Document:

Amendment No. 1 to Revolving Credit Agreement

 EXHIBIT (4)r(1) 
  
 AMENDMENT NO. 1 
  
 to 
  
 REVOLVING CREDIT AGREEMENT 
  
 THIS AMENDMENT NO. 1 TO REVOLVING CREDIT AGREEMENT (the “Amendment”) is made as of March 8, 2004, but effective as of December 31, 2003 (the “Effective Date”), by and among STEPAN COMPANY (the
“Borrower”), the financial institutions listed on the signature pages hereof (the “Banks”) and BANK ONE, NA, in its capacity as contractual representative (the “Agent”) under that certain Revolving Credit Agreement
dated as of May 3, 2002 by and among the Borrower, the financial institutions party thereto and the Agent (as amended, supplemented or otherwise modified as of the date hereof, the “Credit Agreement”). Defined terms used herein and not
otherwise defined herein shall have the meaning given to them in the Credit Agreement. 
  
 WITNESSETH 
  
 WHEREAS, the
Borrower, the Banks and the Agent are parties to the Credit Agreement; and 
  
 WHEREAS, the Borrower has requested that the Banks amend the Credit Agreement on the terms and conditions set forth herein; 
  
 WHEREAS, the Borrower, the Agent and the requisite number of Banks have agreed to amend the Credit Agreement on the terms and conditions set forth herein;

  
 NOW, THEREFORE, in consideration of the premises set forth
above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto have agreed to the following amendments to the Credit Agreement:

  

	1.	Amendments to the Credit Agreement. Effective as of the Effective Date and subject to the satisfaction of the conditions precedent set forth in Section 3 below, the
Credit Agreement is hereby amended as follows: 

  

	 	1.1.	The definition of “Consolidated Earnings Before Interest and Taxes” now appearing in Section 1.1 of the Credit Agreement is deleted in its entirety and the
following is substituted therefor: 

  
 “Consolidated Earnings Before Interest and Taxes” means, for any fiscal quarter, the sum of (i) earnings before income taxes for such fiscal quarter, plus (ii) Consolidated Interest Expense for such fiscal quarter, less (iii)
equity earnings of Unrestricted Subsidiaries of the Company for such quarter determined on a consolidated basis for the Company and the Restricted Subsidiaries in accordance with Agreement Accounting Principles; provided, however, that
notwithstanding the foregoing, Consolidated Earnings Before Interest and Taxes shall (x) exclude, to the extent included in determining such 

 earnings, any non-cash charges for deferred compensation resulting from the fluctuation in plan asset
values in the Company’s deferred compensation plans, but only so long as the Company’s and its Restricted Subsidiaries’ funding obligations with respect to such deferred compensation plans are fully satisfied, (y) exclude, to the
extent included in determining such earnings, any gains resulting from the write-up or appreciation of plan assets held in the Company’s and its Restricted Subsidiaries’ deferred compensation plans, and (z) in all events, reflect the
original period expense for bonuses or director fees, as well as interest or dividend income and realized gains or losses on related investments, reported in accordance with Agreement Accounting Principles, by the Company and its Restricted
Subsidiaries in connection with the Company’s deferred compensation plans. 
  

	 	1.2.	Section 6.3(A) of the Credit Agreement is deleted in its entirety and the following is substituted therefor: 

  
 (A) Interest Coverage Ratio. The Company and the
Restricted Subsidiaries will maintain a ratio of Consolidated Earnings Before Interest and Taxes to Consolidated Interest Expense, as of the end of each fiscal quarter of the Company, such that the ratio calculated for such fiscal quarter and the
preceding three fiscal quarters taken as one accounting period is at least the following at each date indicated below: 
  

			
	 Fiscal Quarter Ending

	  	Interest Coverage Ratio

		
	 December 31, 2003
	  	1.25 to 1.00
	 March 31, 2004
	  	1.25 to 1.00
	 June 30, 2004
	  	1.10 to 1.00
	 September 30, 2004
	  	1.50 to 1.00
	 December 31, 2004 and thereafter
	  	2.00 to 1.00

  

	 	1.3.	Section 6.11 of the Credit Agreement is amended to insert the following at the end thereof: 

  
 The foregoing provisions of this Section 6.11 to the contrary notwithstanding, during the period
beginning January 1, 2004, through and including December 31, 2004, the Company will not apply any of its funds, property or assets to, or set apart any funds, property or assets for, the purchase, redemption or other retirement of, any shares of
capital stock of any class of the Company (collectively, “Stock Buy-Back Payments”), unless immediately after giving effect to such action, the aggregate amount of Stock Buy-Back Payments for such period (valued immediately after such
action) would not exceed $1,000,000. 
  

	 	1.4.	Exhibit C to the Credit Agreement is deleted and a new Exhibit C in the form of Attachment A hereto is substituted therefor. 

  

 2 

	2.	Termination of Forbearance Agreement. Concurrently with the effectiveness of this Amendment, that certain Forbearance Agreement, dated as of February 13, 2004, by and among
the Borrower, the Banks and the Agent, shall be terminated and of no further force and effect, other than the provisions of Sections 4 and 7 thereof which shall survive such termination. 

  

	3.	Conditions of Effectiveness. The effectiveness of this Amendment is subject to the conditions precedent that the Agent shall have received: 

  

	 	(a)	duly executed originals of this Amendment from each of the Borrower, the requisite number of Banks required pursuant to Section 10.01 and the Agent; 

 

	 	(b)	copies of a duly executed First Amendment, dated as of even date herewith, in respect of the Company’s (i) Amended and Restated Note Agreement dated as of December 1, 2002
among the Company and each of the institutional investors listed therein, (ii) Amended and Restated Note Agreement dated as of December 1, 2002 among the Company and each of the institutional investors listed therein, (iii) Amended and Restated Note
Agreement dated as of December 1, 2002 among the Company and each of the institutional investors listed therein, and (iv) Note Purchase Agreement dated as of September 1, 2002 among the Company and each of the institutional investors listed therein;
and 

  

	 	(c)	such other documents, instruments and agreements as the Agent shall reasonably request. 

  

	4.	Representations and Warranties of the Borrower. The Borrower hereby represents and warrants as follows: 

  

	 	(a)	The Borrower hereby represents and warrants that this Amendment and the Credit Agreement as previously executed and as modified hereby constitute legal, valid and binding
obligations of the Borrower and are enforceable against the Borrower in accordance with their terms (except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally).

  

	 	(b)	Upon the effectiveness of this Amendment and after giving effect hereto, the Borrower hereby (i) reaffirms all covenants, representations and warranties made in the Credit Agreement
as modified hereby, and agrees that all such covenants, representations and warranties shall be deemed to have been remade as of the effective date of this Amendment except that any such covenant, representation, or warranty that was made as of a
specific date shall be considered reaffirmed only as of such date and (ii) certifies to the Agent and the Banks that no Default or Unmatured Default has occurred and is continuing. 

  

 3 

	5.	Reference to the Effect on the Credit Agreement. 

  

	 	5.1.	Upon the effectiveness of Section 1 hereof, on and after the date hereof, each reference in the Credit Agreement (including any reference therein to “this Credit
Agreement,” “hereunder,” “hereof,” “herein” or words of like import referring thereto) or in any other Loan Document shall mean and be a reference to the Credit Agreement as modified hereby.

  

	 	5.2.	Except as specifically modified above, the Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in
full force and effect, and are hereby ratified and confirmed. 

  

	 	5.3.	The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent or the Banks, nor constitute a waiver of any
provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith. 

  

	6.	GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF ILLINOIS. 

  

	7.	Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

  

	8.	Counterparts. This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts and all of said counterparts taken
together shall be deemed to constitute one and the same instrument. 

  
  

 4 

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.

  

			
	 STEPAN COMPANY, as Borrower

	
	 By:

	 Name:
	 	 
	 Title:
	 	 
	
	BANK ONE, NA, as Agent, as LC Issuer and as a Bank
	
	 By:

	 Name:
	 	 
	 Title:
	 	 
	
	HARRIS TRUST AND SAVINGS BANK, as a Bank
	
	 By:

	 Name:
	 	 
	 Title:
	 	 
	
	 BANK OF AMERICA, N.A., as a Bank

	
	 By:

	 Name:
	 	 
	 Title:
	 	 

  

 ATTACHMENT A 
  
 EXHIBIT C 
  
 COMPLIANCE CERTIFICATE 
  

	To:	The Banks parties to the 

 Credit Agreement
Described Below 
  
 This Compliance Certificate is furnished
pursuant to that certain Revolving Credit Agreement dated as of May 3, 2002, among the Company, the banks party thereto and Bank One, NA as Agent for the Banks (as amended, the “Agreement”). Unless otherwise defined herein, capitalized
terms used in this Compliance Certificate have the meanings ascribed thereto in the Agreement. 
  
 THE UNDERSIGNED HEREBY CERTIFIES THAT: 
  
 1. I am the duly elected [Vice President - Finance and Administration][Vice President and Corporate Controller] of the Company; 
  
 2. I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and
conditions of the Company and its Subsidiaries during the accounting period covered by the attached financial statements; 
  
 3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or event which constitutes a
Default or Unmatured Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate, except as set forth below; and 
  
 4. Schedule I attached hereto sets forth financial data and computations
evidencing the Company’s compliance with certain covenants of the Agreement, all of which data and computations are true, complete and correct. 
  
 Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature of the condition or event, the period during which it has
existed and the action which the Company has taken, is taking, or proposes to take with respect to each such condition or event: 
  
 __________________________________________________________
 
  
 __________________________________________________________
 
  
 __________________________________________________________
 
  
  
  
  

 The foregoing certifications, together with the computations set forth in Schedule I hereto and the
financial statements delivered with this Certificate in support hereof, are made and delivered this          day of
                    , 20            . 
  

	
	 Name:                            

	 Title:

 [SAMPLE] 
  
 SCHEDULE I TO COMPLIANCE REPORT 
  
 Calculation Test 
  

	1.	Interest Coverage Ratio 

	 	a.	Consolidated Earnings Before Interest and Taxes 

 for quarter ended                              plus 
 preceding three
quarters                                       
                                   
             
  

	 	b.	Consolidated Interest Expense for quarter ended  

                          plus preceding three quarters
                                        
             
                                        
                                        
                             a : b
                          to 1.0 
  

			
	 [December 31, 2003 and March 31, 2004:

	 1.25 to 1.00; June 30, 2004: 1.10 to 1.00;

	 September 30, 2004: 1.50 to 1.00; and

	 December 31, 2004 and thereafter: 2.00 to

	 1.00]

  

	2.	Dividend Limitation 

	 	a.	Restricted Payments since December 31,
2001                                        
                      

  

	 	b.	$30,000,000 + Consolidated Net Income - 

 Consolidated Net Loss since December 31, 2001
                                        
                
                                        
                                        
                             a + b
                              
  

	3.	Stock Buy-Back Limitation 

	 	a.	For the period beginning January 1, 2004 through 

 December 31, 2004, Stock Buy-Back Payments
                                        
                                      
                                       
                                        
                                        
                     [$1,000,000] 
  

	4.	Funded Indebtedness Limitation 

	 	a.	Consolidated Funded Indebtedness
                                        
                                  

  

	 	b.	Guaranties                                     
                                        
                     
                     

  

	 	c.	Unfunded Liabilities
                                        
                                        
                     

  

	 	d.	Consolidated Capitalization
                                        
                            
                     

  
                                        
                                        
                              a+b+c 
                                        
                                        
                                        
     d                      to 1.0  
                                        
                                        
                                        
                     [.55 to 1.0] 

	5.	Sale of Assets 

	 	a.	Assets sold since December 31, 2001
                                        
                         $50,000,000 

  

	 	b.	Assets sold during FY                  ,
20        
                                    
                      15% 

  

	 	c.	Consolidated Tangible
Assets                                       
                                       

                                        
                                        
                                         b :
cAmended Notes Agreement

 EXHIBIT (4)t 
  
 EXECUTION VERSION 
  

  
 STEPAN COMPANY 
  

  
 FIRST AMENDMENT 
 Dated as of February 27, 2004 
  
 to: 
  
 AMENDED 1993 NOTE
AGREEMENT 
  
 AMENDED 1995
NOTE AGREEMENT 
  
 AMENDED 1998 NOTE AGREEMENT 
 and 
 2002 NOTE PURCHASE AGREEMENT 
  
 Each as described herein 
  

  

 FIRST AMENDMENT 
  
 THIS FIRST AMENDMENT, dated as of February 27,
2004, but effective as of December 31, 2003 (the “First Amendment”), to each of the Outstanding Agreements (as defined below) is among STEPAN COMPANY, a Delaware corporation (the
“Company”), and each of the institutions which is a signatory to this First Amendment (collectively, the “Noteholders”). 
  
 R E C I T A L S: 
  
 A. The Company and the Noteholders have heretofore entered into the various
Note Agreements described on the attached Schedule A (collectively, the “Outstanding Agreements”), pursuant to which the Company issued its Notes as described on said Schedule A (collectively, the
“Notes”). The Notes which are presently outstanding are hereafter referred to as the “Outstanding Notes.” 
  
 B. The Company and the Noteholders now desire to amend the Outstanding Agreements in the respects, but only in the respects, hereinafter set forth.

  
 C. Capitalized terms used herein shall have the respective
meanings ascribed thereto in the Outstanding Agreements unless herein defined or the context shall otherwise require. 
  
 D. All requirements of law have been fully complied with and all other acts and things necessary to make this First Amendment a valid, legal and binding
instrument according to its terms for the purposes herein expressed have been done or performed. 
  
 NOW, THEREFORE, upon the full and complete satisfaction of the conditions precedent to the effectiveness of this First
Amendment set forth in Section 3.1 hereof, and in consideration of good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Company and the Noteholders do hereby agree as follows: 
  
 SECTION 1. AMENDMENTS.

  
 Section 1.1. Section 10.1(a) of each of the
Outstanding Agreements shall be and is hereby amended in its entirety to read as follows: 
  
 “(a) Interest Coverage Ratio. The Company and its Restricted Subsidiaries will maintain a ratio of Consolidated Earnings
Before Interest and Taxes to Consolidated Interest Expense, as of the end of each fiscal quarter of the Company, 

 
such that the ratio calculated for such fiscal quarter and the preceding three fiscal quarters taken as one accounting period is at least the following at
each date indicated below: 
  
  

			
	 FISCAL QUARTER ENDING:
	  	RATIO:
		
	 December 31, 2003
	  	1.25 to 1.00
		
	 March 31, 2004
	  	1.25 to 1.00
		
	 June 30, 2004
	  	1.10 to 1.00
		
	 September 30, 2004
	  	1.50 to 1.00
		
	 December 31, 2004 and thereafter
	  	2.0 to 1.0”

  
 Section 1.2.
Section 10.6 of the Outstanding Agreements shall be and is hereby amended by adding the following paragraph at the end of such Section: 
  
 “The foregoing provisions of this Section 10.6 to the contrary notwithstanding, during the period beginning January 1, 2004,
through and including December 31, 2004, the Company will not apply any of its funds, property or assets to, or set apart any funds, property or assets for, the purchase, redemption or other retirement of, any shares of capital stock of any class of
the Company (collectively, “Stock Buy-Back Payments”), unless immediately after giving effect to such action, the aggregate amount of Stock Buy-Back Payments for such period (valued immediately after such action) would not
exceed $1,000,000.” 
  
 Section 1.3. The definition of
“Consolidated Earnings Before Interest and Taxes” set forth in Schedule B to each of the Outstanding Agreements shall be and is hereby amended in their entirety to read as follows: 
  
 “‘Consolidated Earnings Before Interest and Taxes’
means, for any fiscal quarter, the sum of (i) earnings before income taxes for such fiscal quarter, plus (ii) Consolidated Interest Expense for such fiscal quarter, less (iii) equity earnings of Unrestricted Subsidiaries of the Company
for such quarter determined on a consolidated basis for the Company and the Restricted Subsidiaries in accordance with GAAP; provided, however, that notwithstanding the foregoing, Consolidated Earnings Before Interest and Taxes shall (x)
exclude, to the extent included in determining such earnings, any non-cash charges for deferred compensation resulting from the fluctuation in plan asset values in the Company’s deferred compensation plans, but only so long as the
Company’s and its Restricted Subsidiaries’ funding obligations with respect to such deferred compensation plans are fully satisfied, (y) exclude, to the extent included in determining such earnings, any gains resulting from the write-up or
appreciation of plan assets held in the Company’s and its Restricted Subsidiaries’ deferred compensation plans, and (z) in all events, reflect the original period expense for bonuses or director fees, as well as interest or dividend income
and realized gains or losses on related investments, reported in accordance with GAAP, by the Company and its Restricted Subsidiaries in connection with the Company’s deferred compensation plans.” 
  

 -2- 

 SECTION 2. REPRESENTATIONS, WARRANTIES
AND AGREEMENTS OF THE COMPANY. 
  
 Section 2.1. To induce the Noteholders to execute and deliver this First Amendment, the Company represents and warrants to the Noteholders (which
representations and warranties shall survive the execution and delivery of this First Amendment) that: 
  
 (a) this First Amendment has been duly authorized, executed and delivered by it and this First Amendment, and each of the Outstanding
Agreements as amended by this First Amendment, constitute the legal, valid and binding obligations, contracts and agreements of the Company enforceable against it in accordance with their respective terms, except as enforcement may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors’ rights generally; 
  
 (b) the execution, delivery and performance by the Company of this First Amendment (i) has been duly authorized by all requisite corporate
action and, if required, shareholder action, (ii) does not require the consent or approval of any governmental or regulatory body or agency, and (iii) will not (A) violate (1) any provision of law, statute, rule or regulation or its certificate of
incorporation or bylaws, (2) any order of any court or any rule, regulation or order of any other agency or government binding upon it, or (3) any provision of any material indenture, agreement or other instrument to which it is a party or by which
its properties or assets are or may be bound, or (B) result in a breach or constitute (alone or with due notice or lapse of time or both) a default under any indenture, agreement or other instrument referred to in clause (iii)(A)(3) of this
Section 2.1(b); 
  
 (c) as of the date
hereof and after giving effect to this First Amendment, no Default or Event of Default under any of the Outstanding Agreements has occurred which is continuing; and 
  
 (d) all of the representations and warranties contained in Section 5 of each of the Outstanding Agreements
are true and correct in all material respects with the same force and effect as if made by the Company on and as of the date hereof, except that any representation or warranty made as of a specific date shall be deemed made as of such specific date.

  
 Execution and delivery by the Company of this First Amendment constitutes the
certification by the Company that the foregoing representations and warranties are true and correct on and with respect to the date hereof. 
  

 -3- 

 SECTION 3. CONDITIONS TO
EFFECTIVENESS OF THIS FIRST AMENDMENT. 
  
 Section 3.1. This First Amendment shall not become effective until, and shall become effective when, each and every one of the following conditions
shall have been satisfied: 
  
 (a) executed
counterparts of this First Amendment, duly executed by the Company and the Required Holders of the Outstanding Notes under each Outstanding Agreement, shall have been delivered to the Noteholders; and 
  
 (b) the representations and warranties of the Company set
forth in Section 2 hereof are true and correct on and with respect to the date hereof and the execution and delivery by the Company of this First Amendment shall constitute certification of the same. 
  
 Upon receipt of all of the foregoing, this First Amendment shall become effective as of
December 31, 2003. 
  
 SECTION 4.
PAYMENT OF NOTEHOLDERS’ COUNSEL FEES AND EXPENSES. 
  
 Section 4.1. The Company agrees to pay upon demand, the reasonable fees and expenses of Chapman and Cutler LLP,
counsel to the Noteholders, in connection with the negotiation, preparation, approval, execution and delivery of this First Amendment. 
  
 SECTION 5. MISCELLANEOUS. 
  
 Section 5.1. This First Amendment shall be construed in connection with and as part of each of the Outstanding
Agreements, and except as modified and expressly amended by this First Amendment, all terms, conditions and covenants contained in each of the Outstanding Agreements and each of the Outstanding Notes are hereby ratified and shall be and remain in
full force and effect. 
  
 Section 5.2. Any and all
notices, requests, certificates and other instruments executed and delivered after the execution and delivery of this First Amendment may refer to the Outstanding Agreements without making specific reference to this First Amendment but nevertheless
all such references shall include this First Amendment unless the context otherwise requires. 
  
 Section 5.3. The descriptive headings of the various Sections or parts of this First Amendment are for convenience only and shall not affect the meaning or construction of any of the provisions hereof.

  
 Section 5.4. This First Amendment shall be governed
by and construed in accordance with Illinois law. 
  
 Section 5.5. This First Amendment may be executed in any number of counterparts, each executed counterpart constituting an original, but all together only one agreement. 
  
 [Signature Pages Follow] 
  
  

 -4- 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this
First Amendment as of the date first written above 
  

			
	STEPAN COMPANY
		
	 By
	 	

	 	 	 Name:

	 	 	 Title:

  
 Accepted as of the date first
written above: 

			
	 CONNECTICUT GENERAL LIFE INSURANCE COMPANY (as
Noteholder under the Amended 1998 Note Agreement and the 2002 Note Purchase Agreement)

		
	 By:
	 	CIGNA Investments, Inc. (authorized agent)
		
	 By
	 	

	 	 	      Name:
	 	 	      Title:
	
	 J. ROMEO & CO.

	 	 	(as Noteholder under the Amended 1993 Note Agreement, the Amended 1995 Note Agreement and the 2002 Note Purchase Agreement)
		
	 By
	 	

	 	 	 Name:

	 	 	 Title:

	 	 	 

  
 [First Amendment—Stepan
Company] 
  

 -5- 

			
	 THE NORTHWESTERN MUTUAL LIFE INSURANCE
COMPANY (as Noteholder under the Amended 1993 Note Agreement, the Amended 1995 Note Agreement, the Amended 1998 Note Agreement and the 2002 Note Purchase Agreement)

		
	 By
	 	

	 	 	 Name:

	 	 	 Title: Authorized Signatory

	
	 THE NORTHWESTERN MUTUAL LIFE INSURANCE
COMPANY for its Group Annuity Separate Account (as Noteholder under the 2002 Note Purchase Agreement)

		
	 By
	 	

	 	 	 Name:

	 	 	 Title: Authorized Signatory

	
	 THRIVENT FINANCIAL FOR
LUTHERANS
 (f/k/a Aid Association for Lutherans) (as Noteholder under the Amended 1993 Note Agreement, the Amended 1995
Note Agreement and the 2002 Note Purchase Agreement)

	
	 
	
	 
		
	 By
	 	

	 	 	 Name:

	 	 	 Title:

  
 [First Amendment—Stepan
Company] 
  

 -6- 

 OUTSTANDING AGREEMENTS AND OUTSTANDING
NOTES 
  

	1.	The Amended and Restated Note Agreement dated as of December 1, 2002 among the Company and each of the institutional investors listed therein (the “Amended 1993 Note
Agreement”) pursuant to which the Company issued its 7.22% Amended and Restated Senior Notes, Series A, due April 1, 2008 and its 7.22% Amended and Restated Senior Notes, Series B, due August 1, 2008. The Amended 1993 Note Agreement amended
and restated the separate Loan Agreements each dated as of April 1, 1993 between the Company and each of the institutional investors listed therein pursuant to which the Company issued its 7.22% Promissory Notes, Series A, due April 1, 2008 and its
7.22% Promissory Notes, Series B, due August 1, 2008. 

  

			
	 NOTEHOLDER

	  	 PRINCIPAL AMOUNT OF
 OUTSTANDING NOTES

		
	 Thrivent Financial for Lutherans
 (f/k/a: Aid Association for Lutherans)
	  	$1,500,000 - Series A
$1,500,000 - Series B
		
	 J. ROMEO & CO.
	  	$1,500,000 - Series A
$1,500,000 - Series B
		
	 The Northwestern Mutual Life Insurance Company
	  	$1,500,000 - Series A
$1,500,000 - Series B

  

	2.	The Amended and Restated Note Agreement dated as of December 1, 2002 among the Company and each of the institutional investors listed therein (the “Amended 1995 Note
Agreement”) pursuant to which the Company issued its 7.69% Amended and Restated Senior Notes, Series A, due June 30, 2005 and its 7.77% Amended and Restated Senior Notes, Series B, due June 30, 2010. The Amended 1995 Note Agreement amended
and restated the separate Loan Agreements each dated as of June 15, 1995 between the Company and each of the institutional investors listed therein pursuant to which the Company issued its 7.69% Promissory Notes, Series A, due June 30, 2005 and its
7.77% Promissory Notes, Series B, due June 30, 2010. 

  

			
	 NOTEHOLDER

	  	 PRINCIPAL AMOUNT OF
 OUTSTANDING NOTES

		
	 Thrivent Financial for Lutherans
 (f/k/a: Aid Association for Lutherans)
	  	$750,000 - Series A
$6,136,365 - Series B
		
	 The Northwestern Mutual Life Insurance
 Company
	  	$750,000 - Series A
$6,136,365 - Series B
		
	 J. ROMEO & CO.
	  	$500,000 - Series A
$4,090,910 - Series B

  
 SCHEDULE
A 
 (to First Amendment) 

	3.	The Amended and Restated Note Agreement dated as of December 1, 2002 among the Company and each of the institutional investors listed therein (the “Amended 1998 Note
Agreement”) pursuant to which the Company issued its 6.59% Amended and Restated Senior Notes due October 1, 2013. The Amended 1998 Note Agreement amended and restated the separate Loan Agreements each dated as of October 1, 1998 between the
Company and each of the institutional investors listed therein pursuant to which the Company issued its 6.59% Promissory Notes due October 1, 2013. 

  

				
	 NOTEHOLDER

	  	 PRINCIPAL AMOUNT OF
 OUTSTANDING NOTES

		
	 The Northwestern Mutual Life Insurance Company
	  	$	18,181,818
		
	 CIG & Co. (as Nominee for Connecticut General Life Insurance Company)
	  	$	9,090,909

  

	4.	The Note Purchase Agreement dated as of September 10, 2002 among the Company and each of the institutional investors listed therein (the “2002 Note Purchase
Agreement”) pursuant to which the Company issued its 6.86% Senior Notes due September 1, 2015. 

  

				
	 NOTEHOLDER

	  	 PRINCIPAL AMOUNT OF
 OUTSTANDING NOTES

		
	 The Northwestern Mutual Life Insurance Company
	  	$	20,000,000
		
	 The Northwestern Mutual Life Insurance Company for its Group Annuity Separate Account
	  	$	1,000,000
		
	 Thrivent Financial for Lutherans
	  	$	3,000,000
		
	 CIG & Co. (as Nominee for Connecticut General Life Insurance Company)
	  	$	3,000,000
		
	 J. ROMEO & CO. (as Nominee for MONY Life Insurance Company)
	  	$	3,000,000

  

 A-2

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