Document:

<PAGE>
                                                                    Exhibit 10.5

                           EMPLOYEE LEASING AGREEMENT

         This Employee Leasing Agreement (the "Agreement"), is made effective as
of November 22, 2002, by and between United States Filter Corporation, a
Delaware corporation ("USFILTER"), U.S. Filter Distribution Group, Inc., a
Georgia corporation ("DISTRIBUTION"), and Blue Acquisition Corp., a Delaware
corporation ("BUYER").

                                    RECITALS

         A. USFilter, Distribution and Buyer are parties to an Asset Purchase
Agreement dated as of September 12, 2002 (the "ASSET PURCHASE AGREEMENT"),
pursuant to which Distribution has sold and transferred to Buyer substantially
all of Distribution's assets and liabilities; and

         B. In connection with the transactions contemplated by the Asset
Purchase Agreement, Distribution has agreed to continue to employ the
individuals employed by Distribution as of the Closing ("DISTRIBUTION
EMPLOYEES") for a specified period following the Closing and to lease the
Distribution Employees to Buyer for such period; and Distribution and USFilter
have agreed to continue to provide benefits to the Distribution Employees for
such period, all in accordance with and subject to the limitations contained in
this Agreement.

                                    AGREEMENT

         SECTION 1. DEFINITIONS. All capitalized terms used but not defined
herein shall have the meanings ascribed to them in the Asset Purchase Agreement.

         SECTION 2. LEASING OF DISTRIBUTION EMPLOYEES. During the period
beginning on the Closing Date and ending on the date on which this Agreement
terminates pursuant to Section 18 (the "TRANSITION PERIOD"), Distribution shall,
subject to Section 5, continue to employ the Distribution Employees and shall
make available the Distribution Employees to the Buyer for the purpose of
providing for the benefit of the Buyer, on the terms set forth herein, such
services as the Buyer may reasonably require from time to time to operate the
Business. All Distribution Employees shall for all purposes be employees of
Distribution prior to the last day of the Transition Period. Notwithstanding the
foregoing, Distribution shall have no obligation to ensure the continued
employment of any Distribution Employee following the Closing Date, and
Distribution shall be obligated to make available to Buyer during the Transition
Period only the services of those Distribution Employees who remain employed by
Distribution during the Transition Period. Distribution shall have no obligation
to replace any Distribution Employee whose employment terminates during the
Transition Period.

         SECTION 3. PAYROLL.

         (a) The amount of Payroll to be paid by Distribution in respect of a
Distribution Employee shall be determined using the same rates and employment
terms as were in effect with respect to such Distribution Employee immediately
prior to the Closing Date or as subsequently
<PAGE>
modified by Distribution in accordance with existing payroll administration
procedures or applicable law.

          (b) For purposes hereof, the term "PAYROLL" shall include the gross
 compensation due to each Distribution Employee for any given payroll period
 including (i) wages and salaries (including wages and salaries paid during any
 period of leave such as short-term disability, vacation, holiday, military
 leave or other paid leave of absence), (ii) bonuses, overtime, commission and
 expense reimbursements (iii) employee paid social security taxes, employee paid
 unemployment taxes, state, local and federal income taxes required to be
 withheld and any other payroll-related taxes required to be withheld from the
 gross compensation otherwise due to the Distribution Employees, (iv) amounts
 withheld pursuant to the USF Employee Benefit Plans, and (v) all employer
 payroll taxes due in respect of the gross compensation payable to the
 Distribution Employee.

         (c) Notwithstanding any other provision of this Agreement, Buyer shall,
with respect to all Distribution Employees who become employed by the Buyer on
the day after the last day of the Transition Period, on behalf of Distribution
and USFilter, (i) process and pay the Payroll with respect to the portion of the
Transition Period occurring after December 20, 2002, if any (including the
withholding and payment of applicable taxes), and (ii) prepare, deliver and file
all Forms W-2 with respect to such Distribution Employees for such period.
Buyer, USFilter and Distribution shall provide such information as may be
reasonably requested by any of them for the purpose of determining the amount of
Payroll for such period and for the purpose of maintaining adequate and accurate
Payroll records.

          SECTION 4. USF EMPLOYEE BENEFIT PLANS. USFilter and/or Distribution,
 as applicable, shall continue to provide coverage to Distribution Employees
 during the Transition Period under the USF Employee Benefit Plans, subject to
 the terms thereof; provided, however, that nothing contained in this Section 4
 or elsewhere in this Agreement shall be construed to prevent, prior to the
 expiration of the Transition Period, any change in any USF Employee Benefit
 Plan. Notwithstanding the foregoing, to the extent that any USF Employee
 Benefit Plan that benefits or covers Distribution Employees as well as
 employees of USFilter or USFilter's other Affiliates. no amendment or
 termination of any such USF Employee Benefit Plan shall be made unless such
 amendment or termination applies to all similarly-situated employees of
 USFilter or its Affiliates participating in such USF Employee Benefit Plans.

         SECTION 5. CONTROL OF DISTRIBUTION EMPLOYEES. Buyer shall direct and
supervise the daily activities of the Distribution Employees on behalf of
Distribution. However, Distribution Employees shall be subject to the exclusive
control of Distribution and, subject to Section 9, Distribution shall be
responsible for all personnel matters regarding the Distribution Employees. Such
matters include, but are not limited to, promotions, transfers, compensation,
performance evaluations and all disciplinary actions up to and including
termination of employment. Distribution shall have the final decision to
terminate the employment of any Distribution Employee. Notwithstanding the
foregoing, Distribution shall not take any of the foregoing actions relating to
Distribution Employees without the prior written consent of Buyer or the
Designated Representative.

                                       2
<PAGE>
         SECTION 6. SERVICE COSTS AND FEES.

         (a) Prefunding of Payroll and Matching Contributions. At least two (2)
Business Days prior to the date on which USFilter is scheduled to pay the
Payroll in respect of the Distribution Employees (each such date a "PAYMENT
DATE"), USFilter will provide written notice to Buyer of (i) the aggregate
amount of Payroll (the "AGGREGATE PAYROLL") to be paid in respect of the
Distribution Employees on the Payment Date and (ii) the aggregate amount of
matching contributions ("MATCHING CONTRIBUTIONS") to be contributed to the
United States Filter Corporation Retirement Savings Plan (the "RETIREMENT
SAVINGS PLAN") with respect to elective deferral contributions to the Retirement
Savings Plan by Distribution Employees included in such Payroll (the "AGGREGATE
MATCHING CONTRIBUTIONS"). On the Business Day prior to the Payment Date, Buyer
shall deposit or cause to be deposited the amount of the Aggregate Payroll and
Aggregate Matching Contributions into one or more accounts designated in writing
by USFilter. USFilter shall have no obligation hereunder to make any Payroll
payments to any Distribution Employee, to make any Matching Contributions to the
Retirement Savings Plan or to make any remittances otherwise required hereunder
in the event that it has not previously received funds in the amount of the
Aggregate Payroll and the Aggregate Matching Contributions on the Business Day
prior to the Payment Date.

         (b) Monthly Invoicing of Distribution Welfare Benefit Costs and
Administrative Fee. USFilter shall, on a monthly basis, send Buyer an invoice
for (i) the Distribution Welfare Benefit Costs (as defined below) incurred by
USFilter during the preceding month and (ii) an Administrative Fee (as defined
below). No later than the tenth (lOth) Business Day following the delivery of an
invoice pursuant to this Section 6(c), Buyer shall deposit or cause to be
deposited the amount of such invoice into one or more accounts designated in
writing by USFilter. No delay by USFilter in presentation of an invoice shall
affect Buyer's obligation to pay the full amount of such invoice on the terms
set forth herein, provided that Buyer shall have ten (10) Business Days
following the delivery of any invoice to make any payment thereunder.
Notwithstanding the foregoing, at the request and subject to the approval of
USFilter, Buyer shall establish funding accounts to enable Buyer to make direct
payments for Distribution Welfare Benefit Costs to any USF Employee Benefit Plan
provider.

                  (i) For purposes of this Section 6(b), the term "DISTRIBUTION
         WELFARE BENEFIT COSTS" shall mean the sum of the following expenses
         incurred on behalf of Distribution by USFilter: (A) dollar-for-dollar
         insurance premiums paid or payable by USFilter to the stop-loss insurer
         of the benefits provided under USFilter's group medical plan, (B)
         dollar-for-dollar administrative fees paid or payable by USFilter to
         the administrator of the USFilter Group Health Insurance Plans
         (including medical, dental, vision and employee assistance plans)
         ("USFilter Medical Plans"), (C) actual claims paid by USFilter pursuant
         to the USFilter Medical Plans, (D) $12 per month per Distribution
         Employee covered under USFilter's Group Term Life Insurance and
         Accidental Death and Dismemberment, Business Travel Accident, and Group
         Long-Term Disability plans, and (E) dollar for dollar, all other direct
         costs, fees and expenses incurred by USFilter on behalf of Distribution
         pursuant to the USF Employee Benefit Plans. For purposes of this
         Agreement, it is expressly intended that the term "Distribution
         Welfare Benefit Costs" include the cost, fees and expenses of providing
         continuation coverage under the USFilter

                                       3
<PAGE>
         Medical Plans as required by COBRA with respect to any Distribution
         Employee whose qualifying event occurs on or after the Closing Date
         (and such Distribution Employee's qualified beneficiaries) and with
         respect to any qualified beneficiaries of such Distribution Employee
         whose qualifying event occurs on or after the Closing Date, regardless
         of whether such cost is incurred prior to, on or after the last day of
         the Transition Period.

                  (ii) For purposes of this Section 6(b), the term
          "ADMINISTRATIVE FEE" shall mean, with respect to any monthly invoice,
          an amount equal to $4.25 per Payroll check issued with respect to each
          Distribution Employee for the prior month.

         (c) Late Payments. Any amount due USFilter under this Section 6, but
which is not timely paid by Buyer, shall be increased by an amount equal to
interest at the Reference Rate plus 300 basis point accruing from the date on
which such payment is due to the date on which USFilter receives such payment,
inclusive of the date of payment.

          SECTION 7. INFORMATION AND DOCUMENTATION. Buyer shall provide to
 USFilter such information and data at such time and in such form as USFilter
 may reasonably request from time to time for the purpose of providing the
 services described in this Agreement, including, without limitation, the timely
 payment of all wages and salaries and the timely provision and administration
 of the USF Employee Benefit Plans with respect to Distribution Employees.

          SECTION 8. FORCE MAJEURE. Neither Distribution nor USFilter shall be
 liable for any interruption, delay or failure to perform under this Agreement
 when such interruption, delay or failure results from causes beyond its
 reasonable control or as the result of strikes, lockouts or other labor
 difficulties; acts of any government, riot, terrorism, insurrection or other
 hostilities; embargo, fuel or energy shortage, fire, flood, acts of God, wrecks
 or transportation delays; or inability to obtain necessary labor, materials or
 utilities from the usual sources. In such event, the obligations of
 Distribution and USFilter hereunder shall be postponed for such time as its
 performance is suspended or delayed on account thereof. Distribution or
 USFilter, as applicable, shall promptly notify Buyer, either orally or in
 writing, upon learning of the occurrence of any such event of force majeure.
 Upon cessation of the force majeure event, Distribution and USFilter shall use
 their best reasonable efforts to resume their performance with the least
 possible delay. If any force majeure event affects only a part of the ability
 of Distribution and/or USFilter to provide services at that time, USFilter or
 Distribution, as applicable, shall provide services to Buyer in an equitable
 manner.

          SECTION 9. INDEMNIFICATION. Notwithstanding any other provision of
this Agreement to the contrary, Buyer shall indemnify, save and hold harmless
USFilter and Distribution and their officers, directors, employees, agents and
affiliates ("INDEMNITEES") from and against all demands, claims, allegations,
assertions, actions or causes of action, assessments, losses, damages,
deficiencies, liabilities, costs and expenses (including reasonable legal fees,
interest, penalties and all reasonable amounts paid in investigation, defense or
settlement of any of the foregoing) (collectively, the "INDEMNIFIABLE DAMAGES"),
arising from or relating to the performance of services and the administration
of benefits pursuant to this Agreement; provided, however, that Buyer shall not
be obligated to indemnify an Indemnitee for any Indemnifiable
<PAGE>
Damages to the extent that such Idemnifiable Damages arise or result directly
from the gross negligence or intentional misconduct of any of the Indemnitees.

         SECTION 10. LIMITATION OF USFILTER'S AND DISTRIBUTION'S LIABILITY.
BUYER ACKNOWLEDGES THAT USFILTER AND DISTRIBUTION ARE ENTERING INTO THIS
AGREEMENT SOLELY AS AN ACCOMMODATION TO BUYER AND THAT USFILTER AND DISTRIBUTION
AND THEIR AFFILIATES ARE NOT IN THE BUSINESS OF SUPPLYING EMPLOYEES TO PROVIDE
SERVICES. BUYER AGREES THAT USFILTER AND DISTRIBUTION AND THEIR AFFILIATES SHALL
HAVE NO RESPONSIBILITY FOR AND HAVE MADE, AND MAKE, NO REPRESENTATIONS OR
WARRANTIES OF WHATSOEVER NATURE, DIRECTLY OR INDIRECTLY, EXPRESS OR IMPLIED,
REGARDING THE QUALITY, ADEQUACY, SUFFICIENCY OR COMPLETENESS OF THE SERVICES
PROVIDED BY ANY DISTRIBUTION EMPLOYEE, THE QUALIFICATIONS OF ANY DISTRIBUTION
EMPLOYEE OR ANY OTHER MATTER. BUYER ALSO AGREES THAT USFILTER AND DISTRIBUTION
SHALL HAVE NO LIABILITY OR OBLIGATION TO BUYER OR ANY OTHER PERSON RELATING TO
OR ARISING OUT OF (i) ACTIONS, INACTIONS, ERRORS OR OMISSIONS OF ANY
DISTRIBUTION EMPLOYEE, (ii) ANY WORK-RELATED INJURY SUSTAINED BY ANY
DISTRIBUTION EMPLOYEE BY REASON OF THE PROVISION OF SERVICES TO BUYER BY
DISTRIBUTION EMPLOYEES, OR (iii) ANY OTHER EVENT, CONDITION, OR MATTER RELATING
TO THIS AGREEMENT OR THE SUBJECT MATTER HEREOF, OTHER THAN LIABILITIES OR
OBLIGATIONS THAT RESULT DIRECTLY FROM USFILTER'S OR DISTRIBUTION'S GROSS
NEGLIGENCE OR INTENTIONAL MISCONDUCT. IN NO EVENT SHALL USFILTER OR DISTRIBUTION
BE LIABLE BY REASON OF THIS AGREEMENT TO BUYER OR ANY OTHER PERSON OR ENTITY FOR
INDIRECT, CONSEQUENTIAL OR INCIDENTAL DAMAGES OF ANY KIND OR NATURE, INCLUDING,
WITHOUT LIMITATION, LOSS OF PROFITS OR DAMAGE TO OR LOSS OF USE OF ANY PROPERTY,
ANY INTERRUPTION OR LOSS OF SERVICE OR ANY LOSS OF BUSINESS.

         SECTION 11. NOTICES. All notices and other communications given or made
pursuant to this Agreement shall be in writing and shall be deemed to have been
duly given or made (i) the second Business Day after the date of mailing, if
delivered by registered or certified mail, postage prepaid; (ii) upon delivery,
if sent by hand delivery; (iii) upon delivery, if sent by prepaid courier, with
a record of receipt; or (iv) the next day after the date of dispatch, if sent by
facsimile or telecopy (with a copy simultaneously sent by registered or
certified mail, postage prepaid, return receipt requested or by prepaid
courier), to the parties to this Agreement at the following addresses:

                  (i)  if to Buyer, to:

                       Blue Acquisition Corp.
                       200 West Hwy. 6, Suite 620
                       Waco, Texas 76712
                       Fax: (254) 772-5716
<PAGE>
                       with copies to:

                       J.P. Morgan Partners, LLC
                       1221 Avenue of the Americas
                       New York, New York 10020-1080
                       Attention: Official Notices Clerk
                       FBO Stephen P. Murray
                       Fax: (212) 899-3401

                       and to:
                       Thomas H. Lee Partners
                       75 State Street
                       Boston, Massachusetts 02109
                       Attention:  Todd Abbrecht
                       Fax: (617) 227-3514

                  (ii) if to USFilter or Distribution, to:

                       United States Filter Corporation
                       40-004 Cook Street
                       Palm Desert, California 92211
                       Attention: General Counsel
                       Fax: (760) 346-4024

         Any party may change the address to which notice to it, or copies
thereof, shall be addressed by giving notice thereof to the other party in
conformity with the foregoing.

         SECTION 12. CURRENCY. Buyer shall make payments to USFilter hereunder,
including all Welfare Benefit Costs and Administrative Fees, in United States
Dollars.

          SECTION 13. ASSIGNMENT; GOVERNING LAW. This Agreement and all the
 rights and powers granted hereby shall bind and inure to the benefit of the
 parties hereto and their respective permitted successors and assigns. This
 Agreement and the rights, interests and obligations hereunder may not be
 assigned by any party hereto without the prior written consent of the other
 parties hereto. This Agreement shall be governed by and construed in accordance
 with the Laws of the State of Delaware without regard to its conflict of law
 doctrines.

         SECTION 14. AMENDMENT AND WAIVER; CUMULATIVE EFFECT. To be effective,
any amendment or waiver under this Agreement must be in writing and be signed by
the party against whom enforcement of the same is sought. Neither the failure of
any party hereto to excercise any right, power or remedy provided under this
Agreement or to insist upon compliance by any other party with its obligations
hereunder, nor any custom or practice of the parties at variance with the terms
hereof shall constitute a waiver by such party of its right to exercise any such
right, power or remedy or to demand such compliance. The rights and remedies of
the parties hereto are cumulative and not exclusive of the rights and remedies
that they otherwise might have now or hereafter, at law, in equity, by statute
or otherwise.

                                       6
<PAGE>
         SECTION 15. ENTIRE AGREEMENT: NO THIRD PARTY BENEFICIARIES. This
Agreement sets forth all of the promises, covenants, agreements, conditions and
undertakings between the parties hereto with respect to the subject matter
hereof, and supersede all prior or contemporaneous agreements and
understandings, negotiations, inducements or conditions, express or implied,
oral or written. This Agreement is not intended to confer upon any person other
than the parties hereto any rights or remedies hereunder, except the provisions
of Section 9 relating to indemnitees.

         SECTION 16. COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original but all of which
together shall be deemed one and the same instrument.

          SECTION 17. ATTORNEYS FEES. If either party commences or is made a
party to an action or proceeding to enforce or interpret this Agreement, the
prevailing party in such action or proceeding shall be entitled to recover from
the other party all attorneys' fees, costs and expenses incurred in connection
with such action or proceeding or any appeal or enforcement of any judgment
obtained in such action or proceeding.

         SECTION 18. TERMINATION. The obligations of USFilter hereunder shall
expire at 11:59 p.m. (New York City Time) on December 31, 2002. Buyer may
terminate this Agreement at any time prior to December 31, 2002 by providing
USFilter with written notice at least thirty Business Days in advance of the
effective date of such termination. USFilter may terminate this Agreement at any
time in the event that Buyer fails to pay any amount due to USFilter hereunder
in accordance with its terms, Notwithstanding anything to the contrary herein,
the obligations set forth in Sections 6 (solely with respect to any amounts due
but not yet paid as of the termination date), 7, 9 and 10 shall survive the
expiration or earlier termination of this Agreement.

         SECTION 19. RECORDS. USFilter and Distribution shall make Payroll and
USF Employee Benefit Plans records available to Buyer or the Designated
Representative (as defined in Section 20 below) for the reasonable and
legitimate business, financial and tax requirements of Buyer upon reasonable
request and at the expense of Buyer.

         SECTION 20. DESIGNATED REPRESENTATIVE. Buyer may appoint one or more
persons (each a "DESIGNATED REPRESENTATIVE") who shall be authorized to provide
USFilter and Distribution with instructions or requests in accordance with this
Agreement. Such appointments shall be made by providing USFilter and
Distribution with written notice of such appointment(s) setting forth the name,
title, location address, telephone, fax number and e-mail address of the
appointed person.

                    [Signatures commence on following page.]

                                       7
<PAGE>
         IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of
the date and year first above written.

                                         NATIONAL WATERWORKS, INC.

                                         By:     /s/ Harry K. Hornish
                                                 ------------------------

                                         Title:  President and CEO
                                                 ------------------------

                                         UNITED STATES FILTER
                                         CORPORATION

                                         By:     /s/ Robert S. Joyce
                                                 ------------------------
                                                     Robert S. Joyce
                                                     Executive Vice President

                                         U.S. FILTER DISTRIBUTION GROUP,
                                         INC.

                                         By:     /s/ Thomas A. Witt
                                                 ------------------------
                                                     Thomas A. Witt
                                                     Assistant Secretary

                                       8<PAGE>
                                                                    EXHIBIT 10.6

                                             REIMBURSEMENT AGREEMENT (the
                                    "Agreement") dated as of November 22,2002,
                                    between UNITED STATES FILTER CORPORATION
                                    ("USF") and NATIONAL WATERWORKS, INC.,
                                    formerly known as Blue Acquisition Corp.
                                    ("NWW').

                  Reference is made to the Asset Purchase Agreement (the "Asset
Purchase Agreement") dated as of September 12,2002 among USF, NWW and U.S.
Filter Distribution Group, Inc. ("Distribution") pursuant to which NWW is
acquiring substantially all of the assets of, and certain liabilities of,
Distribution. All capitalized terms used but not defined herein shall have their
respective meanings set forth in the Asset Purchase Agreement.

                  USF has heretofore caused the supply and installation bonds
listed on Schedule A-1 hereto (the "Supply Bonds"), the performance bonds listed
on Schedule A-2 hereto (the "Performance Bonds") and the lease guaranties listed
on Schedule A-3 attached hereto (the "Lease Guaranties") to be executed on
behalf of Distribution in favor of the obligees referenced on such schedules.
Upon the consummation of the transactions contemplated by the Asset Purchase
Agreement, USF will remain obligated under the Supply Bonds, Performance Bonds
and Lease Guaranties.

                  Accordingly, USF and NWW agree as follows:

         SECTION 1.  Reimbursement.

         NWW shall reimburse USF for (i) the amount of any claim made by the
issuer of the Supply Bonds and paid by USF and any liability, loss, cost or
expense incurred by USF in connection therewith (each such claim, liability,
loss, cost or expense, a "Supply Bond Obligation"), (ii) the amount of any claim
made by the issuer of the Performance Bonds and paid by USF and any liability,
loss; cost or expense incurred by USF in connection therewith, (each such claim,
liability, loss, cost or expense, a "Performance Bond Obligation"), and (iii)
the amount of any payment made by USF under the Lease Guaranties, and any
liability, loss, cost or expense incurred by USF in connection therewith (each
such claim, liability, loss, cost or expense, a "Lease Guaranty Obligation"), in
each case upon written notification from USF setting forth the amount of the
Supply Bond Obligation, Performance Bond Obligation or Lease Guaranty
Obligation, as the case may be, and documentation evidencing such obligation and
amount.

         SECTION 2.  Letters of Credit.

         On the date hereof NWW is causing UBS AG, Stamford Branch (the "Issuing
Bank") to issue (i) a letter of credit to USF as beneficiary in the amount of
$1,025,758.25 in the form attached hereto as Exhibit A-l, to secure NWW's
obligations to USF pursuant to Section 1 above with respect to the Supply Bond
Obligations (the "Supply Bond L/C"), (ii) a letter of credit to USF as
beneficiary in the amount of $250,000, in the form attached hereto as Exhibit
A-2, to secure NWW's obligations to USF pursuant to Section 1 above with respect
to the Performance Bond Obligations (the "Performance Bond L/C"), and (iii) a
letter of credit to USF as beneficiary
<PAGE>
in the amount of $86,531.75, in the form attached hereto as Exhibit A-3, in each
case to secure NWW's obligations to USF pursuant to Section 1 above with respect
to the Lease Guaranty Obligations (the "Lease Guaranty L/C"). USF shall have the
right to make one or more draws under the Supply Bond L/C, the Performance Bond
L/C or the Lease Guaranty L/C, as the case may be, in an amount equal to the
applicable Supply Bond Obligation, Performance Bond Obligation or Lease Guaranty
Obligation, respectively, if NWW fails to reimburse USF such amounts within 10
business days of receipt of notice given in accordance with Section 1 above.

          SECTION 3. Termination.

         (a) The reimbursement obligations of NWW contained herein with respect
to the Supply Bonds shall terminate at such time as all Supply Bonds have been
terminated or released. Within ten business days of written notice delivered by
NWW to USF of such release or termination of all Supply Bonds, USF shall take
all action reasonably necessary at NWW's cost and expense to terminate the
Supply Bond L/C, including providing written notice of termination to the
Issuing Bank and delivering the original Supply Bond L/C to the Issuing Bank.
Notwithstanding the foregoing, in the event all Supply Bonds have been
terminated or released but a claim for reimbursement of a Supply Bond is pending
pursuant to Section 1 above, then USF shall take all action reasonably necessary
at NWW's cost and expense to terminate the Supply Bond L/C within ten business
days of resolution of such claim.

         (b) The reimbursement obligations of NWW contained herein with respect
to the Performance Bonds shall terminate at such time as all Performance Bonds
have been terminated or released. Within ten business days of written notice
delivered by NWW to USF of such release or termination of all Performance Bonds,
USF shall take all action reasonably necessary at NWW's cost and expense to
terminate the Performance Bond L/C, including providing written notice of
termination to the Issuing Bank and delivering the original Performance Bond L/C
to the Issuing Bank. Notwithstanding the foregoing, in the event all Performance
Bonds have been terminated or released but a claim for reimbursement of a
Performance Bond is pending pursuant to Section 1 above, then USF shall take all
action reasonably necessary at NWW's cost and expense to terminate the
Performance Bond L/C within ten business days of resolution of such claim.

         (c) The reimbursement obligations of NWW contained herein with respect
to the Lease Guaranties shall terminate at such time as all Lease Guaranties
have been terminated or released. Within ten business days of written notice
delivered by NWW to USF of such release or termination of all Lease Guaranties,
USF shall take all action reasonably necessary at NWW's cost and expense to
terminate the Lease Guaranty L/C, including providing written notice of
termination to the Issuing Bank and delivering the original Lease Guaranty Bond
L/C to the Issuing Bank. Notwithstanding the foregoing, in the event all Lease
Guaranties have been terminated or released but a claim for reimbursement of a
Lease Guaranty is pending pursuant to Section 1 above, then USF shall take all
action reasonably necessary at NWW's cost and expense to terminate the Lease
Guaranty L/C within ten business days of resolution of such claim.

         SECTION 4.  Permit Bonds.

                                       2
<PAGE>
         NWW has obtained, as of the closing of the transactions contemplated by
the Asset Purchase Agreement, permit bonds to replace the permit bonds listed on
Schedule B attached hereto which USF had caused to be issued on behalf of
Distribution for various obligees on or prior to the closing date of the
transactions contemplated by the Asset Purchase Agreement (the "Permit Bonds").
NWW shall use its best efforts (apart from commencing litigation), at NWW's cost
and expense, to obtain the release of the Permit Bonds as soon as reasonably
practicable following the closing date of the transactions contemplated by the
Asset Purchase Agreement.

         SECTION 5.  Governing Law.

         THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY JURISDICTION'S CONFLICT
OF LAWS PRINCIPLES.

         SECTION 6.  Amendment.

         Neither this Agreement nor any provision hereof may be waived, amended
or modified except pursuant to a written agreement entered into between NWW and
USF.

         SECTION 7.  Notices.

         All notices, requests, demands, claims, consents and other
communications which are required or otherwise delivered hereunder shall be in
writing in accordance with Section 10.2 of the Asset Purchase Agreement.

         SECTION 8.  Binding Agreement: Assignments.

         Whenever in this Agreement any of the parties hereto is referred to,
such reference shall be deemed to include the successors and assigns of such
party; and all covenants, promises and agreements by or on behalf of the parties
that are contained in this Agreement shall bind and inure to the benefit of
their respective successors and permitted assigns in accordance with Section
10.3(a) of the Asset Purchase Agreement.

         SECTION 9.  Severability.

         In case any one or more of the provisions contained in this Agreement
should be held invalid, illegal or unenforceable in any respect, no party hereto
shall be required to comply with such provision for so long as such provision is
held to be invalid, illegal or unenforceable, but the validity, legality and
enforceability of the remaining provisions contained herein shall not in any way
be affected or impaired thereby.

         SECTION 10. Counterparts.

         This Agreement may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single
contract. Delivery of an executed signature page to this

                                       3
<PAGE>
Agreement by facsimile transmission shall be as effective as delivery of a
manually signed counterpart of this Agreement.

                                  * * * * * * *

                                       4
<PAGE>
         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized officers as of the date first appearing above.

                                      UNITED STATES FILTER CORPORATION

                                      By: /s/ Robert S. Joyce
                                         ---------------------------------------
                                          Name:  Robert S. Joyce
                                          Title: Executive Vice President

                                      NATIONAL WATERWORKS, INC.

                                      By: /s/ Harry K. Hornish
                                         ---------------------------------------
                                          Name:  Harry K. Hornish
                                          Title: President & C.E.O.
<PAGE>
                                                                    SCHEDULE A-l

                                  SUPPLY BONDS

                                 [SEE ATTACHED]
<PAGE>
                              Supply-Installation

                         ACTIVE BOND SCHEDULE WITH WIP

ACCOUNT USF DISTRIBUTION GROUP ONLY             UPDATED AS OF: NOVEMBER 21, 2002

<Table>
<Caption>
 BOND  PREM.EFF. PREM.EFF.
NUMBER   DATE      DATE     PREMIUM        OBLIGEE NAME                         JOB DESCRIPTION                            PRINCIPAL
<S>     <C>      <C>        <C>     <C>                                   <C>                                            <C>
SUPPLY-INSTALLATION BONDS   $52,646
 217911 05/03/99 05/03/01   $15,956 City of Berwyn                        Install water conditioning equip                     USFDG
 255233 02/20/01 02/20/03    $1,110 City of Camden                        Cold water meters                                    USFDG
 258486 03/22/01 03/22/03      $264 Jackson Township MUA                  supply water meters                                  USFDG
 261973 08/06/01 08/06/03      $214 City of Cleveland                     Supply valves & appurtenances                        USFDG
 266690 08/20/01 08/20/03      $100 City of St. Louis, Supply Division    Supply ductile iron pipe and fittings                USFDG
 266695 09/20/01 09/20/03      $100 City of Cleveland                     Purchase Contract                                    USFDG
 266714 10/24/01 10/24/03    $1,742 Village of Lagrange Park              Ph. 2 - install water meters & hardware              USFDG
 266717 11/14/01 11/14/03      $670 City of Cleveland                     Supply Fire Hydrants & Appurt.                       USFDG
 266725 10/19/01 10/19/03    $8,265 City of Chanhassen, MN                Mtr replace & radio read interface                   USFDG
 285909 12/28/01 12/28/03    $1,851 Jackson County Water & Sewer Auth     supply of manholes                                   USFDG
 285910 12/28/01 12/28/03    $1,332 Jackson County Water & Sewer Auth.    Provide PVC sewer pipe                               USFDG
 290308 05/17/02 05/17/04      $706 Lott Wastewater Alliance              Supply Pipe & Fittings                               USFDG
 290322 06/21/02 06/21/04   $12,945 City of Palos Heights                 supply/install water meters                          USFDG
 290339 07/31/02 07/31/04    $3,157 Village of Huntley                    supply/install water meters                          USFDG
                                                                                                                         (Carol
                                                                                                                         Stream, IL)
 290360 08/27/02 08/24/04      $320 City of Cleveland                     supply various fittings.                             USFDG
 290363 09/08/02 09/07/05      $100 City of St. Louis                     Supply meters, detector water                        USFDG
 290364 09/04/02 09/04/04      $107 Clearfield Mun. Auth., PA             Supply 10" water main materials                      USFDG
 290375 09/25/02 09/25/04      $698 Sletten Construction of Nevada        supply underground pipe, valves and fittings.        USFDG
 290377 09/27/02 09/27/04      $435 National Metering Service, Inc.       supply/deliver water meters/appurtenances            USFDG
 290382 10/11/02 10/11/04      $288 Township of East Brunswick            supply water meters and ancillary equip.             USFDG
 290392 10/30/02 10/30/04      $100 Beaver Borough Mun Auth, Pa           Supply waterline & sanitary sewer materials          USFDG
 290395 11/12/02 11/12/04      $100 Bucks county water & sewer auth, Pa   Supply water-meter maint. Materials                  USFDG
 290396 10/28/02 10/28/05    $1,962 Bucks county water & sewer auth, Pa   Supply automated meter reading equip                 USFDG
 290400 11/19/02 11/19/04      $124 City of Lorain, Oh                    Supply various water work materials                  USFDG
</Table>

<Table>
<Caption>
                                                   PERCENT- EST. COST COST
 BOND                                   CONTRACT     AGE       TO      TO      COST TO
NUMBER        GRP         BOND AMOUNT    AMOUNT    COMPLETE COMPLETE  DATE     COMPLETE    TOTAL COST        COMMENTS
<S>           <C>         <C>           <C>          <C>   <C>     <C>         <C>         <C>          <C>
SUPPLY-INSTALLATION BONDS  $12,072,610  $13,033,459                            $4,103,033  $13,003,459
 217911       DG            $4,178,185   $4,178,185   99%   41,782  4,136,403     $41,782   $4,178,185  Data room
 255233       DG            $1,110,000   $1,110,000  100%        0  1,110,000          $0   $1,110,000  copy obtained
 258486       DG              $264,065     $264,065  100%        0    264,065          $0     $264,065  Complete
 261973       DG               $53,455     $213,820        213,820          0    $213,820     $213,820  copy obtained
 266690       DG               $97,000      $97,000         97,000          0     $97,000      $97,000  copy obtained
 266695       DG               $67,106     $268,424        268,424          0    $268,424     $268,424  Data room
 266714       DG              $362,880     $362,880   97%   10,886    351,994     $10,886     $362,880  Data room
 266717       DG              $167,500     $670,000        670,000          0    $670,000     $670,000  Data room
 266725       DG            $1,332,998   $1,332,988   99%   13,330  1,319,658     $13,330   $1,332,988  Data room
                                                                                                        Work to start August 2002,
                                                                                                        expect to complete January
 285909       DG              $638,256     $638,256   10%  574,430     63,826    $574,430     $638,256  2003
                                                                                                        Work to start August 2002,
                                                                                                        expect to complete November
 285910       DG              $459,255     $459,255    5%  436,292     22,963    $436,292     $459,255  2002
 290308       DG              $243,383     $243,383   95%   12,169    231,214     $12,169     $243,383
 290322       DG            $1,533,152   $1,533,152   75%  383,288  1,149,864    $383,288   $1,533,152  copy obtained
 290339       DG              $259,552     $259,552   85%   38,933    220,619     $38,933     $259,552  copy obtained
 290360       DG               $22,222      $88,888    0%   88,888          0     $88,888      $88,888  copy obtained
 290363       DG                $4,700       $4,700    0%    4,700          0      $4,700       $4,700  copy obtained
 290364       DG               $29,821      $29,821  100%        0     29,821          $0      $29,821  Copy Obtained
 290375       DG              $235,327     $235,327    0%  235,327          0    $235,327     $235,327
 290377       DG              $130,000     $130,000    0%  130,000          0    $130,000     $130,000
 290382       DG               $80,000      $80,000    0%   80,000          0     $80,000      $80,000
 290392       DG               $24,696      $24,696    0%   24,696          0     $24,696      $24,696
 290395       DG               $26,844      $26,844    0%   26,844          0     $26,844      $26,844
 290396       DG              $717,829     $717,829    0%  717,829          0    $717,829     $717,829
 290400       DG               $34,395      $34,395    0%   34,395          0     $34,395      $34,395
</Table>
<PAGE>
                                                                    SCHEDULE A-2

                               PERFORMANCE BONDS

<TABLE>
<CAPTION>
BOND        EFFECTIVE   EXPIRATION           BOND                                                JOB
NUMBER        DATE         DATE             AMOUNT               OBLIGEE                     DESCRIPTION
------      ---------   ----------         --------      -------------------------          -------------
<S>         <C>         <C>                <C>           <C>                                <C>
261957      03/01/02     02/28/03          $500,000      Harrison Development, LLC          Gilbert Lease
                                                                                            Guarantee

261958      12/01/01     02/28/03          $500,000      Harrison Development, LLC          Tollenson
                                                                                            lease
                                                                                            guarantee
</TABLE>
<PAGE>
                                                                    SCHEDULE A-3

                                LEASE GUARANTIES

<TABLE>
<CAPTION>
                           EFFECTIVE           EXPIRATION                                 AMOUNT OF
DESCRIPTION                  DATE                 DATE                  OBLIGEE           GUARANTY
-----------                ---------           ----------        ----------------------   ---------
<S>                        <C>                 <C>               <C>                      <C>
Lease for 4700              __/__/97             9/30/03         Cattelus Development      $51,912
District Blvd,                                                   Corporation
Vernon, California

Lease for 901                 9/9/97             6/l1/03         REA Investment            $63,365
Crafters Lane,                                                   Partners
Pineville,North
Carolina

Lease for 3668               2/28/98             2/29/08         Triple Net Investments    $230,850
Crescent County                                                  VII, L.P.
Whitehall
Township
</TABLE>

                                       2
<PAGE>
<TABLE>
<CAPTION>
BOND
NUMBER            EFF. DATE       EXP. DATE      AMT. ($)                OBLIGEE NAME                     JOB DESCRIPTION
------            ---------       ---------      --------         -----------------------------      -------------------------
<S>               <C>             <C>            <C>              <C>                                <C>
                                                                                                     Superheavy or
186700             09/01/99        08/3l/02        10,000         Department of Transportation       Oversize Permit
192164             03/l5/99        03/l5/02         6,000         State of Washington                Contractor's License Bond
213209             08/1l/01        08/1l/02       204,916         State of Nevada                    Sales Tax bond
213419             11/09/98        11/09/02       100,000         State of Arizona                   Contractor's License Bond
213420             11/09/99        1l/09/02        10,000         State of Arizona                   Contractor's License Bond
213629             12/02/99        12/02/02         5,000         Lake County                        License/Permit
213636             12/07/01        12/07/04        50,000         State of Nevada                    Contractor License bond
                                                                  WA Dept of
218002             06/25/99        06/25/02         6,000         Labor & Industries                 Contractor's License Bond
221951             07/01/01        07/01/03         5,000         MN State Board of Electricity      Contractor's License Bond
229755             08/3l/00        08/3l/03         2,000         County of Mecklenburg              Land Develop and Constr
238769             03/l5/00        03/15/03        10,000         State of Oregon                    Contractor's License Bond
238788             04/06/01        04/06/02       150,000         State of Iowa                      License permit
20718016           08/14/02        08/14/03        50,000         U.S. Customs                       Customs
</TABLE>
<PAGE>
                                                                      SCHEDULE B

                                  PERMIT BONDS

                                 [SEE ATTACHED]

                                       3
<PAGE>

                                                                     EXHIBIT A-l

                                SUPPLY BOND L/C

                                 [SEE ATTACHED]

                                       4
<PAGE>
[Date]

Irrevocable Standby Letter of Credit No. [Number]

<TABLE>
<S>                                  <C>
Beneficiary:                         Applicant:
United States Filter Corporation     National Waterworks, Inc.
40-004 Cook Street                   200 West Hwy. 6, Suite 620
Palm Desert, California 92211        Waco, Texas 76712
</TABLE>

Gentlemen:

We hereby establish in your favor our Irrevocable Letter of Credit No. [NUMBER]
for the account of National Waterworks, Inc. ("Applicant") up to an aggregate
amount of ONE MILLION TWENTY FIVE THOUSAND SEVEN HUNDRED FIFTY EIGHT DOLLARS AND
TWENTY FIVE CENTS (US$1,025,758.25).

This letter of credit is available by your sight draft(s) drawn on UBS AG,
Stamford Branch accompanied by a statement signed by one of your officers in
substantially the following form:

"The undersigned hereby certifies that National Waterworks, Inc. ("Applicant")
has failed to reimburse United States Filter Corporation ("Beneficiary") for a
Supply Bond Obligation in an amount equal to [AMOUNT IN WORDS] Dollars ($      )
pursuant to the Reimbursement Agreement dated as of November 22, 2002 between
Applicant and Beneficiary (as amended, modified, restated or replaced). The date
of Beneficiary's notice to Applicant of such obligation is more than 10 days
prior to the date hereof. Beneficiary hereby draws under the Letter of Credit in
an amount equal to [AMOUNT IN WORDS] Dollars ($         )."

Your acceptance of this Letter of Credit will constitute your agreement to
return, for the account of the Applicant, any funds paid to you hereunder and
not applied by you, when you determine, in your sole discretion, that no further
liability exists. The aggregate amount of drawings under this Letter of Credit
shall not exceed the amount of $1,025,758.25.

In no event will this Letter of Credit be terminated prior to NOVEMBER 22, 2003
unless directed by you in writing.

This Letter of Credit sets forth in full the terms of our undertaking.
References in this Letter of Credit to other agreements, contracts, documents or
instruments shall not modify or affect the terms hereof or cause such
agreements, contracts or instruments to be deemed incorporated herein.
<PAGE>
It is a condition of this Letter of Credit that it shall be automatically
extended without amendment for a period of one year from the present or any
future expiration date, unless thirty (30) days prior to the expiration, we
shall notify you and the Applicant via registered or certified mail, by courier
or by messenger that we elect not to extend it.

If this Letter of Credit shall not be extended as herein above provided or
replaced no later than fifteen (15) days prior to the present or future
expiration date, you may draft upon us forthwith, for the undrawn portion of
this Letter of Credit, to be presented to UBS AG, Stamford Branch [PROPER
ADDRESS AND ROUTING INFORMATION FOR DRAW DOCUMENTATION].

We hereby agree that all drafts drawn and negotiated in compliance with the
terms hereof will be duly honored upon presentation and delivery of this
original Letter of Credit and each document specified above during the term of
this Letter of Credit.

Except when the expiration date of this Letter of Credit is extended for one
year, this Letter of Credit cannot be modified without written consent or
written acknowledgment of the Beneficiary. All fees and banking charges are at
the expense of the Applicant.

Except as otherwise expressly stated this Letter of Credit is subject to the
"Uniform Customs and Practice for Documentary Credits (1993 Revision),
International Chamber of Commerce Publication No. 500."

UBS AG, Stamford Branch
Sincerely,

[SIGNATURE]
[NAME AND TITLE OF BANK OFFICER]
<PAGE>
                                                                     EXHIBIT A-2

                              PERFORMANCE BOND L/C

                                 [SEE ATTACHED]

                                        5
<PAGE>
[Date]

Irrevocable Standby Letter of Credit No. [Number]

<TABLE>
<S>                                 <C>
Beneficiary:                        Applicant:
United States Filter Corporation    National Waterworks, Inc.
40-004 Cook Street                  200 West Hwy. 6, Suite 620
Palm Desert, California 92211       Waco, Texas 76712
</TABLE>

Gentlemen:

We hereby establish in your favor our Irrevocable Letter of Credit No. [NUMBER]
for the account of National Waterworks, Inc. ("Applicant") up to an aggregate
amount of TWO HUNDRED FIFTY THOUSAND DOLLARS (US$250,000).

This letter of credit is available by your sight draft(s) drawn on UBS AG,
Stamford Branch accompanied by a statement signed by one of your officers in
substantially the following form:

"The undersigned hereby certifies that National Waterworks, Inc. ("Applicant")
has failed to reimburse United States Filter Corporation ("Beneficiary") for a
Performance Bond Obligation in an amount equal to [AMOUNT IN WORDS] Dollars
($     ) pursuant to the Reimbursement Agreement dated as of November 22, 2002
between Applicant and Beneficiary (as amended, modified, restated or replaced).
The date of Beneficiary's notice to Applicant of such obligation is more than 10
days prior to the date hereof. Beneficiary hereby draws under the Letter of
Credit in an amount equal to [AMOUNT IN WORDS] Dollars ($     )."

Your acceptance of this Letter of Credit will constitute your agreement to
return, for the account of the Applicant, any funds paid to you hereunder and
not applied by you, when you determine, in your sole discretion, that no further
liability exists. The aggregate amount of drawings under this Letter of Credit
shall not exceed the amount of $250,000.

In no event will this Letter of Credit be terminated prior to NOVEMBER 22,2003
unless directed by you in writing.

This Letter of Credit sets forth in full the terms of our undertaking.
References in this Letter of Credit to other agreements, contracts, documents or
instruments shall not modify or affect the terms hereof or cause such
agreements, contracts or instruments to be deemed incorporated herein.

It is a condition of this Letter of Credit that it shall be automatically
extended without amendment for a period of one year from the present or any
future expiration date, unless
<PAGE>
thirty (30) days prior to the expiration, we shall notify you and the Applicant
via registered or certified mail, by courier or by messenger that we elect not
to extend it

If this Letter of Credit shall not be extended as herein above provided or
replaced no later than fifteen (15) days prior to the present or future
expiration date, you may draft upon us forthwith, for the undrawn portion of
this Letter of Credit, to be presented to UBS AG, Stamford Branch [PROPER
ADDRESS AND ROUTING INFORMATION FOR DRAW DOCUMENTATION].

We hereby agree that all drafts drawn and negotiated in compliance with the
terms hereof will be duly honored upon presentation and delivery of this
original Letter of Credit and each document specified above during the term of
this Letter of Credit.

Except when the expiration date of this Letter of Credit is extended for one
year, this Letter of Credit cannot be modified without written consent or
written acknowledgment of the Beneficiary. All fees and banking charges are at
the expense of the Applicant.

Except as otherwise expressly stated this Letter of Credit is subject to the
"Uniform Customs and Practice for Documentary Credits (1993 Revision),
International Chamber of Commerce Publication No. 500."

UBS AG, Stamford Branch
Sincerely,
<PAGE>
                                                                     EXHIBIT A-3

                               LEASE GUARANTY L/C

                                 [SEE ATTACHED]

                                        6
<PAGE>
[Date]

Irrevocable Standby Letter of Credit No. [Number]

<TABLE>
<S>                                 <C>
Beneficiary:                        Applicant:
United States Filter Corporation    National Waterworks, Inc.
40-004 Cook Street                  200 West Hwy. 6, Suite 620
Palm Desert, California 92211       Waco, Texas 76712
</TABLE>

Gentlemen:

We hereby establish in your favor our Irrevocable Letter of Credit No. [NUMBER]
for the account of National Waterworks, Inc. ("Applicant") up to an aggregate
amount of EIGHTY SIX THOUSAND FIVE HUNDRED THIRTY ONE DOLLARS AND SEVENTY FIVE
CENTS (US$86,531.75).

This letter of credit is available by your sight draft(s) drawn on UBS AG,
Stamford Branch accompanied by a statement signed by one of your officers in
substantially the following form:

"The undersigned hereby certifies that National Waterworks, Inc. ("Applicant")
has failed to reimburse United States Filter Corporation ("Beneficiary") for a
Lease Guaranty Obligation in an amount equal to [AMOUNT IN WORDS] Dollars ($   )
pursuant to the Reimbursement Agreement dated as of November 22, 2002 between
Applicant and Beneficiary (as amended, modified, restated or replaced). The date
of Beneficiary's notice to Applicant of such obligation is more than 10 days
prior to the date hereof. Beneficiary hereby draws under the Letter of Credit in
an amount equal to [AMOUNT IN WORDS] Dollars ($   )."

Your acceptance of this Letter of Credit will constitute your agreement to
return, for the account of the Applicant, any funds paid to you hereunder and
not applied by you, when you determine, in your sole discretion, that no further
liability exists. The aggregate amount of drawings under this Letter of Credit
shall not exceed the amount of $86,531.75.

In no event will this Letter of Credit be terminated prior to NOVEMBER 22, 2003
unless directed by you in writing.

This Letter of Credit sets forth in full the terms of our undertaking.
References in this Letter of Credit to other agreements, contracts, documents or
instruments shall not modify or affect the terms hereof or cause such,
agreements, contracts or instruments to be deemed incorporated herein.
<PAGE>
It is a condition of this Letter of Credit that it shall be automatically
extended without amendment for a period of one year from the present or any
future expiration date, unless thirty (30) days prior to the expiration, we
shall notify you and the Applicant via registered or certified mail, by courier
or by messenger that we elect not to extend it.

If this Letter of Credit shall not be extended as herein above provided or
replaced no later than fifteen (15) days prior to the present or future
expiration date, you may draft upon us forthwith, for the undrawn portion of
this Letter of Credit, to be presented to UBS AG, Stamford Branch [PROPER
ADDRESS AND ROUTING INFORMATION FOR DRAW DOCUMENTATION].

We hereby agree that all drafts drawn and negotiated in compliance with the
terms hereof will be duly honored upon presentation and delivery of this
original Letter of Credit and each document specified above during the term of
this Letter of Credit.

Except when the expiration date of this Letter of Credit is extended for one
year, this Letter of Credit cannot be modified without written consent or
written acknowledgment of the Beneficiary. All fees and banking charges are at
the expense of the Applicant.

Except as otherwise expressly stated this Letter of Credit is subject to the
"Uniform Customs and Practice for Documentary Credits (1993 Revision),
International Chamber of Commerce Publication No. 500."

UBS AG, Stamford Branch
Sincerely,

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