Document:

<PAGE>   1
                                                                     EXHIBIT 4.1

                          INTERCOMPANY CREDIT FACILITY

THIS AGREEMENT is made and entered as of this 28th day of October 1999, by and

BETWEEN

(1)  FIAT FINANCE AND TRADE Ltd. S.A., 13 Rue Aldringen, L-111B Luxembourg
     hereinafter referred to as the LENDER,

(2)  NEW HOLLAND N.V.-Schiphol Boulevard 217, WTC Airport-1118BH Luchthaven
     Schiphol, Netherlands
     hereinafter referred to as the BORROWER

IT IS HEREBY AGREED as follows:

1.   DEFINITIONS AND INTERPRETATION

     1.1  Save as otherwise provided in this Agreement, the following words and
          phrases have the following meanings throughout this Agreement:

ADVANCE: means the principal amount of an advance made or to be made by the
Lender under this Agreement;

AVAILABLE FACILITY: means at any time in relation to the Lender the amount of
the Facility less the amount of each Advance which has then been made hereunder;

BUSINESS DAY: means a day on which banks are open for foreign and domestic
business in London and New York;

EVENT OF DEFAULT: means any of the events specified in Clause 8;

INTEREST PERIOD: means each of the periods determined in accordance with this
Agreement for which a rate of interest is to be established hereunder;

US DOLLARS: means the lawful currency for the time being of the United States
of America;

FINAL MATURITY DATE: means 28th October 2000.

LIBOR: means in respect of any period and amount the rate for deposits for such
period in US Dollars which appears on the Reuters page FRBD (or such other page
as may replace it) as of 11:00 a.m. on the second Business Day before the first
day of that period. If no such rate is displayed in such page, Libor will be
determined on the basis of the cost to the Lender of funding the relevant
advance for the relevant duration, such cost to be comparable to the rate of
interest on annual basis then paid to the international market by prime banks
for deposit in the relevant duration;

LOAN: means the aggregate principal amount for the time being advanced and
outstanding pursuant to this Agreement;
<PAGE>   2
MARGIN: up to 0.25% per annum as shall have been agreed upon by the Lender and
the Borrower;

PREPAYMENT DATE: in relation to any Advance, means the time of expiry of a
notice of prepayment;

REPAYMENT DATE: in relation to any Advance, means the last day of the Interest
Period thereof;

REVOLVING CREDIT FACILITY or FACILITY: means the revolving credit facility
available in US Dollars granted to the Borrower in this Agreement.

2.   THE FACILITY

     2.1  Availability to the Borrower

          The Lender grants to the Borrower, upon and subject to the conditions
          of this Agreement, a Revolving Credit Facility in the aggregate
          amount not exceeding USD 600,000,000 for a period of one year from
          the date of this Facility Agreement.

3.   UTILISATION OF THE FACILITY

     3.1  Conditions of Utilisation

          Save as otherwise provided in this Agreement, an Advance will be made
          by the Lender to the Borrower on its request if:

          3.1.1     the amount of such Advance does not exceed the Available
                    Facility.

          3.1.2     the amount of the proposed Advance which shall be an amount
                    which is not less then USD 500,000.

          3.1.3     the proposed term of such Advance shall be any period up to
                    6 months or such other longer period as may be agreed
                    between the Lender and the Borrower.

          3.1.4     any Interest Period would otherwise and on a day which is
                    not a Business Day that Interest Period shall be extended
                    to the next succeeding Business Day.

          3.1.5     no Event of Default has occurred as of the proposed date of
                    the making of such Advance.

     3.2  Termination

          The Lender has the right to terminate the Facility at any time, by
          giving to the Borrower not less than thirty days' prior notice to
          that effect (such notice hereinafter referred to as the "Termination
          Notice") whereupon:

          a)   with effect from the date of expiry of such Termination Notice
               the amount of the Available Facility, if any, shall be cancelled
               and reduced to zero; and
<PAGE>   3
          b)   the loan with any interest and other amounts accrued and/or
               owing hereunder shall be repaid at maturity to the Lender; and

          c)   upon repayment of all Advances the Facility shall be cancelled
               and reduced to zero.

4.   INTEREST

     4.1  Date of Payment

          On the Repayment Date, relating to each Advance, the Borrower shall
          pay accrued interest on that Advance.

     4.2  Rate of Interest

          The rate of interest applicable to each Advance from time to time
          during its interest period shall be the rate per annum which is the
          sum of (1) Libor applicable to such Advance for such Interest Period
          and (2) the Margin at such time.

     4.3  Computation of Interest

          All payments of interest hereunder shall be calculated on the basis
          of the number of days elapsed and a year of 360.

5.   REPAYMENT

     5.1  Repayments Generally

          Each Advance shall be repaid by the Borrower in full on the Repayment
          Date relating thereto. The Borrower shall not repay all or any part
          of any Advance outstanding hereunder except at the times and in the
          manner expressly provided herein but, subject to the terms and
          conditions hereof, shall be entitled to reborrow any amount repaid
          under this Clause 5.

     5.2  Requirement to Gross-up

          All payments to be made by the Borrower under this Agreement shall be
          made free and clear of and without deduction for or on account of tax
          unless the Borrower is required by law to make such a payment subject
          to the deduction or withholding of tax, in which case the sum payable
          by the Borrower in respect of which such deduction or withholding is
          required to be made shall be increased to the extent necessary to
          ensure that, after the making of such deduction or withholding, the
          Lender receives and retains (free from any liability in respect of any
          such deduction or withholding) a net sum equal to the sum which it
          would have received and so retained had no such deduction or
          withholding been made or been required to be made.

6.   PREPAYMENT

     The Borrower will have the option, by giving to the Lender not less than 30
     days' prior notice to that effect, to prepay in whole or in part (being an
     amount or integral multiple of USD 500,000.) any advance as at the time of
     expiry of such notice. In this case, the Borrower shall pay the
<PAGE>   4
     advance (in whole or in part) together with accrued interest thereon on the
     Prepayment date for such Advance in the currency in which it is denominated
     without penalty subject to the payment to the Lender of the difference, if
     negative, between (a) the amount of interest which the Lender is able to
     obtain by placing an amount equal to the amount prepaid on deposit with
     prime banks in the relevant interbank market for the remainder of the
     relevant interest period, as soon as reasonably practicable after receipt
     thereof from the Borrower and (b) the amount of interest which would
     otherwise be payable to the Lender on the relevant amount received for the
     remainder of the relevant interest period (less the margin).

7.   CANCELLATION

     The Borrower may, by giving to the Lender not less than 30 day's prior
     notice to that effect, cancel the whole or any part of the Facility as at
     the time of expiry of such notice. Any such notice shall take effect on its
     expiry and shall reduce the Available Facility rateably.

8.   EVENTS OF DEFAULT

     8.1  the Borrower shall fail to pay when due any principal of or interest
          on the Loan or any other amount payable hereunder; or

     8.2  the Borrower shall default in the due performance and observance of
          any other material provision contained in this Agreement and such
          default (if capable of remedy) shall remain unremedied for thirty days
          after notice thereof shall have been given by the Lender to the
          Borrower; or

     8.3  any representation, warranty or statement made or deemed to be
          repeated in this Agreement by the Borrower hereunder or in connection
          herewith shall be at any time incorrect in any respect or any such
          representation, warranty or statement would, if made or repeated at
          any time with reference to the facts and circumstances then
          subsisting, be than incorrect; or

     8.4  the Borrower shall propose, commence negotiations with a view to
          enter into any arrangement or composition with or for the benefit of
          its creditors or any of them, or if any receiver, trustee, custodian,
          liquidator or similar officer is appointed for it or for all or any
          part of its property, or if the Borrower is the subject, with or
          without its own consent, of any bankruptcy, insolvency, readjustment
          of debt, reorganisation, dissolution or other similar procedure, and
          such procedure continues undismissed or unstrayed for thirty (30) days
          after commencement; or

     8.5  Fiat S.p.A., Turin, Italy shall cease to control directly or
          indirectly at least 50% of the voting share capital of the Borrower
          or, if the Borrower is merged into another company or such a merger is
          approved by the relevant corporate bodies of the Borrower, the
          surviving entity is no longer at least 50% directly or indirectly
          controlled by Fiat S.p.A.;

     at any time after the occurrence of any event set out in this Clause 8 when
     such event is continuing unwaived, the Lender may by notice to the Borrower
     declare that this Facility shall be terminated and demand immediate
     repayment of all the Advances together with accrued interest to the date of
     actual repayment and any other sum due under the Facility. The Borrower
     shall indemnify the Lender against all losses or expenses reasonably
     incurred as a result of the occurrence of an Event of Default.
<PAGE>   5
9.   REPRESENTATIONS

     The Borrower represents to the Lender as follows at present:

     9.1  it is a company incorporated and validly existing and in good
          standing under the laws of its incorporation;

     9.2  it has necessary corporate power to borrow under this Facility and
          has taken all necessary corporate and other action to authorise the
          execution, delivery and performance of this Facility Letter;

     9.3  this Facility Letter has been duly executed and delivered by the
          Borrower, and constitutes legally binding, direct and unconditional
          obligations enforceable against the Borrower in accordance with its
          terms; and

     9.4  the execution, delivery and performance of this Facility do not
          violate any provision of any existing law or regulation or statute
          applicable to it.

10.  EXPENSES

     The Borrower shall reimburse the Lender on demand for all reasonable
     charges and expenses incurred in connection with the enforcement of, or the
     preservation of any rights under, this Agreement (including legal and
     out-of-pocket expenses and all value added tax thereon), upon presentation
     of appropriate documentation.

     Any notice to be given by either party hereunder to the other shall be
     given in writing to such party at its address stated above or such other
     address last notified to the other party for that purpose and shall be
     deemed to be given when dispatched (if given by telex), or when hand
     delivered to the relevant address or five days after posting (if given by
     mail) provided that any such notice shall be effective only when received.

11.  ASSIGNMENT

     This Agreement may not be assigned by any party hereto without the prior
     written consent of the other party.

12.  LAW

     This Agreement shall be governed by and construed in accordance with the
     laws of England and Wales.

13.  JURISDICTION

     13.1 Each of the parties hereto agrees, without prejudice to the right of
          either party to take proceedings in relation hereto before any other
          court of competent jurisdiction, that the courts of London shall have
          jurisdiction to hear and determine any suit, action or proceeding, and
          to settle any disputes, which may arise in relation hereto and, for
          such purposes, irrevocably submits to the jurisdiction of such courts.

<PAGE>   6

     13.2      The Lender agree that the process by which any suit, action or
               proceeding in the courts of England are begun may be served on
               the lender by being delivered by hand to Fiat Finance and Trade
               Ltd., UK Branch, Berkeley Square, London W1X 6AL or its other
               registered office for the time being.

     13.3      The Borrower agree that the process by which any suit, action or
               proceeding in the courts of England are begun may be served on
               the Borrower by being delivered by hand to Fiat UK Limited,
               Berkeley Square, London W1X 6AL or its other registered office
               for the time being.

14.  SEVERABILITY OF PROVISIONS

     Any provision of this Agreement which is prohibited or unenforceable in
     any jurisdiction shall, as to such jurisdiction, be ineffective to the
     extent of such prohibition or unenforceability without invalidating the
     remaining provisions hereof, which shall remain in full force and effect.

15.  NOTICES

     15.1      Addresses

               15.1.1    Any notice required to be given to the Lender shall be
                         deemed properly given when addressed to the Lender at:

                         Fiat Finance and Trade Ltd., Luxembourg
                         c/o Fiat Finance and Trade Ltd., Luxembourg
                         Succursale di Paradiso
                         Riva Paradiso 14 - 6002 Lugano Paradiso
                         Switzerland

               15.1.2    Any notice to be given to the Borrower hereunder should
                         be deemed properly given when addressed to the Borrower
                         at:

                         NEW HOLLAND N.V.
                         c/o NEW HOLLAND Limited
                         Attn. The Treasurer
                         950 Great West Road
                         Brentford Middlesex TW8 9ES
                         U.K.

16.  COUNTERPARTS

     This Agreement shall be executed in any number of counterparts, each of
     which shall constitute an original.<PAGE>   1
                                                                     EXHIBIT 4.2
=============================================================================

                                28TH OCTOBER 1999

                                   [FIAT LOGO]

                               [NEW HOLLAND LOGO]

                         CREDIT AGREEMENT RELATING TO A
                        $2,400,000,000 TERM LOAN FACILITY
                               TO NEW HOLLAND N.V.
                            GUARANTEED BY FIAT S.P.A.

                                   ARRANGED BY
                               CHASE MANHATTAN PLC
                           CREDIT SUISSE FIRST BOSTON

                 [CHASE LOGO] [CREDIT SUISSE/FIRST BOSTON LOGO]

                            [WILDE SAPTE LONDON LOGO]

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

<PAGE>   2

                                                            Conformed Copy

                             DATED 28TH October 1999

                                NEW HOLLAND N.V.
                                   As Borrower

                                       And

                                   FIAT S.p.A.
                                  As Guarantor

                                       and

                                    THE BANKS

                                       And

                      CHASE MANHATTAN INTERNATIONAL LIMITED
                                    As Agent

                                       And

                               CHASE MANHATTAN plc
                           CREDIT SUISSE FIRST BOSTON
                                As Lead Arrangers

          ------------------------------------------------------------
                                CREDIT AGREEMENT
                                  relating to a
                            dollar term loan facility
                                of $2,400,000,000
          ------------------------------------------------------------

                                  WILDE SAPTE
                                  1 Fleet Place
                                 London EC4M 7WS

                               Tel. 0171 246 7000
                                Fax 0171 246 7777

<PAGE>   3

                                TABLE OF CONTENTS

Clause       Heading                                                Page Number
------       -------                                                -----------

1.           DEFINITIONS AND INTERPRETATION............................   1
1.1          Definitions...............................................   1
1.2          Headings..................................................   6
1.3          Interpretation............................................   6

2.           FACILITY..................................................   7
2.1          Facility..................................................   7
2.2          Obligations several.......................................   7
2.3          Rights several............................................   7

3.           PURPOSE...................................................   8
3.1          Purpose...................................................   8
3.2          No monitoring.............................................   8

4.           CONDITIONS PRECEDENT......................................   8

5.           DRAWDOWN..................................................   8
5.1          Drawdown Period...........................................   8
5.2          Conditions to each Advance................................   8
5.3          Drawdown Notice...........................................   8
5.4          Limitations on Advances...................................   9
5.5          Notification to Banks.....................................   9
5.6          Participations............................................   9

6.           INTEREST..................................................   9
6.1          Interest rate.............................................   9
6.2          Interest Periods..........................................   9
6.3          Default interest..........................................   10
6.4          Calculation and payment of interest.......................   10
6.5          Agent's determination.....................................   11

7.           REPAYMENT AND PREPAYMENT..................................   11
7.1          Repayment.................................................   11
7.2          Voluntary Prepayment......................................   11
7.3          Mandatory Reduction and Prepayment........................   11
7.4          Accrued interest and broken funding costs.................   12
7.5          Effect of repayment or prepayment.........................   12
7.6          Limitation................................................   12

8.           CANCELLATION..............................................   12
8.1          Cancellation..............................................   12
8.2          Notice....................................................   12
8.3          Effect of cancellation....................................   12
8.4          Limitation................................................   12

9.           CHANGES IN CIRCUMSTANCE...................................   12
9.1          Illegality................................................   12
9.2          Increased Costs...........................................   13
9.3          Market disruption.........................................   14
9.4          Mitigation................................................   15
9.5          Certificates..............................................   15

<PAGE>   4

10.          PAYMENTS.................................................    15
10.1         Place and time...........................................    15
10.2         Funds....................................................    15
10.3         Distribution.............................................    15
10.4         Business Days............................................    16
10.5         Currency.................................................    16
10.6         Accounts as evidence.....................................    16
10.7         Partial payments.........................................    16
10.8         Set-off and counterclaim.................................    17
10.8         Grossing-up..............................................    17

11.          GUARANTEE................................................    18
11.1         Guarantee................................................    18
11.2         Guarantee Provisions.....................................    19

12.          REPRESENTATIONS AND WARRANTIES...........................    21
12.1         Representations and warranties...........................    21
12.2         Repetition...............................................    22

13.          UNDERTAKING..............................................    22
13.1         Information undertakings.................................    22
13.2         Positive undertakings....................................    23
13.3         Negative pledge..........................................    23

14.          DEFAULT..................................................    23
14.1         Default..................................................    23
14.2         Acceleration.............................................    25

15.          PRO RATA SHARING.........................................    25
15.1         Redistribution...........................................    25
15.2         Legal proceedings........................................    26
15.3         Reversal of redistribution...............................    26
15.4         Information..............................................    26

16.          THE AGENT, THE LEAD ARRANGERS AND THE BANKS..............    26
16.1         Appointment and duties...................................    26
16.2         Payments.................................................    27
16.3         Default..................................................    28
16.4         Reliance.................................................    28
16.5         Legal proceedings........................................    28
16.6         No liability.............................................    28
16.7         Credit decisions.........................................    29
16.8         Information..............................................    29
16.9         Relationship with Banks..................................    29
16.10        Agent's position.........................................    30
16.11        Indemnity................................................    30
16.12        Resignation..............................................    30
16.13        Change of office.........................................    31

17.          FEES AND EXPENSES........................................    31
17.1         Expenses and Costs.......................................    31
17.2         Arrangement and agency fees..............................    31
17.3         Commitment fee...........................................    32
17.4         Documentary Taxes Indemnity..............................    32
17.5         VAT......................................................    32

18.          AMENDMENTS AND WAIVERS...................................    32
18.1         Majority Banks...........................................    32

<PAGE>   5

18.2             All Banks.............................................   32
18.3             No implied waivers; remedies cumulative...............   33

19.              MISCELLANEOUS.........................................   33
19.1             Severance.............................................   33
19.2             Counterparts..........................................   33

20.              NOTICES...............................................   33
20.1             Method................................................   33
20.2             Delivery..............................................   33
20.3             Addresses.............................................   34
20.4             Deemed receipt........................................   34
20.5             Notices through Agent.................................   35

21.              ASSIGNMENTS AND TRANSFERS.............................   35
21.1             Benefit of Agreement..................................   35
21.2             Assignments and transfers by an Obligor...............   35
21.3             Assignment by Banks...................................   35
21.4              Transfers by Banks....................................  35
21.5             Condition to assignments and transfers................   36
21.6             Consequences of transfer..............................   36
21.7             Disclosure of information.............................   36

22.              INDEMNITIES...........................................   37
22.1             Breakage costs indemnity..............................   37
22.2             Currency indemnity....................................   37
22.3             General...............................................   38

23.              LAW AND JURISDICTION..................................   38
23.1             Law...................................................   38
23.2             Jurisdiction..........................................   38
23.2             Agent for service.....................................   38

SCHEDULE 1       THE BANKS.............................................   39
SCHEDULE 2       CONDITIONS PRECEDENT..................................   40
SCHEDULE 3       DRAWDOWN NOTICE.......................................   41
SCHEDULE 4       FORM OF TRANSFER CERTIFICATE..........................   42

<PAGE>   6

THIS AGREEMENT is made on 28th October 1999

BY:

(1)      NEW HOLLAND N.V., a company incorporated in the Netherlands whose
         registered office is at Schiphol Boulevard 217, WTC Airport, 1118 BH
         Luchthaven Schiphol, The Netherlands (the "Borrower");

(2)      FIAT S.p.A., a company incorporated in the Republic of Italy whose
         registered office is at Via Nizza 250, 10126 Turin, Italy (the
         "Guarantor");

(3)      THE BANKS listed in Schedule 1;

(4)      CHASE MANHATTAN INTERNATIONAL LIMITED of Trinity Tower, 9 Thomas More
         Street, London E1 9YT as the Agent (as that term is defined below);
         and

(5)      CHASE MANHATTAN plc of 125 London Wall, London EC2Y 5AJ and CREDIT
         SUISSE FIRST BOSTON of 1-5 Cabot Square, London E14 4QR as the joint
         lead arrangers of the facility made available under this Agreement (the
         "Lead Arrangers").

IT IS AGREED as follows:

1.       DEFINITIONS AND INTERPRETATION

1.1      Definitions

         In this Agreement:

         "ADDITIONAL COST RATE" means, in relation to a Participation of a Bank
         in an Advance, the aggregate cost, if any, certified by such Bank as
         the cost to it of complying with the reserve asset and other regulatory
         requirements of the European Central Bank and/or the Financial Services
         Authority in relation to that Participation or any class of loans of
         which that Participation forms part, expressed as a percentage rate per
         annum for the relevant Interest Period.

         "ADVANCE" means an advance made or to be made to the Borrower under the
         Facility or, as the case may be, the outstanding principal amount of
         any such advance, and each advance into which an advance may be split
         pursuant to Clause 6.2.4.

         "AGENCY FEES LETTER" means the letter dated 17 September 1999 from the
         Agent to the Obligors relating to certain fees payable to the Agent by
         the Borrower in relation to this Agreement.

         "AGENT" means Chase Manhattan International Limited in its capacity as
         agent for the Banks and each successor agent appointed in accordance
         with Clause 16.12.

         "ARRANGEMENT FEES LETTER" means the letter dated 17 September 1999 from
         the Lead Arrangers to the Obligors relating to certain fees payable to
         the Lead Arrangers by the Borrower in relation to this Agreement.

         "AVAILABLE COMMITMENT" means, in relation to a Bank, its Commitment
         less its Participations in all outstanding Advances.

<PAGE>   7
          "AVAILABLE FACILITY" means the aggregate of the Available Commitments
          of the Banks.

          "BANKS" means the banks and other financial institutions listed in
          Schedule 1 and any Bank Transferee, together with their respective
          successors in title, provided that any bank or financial institution
          which transfers all of its Commitment in accordance with Clause 21.4
          shall cease to be a "Bank".

          "BANK TRANSFEREE" has the meaning given to that term in Clause 21.4.2.

          "BUSINESS DAY" means a day (other than a Saturday or Sunday) on which
          banks are open for general interbank business in London and New York.

          "CERTIFIED COPY" means, in relation to a document, a copy of that
          document certified a true, complete and accurate copy, of the original
          by a duly authorized officer of the relevant company.

          "CHANGE" means, in relation to a Bank (or any company of which that
          Bank is a Subsidiary), the introduction, implementation, repeal,
          withdrawal or change in, or in the official interpretation or
          application of (a) any law or regulation or (b) any official
          directive requirement, request or guidance (whether or not having the
          force of law but if not having the force of law, one which applies
          generally to a class or category of financial institution of which
          that Bank (or that company) forms part and compliance with which is
          in accordance with the general practice of those financial
          institutions) of the European Community, any central bank including
          the European Central Bank, Financial Services Authority, or any other
          fiscal, monetary or regulatory authority.

          "COMMITMENT" means, in relation to a Bank, the amount set out opposite
          its name in Schedule 1 or, in relation to a Bank which becomes a Bank
          after the date hereof, under the heading "Amount of Commitment
          Transferred" in the schedule to the Transfer Certificate(s) pursuant
          to which it becomes a Bank, in each case as reduced or cancelled in
          accordance with this Agreement.

          "DEFAULT" means any event specified as such in Clause 14.1.

          "DOLLARS" and "$" means the lawful currency for the time being of the
          United States of America.

          "DRAWDOWN DATE" means the date on which an Advance is made, or is
          proposed to be made.

          "DRAWDOWN NOTICE" means a notice substantially in the form set out in
          Schedule 3.

          "DRAWDOWN PERIOD" means the period starting on the date of this
          Agreement and ending on the date falling 60 days after the date of
          this Agreement.

          "ENCUMBRANCE" means any mortgage, charge, pledge, lien or any other
          security interest (other than arising by operation of law).

          "FACILITY" means the Dollar term loan facility granted to the Borrower
          under this Agreement.

          "FACILITY PERIOD" means the period starting on the date of this
          Agreement and ending on the date on which all the obligations and
          liabilities of the Obligors under the Financing

<PAGE>   8

          Documents are discharge in full and none of the Agent and the Banks
          has any continuing obligation in relation to the Facility.

          "FINANCIAL YEAR" means, in relation to an Obligor, each accounting
          period of 12 months in respect of which it prepares its financial
          statements.

          "FINANCE PARTIES" means the Banks, the Agent and the Lead Arrangers.

          "FINANCING DOCUMENTS" means this Agreement, the Agency Fees Letter and
          the Arrangement Fees Letter.

          "GAAP" means, in relation to a company, accounting principles,
          concepts, bases and policies generally adopted and accepted in the
          jurisdiction of its incorporation or, if appropriate, the
          international accounting principles formulated by the International
          Accounting Standards Committee.

          "INDEBTEDNESS" means any obligation (whether incurred a principal or
          as surety) for the payment or repayment of borrowed money, whether
          present or future, including any contingent obligation in respect
          thereof by reason of any guarantee or other assumption of liability
          for obligation in respect thereof by reason of any guarantee or other
          assumption of liability for obligations of third parties and any
          actual or contingent obligation in respect of any interest rate swap
          or cross-currency swap or forward sale or purchase contract or other
          form of interest or currency hedging transaction.

          "INFORMATION MEMORANDUM" means the information memorandum dated
          September 1999 and prepared by the Borrower in connection with this
          Agreement.

          "INTEREST DATE" means the last day of an Interest Period.

          "INTEREST PERIOD" means each period determined in accordance with
          Clause 6 for the purpose of calculating interest on Advances or
          overdue amounts.

          "LENDING OFFICE" means, in relation to a Bank, the office set out
          under its name in Schedule 1 or in the schedule to its relevant
          Transfer Certificate, or such other office through which that Bank's
          Commitment is maintained an through which its Participation is made
          and maintained under this Agreement.

          "LIBOR" means, in relation to an Advance or overdue amount and in
          relation to a particular Interest Period:

          (a)      the interest rate for Dollar deposits (or, as the case may
                   be, deposits in the currency of such overdue amount) for a
                   period equal to that Interest Period which appears on the
                   screen display designated a "Page 3750" on the Telerate
                   Service (or such other screen display or service as may
                   replace it for the purpose of displaying British Bankers'
                   Association LIBOR Rates for Dollar deposits in the London
                   interbank market) at or about 11:00 a.m. on the applicable
                   Rate Fixing Day; and

          (b)      if no such interest rate appears on the Telerate Service (or
                   such replacement), the arithmetic mean (rounded upwards to 4
                   decimal places) of the rates per annum (as quoted to the
                   Agent at its request) at which each Reference Bank was
                   offering Dollar deposits (or, as the case may be, deposits in
                   the currency of such overdue amount) in an amount comparable
                   with that Advance or overdue amount, as the

<PAGE>   9
                            case may be, to leading banks in the London
                            interbank market for a period equal to that
                            Interest Period at or about 11:00 a.m. on
                            the applicable Rate Fixing Day.

                   "LOAN" means, at any time, the aggregate of all Advances
                   outstanding at this time.

                   "MAJORITY BANKS" means a group of Banks whose Participations
                   in the Advances together exceed 66 2/3 per cent. of all
                   Advances or, at any time when no Advance is outstanding, a
                   group of Banks whose Commitments together exceed 66 2/3 per
                   cent. of the Total Commitments (taking no account, for the
                   purposes of this definition, of the last sentence in Clause
                   14.2).

                   "MARGIN" means 0.375 per cent. per annum.

                   "OBLIGORS" means the Borrower and the Guarantor, and

                   "OBLIGOR" shall be construed accordingly.

                   "ORIGINAL FINANCIAL STATEMENTS" means:

                   (a)      in relation to the Borrower, its audited
                            consolidated financial statements (including
                            the notes thereto) for its Financial Year ended
                            31 December 1998; and

                   (b)      in relation to the Guarantor, its audited
                            consolidated financial statements (including the
                            notes thereto) for its Financial Year ended 31
                            December 1998.

                   "PARTICIPATION" means, in relation to a Bank and an Advance,
                   the part of that Advance made available or to be made
                   available by that Bank and thereafter the part of that
                   Advance owing to that Bank from time to time.

                   "PARTY" means a party to this Agreement.

                   "PERMITTED ENCUMBRANCE" means:

                   (a)      any Encumbrance created or outstanding with the
                            prior written consent of the Majority Banks; or

                   (b)      rights of set-off arising in the ordinary course of
                            trading activities between either Obligor and its
                            suppliers or customers; or

                   (c)      rights of set-off or netting arising by operation
                            of law or by contract by virtue of the provision to
                            either Obligor of clearing bank facilities or
                            overdraft facilities; or

                   (d)      any retention of title to goods supplied to either
                            Obligor where such retention is required by the
                            supplier in the ordinary course of its trading
                            activities and on customary terms and the goods in
                            question are supplied on credit; or

                   (e)      Encumbrances (except floating charges) arising
                            under finance leases, hire purchase, conditional
                            sale agreements or other agreements for the
                            acquisition of assets on deferred payment terms over
                            the asset which is the subject matter of the
                            relevant agreement; or

                   (f)      Encumbrances over any assets (or documents of title
                            thereto) acquired by either Obligor after the date
                            of this Agreement provided that:

<PAGE>   10

                  (i)      any such Encumbrance is in existence before such
                           acquisition and is not created in contemplation of
                           such acquisition; and

                  (ii)     the amount secured by Encumbrance does not exceed,
                           at any time, the maximum amount secured or agreed to
                           be secured thereby (in accordance with the terms, as
                           in force at the date of the acquisition of the asset
                           concerned on which such Encumbrance was created as
                           at the date of acquisition; or

          (g)     any Encumbrance created in favour of a plaintiff or defendant
                  in any action of the court or tribunal before whom such
                  action is brought as security for costs or expenses where
                  either Obligor is prosecuting or defending such action in the
                  bona fide interest of such Obligor; or

          (h)     any Encumbrance created pursuant to any order of attachment,
                  distraint, garnishee order or injunction restraining disposal
                  of assets or similar legal process arising in connection with
                  court proceedings; or

          (i)     any Encumbrances created in connection with the
                  securitisation of receivables of either Obligor over
                  the receivables to be securitised; or

          (j)     any Encumbrance over any asset of either Obligor created to
                  secure Indebtedness incurred by such Obligor either to fund
                  the purchase of such asset or to fund the development and/or
                  improvement of such asset; or

          (k)     Encumbrances created by the Obligors and not otherwise
                  permitted by paragraphs (a) to (j) above inclusive provided
                  that the aggregate principal amount of Indebtedness secured by
                  such Encumbrances shall not exceed US$ 200,000,000 or its
                  equivalent in other currencies.

          "POTENTIAL DEFAULT" means an event which with the giving of notice or
          the lapse of time or the making any determination or fulfilment of any
          condition provided for in Clause 14 would or could reasonably be
          expected to constitute a Default.

          "RATE FIXING DAY" means, in relation to any Interest Period, the day
          on which quotes are customarily given in the London interbank market
          for deposits in Dollars for delivery on the first day of that Interest
          Period.

          "REFERENCE BANKS" means the principal London offices of The Chase
          Manhattan Bank, Credit Suisse First Boston and Deutsche Bank AG and
          such other bank or banks as may be agreed between the Agent (acting on
          the instructions of the Majority Banks) and the Borrower.

          "REPAYMENT DATE" means the date falling 364 days after the date of
          this Agreement.

          "RESERVATIONS" means the principle that equitable remedies are
          remedies which may be granted or refused at the discretion of the
          court, the limitation on enforcement as a result of laws relating to
          bankruptcy, insolvency, liquidation, reorganisation, court schemes,
          moratoria, administration and other laws affecting the rights of
          creditors generally, the time-barring of claims under the Limitation
          Acts, rules against penalties and similar principles of law in other
          jurisdictions relevant in the context of the Financing Documents.

<PAGE>   11

         "SUBSIDIARY" means a subsidiary within the meaning of section 736 of
         the Companies Act 1985.

         "TAXES" includes all present and future taxes, charges, imposts,
         duties, levies or withholdings of any kind whatsoever, or any amount of
         a similar nature (including any penalty or interest payable in
         connection with any failure to pay or any delay in paying any of the
         same); and "Tax" and "Taxation" shall be construed accordingly.

         "TOTAL COMMITMENTS" means the aggregate of the Commitments of the
         Banks.

         "TRANSFER CERTIFICATE" means a document substantially in the form set
         out in Schedule 4.

         "VAT" means value added tax as provided for in the Value Added Tax Act
         1994 and legislation (or purported legislation and whether delegated or
         otherwise) supplemental to that Act or in any primary or secondary
         legislation promulgated by the European Community or any official body
         or agency of the European Community, and any tax similar of equivalent
         to value added tax imposed by any country other than the United Kingdom
         and any similar tax replacing or introduced in addition to any of the
         same.

1.2      HEADINGS

         The headings in this Agreement are for convenience only and shall be
         ignored in construing this Agreement.

1.3      INTERPRETATION

         In this Agreement (unless otherwise provided):

         (a)       words importing the singular shall include the plural and
                   vice versa;

         (b)       references to Clauses and Schedules are to be construed as
                   references to the clauses of, and schedules to this
                   Agreement;

         (c)       references to any Financing Document or any other document
                   shall be construed as references to that Financing Document
                   or that other document, as amended, varied, novated or
                   supplemented;

         (d)       references to any statute or statutory provision include any
                   statute or statutory provision which amends, extends,
                   consolidates or replaces the same, or which has been amended,
                   extended, consolidated or replaced by the same, and shall
                   include any orders, regulations, instruments or other
                   subordinate legislation made under the relevant statute;

         (e)       references to a document being "in the agreed form" means
                   that document the form and content of which has been approved
                   by the Agent and which has endorsed on it the words "in the
                   agreed form" and which is initialled by or on behalf of the
                   Agent and the Borrower;

         (f)       references to "assets" shall included revenues and property
                   and the right to revenues and property and rights of every
                   kind, present, future and contingent and whether tangible or
                   intangible (including uncalled share capital);

<PAGE>   12

         (g)       the words "including" and "in particular" shall be construed
                   as being by way of illustration or emphasis only and shall
                   not be construed as, nor shall they take effect as, limiting
                   the generality of any preceding words;

         (h)       the words "other" and "otherwise" shall not be construed
                   ejusdem generis with any foregoing words where a wider
                   construction is possible;

         (i)       references to a "person" shall be construed so as to include
                   that person's assigns, transferees or successors in title and
                   shall be construed as including references to an individual,
                   firm, partnership, joint venture, company, corporation, body
                   corporate, unincorporated body of persons or any state or any
                   agency of a state; and

         (j)       references to time are to London time.

2.       FACILITY

2.1      FACILITY

2.1.1    Subject to the terms of this Agreement, the Banks agree to make
         available to the Borrower a Dollar term loan facility in the maximum
         principal amount of $2,400,000,000.

2.1.2    Notwithstanding any other term of this Agreement, no Bank shall be
         obliged to lend more than its Commitment.

2.2      OBLIGATIONS SEVERAL

2.2.1    The obligations of the Finance Parties under this Agreement are
         several.

2.2.2    The failure of a Finance Party to carry out its obligations under this
         shall not relieve any other Party of any of its obligations under
         this Agreement.

2.2.3    None of the Finance Parties shall be responsible for the obligations of
         any other Party under this Agreement.

2.3      RIGHTS SEVERAL

2.3.1    The rights of the Finance Parties under this Agreement are several. All
         amounts due, and obligations owed, to each of them are separate and
         independent debts or, as the case may be, obligations.

2.3.2    Each Finance Party may, except as otherwise stated in this Agreement;
         separately enforce its rights under this Agreement.

<PAGE>   13
3.        PURPOSE

3.1       PURPOSE

          The Borrower shall use the proceeds of all Advances to finance a
          portion of the consideration payable for the direct and/or indirect
          acquisition by the Borrower of the entire issued share capital of Case
          Corporation and the costs and expenses relating thereto.

3.2       NO MONITORING

          None of the Finance Parties shall be obliged to investigate or monitor
          the use or application of the proceeds of the Advances.

4.        CONDITIONS PRECEDENT

          Notwithstanding any other term of this Agreement, none of the Finance
          Parties shall be under any obligation to make the Facility available
          to the Borrower unless the Agent has notified the Borrower and the
          Banks that it has received all the documents listed in Schedule 2 (in
          form and content satisfactory to the Agent).

5.        DRAWDOWN

5.1       DRAWDOWN PERIOD

          Subject to the terms of this Agreement, an Advance shall be made to
          the Borrower at any time during the Drawdown Period when requested by
          means of a Drawdown Notice in accordance with this Clause 5. At the
          close of business on the day of the Drawdown Period the undrawn amount
          of each Bank's Commitment shall be automatically cancelled.

5.2       CONDITIONS TO EACH ADVANCE

          The obligation of each Bank to make available its Participation in an
          Advance is subject to the conditions that on the date on which the
          relevant Drawdown Notice is given and on the Drawdown Date:

          (a)  the representations and warranties in Clauses 12.1(a) to (d)
               inclusive to be repeated on those dates are correct and will be
               correct immediately after the Advance is made; and

          (b)  no Default or Potential Default has occurred and is continuing or
               would occur on the making of the Advance.

5.3       DRAWDOWN NOTICE

5.3.1     Whenever the Borrower wishes an Advance to be made, it shall give a
          duly completed Drawdown Notice to the Agent to be received not later
          than 10.00 a.m. on the third Business Day before the Drawdown Date.

5.3.2     A Drawdown Notice shall be irrevocable and the Borrower shall be
          obliged to borrow in accordance with its terms.

<PAGE>   14

5.4        LIMITATIONS ON ADVANCES

           The following limitations apply to Advances:

           (a)       the Drawdown Date of an Advance shall be a Business Day
                     falling before the end of the Drawdown Period;

           (b)       the principal amount of an Advance shall be:

                     (i)      a minimum of $100,000,000 and an integral
                              multiple of $25,000,000; or

                     (ii)     the amount of the Available Facility;

           (c)       no Advance shall be made if the making of that Advance
                     would result in the aggregate of all Advances exceeding the
                     Total Commitments; and

           (d)       no more than 6 Advances may be outstanding at any one time.

5.5        NOTIFICATION TO BANKS

           The Agent shall promptly notify each Bank of the details of each
           Drawdown Notice received by it.

5.6        PARTICIPATIONS

           Subject to the terms of this Agreement, each Bank acting through its
           Lending Office shall make available to the Agent on the Drawdown Date
           for an Advance amount equal to its Participation in that Advance. A
           Bank shall participate in an Advance in the proportion borne by its
           Available Commitment to the Available Facility on the Drawdown Date
           of that Advance.

6.         INTEREST

6.1        INTEREST RATE

           Interest shall accrue on each Advance from and including the relevant
           Drawdown Date to but excluding the date the Advance is repaid at the
           rate determined by the Agent to be the aggregate of:

           (a)       the Margin; and

           (b)       LIBOR.

6.2        INTEREST PERIODS

6.2.1      Interest payable on each Advance shall be calculated by reference to
           successive Interest Periods of 1, 2, 3 or 6 months' duration (or such
           other Interest Period as the Agent, acting on the instructions of all
           the Banks, may allow) as selected by the Borrower in accordance with
           this Clause 6.2.

<PAGE>   15

6.2.2      The Borrower shall select an Interest Period for an Advance in either
           the Drawdown Notice (in the case of the first Interest Period for an
           Advance) or (in the case of any subsequent Interest Period for an
           Advance) by notice received by the Agent no later than 3 Business
           Days before the commencement of that Interest Period.

6.2.3      The first Interest Period for an Advance shall begin on the Drawdown
           Date of that Advance. Each succeeding Interest Period for that
           Advance shall begin on the Interest Date of the previous Interest
           Period.

6.2.4      The Borrower may, by notice to the Agent at least 3 Business Days
           before an Interest Date relating to an Advance, elect that that
           Advance be split into two or more Advances of at least $100,000,000
           each (and being multiples of $25,000,000). Any such notice shall take
           effect in accordance with its terms from that Interest Date, provided
           that there shall not be more than 6 Advances outstanding at any one
           time.

6.2.5      Subject to the other terms of this Agreement, if the Interest Periods
           for two or more Advances end on the same day those Advances shall be
           deemed to be a single Advance from that day.

6.2.6      If the Borrower fails to select an Interest Period for an Advance in
           accordance with Clause 6.2.2, that Interest Period shall, subject to
           the other provisions of this Clause 6, be 1 month.

6.2.7      If an Interest Period would otherwise end on a day which is not a
           Business Day, that Interest Period shall instead end on the next
           Business Day in the same calendar month (if there is one) or the
           preceding Business Day (if there is not).

6.2.8      If an Interest Period begins on the last Business Day in a calendar
           month or on a Business Day for which there is no numerically
           corresponding day in the calendar month in which that Interest Period
           is to end, it shall end on the last Business Day in that calendar
           month.

6.2.9      If an Interest Period would otherwise extend beyond the Repayment
           Date, it shall be shortened so that it ends on the Repayment Date.

6.3        DEFAULT INTEREST

6.3.1      If the Borrower fails to pay any amount payable under any Financing
           Document on the due date, it shall pay default interest on the
           overdue amount from the due date to the date of actual payment
           calculated by reference to successive Interest Periods (each of such
           duration as the Agent may acting reasonably select and the first
           beginning on the relevant due date) at the rate per annum being the
           aggregate of (a) 1.00 per cent. per annum, (b) the Margin and (c)
           LIBOR.

6.3.2      So long as the overdue amount remains unpaid, the default interest
           rate shall be recalculated in accordance with the provisions of this
           Clause 6.3 on the last day of each such Interest Period and any
           unpaid interest shall be compounded at the end of each Interest
           Period.

6.4        CALCULATION AND PAYMENT ON INTEREST

6.4.1      At the beginning of each Interest Period, the Agent shall notify the
           Banks and the Borrower of the duration of the Interest Period and the
           rate and amount of interest payable for the Interest Period (but in
           the case of any default interest calculated under Clause 6.3, any
           such
<PAGE>   16

          notification need not be made more frequently than weekly). Each
          notification shall set out in reasonable detail the basis of
          computation of the amount of interest payable.

6.4.2     Interest due from the Borrower under this Agreement shall:

          (a)       accrue from day to day at the rate calculated under this
                    Clause 6;

          (b)       except as otherwise provided in this Agreement, be paid by
                    the Borrower to the Agent (for the account of the Banks or
                    the Agent, as the case may be) in arrear on each Interest
                    Date, provided that for any Interest Period which is for
                    longer than 6 months, the Borrower shall pay interest 6
                    monthly in arrear as well as on the relevant Interest Date;

          (c)       be calculated on the basis of the actual number of days
                    elapsed and a 360 day year; and

          (d)       be payable both before and after judgement.

6.5       AGENT'S DETERMINATION

          The determination by the Agent of any interest payable under this
          Clause 6 shall be conclusive and binding on the Borrower in the
          absence of manifest error.

7.        REPAYMENT AND PREPAYMENT

7.1       REPAYMENT

          The Borrower shall repay the Loan to the Agent (for the account of the
          Banks) on the Repayment Date.

7.2       VOLUNTARY PREPAYMENT

7.2.1     The Borrower may, by giving the Agent not less than 3 Business Days'
          prior notice, prepay the whole or part (but if in part, in a minimum
          amount of $10,000,000 and an integral multiple of $10,000,000) of any
          Advance.

7.2.2     Any notice of prepayment shall be irrevocable, shall specify the date
          on which the prepayment is to be made and the amount of the
          prepayment, and shall oblige the Borrower to make that prepayment. The
          Agent shall promptly notify the Banks of receipt of any such notice.

7.3       MANDATORY REDUCTION AND PREPAYMENT

7.3.1     The Total Commitments shall, on the date (a "REDUCTION DATE") the same
          is received by the Borrower or any of its Subsidiaries, be cancelled
          pro rata by the amount of the gross proceeds of any capital markets
          issue of the Borrower or any of its Subsidiaries other than New
          Holland Credit Company LLC, Case Capital Corporation and Subsidiaries
          of Case Capital Corporation (but excluding (i) the proceeds of any
          capital markets debt issue raised for working capital purposes and
          (ii) the proceeds of any equity issue made in order to refinance an
          equity bridging loan existing at the date of this Agreement).

<PAGE>   17
7.3.2     Within 10 Business Days of a Reduction Date, the Borrower shall prepay
          such part of the Loan (if any) as if necessary to ensure that the Loan
          does not exceed the Total Commitments (as reduced on such Reduction
          Date).

7.4       ACCRUED INTEREST AND BROKEN FUNDING COSTS

          Any prepayment shall be made together with accrued interest on the
          amount prepaid and any amounts payable under Clause 22.1.

7.5       EFFECT OF REPAYMENT OR PREPAYMENT

          Any amount repaid or prepaid may not be re-borrowed and shall reduce
          each Bank's Commitment rateably.

7.6       LIMITATION

          The Borrower may not repay or prepay all or any part of the Loan
          except as expressly provided in this Agreement.

8.        CANCELLATION

8.1       CANCELLATION

          The Borrower may, by giving the Agent not less than 3 Business Days'
          prior notice, cancel all or part of the Available Facility (but if in
          part, in a minimum amount of $10,000,000 and an integral multiple of
          $10,000,000).

8.2       NOTICE

          Any notice of cancellation shall be irrevocable and shall specify the
          date on which the cancellation shall take effect and the amount of the
          cancellation. The Agent shall promptly notify the Banks of receipt of
          any such notice.

8.3       EFFECT OF CANCELLATION

          The Borrower may not borrow any part of the Facility which has been
          cancelled. Any cancellation shall reduce each Bank's Commitment
          rateably.

8.4       LIMITATION

          The Borrower may not cancel all or part of the Facility except as
          expressly provided in this Agreement.

9.        CHANGES IN CIRCUMSTANCES

9.1       ILLEGALITY

          If it is or becomes illegal for a Bank to maintain its Commitment or
          to continue to make available or fund its Participation in any
          Advance, then:

<PAGE>   18

          (a)       that Bank shall notify the Agent and the Borrower; and

          (b)       (i)       the Commitment of that Bank shall be cancelled
                              immediately; and

                    (ii)      the Borrower shall prepay to the Agent (for the
                              account of that Bank) that Bank's Participation in
                              all Advances (together with accrued interest on
                              the amount prepaid and all other amounts owing to
                              that Bank under this Agreement) within 5 Business
                              Days of demand by that Bank (or, if permitted by
                              the relevant law, on the next Interest Date of the
                              relevant Advances).

          Any such prepayment under paragraph (b)(ii) above shall be subject to
          Clause 22.1.

9.2       INCREASED COSTS

9.2.1     If, after the date of this Agreement, a Change occurs which causes an
          Increased Cost (as defined in Clause 9.2.3) to a Bank (or any company
          of which that Bank is a Subsidiary) then the Borrower shall pay (as
          additional interest) to the Agent (for the account of that Bank)
          within 10 Business Days of demand all amounts which that Bank
          certifies to be necessary to compensate that Bank (or any company of
          which that Bank is a Subsidiary) for the Increased Cost.

9.2.2     Any demand made under Clause 9.2.1 shall be made by the relevant Bank
          through the Agent and shall set out in reasonable detail so far as is
          practicable the basis of computation of the Increased Cost.

9.2.3     In this Clause 9.2:

          "INCREASED COST" means any cost to, or reduction in the amount payable
          to, or reduction in the return on capital or regulatory capital
          achieved by, a Bank (or any company of which that Bank is a
          Subsidiary) to the extent that it arises, directly or indirectly, as a
          result of the Change and is attributable to the Commitment or
          Participation in any Advance of that Bank or the funding of that
          Bank's Participation in any Advance including any liability to make
          any payment on account of Tax or otherwise (other than Tax on Overall
          Net Income) on or calculated by reference to the amount of such Bank's
          Participation in any Advance and/or any sum received or receivable by
          it hereunder.

          "TAX ON OVERALL NET INCOME" means, in relation to a person, Tax (other
          than Tax deducted or withheld from any payment) imposed on the net
          income of that person by the jurisdiction in which its Lending Office
          or its head office is situated.

9.2.4     The Borrower shall not be obligated to make a payment in respect of an
          Increased Cost under this Clause 9.2 if and to the extend that the
          Increased Cost has been compensated for by the operation of Clause
          10.9 or the payment of the Additional Cost Rate.

9.2.5     If the Borrower is required to pay any amount to a Bank under this
          Clause 9.2, then, without prejudice to that obligation and so long as
          the circumstances giving rise to the relevant Increased Cost are
          continuing and subject to the Borrower giving the Agent and that Bank
          not less than 5 Business Day's prior notice (which shall be
          irrevocable), the Borrower may prepay all, but not part, of the Bank's
          Participation in the Advances together with accrued interest on the
          amount prepaid. Any such prepayment shall be subject to Clause 22.1.
          On any such prepayment the Commitment of the relevant Bank shall be
          automatically cancelled.

<PAGE>   19

9.2.6     In the event that the Borrower over-compensates a Bank under this
          Clause 9.2, such Bank shall promptly return to the Borrower an amount
          equal to the amount of over-compensation.

9.3       MARKET DISRUPTION

9.3.1     If, in relation to an Advance and a particular Interest Period
          selected by the Borrower in accordance with Clause 6.2.2;

          (a)       the Agent determines that, because of circumstances
                    affecting the London interbank market generally, reasonable
                    and adequate means do not exist for ascertaining LIBOR for
                    the Advance for the Interest Period; or

          (b)       the Agent has been notified by a group of Banks whose
                    Commitments together exceed 51 per cent. of the Total
                    Commitments that in their reasonable opinion matching
                    deposits may not be available to them in the London
                    interbank market in the ordinary course of business to fund
                    their Participations in that Advance for that Interest
                    Period the Agent shall promptly notify the Borrower and the
                    Banks of that event (such notice being a "Market Disruption
                    Notice").

9.3.2     If a Market Disruption Notice applies to a proposed Advance, that
          Advance shall not be made unless the Borrower so requests. The Agent
          and the Borrower shall immediately enter into negotiations in good
          faith for a period of not more than 30 days with a view to agreeing a
          substitute basis for calculating the interest rate for the Advance of
          for funding the Advance (whether in Dollars or another currency). Any
          substitute basis agreed by the Agent (with the consent of all the
          Banks) and the Borrower shall take effect in accordance with its terms
          and be binding on all the Parties.

9.3.3     If a Market Disruption Notice applies to an outstanding Advance or
          a proposed Advance that the Borrower has requested shall be made and,
          in each case, in respect of a particular Interest Period, then:

          (a)       the Agent and the Borrower shall immediately enter into
                    negotiations in good faith for a period of not more that
                    30 days with a view to agreeing a substitute basis for
                    calculating the rate of interest for the Advance (whether
                    in Dollars or another currency) for such Interest Period;

          (b)       any substitute basis agreed under Clause 9.3.3(a) by the
                    Agent (with the consent of all the Banks) and the Borrower
                    shall take effect in accordance with its terms and be
                    binding on all the Parties;

          (c)       if no substitute basis is agreed under Clause 9.3.3(a),
                    then, subject to Clause 9.3.4, each Bank shall (through the
                    Agent) certify 1 day before the first day of such Interest
                    Period a substitute basis for maintaining its Participation
                    in the Advance which shall reflect the cost to the Bank of
                    funding its Participation in the Advance from whatever
                    sources it selects plus the Margin; and

          (d)       each substitute basis so certified shall be binding on the
                    Borrower and the certifying Bank and treated as part of this
                    Agreement.

9.3.4     So long as the circumstances giving rise to the Market Disruption
          Notice continue and subject to the Borrower giving the Agent and the
          Banks not less than 3 Business Days' prior notice (which shall be
          irrevocable), the Borrower may prepay the Advance to which the
<PAGE>   20
               Market Disruption Notice applies together with accrued interest
               on the amount prepaid. Any such prepayment shall be subject to
               Clause 22.1.

9.4       MITIGATION

               If any circumstances arise in respect of any Bank which would, or
               upon the giving of notice would, result in the operation of
               Clause 9.1, 9.2, 9.3 or 10.9 to the detriment of the Borrower,
               then that Bank shall:

               (a)    promptly upon becoming aware of those circumstances and
                      their results, notify the Agent and the Borrower; and

               (b)    in consultation with the Agent and Borrower, take all such
                      steps as  it determines are reasonably open to it to
                      mitigate the effects of those circumstances (including
                      changing its Lending Office or consulting with the
                      Borrower with a view to transferring some or all of its
                      rights and obligations under this Agreement to another
                      bank or other financial institution acceptable to the
                      Borrower) in a manner which will avoid the circumstances
                      in question and on terms acceptable to the Agent, the
                      Borrower and that Bank,

               provided that no Bank shall be obliged to take any steps which in
               its opinion would or might have an adverse effect on its business
               or financial condition or the management of its Tax affairs or
               cause it to incur any material costs or expenses.

9.5       CERTIFICATES

          The certificate or notification of the Agent or, as the case may be,
          the relevant Bank as to any of the matters referred to in this Clause
          9 shall be in reasonable detail and shall be prima facie evidence of
          the matters to which they relate.

10.       PAYMENTS

10.1      PLACE AND TIME

          All payments by the Borrower or a Bank under this Agreement shall be
          made to the Agent to its account at such office or bank in New York at
          such time as the Agent may notify to the Borrower or the Banks for
          this purpose.

10.2.     FUNDS

          All payments to the Agent under this Agreement shall be made for value
          on the due date in freely transferable and readily available funds.

10.3      DISTRIBUTION

10.3.1    Each payment received by the Agent under this Agreement for another
          Party shall, subject to Clauses 10.3.2 and 10.3.3, be made available
          by the Agent to that Party by payment (on the date and in the currency
          and funds of receipt) to its account with such office or bank in New
          York as it may notify to the Agent for this purpose by not less than 5
          Business Days' prior notice.
<PAGE>   21
10.3.2    The Agent may apply any amount received by it for the Borrower in or
          towards payment (on the date and in the currency and funds of receipt)
          of any amount due from the Borrower under this Agreement or in or
          towards the purchase of any amount of any currency to be so applied.

10.3.3    Where a sum is to be paid to the Agent under this Agreement for
          another Party, the Agent is not obliged to pay that sum to that Party
          until it has established that it has actually received that sum. The
          Agent may, however, assume that the sum has been paid to it in
          accordance with this Agreement, and, in reliance on that assumption,
          make available to that Party a corresponding amount. If the sum has
          not been made available but the Agent has paid a corresponding amount
          to another Party, that Party shall immediately on demand by the Agent
          refund the corresponding amount together with interest on that amount
          from the date of payment to the date of receipt, calculated at a rate
          determined by the Agent to reflect its cost of funds.

10.4      BUSINESS DAYS

          If a payment under this Agreement is due on a day which is not a
          Business Day, the due date for that payment shall instead be the next
          Business Day in the same calendar month (if there is one) or the
          preceding Business Day (if there is not).

10.5      CURRENCY

          All payments under this Agreement relating to costs, losses, expenses
          or Taxes shall be made in the currency in which the relative costs,
          losses, expenses or Taxes were incurred. Any other amount payable
          under this Agreement shall, except as otherwise provided, be made in
          Dollars.

10.6      ACCOUNTS AS EVIDENCE

          Each Bank shall maintain in accordance with its usual practice an
          account which shall, as between the Borrower and that Bank and, in the
          absence of manifest error, be prima facie evidence of the amounts from
          time to time advanced by, owing to, paid and repaid to that Bank under
          this Agreement.

10.7      PARTIAL PAYMENTS

10.7.1    If the Agent receives a payment insufficient to discharge all the
          amounts then due and payable by the Borrower under this Agreement, the
          Agent shall apply that payment towards the obligations of the Borrower
          under this Agreement in the following order:

          (a)     first, in or towards payment of any unpaid costs and expenses
                  of the Agent under this Agreement;

          (b)     second, in or towards payment pro rata of any accrued interest
                  due but unpaid under this Agreement;

          (c)     third, in or towards payment pro rata of any principal due but
                  unpaid under this Agreement; and

<PAGE>   22
          (d)    fourth, in or towards payment pro rata of any other sum due but
                 unpaid under this Agreement.

10.7.2    The Agent shall, if so directed by all the Banks, vary the order set
          out in Clauses 10.1.(b) to (d).

10.7.3    Clauses 10.7.1 and 10.7.2 shall override any appropriation made by
          the Borrower.

10.8      SET-OFF AND COUNTERCLAIM

          ALL payments by an Obligor under this Agreement shall be made without
          set-off or counterclaim.

10.9      GROSSING-UP

10.9.1    Subject to Clause 10.9.2, all sums payable to any Finance Party
          pursuant to or in connection with any Financing Document shall be
          paid in full free and clear of all deductions or withholdings
          whatsoever except only as may be required by law.

10.9.2    If any deduction or withholding is required by law in respect of any
          payment due from an Obligor to any Finance Party pursuant to or in
          connection with any Financing Document that Obligor shall:

          (a)    ensure or procure that the deduction or withholding is made and
                 that it does not exceed the minimum legal requirement therefor;

          (b)    pay, or procure the payment of, the full amount deducted or
                 withheld to the relevant Taxation or other authority in
                 accordance with the applicable law;

          (c)    increase the payment in respect of which the deduction or
                 withholding is required so that the net amount received by the
                 payee (which expression when used in this Clause 10.9.2 shall
                 mean any Finance Party) after the deduction or withholding (and
                 after taking account of any further deduction or withholding
                 which is required to be made as a consequence of the increase)
                 shall be equal to the amount which the payee would have been
                 entitled to receive in the absence of any requirement to make
                 any deduction or withholding; and

          (d)    upon request by any payee, promptly deliver or procure the
                 delivery to the relative payee of receipts reasonably
                 evidencing each deduction or withholding which has been made.

10.9.3    If the Agent is obliged to make any deduction or withholding from any
          payment to any Bank (an "Agency Payment") which represents an amount
          or amounts received by the Agent from an Obligor under any Financing
          Document, that Obligor shall, after being notified by the relevant
          Bank of its intention to make a claim under this Clause 10.9.3, pay
          directly to that Bank such sum (an "Agency Compensating Sum") as
          shall, after taking into account any deduction or withholding which
          the Borrower is obliged to make from the Agency Compensating Sum,
          enable that Bank to receive, on the due date for payment of the Agency
          Payment, an amount equal to the Agency Payment which that Bank would
          have received in the absence of any obligation to make any deduction
          or withholding.

<PAGE>   23
10.9.4    If any Bank determines, in its absolute discretion, that it has
          received, recovered, realised, utilised and retained a Tax benefit by
          reason of any deduction or withholding in respect of which an Obligor
          has made an increased payment or paid an Agency Compensating Sum under
          this Clause 10.9, that Bank shall, provided that each Finance Party
          has received all amounts which are then due and payable by the
          Obligors under any Financing Document, pay to such Obligor (to the
          extent that Bank can do so without prejudicing the amount of the
          benefit or repayment and the right of that Bank to obtain any other
          benefit, relief or allowance which may be available to it) such
          amount, if any, as that Bank, in its absolute discretion shall
          determine, will leave that Bank in no worse position than it would
          have been in if the deduction or withholding had not been required,
          provided that:

          (a)    each Bank shall have an absolute discretion as to the time at
                 which and the order and manner in which it realises or utilises
                 any Tax benefit and shall not be obliged to arrange its
                 business or its Tax affairs in any particular way in order to
                 be eligible for any credit or refund or similar benefit;

          (b)    no Bank shall be obliged to disclose any information regarding
                 its business, Tax affairs or Tax computations;

          (c)    if a Bank has made a payment to an Obligor pursuant to this
                 Clause 10.9.4 on account of any Tax benefit and it subsequently
                 transpires that Bank did not receive that Tax benefit, or
                 received a lesser Tax benefit, such Obligor shall, on demand,
                 pay to that Bank such sum as that Bank may determine as being
                 necessary to restore its after-tax position to that which it
                 would have been had no adjustment under this Clause 10.9.4 been
                 made provided that such sum shall not exceed the amount paid to
                 the Obligor by the Bank pursuant to this Clause 10.9.4.

10.9.5    No Bank shall be obliged to make any payment under Clause 10.9.4 if,
          by doing so, it would contravene the terms of any applicable law or
          any notice, direction or requirement of any governmental or regulatory
          authority (whether or not having the force of law).

10.9.6    If an Obligor is required to make an increased payment for the
          account of a Bank under Clause 10.9.2 or 10.9.3, then, without
          prejudice to that obligation and so long as such requirement exists
          and subject to the Borrower giving the Agent and that Bank not less
          than 5 Business Days' prior notice (which shall be irrevocable), the
          Borrower may prepay all, but not part, of that Bank's Participation in
          the Advances together with accrued interest on the amount prepaid. Any
          such prepayment shall be subject to Clause 22.1. On any such
          prepayment the Commitment of the relevant Bank shall be automatically
          cancelled.

10.9.7    Each Bank confirms to the Borrower that, as at the date such Bank
          becomes a Party, the Borrower will be entitled to make payments to
          that Bank in accordance with this Agreement without deduction or
          withholding for or on account of any Taxes under the laws of the
          Netherlands.

11.       GUARANTEE

11.1      GUARANTEE

          Subject to and with the benefit of the provisions in Clause 11.2, the
          Guarantor hereby unconditionally and irrevocably guarantees to the
          Finance Parties that if, for any reason, the Borrower does not pay any
          sum from time to time payable by it to any Finance Party under
<PAGE>   24
          this Agreement (including any other amount of whatever nature or
          additional amounts which may become payable under any of the
          foregoing) as and when the same shall become due and payable under any
          of the foregoing, it shall on demand pay in the currency in which the
          same falls due for payment under the terms of this Agreement, all
          moneys which are now or at any time hereafter shall have become due or
          owing by the Borrower to any or all of the Finance Parties pursuant to
          this Agreement.

11.2.     GUARANTEE PROVISIONS

11.2.1    The guarantee (the "Guarantee") given pursuant to this clause 11 is a
          continuing security and shall remain in full force and effect until
          all moneys, obligations and liabilities referred to in Clause 11.1
          have been paid, discharged or satisfied in full notwithstanding the
          liquidation or other incapacity or any change in the constitution of
          the Borrower or in the name and style of the Borrower or any
          settlement of account or other matter whatsoever.

11.2.2    The Guarantee is in addition to and shall not merge with or otherwise
          prejudice or affect or be prejudiced by any other right, remedy,
          guarantee, indemnity or security and may be enforced without first
          having recourse to the same or any other bill, note, mortgage, charge,
          pledge or lien now or hereafter held by or available to any Finance
          Party.

11.2.3    Notwithstanding that the Guarantee ceases to be continuing
          for any reason whatever any of the Finance Parties may continue any
          accounts of the Borrower or open one or more new accounts and the
          liability of the Guarantor hereunder shall not be reduced or affected
          by any subsequent transactions or receipts or payments into or out of
          any such accounts.

11.2.4    The Guarantor hereby unconditionally and irrevocably agrees
          that any sum expressed to be payable by the Borrower under this
          Agreement but which is for any reason (whether or not now known or
          becoming known to the Borrower, the Guarantor or any Finance Party)
          not recoverable from the Guarantor on the basis of the Guarantee will
          nevertheless be recoverable from it as if it were the sole principal
          debtor and will be paid by it to the Finance Parties on demand. This
          indemnity constitutes a separate and independent obligation from the
          other obligations in this Guarantee, gives rise to a separate and
          independent cause of action and will apply irrespective of any
          indulgence granted by all or any of the Finance Parties.

11.2.5    The Guarantor will be liable under the Guarantee as if it were the
          sole principal debtor and not merely a surety. The liability of the
          Guarantor shall not be affected nor shall the Guarantee be discharged
          or diminished by reason of anything which would not discharge it or
          affect its liability if it were the sole principal debtor, including:

          (a)       any time, indulgence, waiver or consent at any time given to
                    the Borrower or any other person;

          (b)       any amendment to the Financing Documents;

          (c)       the making or absence of any demand on the Borrower or any
                    other person for payment;

          (d)       the enforcement or absence of enforcement of any of the
                    provisions of this Agreement;

          (e)       the release of any guarantee or indemnity;
<PAGE>   25

        (f)    the dissolution, amalgamation, reconstruction or reorganisation
               of the Borrower or any other person;

        (g)    the illegality, invalidity or unenforceability of or any defect
               in any provision of the Financing Documents or any of the
               Borrower's obligations under any of them; or

        (h)    any other act, event or omission which but for this paragraph
               (h) might operate to discharge, impair or otherwise affect the
               obligations expressed to be assumed by the Guarantor in this
               Agreement or any of the rights, powers or remedies conferred upon
               the Finance Parties by this Guarantee or by law.

11.2.6  The Guarantor agrees that, during the Facility Period, the Guarantor
        will not exercise any right which the Guarantor may at any time have by
        reason of the performance by the Guarantor of its obligations hereunder:

        (a)    to be indemnified by the Borrower;

        (b)    to claim any contribution from any other guarantor of the
               Borrower's obligations under or in respect of the Facility;

        (c)    to take the benefit (in whole or in part) of any security enjoyed
               in connection with the Facility by any Finance Party; or

        (d)    to be subrogated to the rights of any Finance Party against the
               Borrower in respect of amounts paid by the Guarantor under this
               Guarantee.

11.2.7  Any settlement or discharge between the Guarantor and the Finance
        Parties or any of them shall be conditional upon no payment to the
        Finance Parties or any of them by the Borrower or any other person on
        the Borrower's behalf being avoided or reduced by virtue of any
        laws relating to bankruptcy, insolvency, liquidation or similar laws
        of general application for the time being in force and, in the event
        of any such payment being so avoided or reduced, the Finance Parties
        shall be entitled to recover the amount by which such payment is so
        avoided or reduced from the Guarantor subsequently as if such
        settlement or discharge had not occurred provided that such recovery
        is not contrary to any law applicable thereto.

11.2.8  If any payment received by a Finance Party is, on the subsequent
        liquidation or insolvency of the Borrower, avoided under any laws
        relating to liquidation or insolvency, such payment will not be
        considered as having discharged or diminished the liability of the
        Guarantor and this Guarantee will continue to apply as if such
        payment had at times remained owing by the Borrower.

11.2.9  The Finance Parties shall not be obliged before exercising any of the
        rights, powers or remedies conferred upon them by the Guarantee or by
        law:

        (a)    to make any demand of the Borrower;

        (b)    to take any action or obtain judgement in any court against the
               Borrower or any other person; or

        (c)    to make or file any claim or proof in a bankruptcy or liquidation
               of the Borrower or any other person.

<PAGE>   26

12      REPRESENTATIONS AND WARRANTIES

12.1    REPRESENTATIONS AND WARRANTIES

        Each Obligor represents and warrants to each Finance Party that:

        (a)    STATUS: it is a limited company duly incorporated under the laws
               of its jurisdiction of incorporation and it possesses the
               capacity to sue and be sued in its own name and has the power to
               carry on its business and to own its property and other assets;

        (b)    POWERS AND AUTHORITY: it has power to execute, deliver and
               perform its obligations under the Financing Documents and to
               carry out the transactions contemplated by those documents and
               all necessary corporate, shareholder and other action has been
               taken to authorise the execution, delivery and performance of the
               same;

        (c)    BINDING OBLIGATIONS: subject to the Reservations, its obligations
               under the Financing Documents constitute its legal, valid,
               binding and enforceable obligations;

        (d)    CONTRAVENTIONS: the execution, delivery and performance by it of
               the Financing Documents does not:

              (i)    contravene any applicable law or regulation or any order of
                     any governmental or other official authority, body or
                     agency or any judgement, order or decree of any court
                     having jurisdiction over it, or

              (ii)   contravene or conflict with its constitutional documents;

        (e)    INSOLVENCY: it has not taken any action nor (to the best of its
               knowledge, information and belief) have any steps been taken or
               legal proceedings been started against it for its winding-up,
               dissolution, administration or re-organisation or for the
               appointment of a receiver, administrative receiver, or
               administrator, trustee or similar officer of it or of a material
               part of its assets;

        (f)    NO DEFAULT: to the best of its knowledge, information and belief
               it is not in breach of or in default in any material respect
               under any agreement relating to Indebtedness to which it is a
               party or which is binding on it or any of its assets to an extent
               which would have a material adverse effect on the ability of that
               Obligor to comply with its payment obligations under this
               Agreement;

        (g)    LITIGATION: to the best of its information, knowledge and belief,
               no action, litigation, arbitration or administrative proceeding
               has been commenced or is pending against it which would have a
               material adverse effect on the ability of that Obligor to comply
               with its payment obligations under the Financing Documents;

        (h)    ORIGINAL FINANCIAL STATEMENTS: the Original Financial Statements
               of that Obligor were prepared in accordance with GAAP and give
               a true and fair view of that Obligor's financial position at the
               date to which they were prepared and the

<PAGE>   27

             results of that Obligor's operations during the Financial Year
             of that Obligor to which they relate;

        (i)  INFORMATION MEMORANDUM:

             (i)     the information contained in the Information Memorandum is
                     true and accurate in all material respects as at its date;
                     and

             (ii)    the Information Memorandum did not omit any information
                     which would make any fact or statement in it misleading in
                     any material respect;

        (j)    NO MATERIAL ADVERSE CHANGE: since the date of its Original
               Financial Statements no event has occurred which has had a
               material adverse effect on its business or financial condition;
               and

        (k)    MARGIN STOCK: the proceeds of the Advances have not been used to
               buy, purchase or maintain any Margin Stock which would impose
               regulatory requirements under, and as such term is defined in,
               Regulation U of the Board of Governors of the Federal Reserve of
               the United States of America.

12.2    REPETITION

        The representations and warranties in Clause 12.1(a) to (d) shall
        survive the execution of this Agreement and shall be deemed to be
        repeated by each Obligor on the date on which each Drawdown Notice is
        given and on the date on which each Advance is made with reference to
        the facts and circumstances existing at that time.

13.     UNDERTAKINGS

13.1    INFORMATION UNDERTAKINGS

        Each Obligor undertakes that during the Facility Period it shall, unless
        the Agent (acting on the instructions of the Majority Banks) otherwise
        agrees:

        (a)    ANNUAL STATEMENTS: as soon as the same become available (and in
               any event within 210 days after the end of each of its Financial
               Years), deliver to the Agent in sufficient copies for all the
               Banks its audited consolidated financial statements for each
               such Financial Year;

        (b)    SEMI-ANNUAL STATEMENTS: as soon as the same become available (and
               in any event within 120 days after the end of the first half of
               each of its Financial Years), deliver to the Agent in sufficient
               copies for all the Banks its unaudited consolidated interim
               financial statements for each such half-year but, in relation to
               the Borrower, only to the extent such unaudited interim financial
               half year statements are actually being prepared by the Borrower;
               and

        (c)    SHAREHOLDER'S DOCUMENTS: deliver to the Agent as soon as
               reasonably practicable in sufficient copies for all the Banks all
               documents despatched by it to its creditors generally, or in the
               case of the Guarantor, to its shareholders generally.

<PAGE>   28

13.2    POSITIVE UNDERTAKINGS

        Each Obligor undertakes that during the Facility Period it shall, unless
        the Agent (acting on the instructions of the Majority Banks) otherwise
        agrees:

        (a)    AUTHORISATIONS: obtain, maintain and comply with the terms of any
               authorisation, approval, licence, consent, exemption, clearance,
               filing or registration required in or by the laws and regulations
               of its jurisdiction of incorporation to enable it to lawfully
               enter into and perform its obligations under, or for the
               legality, validity, enforceability or admissibility in evidence
               in its jurisdiction of incorporation of, each Financing Document;

        (b)    RANKING OF OBLIGATIONS: ensure that its obligations under the
               Financing Documents shall at all times rank at least pari passu
               with all its other present and future unsecured and
               unsubordinated obligations (whether actual, contingent, present
               or future) except for any obligations which are mandatorily
               preferred by law; and

        (c)    NOTIFICATION OF DEFAULT: promptly, upon becoming aware of the
               same, notify the Agent of the occurrence of a Default or
               Potential Default and, upon receipt of a written request to that
               effect from the Agent, confirm to the Agent that, save as
               previously notified to the Agent or as notified in such
               confirmation, no Default or Potential Default has occurred.

13.3    NEGATIVE PLEDGE

        Each Obligor undertakes that during the Facility Period it shall not,
        unless the Agent (acting on the instructions of the Majority Banks)
        otherwise agrees, create any Encumbrance (other than a Permitted
        Encumbrance) over any of its present or future assets to prefer any
        of its Indebtedness unless such Encumbrance or such other security as
        the Agent (acting on the instructions of the Majority Banks) considers
        equivalent thereto is at the same time extended equally and ratably
        to the obligations of such Obligor under the Financing Documents.

14.     DEFAULT

14.1    DEFAULT

        Each of the following shall be a Default:

        (a)    NON-PAYMENT: either of the Obligors does not pay on the due date
               any amount payable by it under this Agreement at the place at and
               in the currency and funds in which it is expressed to be payable
               unless the failure to pay such amount is due solely to
               administrative or technical delays in the transmission of funds
               and such amount is paid within 5 Business Days after its due date
               for payment; or

        (b)    OTHER DEFAULTS: either of the Obligors breaches any of its
               obligations under any Financing Document (other than the
               obligations referred to in Clause 14.1(a)) and if that breach is
               capable of remedy, it is not remedied within 30 days after
               written notice of that breach has been given by the Agent to the
               relevant Obligor; or
<PAGE>   29
        (c)  BREACH OF REPRESENTATION OR WARRANTY: any representation, warranty
             or statement made or deemed to be repeated by either of the
             Obligors under this Agreement or in any document delivered by
             it or on its behalf under or in connection with this Agreement is
             or proves to have been incorrect or misleading when made or
             deemed to have been repeated; or

        (d)  UNLAWFULNESS OR REPUDIATION: it is unlawful for either of the
             Obligors to perform or comply with, or either of the Obligors
             repudiates, any of its obligations under any Financing Document or,
             subject to the Reservations, any of those obligations is not
             legal, valid, binding, effective and enforceable; or

        (e)  CROSS-ACCELERATION: either or both of the Obligors;

             (a)    becomes bound to repay prematurely any Indebtedness by
                    reason of a default by either of the Obligors which default
                    is followed by an appropriate demand for such repayment; or

             (b)    fails to make any payment of principal, premium or interest
                    in respect of any Indebtedness on the due date for such
                    payment or within any grace period specified in the
                    agreement or other instrument constituting such
                    Indebtedness,

              where such Indebtedness is in an aggregate amount in excess of
              US$50,000,000 (or its equivalent in other currencies), except
              where such Obligor is taking action by appropriate proceedings
              in good faith to dispute the validity of the obligation to repay
              prematurely such Indebtedness or to make such payment, as the
              case may be, and unless such default or failure to pay shall have
              been waived by the person to whom the relevant Indebtedness is
              payable; or

        (f)   ATTACHMENT OR DISTRESS: a creditor or encumbrancer attaches or
              takes possession of or a receiver or similar officer is appointed
              over the whole or any material part of the assets of either of the
              Obligors, or a distress, execution, sequestration or other process
              is levied or enforced upon or sued out against, the whole or
              any material part of the assets of either of the Obligors and
              such process is not discharged within 30 days; or

        (g)   INABILITY TO PAY DEBTS: either of the Obligors:

              (i)   suspends payment of its debts generally or is unable or
                    admits its inability to pay generally as they fall due; or

              (ii)  proposes or enters into any composition or other arrangement
                    for the benefit of its creditors generally; or

              (iii) has proceedings commenced against it with a view to the
                    readjustment or rescheduling of any of its Indebtedness
                    which it would not otherwise be able to pay as it fell
                    due; or

        (h)   INSOLVENCY PROCEEDINGS: either of the Obligors:

              (i)   is adjudicated or found insolvent; or
<PAGE>   30
               (ii)      has an order made against it by any competent court or
                         passes a resolution for its winding-up or dissolution
                         or for the appointment of a liquidator, administrator,
                         trustee, receiver, administrative receiver or similar
                         officer in respect of it or the whole or any
                         substantial part of its assets; or

          (i)  ANALOGOUS PROCEEDINGS: any event occurs which under the laws of
               any jurisdiction has a similar or analogous effect to any of the
               events mentioned in Clause 14.1(f), (g) or (h); or

          (j)  CESSATION OF BUSINESS: either of the Obligors suspends, ceases
               or threatens to suspend or cease to carry on its business unless
               such cessation, or threatened cessation, is in connection with a
               merger, consolidation or any other form of combination with
               another company and such company assumes all obligations of the
               Borrower or the Guarantor respectively under the Financing
               Documents; or

          (k)  CHANGE OF CONTROL: the Guarantor ceases to be the beneficial
               owner of shares in the issued share capital of the Borrower
               carrying the right to exercise more than 50 per cent. of the
               votes exercisable at a general meeting of the Borrower or
               otherwise ceases to exercise control over the Borrower; or

          (l)  GOVERNMENTAL INTERVENTION: all or a material part of the assets,
               rights or revenues of, or shares or other ownership interests in,
               either of the Obligors are seized, nationalised, expropriated or
               compulsorily acquired by or under the authority of any
               government.

14.2      ACCELERATION

          If a Default occurs and remains unremedied the Agent may, and shall if
          so instructed by the Majority Banks, by notice to the Borrower:

          (a)  cancel the Facility and require the Borrower immediately to
               repay the Loan together with accrued interest and all other sums
               payable under this Agreement, whereupon they shall become
               immediately due and payable; or

          (b)  place the Facility on demand, whereupon the Loan together with
               accrued interest and all other sums payable under this Agreement
               shall become repayable on demand made by the Agent on the
               instructions of the Majority Banks.

          Upon the service of any such notice by the Agent the Commitment of
          each Bank shall be cancelled.

15.       PRO RATA SHARING

15.1      REDISTRIBUTION

          If any amount owing by an Obligor under this Agreement to a Bank (the
          "Sharing Bank") is discharged by voluntary or involuntary payment,
          set-off or any other manner other than through the Agent in accordance
          with Clause 10, then:
<PAGE>   31
          (a)  the Sharing Bank shall immediately notify the Agent of the
               amount discharged and the manner of its receipt of recovery;

          (b)  the Agent shall determine whether the amount discharged is in
               excess of the amount which the Sharing Bank would have received
               had the amount discharged been received by the Agent and
               distributed in accordance with Clause 10;

          (c)  the Sharing Bank shall pay the Agent an amount equal to that
               excess (the "Excess Amount") within 5 Business Days of demand by
               the Agent;

          (d)  the Agent shall treat the Excess Amount as it were a payment by
               such Obligor under Clause 10 and shall pay the Excess Amount to
               the Banks (other than the Sharing Bank) in accordance with Clause
               10.7; and

          (e)  as between such Obligor and the Sharing Bank the Excess Amount
               shall be treated as not having been received or recovered, and
               accordingly the Borrower shall owe the Sharing Bank an
               immediately payable debt equal to the Excess Amount.

15.2      LEGAL PROCEEDINGS

          Notwithstanding Clause 15.1, no Sharing Bank shall be obliged to share
          any Excess Amount which it receives or recovers pursuant to legal
          proceedings taken by it to recover any sums owing to it under this
          Agreement with any other Bank which has a legal right to, but does
          not, either join in such proceedings or commence and diligently pursue
          separate proceedings to enforce its rights, unless the proceedings
          instituted by the Sharing Bank are instituted by it without prior
          notice having been given to such Bank through the Agent and an
          opportunity to such Bank to join in such proceedings.

15.3      REVERSAL OF REDISTRIBUTION

          If any Excess Amount subsequently has to be wholly or partly refunded
          to an Obligor by a Sharing Bank which has paid an amount equal to that
          Excess Amount to the Agent under Clause 15.1, each Bank to which any
          part of that amount was distributed shall on request from the Sharing
          Bank repay to the Sharing Bank that Bank's proportionate share of the
          amount which has to be so refunded by the Sharing Bank.

15.4      INFORMATION

          Each Bank shall on request supply to the Agent such information as the
          Agent may from time to time request for the purpose of this Clause 15.

16.       THE AGENT, THE LEAD ARRANGERS AND THE BANKS

16.1      APPOINTMENT AND DUTIES

16.1.1    Each Bank irrevocably appoints the Agent to act as its agent in
          connection with this Agreement and irrevocably authorises the Agent on
          its behalf to perform the duties and to exercise the rights, powers
          and discretions that are specifically delegated to it under or in
          connection with this Agreement together with any other incidental
          rights, powers and discretions.
<PAGE>   32
16.1.2    The Agent shall have no duties or responsibilities except those
          expressly set out in this Agreement. As to any matters not expressly
          provided for, the Agent shall act in accordance with the instructions
          of the Majority Banks (but in the absence of any such instructions
          shall not be obliged to act). Any such instructions, and any action
          taken by the Agent in accordance with those instructions, shall be
          binding upon all the Banks.

16.1.3    The Agent may:

          (a)  act in an agency, trustee, fiduciary or other capacity on behalf
               of any other banks or financial institutions providing facilities
               to an Obligor or any associated company of an Obligor, as freely
               in all respects as if it had not been appointed to act as agent
               for the Banks under this Agreement and without regard to the
               effect on the Banks of acting in such capacity; and

          (b)  subscribe for, hold, be beneficially entitled to or dispose of
               shares or securities, or options or other rights to and interests
               in shares or securities in an Obligor or any associated company
               of an Obligor (in each case, without liability to account).

16.1.4    Each division or department of the Agent (including, for so long as
          Chase Manhattan International Limited is the Agent, the Loans Agency
          Department of Chase Manhattan International Limited) shall be treated
          as a separate entity from any other division or department of the
          Agent. If any of the Agent's divisions or departments (including,
          in the case of Chase Manhattan International Limited, its Loans
          Agency Department) should act for an Obligor in any capacity (whether
          as bankers or otherwise) in relation to any other matter, any
          information given by such Obligor to any such division or department
          may be treated as confidential and the Agent shall, as between itself
          and Banks, not be obliged to disclose the same to any Bank or any
          other person.

16.1.5    It is acknowledged that the role of the Lead Arrangers is and has
          been confined solely to arranging the Facility and that in such
          capacity they shall have no obligations and liabilities in relation to
          this Agreement.

16.2      PAYMENTS

16.2.1    The Agent shall promptly account to the Lending Office of each Bank
          for such Bank's due proportion of all sums received by the Agent for
          such Bank's account, whether by way of repayment or prepayment of
          principal or payment of interest, fees or otherwise.

16.2.2    The Agent shall maintain a memorandum account showing the principal
          amount of each Advance outstanding under this Agreement and the amount
          of each Bank's Participation in the Advances.

16.2.3    Each Bank confirms in favour of the Agent that, unless it notifies
          the Agent to the contrary:

          (a)  it will be the beneficial owner of any interest paid to it under
               this Agreement; and

          (b)  it is either:-

               (i)       a "bank" within Section 840A of the Income and
                         Corporation Taxes Act 1988; or
<PAGE>   33
               (ii)      an entity not resident in the United Kingdom (for the
                         purposes of the Income and Corporation Taxes Act
                         1988); and

          (c)  it will provide the Agent with such evidence or information as
               the Agent may reasonably require from time to time to enable the
               Agent to comply with statutory obligations relating to the
               performance of its obligations under this Agreement.

16.3      DEFAULT

          The Agent shall not be obliged to monitor or enquire as to whether or
          not a Default or Potential Default has occurred. The Agent shall be
          entitled to assume that no Default or Potential Default has occurred
          unless it receives notice to the contrary from the Borrower or any
          Bank describing the Default or Potential Default and stating that such
          notice is a "Default Notice" or unless it is aware of a payment
          default under this Agreement, in which case it shall promptly notify
          each Bank.

16.4      RELIANCE

          The Agent may:

          (a)  rely on any communication or document believed by it to be
               genuine and correct and to have been communicated or signed by
               the person by whom it purports to be communicated or signed; and

          (b)  engage, pay for and rely on the advice of any professional
               advisers selected by it given in connection with this Agreement
               or any of the matters contemplated by this Agreement,

          and shall not be liable to any Party for any of the consequences of
          such reliance except in case of negligence or wilful misconduct.

16.5      LEGAL PROCEEDINGS

16.5.1    The Agent shall not be obliged to take or commence any legal action
          or proceeding against an Obligor or any other person arising out of or
          in connection with this Agreement until it shall have been indemnified
          or secured to its satisfaction against all costs, claims and expenses
          (including any costs award which may be made against it as a result of
          any such legal action or proceeding not being successful) which it may
          expend or incur in such legal action or proceeding.

16.5.2    The Agent may refrain from doing anything which might in its opinion
          constitute a breach of any law or any duty of secrecy or
          confidentiality or be otherwise actionable at the suit of any person.

16.6      NO LIABILITY

16.6.1    Neither the Agent nor any of its officers, employees or agents shall
          be liable for any action taken or not taken by it or any of them
          under or in connection with this Agreement unless directly caused by
          its or their negligence or wilful misconduct.
<PAGE>   34
16.6.2    Neither the Agent nor the Lead Arrangers shall be responsible for any
          statements, representations or warranties in this Agreement or for any
          information supplied or provided to any Bank by the Agent or the Lead
          Arrangers in respect of an Obligor or any other person or for any
          other matter relating to this Agreement or for the execution,
          genuineness, validity, legality, enforceability or sufficiency of this
          Agreement or any other document referred to in this Agreement or for
          the recoverability of any Advance or any other sum to become due and
          payable under this Agreement.

16.7      CREDIT DECISIONS

16.7.1    Each Bank:

          (a)  acknowledges that it has, independently and without reliance on
               the Agent and the Lead Arrangers, made its own analysis of the
               transaction contemplated by, and reached its own decision to
               enter into, this Agreement and made it own investigation of the
               financial condition and affairs and its own appraisal of the
               creditworthiness of each Obligor; and

          (b)  agrees that it shall continue to make its own independent
               appraisal of the creditworthiness of each Obligor.

16.7.2    Each Bank agrees that it shall, independently and without reliance on
          the Agent and the Lead Arrangers, make its own decision to take or
          not take action under this Agreement.

16.8      INFORMATION

16.8.1    The Agent shall provide the Banks with all information and copies of
          all notices which are given to it and which by the terms of this
          Agreement are to be provided or given to the Banks.

16.8.2    Except as specifically provided in this Agreement, the Agent shall
          not be under any duty or obligation:

          (a)  either initially or on a continuing basis, to provide any Bank
               with any credit information or other information with respect to
               the financial condition of an Obligor or which is otherwise
               relevant to the Facility; or

          (b)  to request or obtain any certificate, document or information
               from an Obligor unless specifically requested to do so by a Bank
               in accordance with this Agreement.

16.9      RELATIONSHIP WITH BANKS

16.9.1    In performing its functions and duties under this Agreement, the
          Agent shall act solely as the agent for the Banks and except as
          expressly provided in this Agreement shall not be deemed to be acting
          as trustee for any Bank and shall not assume or be deemed to have
          assumed any obligation as agent or trustee for, or any relationship of
          agency or trust with, an Obligor.

16.9.2    None of the Agent, the Lead Arrangers or any Bank shall be under any
          liability or responsibility of any kind to either Obligor or any other
          Bank arising out of or in relation to any failure or delay in
          performance or breach by either Obligor or any other Bank of any of
          its or their respective obligations under this Agreement.
<PAGE>   35
16.10     Agent's position

16.10.1   With respect to its own Participation in an Advance, the Agent shall
          have the same rights and powers under and in respect of this Agreement
          as any other Bank and may exercise those rights and powers as though
          it were not also acting as agent for the Banks. The Agent may, without
          liability to account, accept deposits from, lend money to and
          generally engage in any kind of banking, finance, advisory, trust or
          other business with or for either Obligor as if it were not the agent
          for the Banks under this Agreement.

16.10.2   The Agent may retain for its own use and benefit (and shall not be
          liable to account to any Bank for all or any part of) any sums
          received by it by way of agency or management or arrangement fees or
          by way of reimbursement of expenses incurred by it.

16.11     Indemnity

          Each Bank shall immediately on demand indemnify the Agent (to the
          extent not reimbursed by the Borrower) rateably according to the
          proportion which that Bank's Participation in the Advances bears to
          all Advances (or, if no Advance shall then be outstanding, its
          Commitment) from and against all liabilities, losses and expenses of
          any kind or nature whatsoever (except in respect of any agency,
          management or other fee due to the Agent) which may be incurred by the
          Agent in its capacity as agent or trustee for the Banks or in any way
          relating to or arising out of this Agreement or any action taken or
          omitted by the Agent in enforcing or preserving the rights of the
          Banks or the Agent under this Agreement, provided that no Bank shall
          be liable for any portion of such liabilities, losses or expenses
          resulting from the Agent's gross negligence or wilful misconduct.

16.12     Resignation

16.12.1   The Agent may resign by giving at least 60 days' notice to the
          Borrower and each Bank. Upon receipt of a notice of resignation the
          Borrower and the Majority Banks may select any bank or other financial
          institution as successor Agent.

16.12.2   If no bank or other financial institution selected by the Borrower
          and the Majority Banks shall have accepted such appointment within 20
          days, after the Agent has given a notice of resignation then the
          Majority Banks may, after consultation  with the Borrower, appoint any
          bank or other financial institution as successor Agent.

16.12.3   If no bank or other financial institution selected by the Majority
          Banks shall have accepted such appointment within 40 days after the
          Agent has given a notice of resignation then the resigning Agent may ,
          after consultation with the Borrower, appoint any bank or other
          financial institution of reputable standing with an office in London
          as successor Agent.

16.12.4   The resignation of the Agent and the appointment of any successor
          Agent shall both become effective only upon the successor Agent
          notifying the retiring Agent, the Borrower and each Bank that it
          accepts its appointment. On such notification:

          (a)  the resigning Agent shall be discharged from its obligations and
               duties as Agent under this Agreement but it shall continue to be
               able to rely on the provisions of this Clause 16 in respect of
               all matters relating to the period of its appointment; and

          (b)  the successor Agent shall assume the role of Agent and shall
               have all the rights, powers, discretions and duties which the
               Agent has under this Agreement.

<PAGE>   36

16.12.5   The resigning Agent shall make available to the successor Agent all
          records and documents held by it as Agent, and shall co-operate with
          the successor Agent to ensure an orderly transition.

16.13     CHANGE OF OFFICE

          The Agent may at any time in its sole discretion by notice to the
          Borrower and each Bank designate a different office in the United
          Kingdom from which its duties as the Agent will be performed.

17.       FEES AND EXPENSES

17.1      EXPENSES AND COSTS

17.1.1    Subject to any limits on and other matters relating to the same that
          may previously have been agreed by the Lead Arrangers prior to the
          date of this Agreement, the Borrower shall reimburse all reasonable
          expenses incurred, and any VAT on those expenses:

          (a)       by the Lead Arrangers and the Agent in connection with the
                    negotiation, preparation and execution of the Financing
                    Documents and the other documents contemplated by the
                    Financing Documents;

          (b)       by the Lead Arrangers and the Agent in respect of the
                    syndication of the Facilities;

          (c)       by the Agent or the Banks in connection with the granting of
                    any release, waiver or consent or in connection with any
                    amendment or variation of any Financing Document where such
                    release, waiver, consent, amendment or variation has been
                    requested by an Obligor; and

          (d)       by the Agent or the Banks in enforcing, perfecting,
                    protecting or preserving (or attempting so to do) any of
                    their rights, or in suing for or recovering any sum due from
                    either Obligor or any other person under any Financing
                    Document,

          upon presentation of a statement of account reasonably documented for
          administrative and fiscal purposes.

17.1.2    The Borrower shall on demand pay to the Agent for the account of the
          relevant Bank any amount notified to it by each Bank within 10
          Business Days of the commencement of an Interest Period as being the
          Additional Cost Rate for such Bank in respect of such Interest Period.

17.2      ARRANGEMENT AND AGENCY FEES

          The Borrower shall pay to the Lead Arrangers an arrangement fee in
          accordance with the terms of the Arrangement Fees Letter and to the
          Agent an agency fee in accordance with the terms of the Agency Fees
          Letter.  For the avoidance of doubt, all liabilities and obligations
          of the Borrower under the Arrangement Fees Letter and the Agency Fees
          Letter shall be deemed to be incurred under this Agreement.

<PAGE>   37
17.3      COMMITMENT FEE

          The Borrower shall pay a commitment fee in Dollars to the Agent for
          the account of the Banks at the rate of 0.125 per cent per annum on
          the Available Facility. The commitment fee shall accrue from day to
          day and be calculated on the basis of the actual number of days
          elapsed and a 360 day year in respect of the Drawdown Period and shall
          be payable on the last day in the Drawdown Period or on any earlier
          date on which the Available Facility equals zero.

17.4      DOCUMENTARY TAXES INDEMNITY

          All stamp, documentary, registration or other like duties or Taxes
          which are imposed or chargeable on or in connection with this
          Agreement shall be paid by the Borrower. The Agent shall be entitled
          but not obliged to pay any such duties or Taxes (whether or not they
          are its primary responsibility). If the Agent does so the Agent shall
          notify the Borrower that any such payment has been made and the
          Borrower shall on demand indemnify the Agent against those duties and
          Taxes and against any costs and expenses incurred by the Agent in
          discharging them.

17.5      VAT

          All payments made by the Borrower under the Financing Documents are
          calculated without regard to VAT. If any such payment constitutes the
          whole or any part of the consideration for a taxable or deemed taxable
          supply (whether that supply is taxable pursuant to the exercise of an
          option or otherwise) by the Agent or a Bank, the amount of that
          payment shall be increased by an amount equal to the amount of VAT
          which is chargeable in respect of the taxable supply in question.

18.       AMENDMENTS AND WAIVERS

18.1      MAJORITY BANKS

18.1.1    Subject to Clause 18.2, any term of this Agreement may be amended or
          waived with the written agreement of the Obligors and the Majority
          Banks. The Agent may effect, on behalf of the Majority Banks, an
          amendment or waiver to which the Majority Banks have agreed.

18.1.2    The Agent shall promptly notify the Obligors and each Bank of any
          amendment or waiver effected under Clause 18.1.1 and any such
          amendment or waiver shall be binding on the Obligors and each Bank.

18.2      ALL BANKS

          An amendment or waiver which relates to:

          (a)  the definition of "Majority Banks" in Clause 1.1;

          (b)  an extension of the date for, or a decrease in an amount or a
               change in the currency of, any payment under this Agreement;

          (c)  an increase in a Bank's Commitment;
<PAGE>   38
          (d)  a term of this Agreement which expressly requires the consent of
               each Bank; or

          (e)  Clause 6, 7, 11.1, 15 or 17.3 or this Clause 18,

          may not be effected without the prior written consent of each Bank.

18.3      NO IMPLIED WAIVERS; REMEDIES CUMULATIVE

          The rights of the Agent and each Bank under this Agreement:

          (a)  may be exercised as often as necessary;

          (b)  are cumulative and not exclusive of its rights under the general
               law; and

          (c)  may be waived only in writing and specifically.

          Delay in exercising or non-exercise of any such right is not a waiver
          of that right.

19.       MISCELLANEOUS

19.1      SEVERANCE

          If any provision of this Agreement is or becomes illegal, invalid or
          unenforceable in any jurisdiction, that shall not affect:

          (a)  the legality, validity or enforceability in that jurisdiction of
               any other provision of this Agreement; or

          (b)  the legality, validity or enforceability in any other
               jurisdiction of that or any other provision of this Agreement.

19.2      COUNTERPARTS

          This Agreement may be executed in any number of counterparts and this
          shall have the same effect as if the signatures on the counterparts
          were on a single copy of this Agreement.

20.       NOTICES

20.1      METHOD

          Each notice or other communication to be given under this Agreement
          shall be given in writing in English and, unless otherwise provided,
          shall be made by fax or letter.

20.2      DELIVERY

          Any notice or other communication to be given by one Party to another
          under this Agreement shall (unless one Party has by 15 days' notice to
          the other Party specified another address) be given to that other
          Party, in the case of the Borrower and the Agent, at the respective
          addresses given in Clause 20.3, and in the case of the Banks, at the
          respective
<PAGE>   39
          addresses given in Schedule 1 or, as the case may be, the schedule to
          its relevant Transfer Certificate.

20.3      ADDRESSES

          The address and fax number of the Obligors and the Agent are:

          (A)  the Borrower:

               c/o New Holland Limited
               950 Great West Road
               Brentford
               Middlesex
               TW8 9ES

               Attention:     The Treasurer
               Fax:           0181 479 8810

          (B)  the Guarantor:

               c/o Fiat Geva, S.p.A.
               Via Nizza 250
               10126 Turin
               Italy

               Attention:     The Treasurer
               Fax:           00 39 011 686 3721

          (C)  the Agent:

               Trinity Tower
               9 Thomas More Street
               London E1 9YT

               Attention:     Steve Clarke, Loans Agency
               Fax:           0171 777 2360

20.4      DEEMED RECEIPT

          Any notice or other communication given under this Agreement shall be
          deemed to have been received:

          (a)  if sent by fax, with a confirmed receipt of transmission from
               the receiving machine, on the day on which transmitted;

          (b)  in the case of a notice given by hand, on the day of actual
               delivery; and

          (c)  if posted, on the tenth Business Day following the day on which
               it was despatched by first class mail postage prepaid or, as the
               case may be, airmail postage prepaid.
<PAGE>   40
          provided that a notice given in accordance with the above but received
          on a day which is not a Business Day or after normal business hours in
          the place of receipt shall be deemed to have been received on the next
          Business Day.

20.5      NOTICES THROUGH AGENT

          Any notice or other communication from or to an Obligor under this
          Agreement shall be sent through the Agent.

21.       ASSIGNMENTS AND TRANSFERS

21.1      BENEFIT OF AGREEMENT

          This Agreement shall be binding upon and enure to the benefit of each
          Party and its successors and assigns.

21.2      ASSIGNMENTS AND TRANSFERS BY AN OBLIGOR

          An Obligor shall not be entitled to assign or transfer any of its
          rights or obligations under this Agreement.

21.3      ASSIGNMENTS BY BANKS

          Any Bank may, subject to Clause 21.5, assign any of its rights and
          benefits under this Agreement to another bank or other financial
          institution provided that until the assignee has confirmed to the
          Agent and the other Banks that it shall be under the same obligations
          towards each of them as it would have been under if it had been a
          party to this Agreement as a Bank, the Agent and the other Banks shall
          not be obliged to recognise the assignee as having the rights against
          each of them which it would have had if it had been such a party to
          this Agreement.

21.4      TRANSFERS BY BANKS

21.4.1    Any Bank may, subject to Clause 21.5, transfer, in accordance with
          this Clause 21.4, any of its rights and obligations under this
          Agreement.

21.4.2    If any Bank (the "Existing Bank") wishes to transfer all or any part
          of its Commitment or Participation in Advances to another bank or
          other financial institution (the "Bank Transferee"), such transfer may
          be effected by way of a novation by the delivery to, and the execution
          by, the Agent of a duly completed Transfer Certificate.

21.4.3    On the date specified in the Transfer Certificate:

          (a)  to the extent that in the Transfer Certificate the Existing Bank
               seeks to transfer its Commitment or Participation in Advances,
               the Obligors and the Existing Bank shall each be released from
               further obligations to each other under this Agreement and their
               respective rights against each other shall be cancelled (such
               rights and obligations being referred to in this Clause 21.4.3 as
               "Discharged Rights and Obligations");
<PAGE>   41

        (b)  the Obligors and the Bank Transferee shall each assume obligations
             towards each other and/or acquire rights against each other which
             differ from the Discharged Rights and Obligations only insofar as
             the Obligors and the Bank Transferee have assumed and/or acquired
             the same in place of the Borrower and the Existing Bank; and

        (c)  each of the Parties and the Bank Transferee shall acquire the same
             rights and assume the same obligations among themselves as they
             would have acquired and assumed had the Bank Transferee been a
             party under this Agreement as a Bank with the rights and/or the
             obligations acquired or assumed by it as a result of the transfer.

21.4.4  The Agent shall promptly complete a Transfer Certificate on request
        by an Existing Bank and upon payment by the Bank Transferee of a fee of
        $1000 to the Agent provided that such fee shall not be payable in
        respect of a transfer to an affiliate of the Existing Bank or another
        Bank. Each Party irrevocably authorises the Agent to execute any duly
        completed Transfer Certificate on its behalf provided that such
        authorisation does not extend to the execution of a Transfer Certificate
        on behalf of either the Existing Bank or the Bank Transferee named in
        the Transfer Certificate.

21.4.5  The Agent shall promptly notify the Borrower of the receipt and
        execution on its behalf by the Agent of any Transfer Certificate.

21.5    CONDITION TO ASSIGNMENTS AND TRANSFERS

21.5.1  An assignment or transfer by a Bank shall be in respect of a Commitment
        of at least $15,000,000 and an integral of $5,000,000.

21.5.2  An assignment or transfer of any Commitment or Participation in the
        Advances shall be subject to the prior approval of the Borrower
        (such approval not to be unreasonably withheld or delayed).

21.6    CONSEQUENCES OF TRANSFER

        An Obligor shall be under no obligation to pay any greater amount under
        this Agreement following an assignment or transfer by a Bank of any of
        its rights or obligations pursuant to this Clause 21 if, in the
        circumstances existing at the time of such assignment or transfer, such
        greater amount would not have been payable but for the assignment or
        transfer.

21.7    DISCLOSURE OF INFORMATION

        Each Finance Party may disclose to each other, to their professional
        advisers and to any person with whom they are proposing to enter, or
        have entered into, any kind of assignment, transfer, novation,
        participation or other agreement in relation to this Agreement, a copy
        of this Agreement and any information which that Finance Party has
        acquired under or in connection with this Agreement, provided that any
        such person shall first provide an undertaking in favour of the Borrower
        to keep the same confidential.
<PAGE>   42

22.     INDEMNITIES

22.1    BREAKAGE COSTS INDEMNITY

        The Borrower shall indemnify each Bank on demand against any reasonable
        loss or expense (including any loss or expense on account of funds
        borrowed, contracted for or utilised to fund any amount payable under
        this Agreement, any amount repaid or prepaid under this Agreement or
        any Advance) which that Bank has sustained or incurred as a consequence
        of:

        (a)  an Advance not being made following the service of a Drawdown
             Notice (except as a result of the failure of that Bank to comply
             with its obligations under this Agreement) or the service of a
             Market Disruption Notice;

        (b)  the failure of the Borrower to make payment on the due date of any
             sum due under this Agreement;

        (c)  the occurrence of any Default or the operation of Clause 14.2; or

        (d)  any prepayment or repayment of an Advance otherwise than on an
             Interest Date relative to that Advance, such loss or expense being
             equal to the amount (if any) by which (a) the additional interest
             excluding the Margin which would have been payable on the amount so
             received or recovered had it been received or recovered on the
             related Interest Date exceeds (b) the amount of interest which in
             the opinion of the Agent would have been payable to the Agent on
             the Interest Date in respect of a deposit in the currency of the
             amount so received or recovered equal to the amount so received or
             recovered placed by it with a prime bank in London for a period
             starting on the third or, in the case of a prepayment in accordance
             with Clause 7.2, the second Business Day following the date of such
             receipt or recovery and ending on the Interest Date.

22.2    CURRENCY INDEMNITY

22.2.1  Any payment made to or for the account of or received by any Finance
        Party in respect of any moneys or liabilities due, arising or incurred
        by an Obligor to any Finance Party in a currency (the "CURRENCY OF
        PAYMENT") other than the currency in which the payment should have been
        made under this Agreement (the "CURRENCY OF OBLIGATION") in whatever
        circumstances (including as a result of a judgement against any Obligor)
        and for whatever reason shall constitute a discharge to that Obligor
        only to the extent of the Currency of Obligation amount which that
        Finance Party is able on the date of receipt of such payment (or if such
        date of receipt is not a Business Day, on the next succeeding Business
        Day) to purchase with the Currency of Payment amount at its spot rate of
        exchange (as reasonably determined by that Finance Party) in the London
        foreign exchange market.

22.2.2  If the amount of the Currency of Obligation which that Finance Party is
        so able to purchase falls short of the amount originally due to that
        Finance Party under this Agreement, then the relevant Obligor shall
        promptly on demand indemnify that Finance Party against any loss or
        damage arising as a result of that shortfall by paying to that Finance
        Party that amount in the Currency of Obligation certified by that
        Finance Party as necessary so to indemnify it.

22.2.3  Each indemnity in this Clause 22.2 shall constitute a separate and
        independent obligation from the other obligations contained in this
        Agreement, shall give rise to a separate and independent cause of
        action, shall apply irrespective of any indulgence granted from time to
<PAGE>   43
          time and shall continue in full force and effect notwithstanding any
          judgment or order for a liquidated sum or sums in respect of amounts
          due under this Agreement or under any such judgment or order.

22.3      GENERAL

          The certificate of the relevant Finance Party as to the amount of any
          loss or damage sustained or incurred by it shall be prima facie
          evidence to the Obligors in the absence of manifest error.

23.       LAW AND JURISDICTION

23.1      LAW

          This Agreement is governed by and shall be construed in accordance
          with English law;

23.2      JURISDICTION

23.2.1    The Parties agree that the courts of England shall have jurisdiction
          to settle any disputes which may arise in connection with this
          Agreement and that any judgment or order of an English court in
          connection with this Agreement is conclusive and binding on them and
          may be enforced against them in the courts of any other jurisdiction.
          This Clause 23.2.1 is for the benefit of each Finance Party only and
          shall not limit the right of each Finance Party to bring proceedings
          against an Obligor in connection with this Agreement in any other
          court of competent jurisdiction or concurrently in more than one
          jurisdiction.

23.2.2    Each Obligor:

          (a)  waives any objections which it may have to the English courts on
               the grounds of venue or forum non conveniens or any similar
               grounds as regards proceedings in connection with this Agreement;
               and

          (b)  consents to service of process by mail or in any other manner
               permitted by the relevant law.

23.3      AGENT FOR SERVICE

          Each Obligor shall at all times maintain an agent for service of
          process in England. That agent shall be Fiat UK Limited of Berkeley
          Square House, Berkeley Square, London W1X 6AL. Any claim form, writ,
          summons, judgment or other notice of legal process shall be
          sufficiently served on an Obligor if delivered to that agent at its
          address for the time being. An Obligor shall not revoke the authority
          of that agent. If for any reason any such agent no longer serves as
          agent of an Obligor to receive service of process, then that Obligor
          shall promptly appoint another such agent and immediately advise the
          Agent of that appointment.

IN WITNESS whereof the Parties have caused this Agreement to be duly executed on
the date set out above.
<PAGE>   44

                                   SCHEDULE 1

                                   THE BANKS

<TABLE>
<CAPTION>

BANK AND LENDING OFFICE                 ADDRESS FOR NOTICES                     COMMITMENT

<S>                                     <C>                                     <C>
A. C. Financial Services Dublin         A. C. Financial Services Dublin         $50,000,000
(Fortis Bank Group)                     5th Floor - Plaza 2
5th Floor - Plaza 2                     Custom House Plaza
Custom House Plaza                      IFSC - Dublin 1
IFSC - Dublin 1                         Ireland
Ireland

                                        Attention:  James Hart
                                        Fax:        00 353 1 670 0854

ABN AMRO Bank N.V.                      ABN AMRO Bank N.V.                      $25,000,000
Lending Department                      S F U Department
Via Meravigli, 7                        Via Meravigli, 7
20123 Milano                            20123 Milano
Italy                                   Italy

                                        Attention:  Luigi Losi/Loredana
                                                    Giovannoni
                                        Fax:        00 39 02 722 67265

Arab Banking Corporation (BSC)          Arab Banking Corporation (BSC)          $50,000,000
Milan Branch                            Milan Branch
Credit Department                       Credit Department
Via Santa Maria Fulcorina 8             Via Santa Maria Fulcorina 8
20123 Milano                            20123 Milano
Italy                                   Italy

                                        Attention: Luca Gaiani/Loria Calgaro
                                        Fax:       00 39 02 884 50117

Argentaria, Caja Postal Y Banco         Argentaria, Caja Postal Y Banco         $12,500,000
Hipotecario, S.A.                       Hipotecario, S.A.
Serrano, 37-28001 Madrid                Serrano, 37-28001 Madrid
Spain                                   Spain

                                        Attention:  Jaime Nunez
                                        Fax:        00 34 91 537 7934

Argentaria, Caja Postal Y Banco         Argentaria, Caja Postal Y Banco         $12,500,000
Hipotecario, S.A.                       Hipotecario, S.A.
1 Great Tower Street                    1 Great Tower Street
London                                  London
EC3R 5HR                                EC3R 5HR

</TABLE>

<PAGE>   45

<TABLE>

<S>                                     <C>                                     <C>
                                        Attention:  Maria J Nardini
                                        Fax:        0171 204 6651

Banca Antoniana Popolare Veneta         Banca Antoniana Popolare Veneta         $25,000,000
S.C.A.R.L.                              Luxembourg Branch
Luxembourg Branch                       62, Avenue Guillaume
62, Avenue Guillaume                    1650 Luxembourg
1650 Luxembourg

                                        Attention:  Mr Vincent Corneau
                                        Fax:        00 352 444 804

Banca Commerciale Italiana (Ireland)    Banca Commerciale Italiana (Ireland)     $75,000,000
plc                                     plc
AIB International Centre                AIB International Centre
IFSC                                    IFSC
Dublin 1                                Dublin 1
Ireland                                 Ireland

                                        Attention:  Maureen Murphy/Derek
                                                    O'Connor
                                        Fax:        00 353 1 679 5882

Banca di Roma                           Banca di Roma                           $50,000,000
87 Gresham Street                       87 Gresham Street
London                                  London
EC2V 7NQ                                EC2V 7NQ

                                        Attention:  Hugh Fagan, Head of Loan
                                                    Admin
                                        Fax:        0171 454 7292

Banca Monte Dei Paschi Di Siena SpA     Banca Monte Dei Paschi Di Siena SpA     $50,000,000
Grandi Gruppi Department                Turin Branch
Piazza dell' Abbadia 7                  Via Mazzini 14/16
53100 Siena                             10123 Turin
Italy                                   Italy

                                        Attention:  Mr Fiore Luigi
                                        Fax:        00 39 011 8155230

Banca Nazionale del Lavoro S.p.A        Banca Nazionale del Lavoro S.p.A        $50,000,000
London Branch                           London Branch
Fitzwilliam House                       Fitzwilliam House
10 St Mary Axe                          10 St Mary Axe
London                                  London
EC3A 8NA                                EC3A 8NA

                                        Attention:  Miss Anne Murray, Manager
                                                    Loans Department
                                        Fax:        0171 929 7983
</TABLE>

<PAGE>   46

<TABLE>

<S>                                    <C>                                      <C>
Banca Popolare Di Bergamo - Credito     Banca Popolare Di Bergamo - Credito     $50,000,000
Varesino s.c.r.l.                       Varesino s.c.r.l.
Succursale de Lyon                      Succursale de Lyon
Rue Pierre Corneille, 115               Rue Pierre Corneille, 115
69003 Lyon                              69003 Lyon
France                                  France

                                        Attention:  Mr Luigi Forrini/Mirco
                                                    Iadarola
                                        Fax:        00 33 472 844 640

Banca Popolare Di Milano Scarl (BPM)    Banca Popolare Di Milano Scarl (BPM)    $50,000,000
Sede Centrale                           Sede Centrale
Piazza F Meda 4                         Piazza F Meda 4
20121 Milano                            20121 Milano
Italy                                   Italy

                                        Attention:  Pellegatta Giuseppe/Ceppi
                                                    Roberto/Dal Monte
                                                    Luisa/Tricarico Michelina
                                        Fax:        00 39 02 7700 2360

Banca Popolare Di Novara S.C. a R.L.,   Banca Popolare Di Novara S.C.a R.L.,    $25,000,000
London Branch                           London Branch
Bucklersbury House                      Bucklersbury House
Walbrook                                Walbrook
London                                  London
EC4N 8EL                                EC4N 8EL

                                        Attention:  Steve Wilkins, Manager,
                                                    Loans Administration
                                                    Department/Nino de Marchi,
                                                    Deputy General Manager
                                        Fax:        0171 236 2033

Banco Bilbao Vizcaya S.A. - Milan       Banco Bilbao Vizcaya S.A. - Milan       $25,000,000
Branch                                  Branch
Via Cino del Duca 8                     Via Cino del Duca 8
1-20121 Milan                           1-20121 Milan
Italy                                   Italy

                                        Attention:  Mr Marino Corra
                                        Fax:        00 39 02 762 96266

Banco Di Napoli Spa, Milano Branch      Banco Di Napoli Spa, Milano Branch      $25,000,000
Piazza Cordusio, 2                      Piazza Cordusio, 2
Milano                                  Milano
Italy                                   Italy

                                        Attention:  Mr Mauro Gambella -
                                                    Gestore 13
                                        Fax:        00 39 02 762 96266
</TABLE>
<PAGE>   47

<TABLE>

<S>                                     <C>                                     <C>
Banco Espanol De Credito, S.A.          Banco Espanol de Credito, S.A.          $25,000,000
Avda. Gran Via de Hortaleza, 3          Paseo de la Castellana 103
28043 Madrid                            28046, Madrid
Spain                                   Spain

                                        Attention: Marife Bennudo
                                        Fax:       00 34 91 338 9213

Espirito Santo PLC.                     Espirito Santo PLC.                     $25,000,000
IFSC House                              IFSC House
Ground Floor                            Ground Floor
Custom House Quay                       Custom House Quay
Dublin 1                                Dublin 1
Ireland                                 Ireland

                                        Attention: Luis Morals Sarmento
                                        Fax:       00 353 1 670 2656

Bank of America, N.A.                   Bank of America, N.A.                   $75,000,000
Corso Matteotti, 10                     Corso Matteotti, 10
20121 Milano                            20121 Milano
Italy                                   Italy

                                        Attention: Patrizia Medvedich/Luca
                                        Sala
                                        Fax:       00 39 02 76 069 210

Bank Austria Creditanstalt              Bank Austria Creditanstalt              $25,000,000
International AG                        International AG
International Finance Department        International Finance Department
Wasagasse 2                             Wasagasse 2
A-1090 Vienna                           A-1090 Vienna
Austria                                 Austria

                                        Attention: Monika Hye
                                        Fax:       00 443 1 53636

Bank One, NA                            Bank One, NA                            $50,000,000
1 Triton Square                         1 Triton Square
London                                  London
NW1 3FN                                 NW1 3FN

                                        Attention:  Dot O'Flaherty
                                        Fax:        0171 903 4148

Banque National de Paris                Banque National de Paris                $50,000,000
Via Ansperto, 5                         Milan Branch
20123 Milano                            Via Ansperto, 5
Italy                                   20123 Milano
                                        Italy

                                        Attention:  Mme E Braghe
                                        Fax:        00 39 02 7212 4426
</TABLE>

<PAGE>   48

<TABLE>

<S>                                     <C>                                     <C>
Barclays Bank Plc                       Barclays Capital                        $50,000,000
Via Della Moscova 18                    Global Services Unit
20121 Milano                            10, The South Colonnade
Italy                                   Canary Wharf
                                        London
                                        E14 4BBB

                                        Attention:  Ian Stewart, Manager
                                                    Operations
                                        Fax:        0171 516 9231

Bayerische Landesbank Girozentrale      Bayerische Landesbank Girozentrale      $50,000,000
Filiale di Milano                       Filiale di Milano
Via Cordusio, 2                         Via Cordusio, 2
1-20123 Milano                          1-20123 Milano
Italy                                   Italy

                                        Attention:  Mr C Morgigno/Mr E Caruso
                                        Fax:        00 39 02 864 216

Natexis Banques Populaires              Natexis Banques Populaires              $50,000,000
115, rue Mourmarue                      10-12 avenue Winston Churchill
75002 Paris                             94677 Charenton Le Pont
France                                  France

                                        Attention:  Maria-Christine Olszewski
                                        Fax:        00 33 01 40 39 44 34

CARIPLO - Cassa di Risparmio delle      CARIPLO - Cassa di Risparmio delle      $50,000,000
Provincie Lombarde S.p.A., London       Provincie Lombarde S.p.A., London
6 Lombard Street                        6 Lombard Street
London                                  London
EC3V 9AA                                EC3V 9AA

                                        Attention:  The Manager, Loans
                                                    Administration
                                        Fax:        0171 623 2519

CIBC World Markets Ireland Limited      CIBC World Markets Ireland Limited      $50,000,000
Ormonde House                           Ormonde House
12 Lower Leeson Street                  12 Lower Leeson Street
Dublin 2                                Dublin 2
Ireland                                 Ireland

                                        Attention:  Ursula Baxter
                                        Fax:        00 353 1 662 4371

Citibank, N.A.                          Citibank, N.A.                          $50,000,000
336 The Strand,                         336 The Strand,
London,                                 London,
WC2R 1HB                                WC2R 1HB
</TABLE>

<PAGE>   49

<TABLE>

<S>                                     <C>                                     <C>
                                        Attention:  Gian Paolo Potsios
                                        Fax:        0171 500 5550

Comerica Bank                           Comerica Bank                           $25,000,000
500 Woodward Avenue                     500 Woodward Avenue
International Finance Department        International Financial Department
One Detroit Center                      One Detroit Center
23 Floor                                23 Floor
Detroit                                 Detroit
Michigan 48226                          Michigan 48226
USA                                     USA

                                        Attention:  Patricia Grossman
                                        Fax:  001 313 964 4765

Commerzbank Aktiengesellschaft          Commerzbank Aktiengesellschaft          $50,000,000
Filiale di Milano                       Filiale di Milano
Via Cordusio, 2                         Via Cordusio, 2
20123 Milan                             20123 Milan
Italy                                   Italy

                                        Attention:  Roberto Mirri/Barbara
                                                    Marchioro
                                        Fax:        00 39 02 72596-550

Commonwealth Bank of Australia          Commonwealth Bank of Australia          $25,000,000
Senator House                           Senator House
85 Queen Victoria Street                85 Queen Victoria Street
London                                  London
EC4V 4HA                                EC4V 4HA

                                        Attention:  Mr Roy Nasse
                                        Fax:        0171 710 3939

Credit Agricole Indosuez                Credit Agricole Indosuez                $50,000,000
9 Quai du President Paul Doumer         91-93 Boulevard Pasteur
92920-Paris La Defense cedex            75015 Paris
France                                  France

                                        Attention:  Laurence Lebeau
                                        Fax:        00 33 01 41 89 08 71

Credit Commercial de France, London     Credit Commercial de France, London     $50,000,000
Branch                                  Branch
1 Paternoster Row                       1 Paternoster Row
St Paul's                               St Paul's
London                                  London
EC4M 7DH                                EC4M 7DH

                                        Attention:  John Blewert, Manager,
                                                    Banking Operations
                                        Fax:        0171 246 2371
</TABLE>

<PAGE>   50

<TABLE>

<S>                                     <C>                                     <C>
Credit Industrial et Commercial         Credit Industrial et Commercial         $50,000,000
60 rue de la Victoire                   CIC Centre Administratif
75009 Paris                             3, Allee de L'Etoile
France                                  95091 Cergy Pontoise Cedex
                                        France

                                        Attention:  Mme Dominique Procureur
                                                    /Mme Isabelle Paskeweiz
                                        Fax:        00 33 01 45 96 49 44

Credit Lyonnais                         Credit Lyonnais                         $50,000,000
UAC Montgallet/UB Engagements           55 Avenue des Champs Elysees
76/78 rue de Reuilly                    75012, Paris
75012, Paris                            France
France

                                        Attention:  Severine de Coincy
                                        Fax:        00 33 1 49 53 14 68

Credit Suisse First Boston              Credit Suisse First Boston              $75,000,000
Five Cabot Square                       Loan Services
London                                  Five Cabot Square
E14 4QR                                 London
                                        E14 4QR

                                        Attention:  Jeremy Padgham, Loan
                                                    Operations
                                        Fax:        0171 888 8125

Den Danske Bank Akieselskab             Den Danske Bank Akieselskab             $50,000,000
75 King William Street                  Corporate Loans Administration
London                                  75 King William Street
EC4N 7DT                                London
                                        EC4N 7DT

                                        Attention:  Alain Laviolette
                                        Fax:        0171 410 8001

Deutsche Bank Spa - Milan               Deutsche Bank Spa - Milan               $75,000,000
Via S. Sofia, 10                        c/o G.C.I.-Global Banking Division
1-20122 Milano                          Via S. Sofia, 10
Italy                                   1-20122 Milano
                                        Italy

                                        Attention:  Mr C Mattia/Mr L Mariani
                                        Fax         00 39 02 402 43951

First Union National Bank, London       First Union National Bank, London       $50,000,000
Branch                                  Branch
3 Bishopsgate                           3 Bishopsgate
London                                  London
EC2N 3AB                                EC2N 3AB
</TABLE>

<PAGE>   51

<TABLE>

<S>                                     <C>                                     <C>
                                        Attention:  Maureen Hart, Head of Loans
                                                    Administration
                                        Fax:        0171 216 1642

HSBC Bank plc                           HSBC Bank plc                           $50,000,000
Via della Moscova 3                     Milan Branch
20121 Milan                             Via della Moscova 3
Italy                                   20121 Milan
                                        Italy

                                        Attention:  Sara Brugora
                                        Fax:        00 39 02 62525 444

Hypo Vereinsbank Luxembourg             Hypo Vereinsbank Luxembourg             $25,000,000
Societe Anonyme                         Societe Anonyme
4 rue Alphonse Weicker                  4 rue Alphonse Weicker
L-2721 Luxembourg                       L-2721 Luxembourg

                                        Attention:  Arnold Hermine
                                        Fax:        00 352 4272 4547

ICCRI Istituto Di Credito Delle Casse   ICCRI SPA                               $25,000,000
Di Risparmio Italiane SpA               Direzione Operativa Impieghi Funzione
Via Boncompagni 71/h                    Filiale Interna
00187 Roma                              Via Boncompagni 71/h
Italia                                  00187 Roma
                                        Italia

                                        Attention:  Franco Vecchi - Sig.Ra
                                                    Antonia De Santis
                                        Fax:        00 39 647 153 178

ING Bank NV                             ING Bank NV                             $50,000,000
Filiale di Milano                       Filiale di Milano
Via Tortona, 33                         Via Tortona, 33
20144 Milano                            20144 Milano
Italy                                   Italy

                                        Attention:  Donata Pirelli
                                        Fax:        00 39 02 47780 246

KBC Bank N.V. Dublin Branch             KBC Bank N.V. Dublin Branch             $25,000,000
KBC House                               KBC House
4 George's Dock                         4 George's Dock
IFSC                                    IFSC
Dublin 1                                Dublin 1
Ireland                                 Ireland

                                        Attention:  Ms. Maureen Collins
                                        Fax:        00 353 66 10 196
</TABLE>

<PAGE>   52

<TABLE>

<S>                                     <C>                                     <C>
Mediocredito Centrale S.p.A.            Mediocredito Centrale S.p.A.            $25,000,000
Via Piemonte, 51                        Servizio Amministrazione Ufficio
00187 Roma                              Erogazioni
Italy                                   Via Piemonte, 51
                                        00187 Roma
                                        Italy

                                        Attention:  Roberto Marzocchi/Adriano
                                                    Felici
                                        Fax:        00 39 06 4791 758

Morgan Guaranty Trust Company of        Morgan Guaranty Trust Company of        $50,000,000
New York                                New York
60 Victoria Embankment                  60 Victoria Embankment
London                                  London
EC4Y 0JP                                EC4Y 0JP

                                        Attention:  Loan Capital Markets -
                                                    Middle Office
                                        Fax:        0171 325 8190

Raiffeisen Zentralbank Ostereich AG     Raiffeisen Zentralbank Ostereich AG     $25,000,000
AM Stadtpark 9                          AM Stadtpark 9
A-1030 Vienna                           A-1030 Vienna
Austria                                 Austria

                                        Attention:  Ms Karin Nyikos
                                        Fax:        00 431 71707 2383

RBC Finance B.V.                        RBC Finance B.V.                        $25,000,000
Keizersgracht 604                       Keizersgracht 604
1017 EP Amsterdam                       1017 EP Amsterdam
The Netherlands                         The Netherlands

                                        Attention: Mr M Palmer
                                        Fax:       00 31 20 6 262 196
SANPAOLO IMI S.p.A., London             SANPAOLO IMI S.p.A., London             $75,000,000
Branch                                  Branch
Wren House                              Wren House
15 Carter Lane                          15 Carter Lane
London                                  London
EC4V 3SP                                EC4V 3SP

                                        Attention:  Murray Crosby, Manager,
                                                    Loans Administration
                                        Fax:        0171 236 2698
</TABLE>

<PAGE>   53

<TABLE>

<S>                                     <C>                                     <C>
Societe Generale Finance (Ireland)      Societe Generale Finance (Ireland)      $50,000,000
Limited                                 Limited
31/31 Morrison Chambers                 31/31 Morrison Chambers
32 Nassau Street                        32 Nassau Street
Dublin 2                                Dublin 2
Ireland                                 Ireland

                                        Attention:  Jacinra Conroy
                                        Fax:        00 353 1 6704 262

The Chase Manhattan Bank                The Chase Manhattan Bank                $75,000,000
125 London Wall                         Eurocurrency / Global Money Market
London                                  Division
EC2Y 5AJ                                4 Chase Metrotech Centre
                                        15th Floor
                                        Brooklyn
                                        New York 11245
                                        USA

                                        Attention:  Edwin Grospe
                                        Fax:        001 718 242 7021

The Industrial Bank of Japan, Limited - The Industrial Bank of Japan, Limited   $50,000,000
Milan Branch                            London Branch
Via Senato 14/16                        Operation Department
20121 Milano                            Bracken House
Italy                                   One Friday Street
                                        London
                                        EC4M 9JA

                                        Attention:  Mark Brown/Mary Roe
                                        Fax:        0171 329 0354

                                        AND COPY TO
                                        The Industrial Bank of Japan, Limited -
                                        Milan Branch
                                        Operation Department
                                        Via Senato 14/16
                                        20121 Milano
                                        Italy

                                        Attention:  Ms. L Anastas
                                        Fax:        00 39 02 783 373

The Sumitomo Bank, Limited              The Sumitomo Bank, Limited              $25,000,000
Temple Court                            Loans Administration Department
11 Queen Victoria Street                Temple Court
London                                  11 Queen Victoria Street
EC4N 4TA                                London
                                        EC4N 4TA

                                        Attention:  The Manager
                                        Fax:        0207 786 1059
</TABLE>

<PAGE>   54

<TABLE>

<S>                                     <C>                                     <C>
The Toronto-Dominion Bank               The Toronto-Dominion Bank               $50,000,000
Triton Court                            Triton Court
14/18 Finsbury Square                   14/18 Finsbury Square
London                                  London
EC2A 1DB                                EC2A 1DB

                                        Attention:  Denise Payne
                                        Fax:        0171 638 2551

UniCredito Italiano S.p.A., London      UniCredito Italiano S.p.A., London      $50,000,000
Branch                                  Branch
17 Moorgate                             17 Moorgate
London                                  London
EC2R 6AR                                EC2R 6AR

                                        Attention:  Mr I King
                                        Fax:        0171 606 3920

Westdeutsche Landesbank Girozentrale,   Westdeutsche Landesbank Girozentrale,   $50,000,000
Brussels Branch                         Brussels Branch
Chaussee de La Hulpe, 166               Chaussee de La Hulpe, 166
B-1170 Brussels                         B-1170 Brussels
Belgium                                 Belgium

                                        Attention:  Head of Loan Administration
                                                    Department
                                        Fax:        00 322 663 6859
</TABLE>
<PAGE>   55

                                   SCHEDULE 2

                              CONDITIONS PRECEDENT

1.   A Certified Copy of the constitutional documents of each Obligor.

2.   Certified Copies of documents evidencing that the officers of each Obligor
     who act as signatories for that Obligor in relation to the Financing
     Documents have the relevant corporate authority to bind that Obligor and
     also setting our specimen signatures of such officers.

3.   The Agency Fees Letter and the Arrangement Fees Letter duly executed by
     each Obligor together with the fees payable under each of those letters on
     the execution of this Agreement.

4.   A letter addressed by Fiat UK Limited to the Agent in which it agrees to
     act as each Obligor's agent for service of process in England for the
     purposes of this Agreement.

5.   Legal opinions from each of:

     (i)    Wilde Sapte;
     (ii)   Nauta Dutilh for New Holland N.V.; and
     (iii)  internal counsel for Fiat S.p.A.

<PAGE>   56

                                   SCHEDULE 3

                                DRAWDOWN NOTICE

To:       The Agent

From:     New Holland N.V.

                                                                         *[date]

Dear Sirs,

$2,400,000,000 Credit Agreement dated * 1999 (the "Credit Agreement")

Terms defined in the Credit Agreement have the same meaning in this notice.

We request an Advance to be drawn down under the Credit Agreement as follows:

1.        Amount of Advance:

2.        Drawdown Date:

3.        Duration of first Interest Period:

4.        Payment instructions:
          (if applicable)

We confirm that today and on the Drawdown Date:

(a)       the representations and warranties in Clauses 12.1(a) to (d) inclusive
          to be repeated are and will be correct; and

(b)       no Default or Potential Default has occurred and is continuing or will
          occur on the making of the Advance.

SIGNED

For and on behalf of
NEW HOLLAND N.V.

<PAGE>   57
                                   SCHEDULE 4

                          FORM OF TRANSFER CERTIFICATE

                              TRANSFER CERTIFICATE

To:  The Agent
     and the other parties to the Credit Agreement (as defined below)

This transfer certificate ("Transfer Certificate") relates to a credit agreement
dated * 1999 and made between (1) New Holland N.V., (2) Flat S.p.A., (3)
certain banks, (4) Chase Manhattan International Limited and (5) Chase
Manhattan Plc and Credit Suisse First Boston in respect of a dollar term loan
facility (the "Credit Agreement", which term shall include any amendments or
supplements to it).

Terms defined and references construed in the Credit Agreement shall have the
same meanings and construction in this Transfer Certificate.

1.   *[insert full name of Existing Bank](the "Existing Bank"):

     (a)    confirms that to the extent that details appear in the schedule to
            this Transfer Certificate under the headings "Existing Bank's
            Commitment" and "Existing Bank's Participation in Advances", those
            details accurately summarise its Commitment and its Participation in
            Advances all or part of which is to be transferred; and

     (b)    requests *[insert full name of Bank Transferee](the "Bank
            Transferee") to accept and procure, in accordance with Clause 21 of
            the Credit Agreement, the substitution of the Existing Bank by the
            Bank Transferee in respect of the amount of its Commitment and its
            Participation in Advances to be transferred as specified in the
            schedule to this Transfer Certificate by signing this Transfer
            Certificate.

2.   The Bank Transferee requests each of the Parties to accept this executed
     Transfer Certificate as being delivered under and for the purposes of
     Clause 21 of the Credit Agreement so as to take effect in accordance with
     the provisions of that Clause on *[insert date of transfer].

3.   The Bank Transferee:

     (a)  confirms that it has received a copy of the Credit Agreement together
          with such other documents and information as it has requested in
          connection with this transaction;

     (b)  confirms that it has not relied and will not rely on the Existing Bank
          to check or enquire on its behalf into the legality, validity,
          effectiveness, adequacy, accuracy or completeness of any such
          documents or information; and
<PAGE>   58
     (c)    agrees that it has not relied and will not rely on the Finance
            Parties to assess or keep under review on its behalf the financial
            condition, creditworthiness, condition, affairs, status or nature of
            the Obligors.

4.   The Bank Transferee undertakes with the Existing Bank and each of the
     other Parties that it will perform, in accordance with its terms, all those
     obligations which, by the terms of the Credit Agreement, will be assumed by
     it upon delivery of the executed copy of this Transfer Certificate to the
     Agent.

5.   On execution of this Transfer Certificate by the Agent on their behalf,
     the Parties accept the Bank Transferee as a party to the Credit Agreement
     in substitution for the Existing Bank with respect to all those rights
     and/or obligations which, by the terms of the Credit Agreement, will be
     assumed by the Bank Transferee after delivery of the executed copy of this
     Transfer Certificate to the Agent.

6.   None of the Finance Parties:

     (a)    makes any representation or warranty or assumes any responsibility
            with respect to the legality, validity, effectiveness, adequacy or
            enforceability of the Credit Agreement; or

     (b)    assumes any responsibility for the financial condition of either
            Obligor or any other party to the Credit Agreement or any other
            document or for the performance and observance by either Obligor or
            any other party to the Credit Agreement or any other document of its
            or their obligations and any and all conditions and warranties,
            whether express or implied by law or otherwise, are excluded.

7.   The Bank Transferee confirms that its Lending Office and address for
     notices for the purposes of the Credit Agreement are as set out in the
     schedule to this Transfer Certificate.

8.   The Existing Bank gives notice to the Bank Transferee (and the Bank
     Transferee acknowledges and agrees with the Existing Bank) that the
     Existing Bank is under no obligation to re-purchase (or in any other manner
     to assume, undertake or discharge any obligation or liability in relation
     to) the transferred Commitment and Participation at any time after this
     Transfer Certificate shall have taken effect.

9.   Following the date upon which this Transfer Certificate shall have
     taken effect, without limiting the terms of this Transfer Certificate, each
     of the Bank Transferee and the Existing Bank acknowledges and confirms to
     the other that, in relation to the transferred Commitment and
     Participation, variations, amendments or alterations to any of the terms of
     the Credit Agreement arising in connection with any renegotiation or
     rescheduling of the obligations under the Credit Agreement shall apply to
     and be binding on the Bank Transferee alone.

10.  This Transfer Certificate is governed by and shall be construed in
     accordance with English law.

<PAGE>   59
                                  THE SCHEDULE

Existing Bank's Commitment                   Amount of Commitment Transferred

Existing Bank's Participation in             Amount of Participation Transferred
Advances

*[insert full name of Bank Transferee]

Lending Office                               Address for notices
*                                            *
                                             Attention:
                                             Fax:

<PAGE>   60

*[Bank Transferee]

By:
      --------------------------------
      (Duly authorised)

*[Existing Bank]

By:
      --------------------------------
      (Duly authorised)

The Agent on behalf of itself and all other parties to the Credit Agreement

By:
      --------------------------------
      (Duly authorised)

Dated:

<PAGE>   61

The Borrower

SIGNED by                     )
                              )        RICCARDO RADIC
for and on behalf of          )
NEW HOLLAND N.V.              )

The Guarantor

SIGNED by                     )
                              )        ANDREA FAINA
for and on behalf of          )
FIAT S.p.A.                    )

The Banks

SIGNED by                     )
                              )        TOBY VARNEY
                              )
for and on behalf of          )
A.C. FINANCIAL SERVICES       )        EMMA BALAAM
DUBLIN (FORTIS BANK GROUP)    )

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
ABN AMRO BANK N.V.            )        EMMA BALAAM

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
ARAB BANKING CORPORATION      )        EMMA BALAAM
(BSC)                         )

<PAGE>   62

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
ARGENTARIA, CAJA POSTAL Y     )        EMMA BALAAM
BANCO HIPOTECARIO, S.A.       )

SIGNED by                     )
                              )
for and on behalf of          )        DANIELE CUNEGO
BANCO ANTONIANA POPOLARE      )
VENETA S.C.A.R.L.             )

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
BANCA COMMERCIALE ITALIANA   )        EMMA BALAAM
(IRELAND) plc                 )

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
BANCA DI ROMA, LONDON         )        EMMA BALAAM

<PAGE>   63

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
BANCA MONTE DEI PASCHI DI     )        EMMA BALAAM
SIENA SpA                     )

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
BANCA NAZIONALE DEL LAVORO    )        EMMA BALAAM
S.p.A

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
BANCA POPOLARE DI BERGAMO-    )        EMMA BALAAM
CREDITO VARESINO s.c.r.l.     )

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
BANCA POPOLARE DI MILANO      )        EMMA BALAAM
SCARL (BPM)                   )

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
BANCA POPOLARE DI NOVARA      )        EMMA BALAAM
S.C.a R.L.                    )

<PAGE>   64

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
BANCO BILBAO VIZCAYA S.A.     )        EMMA BALAAM

SIGNED by                     )
                              )        JOHN SIDHOM
for and on behalf of          )
BANCO DI NAPOLI Spa           )        CHIRO PAONE

SIGNED by                     )
                              )        RICARDO CASTRESANA
for and on behalf of          )
BANCO ESPANOL DE CREDITO,     )        ZUZKA HERRERO
S.A.                          )

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
ESPIRITO SANTO PLC            )        EMMA BALAAM

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
BANK OF AMERICA, N.A.         )        EMMA BALAAM

<PAGE>   65

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
BANK AUSTRIA CREDITANSTALT    )        EMMA BALAAM
INTERNATIONAL AG              )

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
BANK ONE, NA                  )        EMMA BALAAM

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
BANQUE NATIONAL DE PARIS      )        EMMA BALAAM

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
BARCLAYS BANK PLC             )        EMMA BALAAM

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
BAYERISCHE LANDESBANK         )        EMMA BALAAM
GIROZENTRALE

<PAGE>   66

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
NATEXIS BANQUES POPULAIRES    )        EMMA BALAAM

SIGNED by                     )
                              )        LESLEY BARNES
for and on behalf of          )
CARIPLO-CASSA DI RISPARMIO    )        GIUSEPPE MONTI
DELLE PROVINCIE LOMBARDE      )
S.p.A.

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
CIBC WORLD MARKETS IRELAND    )        EMMA BALAAM
LIMITED                       )

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
CITIBANK, N.A.                )        EMMA BALAAM

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
COMERICA BANK                 )        EMMA BALAAM

<PAGE>   67

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
COMMERZBANK                   )        EMMA BALAAM
AKTIENSGESELLSCHAFT           )

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
COMMONWEALTH BANK OF          )        EMMA BALAAM
AUSTRALIA                     )

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
CREDIT AGRICOLE INDOSUEZ      )        EMMA BALAAM

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
CREDIT COMMERCIAL DE          )        EMMA BALAAM
FRANCE

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
CREDIT INDUSTRIAL ET          )        EMMA BALAAM
COMMERCIAL                    )

<PAGE>   68

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
CREDIT LYONNAIS               )        EMMA BALAAM

SIGNED by                     )
                              )        RICHARD SMITH-MORGAN
for and on behalf of          )
CREDIT SUISSE FIRST BOSTON    )        SERGIO DI-LIETO

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
DEN DANSKE BANK               )        EMMA BALAAM
AKTIESELSKAB                  )

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
DEUTSCHE BANK SpA             )        EMMA BALAAM

SIGNED by                     )
                              )        KIRK VOGEL
for and on behalf of          )
FIRST UNION NATIONAL BANK     )

<PAGE>   69

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
HSBC BANK PLC                 )        EMMA BALAAM

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
HYPOVEREINBANK                )        EMMA BALAAM
LUXEMBOURG                    )

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
ICCRI ISTITUTO DI CREDITO     )        EMMA BALAAM
DELLE CASSE DI RISPARMIO      )
ITALIANE SpA                  )

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
ING BANK NV                   )        EMMA BALAAM

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
KBC BANK N.V.                 )        EMMA BALAAM

<PAGE>   70

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
MEDIOCREDITO CENTRALE S.p.A.  )        EMMA BALAAM

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
MORGAN GUARANTY TRUST         )        EMMA BALAAM
COMPANY OF NEW YORK           )

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
RAIFFEISEN ZENTRALBANK        )        EMMA BALAAM
OSTERREICH AG

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
RBC FINANCE B.V.              )        EMMA BALAAM

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
SANPAOLO IMI S.p.A.           )        EMMA BALAAM

<PAGE>   71

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
SOCIETE GENERALE FINANCE      )        EMMA BALAAM
(IRELAND) LIMITED             )

SIGNED by                     )
                              )        ROBERT E TILL
for and on behalf of          )
THE CHASE MANHATTAN BANK      )

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
THE INDUSTRIAL BANK OF JAPAN  )        EMMA BALAAM
LIMITED

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
THE SUMITOMO BANK, LIMITED    )        EMMA BALAAM

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
THE TORONTO DOMINION BANK     )        EMMA BALAAM

<PAGE>   72

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
UNICREDITO ITALIANO S.p.A.    )        EMMA BALAAM

SIGNED by                     )
                              )        TOBY VARNEY
for and on behalf of          )
WESTDEUTSCHE LANDESBANK       )        EMMA BALAAM
GIROZENTRALE                  )

<PAGE>   73

The Agent
SIGNED by                     )
                              )        ROBERT E. TILL
for and on behalf of          )
CHASE MANHATTAN                )
INTERNATIONAL LIMITED         )

The Lead Arrangers

SIGNED by                     )
                              )        PAOLO MANCINI
for and on behalf of          )
CHASE MANHATTAN Plc           )

SIGNED by                     )
                              )        RICHARD SMITH-MORGAN
for and on behalf of          )
CREDIT SUISSE FIRST BOSTON    )        SERGIO DI-LIETO

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