ERISA Affiliates with respect to all Pension Plans
which are Multiemployer Plans is approximately $50,000. The Parent Borrower
and its Subsidiaries and ERISA Affiliates have, as of the Effective Date, made
all contributions or payments to or under each such Pension Plan required by
law or the terms of such Pension Plan or any contract or agreement with respect
thereto. No material liability to the PBGC has been, or is expected by the
Parent Borrower, any of its Subsidiaries or any ERISA Affiliate to be, incurred
by the Parent Borrower, any such Subsidiary or any ERISA Affiliate. Liability,
as referred to in this Section includes any joint and several liability. Each
Employee Benefit Plan which is a group health plan within the meaning of
Section 5000(b)(1) of the Code is in material compliance with the continuation
of health care coverage requirements of Section 4980B of the Code.

	 	4.13.	 	Financial Statements

     The Parent Borrower has heretofore delivered to the Administrative Agent
and the Lenders copies of its Form 10K for the fiscal year ending December 27,
2003, containing the audited Consolidated Balance Sheets of the Parent Borrower
and its Subsidiaries as of December 27, 2003, and the related Consolidated
Statements of Operations, Stockholder’s Equity and Cash Flows for such fiscal
year (with the applicable related notes and schedules, the “Financial
Statements”). The Financial Statements fairly present the Consolidated
financial condition and results of the operations of the Parent Borrower and
its Subsidiaries as of the dates and for the periods indicated therein and have
been prepared in conformity with GAAP. Except as reflected in the Financial
Statements or in the footnotes thereto, neither the Parent Borrower nor any of
its Subsidiaries has any obligation or liability of any kind (whether fixed,
accrued, Contingent, unmatured or otherwise) which, in accordance with GAAP,
should have been shown in the Financial Statements and was not. Since December
27, 2003, the Parent Borrower and each of its Subsidiaries has conducted its
business only in the ordinary course, and there has been no Material Adverse
Change.

	 	4.14.	 	Property

     Each of the Parent Borrower and each of its Subsidiaries has good and
marketable title to, or a valid leasehold interest in, all of its real
Property, and is the owner of, or has a valid lease of, all personal property,
in each case which is material to the Parent Borrower and its Subsidiaries,
taken as a whole, subject to no Liens, except such Permitted Liens. All leases
of Property to the Parent Borrower or any of its Subsidiaries are in full force
and effect, the Parent Borrower or such Subsidiary, as the case may be, enjoys
quiet and undisturbed possession under all leases of real property and neither
the Parent Borrower nor any of its Subsidiaries is in default beyond any
applicable grace period of any provision thereof, the effect of which could
reasonably be expected to have a Material Adverse Effect.

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	 	4.15.	 	Authorizations

     Each of the Parent Borrower and each of its Subsidiaries possesses or has
the right to use all franchises, licenses and other rights as are material and
necessary for the conduct of its business, and with respect to which it is in
compliance, with no known conflict with the valid rights of others which could
reasonably be expected to have a Material Adverse Effect. No event has
occurred which permits or, to the best knowledge of the Parent Borrower, after
notice or the lapse of time or both, or any other condition, could reasonably
be expected to permit, the revocation or termination of any such franchise,
license or other right which revocation or termination could reasonably be
expected to have a Material Adverse Effect.

	 	4.16.	 	Environmental Matters

     Neither the Parent Borrower nor any of its Subsidiaries (i) has received
written notice or otherwise learned of any claim, demand, action, event,
condition, report or investigation indicating or concerning any potential or
actual liability which individually or in the aggregate could reasonably be
expected to have a Material Adverse Effect, arising in connection with (a) any
non-compliance with or violation of the requirements of any applicable federal,
state, local or foreign environmental health or safety statute or regulation,
or (b) the release or threatened release of any toxic or hazardous waste,
substance or constituent, or other substance into the environment, (ii) to the
best knowledge of the Parent Borrower, has any threatened or actual liability
in connection with the release or threatened release of any toxic or hazardous
waste, substance or constituent, or other substance into the environment which
individually or in the aggregate could reasonably be expected to have a
Material Adverse Effect, (iii) has received notice of any federal, state, local
or foreign investigation evaluating whether any remedial action is needed to
respond to a release or threatened release of any toxic or hazardous waste,
substance or constituent or other substance into the environment for which the
Parent Borrower or any of its Subsidiaries is or would be liable, which
liability would reasonably be expected to have a Material Adverse Effect, or
(iv) has received notice that the Parent Borrower or any of its Subsidiaries is
or may be liable to any Person under the Comprehensive Environmental Response,
Compensation and Liability Act, as amended, 42 U.S.C. Section 9601 et seq., or
any analogous state law, which liability would reasonably be expected to have a
Material Adverse Effect. The Parent Borrower and each of its Subsidiaries is
in compliance with the financial responsibility requirements of federal, state,
local and foreign environmental laws to the extent applicable, including those
contained in 40 C.F.R., parts 264 and 265, subpart H, and any analogous state
law, except in those cases in which the failure so to comply would not
reasonably be expected to have a Material Adverse Effect.

	 	4.17.	 	Absence of Certain Restrictions

     No indenture, certificate of designation for preferred stock, agreement or
instrument to which the Parent Borrower or any of its Subsidiaries is a party
(other than

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this Agreement and the Wachovia Synthetic Lease Arrangement in effect on
the Effective Date), prohibits or limits in any way, directly or indirectly the
ability of any Subsidiary of the Parent Borrower to make Restricted Payments or
repay any Indebtedness to the Parent Borrower or to another Subsidiary of the
Parent Borrower.

	 	4.18.	 	No Misrepresentation

     No representation or warranty contained in any Loan Document and no
certificate or report from time to time furnished by the Parent Borrower or any
of its Subsidiaries in connection with the transactions contemplated thereby,
contains or will contain a misstatement of material fact or omits or will omit
to state a material fact required to be stated in order to make the statements
therein contained not misleading in the light of the circumstances under which
made, provided that any projections or pro-forma financial information
contained therein are based upon good faith estimates and assumptions believed
by the Parent Borrower to be reasonable at the time made, it being recognized
by the Agents and the Lenders that such projections as to future events are not
to be viewed as facts, and that actual results during the period or periods
covered thereby may differ from the projected results.

	 	4.19.	 	Subordinated Notes

     The Parent Borrower has issued the Subordinated Notes in an aggregate
principal amount of $150,000,000.

	5.	 	CONDITIONS OF LENDING — THE FIRST BORROWING DATE

     In addition to the conditions precedent set forth in Section 6, the
obligation of the Lenders to make the Term Loan and the obligation of each
Lender to make Revolving Credit Loans, each Issuing Bank to issue Letters of
Credit and the Swing Line Lender to make the Swing Line Loans on the first
Borrowing Date shall be subject to the fulfillment of the following conditions
precedent:

	 	5.1.	 	Evidence of Action

     The Administrative Agent shall have received a certificate, dated the
first Borrowing Date, of the Secretary or Assistant Secretary or other
analogous counterpart of each Credit Party (i) attaching a true and complete
copy of the resolutions of its Managing Person and of all documents evidencing
all necessary corporate, partnership or similar action (in form and substance
satisfactory to the Administrative Agent) taken by it to authorize the Loan
Documents to which it is a party and the transactions contemplated thereby,
(ii) attaching a true and complete copy of its Organizational Documents, (iii)
setting forth the incumbency of its officer or officers or other analogous
counterpart who may sign the Loan Documents, including therein a signature
specimen of such officer or

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officers, and (iv) attaching a certificate of good standing of the
Secretary of State of the jurisdiction of its formation.

	 	5.2.	 	Opinions of Counsel

     The Administrative Agent shall have received (i) an opinion of McGrath,
North, Mullin & Kratz, PC LLO, counsel to the Parent Borrower and its
Subsidiaries, dated the first Borrowing Date, substantially in the form of
Exhibit F-1, and (ii) an opinion of Thomas Pogge, corporate counsel of the
Parent Borrower and its Subsidiaries, dated the first Borrowing Date,
substantially in the form of Exhibit F-2.

	 	5.3.	 	Opinion of Special Counsel

     The Administrative Agent shall have received an opinion of Special
Counsel, dated the first Borrowing Date, substantially in the form of Exhibit
G.

	 	5.4.	 	Subsidiary Guaranty

     Each of (a) Valmont Coatings, Inc., (b) PiRod, Inc. and (c) Newmark shall
have delivered to the Administrative Agent a guaranty, dated as of the
Effective Date, substantially in the form of Exhibit R (as amended,
supplemented or otherwise modified from time to time, the “Subsidiary
Guaranty”).

	 	5.5.	 	Fees and Expenses

     All fees payable to the Administrative Agent, each Issuing Bank, the Swing
Line Lender and the Lenders on the first Borrowing Date shall have been paid,
the fees and expenses of Special Counsel in connection with the preparation,
negotiation and closing of the Loan Documents shall have been paid.

	 	5.6.	 	Existing Indebtedness

     BNY, as administrative agent under the Original Credit Agreement, shall
have received payment of all Existing Indebtedness outstanding under the
Original Credit Agreement (other than contingent obligations in respect of the
Existing Letter of Credit) , whereupon the Original Credit Agreement shall
terminate.

	 	5.7.	 	Bridge Loan Indebtedness

     BNY, as administrative agent under the Bridge Loan Agreement, shall have
received payment of all Indebtedness outstanding under the Bridge Notes, the
Bridge Loan Agreement and the other Bridge Loan Documents, whereupon the Bridge
Loan Documents shall terminate.

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	 	5.8.	 	Subordinated Notes

     The Parent Borrower shall have issued the Subordinated Notes in an
aggregate principal amount of $150,000,000.

	6.	 	CONDITIONS OF LENDING — EACH BORROWING DATE

     The obligation of each Lender to make any Loan, the Swing Line Lender to
make any Swing Line Loan, and each Issuing Bank to issue any Letter of Credit
on any Borrowing Date shall be subject to the fulfillment of the following
conditions precedent:

	 	6.1.	 	Compliance

     On each Borrowing Date and after giving effect to the Loans to be made and
Letters of Credit to be issued thereon (i) there shall exist no Default, (ii)
each of the representations and warranties contained in each Loan Document
shall be true and correct with the same effect as though such representation
and warranty had been made on such Borrowing Date, except to the extent such
representation and warranty specifically relates to an earlier date, in which
case such representation and warranty shall have been true and correct on and
as of such earlier date, and (iii) each of the Parent Borrower and its
Subsidiaries shall be in compliance with all of the terms, covenants and
conditions of each Loan Document to which it is a party. Each borrowing by any
Borrower shall constitute a certification by such Borrower and, if such
Borrower is a Subsidiary Borrower, the Parent Borrower, and each request by the
Parent Borrower for the issuance of a Letter of Credit shall constitute a
certification by the Parent Borrower, as of such Borrowing Date that each of
the foregoing matters is true and correct in all respects.

	 	6.2.	 	Borrowing Request; Letter of Credit Request; Bid Request

     With respect to the Loans to be made, and the Letters of Credit to be
issued, on each Borrowing Date, the Administrative Agent shall have received,
(i) in the case of Revolving Credit Loans or Swing Line Loans, a Borrowing
Request, (ii) in the case of Letters of Credit, a Letter of Credit Request, and
(iii) in the case Bid Loans, a Bid Request and such other documents required to
be delivered pursuant to Section 2.4, in each case duly executed by the
applicable Borrower or, if such Borrower is a Subsidiary Borrower, the Parent
Borrower, on behalf of such Borrower.

	 	6.3.	 	Loan Closings

     All documents required by the provisions of the Loan Documents to be
executed or delivered to the Administrative Agent, the Issuing Banks, the Swing
Line Lender or any Lender on or before the applicable Borrowing Date shall have
been so executed and delivered on or before such Borrowing Date.

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	 	6.4.	 	Other Documents

     Each of the Administrative Agent, each Issuing Bank, the Swing Line Lender
and the Lenders shall have received such other documents, each in form and
substance reasonably satisfactory to it, as it shall reasonably require in
connection with the making of the Loans and the issuance of the Letters of
Credit on such Borrowing Date.

	7.	 	AFFIRMATIVE COVENANTS

     The Parent Borrower agrees that, so long as this Agreement is in effect,
any Loan or Reimbursement Obligation remains outstanding, or any other amount
is owing under any Loan Document to any Lender, either Issuing Bank, the Swing
Line Lender or the Administrative Agent, the Parent Borrower shall:

	 	7.1.	 	Financial Statements and Information

     Maintain, and cause each of its Subsidiaries to maintain, a standard
system of accounting in accordance with GAAP, and furnish or cause to be
furnished to the Administrative Agent and each Lender:

     (a) Compliance Certificate. Within 45 days after the end of each of
the first three fiscal quarters (90 days after the end of the last fiscal
quarter), a Compliance Certificate, certified by a Financial Officer of
the Parent Borrower.

     (b) Form 10K. As soon as available, but in any event within 90 days
after the end of each fiscal year of the Parent Borrower, a copy of the
annual audited financial statements of the Parent Borrower and its
Subsidiaries, prepared on a Consolidated basis in accordance with GAAP,
as filed with the SEC. Such financial statements shall be certified
without qualification by the Accountants, which certification shall (i)
state that the audit by such Accountants was conducted in accordance with
generally accepted auditing standards, (ii) state that such audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in such financial statements, and (iii) include the opinion
of such Accountants that such financial statements present fairly, in all
material respects, the financial position of the Parent Borrower and its
Subsidiaries and the results of their operations and their cash flows for
such fiscal year in conformity with GAAP, except as otherwise specified
in such opinion.

     (c) Form 10Q. As soon as available, but in any event within 45 days
after the end of each fiscal quarter (except the last fiscal quarter) of
each fiscal year of the Parent Borrower, copies of the unaudited
financial statements of the Parent Borrower and its Subsidiaries,
prepared on a Consolidated basis in accordance with GAAP, as filed with
the SEC.

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     (d) Other Information. Such other information as the Administrative
Agent or any Lender may reasonably request from time to time.

     7.2.
Certificates; Other Information

     Furnish to the Administrative Agent and each Lender:

     (a) Prompt written notice if: (i) any Indebtedness of the Parent
Borrower or any of its Subsidiaries in an aggregate amount in excess of
$5,000,000 is declared or shall become due and payable prior to its
stated maturity, or is called and not paid when due, (ii) the holders of
any notes (other than any notes issued hereunder), certificate, security
or other evidence of Indebtedness, or any obligees with respect to any
other Indebtedness of the Parent Borrower or any of its Subsidiaries,
have the right to declare Indebtedness in an aggregate amount in excess
of $5,000,000 due and payable prior to its stated maturity, or (iii)
there shall occur and be continuing a Default;

     (b) Prompt written notice of: (i) any citation, summons, subpoena,
order to show cause or other document naming the Parent Borrower or any
of its Subsidiaries a party to any proceeding before any Governmental
Authority which could reasonably be expected to have a Material Adverse
Effect or which calls into question the validity or enforceability of any
of the Loan Documents, and include with such notice a copy of such
citation, summons, subpoena, order to show cause or other document, (ii)
any lapse or other termination of any material license, permit, franchise
or other authorization issued to the Parent Borrower or any of its
Subsidiaries by any Person or Governmental Authority, and (iii) any
refusal by any Person or Governmental Authority to renew or extend any
such material license, permit, franchise or other authorization, which
lapse, termination, refusal or dispute could reasonably be expected to
have a Material Adverse Effect;

     (c) Promptly upon becoming available, copies of all (i) regular,
periodic or special reports, schedules and other material which the
Parent Borrower or any of its Subsidiaries may now or hereafter be
required to file with or deliver to any securities exchange or the SEC,
and (ii) annual reports relating to the Parent Borrower or any of its
Subsidiaries;

     (d) Prompt written notice in the event that the Parent Borrower, any
of its Subsidiaries or any ERISA Affiliate knows, or has reason to know,
that (i) any Termination Event with respect to a Pension Plan has
occurred or will occur, (ii) any condition exists with respect to a
Pension Plan which presents a material risk of termination of the Pension
Plan, imposition of an excise tax, requirement to provide security to the
Pension Plan or other liability on the Parent Borrower, any of its
Subsidiaries or any ERISA Affiliate, (iii) the Parent Borrower, any of
its Subsidiaries or any ERISA Affiliate has applied for a waiver of the
minimum

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funding standard under Section 412 of the Code with respect to a
Pension Plan, (iv) the aggregate amount of the Unfunded Pension
Liabilities under all Pension Plans is in excess of $50,000, (v) the
aggregate amount of Unrecognized Retiree Welfare Liability under all
applicable Employee Benefit Plans is in excess of $50,000, (vi) the
Parent Borrower, any of its Subsidiaries or any ERISA Affiliate has
engaged in a Prohibited Transaction with respect to an Employee Benefit
Plan, (vii) the imposition of any tax under Section 4980B(a) of the Code
or (viii) the assessment of a civil penalty under Section 502(c) of
ERISA, together with a certificate of a Financial Officer of the Parent
Borrower setting forth the details of such event and the action which the
Parent Borrower, such Subsidiary or such ERISA Affiliate proposes to take
with respect thereto, together with a copy of all notices and filings
with respect thereto.

     (e) Prompt written notice in the event that Parent Borrower, any of
its Subsidiaries or any ERISA Affiliate shall receive a demand letter
from the PBGC notifying the Parent Borrower, such Subsidiary or such
ERISA Affiliate of any final decision finding liability and the date by
which such liability must be paid, together with a copy of such letter
and a certificate of a Financial Officer of the Parent Borrower setting
forth the action which the Parent Borrower, such Subsidiary or such ERISA
Affiliate proposes to take with respect thereto.

     (f) Promptly upon the same becoming available, and in any event by
the date such amendment is adopted, a copy of any Pension Plan amendment
that the Parent Borrower, any of its Subsidiaries or any ERISA Affiliate
proposes to adopt which would require the posting of security under
Section 401(a)(29) of the Code, together with a certificate of a
Financial Officer of the Parent Borrower setting forth the reasons for
the adoption of such amendment and the action which the Parent Borrower,
such Subsidiary or such ERISA Affiliate proposes to take with respect
thereto.

     (g) As soon as possible and in any event by the tenth day after any
required installment or other payment under Section 412 of the Code owed
to a Pension Plan shall have become due and owing and remain unpaid a
copy of the notice of failure to make required contributions provided to
the PBGC by the Parent Borrower, any of its Subsidiaries or any ERISA
Affiliate under Section 412(n) of the Code, together with a certificate
of a Financial Officer setting forth the action which the Parent
Borrower, such Subsidiary or such ERISA Affiliate proposes to take with
respect thereto.

     (h) Not fewer than 30 days’ prior written notice of a
Prepayment/Reduction Event described in clause (a), (b) or (d) of the
definition thereof, setting forth a description of same in reasonable
detail

     (i) Such other information as the Administrative Agent or any Lender
shall reasonably request from time to time.

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	 	7.3.	 	Legal Existence

     Except as may be otherwise permitted by Sections 8.3, 8.4 and 8.5,
maintain, and cause each of its Subsidiaries to maintain, its corporate,
partnership or analogous existence, as the case may be, in good standing in the
jurisdiction of its formation and in each other jurisdiction in which the
failure to do so could reasonably be expected to have a Material Adverse
Effect, except that any Subsidiary of the Parent Borrower (other than an
Active Subsidiary Borrower or a Guarantor) may fail to maintain its corporate,
partnership or analogous existence, as the case may be, in good standing in any
jurisdiction at any time, provided that such failure could not reasonably be
expected to have a Material Adverse Effect.

	 	7.4.	 	Taxes

     Pay and discharge when due, and cause each of its Subsidiaries to do so,
all Taxes upon or with respect to the Parent Borrower or such Subsidiary and
all Taxes upon the income, profits and Property of the Parent Borrower and its
Subsidiaries, which if unpaid, could reasonably be expected to have a Material
Adverse Effect or become a Lien on Property of the Parent Borrower or such
Subsidiary (other than a Permitted Lien), unless and to the extent only that
such Taxes shall be contested in good faith and by appropriate proceedings
diligently conducted by the Parent Borrower or such Subsidiary and provided
that such reserve or other appropriate provision as shall be required by the
Accountants in accordance with GAAP shall have been made therefor.

	 	7.5.	 	Insurance

     Maintain, and cause each of its Subsidiaries to maintain, with financially
sound and reputable insurance companies insurance on all its Property in at
least such amounts and against at least such risks (but including in any event
public liability, product liability and business interruption coverage) as are
usually insured against in the same general area by companies engaged in the
same or a similar business; and furnish to the Administrative Agent, upon
written request, full information as to the insurance carried.

	 	7.6.	 	Performance of Obligations

     Pay and discharge when due, and cause each of its Subsidiaries to do so,
all lawful Indebtedness, obligations and claims for labor, materials and
supplies or otherwise which, if unpaid, might (i) have a Material Adverse
Effect or (ii) become a Lien upon Property of the Parent Borrower or any of its
Subsidiaries other than a Permitted Lien, unless and to the extent only that
the validity of such Indebtedness, obligation or claim shall be contested in
good faith and by appropriate proceedings diligently conducted and provided
that the Parent Borrower shall give the Administrative Agent prompt notice of
any such contest and that such reserve or other appropriate

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provision as shall be required by the Accountants in accordance with GAAP
shall have been made therefor.

	 	7.7.	 	Condition of Property

     At all times, maintain, protect and keep in good repair, working order and
condition (ordinary wear and tear excepted), and cause each of its Subsidiaries
to do so, all Property necessary to the operation of the Parent Borrower’s or
such Subsidiary’s business, except where the failure to do so could not
reasonably be expected to have a Material Adverse Effect.

	 	7.8.	 	Observance of Legal Requirements

     Observe and comply in all respects, and cause each of its Subsidiaries to
do so, with all laws, ordinances, orders, judgments, rules, regulations,
certifications, franchises, permits, licenses, directions and requirements of
all Governmental Authorities, which now or at any time hereafter may be
applicable to it, a violation of which could reasonably be expected to have a
Material Adverse Effect, except such thereof as shall be contested in good
faith and by appropriate proceedings diligently conducted by it, provided that
the Parent Borrower shall give the Administrative Agent prompt notice of such
contest and that such reserve or other appropriate provision as shall be
required by the Accountants in accordance with GAAP shall have been made
therefor.

	 	7.9.	 	Inspection of Property; Books and Records; Discussions

     At all reasonable times, upon reasonable prior notice, permit
representatives of the Administrative Agent, each Issuing Bank, the Swing Line
Lender and each Lender to visit the offices of the Parent Borrower and each of
its Subsidiaries, to examine the books and records thereof and Accountants’
reports relating thereto, and to make copies or extracts therefrom, to discuss
the affairs of the Parent Borrower and each such Subsidiary with the respective
officers thereof, and to examine and inspect the Property of the Parent
Borrower and each such Subsidiary.

	 	7.10.	 	Authorizations

     Maintain, and cause each of its Subsidiaries to maintain, in full force
and effect, all material licenses, franchises, permits, licenses,
authorizations and other rights as are necessary for the conduct of its
business.

	 	7.11.	 	Financial Covenants

     (a) Fixed Charge Coverage Ratio. Maintain at all times a Fixed Charge
Coverage Ratio of not less than 1.50:1.00.

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     (b) Leverage Ratio. Maintain at all times a Leverage Ratio of not more
than 3.75:1.00.

     (c) Capital Expenditures. Not permit Capital Expenditures made or
obligated to be made by the Parent Borrower and its Subsidiaries on a
Consolidated basis in respect of any fiscal year to be greater than $35,000,000
(the “Base Capex Amount”) plus, with respect to each fiscal year commencing
with fiscal 2005, an amount equal to the difference (if positive) between
$35,000,000 and the actual amount of Capital Expenditures made or incurred
during the preceding fiscal year (the “Capex Carry-forward”), provided that (i)
such difference may be carried forward only to the immediately succeeding
fiscal year and (ii) all Capital Expenditures made or incurred in any fiscal
year shall be applied first to reduce the Base Capex Amount and then to reduce
the Capex Carry-forward.

     (d) Interest Coverage Ratio. Maintain at all times an Interest Coverage
Ratio of not less than 2.50:1.00.

     (e) Senior Debt Ratio. Maintain at all times a Senior Debt Ratio of not
more than 2.50:1.00.

	 	7.12.	 	Subsidiaries

     (a) Except as may otherwise be permitted by Sections 7.3, 8.3, 8.4 and
8.5, at all times cause each Subsidiary Borrower to be a Qualified Subsidiary
and each Guarantor to be a direct or indirect wholly owned Subsidiary of the
Parent Borrower.

     (b) On or prior to each date hereafter upon which a Person shall have
become a Material Subsidiary, cause such Subsidiary to become a party to the
Subsidiary Guaranty, in accordance with the terms thereof, on and as of such
date and, in the event that such date shall occur after the first Borrowing
Date, to deliver to the Administrative Agent, simultaneously with the execution
and delivery of the same, (i) a certificate, dated the date such Material
Subsidiary shall have become a party to the Subsidiary Guaranty, executed by
such Material Subsidiary and substantially in the form of, and with
substantially the same attachments as, the certificate which would have been
required under Section 5.1 if such Material Subsidiary had become a party to
the Subsidiary Guaranty on or before the first Borrowing Date, and (ii) if
requested by the Administrative Agent, an opinion of counsel to such Material
Subsidiary, covering the same matters with respect to such Material Subsidiary
as were covered by the opinions delivered pursuant to Section 5.2, in form and
substance reasonably satisfactory to the Administrative Agent.

	 	7.13.	 	Private Placement Debt

     All Indebtedness outstanding under the Private Placement Documents shall
have been repaid in full within 15 Business Days after the Effective Date, and
the

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Private Placement Documents shall have been terminated contemporaneously
with such repayment, and the Administrative Agent shall have received evidence
satisfactory to it that such repayment has been made and such termination has
occurred.

	8.	 	NEGATIVE COVENANTS

     The Parent Borrower agrees that, so long as this Agreement is in effect,
any Loan or Reimbursement Obligation remains outstanding, or any other amount
is owing under any Loan Document to any Lender, either Issuing Bank, the Swing
Line Lender or the Administrative Agent, the Parent Borrower shall not,
directly or indirectly:

	 	8.1.	 	Indebtedness

     Create, incur, assume or suffer to exist any liability for Indebtedness,
or permit any of its Subsidiaries to do so, except (i) Indebtedness due under
the Loan Documents, (ii) Indebtedness existing on the Effective Date as set
forth on Schedule 8.1 and refinancings thereof, (iii) Unrestricted Intercompany
Indebtedness, (iv) Other Intercompany Indebtedness, provided that, immediately
after the incurrence of each such Other Intercompany Indebtedness, the Other
Intercompany Basket Amount shall not exceed an amount equal to 20% of
Consolidated Tangible Net Worth, (v) Indebtedness in an aggregate principal
amount not in excess of 5% of Consolidated Tangible Net Worth at any one time
outstanding (a) in respect of Capital Leases, (b) secured by Liens on Property
(including, in the event such Property constitutes capital stock of a newly
acquired Subsidiary of the Parent Borrower, Liens on the Property of such
Subsidiary) acquired by the Parent Borrower or any of its Subsidiaries after
the Effective Date, provided that such Liens are in existence on the date of
such acquisition and were not placed on such Property in contemplation of such
acquisition, and (c) other purchase money Indebtedness, provided that, in each
case under this Section 8.1(v), the Lien securing such Indebtedness is
permitted by Section 8.2, (vi) other unsecured Indebtedness, provided that, (a)
immediately before and after giving effect to the incurrence thereof, no
Default shall or would exist, and (b) the aggregate outstanding principal
amount of all such Indebtedness shall not exceed $10,000,000 at any time, (vii)
Receivables Indebtedness related to a Permitted Securitization, (viii) the
Attributed Principal Amount in connection with any Permitted Securitization,
(ix) other secured Indebtedness and Synthetic Leases, provided that, (a)
immediately before and after giving effect to the incurrence thereof, no
Default shall or would exist, and (b) the sum of (1) the aggregate outstanding
principal amount of all such Indebtedness and (2) aggregate Synthetic Lease
Obligations (excluding the Wachovia Synthetic Lease Arrangement) shall not
exceed $15,000,000 at any time, (x) Indebtedness incurred by the Parent
Borrower pursuant to the Subordinated Notes and by the Subsidiaries of the
Parent Borrower pursuant to guarantees of the Subordinated Notes and (xi)
Indebtedness .of the Parent Borrower pursuant to Hedging Agreements entered
into by the Parent Borrower in the ordinary course of business to hedge or
mitigate risks to which the Parent Borrower or any Subsidiary is exposed in the
conduct of its business or the management of its

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liabilities and not for speculative purposes and Indebtedness incurred by
the Subsidiaries of the Parent Borrower pursuant to guarantees of such Hedging
Agreements.

	 	8.2.	 	Liens

     Create, incur, assume or suffer to exist any Lien upon any of its
Property, whether now owned or hereafter acquired, or permit any of its
Subsidiaries to do so, except (i) Liens for Taxes in the ordinary course of
business which are not delinquent or which are being contested in accordance
with Section 7.4, provided that enforcement of such Liens is stayed pending
such contest, (ii) Liens in connection with workers’ compensation, unemployment
insurance or other social security obligations (but not ERISA), (iii) deposits
or pledges to secure bids, tenders, contracts (other than contracts for the
payment of Indebtedness), leases, statutory obligations, surety and appeal
bonds and other obligations of like nature arising in the ordinary course of
business, (iv) zoning ordinances, easements, rights of way, minor defects,
irregularities, and other similar restrictions affecting real Property which do
not materially and adversely affect the value of such real Property or
materially impair its use for the operation of the business of the Parent
Borrower or such Subsidiary, (v) Liens arising by operation of law such as
mechanics’, materialmen’s, carriers’, warehousemen’s liens incurred in the
ordinary course of business which are being contested in accordance with
Section 7.6, (vi) Liens arising out of judgments or decrees which are being
contested in accordance with Section 7.6, provided that enforcement of such
Liens is stayed pending such contest, (vii) statutory Liens in favor of lessors
arising in connection with the Property leased to the Parent Borrower or any of
its Subsidiaries, (viii) Liens under capital leases and Liens on Property
(including, in the event such Property constitutes capital stock of a newly
acquired Subsidiary of the Parent Borrower, Liens on the Property of such
Subsidiary) acquired after the Effective Date and either existing on such
Property when acquired, or created contemporaneously with such acquisition, to
secure the payment or financing of the purchase price thereof, provided that
such Liens attach only to the Property so purchased or acquired and provided
further that the Indebtedness secured by such Liens is permitted by Section
8.1(v), (ix) Liens pursuant to the Wachovia Synthetic Lease Arrangement, (x)
Liens on Property of the Parent Borrower and its Subsidiaries existing on the
Effective Date as set forth on Schedule 8.2, as renewed from time to time, but
not any increases in the amounts secured thereby or extensions thereof to
additional Property, (xi) Liens securing Indebtedness permitted by Section
8.1(vii), (xii) Liens securing Indebtedness permitted by Section 8.1(ix) and
(xiii) Liens pursuant to the Aircraft Lease.

	 	8.3.	 	Mergers and Consolidations

     Consolidate or merge into or with any Person, or enter into any binding
agreement to do so which is not contingent on obtaining the consent of the
requisite Lenders, or permit any of its Subsidiaries to do so, except:

     (a) provided that, immediately before and after giving effect
thereto, no Default shall exist, (i) the Parent Borrower may consolidate
or merge with any

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     direct or indirect wholly owned Subsidiary thereof, provided that
the Parent Borrower shall be the survivor and shall have assumed in a
manner in all respects reasonably satisfactory to the Administrative
Agent all of such Subsidiary’s obligations and liabilities under the
Loans Documents to which such Subsidiary was party immediately prior to
such merger, in each case whether fixed, contingent, then existing or
thereafter arising, created, assumed, incurred or acquired, and whether
before or after the occurrence of any Event of Default under Section
9.1(g) or (h), (ii) any Active Subsidiary Borrower may consolidate or
merge with any direct or indirect wholly owned Subsidiary of the Parent
Borrower (other than an Active Subsidiary Borrower), provided that such
Active Subsidiary Borrower shall be the survivor, and (iii) any Active
Subsidiary Borrower may consolidate or merge with any other Active
Subsidiary Borrower which shall be organized under the laws of, and have
its principal office in, the same national jurisdiction as such Active
Subsidiary Borrower, provided that the survivor shall have assumed in a
manner in all respects reasonably satisfactory to the Administrative
Agent all of the other entity’s obligations and liabilities under the
Loans Documents, in each case whether fixed, contingent, then existing or
thereafter arising, created, assumed, incurred or acquired, and whether
before or after the occurrence of any Event of Default under Section
9.1(g) or (h); and

     (b) other consolidations and mergers permitted by Sections 8.4(c),
8.4(d), 8.4(e), 8.5(c), 8.5(d) and 8.5(e).

	 	8.4.	 	Acquisitions

     Make any Acquisition or enter into any binding agreement to do so which is
not contingent on obtaining the consent of the requisite Lenders, or permit any
of its Subsidiaries to do so, except:

     (a) Acquisitions of Investments permitted by Section 8.6;

     (b) Acquisitions pursuant to the Wachovia Synthetic Lease
Arrangement, the Aircraft Lease and Synthetic Leases permitted by Section
8.14;

     (c) Unrestricted Intercompany Acquisitions, provided that, in the
event that any such Unrestricted Intercompany Acquisition shall be
effected by or through a consolidation or merger involving the Parent
Borrower or any Active Subsidiary Borrower, then such consolidation or
merger shall be otherwise permitted by Section 8.3(a);

     (d) Other Intercompany Acquisitions, provided that (i) each such
Other Intercompany Acquisition shall be otherwise permitted by Section
8.10, (ii) in the event that any such Other Intercompany Acquisition
shall be effected by or through a consolidation or merger involving the
Parent Borrower or any Active Subsidiary Borrower, then, in the case of
the Parent Borrower, the Parent

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     Borrower shall be the survivor, and, in the case of such Active
Subsidiary Borrower, such Active Subsidiary Borrower shall be the
survivor unless otherwise permitted by Section 8.3(a), and (iii) to the
extent that the aggregate consideration paid in connection with any such
Other Intercompany Acquisition shall be comprised of one or more
Investments, each such Investment shall be otherwise permitted by Section
8.6(g) or 8.6(h);

     (e) other Acquisitions by the Parent Borrower or any of its
Subsidiaries, provided that, (i) in the event that any Operating Entity
shall be acquired in connection with any such Acquisition, then such
Operating Entity shall be in, or otherwise constitute, a line of business
which is related or complementary to the line of business of the Parent
Borrower and its Subsidiaries, (ii) in the event that any such
Acquisition shall be effected by or through a consolidation or merger
involving the Parent Borrower or any Active Subsidiary Borrower, then, in
the case of the Parent Borrower, the Parent Borrower shall be the
survivor, and, in the case of such Active Subsidiary Borrower, such
Active Subsidiary Borrower shall be the survivor unless otherwise
permitted by Section 8.3(a), and (iii) immediately before and after
giving effect to each such Acquisition, no Default shall or would exist,
and all of the representations and warranties contained in Section 4
shall be true and correct as if then made; and

     (f) Acquisitions of Securitization Receivables by an Eligible
Special Purpose Entity in a Permitted Securitization.

	 	8.5.	 	Dispositions

     Make any Disposition, or permit any of its Subsidiaries to do so, except:

     (a) Dispositions of any Investments permitted under Sections 8.6(a)
and 8.6(c);

     (b) Dispositions of Property which, in the reasonable opinion of the
Parent Borrower or such Subsidiary, as the case may be, is obsolete or no
longer useful in the conduct of it business;

     (c) Unrestricted Intercompany Dispositions, provided that, in the
event that any such Unrestricted Intercompany Disposition shall be
effected by or through a consolidation or merger involving the Parent
Borrower or any Active Subsidiary Borrower, then, in the case of the
Parent Borrower, the Parent Borrower shall be the survivor, and, in the
case of such Active Subsidiary Borrower, such Active Subsidiary Borrower
shall be the survivor unless otherwise permitted by Section 8.3(a);

     (d) Other Intercompany Dispositions, provided that (i) each such
Other Intercompany Disposition shall be otherwise permitted by Section
8.10, (ii)

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     in the event that any such Other Intercompany Disposition shall be
effected by or through a consolidation or merger involving the Parent
Borrower or any Active Subsidiary Borrower, then, in the case of the
Parent Borrower, the Parent Borrower shall be the survivor, and, in the
case of such Active Subsidiary Borrower, such Active Subsidiary Borrower
shall be the survivor unless otherwise permitted by Section 8.3(a), and
(iii) to the extent that the aggregate consideration paid in connection
with any such Other Intercompany Disposition shall be comprised of one or
more Investments, each such Investment shall be otherwise permitted by
Section 8.6(g) or 8.6(h);

     (e) other Dispositions, provided that, (i) in the event any such
Disposition shall be effected by or through a consolidation or merger
involving the Parent Borrower or any Active Subsidiary Borrower, then, in
the case of the Parent Borrower, the Parent Borrower shall be the
survivor, and, in the case of such Active Subsidiary Borrower, such
Active Subsidiary Borrower shall be the survivor unless otherwise
permitted by Section 8.3(a), (ii) immediately before and after giving
effect to each such Disposition, no Default shall or would exist, and all
of the representations and warranties contained in Section 4 shall be
true and correct as if then made, and (iii) immediately after giving
effect to each such Disposition, the aggregate fair market value of the
Property sold, assigned, transferred or otherwise disposed of in
connection with such Disposition, when aggregated with the aggregate fair
market value of all Property sold, assigned, transferred or otherwise
disposed of in connection with all other Dispositions made on and after
the date hereof under this Section 8.5(e), shall not exceed an amount
equal to 10% of Consolidated Tangible Net Worth; and

     (f) Dispositions of Securitization Receivables to an Eligible
Special Purpose Entity in a Permitted Securitization.

	 	8.6.	 	Investments

     At any time, purchase or otherwise acquire, hold or invest in the Capital
Stock of, or any other interest in, any Person, or make any loan or advance to,
or enter into any arrangement for the purpose of providing funds or credit to,
or make any other investment, whether by way of capital contribution, time
deposit or otherwise, in or with any Person (all of which are sometimes
referred to herein as “Investments”), or permit any of its Subsidiaries to do
so, except:

     (a) Investments in Cash Equivalents;

     (b) Investments existing on the Effective Date as set forth on
Schedule 8.6;

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     (c) normal business banking accounts and short-term certificates of
deposit and time deposits in, or issued by, federally insured
institutions in amounts not exceeding the limits of such insurance;

     (d) Acquisitions permitted by Section 8.3 and 8.4;

     (e) Investments in any seller debt incurred in connection with
Dispositions permitted by Section 8.5;

     (f) Unrestricted Intercompany Investments;

     (g) Other Intercompany Investments made on or after the date hereof
(other than Investments permitted by Section 8.6(b)), provided that,
immediately after giving effect to each such Other Intercompany
Investment, the Other Intercompany Basket Amount shall not exceed an
amount equal to 20% of Consolidated Tangible Net Worth; and

     (h) other Investments made on or after the date hereof (other than
Investments permitted by Section 8.6(b)), provided that, (i) immediately
before and after giving effect to each such other Investment, no Default
shall or would exist, and all of the representations and warranties
contained in Section 4 shall be true and correct as if then made, and
(ii) the aggregate consideration paid for all such other Investments
shall not exceed $10,000,000; and

     (i) Investments in connection with a Permitted Securitization.

	 	8.7.	 	[Intentionally left blank]

	 	8.8.	 	Business Changes

     Except as may be otherwise permitted by Section 8.3 or 8.4, materially
change the nature of the business of the Parent Borrower and its Subsidiaries
as conducted on the Effective Date.

	 	8.9.	 	Amendments, Etc.

     Enter into or agree to, or permit any of its Subsidiaries to do so, any
amendment, supplement, other modification or waiver of any term or condition of
its Organizational Documents, unless, in each such case, such amendment,
supplement, other modification or waiver would not adversely affect the
Administrative Agent, either Issuing Bank, the Swing Line Lender or any Lender.

	 	8.10.	 	Transactions with Affiliates

     Become, or permit any of its Subsidiaries to become, a party to any
transaction with any Affiliate thereof unless the Parent Borrower’s Managing
Person shall

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have determined that the terms and conditions relating thereto are as
favorable to the Parent Borrower or such Subsidiary, as the case may be, as
those which would be obtainable at the time in a comparable arms-length
transaction with a Person other than an Affiliate thereof. Nothing herein
shall be construed to prohibit a Permitted Securitization.

	 	8.11.	 	Limitation on Upstream Payments by Subsidiaries

     Permit or cause any of its Subsidiaries to enter into or agree, or
otherwise be or become subject, to any agreement, contract or other arrangement
(other than this Agreement and the Wachovia Synthetic Lease Arrangement in
effect as of the date hereof) with any Person pursuant to the terms of which
such Subsidiary is or would be prohibited from declaring or making, or
restricted in its ability to declare or make, any Restricted Payment or any
loan or advance to the Parent Borrower or any other Subsidiary thereof or
prohibited from repaying, or restricted in its ability to repay, any loan or
advance from the Parent Borrower or any other Subsidiary thereof. Nothing
herein shall be construed to prohibit such limitations on an Eligible Special
Purpose Entity in connection with a Permitted Securitization.

	 	8.12.	 	Prepayments of Indebtedness

     Prepay or obligate itself to prepay, in whole or in part, any long-term
Indebtedness (other than Indebtedness under the Loan Documents and Indebtedness
under the Wachovia Synthetic Lease Arrangement in effect as of the date
hereof), or permit any of its Subsidiaries to do so, except that the Parent
Borrower or any of its Subsidiaries may refinance any long-term Indebtedness
with any other long-term Indebtedness, provided that the terms and conditions
thereof shall, in the reasonable determination of the Administrative Agent, be
no less favorable to the Parent Borrower or such Subsidiary, as the case may
be, as the long-term Indebtedness so being refinanced.

	 	8.13.	 	Limitation on Negative Pledges

     Enter into, or permit any of its Subsidiaries to enter into, any agreement
which prohibits or limits the ability of the Parent Borrower or such Subsidiary
to create, incur, assume or suffer to exist any Lien in favor of the
Administrative Agent, the Lenders, the Swing Line Lender and/or the Issuing
Banks upon any of its Property, whether now owned or hereafter acquired, other
than (i) this Agreement, (ii) the Wachovia Synthetic Lease Arrangement in
effect as of the date hereof, (iii) the Aircraft Lease, (iv) any other
Synthetic Lease permitted by Section 8.14 or (v) any agreement in respect of
Indebtedness permitted by Section 8.1(v), provided that any prohibition or
limitation set forth in any agreement referred to in clause (iii), (iv) or (v)
of this Section 8.13 shall be effective only with respect to the assets
financed pursuant to such agreement. Nothing herein shall be construed to
prohibit such limitations on an Eligible Special Purpose Entity in connection
with a Permitted Securitization.

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	 	8.14.	 	Limitation on Synthetic Leases

     Create, incur, assume or suffer to exist any Synthetic Lease, or permit
any of its Subsidiaries to do so, except (i) the Wachovia Synthetic Lease
Arrangement and (ii) Synthetic Leases (excluding the Wachovia Synthetic Lease
Arrangement) under which the Synthetic Lease Obligations, when added to the
aggregate outstanding principal amount of all Indebtedness incurred in
accordance with Section 8.1(ix), shall not exceed $15,000,000 at any time.

	 	8.15.	 	Limitation on Securitization Transactions

     Enter into any Securitization Transaction or any amendment thereto which
has the effect of increasing the Maximum Purchase Amount thereunder, or permit
any of its Subsidiaries to do so, except Securitization Transactions in which
the Parent Borrower or a Subsidiary of the Parent Borrower is the Receivables
Seller and with respect to which the Maximum Purchase Amount, as of its most
recent Test Date (the “Relevant Test Date”) when added to the aggregate Maximum
Purchase Amount of all other ongoing Securitization Transactions entered into
in accordance with this Section 8.15 (each valued as of its most recent Test
Date), shall not exceed 10% of Consolidated Total Assets as of the last day of
the fiscal quarter of the Parent Borrower ended on or most recently prior to
the Relevant Test Date, computed, in the case of a Relevant Test Date which
occurs on the last day of a fiscal quarter, prior to giving effect to such new
Securitization Transaction or such amendment.

	 	8.16.	 	Limitation on Amendments to Private Placement Documents

     Enter into or agree to, or permit any of its Subsidiaries to enter into,
any amendment or other modification or waiver of Section 6A(3) of the Private
Shelf Agreement referred to in the definition of “Private Placement Documents”
or any of the defined terms used therein.

	9.	 	DEFAULT

	 	9.1.	 	Events of Default

     The following shall each constitute an “Event of Default” hereunder:

     (a) The failure of any Borrower to make any payment of principal
with respect to any Loan when due and payable, or the failure of the
Parent Borrower to make any payment with respect to any Reimbursement
Obligation when due and payable; or

     (b) The failure of any Credit Party to make any payment of interest,
Fees, expenses or other amounts payable under any Loan Document or
otherwise

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to the Administrative Agent with respect to the loan facilities
established hereunder within three Business Days of the date when due and
payable; or

     (c) The failure of any Credit Party to observe or perform any
covenant or agreement contained in Sections 2.7, 7.3, 7.11, 7.12, 7.13 or
Section 8 (other than Sections 8.1, 8.2, 8.6 and 8.13); or

     (d) The failure of any Credit Party to observe or perform (i) any
term, covenant or agreement contained in Section 8.1, 8.2, 8.6 or 8.13
and such failure shall have continued unremedied for a period of 10 days
after such Credit Party shall have become aware thereof, or (ii) any
other term, covenant, or agreement contained in any Loan Document and
such failure shall have continued unremedied for a period of 30 days
after such Credit Party shall have become aware thereof; or

     (e) Any representation or warranty made or deemed made by any Credit
Party (or by an officer thereof on its behalf) in any Loan Document or in
any certificate, report, opinion (other than an opinion of counsel) or
other document delivered or to be delivered pursuant thereto, shall prove
to have been incorrect or misleading (whether because of misstatement or
omission) in any material respect when made or deemed made; or

     (f) (i) Liabilities and/or other obligations of the Parent Borrower
(other than its obligations hereunder) or any of its Subsidiaries,
whether as principal, guarantor, surety or other obligor, for the payment
of any Indebtedness in an aggregate amount in excess of $2,500,000 (A)
shall become or shall be declared to be due and payable prior to the
expressed maturity thereof, or (B) shall not be paid when due or within
any grace period for the payment thereof, or (ii) any holder of any such
liability or other obligation shall have the right (A) to declare such
liability or other obligation due and payable prior to the expressed
maturity thereof and the applicable defaults or events of default giving
rise to such right shall then be continuing or (B) in the case of
Indebtedness consisting of a Synthetic Lease (without excluding Synthetic
Leases from (A)), to terminate such Synthetic Lease prior to its stated
termination; or

     (g) Any Credit Party (other than an Inactive Subsidiary Borrower)
shall (i) make an assignment for the benefit of creditors, (ii) generally
not be paying its debts as such debts become due, (iii) admit in writing
its inability to pay its debts as they become due, (iv) file a voluntary
petition in bankruptcy, (v) become insolvent (however such insolvency
shall be evidenced), (vi) file any petition or answer seeking for itself
any reorganization, arrangement, composition, readjustment of debt,
liquidation or dissolution or similar relief under any present or future
statute, law or regulation of any jurisdiction, (vii) petition or apply
to any tribunal for any receiver, custodian or any trustee for any
substantial part of its Property, (viii) be the subject of any such
proceeding filed

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     against it which remains undismissed for a period of 45 days, (ix)
file any answer admitting or not contesting the material allegations of
any such petition filed against it or any order, judgment or decree
approving such petition in any such proceeding, (x) seek, approve,
consent to, or acquiesce in any such proceeding, or in the appointment of
any trustee, receiver, sequestrator, custodian, liquidator, or fiscal
agent for it, or any substantial part of its Property, or an order is
entered appointing any such trustee, receiver, custodian, liquidator or
fiscal agent and such order remains in effect for 45 days, or (xi) take
any formal action for the purpose of effecting any of the foregoing or
looking to the liquidation or dissolution of such Credit Party (except as
may be otherwise expressly permitted herein); or

     (h) An order for relief is entered under the United States
bankruptcy laws or any other decree or order is entered by a court having
jurisdiction (i) adjudging any Credit Party (other than an Inactive
Subsidiary Borrower) bankrupt or insolvent, (ii) approving as properly
filed a petition seeking reorganization, liquidation, arrangement,
adjustment or composition of or in respect of any Credit Party (other
than an Inactive Subsidiary Borrower) under the United States bankruptcy
laws or any other applicable Federal or state law, (iii) appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator (or
other similar official) of any Credit Party (other than an Inactive
Subsidiary Borrower) or of any substantial part of the Property thereof,
or (iv) ordering the winding up or liquidation of the affairs of any
Credit Party (other than an Inactive Subsidiary Borrower), and, in each
case, such other decree or order continues unstayed and in effect for a
period of 45 days; or

     (i) Judgments or decrees against the Parent Borrower or any of its
Subsidiaries aggregating in excess of $2,500,000 shall remain unpaid,
unstayed on appeal, undischarged, unbonded or undismissed for a period of
30 days; or

     (j) The occurrence of a Change of Control; or

     (k) Any Loan Document shall cease, for any reason, to be in full
force and effect, or any Credit Party shall so assert in writing or shall
disavow any of its obligations thereunder, or any Event of Default shall
have occurred under, and as such term is defined in, any Loan Document;
or

     (l) (i) any Termination Event shall occur; (ii) any Accumulated
Funding Deficiency, whether waived, shall exist with respect to any
Pension Plan; (iii) any Person shall engage in any Prohibited Transaction
involving any Employee Benefit Plan; (iv) the Parent Borrower, any of its
Subsidiaries or any ERISA Affiliate shall fail to pay when due an amount
which is payable by it to the PBGC or to a Pension Plan under Title IV of
ERISA; (v) the imposition of any tax under Section 4980B(a) of the Code;
(vi) the assessment of a civil penalty with respect to any Employee
Benefit Plan under Section 502(c) of ERISA; or

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(vii) any other event or condition shall occur or exist with respect
to an Employee Benefit Plan which in the case of clauses (i) through
(vii) would, individually or in the aggregate, have a Material Adverse
Effect; or

     (m) A default by the Parent Borrower or any of its Subsidiaries
shall have occurred under the Wachovia Synthetic Lease Arrangement or the
Aircraft Lease, and the applicable grace period or cure period, if any,
with respect to such default shall have expired.

	 	9.2.	 	Contract Remedies

     (a) Upon the occurrence of an Event of Default or at any time thereafter
during the continuance thereof, (i) if it is an Event of Default specified in
Section 9.1(g) or 9.1(h), all Revolving Credit Commitments, the Swing Line
Commitment and the Letter of Credit Commitments shall immediately and
automatically terminate and the Loans, all accrued and unpaid interest thereon,
any Reimbursement Obligations owing or contingently owing in respect of all
outstanding Letters of Credit and all other amounts owing under the Loan
Documents shall immediately become due and payable, and (ii) if it is any other
Event of Default, upon the direction of the Required Lenders, the
Administrative Agent shall (A) by notice to the Parent Borrower, declare all
Revolving Credit Commitments, the Swing Line Commitment, and the Letter of
Credit Commitments to be terminated forthwith, whereupon such Revolving Credit
Commitments, the Swing Line Commitment and the Letter of Credit Commitments
shall immediately terminate, and/or (B) by notice of default to the Parent
Borrower, declare the Loans, all accrued and unpaid interest thereon, any
Reimbursement Obligations owing or contingently owing in respect of all
outstanding Letters of Credit and all other amounts owing under the Loan
Documents to be due and payable forthwith, whereupon the same shall immediately
become due and payable. Except as otherwise provided in this Section,
presentment, demand, protest and all other notices of any kind are hereby
expressly waived. Each Credit Party hereby further expressly waives and
covenants not to assert any appraisement, valuation, stay, extension,
redemption or similar laws, now or at any time hereafter in force which might
delay, prevent or otherwise impede the performance or enforcement of any Loan
Document.

     (b) In the event that the Revolving Credit Commitments, the Swing Line
Commitment and the Letter of Credit Commitments shall have been terminated or
the Loans, any Reimbursement Obligations owing or contingently owing in respect
of all outstanding Letters of Credit and all other amounts owing under the Loan
Documents shall have been declared due and payable pursuant to the provisions
of this Section, any funds received by the Administrative Agent, either Issuing
Bank, the Swing Line Lender and the Lenders from or on behalf of the Borrowers
shall be remitted to, and applied by, the Administrative Agent in the following
manner and order: (i) first, to the payment of interest on, and then the
principal portion of, any Revolving Credit Loans which the Administrative Agent
may have advanced on behalf of any Lender for which the

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Administrative Agent has not then been reimbursed by such Lender or any
Credit Party; (ii) second, to reimburse the Administrative Agent, each Issuing
Bank, the Swing Line Lender for any expenses due from the Credit Parties
pursuant to the provisions of Section 11.5 and the Reimbursement Agreements,
(iii) third, to the payment of the Reimbursement Obligations and the
outstanding principal amount of the Swing Line Loans (together with all
interest thereon), (iv) fourth, to the payment of the Fees, (v) fifth, to the
payment of any other fees, expenses or amounts (other than the principal of and
interest on the Loans) payable by the Credit Parties to the Administrative
Agent, either Issuing Bank the Swing Line Lender or any of the Lenders under
the Loan Documents, (vi) sixth, to the payment, pro rata according to the
Outstanding Percentage of each Lender, of interest due on the Loans (other than
the Swing Line Loans), (vii) seventh, to the payment, pro rata according to
Outstanding Percentage of each Lender, of principal on the Loans (other than
the Swing Line Loans), of such principal, and (viii) eighth, any remaining
funds shall be paid to whomsoever shall be entitled thereto or as a court of
competent jurisdiction shall direct.

	10.	 	THE ADMINISTRATIVE AGENT

	 	10.1.	 	Appointment

     Each of the Issuing Banks, the Swing Line Lender and each Lender hereby
irrevocably designates and appoints BNY as the Administrative Agent of such
Issuing Bank, the Swing Line Lender and such Lender under the Loan Documents
and each of the Issuing Banks, the Swing Line Lender and each Lender hereby
irrevocably authorizes the Administrative Agent to take such action on its
behalf under the provisions of the Loan Documents and to exercise such powers
and perform such duties as are expressly delegated to the Administrative Agent
by the terms of the Loan Documents, together with such other powers as are
reasonably incidental thereto. The duties of the Administrative Agent shall be
mechanical and administrative in nature, and, notwithstanding any provision to
the contrary elsewhere in any Loan Document, the Administrative Agent shall not
have any duties or responsibilities other than those expressly set forth
therein, or any fiduciary relationship with, or fiduciary duty to, either
Issuing Bank, the Swing Line Lender or any Lender, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read
into the Loan Documents or otherwise exist against the Administrative Agent.

	 	10.2.	 	Delegation of Duties

     The Administrative Agent may execute any of its duties under the Loan
Documents by or through agents or attorneys-in-fact and shall be entitled to
rely upon, and shall be fully protected in, and shall not be under any
liability for, relying upon, the advice of counsel concerning all matters
pertaining to such duties.

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	 	10.3.	 	Exculpatory Provisions

     Neither the Administrative Agent nor any of its officers, directors,
employees, agents, attorneys-in-fact or affiliates shall be (i) liable for any
action lawfully taken or omitted to be taken by it or such Person under or in
connection with the Loan Documents (except the Administrative Agent for its own
gross negligence or willful misconduct), or (ii) responsible in any manner to
either Issuing Bank, the Swing Line Lender or any of the Lenders for any
recitals, statements, representations or warranties made by any Credit Party,
or any officer thereof, contained in the Loan Documents or in any certificate,
report, statement or other document referred to or provided for in, or received
by the Administrative Agent under or in connection with, the Loan Documents or
for the value, validity, effectiveness, genuineness, perfection, enforceability
or sufficiency of any of the Loan Documents or for any failure of any Credit
Party or any other Person to perform its obligations thereunder. The
Administrative Agent shall not be under any obligation to either Issuing Bank,
the Swing Line Lender or any Lender to ascertain or to inquire as to the
observance or performance of any of the agreements contained in, or conditions
of, the Loan Documents, or to inspect the Property, books or records of any
Credit Party. The Issuing Banks, the Swing Line Lender and the Lenders
acknowledge that the Administrative Agent shall not be under any duty to take
any discretionary action permitted under the Loan Documents unless the
Administrative Agent shall be instructed in writing to do so by the Issuing
Banks, the Swing Line Lender and Required Lenders and such instructions shall
be binding on the Issuing Banks, the Swing Line Lender and all Lenders;
provided, however, that the Administrative Agent shall not be required to take
any action which exposes the Administrative Agent to personal liability or is
contrary to law or any provision of the Loan Documents. The Administrative
Agent shall not be under any liability or responsibility whatsoever, as
Administrative Agent, to any Credit Party or any other Person as a consequence
of any failure or delay in performance, or any breach, by either Issuing Bank,
the Swing Line Lender or any Lender of any of its obligations under any of the
Loan Documents.

	 	10.4.	 	Reliance by Administrative Agent

     The Administrative Agent shall be entitled to rely, and shall be fully
protected in relying, upon any writing, resolution, notice, consent,
certificate, affidavit, opinion, letter, cablegram, telegram, facsimile, telex
or teletype message, statement, order or other document or conversation
believed by it to be genuine and correct and to have been signed, sent or made
by a proper Person or Persons and upon advice and statements of legal counsel
(including counsel to any Credit Party), independent accountants and other
experts selected by the Administrative Agent. The Administrative Agent may
treat each Issuing Bank, the Swing Line Lender or each Lender, as the case may
be, or the Person designated in the last notice filed with it under this
Section, as the holder of all of the interests of such Issuing Bank, the Swing
Line Lender or such Lender, as the case may be, in its Loans, Letters of Credit
and Reimbursement Obligations, as applicable, until written notice of transfer,
signed by such Issuing Bank, the Swing Line Lender or

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such Lender (or the Person designated in the last notice filed with the
Administrative Agent) and by the Person designated in such written notice of
transfer, in form and substance satisfactory to the Administrative Agent, shall
have been filed with the Administrative Agent. The Administrative Agent shall
not be under any duty to examine or pass upon the validity, effectiveness,
enforceability or genuineness of the Loan Documents or any instrument, document
or communication furnished pursuant thereto or in connection therewith, and the
Administrative Agent shall be entitled to assume that the same are valid,
effective and genuine, have been signed or sent by the proper parties and are
what they purport to be. The Administrative Agent shall be fully justified in
failing or refusing to take any action under the Loan Documents unless it shall
first receive such advice or concurrence of the Required Lenders as it deems
appropriate. The Administrative Agent shall in all cases be fully protected in
acting, or in refraining from acting, under the Loan Documents in accordance
with a request or direction of the Required Lenders, and such request or
direction and any action taken or failure to act pursuant thereto shall be
binding upon the Issuing Banks, the Swing Line Lender, all the Lenders and all
future holders of the Loans and the Reimbursement Obligations.

	 	10.5.	 	Notice of Default

     The Administrative Agent shall be deemed not to have knowledge or notice
of the occurrence of any Default unless the Administrative Agent has received
written notice thereof from an Issuing Bank, the Swing Line Lender, a Lender or
any Credit Party. In the event that the Administrative Agent receives such a
notice, the Administrative Agent shall promptly give notice thereof to the
Issuing Banks, the Swing Line Lender, the Lenders and the Parent Borrower.

	 	10.6.	 	Non-Reliance on Administrative Agent and Other Lenders

     Each Issuing Bank, the Swing Line Lender and each Lender expressly
acknowledges that neither the Administrative Agent nor any of its respective
officers, directors, employees, agents, attorneys-in-fact or affiliates has
made any representations or warranties to it and that no act by the
Administrative Agent hereinafter, including any review of the affairs of the
Parent Borrower or any of its Subsidiaries, shall be deemed to constitute any
representation or warranty by the Administrative Agent to either Issuing Bank,
the Swing Line Lender or any Lender. Each Issuing Bank, the Swing Line Lender
and each Lender represents to the Administrative Agent that it has,
independently and without reliance upon the Administrative Agent, the Issuing
Banks, the Swing Line Lender or any Lender, and based on such documents and
information as it has deemed appropriate made its own evaluation of and
investigation into the business, operations, Property, financial and other
condition and creditworthiness of the Parent Borrower and its Subsidiaries and
made its own decision to enter into this Agreement. Each Issuing Bank, the
Swing Line Lender and each Lender also represents that it will, independently
and without reliance upon the Administrative Agent, the Issuing Banks, the
Swing Line Lender or any Lender, and based on such documents and information as
it shall deem

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appropriate at the time, continue to make its own credit analysis,
evaluations and decisions in taking or not taking action under any Loan
Document, and to make such investigation as it deems necessary to inform itself
as to the business, operations, Property, financial and other condition and
creditworthiness of the Parent Borrower and its Subsidiaries. Except for
notices, reports and other documents expressly required to be furnished to the
Issuing Banks, the Swing Line Lender and/or the Lenders by the Administrative
Agent hereunder, the Administrative Agent shall not have any duty or
responsibility to provide the Issuing Banks, the Swing Line Lender or any
Lender with any credit or other information concerning the business,
operations, Property, financial and other condition or creditworthiness of the
Parent Borrower and its Subsidiaries which at any time may come into the
possession of the Administrative Agent or any of its officers, directors,
employees, agents, attorneys-in-fact or affiliates.

	 	10.7.	 	Indemnification

     Each Lender agrees to indemnify and hold harmless the Administrative Agent
in its capacity as such (to the extent not promptly reimbursed by any Credit
Party and without limiting the obligation of any Credit Party to do so), pro
rata according to (i) at any time prior to the Revolving Credit Commitment
Termination Date, its Total Commitment Percentage, and (ii) at all other times,
(a) if no Loan or Reimbursement Obligation is outstanding, its Total Commitment
Percentage, and (b) if any Loan or Reimbursement Obligation is outstanding, its
Outstanding Percentage, from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind whatsoever including any amounts paid to either
Issuing Bank, the Swing Line Lender or any Lender (through the Administrative
Agent) by any Credit Party pursuant to the terms of the Loan Documents, that
are subsequently rescinded or avoided, or must be otherwise restored or
returned) which may at any time (including at any time following the payment of
the Loans or the Reimbursement Obligations) be imposed on, incurred by or
asserted against the Administrative Agent in any way relating to or arising out
of the Loan Documents or any other documents contemplated by or referred to
therein or the transactions contemplated thereby or any action taken or omitted
to be taken by the Administrative Agent under or in connection with any of the
foregoing; provided, however, that no Lender shall be liable to the
Administrative Agent for the payment of any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements to the extent resulting solely from the finally
adjudicated gross negligence or willful misconduct of the Administrative Agent.
Without limitation of the foregoing, each Lender agrees to reimburse each
Agent promptly upon demand for its pro rata share (calculated as set forth in
the first sentence of this Section) of any unpaid fees owing to the
Administrative Agent, and any costs and expenses (including reasonable fees and
expenses of counsel) payable by any Credit Party under Section 11.5, to the
extent that the Administrative Agent has not been paid such fees or has not
been reimbursed for such costs and expenses, by any Credit Party. The failure
of any Lender to reimburse the Administrative Agent promptly upon demand for
its pro rata share (as so calculated) of

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any amount required to be paid by the Lenders to the Administrative Agent
as provided in this Section shall not relieve any other Lender of its
obligation hereunder to reimburse the Administrative Agent for its pro rata
share (as so calculated) of such amount, but no Lender shall be responsible for
the failure of other Lender to reimburse the Administrative Agent for such
other Lender’s pro rata share (as so calculated) of such amount. The
agreements in this Section shall survive the termination of the Revolving
Credit Commitments, the Swing Line Commitment, the Letter of Credit
Commitments, and the payment of all amounts payable under the Loan Documents.

	 	10.8.	 	Administrative Agent in Its Individual Capacity

     BNY and its affiliates may make secured or unsecured loans to, accept
deposits from, issue letters of credit for the account of, act as trustee under
indentures of, and generally engage in any kind of business with, the Parent
Borrower or any of its Subsidiaries as though BNY were not Administrative Agent
hereunder and BNY Capital Markets did not arrange the transactions contemplated
hereby. With respect to the Revolving Credit Commitment, Swing Line Commitment
and Letter of Credit Commitments made or renewed by BNY and the Loans and
Reimbursement Obligations owing to BNY, BNY shall have the same rights and
powers under the Loan Documents as the Issuing Banks, the Swing Line Lender or
any Lender and may exercise the same as though it were not the Administrative
Agent, and the terms “Lender” and “Lenders” shall in each case include BNY.

	 	10.9.	 	Successor Administrative Agent

     If at any time the Administrative Agent deems it advisable, in its sole
discretion, it may submit to each Issuing Bank, the Swing Line Lender and each
of the Lenders a written notice of its resignation as Administrative Agent
under the Loan Documents, such resignation to be effective upon the earlier of
(i) the written acceptance of the duties of the Administrative Agent under the
Loan Documents by a successor Administrative Agent and (ii) on the 30th day
after the date of such notice. Upon any such resignation, the Required Lenders
shall have the right to appoint from among the Lenders a successor
Administrative Agent, provided that the Parent Borrower shall have consented
thereto in writing (which consent shall not be unreasonably withheld and shall
not be required if a Default shall have occurred and then be continuing). If
no successor Administrative Agent shall have been so appointed by the Required
Lenders and accepted such appointment in writing within 30 days after the
retiring Administrative Agent’s giving of notice of resignation, then the
retiring Administrative Agent may, on behalf of the Issuing Banks, the Swing
Line Lender and the Lenders, appoint a successor Administrative Agent, which
successor Administrative Agent shall be a commercial bank organized under the
laws of the United States or any State thereof and having a combined capital,
surplus, and undivided profits of at least $100,000,000. Upon the acceptance
of any appointment as Administrative Agent hereunder by a successor
Administrative Agent, such successor Administrative Agent shall thereupon
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vested with all the rights, powers, privileges and duties of the retiring
Administrative Agent, and the retiring Administrative Agent’s rights, powers,
privileges and duties as Administrative Agent under the Loan Documents shall be
terminated. The Credit Parties, the Issuing Banks, the Swing Line Lender and
the Lenders shall execute such documents as shall be necessary to effect such
appointment. After any retiring Administrative Agent’s resignation as
Administrative Agent, the provisions of the Loan Documents shall inure to its
benefit as to any actions taken or omitted to be taken by it, and any amounts
owing to it, while it was Administrative Agent under the Loan Documents. If at
any time there shall not be a duly appointed and acting Administrative Agent,
the Credit Parties agree to make each payment due under the Loan Documents
directly to the Issuing Banks, the Swing Line Lender and the Lenders entitled
thereto during such time.

	11.	 	OTHER PROVISIONS

	 	11.1.	 	Amendments and Waivers

     Except as otherwise provided in Section 11(h) of the Subsidiary Guaranty,
with the written consent of the Required Lenders, the Administrative Agent and
the appropriate Credit Parties may, from time to time, enter into written
amendments, supplements or modifications of the Loan Documents and, with the
consent of the Required Lenders, the Administrative Agent on behalf of the
Issuing Banks, the Swing Line Lender and the Lenders may execute and deliver to
any such Credit Parties a written instrument waiving or a consent to a
departure from, on such terms and conditions as the Administrative Agent may
specify in such instrument, any of the requirements of the Loan Documents or
any Default and its consequences; provided, however, that:

     (a) no such amendment, supplement, modification, waiver or consent
shall, without the consent of all of the Lenders, (i) increase the
Revolving Credit Commitment Amount of any Lender or the Aggregate
Revolving Credit Commitment Amount, (ii) extend the Scheduled Revolving
Credit Commitment Termination Date, (iii) decrease the rate, or extend
the time of payment, of interest of, or change or forgive the principal
amount or extend the time of payment of, any Loan (other than a Swing
Line Loan), or decrease the rate, or extend the time of payment, of the
Facility Fee or the Letter of Credit Commissions, (iv) change the
provisions of Sections 3.4, 3.5, 3.6, 3.7, 3.8, 3.9, 3.10, 11.1, 11.6(a),
11.7 or 11.10, (v) change the definition of “Required Lenders,” (vi)
change the several nature of the obligations of the Lenders, (vii)
release any Credit Party from all or substantially all its obligations
under the Subsidiary Guaranty (other than as provided in Section 11(h) of
the Subsidiary Guaranty) or (viii) add a new Core Currency;

     (b) without the written consent of the Issuing Banks, no such
amendment, supplement, modification or waiver shall change the Letter of
Credit Commitments, change the amount or the time of payment of the
Letter of Credit

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     Commissions or change any other term or provision which relates to
the Letter of Credit Commitments or the Letters of Credit or any other
rights of the Issuing Banks under any Loan Document;

     (c) without the written consent of the Administrative Agent, no such
amendment, supplement, modification or waiver shall amend, modify or
waive any provision of Section 10 or otherwise change any of the rights
or obligations of the Administrative Agent hereunder or under the Loan
Documents; and

     (d) without the written consent of the Swing Line Lender, no such
amendment, supplement, modification or waiver shall change the Swing Line
Commitment or change any other term or provision that relates to the
Swing Line Commitment or the Swing Line Loans.

Any such amendment, supplement, modification or waiver shall apply equally to
the Administrative Agent, the Swing Line Lender, each Issuing Bank and each of
the Lenders and shall be binding upon the parties to the applicable Loan
Document, the Lenders, the Swing Line Lender, the Issuing Banks, the
Administrative Agent and all future holders of the Loans and the Reimbursement
Obligations. In the case of any waiver, the parties to the applicable Loan
Document, the Issuing Banks, the Lenders, the Swing Line Lender and the
Administrative Agent shall be restored to their former position and rights
hereunder and under the Loan Documents to the extent provided for in such
waiver, and any Default waived shall not extend to any subsequent or other
Default, or impair any right consequent thereon. The Loan Documents may not be
amended orally or by any course of conduct.

	 	11.2.	 	Notices

     All notices and other communications under the Loan Documents shall be
given to each party hereto, initially, at the following address, and,
thereafter, such other address through which it may from time to time be
accepting notices, as designated by it in writing to the Administrative Agent
and the Parent Borrower:

     (a) if to the Parent Borrower or any other Borrower, the office,
branch or affiliate thereof designated as its address for notices in
Exhibit O or the Borrower Addendum, if any, executed and delivered with
respect to such Borrower pursuant to Section 2.12, as the case may be;

     (b) if to any Lender, an Issuing Bank or the Swing Line Lender, the
office, branch, affiliate, or correspondent bank thereof designated as
its address for notices in Exhibit N; and

     (c) if to the Administrative Agent, the office, branch, affiliate,
or correspondent bank thereof designated as its address for notices in
Exhibit M.

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Such notices and other communications will be effective only if and when given
in writing, and shall be deemed to have been given three days after deposit in
the mail, designated as certified mail, return receipt requested,
postage-prepaid, at the applicable address specified above, or when delivered
at the applicable address specified above, or when sent by telecopy addressed
to the party to which such notice is directed at its address determined as
provided above and receipt is confirmed, except that any notice, request or
demand by any Borrower to or upon the Administrative Agent, an Issuing Bank,
the Swing Line Lender or the Lenders pursuant to Sections 2.3, 2.4, 2.5, 2.6,
2.8 or 3.3 shall not be effective until received. Any party to a Loan Document
may rely on signatures of the parties thereto which are transmitted by fax or
other electronic means as fully as if originally signed.

	 	11.3.	 	No Waiver; Cumulative Remedies

     No failure to exercise and no delay in exercising, on the part of the
Administrative Agent, either Issuing Bank, the Swing Line Lender or any Lender,
any right, remedy, power or privilege under any Loan Document shall operate as
a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege under any Loan Document preclude any other or
further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges under the Loan
Documents are cumulative and not exclusive of any rights, remedies, powers and
privileges provided by law.

	 	11.4.	 	Survival of Representations and Warranties and Certain Obligations

     (a) All representations and warranties made under the Loan Documents and
in any document, certificate or statement delivered pursuant thereto or in
connection therewith shall survive the execution and delivery of the Loan
Documents.

     (b) The obligations of the Credit Parties under Sections 3.4, 3.5, 3.6,
3.7, 3.8, 3.9, 3.10, 11.5 and 11.7 shall survive the termination of the
Revolving Credit Commitments, the Swing Line Commitment and the Letter of
Credit Commitments and the payment of the Loans, the Reimbursement Obligations
and all other amounts payable under the Loan Documents.

	 	11.5.	 	Expenses

     The Parent Borrower agrees, promptly upon presentation of a statement or
invoice therefor, and whether any Loan is made (i) to pay or reimburse the
Administrative Agent and BNY Capital Markets for all their respective
out-of-pocket costs and expenses reasonably incurred in connection with the
development, preparation, execution and syndication of, the Loan Documents and
any amendment, supplement or modification thereto (whether or not executed or
effective), any documents prepared in connection therewith and the
consummation of the transactions contemplated thereby, including the reasonable
fees and disbursements of Special Counsel, (ii) to pay or

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reimburse the Administrative Agent, the Issuing Banks, the Swing Line
Lender and the Lenders for all of their respective costs and expenses,
including reasonable fees and disbursements of counsel, incurred in connection
with (a) any Default and any enforcement or collection proceedings resulting
therefrom or in connection with the negotiation of any restructuring or
“work-out” (whether consummated or not) of the obligations of any Credit Party
under any of the Loan Documents and (b) the enforcement of this Section, (iii)
to pay, indemnify, and hold each of the Lenders, the Swing Line Lender, each
Issuing Bank and the Administrative Agent harmless from and against, any and
all recording and filing fees and any and all liabilities with respect to, or
resulting from any delay in paying, stamp, excise and other similar taxes, if
any, which may be payable or determined to be payable in connection with the
execution and delivery of, or consummation of any of the transactions
contemplated by, or any amendment, supplement or modification of, or any waiver
or consent under or in respect of, the Loan Documents and any such other
documents, and (iv) to pay, indemnify and hold each of the Lenders, the Swing
Line Lender, each Issuing Bank and the Administrative Agent and each of their
respective affiliates, officers, directors and employees harmless from and
against any and all other liabilities, obligations, claims, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind or nature whatsoever (including reasonable counsel fees and disbursements)
with respect to the enforcement and performance of the Loan Documents, the use
of the proceeds of the Loans and the Letters of Credit and the enforcement and
performance of the provisions of any subordination agreement involving the
Administrative Agent, the Issuing Banks, the Swing Line Lender and the Lenders
(all the foregoing, collectively, the “Indemnified Liabilities”), and, if and
to the extent that the foregoing indemnity may be unenforceable for any reason,
the Parent Borrower agrees to make the maximum payment not prohibited under
applicable law; provided, however, that the Parent Borrower shall have no
obligation to pay Indemnified Liabilities to the Administrative Agent, either
Issuing Bank, the Swing Line Lender or any Lender, as the case may be, arising
from the finally adjudicated gross negligence or willful misconduct of such
Agent or such Lender, as the case may be, or claims between one indemnified
party and another indemnified party. The agreements in this Section shall
survive the termination of the Revolving Credit Commitments, the Swing Line
Commitment and the Letter of Credit Commitments and the payment of all amounts
payable under the Loan Documents.

	 	11.6.	 	Assignments and Participations

     (a) Except as may otherwise be permitted by Sections 7.3, 8.3, 8.4 and
8.5, (i) the Loan Documents shall be binding upon and inure to the benefit of
the Credit Parties, the Lenders, the Swing Line Lender, the Issuing Banks, the
Administrative Agent, all future holders of the Loans and the Reimbursement
Obligations, and their respective successors and permitted assigns, and (ii) no
Credit Party may assign, delegate or transfer any of its rights or obligations
under the Loan Documents without the prior written consent of the
Administrative Agent, the Issuing Banks, the Swing Line Lender and each Lender.

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     (b) In addition to its rights under Section 11.6(e), each Lender shall
have the right to sell, assign, transfer or negotiate (each an “Assignment”)
one hundred percent, or any lesser percentage, of its rights and obligations
under the Loan Documents to any subsidiary or affiliate of such Lender, to any
other Lender, or to any Eligible Assignee, provided that (i) each such
Assignment shall be of a constant, and not a varying, percentage of all of the
assignor Lender’s rights and obligations under the Loan Documents, (ii) the sum
of (A) the Revolving Credit Commitment Amount of the Revolving Credit
Commitment assigned and (B) the outstanding principal amount of the Term Loans
assigned shall be not less than $2,500,000, or the full Revolving Credit
Commitment Amount and total Terms Loans outstanding of such assignor Lender,
(iii) the Parent Borrower, the Swing Line Lender, the Issuing Banks and the
Administrative Agent shall have consented thereto in writing (which consents
shall not be unreasonably withheld), provided, however, that such consents
shall not be required, (A) in the case of the Swing Line Lender, the Issuing
Banks and the Administrative Agent, if such assignee is another Lender, and (B)
in the case of the Parent Borrower, if a Default shall have occurred and then
be continuing or such assignee is a subsidiary or affiliate of such Lender or
is another Lender, and (iv) the assignor Lender and such assignee shall deliver
to the Administrative Agent three copies of an Assignment and Acceptance
Agreement executed by each of them, along with an assignment fee in the sum of
$3,500 for the account of the Administrative Agent. Upon receipt of such
number of executed copies of each such Assignment and Acceptance Agreement,
together with the assignment fee therefor and the Parent Borrower’s, the Swing
Line Lender’s, the Issuing Banks’ and the Administrative Agent’s consents to
such Assignment, if required, the Administrative Agent shall record the same
and execute not less than two copies of such Assignment and Acceptance
Agreement in the appropriate place, deliver one such copy to the assignor and
one such copy to the assignee, and deliver one photocopy thereof, as executed,
to the Parent Borrower, the Swing Line Lender and the Issuing Banks. From and
after the effective date specified in such Assignment and Acceptance Agreement,
the assignee thereunder shall be a party hereto and shall for all purposes of
this Agreement and the other Loan Documents be deemed a “Lender” and, to the
extent provided in such Assignment and Acceptance Agreement, the assignor
Lender thereunder shall be released from its obligations under this Agreement
and the other Loan Documents. The Administrative Agent shall be entitled to
rely upon the representations and warranties made by the assignee under each
Assignment and Acceptance Agreement.

     (c) In addition to the participations provided for in Section 11.10(a),
each Lender may grant participations in all or any part of its rights under the
Loan Documents to one or more Eligible Assignees, provided that (i) such
Lender’s obligations under this Agreement and the other Loan Documents shall
remain unchanged, (ii) such Lender shall remain solely responsible to the other
parties to this Agreement and the other Loan Documents for the performance of
such obligations, (iii) the Credit Parties, the Administrative Agent, the
Issuing Bank, the Swing Line Lender and the other Lenders shall continue to
deal solely and directly with such Lender in connection with such Lender’s
rights and obligations under this Agreement and the other Loan

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Documents, (iv) no sub-participations shall be permitted, (v) neither the
granting nor the offering of such participation would require that any
additional loss, cost or expense be borne by any Borrower at any time or would
require any registration or qualification under any applicable federal or state
securities laws, and (vi) the voting rights of any holder of any participation
shall be limited to the voting rights of such Lender under Sections 11.1(a),
(b), (c) and (d).

     (d) No Lender shall, as between and among the Credit Parties, the
Administrative Agent, each Issuing Bank, the Swing Line Lender and such Lender,
as the case may be, be relieved of any of its obligations under the Loan
Documents as a result of any Assignment or the granting of any participation in
all or any part of its rights under the Loan Documents, except that it shall
be relieved of its obligations to the extent of any such Assignment of all or
any part of its rights and obligations under the Loan Documents pursuant to
Section 11.6(b).

     (e) Subject to Section 11.6(d), any Lender may at any time or from time to
time assign all or any portion of its rights under the Loan Documents to a
Federal Reserve Bank, provided that any such assignment shall not release such
assignor from its obligations thereunder.

	 	11.7.	 	Indemnity

     The Parent Borrower agrees to defend, protect, indemnify, and hold
harmless the Administrative Agent, BNY Capital Markets, the Issuing Banks, the
Swing Line Lender and each Lender, each of their respective affiliates and each
of the respective officers, directors, employees and agents of each of the
foregoing (each an “Indemnified Person”) from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, claims, costs, expenses and disbursements of any kind or nature
whatsoever (including the reasonable fees and disbursements of counsel to such
Indemnified Persons in connection with any investigative, administrative or
judicial proceeding, whether direct, indirect or consequential and whether
based on any federal or state laws or other statutory regulations of any
jurisdiction, including securities and commercial laws and regulations, under
common law or at equitable cause, or on contract or otherwise, including any
liabilities and costs under federal, state or local health or safety laws or
environmental laws, regulations, or common law principles, arising from or in
connection with the past, present or future operations of the Parent Borrower,
any other Credit Party, or their respective predecessors in interest, or the
past, present or future environmental condition of the Property of the Parent
Borrower or any of its Subsidiaries, the presence of asbestos-containing
materials at any such Property, or the release or threatened release of any
hazardous substance into the environment from any such Property) in any manner
relating to or arising out of the Loan Documents, any commitment letter or fee
letter executed and delivered by the Parent Borrower or any of its Subsidiaries
and/or the Administrative Agent, the Issuing Banks or the Swing Line Lender,
the capitalization of the Parent Borrower or any of its Subsidiaries, the
Revolving

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Credit Commitments, the Swing Line Commitment or the Letter of Credit
Commitments, the making of, management of and participation in the Loans or the
Reimbursement Obligations, or the use or intended use of the proceeds of the
Loans or the Letters of Credit hereunder, provided that the Parent Borrower
shall have no obligation under this Section to an Indemnified Person with
respect to any of the foregoing to the extent found in a final judgment of a
court having jurisdiction to have resulted primarily out of the gross
negligence or willful misconduct of such Indemnified Person or arising solely
from claims between one such Indemnified Person and another such Indemnified
Person. The indemnity set forth herein shall be in addition to any other
obligations or liabilities of the Parent Borrower to each Indemnified Person
under the Loan Documents or at common law or otherwise, and shall survive any
termination of the Loan Documents, the expiration of the Revolving Credit
Commitments, the Swing Line Commitment and the Letter of Credit Commitments and
the payment of all Indebtedness under the Loan Documents.

	 	11.8.	 	Limitation of Liability

     No claim may be made by the Parent Borrower, any of its Subsidiaries, any
Lender, the Swing Line Lender, either Issuing Bank or other Person against the
Administrative Agent, any Lender, the Swing Line Lender, such Issuing Bank or
any directors, officers, employees, or agents of any of them for any special,
indirect, consequential or punitive damages in respect of any claim for breach
of contract or any other theory of liability arising out of or related to the
transactions contemplated by any Loan Document, or any act, omission or event
occurring in connection therewith, and each of the Parent Borrower, its
Subsidiaries, each Lender, the Swing Line Lender, each Issuing Bank and each
such other Person hereby waives, releases and agrees not to sue upon any claim
for any such damages, whether or not accrued and whether or not known or
suspected to exist in its favor.

	 	11.9.	 	Counterparts

     This Agreement may be executed by one or more of the parties thereto on
any number of separate counterparts and all of said counterparts taken together
shall be deemed to constitute one and the same document. It shall not be
necessary in making proof of any Loan Document to produce or account for more
than one counterpart signed by the party to be charged. A counterpart of any
Loan Document or to any document evidencing, and of any an amendment,
modification, consent or waiver to or of any Loan Document transmitted by
telecopy shall be deemed to be an originally executed counterpart. A set of
the copies of the Loan Documents signed by all the parties thereto shall be
deposited with each of the Parent Borrower and the Administrative Agent. Any
party to a Loan Document may rely upon the signatures of any other party
thereto which are transmitted by telecopy or other electronic means to the same
extent as if originally signed.

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	 	11.10.	 	Adjustments; Set-off

     (a) If any Lender, the Swing Line Lender or either Issuing Bank shall
obtain any payment (whether voluntary, involuntary, through the exercise of any
right of set-off, or otherwise) on account of its Loans or Reimbursement
Obligations in excess of its Outstanding Percentage of payments then due and
payable on account of the Loans or Reimbursement Obligations received by all
the Lenders, the Swing Line Lender and the Issuing Banks, such Lender, the
Swing Line Lender or such Issuing Bank, as the case may be, shall forthwith
purchase, without recourse, for cash, from the other Lenders, the Swing Line
Lender and the Issuing Banks such participations in their Loans and
Reimbursement Obligations as shall be necessary to cause such purchaser to
share such excess payment with each of them according to their Outstanding
Percentages, provided, however, that if all or any portion of such excess
payment is thereafter recovered from such purchaser, such purchase shall be
rescinded and the related seller shall repay to such purchaser the purchase
price to the extent of such recovery, together with an amount equal to such
seller’s pro rata share (according to the proportion of (i) the amount of all
other related required repayments to (ii) the total amount so recovered from
the purchaser) of any interest or other amount paid or payable by the purchaser
in respect of the total amount so recovered.

     (b) In addition to any rights and remedies of each Lender, the Swing Line
Lender and each Issuing Bank provided by law, upon the occurrence of an Event
of Default and acceleration of the Loans and the Reimbursement Obligations, or
at any time upon the occurrence and during the continuance of an Event of
Default under Section 9.1(a) or (b), each Lender, the Swing Line Lender and
each Issuing Bank shall have the right, without prior notice to any Credit
Party, any such notice being expressly waived by each Credit Party to the
extent permitted by applicable law, to set-off and apply against any
indebtedness or other liability, whether matured or unmatured, of any Credit
Party to such Lender, the Swing Line Lender or such Issuing Bank arising under
the Loan Documents, any amount owing from such Lender, the Swing Line Lender or
such Issuing Bank to such Credit Party. To the extent permitted by applicable
law, the aforesaid right of set-off may be exercised by such Lender, the Swing
Line Lender or such Issuing Bank against any Credit Party or against any
trustee in bankruptcy, custodian, debtor in possession, assignee for the
benefit of creditors, receiver, or execution, judgment or attachment creditor
of any Credit Party, or against anyone else claiming through or against any
Credit Party or such trustee in bankruptcy, custodian, debtor in possession,
assignee for the benefit of creditors, receivers, or execution, judgment or
attachment creditors, notwithstanding the fact that such right of set-off shall
not have been exercised by such Lender, the Swing Line Lender or such Issuing
Bank prior to the making, filing or issuance of, service upon such Lender, the
Swing Line Lender or such Issuing Bank of, or notice to such Lender, the Swing
Line Lender or such Issuing Bank of, any petition, assignment for the benefit
of creditors, appointment or application for the appointment of a receiver, or
issuance of execution, subpoena, order or warrant. Each Lender, the Swing Line
Lender and each Issuing Bank agrees promptly to notify the Parent Borrower and

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the Administrative Agent after each such set-off and application made by
such Lender, the Swing Line Lender or such Issuing Bank, as the case may be,
provided that the failure to give such notice shall not affect the validity of
such set-off and application.

	 	11.11.	 	Construction

     Each party to a Loan Document represents that it has been represented by
counsel in connection with the Loan Documents and the transactions contemplated
thereby and that the principle that agreements are to be construed against the
party drafting the same shall be inapplicable.

	 	11.12.	 	Governing Law

     The Loan Documents and the rights and obligations of the parties
thereunder shall be governed by, and construed and interpreted in accordance
with, the internal laws of the State of New York, without regard to principles
of conflict of laws, but including Section 5-1401 of the General Obligations
Law.

	 	11.13.	 	Judgment Currency

     (a) Each Credit Party’s obligations under the Loan Documents to make
payments in the applicable Currency (the “Obligation Currency”) shall not be
discharged or satisfied by any tender or recovery pursuant to any judgment
expressed in or converted into any currency other than the Obligation Currency,
except to the extent that, on the Business Day immediately following the date
of such tender or recovery, the Administrative Agent, the applicable Issuing
Bank, the Swing Line Lender or the applicable Lender, as the case may be, may,
in accordance with normal banking procedures, purchase the Obligation Currency
with such other currency. If for the purpose of obtaining or enforcing judgment
against any Credit Party in any court or in any jurisdiction, it becomes
necessary to convert into any currency other than the Obligation Currency (such
other currency being hereinafter referred to as the “Judgment Currency”) an
amount due in the Obligation Currency, the conversion shall be made at the rate
of exchange at which, in accordance with normal banking procedures in the
relevant jurisdiction, the Obligation Currency could be purchased with the
Judgment Currency as of the day immediately preceding the day on which the
judgment is given (such Business Day being hereinafter referred to as the
“Judgment Currency Conversion Date”).

     (b) If the amount of Obligation Currency purchased pursuant to the last
sentence of Section 11.13(a) is less than the sum originally due in the
Obligation Currency, the applicable Credit Party covenants and agrees to
indemnify the applicable recipient against such loss, and if the Obligation
Currency so purchased exceeds the sum originally due to such recipient, such
recipient agrees to remit to the applicable Credit Party such excess.

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	 	11.14.	 	International Banking Facilities

     (a) The Parent Borrower and the other Credit Parties acknowledge that some
or all of the Lenders may, in connection with the Loan Documents, utilize an
International banking facility (as defined in Regulation D).

     (b) Each Credit Party which is an entity located outside the United States
(i) understands that it is the policy of the Board of Governors of the Federal
Reserve System that deposits received by International banking facilities may
be used only to support the non-U.S. operations of a depositor (or its foreign
affiliates) located outside the United States and that extensions of credit by
International banking facilities may be used only to finance the non-U.S.
operations of a customer (or its foreign affiliates) located outside the United
States, and (ii) acknowledges that the proceeds of its borrowings hereunder
from an international banking facility will be used solely to finance its
operations outside the United States, or that of its foreign affiliates.

	 	11.15.	 	Headings Descriptive

     Section headings have been inserted in the Loan Documents for convenience
only and shall not be construed to be a part thereof.

	 	11.16.	 	Severability

     Every provision of the Loan Documents is intended to be severable, and if
any term or provision thereof shall be invalid, illegal or unenforceable for
any reason, the validity, legality and enforceability of the remaining
provisions thereof shall not be affected or impaired thereby, and any
invalidity, illegality or unenforceability in any jurisdiction shall not affect
the validity, legality or enforceability of any such term or provision in any
other jurisdiction.

	 	11.17.	 	Integration

     All exhibits to a Loan Document shall be deemed to be a part thereof.
Except for agreements between the Administrative Agent, Wachovia Bank, National
Association and/or Wachovia Capital Markets, LLC and the Parent Borrower with
respect to certain fees, the Loan Documents embody the entire agreement and
understanding among the Credit Parties, the Administrative Agent, the Issuing
Banks, the Swing Line Lender and the Lenders with respect to the subject matter
thereof and supersede all prior agreements and understandings among the Credit
Parties, the Administrative Agent, the Issuing Banks, the Swing Line Lender and
the Lenders with respect to the subject matter thereof.

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	 	11.18.	 	Consent to Jurisdiction

     Each party to a Loan Document hereby irrevocably submits to the
jurisdiction of any New York State or Federal court sitting in the City of New
York over any suit, action or proceeding arising out of or relating to the Loan
Documents. Each party to a Loan Document hereby irrevocably waives, to the
fullest extent permitted or not prohibited by law, any objection which it may
now or hereafter have to the laying of the venue of any such suit, action or
proceeding brought in such a court and any claim that any such suit, action or
proceeding brought in such a court has been brought in an inconvenient forum.
Each Credit Party hereby agrees that a final judgment in any such suit, action
or proceeding brought in such a court, after all appropriate appeals, shall be
conclusive and binding upon it.

	 	11.19.	 	Service of Process

     Each party to a Loan Document hereby irrevocably consents to the service
of process in any suit, action or proceeding by sending the same by first class
mail, return receipt requested or by overnight courier service, to the address
of such party set forth in Section 11.2 of this Agreement or the corresponding
Section of the applicable Loan Document executed by such party. Each party to
a Loan Document hereby agrees that any such service (i) shall be deemed in
every respect effective service of process upon it in any such suit, action, or
proceeding, and (ii) shall to the fullest extent enforceable by law, be taken
and held to be valid personal service upon and personal delivery to it.

	 	11.20.	 	No Limitation on Service or Suit

     Nothing in the Loan Documents or any modification, waiver, consent or
amendment thereto shall affect the right of either Agent or any Lender to serve
process in any manner permitted by law or limit the right of the Administrative
Agent, either Issuing Bank, the Swing Line Lender or any Lender to bring
proceedings against any Credit Party in the courts of any jurisdiction or
jurisdictions in which such Credit Party may be served.

	 	11.21.	 	WAIVER OF TRIAL BY JURY

     EACH OF THE ADMINISTRATIVE AGENT, THE ISSUING BANKS, THE SWING LINE
LENDER, THE LENDERS AND THE CREDIT PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION ARISING OUT OF, UNDER OR IN CONNECTION WITH THE LOAN DOCUMENTS OR
THE TRANSACTIONS CONTEMPLATED THEREIN. FURTHER, EACH CREDIT PARTY HEREBY
CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF THE ADMINISTRATIVE AGENT, EITHER
ISSUING BANK, THE SWING LINE LENDER OR THE LENDERS, OR COUNSEL TO THE
ADMINISTRATIVE AGENT, EITHER ISSUING BANK, THE SWING LINE

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LENDER OR THE LENDERS, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE
ADMINISTRATIVE AGENT, THE ISSUING BANKS, THE SWING LINE LENDER OR THE LENDERS
WOULD NOT, IN THE EVENT OF SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF
RIGHT TO JURY TRIAL PROVISION. EACH CREDIT PARTY ACKNOWLEDGES THAT THE
ADMINISTRATIVE AGENT, THE ISSUING BANKS, THE SWING LINE LENDER AND THE LENDERS
HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, INTER ALIA, THE PROVISIONS
OF THIS SECTION.

	 	11.22.	 	Parent Borrower as Agent for Subsidiary Borrowers

     Each Subsidiary Borrower hereby irrevocably designates and appoints the
Parent Borrower as its agent under the Loan Documents and such Subsidiary
Borrower hereby irrevocably authorizes the Parent Borrower to take such action
on its behalf under the provisions of the Loan Documents and to exercise such
powers and perform such duties as are expressly delegated to the Parent
Borrower by the terms of the Loan Documents, together with such other powers as
are reasonably incidental thereto.

	 	11.23.	 	Treatment of Certain Information

     Each Lender Party agrees, on behalf of itself and its Related Parties, to
use reasonable precautions to keep confidential, in accordance with its
customary procedures for handling confidential information of the same nature,
all non-public information supplied by any Borrower or any Subsidiary pursuant
to this Agreement which (a) is identified by such Person as being confidential
at the time the same is delivered to such Lender Party, or (b) constitutes any
financial statement, financial projections or forecasts, budget, compliance
certificate, audit report, management letter or accountants’ certification
delivered hereunder (“Information”), provided, however, that nothing herein
shall limit the disclosure of any such Information (i) to such of its Related
Parties as need to know such Information; (ii) to the extent required by
applicable laws or regulations or by any subpoena or similar legal process, or
requested by any bank regulatory authority, (iii) on a confidential basis, to
prospective lenders or participants or their counsel, (iv) to auditors or
accountants, and any analogous counterpart thereof, (v) to any other Lender
Party, (vi) in connection with any litigation to which any one or more of the
Lender Parties is a party, and (c) to the extent such Information (A) becomes
publicly available other than as a result of a breach of this agreement by such
Lender or any of its Related Parties, (B) becomes available to any of the
Lender Parties on a non-confidential basis from a source other than a Borrower
or any Subsidiary, or (C) was available to the Lender Parties on a
non-confidential basis prior to its disclosure to any of them by a Borrower or
any Subsidiary; or (vii) to the extent the Parent Borrower shall have consented
to such disclosure in writing.

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	 	11.24.	 	Parent Borrower Guaranty

     (a) Guaranty of Payment. The Parent Borrower hereby absolutely,
irrevocably and unconditionally guaranties the full and prompt payment when due
(whether at stated maturity, by acceleration or otherwise) of the obligations
of each Subsidiary Borrower hereunder and under the other Loan Documents to
which it is party (collectively, the “Subsidiary Obligations”). This guaranty
constitutes a guaranty of payment and not collection and neither the Lenders
nor the Administrative Agent acting on their behalf shall have any obligation
to enforce any Loan Document against any Subsidiary Borrower or exercise any
right or remedy thereunder by any action, prior to being entitled to the
benefits of this Section 11.24. The Administrative Agent may, at its option,
proceed against the Parent Borrower in the first instance, to enforce the
Subsidiary Obligations without first proceeding against the any Subsidiary
Borrower or any other Person, and without first resorting to any other rights
or remedies, as the Administrative Agent may deem advisable. In furtherance
hereof, if the Administrative Agent is prevented by law from collecting or
otherwise hindered from collecting or otherwise enforcing any Subsidiary
Obligation in accordance with its terms, the Administrative Agent shall be
entitled to receive hereunder from the Parent Borrower after demand therefor,
the sums which would have been otherwise due had such collection or enforcement
not been prevented or hindered.

     (b) Absolute Obligation. The Parent Borrower shall not be released from
liability hereunder unless and until the Revolving Credit Maturity Date shall
have occurred, the Commitments have been terminated and all outstanding
Subsidiary Obligations shall have been paid in full in cash. The Parent
Borrower acknowledges and agrees that it shall be liable hereunder, and such
liability shall not be affected or impaired, irrespective of (A) the validity
or enforceability of any Loan Document against any Subsidiary Borrower, or any
agreement, instrument or document executed or delivered in connection
therewith, or the collectibility of any of the Subsidiary Obligations, (B) the
preference or priority ranking with respect to any of the Subsidiary
Obligations, (C) the existence, validity, enforceability or perfection of any
security interest or collateral security under any Loan Document, or the
release, exchange, substitution or loss or impairment of any such security
interest or collateral security, (D) any failure, delay, neglect or omission by
the Administrative Agent or any Lender to realize upon, enforce or protect any
direct or indirect collateral security, indebtedness, liability or obligation,
any Loan Document, or any agreement, instrument or document executed or
delivered in connection therewith, or any of the Subsidiary Obligations, (E)
the existence or exercise of any right of set-off by the Administrative Agent
or any Lender, (F) the existence, validity or enforceability of any other
guaranty with respect to any of the Subsidiary Obligations, the liability of
any other Person in respect of any of the Subsidiary Obligations, or the
release of any such Person or any other guarantor of any of the Subsidiary
Obligations, (G) any act or omission of the Administrative Agent or any Lender
in connection with the administration of any Loan Document, or any of the
Subsidiary Obligations, (H) the bankruptcy, insolvency, reorganization or
receivership of,

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or any other proceeding for the relief of debtors commenced by or against,
any Person, (I) the disaffirmance or rejection, or the purported disaffirmance
or purported rejection, of any of the Subsidiary Obligations, any Loan
Document, or any agreement, instrument or document executed or delivered in
connection therewith, in any bankruptcy, insolvency, reorganization or
receivership, or any other proceeding for the relief of debtor, relating to any
Person, (J) any law, regulation or decree now or hereafter in effect which
might in any manner affect any of the terms or provisions of any Loan Document,
or any agreement, instrument or document executed or delivered in connection
therewith or any of the Subsidiary Obligations, or which might cause or permit
to be invoked any alteration in the time, amount or manner of payment or
performance of any of the Subsidiary Obligations and liabilities, (K) the
merger or consolidation of the Parent Borrower into or with any Person, (L) the
sale by any Subsidiary Borrower or the Parent Borrower of all or any part of
its assets, (M) the fact that at any time and from time to time there may be no
Subsidiary Obligations outstanding or owing to the Administrative Agent or any
Lender, (N) any amendment or modification of, or supplement to, any Loan
Document or (O) any other reason or circumstance which might otherwise
constitute a defense available to or a discharge of the Parent Borrower in
respect of its obligations or liabilities (including the Subsidiary
Obligations), or any other fact or circumstance which would excuse the
obligation of a guarantor or surety, other than by the performance in full
thereof. The Parent Borrower waives (i), demand, protest and notice of any
kind; (ii) any defense based upon or arising out of any defense which any
Subsidiary Borrower may have to the payment or performance of any part of its
Subsidiary Obligations; (iii) any defense based upon any disbursements by the
Administrative Agent or the Lenders to any Subsidiary Borrower pursuant to any
agreements or instruments governing the Subsidiary Obligations, whether same be
deemed an additional advance or be deemed to be paid out of any special
interest or other fund accounts, as constituting unauthorized payments
hereunder or amounts not guaranteed by this guaranty; (iv) until the
indefeasible payment in full of the Subsidiary Obligations, all rights of the
Parent Borrower to proceed against any Subsidiary Borrower, including but not
limited to all rights of subrogation and all rights to enforce any remedy that
the Parent Borrower may have against any Subsidiary Borrower and (v) all rights
to participate in any security held by the Administrative Agent for the
Subsidiary Obligations.

     (c) Repayment in Bankruptcy. If, at any time or times subsequent to the
payment of all or any part of the Subsidiary Obligations, the Administrative
Agent or any Lender shall be required to repay any amounts previously paid by
or on behalf of the Parent Borrower in reduction thereof by virtue of an order
of any court having jurisdiction in the premises, including as a result of an
adjudication that such amounts constituted preferential payments or fraudulent
conveyances, the Parent Borrower unconditionally agrees to pay to the
Administrative Agent, within 10 days after demand, a sum in cash equal to the
amount of such repayment, together with interest on such amount from the date
of such repayment by the Administrative Agent or such Lender to the date of
payment to the Administrative Agent at the applicable post-default rate
pursuant to Section 3.1(b).

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     (d) Miscellaneous. The Parent Borrower agrees that any statement of
account with respect to the Subsidiary Obligations from any Lender that binds
any Subsidiary Borrower shall be binding upon the Parent Borrower, and that
copies of said statements of account maintained in the regular course of such
Lender’s business may be used in evidence against the Parent Borrower in order
to establish its obligations in respect of its guaranty provided for in this
Section 11.24.

     (e) Subordination. The Parent Borrower agrees that any and all
Indebtedness owed to it by, and claims it may have against, any Subsidiary
Borrower, whether such Indebtedness or claims are in connection with the
guaranty contemplated by this Section 11.24 or the Subsidiary Obligations, or
are completely independent thereof, will be subordinate to the claims of the
Administrative Agent and the Lenders under this Section 11.24 and all
Indebtedness guarantied hereby, and that the Parent Borrower will not assert
any such claim against, or collect any amounts in respect thereof from, any
Subsidiary Borrower until all Subsidiary Obligations have been indefeasibly
satisfied in full in cash. Notwithstanding such subordination, and without
affecting or impairing in any manner the liability of the Parent Borrower under
the other provisions of this Section 11.24 any Indebtedness of any Subsidiary
Borrower to the Parent Borrower, if the Administrative Agent so requests, shall
be collected, enforced and received by the Parent Borrower as trustee for the
Administrative Agent and the Lenders and paid over to the Administrative Agent
on account of the Subsidiary Obligations.

	 	11.25.	 	USA Patriot Act Notice

     The Administrative Agent hereby notifies the Borrowers that, pursuant to
the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed
into law October 26, 2001)) (the “Patriot Act”), the Administrative Agent, the
Swing Line Lender, each Issuing Bank and each Lender is required to obtain,
verify and record information that identifies the Borrowers, which information
includes the name and address of each Borrower and other information that will
allow them to identify the Borrowers in accordance with the Patriot Act.

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

	 	 	 	 	 
	 	 	VALMONT INDUSTRIES, INC.
	 
	 	 	 	 
	

	 	By:	 	/s/ Terry J. McClain
	

	 	 	 	
 
	

	 	Name:	 	Terry J. McClain
	

	 	 	 	
 
	

	 	Title:	 	Senior Vice President and

	

	 	 	 	
 
	

	 	 	 	Chief Financial Officer
	

	 	 	 	
 

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	 	 	THE BANK OF NEW YORK,

Individually, as Administrative Agent,
as Issuing Bank and as Swing Line
Lender
	 
	 	 	 	 
	

	 	By:	 	/s/ John-Paul Marotta
	

	 	 	 	
 
	

	 	Name:
	 	John-Paul Marotta
	

	 	Title:
	 	Vice President

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	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION,

Individually and as Issuing Bank
	 
	 	 	 	 
	

	 	By:	 	/s/ Robert A. Brown
	

	 	 	 	
 
	

	 	Name:	 	Robert A. Brown
	

	 	 	 	
 
	

	 	Title:	 	Director
	

	 	 	 	
 

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	 	 	LASALLE BANK NATIONAL ASSOCIATION
	 
	 	 	 	 
	

	 	By:	 	/s/ Lezlee Schutty
	

	 	 	 	
 
	

	 	Name:	 	Lezlee Schutty
	

	 	 	 	
 
	

	 	Title:	 	Assistant Vice President
	

	 	 	 	
 

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	 	 	COOPERATIEVE CENTRALE

RAIFFEISEN - BOERENLEENBANK B.A,

“RABOBANK NEDERLAND”,

NEW YORK BRANCH
	 
	 	 	 	 
	

	 	By:	 	/s/ John L. Church
	

	 	 	 	
 
	

	 	Name:	 	John L. Church
	

	 	 	 	
 
	

	 	Title:	 	Executive Director
	

	 	 	 	
 
	 
	 
	 
	 
	 
	 
	 
	

	 	By:	 	/s/ Brett Delfino
	

	 	 	 	
 
	

	 	Name:	 	Brett Delfino
	

	 	 	 	
 
	

	 	Title:	 	Executive Director
	

	 	 	 	
 

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	 	 	U.S. BANK NATIONAL ASSOCIATION
	 
	 	 	 	 
	

	 	By:	 	/s/ Joseph T. Sullivan, III
	

	 	 	 	
 
	

	 	Name:	 	Joseph T. Sullivan, III
	

	 	 	 	
 
	

	 	Title:	 	Assistant Vice President
	

	 	 	 	
 

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	 	 	BANK OF AMERICA, N.A.
	 
	 	 	 	 
	

	 	By:	 	/s/ Lynn W. Stetson
	

	 	 	 	
 
	

	 	Name:	 	Lynn W. Stetson
	

	 	 	 	
 
	

	 	Title:	 	Managing Director
	

	 	 	 	
 

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	 	 	COMERICA BANK
	 
	 	 	 	 
	

	 	By:	 	/s/ Timothy O'Rourke
	

	 	 	 	
 
	

	 	Name:	 	Timothy O'Rourke
	

	 	 	 	
 
	

	 	Title:	 	Vice President
	

	 	 	 	
 

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	 	 	HARRIS TRUST AND SAVINGS BANK
	 
	 	 	 	 
	

	 	By:	 	/s/ James J. Owen
	

	 	 	 	
 
	

	 	Name: James J. Owen	 	 
	

	 	 	 	
 
	

	 	Title:    Vice President	 	 
	

	 	 	 	
 

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	 	 	KEYBANK NATIONAL ASSOCIATION
	 
	 	 	 	 
	

	 	By:	 	/s/ Suzanna Harris
	

	 	 	 	
 
	

	 	Name:	 	Suzanna Harris
	

	 	 	 	
 
	

	 	Title:	 	Asst. Vice President
	

	 	 	 	
 

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	 	 	WELLS FARGO BANK, N.A.
	 
	 	 	 	 
	

	 	By:	 	/s/ 
	

	 	 	 	
 
	

	 	Name:	 	 
	

	 	 	 	
 
	

	 	Title:	 	 
	

	 	 	 	
 

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	 	 	ALLIED IRISH BANKS, P.L.C.
	 
	 	 	 	 
	

	 	By:	 	/s/ Rina Terradista
	

	 	 	 	
 
	

	 	Name:	 	Rina Terradista
	

	 	 	 	
 
	

	 	Title:	 	Senior Vice President
	 
	 
	

	 	 	 	
 
	

	 	By:	 	/s/ Joseph Augustini
	

	 	 	 	
 
	

	 	Name:	 	Joseph Augustini
	

	 	 	 	
 
	

	 	Title:	 	Vice President
	

	 	 	 	
 

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	 	 	FIFTH THIRD BANK
	 
	 	 	 	 
	

	 	By:	 	/s/ Mike Mendenhall
	

	 	 	 	
 
	

	 	Name:	 	Mike Mendenhall
	

	 	 	 	
 
	

	 	Title:	 	Corporate Banking Officer
	

	 	 	 	
 

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	 	 	KBC BANK, N.V.
	 
	 	 	 	 
	

	 	By:	 	/s/ Jean-Pierre Diels
	

	 	 	 	
 
	

	 	Name:	 	Jean-Pierre Diels
	

	 	 	 	
 
	

	 	Title:	 	First Vice President
	

	 	 	 	
 
	 
	

	 	By:	 	/s/ Robert M. Surdam, Jr.
	

	 	 	 	
 
	

	 	Name:	 	Robert M. Surdam, Jr.
	

	 	 	 	
 
	

	 	Title:	 	Vice President
	

	 	 	 	
 

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