Document:

FLEET LOAN AGREEMENT

     AGREEMENT,  made as of the 15th day of December,  1999,
by and between:

     NATIONAL   CONSUMER  COOPERATIVE  BANK,  a  corporation
chartered  by  Act  of Congress of the United  States  which
conducts  business under the trade name National Cooperative
Bank (the "Borrower"); and

     FLEET   BANK,   NA,  a  national  banking  association,
("Fleet");

                    W I T N E S S E T H :

     WHEREAS:

     (A)The  Borrower,  the  banks  signatory  thereto  (the
"Banks") and Fleet Bank, N.A., as Agent for itself  and  the
Banks entered into a certain Third Amended and Restated Loan
Agreement  dated  as  of  May 28, 1997,  which  was  amended
pursuant  to  (i)  Amendment No.  1  to  Third  Amended  and
Restated  Loan Agreement dated as of May 27, 1998, and  (ii)
Amendment No. 2 to Third Amended and Restated Loan Agreement
dated as of May 26, 1999 (as so amended, and as it may  from
time   to  time  hereafter  be  further  amended,  restated,
modified  or supplemented, hereinafter referred  to  as  the
"Banks'  Loan Agreement") pursuant to which the  Banks  made
available to the Borrower a revolving credit facility in the
aggregate principal amount set forth therein;

     (B)The  Borrower wishes to have available to it a  line
of  credit from Fleet in the principal amount of up to Fifty
Million  ($50,000,000) Dollars and Fleet is willing to  make
available to the Borrower such a line of credit on the terms
and conditions hereinafter set forth; and

     (C)Unless   the   context   otherwise   requires,   all
capitalized terms used in this Agreement without  definition
that are defined in the Banks' Loan Agreement shall have the
meanings  provided  therefor in the Banks'  Loan  Agreement.
Certain  terms used herein are defined for the  purposes  of
this Agreement in Article 1 below.

     NOW, THEREFORE, the parties hereto agree as follows:

1 Definitions

     As  used  in this Agreement, the following terms  shall
     have the following meanings:

     Banks'  Loan  Agreement:   as defined  in  Recital  (A)
     hereof.

     Borrowing  Notice:   as  defined in  subsection  2.2(a)
     hereof.

     Fleet  Commitment Fee: as defined in subsection  2.7(b)
     hereof.

     Fleet Credit Period:  the period commencing on the date
of this Agreement and ending on the Fleet Credit Termination
Date.

     Fleet Credit Termination Date: April 14, 2000.

     Fleet Fee: as defined in subsection 2.7(a) hereof.

     Fleet Loans:  as defined in Section 2.1 hereof.

     Fleet  Loan  Documents:  collectively, this  Agreement,
the  Fleet  Note,  and  all  other  documents  executed  and
delivered in connection herewith or therewith, including all
amendments, modifications and supplements of or to all  such
documents.

     Fleet Note:  as defined in Section 2.4 hereof.

     Line of Credit:  as defined in Section 2.1 hereof.

     Line  of  Credit  Availability:   $50,000,000  as  such
amount  may  be  reduced from time to time pursuant  to  the
terms of this Agreement.

     Obligations:  all of the indebtedness, liabilities  and
obligations  of the Borrower to Fleet, whether now  existing
or hereafter arising, under the Fleet Loan Documents.

2 Fleet Loans

     _1 Fleet Loans.

     Subject  to the terms and conditions of this Agreement,
Fleet  hereby agrees to hold available for the  use  of  the
Borrower  during the Fleet Credit Period (to  and  including
the  Fleet  Credit Termination Date), a line of credit  (the
"Line  of Credit") in an aggregate principal amount  at  any
one  time outstanding up to, but not exceeding, the Line  of
Credit  Availability as then in effect.  The Line of  Credit
shall  consist of short-term loans (individually,  a  "Fleet
Loan" and, collectively, the "Fleet Loans").  Subject to the
terms  of  this  Agreement and the  Banks'  Loan  Agreement,
during  the  Fleet  Credit Period the Borrower  may  borrow,
repay  and  reborrow up to the amount of the Line of  Credit
Availability as then in effect by means of Prime Rate  Loans
or LIBOR Loans (provided that repayment of LIBOR Loans shall
be  subject to the provisions of Section 2.24 of the  Banks'
Loan  Agreement)  and during such period  the  Borrower  may
convert  Fleet Loans of one type into Fleet Loans of another
type  (as  provided  in  Section  2.8  of  the  Banks'  Loan
Agreement).

     _2 Notices Relating to Fleet Loans.

          (a)The Borrower shall give Fleet written notice of
each  borrowing,  reborrowing, conversion and  repayment  of
each  Fleet Loan and of the duration of each Interest Period
applicable to each LIBOR Loan (subject to subsection  2.2(b)
below)  and  the  termination or reduction of  the  Line  of
Credit  Availability  (in each case, a "Borrowing  Notice"),
all  as provided in Section 2.3 of the Banks' Loan Agreement
(provided  that each reference in such Section  2.3  to  the
"Agent" shall be deemed herein to be a reference to Fleet).

          (b)Notwithstanding  anything   to   the   contrary
contained  in  the  Banks'  Loan  Agreement,  the   Interest
Period(s) applicable to the Fleet Loans hereunder shall,  at
the  Borrower's election (subject to availability to Fleet),
be  seven  (7) days (i.e. the One-Week Rate) or a  one-month
Interest Period.

     _3 Disbursement of Loan Proceeds.

     The  Borrower shall give Fleet notice of each borrowing
hereunder  as provided in Section 2.2 hereof.   Fleet  shall
disburse  such  sums  to  the  Borrower  by  depositing   in
immediately available funds the amount thereof in an account
of  the Borrower designated by the Borrower maintained  with
Fleet.

     _4 Fleet Note.

     The Fleet  Loans  shall  be  evidenced  by  a  single
promissory  note  of the Borrower payable to  the  order  of
Fleet  and dated the date of this Agreement.  The promissory
note  shall  be  in  the principal amount of  Fifty  Million
($50,000,000) Dollars and shall be in the form of Exhibit  A
annexed hereto (the "Fleet Note").

     _5 Repayment of Principal of Fleet Loans.

     The aggregate outstanding principal amount of the Fleet
Loans  shall be payable, together with all accrued  interest
thereon,  in  a  single  installment  on  the  Fleet  Credit
Termination Date.

     _6 Interest.

          (a)The Borrower shall pay to Fleet interest on the
unpaid  principal amount of the Fleet Loans for  the  period
commencing  on the date that each Fleet Loan is  made  until
such Fleet Loan is paid in full, at the following rates  per
annum:

               (i)During the periods that such Fleet Loan is
     a  Prime  Rate Loan, the Alternate Base Rate; provided,
     however,  during  the period from the  date  hereof  to
     January  31, 2000, in the event the Federal Funds  Rate
     does not reasonably reflect Fleet's cost of funds, then
     the  Federal Funds Rate will be adjusted upwards in  an
     amount  not  to  exceed  1.50% which  is  necessary  to
     compensate  Fleet  for its actual cost  of  funds.   If
     Fleet  becomes  entitled to claim any  such  additional
     amounts, it shall promptly notify the Borrower  of  the
     event  by reason of which it has become so entitled  by
     providing  a  certificate (which  shall  be  conclusive
     absent  manifest  error) setting  forth  in  reasonable
     detail  the basis for the claim for additional amounts,
     the amounts required to be paid by the Borrower and the
     computations  made by Fleet to determine  the  amounts;
     provided  that Fleet shall not be required to  disclose
     any  confidential information.  Failure or delay on the
     part  of  Fleet to demand compensation pursuant  hereto
     shall  not  constitute a waiver  of  Fleet's  right  to
     demand such compensation; provided Fleet must have made
     its  demand for such compensation on or before June 30,
     2000; and

               (ii)During  the periods that such Fleet  Loan
     is  a  LIBOR  Loan, for each Interest  Period  relating
     thereto, the LIBOR Rate for such Loan for such Interest
     Period plus .50%.

Notwithstanding  the  foregoing,  the  Borrower  shall   pay
interest  on any Fleet Loan or any installment thereof,  and
on  any other amount payable by the Borrower hereunder which
shall  not  be  paid  in full when due  (whether  at  stated
maturity,  by  acceleration  or otherwise)  for  the  period
commencing on the due date thereof until the same is paid in
full  at  4%  above the otherwise applicable rate.   Accrued
interest  on the Fleet Loans shall be payable on  the  dates
set forth in the Banks' Loan Agreement.

          (b)   Anything in this Agreement or the Fleet Note
to  the  contrary  notwithstanding, the  obligation  of  the
Borrower  to make payments of interest shall be  subject  to
the  limitation  that  payments of  interest  shall  not  be
required  to  be  made to Fleet to the extent  that  Fleet's
receipt  thereof would not be permissible under the  law  or
laws  applicable to Fleet limiting rates of  interest  which
may be charged or collected by Fleet.  Any such payments  of
interest  which  are not made as a result of the  limitation
referred to in the preceding sentence shall be made  by  the
Borrower to Fleet on the earliest interest payment  date  or
dates  on  which  the receipt thereof would  be  permissible
under  the  laws  applicable  to  Fleet  limiting  rates  of
interest  which may be charged or collected by Fleet.   Such
deferred interest shall not bear interest.

     _7 Fleet Fees.

          (a)    Simultaneously  with  the   execution   and
delivery of this Agreement, the Borrower shall pay to  Fleet
a  facility fee (the "Fleet Fee") as set forth in a separate
written agreement between the Borrower and the Bank.

          (b)   The Borrower shall pay to Fleet a commitment
fee  (the "Fleet Commitment Fee") on the amount of the  Line
of Credit Availability from the date hereof to and including
the  earlier of the date the Line of Credit Availability  is
terminated or the Fleet Credit Termination Date, at the rate
of  .175% per annum on the Line of Credit Availability.  The
accrued  Fleet  Commitment Fee shall  be  payable  quarterly
commencing  on  January 31, 2000 and  on  the  Fleet  Credit
Termination Date.

     _8 Use of Proceeds of Fleet Loans.

     The  proceeds of the Fleet Loans shall be used  by  the
Borrower for general corporate and working capital purposes.

     _9 Computations.

     Interest  on  the Fleet Loans and the Fleet  Commitment
Fee shall be computed on the basis of a year of 360 days and
actual  days elapsed (including the first day but  excluding
the last) occurring in the period for which payable.

     _10 Minimum Amounts of Borrowings,  Conversions and Repayments.

     Except for borrowings, conversions and repayments which
exhaust  the  full remaining amount of the  Line  of  Credit
availability  (in the case of borrowings) or result  in  the
conversion  or repayment of all Fleet Loans of a  particular
type   (in  the  case  of  conversions  or  repayments)   or
conversions made pursuant to Section 2.23 of the Banks' Loan
Agreement, each borrowing, each conversion of Fleet Loans of
one type into Fleet Loans of another type and each repayment
of  principal of Fleet Loans hereunder shall be in an amount
at  least  equal to One Million ($1,000,000)  Dollars  or  a
multiple   of   $1,000,000  (borrowings,   conversions   and
repayments  of different types of Fleet Loans  at  the  same
time hereunder to be deemed separate borrowings, conversions
and  repayments for purposes of the foregoing, one for  each
type).

     _11 Time and Method of Payments.

     All  payments  of principal, interest, fees  and  other
charges  (including  indemnities) payable  by  the  Borrower
hereunder shall be made in Dollars, in immediately available
funds,  to  Fleet as set forth in the Banks' Loan  Agreement
(and  Fleet  may, but shall not be obligated to,  debit  the
amount  of any such payment that is not made as provided  in
the Banks' Loan Agreement to any ordinary deposit account of
the Borrower with Fleet).  Additional provisions relating to
payments  are set forth in Section 10.3 of the  Banks'  Loan
Agreement and are incorporated by reference herein.

     _12 Reductions in Line of Credit Availability.

     The  Borrower shall be entitled to reduce or  terminate
the  Line  of Credit Availability provided that the Borrower
shall  give notice of such reduction or termination  to  the
Bank as provided in Section 2.3 of the Banks' Loan Agreement
and any partial reduction of the Line of Credit Availability
shall  be  in  an  aggregate amount  equal  to  Ten  Million
($10,000,000) Dollars or an integral multiple thereof.   Any
such reduction shall be permanent and irrevocable.

    _13 Incorporatin of Certain Provisions.

     The  provisions of Sections 2.19 through 2.24 inclusive
of  the Banks' Loan Agreement and all other sections of  the
Banks'  Loan  Agreement to which such Sections 2.19  through
2.24  refer are hereby incorporated by reference as  if  the
provisions thereof were set forth in full herein.

________3 Representations and Warranties

     The  Borrower hereby represents and warrants  to  Fleet
that:

     _1        Article  3  of  Banks'  Loan  Agreement;   No
               Defaults.

          (a)  Each and every one of the representations and
warranties  set  forth  in Article  3  of  the  Banks'  Loan
Agreement  is  true in all respects as of the  date  hereof,
except  for  changes  in the ordinary  course  of  business,
which, either singly or in the aggregate, are not materially
adverse  to  the  business  or financial  condition  of  the
Borrower.

          (b)   As of the date hereof, there exists no Event
of  Default  under the Banks' Loan Agreement, and  no  event
which,  with the giving of notice or lapse of time or  both,
would constitute such an Event of Default.

     _2        Power, Authority, Consents.

     The  Borrower  has  the power to execute,  deliver  and
perform the Fleet Loan Documents to be executed by it.   The
Borrower has the power to borrow hereunder and has taken all
necessary action to authorize the borrowing hereunder on the
terms  and  conditions of this Agreement.  The Borrower  has
taken  all  necessary  action, corporate  or  otherwise,  to
authorize  the  execution, delivery and performance  of  the
Fleet  Loan  Documents to be executed by it.  No consent  or
approval  of any Person (including, without limitation,  any
stockholder of the Borrower),  no consent or approval of any
landlord  or  mortgagee, no waiver of any Lien or  right  of
distraint  or  other similar right and no consent,  license,
approval,  authorization or declaration of any  governmental
authority,  bureau  or agency, is or  will  be  required  in
connection  with the execution, delivery or  performance  by
the  Borrower, or the validity or enforcement of  the  Fleet
Loan Documents.

     _3        No Violation of Law or Agreements.

     The  execution  and delivery by the  Borrower  of  each
Fleet  Loan  Document and performance by  it  hereunder  and
thereunder  will not violate any provision of law  and  will
not  conflict with or result in a breach of any order, writ,
injunction, ordinance, resolution, decree, or other  similar
document   or   instrument  of  any  court  or  governmental
authority,  bureau or agency, domestic or  foreign,  or  any
certificate  of incorporation or by-laws of the Borrower  or
create  (with or without the giving of notice  or  lapse  of
time,  or  both) a default under or breach of any agreement,
bond, note or indenture to which the Borrower is a party, or
by  which the Borrower is bound or any of its properties  or
assets is affected, or result in the imposition of any  Lien
of  any  nature  whatsoever upon any of  the  properties  or
assets  owned by or used in connection with the business  of
the Borrower.

     _4        Due Execution, Validity, Enforceability.

     This  Agreement and each other Fleet Loan Document  has
been  duly executed and delivered by the Borrower  and  each
constitutes the valid and legally binding obligation of  the
Borrower,  enforceable in accordance with its terms,  except
as such enforcement may be limited by applicable bankruptcy,
insolvency,  reorganization, moratorium,  or  other  similar
laws,  now  or hereafter in effect, relating to or affecting
the  enforcement of creditors' rights generally  and  except
that  the remedy of specific performance and other equitable
remedies are subject to judicial discretion.

________4 Conditions Precedent to the Fleet Loans

     The  obligation  of  Fleet  to  make  the  Fleet  Loans
hereunder  shall  be  subject to  the  fulfillment  (to  the
satisfaction   of   Fleet)  of  the   following   conditions
precedent:

          (a)  The   Borrower   shall  have   executed   and
               delivered  to  Fleet this Agreement  and  the
               Fleet Note.

          (b)  Fleet shall have received the Fleet Fee.

          (c)  Fleet   shall  have  received  a   Compliance
               Certificate from the Borrower dated the  date
               hereof  and  the  matters certified  therein,
               including,  without  limitation,  that  after
               giving effect to the terms and conditions  of
               this  Agreement,  no  Default  or  Event   of
               Default shall exist, shall be true.

          (d)  Shea  &  Gardner,  counsel to  the  Borrower,
               shall  have  delivered its legal  opinion  to
               Fleet, in form and substance satisfactory  to
               Fleet and its counsel.

          (e)   Fleet  shall  have received  copies  of  the
following:

               (i)  All   corporate  action  taken  by   the
                    Borrower  to  authorize  the  execution,
                    delivery   and   performance   of   this
                    Agreement,  the  Fleet  Note   and   the
                    transactions    contemplated     hereby,
                    certified by its secretary;

               (ii) A  certificate from the secretary of the
                    Borrower to the effect that the  By-laws
                    of the Borrower delivered to Fleet Bank,
                    N.A.,  as  Agent pursuant to the  Banks'
                    Loan  Agreement  have not  been  amended
                    since the date of such delivery and that
                    such  document  is  in  full  force  and
                    effect and is true and correct as of the
                    date hereof; and

               (iii)      An  incumbency  certificate  (with
                    specimen signatures) with respect to the
                    Borrower.

          (f)  All  legal matters incident hereto  shall  be
               satisfactory to Fleet and its counsel.

________5 Covenants

     From  the  date  hereof and so long as  this  Agreement
shall be outstanding and until payment in full of all of the
Obligations, the Borrower agrees to comply with and  perform
each  and every covenant and condition set forth in Articles
5, 6 and 7 of the Banks' Loan Agreement, which Articles 5, 6
and 7 are hereby incorporated herein by reference.

________6 Events of Default

     If  any one or more of the following events ("Events of
Default")  shall occur and be continuing, the entire  unpaid
balance  of the principal of and interest on the Fleet  Note
and  all  other Obligations and indebtedness of the Borrower
to  Fleet  arising hereunder and under the other Fleet  Loan
Documents  shall  immediately become due  and  payable  upon
written notice to that effect given to the Borrower by Fleet
(except  that in the case of the occurrence of any Event  of
Default  described  in  Section  8.7  of  the  Banks'   Loan
Agreement,  as such Section 8.7 is hereinafter  incorporated
herein  by  reference, no such notice  shall  be  required),
without  presentment or demand for payment, notice  of  non-
payment,  protest or further notice or demand of  any  kind,
all of which are expressly waived by the Borrower; provided,
however,  that in the case of the occurrence of an Event  of
Default described in Section 6.1 below, no such notice shall
be  required  after the passage of ten (10) days  after  the
Grace Period provided for therein:

     _1        Payments.

     Failure  to  make any payment of principal or  interest
upon  the  Fleet Note or any fee pursuant to this  Agreement
within  three  (3) Business Days after the due date  thereof
(the "Grace Period"); or

     _2        Other Covenants.

     Failure by the Borrower to perform or observe any other
term,  condition or covenant of this Agreement or of any  of
the other Fleet Loan Documents to which it is a party, which
shall  remain unremedied for a period of fifteen  (15)  days
after  notice thereof shall have been given to the  Borrower
by Fleet; or

     _3        Other Events of Default.

     An  Event  of  Default (as defined in the  Banks'  Loan
Agreement)  shall occur and be continuing under  the  Banks'
Loan  Agreement,  (provided in the  event  the  Banks'  Loan
Agreement  is  terminated for any reason whatsoever  or  the
indebtedness  thereunder  is paid  in  full,  the  covenants
contained  in  Articles  5,  6 and  7  of  the  Banks'  Loan
Agreement and the Events of Default defined in Article 8  of
the Banks' Loan Agreement, together with the definitions  of
all of the defined terms used therein and all other portions
of  the Banks' Loan Agreement to which reference is made  in
such  Articles,  will be incorporated by reference  and  the
same  shall be applicable herein, mutatis mutandis, and will
be  deemed  to  continue in effect until this  Agreement  is
terminated  and all of the Obligations under this  Agreement
are fully paid and performed).

________7 Miscellaneous Provisions

     _1        Miscellaneous   Provisions  Incorporated   by
               Reference.

     The  miscellaneous provisions under Article 10  of  the
Banks'  Loan Agreement and all other sections of the  Banks'
Loan  Agreement  to  which  Article  10  refers  are  hereby
incorporated by reference as if the provisions thereof  were
set forth in full herein.

     _2        References in the Banks' Loan Agreement.

     All  references  in the Banks' Loan  Agreement  to  the
"Agent"  or  the "Banks", to the extent that such references
are   incorporated   herein,  shall  be  deemed   references
hereunder to Fleet.

     _3        Incorporation of Banks" Loan Agreement.

     Any term or provision of the Banks" Loan Agreement,  as
in  effect  on  the date of this Agreement, which  has  been
incorporated  herein  by reference and  which  is  hereafter
amended  or  modified,  shall  unless  the  parties   hereto
otherwise  agree  in writing, automatically be  incorporated
herein  as so amended, from and after the effective date  of
any  such  amendment, without the necessity of the execution
and delivery of any instrument or document or the taking  of
any action.

     _4        Counterparts.

     This   Agreement  may  be  signed  in  any  number   of
counterparts  with  the same effect  as  if  the  signatures
thereto and hereto were upon the same instrument.

     _5        Binding Effect; No Assignment or Delegation.

     This  Agreement shall be binding upon and inure to  the
benefit  of  the  Borrower and its  successors  and  to  the
benefit of Fleet and its successors and assigns.  The rights
and  obligations of the Borrower under this Agreement  shall
not  be  assigned  or delegated without  the  prior  written
consent of Fleet, and any purported assignment or delegation
without such consent shall be void.

     IN WITNESS WHEREOF, the parties hereto have caused this
Agreement  to  be duly executed as of the date  first  above
written.

                         NATIONAL CONSUMER COOPERATIVE BANK,
                         D/B/A NATIONAL COOPERATIVE BANK

                         By:
                         Title

                         FLEET BANK, N.A.

                         By:
                         Title

                                EXHIBIT A
                          TO FLEET LOAN AGREEMENT
                              BY AND BETWEEN
                    NATIONAL CONSUMER COOPERATIVE BANK
                                   AND
                              FLEET BANK, N.A.

                            FORM OF FLEET NOTE

$50,000,000                               Due April 14, 2000
                                          New York, New York

     FOR  VALUE RECEIVED, NATIONAL CONSUMER COOPERATIVE BANK
D/B/A   NATIONAL  COOPERATIVE BANK (the "Borrower"),  hereby
promises  to  pay  to  the order of FLEET  BANK,  N.A.  (the
"Bank")  the  principal  sum of FIFTY MILLION  ($50,000,000)
DOLLARS  (or such lesser amount as shall equal the aggregate
unpaid principal amount of the Fleet Loans made by the  Bank
under  the Loan Agreement hereinafter defined, shown on  the
schedule  annexed hereto and any continuation  thereof),  in
lawful  money  of  the  United  States  of  America  and  in
immediately available funds on the date or dates  determined
as provided in the Loan Agreement but in no event later than
April 14, 2000.

     The  Borrower further promises to pay to the  order  of
the  Bank  interest on the unpaid principal amount  of  each
Fleet Loan from the date such Fleet Loan is made until  paid
in full, payable at such rates and at such times as provided
for in the Loan Agreement.

     The  Bank has been authorized by the Borrower to record
on the schedule annexed to this Note (or on any continuation
thereof)  the  amount, type, due date and interest  rate  of
each  Fleet  Loan made by the Bank under the Loan  Agreement
and the amount of each payment or repayment of principal and
the  amount  of each payment of interest of each such  Fleet
Loan  received  by  the Bank, it being understood,  however,
that failure to make any such notation shall not affect  the
rights  of  the  Bank  or the obligations  of  the  Borrower
hereunder  or  under the Loan Agreement in respect  of  such
Fleet Loans.  Such notations shall be deemed correct, absent
manifest error.

     This  Note  is the Fleet Note referred to in the  Fleet
Loan  Agreement  dated  as of the  date  hereof  (the  "Loan
Agreement") between the Borrower and the Bank and  evidences
the  Fleet  Loans made by the Bank thereunder.   Capitalized
terms  used  in  this  Note  have  the  respective  meanings
assigned to them in the Loan Agreement.

     Upon  the  occurrence of an Event of Default under  the
Loan  Agreement,  the principal hereof and accrued  interest
hereon shall become, or may be declared to be, forthwith due
and  payable in the manner, upon the conditions and with the
effect provided in the Loan Agreement.

     The Borrower may at its option repay all or any part of
the  principal of this Note before maturity upon and subject
to the terms provided in the Loan Agreement.

     The  Borrower  agrees to pay costs  of  collection  and
reasonable  attorneys' fees in case default  occurs  in  the
payment of this Note.

     Presentment  for  payment, notice of dishonor,  protest
and notice of protest are hereby waived.

     This Note has been executed and delivered this 15th day
of  December,  1999  in New York, New  York,  and  shall  be
construed  in  accordance with and governed by the  internal
laws of the State of New York.

                         NATIONAL CONSUMER COOPERATIVE BANK
                         D/B/A NATIONAL COOPERATIVE BANK

                         By:
                         Title

                        SCHEDULE TO FLEET NOTE
             MADE BY NATIONAL CONSUMER COOPERATIVE BANK
                     IN FAVOR OF FLEET BANK, N.A.

     This  Note  evidences the Fleet Loans  made  under  the
within described Agreement, in the principal amounts, of the
types (Prime Rate Loans or LIBOR Loans) and on the dates set
forth below, subject to the payments or repayments set forth
below:

<TABLE>

<S>       <C>        <C>   <C>       <C>      <C>         <C>         <C>
Date Made             Type  Due Date Interest  Amount of
   or      Prin. Amt.  of     of     Rate on   Payment or   Balance   Notation
Converted  of  Loan   Loan   Loan     Loan     Repayment  Outstanding made by
</TABLE>NATIONAL CONSUMER COOPERATIVE BANK

                   NOTE  PURCHASE  AGREEMENT

                          $30,000,000
                       7.68% Senior Notes
                     due December 28, 2005

                  Dated as of December 28, 1999
                       Table of Contents
                    (not part of agreement)
                                                             Page

1    AUTHORIZATION OF ISSUE OF NOTES.                           1

2    PURCHASE AND SALE OF NOTES.                                1

3    CONDITIONS OF CLOSING.                                     6
     3A. Certain Documents.                                     6
     3B. Opinion of Purchaser's Special Counsel.                7
     3C. Representations and Warranties; No Default.            7
     3D. Purchase Permitted by Applicable Laws.                 7
     3E. Private Placement Number.                              7
     3F. Proceedings Satisfactory.                              7
     3G. Payment of Fees.                                       7

4    PREPAYMENTS.                                               7
     4A. Optional Prepayment With Yield-Maintenance Amount.     8
     4B. Notice of Optional Prepayment.                         8
     4C. Retirement of Notes.                                   8

5    AFFIRMATIVE COVENANTS.                                     9
     5A. Payment of Taxes and Claims.                           9
     5B. Maintenance of Properties and Corporate Existence.     9
     5C. Payment of Notes and Maintenance of Office.            10
     5D. Maintenance of Consolidated Adjusted Net Worth
         and Consolidated Effective Net Worth.                  10
     5E. Line of Business.                                      10
     5F. ERISA Compliance.                                      10
     5G. Incorporation of Affirmative and Negative Covenants.   11
     5H. Financial and Business Information.                    11
     5I. Officers' Certificates.                                14
     5J. Accountants' Certificates                              14
     5K. Inspection                                             14

6    NEGATIVE COVENANTS.                                        15
     6A. Disposal of Shares of a Restricted Subsidiary.         15
     6B. Merger or Sale of Assets.                              16
     6C. Liens.                                                 18
     6D. Permitted Debt.                                        20
     6E. Limitations on Debt.                                   21
     6F. Long-Term Leases.                                      21
     6G. Guarantees.                                            21
     6H. Consolidated Earnings Available for Fixed Charges.     21
     6I. Restricted Payments.                                   22
     6J. Limitation on Investments.                             23
     6K. Transactions with Affiliates.                          23
     6L. Repurchase of Notes.                                   24
     6M. Issuance of Subordinated Debt.                         24
     6N. Voluntary Retirement of Subordinated Debt.             24
     6O. Subordination Provisions.                              24
     6P. Class A Notes.                                         25

7    EVENTS OF DEFAULT.                                         25
     7A. Nature of Events.                                      25
     7B. Default Remedies.                                      27
     7C. Annulment of Acceleration of Notes.                    28

8    REPRESENTATIONS, COVENANTS AND WARRANTIES.                 29
     8A. Subsidiaries and Affiliates.                           29
     8B. Corporate Organization and Authority.                  29
     8C. Financial Statements; Material Adverse Change;
          Description of Business.                              29
     8D. Full Disclosure.                                       30
     8E. Pending Litigation and Judgments.                      30
     8F. Title to Properties.                                   30
     8G. Patents and Trademarks.                                31
     8H. Issuance is Legal and Authorized; Conflicting
          Agreements and Other Matters.                         31
     8I. No Defaults.                                           31
     8J. Governmental Consent.                                  31
     8K. Taxes.                                                 32
     8L. Margin Securities, etc.                                32
     8M. Private Offering.                                      32
     8N. Compliance with Law.                                   32
     8O. Indebtedness.                                          33
     8P. Restrictions on Company.                               33
     8Q. Employee Retirement Income Security Act of 1974.       33
     8R. Investment Company Act.                                33

9    REPRESENTATIONS OF THE PURCHASERS.                         34
     9A. Nature of Purchase.                                    34
     9B. Source of Funds.                                       34

10   DEFINITIONS.                                               34
     10A. Yield-Maintenance Terms.                              34
     10B. Other Terms.                                          35
     10C. Accounting Principles, Terms and Determinations.      54

11   MISCELLANEOUS.                                             54
     11A. Note Payments.                                        54
     11B. Expenses.                                             55
     11C. Consent to Amendments.                                55
     11D. Form, Registration, Transfer and Exchange of
           Notes; Lost Notes.                                   56
     11E. Persons Deemed Owners; Participations.                56
     11F. Survival of Representations and Warranties;
           Entire Agreement.                                    56
     11G. Successors and Assigns.                               57
     11H. Disclosure to Other Persons.                          57
     11I. Notices.                                              57
     11J. Payments Due on Non-Business Days.                    58
     11K. Severability.                                         58
     11L. Descriptive Headings.                                 58
     11M. Satisfaction Requirement.                             58
     11N. Governing Law.                                        58
     11O. Counterparts.                                         58
     11P. Binding Agreement.                                    58

                     EXHIBITS AND SCHEDULES

Annex   1 --   Information Schedule
Annex   2 --   Schedule 6C: Liens
               Schedule 8A: Subsidiaries and Affiliates
               Schedule 8C: Description of Business
               Schedule 8O: Outstanding Indebtedness
               Schedule 8P:  Restrictive Agreements
Exhibit A --   Form of Note
Exhibit B --   Form of Opinion of Company Counsel
Exhibit C --   Form of Certificate of Officers
Exhibit D --   Form of Certificate of Secretary

               NATIONAL CONSUMER COOPERATIVE BANK
                1401 Eye Street N.W., Suite 700
                     Washington, D.C. 20005

                                          As of December 28, 1999

To:  The Prudential Insurance Company
       of America (herein called "Prudential")
     Each Prudential Affiliate (as hereinafter
     defined) which becomes bound by certain
     provisions of this Agreement as hereinafter
     provided (together with Prudential, the
     "Purchasers")

     c/o Prudential Capital Group
     1114 Avenue of the Americas, 30th Floor
     New York, NY 10036

Ladies and Gentlemen:

      The undersigned, National Consumer Cooperative Bank (herein
called the "Company"), hereby agrees with you as follows:

     1    AUTHORIZATION OF ISSUE OF NOTES.

           1A.  Authorization of Issue of Notes. The Company will
authorize the issue of its senior promissory notes (the  "Notes")
in the aggregate principal amount of $30,000,000, to be dated the
date  of  issue  thereof, to mature December 28,  2005,  to  bear
interest  on  the  unpaid balance thereof from the  date  thereof
until the principal thereof shall have become due and payable  at
the  rate  of  7.68%  per annum and on overdue principal,  Yield-
Maintenance  Amount  and interest at the rate specified  therein,
and to be substantially in the form of Exhibit A attached hereto.
The  terms  "Note" and "Notes" as used herein shall include  each
Note  delivered pursuant to any provision of this  Agreement  and
each  Note  delivered in substitution or exchange  for  any  such
Series A Note pursuant to any such provision.

     2    PURCHASE AND SALE OF NOTES.

                The  Company hereby agrees to sell to  Purchasers
and,  subject  to  the  terms and conditions  herein  set  forth,
Purchasers  agree  to  purchase from the  Company  the  aggregate
principal  amount of Notes set forth opposite  its  name  on  the
Information Schedule, attached hereto as Annex 1, at 100% of such
aggregate  principal amount.  On December 28, 1999 or  any  other
date  prior  to  December 28, 1999 upon  which  the  Company  and
Purchasers  may  agree  (herein called the  "Closing  Day"),  the
Company  will deliver to Purchasers at the offices of  Prudential
Capital Group, 1114 Avenue of the Americas, 30th Floor, New York,
NY   10036,  one or more Notes registered in its name, evidencing
the  aggregate principal amount of Series A Notes to be purchased
by  each  Purchaser  and  in  the denomination  or  denominations
specified  with  respect  to each Purchaser  in  the  Information
Schedule,  attached  hereto as Annex 1, against  payment  of  the
purchase price thereof by transfer of immediately available funds
for credit to the Company's account #2065202934399 at First Union
National Bank, Richmond, Virginia (ABA No. 051400549), for credit
to National Cooperative Bank Operating Account.

     3    CONDITIONS OF CLOSING.

                 The obligation of any Purchaser to purchase  and
pay  for  any Notes is subject to the satisfaction, on or  before
the Closing Day for such Notes, of the following conditions:

           3A.   Certain  Documents.  Such Purchaser  shall  have
received  the following, each dated the Closing Day (except  with
respect  to  the certified copies referred to in paragraph  3A(v)
below,  which shall be dated as of a date as close as practicable
to such Closing Date):

                 (i)    The  Note(s)  to  be  purchased  by  such Purchaser.

               (ii)      Favorable opinion of Shea & Gardner, counsel to the
     Company satisfactory to such Purchaser and substantially in the
     form of Exhibit D attached hereto and as to such other matters as
     such  Purchaser may reasonably request.  The Company  hereby
     directs such counsel to deliver such opinion, agrees that the
     issuance and sale of any Notes will constitute a reconfirmation
     of such direction, and understands and agrees that each Purchaser
     receiving such an opinion will and is hereby authorized to rely
     on such opinion.

                (iii)     An Officer's Certificate, substantially
     in  the  form of Exhibit E to this Agreement, signed by  the
     President  or  a  Vice  President and the  Treasurer  or  an
     Assistant  Treasurer  of the Company,  certifying  that  the
     conditions specified in paragraph 3C of this Agreement  have
     been  fulfilled,  and certifying to the  other  matters  set
     forth therein.

                (iv) A certificate signed by the Secretary or  an
     Assistant  Secretary  of the Company, substantially  in  the
     form  of  Exhibit F to this Agreement, with respect  to  the
     matters therein set forth.

                (v)  Certified copies of Requests for Information
     or  Copies  (Form UCC-11) or equivalent reports listing  all
     effective financing statements which name the Company or any
     Subsidiary  (under its present name and previous  names)  as
     debtor, together with copies of such financing statements.

                (vi) A copy of Schedule 8O setting forth the Debt
     for  borrowed  money of the Company updated to  reflect  all
     such  Debt outstanding as of the close of business  on  such
     Closing Day.

                (vii)      Additional documents  or  certificates
     with   respect  to  legal  matters  or  corporate  or  other
     proceedings related to the transactions contemplated  hereby
     as may be reasonably requested by such Purchaser.

           3B.   Opinion of Purchaser's Counsel.  Such  Purchaser
shall have received from Robert S. M. Lawrence, Assistant General
Counsel  of Prudential, or such other counsel, who is  acting  as
counsel  for it in connection with this transaction, a  favorable
opinion  satisfactory  to  such  Purchaser  as  to  such  matters
incident  to the matters herein contemplated as it may reasonably
request.

           3C.  Representations and Warranties; No Default.   The
representations and warranties contained in paragraph 8 shall  be
true  on  and  as  of the Closing Day, except to  the  extent  of
changes  caused  by  the transactions herein contemplated;  there
shall  exist  on the Closing Day no Event of Default or  Default;
and  the  Company  shall  have delivered  to  such  Purchaser  an
Officer's  Certificate,  dated the  Closing  Day,  to  both  such
effects.

           3D.   Purchase  Permitted  by  Applicable  Laws.   The
purchase  of  and payment for the Notes to be purchased  by  such
Purchaser  on the terms and conditions herein provided (including
the  use of the proceeds of such Notes by the Company) shall  not
violate any applicable law or governmental regulation (including,
without limitation, Section 5 of the Securities Act or Regulation
T,  U  or  X  of  the Board of Governors of the  Federal  Reserve
System) and shall not subject such Purchaser to any tax, penalty,
liability  or  other onerous condition under or pursuant  to  any
applicable  law  or governmental regulation, and  such  Purchaser
shall have received such certificates or other evidence as it may
request to establish compliance with this condition.

           3E.  Private Placement Number.  The Company shall have
obtained a private placement number for the Notes from the  CUSIP
Service  Bureau of Standard & Poor's, a division of  McGraw-Hill,
Inc.

           3F.   Proceedings Satisfactory.  All proceedings taken
in  connection  with the issuance of the Notes and all  documents
and papers relating thereto shall be satisfactory to you and your
counsel.  You and your counsel shall have received copies of such
documents  and  papers as you or they may reasonably  request  in
connection  therewith  or as a basis for your  counsel's  closing
opinion,  all in form and substance satisfactory to you and  your
counsel.

           3G.   Payment of Fee.  The Company shall have paid  to
Prudential a fee in the amount of $45,000.

           3H.   Year 2000 Questionnaire.  The Company shall have
delivered  to Prudential a copy of its response to the Year  2000
Due  Diligence Questionnaire supplied by The Securities Valuation
Office of The National Association of Insurance Commissioners.

      4    PREPAYMENTS.  The Notes shall be subject to prepayment
only  with  respect  to  the  optional prepayments  permitted  by
paragraph 4A.

          4A.  Optional Prepayment With Yield-Maintenance Amount.
The Notes shall be subject to prepayment, in whole at any time or
from time to time in part (in amounts of at least $1,000,000  and
integral multiples of $100,000), at the option of the Company, at
100% of the principal amount so prepaid plus interest thereon  to
the  prepayment  date and the Yield-Maintenance Amount,  if  any,
with  respect  to  each such Note.  Any partial prepayment  of  a
Series of Notes pursuant to this paragraph 4A shall be applied in
satisfaction  of required payments of principal in inverse  order
of their scheduled due dates.

           4B.  Notice of Optional Prepayment.  The Company shall
give  the holder of each Note to be prepaid pursuant to paragraph
4A irrevocable written notice of such prepayment not less than 10
Business  Days  prior  to the prepayment  date,  specifying  such
prepayment date, specifying the aggregate principal amount of the
Notes,  identifying  each  Note held  by  such  holder,  and  the
principal  amount of each such Note, to be prepaid on  such  date
and  stating  that  such prepayment is to  be  made  pursuant  to
paragraph  4A.   Notice  of  prepayment  having  been  given   as
aforesaid,  the principal amount of the Notes specified  in  such
notice, together with interest thereon to the prepayment date and
together  with  the  Yield-Maintenance  Amount,  if  any,  herein
provided,  shall become due and payable on such prepayment  date.
The Company shall, on or before the day on which it gives written
notice   of  any  prepayment  pursuant  to  paragraph  4A,   give
telephonic  notice of the principal amount of  the  Notes  to  be
prepaid and the prepayment date to each Significant Holder  which
shall  have  designated  a  recipient for  such  notices  in  the
Information Schedule attached hereto or by notice in  writing  to
the Company.

           4C.  Retirement of Notes.  The Company shall not,  and
shall not permit any of its Subsidiaries or Affiliates to, prepay
or  otherwise  retire in whole or in part prior to  their  stated
final maturity (other than by prepayment pursuant to paragraph 4A
or upon acceleration of such final maturity pursuant to paragraph
7A),  or  purchase or otherwise acquire, directly or  indirectly,
Notes held by any holder unless the Company or such Subsidiary or
Affiliate  shall  have offered to prepay or otherwise  retire  or
purchase  or  otherwise acquire, as the case  may  be,  the  same
proportion  of  the aggregate principal amount of Notes  held  by
each  other holder of Notes at the time outstanding upon the same
terms  and conditions.  Any Notes so prepaid or otherwise retired
or  purchased or otherwise acquired by the Company or any of  its
Subsidiaries or Affiliates shall not be deemed to be  outstanding
for  any  purpose  under this Agreement, except  as  provided  in
paragraph 4A.

       5     AFFIRMATIVE  COVENANTS.  So  long  as  any  Note  is
outstanding and unpaid, the Company covenants as follows:

          5A.  Payment of Taxes and Claims.  The Company and each
Subsidiary will pay, before they become delinquent,

                (i)   all  taxes,  assessments  and  governmental
     charges or levies imposed upon it or its Property, and

                 (ii)  all  claims  or  demands  of  materialmen,
     mechanics, carriers, warehousemen, landlords and other  like
     Persons which, if unpaid, might result in the creation of  a
     Lien upon its Property,

provided that items of the foregoing description need not be paid
while   being   contested  in  good  faith  and  by   appropriate
proceedings  and, provided further, that adequate  book  reserves
have been established with respect thereto and, provided further,
that  the  owning company's title to, and its right to  use,  its
Property  is  not in the aggregate materially adversely  affected
thereby.  In the case of any item of the type described  in  this
paragraph  5A  involving  an amount in  excess  of  Five  Hundred
Thousand   Dollars   ($500,000),  the  appropriateness   of   the
proceeding  will  be supported by an opinion of  the  independent
counsel responsible for such proceeding and the adequacy of  such
reserves  shall  be supported by the opinion of  the  independent
public accountant of the Company.

          5B.  Maintenance of Properties and Corporate Existence.
The Company and each Subsidiary will:

                 (i)   Property  -  maintain,  or  cause  to   be
     maintained, its Property in good condition and will make, or
     cause  to  be  made,  all necessary renewals,  replacements,
     additions, betterments and improvements thereto;

                (ii) Insurance - maintain, with financially sound
     and  reputable  insurers rated "A" or better  by  A.M.  Best
     Company  (or accorded a similar rating by another nationally
     recognized  insurance rating agency of similar  standing  if
     A.M.  Best  Company  is not then in the business  of  rating
     insurers),  insurance  with respect to  its  Properties  and
     business against such casualties and contingencies, of  such
     types  (including,  without  limitation,  public  liability,
     embezzlement  or other criminal misappropriation  insurance)
     and  in  such  amounts  as  is  customary  in  the  case  of
     corporations of established reputations engaged in the  same
     or a similar business and similarly situated;

                (iii)     Financial Records - keep true books  of
     records and accounts in which full and correct entries  will
     be  made  of all its business transactions, and will reflect
     in   its   financial   statements  adequate   accruals   and
     appropriations to reserves, all in accordance with generally
     accepted accounting principles;

                (iv) Corporate Existence and Rights - do or cause
     to be done all things necessary to preserve and keep in full
     force  and  effect  its  existence, rights  and  franchises,
     except  as  otherwise  permitted by  paragraph  6B  of  this
     Agreement; and

                (v)  Compliance with Law - not be in violation of
     any laws, ordinances, governmental rules and regulations  to
     which  it  is  subject  and will  not  fail  to  obtain  any
     licenses,   permits,   franchises  or   other   governmental
     authorizations necessary to the ownership of its  Properties
     or  to  the  conduct  of its business, which  violations  or
     failures   to  obtain  might  in  the  aggregate  materially
     adversely  affect  the  business,  profits,  Properties   or
     condition  (financial or otherwise) of the  Company  or  any
     Subsidiary.

           5C.  Payment of Notes and Maintenance of Office.   The
Company  will  punctually pay or cause to be paid the  principal,
Yield-Maintenance Amount, if any, and interest to become  due  in
respect  of  the  Notes according to the terms thereof  and  will
maintain  an  office in the District of Columbia  where  notices,
presentations  and demands in respect of this  Agreement  or  the
Notes  may  be made upon it.  Such office shall be maintained  at
1401  Eye  Street, Suite 700, Washington, D.C. 20005  (Telecopier
No. 202-336-7803) until such time as the Company shall notify the
holders of the Notes in writing of any change of location of such
office within the District of Columbia.

          5D.  Maintenance of Consolidated Adjusted Net Worth and
Consolidated Effective Net Worth.

                (i)   The  Company shall at all  times  keep  and
     maintain  Consolidated Adjusted Net Worth in an  amount  not
     less  than  the  sum  of  (a) One  Hundred  Million  Dollars
     ($100,000,000) plus (b) the sum, for all fiscal quarters  of
     the  Company ended subsequent to January 1, 1993 and  at  or
     prior to such time, of the greater, for each fiscal quarter,
     of  (1)  Zero  Dollars ($0) and (2) fifty percent  (50%)  of
     Consolidated Net Earnings for each such fiscal quarter.

                (ii)  The  Company shall at all  times  keep  and
     maintain  Consolidated Effective Net Worth in an amount  not
     less  than  the  sum  of (a) Two Hundred Sixty-Five  Million
     Dollars  ($265,000,000) plus (b) the  sum,  for  all  fiscal
     quarters of the Company ended subsequent to January 1,  1993
     and  at  or  prior  to such time, of the greater,  for  each
     fiscal  quarter,  of  (1) Zero Dollars ($0)  and  (2)  fifty
     percent  (50%)  of Consolidated Net Earnings for  each  such
     fiscal quarter.

           5E.   Line of Business.  The Company shall, and  shall
cause each of the Restricted Subsidiaries to, remain primarily in
the   business  conducted  by  the  Company  and  the  Restricted
Subsidiaries on the date hereof.

          5F.  ERISA Compliance.  The Company and each Subsidiary
shall promptly comply with all provisions of ERISA applicable  to
any  of them which, if not complied with, might result in a  Lien
or  charge upon any Property of the Company or any Subsidiary  or
might in the aggregate otherwise materially adversely affect  the
business,  profits, prospects, Properties or condition (financial
or otherwise) of the Company or any Subsidiary.  Without limiting
the  generality  of the foregoing, neither the  Company  nor  any
Subsidiary will cause any Pension Plan maintained or participated
in by it to:

                (i)   engage in any "prohibited transaction,"  as
     such term is defined in Section 4975 of the Internal Revenue
     Code of 1986, as amended; or

                (ii)  incur  any  material  "accumulated  funding
     deficiency,"  as  such term is defined  in  Section  302  of
     ERISA, whether or not waived.

            5G.    Incorporation  of  Affirmative  and   Negative
Covenants.

                (i)   During  all  such times as  the  Bank  Loan
     Agreement  shall  remain in force, (i) the Company  and  the
     Restricted Subsidiaries shall comply and remain at all times
     in compliance with the provisions of Article 6 and Article 7
     thereof  and any Financial Covenant set forth in  any  other
     provision  thereof  and  (ii)  all  of  the  provisions   of
     Article  6 and Article 7 of the Bank Loan Agreement and  any
     other  Financial Covenants set forth therein, together  with
     all relevant definitions pertaining thereto, shall hereby be
     incorporated  herein  by reference,  mutatis  mutandis.  The
     Company  shall give all holders of Notes written  notice  of
     any amendment modification or waiver of Article 6, Article 7
     or  any  Financial  Covenant of  the  Bank  Loan  Agreement,
     attaching an executed copy of the amendment, modification or
     waiver  to  such written notice, within 2 Business  Days  of
     such amendment, modification or waiver.

                (ii) No Financial Covenant incorporated herein by
     virtue  of paragraph 5G(i) hereof shall supersede,  replace,
     amend,  supplement  or modify any other  provision  of  this
     Agreement,  including  any covenant contained  herein  which
     addresses  a  subject  matter  similar  to  that   of   such
     incorporated Financial Covenant.

           5H.   Financial and Business Information.  The Company
shall  deliver  to you, if at the time you or your nominee  holds
any  Note,  and to each other institutional holder  of  the  then
outstanding Notes:

                 (i)    Quarterly  Statements  --  as   soon   as
     practicable  after the end of the first,  second  and  third
     quarterly fiscal periods in each fiscal year of the Company,
     and  in any event within sixty (60) days thereafter, two (2)
     copies of:

                          (a)  consolidated balance sheets of the
          Company  and  its  consolidated Subsidiaries,  and  the
          Company and the Restricted Subsidiaries, as at the  end
          of such quarter, and

                          (b)   consolidated statements of income
          and  cash  flows  of the Company and  its  consolidated
          Subsidiaries,  and  the  Company  and  the   Restricted
          Subsidiaries, for such quarter and (in the case of  the
          second  and  third  quarters) for the  portion  of  the
          fiscal year ending with such quarter,

     setting  forth in each case in comparative form the  figures
     for  the corresponding periods in the previous fiscal  year,
     all  in  reasonable  detail and certified  as  complete  and
     correct,   subject  to  changes  resulting   from   year-end
     adjustments,  by  a  principal  financial  officer  of   the
     Company;

                (ii)  Annual Statements -- as soon as practicable
     after the end of each fiscal year of the Company, and in any
     event  within ninety (90) days thereafter, duplicate  copies
     of:

                           (a)   consolidating  and  consolidated
          balance  sheets  of  the Company and  its  consolidated
          Subsidiaries,  and  the  Company  and  the   Restricted
          Subsidiaries, as at the end of such year, and

                           (b)   consolidating  and  consolidated
          statements  of income, changes in members'  equity  and
          cash   flows   of  the  Company  and  its  consolidated
          Subsidiaries,  and  the  Company  and  the   Restricted
          Subsidiaries, for such year,

     setting  forth  in  comparative form  the  figures  for  the
     previous fiscal year, all in reasonable detail, satisfactory
     in scope to the Required Holders and

                                   (A)  except in the case of the
               consolidating statements which may be certified as
               complete  and  correct  by a  principal  financial
               officer  of the Company, accompanied by an opinion
               thereon,  satisfactory in scope and  substance  to
               the  Required  Holders,  of independent  certified
               public accountants of recognized national standing
               selected by the Company, which opinion shall state
               that  such financial statements have been prepared
               in  accordance with generally accepted  accounting
               principles   consistently  applied   (except   for
               changes  in  application in which such accountants
               concur  and  which  are  noted  in  the  financial
               statements)  and  that  the  examination  of  such
               accountants  in  connection  with  such  financial
               statements  has  been  made  in  accordance   with
               generally   accepted   auditing   standards,   and
               accordingly included such tests of the  accounting
               records and such other auditing procedures as were
               considered necessary in the circumstances,

                                    (B)   a  statement from  such
               independent certified public accountants that such
               consolidating statements were prepared  using  the
               same  work  papers as were used in the preparation
               of such consolidated statements, and

                                    (C)   a  certification  by  a
               principal  financial officer of  the  Company  (in
               scope  and substance satisfactory to the  Required
               Holders)  that such consolidating and consolidated
               statements are true and correct;

               (iii)     Opinions Pursuant to Paragraph 5A  -- as
     soon as practicable after the end of each fiscal year of the
     Company,   and  in  any  event  within  ninety   (90)   days
     thereafter,  duplicate  copies  of  any  opinions   required
     pursuant to paragraph 5A of this Agreement;

                (iv)  Audit  Reports  --  promptly  upon  receipt
     thereof, one (1) copy of each interim or special audit  made
     by  independent accountants of the books of the  Company  or
     any Subsidiary;

                (v)   SEC Reports -- promptly upon their becoming
     available  (but in no event later than the date of  filing),
     one  (1)  copy  of each regular or periodic report  and  any
     registration statement or prospectus filed by the Company or
     any  Subsidiary  with any securities exchange  or  with  the
     Securities and Exchange Commission or any successor agency;

                (vi)  Materials Sent to Stockholders  -- promptly
     upon  their  becoming available (but in no event later  than
     the  date provided in clause (I) of this paragraph 5H),  one
     (1)  copy  of  each financial statement, report,  notice  or
     proxy  statement  sent by the Company or any  Subsidiary  to
     stockholders (other than, in the case of any Subsidiary, the
     Company) generally;

                (vii)      Notice of Event of Default -- promptly
     upon  becoming  aware of the existence of any  condition  or
     event which constitutes a Default or an Event of Default,  a
     written notice specifying the nature and period of existence
     thereof  and what action the Company is taking and  proposes
     to take with respect thereto;

               (viii)    Notice of Claimed Default -- promptly upon becoming
     aware  that  the  holder of any Note or of any  evidence  of
     indebtedness or other Security of the Company or any Subsidiary
     has given notice or taken any other action with respect to a
     claimed default or Event of Default, a written notice specifying
     the notice given or action taken by such holder and the nature of
     the  claimed default or Event of Default and what action the
     Company or such Subsidiary is taking or proposes to take with
     respect thereto;

                (ix) Loan Portfolio Reports -- together with each
     quarterly  financial  statement  required  to  be  delivered
     pursuant to clause (a) of this paragraph 5H, one (1) copy of

                          (a)  a monthly Loan Portfolio Report of
          the  Company setting forth, with respect to loans  held
          in   its   portfolio,   classifications   relating   to
          delinquency,   non-performance,   risk   rating,   loss
          allowances and other related matters as of the  end  of
          the  last month of the fiscal quarters covered by  such
          financial  statements, to be prepared on  substantially
          the  same  basis and to contain substantially the  same
          information   as  the  Loan  Portfolio  Report,   dated
          September  30,  1999,  in  respect  of  the  month   of
          September, 1999, a copy of which was delivered  to  you
          prior to the date hereof, and

                          (b)   a  quarterly Report on Allowances
          for  Loan  Losses and Reserves of the  Company,  to  be
          prepared on substantially the same basis and to contain
          substantially  the same information as  the  Report  on
          Allowances   for   Loan  Losses  and  Reserves,   dated
          September  30, 1999, a copy of which was  delivered  to
          you prior to the date hereof,

     provided  that such monthly and quarterly reports need  not,
     unless you or any other holder of Notes shall reasonably  so
     request,  disclose the names of the obligors on such  loans;
     and

                (x)   Requested  Information --  with  reasonable
     promptness, such other data and information with respect  to
     the Company and the Restricted Subsidiaries as from time  to
     time   may  be  reasonably  requested,  including,   without
     limitation, information required by 17 C.F.R. 230.144A.

           5I.   Officers' Certificates.  Each set  of  financial
statements delivered to you or any other institutional holder  of
the Notes pursuant to paragraph 5H(i) or paragraph 5H(ii) of this
Agreement  will be accompanied by a certificate of the  President
or  a  Vice President and the Treasurer or an Assistant Treasurer
of the Company setting forth:

                 (i)   Covenant  Compliance  --  the  information
     (including,   where   applicable,   detailed   calculations)
     required  in order to establish whether the Company  was  in
     compliance  with  the requirements of paragraph  6  of  this
     Agreement   during  the  period  covered  by  the  financial
     statements then being furnished;

                (ii)  Event  of Default -- that the signers  have
     reviewed  the  relevant  terms of  this  Agreement  and  the
     Financing  Agreement and have made, or caused  to  be  made,
     under  their  supervision, a review of the transactions  and
     conditions  of  the  Company and the Subsidiaries  from  the
     beginning  of the accounting period covered by the financial
     statements  being delivered therewith to  the  date  of  the
     certificate  and  that  such review has  not  disclosed  the
     existence,  during  such period, of any condition  or  event
     which  constitutes a Default or an Event of Default  or,  if
     any  such  condition or event existed or exists,  specifying
     the  nature and period of existence thereof and what  action
     the  Company  has  taken or proposes to  take  with  respect
     thereto; and

                 (iii)       Loan   Portfolio   Changes   --   an
     explanation,  in  reasonable  detail,  of  the   differences
     disclosed  in  the Loan Portfolio Reports accompanying  such
     financial statements from the information set forth  in  the
     Loan  Portfolio  Reports delivered  after  the  end  of  the
     immediately preceding fiscal quarter of the Company.

           5J.   Accountants' Certificates.  Each set  of  annual
financial  statements delivered pursuant to paragraph  5H(ii)  of
this  Agreement  will  be accompanied by  a  certificate  of  the
accountants  who certify such financial statements, stating  that
they  have  reviewed  this Agreement insofar  as  it  relates  to
accounting matters and stating further, whether, in making  their
audit,  such  accountants have become aware of any  condition  or
event  which  then constitutes a Default or an Event of  Default,
and,  if any such condition or event then exists, specifying  the
nature and period of existence thereof.

           5K.   Inspection.  The Company will permit any of your
representatives, while you or your nominee holds any Note, or the
representatives of any other institutional holder of  the  Notes,
at  your or such holder's expense so long as no Default or  Event
of  Default is then continuing and otherwise at the sole  expense
of the Company, to visit and inspect any of the Properties of the
Company  or any Subsidiary (and to take extracts from,  and  make
copies  of,  their respective books and records) and  to  discuss
their  respective  affairs,  finances  and  accounts  with  their
respective officers, employees and independent public accountants
(and by this provision the Company authorizes said accountants to
discuss with your representatives the finances and affairs of the
Company and the Subsidiaries) all at such reasonable times and as
often as may be reasonably requested.

      6     NEGATIVE COVENANTS. So long THEREAFTER as any Note is
outstanding and unpaid, the Company covenants as follows:

           6A.   Disposal  of Shares of a Restricted  Subsidiary.
The  Company shall not at any time sell or otherwise  dispose  of
any  shares of the stock (or any options or warrants to  purchase
stock  or other Securities exchangeable for or  convertible  into
stock)   of  any  Restricted  Subsidiary  (said  stock,  options,
warrants  and other Securities herein called "Subsidiary Stock"),
nor  shall the Company permit any Restricted Subsidiary to  issue
its  own Subsidiary Stock, or to sell or otherwise dispose of any
shares  of  Subsidiary  Stock  issued  by  any  other  Restricted
Subsidiary, if the effect of the transaction would be  to  reduce
the   proportionate  interest  of  the  Company  and  the   other
Restricted Subsidiaries in the outstanding Subsidiary Stock  (the
"Disposition   Stock")   of   the  Restricted   Subsidiary   (the
"Disposition  Subsidiary") whose shares are the  subject  of  the
transaction,  provided  that the foregoing  restrictions  do  not
apply to:

                (i)   the issue of directors' qualifying  shares; and

               (ii) the sale for a cash consideration at one time
     (the  "Stock  Disposition Date") to  a  Person  (other  than
     directly  or  indirectly  to an  Affiliate)  of  the  entire
     investment  (whether represented by stock, debt,  claims  or
     otherwise)   of   the  Company  and  the  other   Restricted
     Subsidiaries in such Disposition Subsidiary, if all  of  the
     following conditions shall have been satisfied:

                         (a)  the sum of

                                    (1)  the Disposition Value of
               the assets of the Disposition Subsidiary, plus

                                    (2)  the Disposition Value of
               the  assets of all Restricted  Subsidiaries  whose
               Subsidiary  Stock  was subject  to  a  disposition
               pursuant  to this paragraph 6A during  the  period
               ending   on   the  Stock  Disposition   Date   and
               commencing  three  hundred sixty-five  (365)  days
               prior to the Stock Disposition Date, plus

                                   (3)  the aggregate Disposition
               Value  of  assets  owned by  the  Company  or  any
               Restricted Subsidiaries the disposition  of  which
               was made other than pursuant to this paragraph  6A
               and  consummated during the period ending  on  the
               Stock   Disposition  Date  and  commencing   three
               hundred  sixty-five (365) days prior to the  Stock
               Disposition Date,

                does not exceed ten percent (10%) of Consolidated
          Assets on the first day of such period;

                          (b)   in  each of the three (3)  fiscal
          years   of   the  Company  most  recently  ended,   the
          contribution  (expressed as a percentage and  exclusive
          of losses) to Consolidated Adjusted Net Income for each
          of such fiscal years of

                                       (1)     the    Disposition
               Subsidiary, plus

                                       (2)      the    Restricted
               Subsidiaries whose Subsidiary Stock was subject to
               a  disposition  subsequent to the commencement  of
               the first of such fiscal years, plus

                                     (3)   assets  owned  by  the
               Company  or  any Restricted Subsidiaries  sold  or
               otherwise   disposed   of   subsequent   to    the
               commencement of the first of such fiscal years,

                does not exceed ten percent (10%) of Consolidated
          Adjusted Net Income for such fiscal year;

                          (c)   in  the opinion of the  Board  of
          Directors, the sale is for Fair Market Value and is  in
          the best interests of the Company;

                          (d)   the Disposition Subsidiary  shall
          have  no  continuing investment in the Company  or  any
          other  Restricted  Subsidiary not being  simultaneously
          disposed of; and

                          (e)  immediately after the consummation
          of  the transaction and after giving effect thereto, no
          Default or Event of Default would exist.

     For  purposes  of this paragraph 6A(ii), the assets  of  any
     Restricted   Subsidiary  that  ceases  to  be  a  Restricted
     Subsidiary  in  a  manner other than by the  disposition  of
     Subsidiary Stock shall be deemed disposed of at the time  of
     such  cessation,  provided  that the  requirements  of  this
     paragraph  6A(ii)  with  regard  to  the  receipt  of   cash
     consideration equal to Fair Market Value shall not apply  to
     such deemed disposition.

           Notwithstanding  the  foregoing,  any  disposition  of
     Subsidiary  Stock shall be deemed to be in  compliance  with
     the provisions of the foregoing clause (1) and clause (2) if
     the  entire  proceeds of such sale, net  of  reasonable  and
     ordinary   transaction  costs  and  expenses   incurred   in
     connection  with such sale, are applied by  the  Company  or
     such   Restricted   Subsidiary  to  a   Permitted   Proceeds
     Application.

          6B.  Merger or Sale of Assets.

                (i)   Sale  of  Assets.  Except  as  specifically
     permitted  under paragraph 6B(ii) and paragraph  6B(iii)  of
     this  Agreement, the Company shall not, and shall not permit
     any  Restricted  Subsidiary to,  sell,  lease,  transfer  or
     otherwise  dispose of assets; provided that,  the  foregoing
     restriction shall not apply to the sale of such assets  (the
     "Disposition  Assets") for cash consideration  at  one  time
     (the  "Asset  Disposition Date")  to  a  Person  other  than
     directly  or  indirectly  to an Affiliate,  if  all  of  the
     following conditions are met:

                         (a)  the sum of

                                    (1)  the Disposition Value of
               the Disposition Assets, plus

                                    (2)  the Disposition Value of
               the assets of all Subsidiaries that have ceased to
               be   Restricted  Subsidiaries  during  the  period
               ending   on   the  Asset  Disposition   Date   and
               commencing  three  hundred sixty-five  (365)  days
               prior to the Asset Disposition Date, plus

                                    (3)  the Disposition Value of
               the assets of the Company and all other Restricted
               Subsidiaries disposed of during the period  ending
               on the Asset Disposition Date and commencing three
               hundred  sixty-five (365) days prior to the  Asset
               Disposition Date,

                does not exceed ten percent (10%) of Consolidated
          Assets at such time;

                          (b)   in  each of the three (3)  fiscal
          years   of   the  Company  most  recently  ended,   the
          contribution  (expressed as a percentage and  exclusive
          of losses) to Consolidated Adjusted Net Income for each
          of such fiscal years of

                                    (1)   the Disposition Assets,
               plus

                                       (2)      the    Restricted
               Subsidiaries whose Subsidiary Stock  was   subject
               to a disposition subsequent to the commencement of
               the first of such fiscal years, plus

                                    (3)  all other assets of  the
               Company  and the Restricted Subsidiaries  disposed
               of  subsequent to the commencement of the first of
               such fiscal years,

                does not exceed ten percent (10%) of Consolidated
          Adjusted Net Income for such fiscal year;

                          (c)   in  the opinion of the  Board  of
          Directors, the sale is for Fair Market Value and is  in
          the best interests of the Company;

                          (d)  immediately after the consummation
          of  the transaction and after giving effect thereto, no
          Default or Event of Default would exist; and

                         (e)  in the case of any such transaction
          relating   to   receivables,   such   transaction    is
          consummated  in the ordinary course of the business  of
          the Company or such Restricted Subsidiary.

     For  purposes  of this paragraph 6B(i), the  assets  of  any
     Restricted   Subsidiary  that  ceases  to  be  a  Restricted
     Subsidiary  in  a  manner other than by the  disposition  of
     Subsidiary  Stock shall be deemed to have been sold  at  the
     time  of  such cessation, provided that the requirements  of
     this  paragraph  6B(i) with regard to the  receipt  of  cash
     consideration equal to Fair Market Value shall not apply  to
     any such deemed disposition.

          Notwithstanding the foregoing, any sale of assets shall
     be  deemed  to be in compliance with the provisions  of  the
     foregoing  clause (1) and clause (2) if the entire  proceeds
     of  such  sale,  net of reasonable and ordinary  transaction
     costs  and  expenses incurred in connection with such  sale,
     are applied by the Company or such Restricted Subsidiary  to
     a Permitted Proceeds Application.

                (ii)  Merger, Consolidation and Sale  of  All  or
     Substantially  All  Assets by the Company and  Subsidiaries.
     The  Company shall not, and shall not permit any  Restricted
     Subsidiary  to,  (x) consolidate with, or  merge  into,  any
     other Person or permit any other Person to consolidate with,
     or  merge into, it (except that a Restricted Subsidiary  may
     consolidate  with,  or merge into, the  Company  or  another
     Restricted   Subsidiary)  or  (y)  except  as   specifically
     permitted  under  paragraph 6B(iii) of this Agreement,  sell
     all or substantially all of its assets to any other Person.

                (iii)     Asset Securitizations.  Notwithstanding
     the  provisions of paragraph 6B(i) and paragraph  6B(ii)  of
     this  Agreement, the Company and the Restricted Subsidiaries
     may, at any time and from time to time, sell receivables  in
     connection with an Asset Securitization if:

                          (a)   such receivables are sold  for  a
          cash  consideration  equal to  the  Fair  Market  Value
          thereof; provided, however, that the Company may

                                    (1)  establish and maintain a
               reserve account containing cash or Securities as a
               credit enhancement in respect of any such sale or

                                    (2)   purchase  or  retain  a
               subordinated  interest in such  receivables  being
               sold;

                          (b)   the entire proceeds of such sale,
          net  of  reasonable and ordinary transaction costs  and
          expenses  incurred in connection with  such  sale,  are
          applied by the Company or such Restricted Subsidiary to
          a Permitted Proceeds Application; and

                          (c)   such sale is consummated  in  the
          ordinary  course  of business of the  Company  or  such
          Restricted Subsidiary.

          6C.  Liens.

                (i)  Negative Pledge.  The Company shall not, and
     shall not permit any Restricted Subsidiary to, (x) cause  or
     permit  or  (y) agree or consent to cause or permit  in  the
     future  (upon the happening of a contingency or  otherwise),
     any   of  its  Property,  whether  now  owned  or  hereafter
     acquired,  to be subject to a Lien, except that the  Company
     and any of the Restricted Subsidiaries may

                          (a)   suffer to exist Liens outstanding
          on the date of this Agreement and described in Annex  2
          to this Agreement;

                          (b)   create, incur or suffer to  exist
          Liens  arising in the ordinary course of business  that
          secure  taxes, assessments or governmental  charges  or
          levies   or  the  claims  or  demands  of  materialmen,
          mechanics, carriers, warehousemen, landlords and  other
          like  Persons, provided the payment thereof is  not  at
          the time required by paragraph 5A of this Agreement and
          that   appropriate   reserves  have  been   established
          therefor on the books of the Company or such Restricted
          Subsidiary   in  accordance  with  generally   accepted
          accounting principles;

                          (c)   create, incur or suffer to  exist
          Liens  incurred or deposits made in the ordinary course
          of business

                                   (1)    in  connection   with
               worker's compensation, unemployment insurance  and
               other like laws, or

                                   (2)  to secure the performance
               of   letters  of  credit,  bids,  tenders,   sales
               contracts, leases, Eligible Derivatives, statutory
               obligations, surety, appeal and performance  bonds
               and  other  similar obligations  not  incurred  in
               connection  with  the  borrowing  of  money,   the
               obtaining  of  advances  or  the  payment  of  the
               deferred purchase price of Property;

                          (d)   create, incur or suffer to  exist
          attachment, judgment and other similar Liens arising in
          connection with court proceedings not in excess of  One
          Million  Dollars ($1,000,000) in the aggregate for  all
          such Liens, provided the execution or other enforcement
          of  such  Liens  is effectively stayed and  the  claims
          secured  thereby are being actively contested  in  good
          faith   and   by  appropriate  proceedings   and   that
          appropriate reserves have been established therefor  on
          the  books of the Company or such Restricted Subsidiary
          in   accordance  with  generally  accepted   accounting
          principles;

                          (e)   create, incur or suffer to  exist
          Liens  on Property of a Restricted Subsidiary, provided
          such Liens secure only obligations owing to the Company
          or a Restricted Subsidiary;

                          (f)   create, incur or suffer to  exist
          reservations,  exceptions,  encroachments,   easements,
          rights  of  way,  covenants, conditions,  restrictions,
          leases   and   other   similar  title   exceptions   or
          encumbrances  affecting  real Property,  provided  such
          exemptions  or  encumbrances do not  in  the  aggregate
          materially detract from the value of said Properties or
          materially  interfere with their use  in  the  ordinary
          conduct of the owning company's business;

                          (g)   create, incur or suffer to  exist
          Liens  existing at the date of acquisition on  Property
          acquired in bona fide liquidation, collection or  other
          realization upon, or settlement of, collateral held  to
          secure  receivable obligations; provided that any  such
          Lien  will  not extend to any Property other  than  the
          Property so acquired;
                          (h)   create, incur or suffer to  exist
          Liens  to secure Debt incurred to finance the  cost  of
          acquisition  of any computer or other office  equipment
          useful  and  intended to be used in  carrying  out  the
          business  of  the  Company or a Restricted  Subsidiary;
          provided that

                                (1)   any  such  Lien  shall
               attach solely to the Property acquired;

                                (2)   the  aggregate  amount
               remaining  unpaid on the purchase price shall  not
               be in excess of one hundred percent (100%) of

                                      (A)    the   total purchase price or

                                      (B)  the Fair Market  Value  at
              the time of acquisition, whichever is lower; and

                          (3)  such Lien is created  or  assumed
               with respect to such Property, at the time of,
               or  within  twelve (12)  months  after,  such
               acquisition;

               and

                          (i)   modify, extend, renew or  replace
          any  Lien  permitted by this paragraph 6C(i)  upon  the
          same  Property theretofore subject thereto, or  modify,
          extend,  renew  or  replace the Debt  secured  thereby;
          provided,  that  in any such case the principal  amount
          (outstanding   at   the  time  of  such   modification,
          extension,  renewal or replacement)  of  such  Debt  so
          modified,  replaced, extended or renewed shall  not  be
          increased.

                (ii) Equal and Ratable Lien; Equitable Lien.   In
     case  any  Property is subjected to a Lien in  violation  of
     this  paragraph 6C, the Company shall make or  cause  to  be
     made provision (the documents, agreements and instruments by
     which  such  provision  is effected  being  subject  to  the
     approval of the Required Holders) whereby the Notes will  be
     secured  equally  and  ratably with  all  other  obligations
     secured  thereby, and in any case the Notes shall  have  the
     benefit, to the full extent that the holders may be entitled
     thereto  under  applicable law,  of  an  equitable  Lien  so
     equally  and ratably securing the Notes.  Such violation  of
     this  paragraph  6C  shall constitute an  Event  of  Default
     whether  or not any such provision is made pursuant to  this
     paragraph 6C.

           6D.   Permitted Debt.  Subject to paragraph 6E of this
Agreement,  the  Company  shall not, and  shall  not  permit  any
Restricted Subsidiary to, incur, create, issue, assume or  permit
to exist any Debt other than

               (i)  Senior Debt of the Company;

               (ii) Subordinated Debt of the Company;

                (iii)      liabilities (other than  for  borrowed
     money) incurred in the regular operation of the business  of
     the  Company  or a Restricted Subsidiary and not  more  than
     three (3) months overdue, unless contested in good faith  by
     appropriate proceedings and adequate reserves have been  set
     aside with respect thereto;

                (iv)  Debt  of  a  Restricted Subsidiary  to  the
     Company or to a Restricted Subsidiary;

                 (v)   Debt  of  the  Company  secured  by  Liens
     permitted under the provisions of paragraph 6C(i)(h) of this
     Agreement; and

               (vi) Restricted Guarantees of the Company.

          6E.  Limitations on Debt.  The Company shall not at any
time permit

                 (i)    The   ratio  of  Consolidated   Debt   to
     Consolidated  Adjusted Net Worth to exceed (a)  9.0  to  1.0
     during the period from December 28, 1999 to May 26, 2000 and
     (b)  9.5  to  1.0  from  May 27,  2000  and  all  the  times
     thereafter; or

                (ii) Qualified Assets to be less than one hundred
     percent (100%) of the sum (at such time) of

                         (a)  Company Senior Obligations, plus

                          (b)   the  aggregate  unpaid  principal
          amount of Subordinated Debt, less

                          (c)   the  aggregate  unpaid  principal
          amount of Class A Notes.

          6F.  Long-Term Leases.

                (i)   The Company shall not, and shall not permit
     any  Restricted Subsidiary to, become obligated, as  lessee,
     under  any Long-Term Lease if, at the time of entering  into
     any  such  Long-Term Lease and after giving effect  thereto,
     the  aggregate  Rentals  payable  by  the  Company  and  the
     Restricted Subsidiaries, on a consolidated basis, in any one
     fiscal  year  thereafter  under all Long-Term  Leases  would
     exceed five percent (5%) of Consolidated Adjusted Net  Worth
     determined  as at the end of the most recently ended  fiscal
     year of the Company, at such time.

                 (ii)   Any  Person  that  becomes  a  Restricted
     Subsidiary  after the date hereof shall be  deemed  to  have
     entered  into,  at  the  time that it becomes  a  Restricted
     Subsidiary,  all Long-Term Leases on which  such  Person  is
     lessee  existing immediately after it becomes  a  Restricted
     Subsidiary.

           6G.  Guarantees.  The Company shall not, and shall not
permit  any  Restricted Subsidiary to, become  or  be  liable  in
respect of any Guarantee other than a Restricted Guarantee.

          6H.  Consolidated Earnings Available for Fixed Charges.
The  Company shall not permit Consolidated Earnings Available for
Fixed  Charges  for  any  period of four (4)  consecutive  fiscal
quarters  of the Company to be less than one hundred ten  percent
(110%) of Consolidated Fixed Charges for such period.

          6I.  Restricted Payments.

               (i)  The Company shall not:

                          (a)   declare  or  pay  any  dividends,
          either in cash or Property, on any class of its capital
          stock, or otherwise, except

                                     (1)    Patronage   Dividends
               payable  in  cash  and cash dividends  payable  on
               Class  B  Stock and Class C Stock in any  calendar
               year in an aggregate amount for all such Patronage
               Dividends  and  other dividends  up  to  (but  not
               exceeding)  twenty percent (20%)  of  the  sum  of
               Consolidated  Taxable Income plus, to  the  extent
               deducted  in  the  determination  of  Consolidated
               Taxable  Income,  Patronage  Dividends,  for  such
               calendar year; and

                                    (2)  Patronage Dividends  and
               other  dividends,  in  each case  payable  by  the
               Company   solely  in  common  stock  or  allocated
               surplus of the Company;

               or

                          (b)  directly, or indirectly or through
          any  Subsidiary, purchase, redeem or retire any of  its
          capital  stock  or any warrants, rights or  options  to
          purchase or otherwise acquire any shares of its capital
          stock except

                                   (1)  in exchange for or out of
               the  substantially concurrent issue  and  sale  of
               shares  of its capital stock, or warrants,  rights
               or  options  to purchase or otherwise acquire  any
               shares  of  its  capital stock,  so  long  as  the
               proceeds of such concurrent issue and sale are not
               required by agreement, statute or regulation to be
               otherwise applied by the Company,

                                    (2)   out  of a substantially
               concurrent contribution to capital,

                                    (3)  repurchases of Class  B1
               Common Stock which the Company is required to make
               from  the holders thereof who no longer have loans
               from the Company outstanding, or

                                       (4)     redemptions     or
               cancellations  of Class B Stock or Class  C  Stock
               pursuant  to  Section 6.2(i) of the Company's  by-
               laws  as in effect on the date hereof, so long  as
               no  cash  or other Property is paid to the holders
               thereof; or

                          (c)  directly, or indirectly or through
          any  Subsidiary, make any other payment or distribution
          in respect of its capital stock

     (such  declarations  and payments of  dividends,  purchases,
     redemptions  or  retirements of stock, warrants,  rights  or
     options and all such other distributions, together with  all
     payments  in  respect  of  Subordinated  Debt  pursuant   to
     paragraph   6N(iii)   of   this   Agreement   being   herein
     collectively called "Restricted Payments"), if after  giving
     effect  thereto the aggregate amount of Restricted Payments,
     together  with all Patronage Dividends payable in  cash  and
     all  cash  dividends  on Class B Stock and  Class  C  Stock,
     declared  or made during the period from and after  December
     31,  1991  to  and including the date of the declaration  or
     making  of the Restricted Payment in question, would  exceed
     the sum of

                                    (1)   Fifteen Million Dollars
               ($15,000,000), plus

                                    (2)   fifty percent (50%)  of
               Consolidated  Adjusted Net Income  (or  minus  one
               hundred  percent  (100%) of Consolidated  Adjusted
               Net  Income  in  the case of a  deficit)  for  the
               period commencing on January 1, 1992 and ending on
               the  last  day of the fiscal year of  the  Company
               most recently ended on such date, all computed  on
               a cumulative basis for said entire period.

                     (ii)  The  Company  shall  not  declare  any
          dividend  payable more than sixty (60) days  after  the
          date of the declaration thereof.

                (iii)     For the purposes of this paragraph  6I,
     the  amount  of any Restricted Payment declared or  paid  or
     distributed  in  Property of the Company or  any  Restricted
     Subsidiary  shall be deemed to be the greater of book  value
     or  Fair  Market Value, as determined in good faith  by  the
     Board  of  Directors  (in  each  case  after  deducting  any
     liabilities  relating thereto which are,  concurrently  with
     the  receipt  of  such Restricted Payment,  assumed  by  the
     recipient  thereof), of such Property at  the  time  of  the
     making of the Restricted Payment in question.

                (iv)  The Company shall not declare or  make  any
     Restricted  Payment  if,  after  giving  effect  thereto,  a
     Default or an Event of Default would exist.

          6J.  Limitation on Investments.

                (i)   The Company shall not, and shall not permit
     any   Restricted   Subsidiary  to,   make   any   Restricted
     Investments.

                (ii)  Any  corporation which becomes a Restricted
     Subsidiary subsequent to the date of this Agreement shall be
     deemed to have made, immediately after becoming a Restricted
     Subsidiary,  any Restricted Investment that  it  shall  have
     outstanding  at  the  time  it  shall  become  a  Restricted
     Subsidiary.

          6K.  Transactions with Affiliates.

                (i)   The Company shall not, and shall not permit
     any  Restricted  Subsidiary to, enter into any  transaction,
     including,  without  limitation,  the  purchase,   sale   or
     exchange  of Property or the rendering of any service,  with
     any Affiliate except (i) for the NCB Development Corporation
     Contribution and (ii) in the ordinary course of and pursuant
     to  the  reasonable  requirements of the Company's  or  such
     Restricted   Subsidiary's  business  and   upon   fair   and
     reasonable  terms no less favorable to the Company  or  such
     Restricted  Subsidiary  than would obtain  in  a  comparable
     arm's-length transaction with a Person not an Affiliate.

                (ii)  Any  corporation that becomes a  Restricted
     Subsidiary subsequent to the date of this Agreement shall be
     deemed  to  have  entered into, at the  date  it  becomes  a
     Restricted Subsidiary, all transactions with Affiliates with
     respect   to  which  such  corporation  will  be   obligated
     immediately after it becomes a Restricted Subsidiary.

           6L.  Repurchase of Notes.  The Company shall not,  and
shall  not  permit  any Restricted Subsidiary or  any  Affiliate,
directly  or  indirectly,  to, purchase  or  make  any  offer  to
purchase  any  Notes,  unless  the  Company  or  such  Restricted
Subsidiary or Affiliate has offered to purchase Notes,  pro  rata
from  all holders of the Notes and upon the same terms.  In  case
the  Company purchases any Notes, such Notes shall thereafter  be
canceled and no Notes shall be issued in substitution therefor.

           6M.  Issuance of Subordinated Debt.  The Company shall
not  create,  issue, assume, guarantee or in  any  manner  become
liable  after  the  date  of this Agreement  in  respect  of  any
Subordinated Debt having a maturity earlier than January 1, 2006,
or the benefit of any mandatory sinking fund or similar provision
for the prepayment thereof prior to January 1, 2006.

           6N.   Voluntary Retirement of Subordinated Debt.   The
Company  shall  not,  directly  or  indirectly  or  through   any
Subsidiary, purchase, redeem or otherwise retire or acquire prior
to  the  respective stated maturities thereof, the whole  or  any
part of any issue of Subordinated Debt except

               (i)  subject to paragraph 6M of this Agreement, in
     accordance with the applicable provisions thereof or of  any
     indenture, agreement or similar instrument under or pursuant
     to   which   such  Debt  has  been  issued,  unconditionally
     requiring   payments   into   a   sinking   fund,   periodic
     prepayments,   or   other   analogous   payments   for   the
     amortization of such Debt, or

                (ii)  out  of  the  proceeds of  a  substantially
     concurrent issue or sale of capital stock or Debt ranking on
     a  parity  with,  or  junior to, the  Debt  proposed  to  be
     purchased, redeemed or otherwise retired or acquired, or

                (iii)      out  of  funds that at  the  time  are
     available  for Restricted Payments pursuant to,  and  within
     the limitations of, paragraph 6I of this Agreement, it being
     understood that the amounts so used pursuant to this  clause
     (iii)  shall reduce pro tanto the amount otherwise available
     for   Restricted  Payments  under  paragraph  6I   of   this
     Agreement.

           6O.  Subordination Provisions.  The Company shall not,
at  any time, be a party to any amendment, waiver or modification
of  any subordination provisions or payment provisions applicable
to any Subordinated Debt.

          6P.  Class A Notes.

                (i)   No Voluntary Prepayment.  The Company shall
     not,  directly  or  indirectly or  through  any  Subsidiary,
     purchase,  redeem or otherwise retire or acquire,  prior  to
     the  respective stated maturities thereof, the whole or  any
     part  of  any  Class  A Notes except out  of  the  net  cash
     proceeds  of  a substantially concurrent issue  or  sale  of
     Class B Stock or Class C Stock.

                (ii) No Amendments.  The Company shall not amend,
     modify,  terminate,  or waive any of its  rights  under  the
     Financing  Agreement or any of the Class  A  Notes  (or  any
     other  agreement or similar instrument under or pursuant  to
     which such Class A Notes have been issued) without the prior
     written  consent  of the Required Holders, except  that  the
     Company  may  enter  into  an  amendment  of  the  Financing
     Agreement providing for a prepayment of the Class A Notes in
     2010   and   2015  with  the  proceeds  of  a  substantially
     simultaneous issue of equity or Subordinated Debt.

     7    EVENTS OF DEFAULT.

           7A.   Nature  of Events.  An "Event of Default"  shall
exist if any of the following occurs and is continuing:

                 (i)    Principal  or  Yield-Maintenance   Amount
     Payments  --  the  Company fails  to  make  any  payment  of
     principal  or  Yield-Maintenance Amount on any  Note  on  or
     before the date such payment is due;

                (ii)  Interest Payments -- the Company  fails  to
     make  any  payment of interest on any Note on or before  the
     date such payment is due and such failure shall continue for
     a period of three (3) Business Days;

                (iii)      Particular Defaults -- the Company  or
     any  Subsidiary  fails  to perform or observe  any  covenant
     contained  in paragraphs 5D and 5F and paragraph 6A  through
     paragraph 6P (other than paragraph 6J and paragraph  6K)  of
     this Agreement, inclusive; or the Company shall terminate or
     modify  any  provision of the Financing Agreement  or  shall
     fail  to  perform or observe any covenant contained  in  the
     Financing Agreement;

                 (iv)  Other  Defaults  --  the  Company  or  any
     Subsidiary fails to comply with any other provision of  this
     Agreement,  and such failure continues for more than  thirty
     (30)  days  after any officer of the Company  has  knowledge
     thereof;

                 (v)    Warranties  or  Representations  --   any
     warranty, representation or other statement by or on  behalf
     of  the  Company  contained  in this  Agreement  or  in  any
     instrument  furnished  by or on behalf  of  the  Company  in
     compliance  with  or in reference to this Agreement  was  or
     shall  have been false or misleading in any material respect
     at the time made;

                (vi) Default on Indebtedness or Other Security --
     the  Company or any Restricted Subsidiary fails to make  any
     payment due on any one or more Material Obligations  or  any
     event shall occur or any condition shall exist in respect of
     any  one or more Material Obligations of the Company or  any
     Restricted  Subsidiary, or under any agreement  securing  or
     relating  to  any such Material Obligations  (and  any  such
     failure,  event  or  condition shall not  have  been  cured,
     waived  or  consented to by the holder or  holders  of  such
     Material  Obligations or a trustee therefor), the effect  of
     which is

                          (a)  to cause (or permit any holder  of
          such Material Obligation or a trustee of such holder to
          cause)    such   Material   Obligation   or    Material
          Obligations, or a portion thereof, to become due  prior
          to  its  or  their stated maturity or prior to  its  or
          their  regularly scheduled dates of payment (regardless
          of   any  limitations,  such  as  those  applicable  to
          Subordinated  Debt,  on  the amount  of  such  Material
          Obligations which may be paid upon such acceleration),

                          (b)   to permit a trustee or the holder
          of any Security (other than common stock of the Company
          or  any  Restricted Subsidiary) to elect a majority  of
          the  directors on the board of directors of the Company
          or such Restricted Subsidiary, or

                          (c)   to permit the holder of any  such
          Material  Obligation  to require  the  Company  or  any
          Restricted  Subsidiary  to  repurchase  such   Material
          Obligation or a portion thereof from such holder;

                (vii)     Involuntary Bankruptcy Proceeding  -- a
     receiver, liquidator, custodian or trustee of the Company or
     any  Restricted Subsidiary, or of any of the Property of any
     of  such Persons, is appointed by court order and such order
     remains  in  effect for more than ninety (90) days;  or  the
     Company or any Restricted Subsidiary is adjudicated bankrupt
     or  insolvent; or any of the Property of any of such Persons
     is  sequestered  by court order and such  order  remains  in
     effect  for  more than ninety (90) days; or  a  petition  is
     filed against the Company or any Restricted Subsidiary under
     any  bankruptcy,  reorganization,  arrangement,  insolvency,
     readjustment of debt, dissolution or liquidation law of  any
     jurisdiction, whether now or hereafter in effect, and is not
     dismissed within thirty (30) days after such filing;

                (viii)     Voluntary Petitions -- the Company  or
     any  Restricted  Subsidiary files a  petition  in  voluntary
     bankruptcy  or  seeking relief under any provisions  of  any
     bankruptcy,    reorganization,   arrangement,    insolvency,
     readjustment of debt, dissolution or liquidation law of  any
     jurisdiction,  whether  now  or  hereafter  in  effect,   or
     consents to the filing of any petition against it under such
     law;

               (ix) Assignments for Benefit of Creditors, etc. --
     the  Company or a Restricted Subsidiary makes an  assignment
     for  the  benefit of its creditors, is not paying its  debts
     generally  as  they  become  due,  admits  in  writing   its
     inability to pay its debts generally as they become  due  or
     consents   to  the  appointment  of  a  receiver,   trustee,
     custodian  or  liquidator of the Company or such  Restricted
     Subsidiary or of all or any part of the Property of  any  of
     such Persons; or

                 (x)    Undischarged  Final  Judgments  --  final
     judgment  or judgments for the payment of money, aggregating
     in  excess  of Five Hundred Thousand Dollars ($500,000)  for
     all  such  judgments,  is  or are  outstanding  against  the
     Company or any of the Restricted Subsidiaries and any one of
     such  judgments  has been outstanding for more  than  thirty
     (30)  days  from  the date of its entry  and  has  not  been
     discharged in full or stayed.

          7B.  Default Remedies.

                (i)   Acceleration on Event of  Default.   If  an
     Event of Default exists, then

                          (a)   if  such Event of Default  is  an
          Event  of  Default  specified in clause  (vii),  clause
          (viii) or clause (ix) of paragraph 7A of this Agreement
          with  respect to the Company, all of the Notes  at  the
          time outstanding shall automatically become immediately
          due  and  payable at par together with interest accrued
          thereon, without presentment, demand, protest or notice
          of  any  kind,  all of which are hereby waived  by  the
          Company, and

                          (b)   if such Event of Default  is  any
          other  Event  of  Default,  the  Required  Holders  may
          exercise any right, power or remedy permitted  to  such
          holder  or  holders by law, and may, in particular,  at
          its  or  their  option, by notice  in  writing  to  the
          Company, declare all of the Notes to be, and all of the
          Notes  shall  thereupon be and become, immediately  due
          and payable, together with interest accrued thereon and
          together  with  the Yield-Maintenance Amount,  if  any,
          with respect to each Note, without presentment, demand,
          protest  or other notice of any kind, all of which  are
          hereby  waived by the Company, provided that the Yield-
          Maintenance Amount, if any, with respect to  each  Note
          shall be due and payable upon such declaration only if

                                   (1)  such event is an Event of
               Default  specified in any of clause (i) to  clause
               (vi), inclusive, or clause (x) of paragraph 7A  of
               this Agreement,

                                    (2)   the holders making such
               declaration  shall have given to the  Company,  at
               least   ten   (10)  Business  Days   before   such
               declaration, written notice stating its  or  their
               intention   so  to  declare  the   Notes   to   be
               immediately due and payable and identifying one or
               more such Events of Default whose occurrence on or
               before  the  date  of  such  notice  permits  such
               declaration and

                                   (3)  one or more of the Events
               of  Default  so identified shall be continuing  at
               the time of such declaration.

                (ii) Acceleration on Payment Default.  During the
     existence  of  an  Event of Default described  in  paragraph
     7A(i)  or  paragraph  7A(ii)  hereof,  and  irrespective  of
     whether  the Notes then outstanding shall have been declared
     to be due and payable pursuant to paragraph 7B(i)(b) hereof,
     any holder of Notes who or which shall have not consented to
     any waiver with respect to such Event of Default may, at his
     or  its option, by notice in writing to the Company, declare
     the  Notes  then held by such holder to be, and  such  Notes
     shall  thereupon become, forthwith due and payable  together
     with  all interest accrued thereon, without any presentment,
     demand,  protest or other notice of any kind, all  of  which
     are hereby expressly waived, and the Company shall forthwith
     pay  to  such  holder the entire principal of  and  interest
     accrued  on such Notes and, to the extent permitted by  law,
     the  Yield-Maintenance Amount at such time with  respect  to
     such principal amount of such Notes.

                  (iii)       Valuable   Rights.    The   Company
     acknowledges, and the parties hereto agree, that  the  right
     of  each holder to maintain its investment in the Notes free
     from repayment by the Company (except as herein specifically
     provided for) is a valuable right and that the provision for
     payment of a Yield-Maintenance Amount by the Company in  the
     event  that  the Notes are prepaid or are accelerated  as  a
     result  of  an  Event  of Default, is  intended  to  provide
     compensation  for the deprivation of such right  under  such
     circumstances.

                (iv) Other Remedies.  If any Event of Default  or
     Default  shall  occur and be continuing, the holder  of  any
     Note  may  proceed to protect and enforce its  rights  under
     this Agreement and such Note by exercising such remedies  as
     are  available  to  such  holder in  respect  thereof  under
     applicable  law, either by suit in equity or  by  action  at
     law,  or  both,  whether  for specific  performance  of  any
     covenant  or other agreement contained in this Agreement  or
     in  aid  of  the  exercise  of any  power  granted  in  this
     Agreement.  No remedy conferred in this Agreement  upon  the
     holder of any Note is intended to be exclusive of any  other
     remedy,  and each and every such remedy shall be  cumulative
     and  shall  be  in addition to every other remedy  conferred
     herein  or now or hereafter existing at law or in equity  or
     by statute or otherwise.

               (v)  Nonwaiver and Expenses.  No course of dealing
     on  the part of any holder of Notes nor any delay or failure
     on  the  part of any holder of Notes to exercise  any  right
     shall  operate  as  a  waiver of  such  right  or  otherwise
     prejudice such holder's rights, powers and remedies.  If the
     Company  shall  fail to pay when due any  principal  of,  or
     Yield-Maintenance Amount or interest on, any Note, or  shall
     fail  to comply with any other provision hereof, the Company
     shall  pay  to each holder of Notes, to the extent permitted
     by law, such further amounts as shall be sufficient to cover
     the  costs  and  expenses,  including  but  not  limited  to
     reasonable  attorneys'  fees, incurred  by  such  holder  in
     collecting  any  sums  due on such  Notes  or  in  otherwise
     assessing,  analyzing or enforcing any  rights  or  remedies
     that are or may be available to it.

            7C.   Annulment  of  Acceleration  of  Notes.   If  a
declaration  is  made  pursuant to  paragraph  7B(i)(b)  of  this
Agreement  in  respect  of any Notes by  any  holder  or  holders
thereof  then, and in every such case, the Required Holders  may,
by  written instrument filed with the Company, rescind and  annul
such declaration, and the consequences thereof, provided that  at
the time such declaration is annulled and rescinded:

                (i)   no judgment or decree has been entered  for
     the  payment of any monies due pursuant to the Notes or this
     Agreement;

               (ii) all arrears of interest upon all of the Notes
     and  all  other sums payable under the Notes and under  this
     Agreement (except any principal of or interest on the  Notes
     which  has  become  due  and  payable  by  reason  of   such
     declaration  under  paragraph 7B(i)(b)  of  this  Agreement)
     shall have been duly paid; and

                (iii)     each and every other Default and  Event
     of  Default shall have been waived pursuant to paragraph 11C
     of this Agreement or otherwise made good or cured,

and  provided further that no such rescission and annulment shall
extend to or affect any subsequent Default or Event of Default or
impair any right consequent thereon.

     8    REPRESENTATIONS, COVENANTS AND WARRANTIES.  The Company
represents, covenants and warrants as follows:

           8A.   Subsidiaries and Affiliates.  Annex  2  to  this
Agreement states the name of each of

                (i)   the Subsidiaries (specifying which  thereof
     are   Restricted   Subsidiaries),   its   jurisdiction    of
     incorporation,  the jurisdiction in which it does  business,
     the  percentage of its Voting Stock owned by the Company and
     each  other  Subsidiary and, to the best  of  the  Company's
     knowledge,  the identity and ownership of any other  holders
     of its Voting Stock, and

                (ii)  the  Company's corporate or  joint  venture
     Affiliates and the nature of the affiliation.

          8B.  Corporate Organization and Authority.  Each of the
Company and the Subsidiaries

                (i)   is  a  corporation duly organized,  validly
     existing  and  in  good  standing  under  the  laws  of  its
     jurisdiction of incorporation,

               (ii) has all requisite power and authority and all
     necessary  licenses  and  permits to  own  and  operate  its
     Properties and to carry on its business as now conducted and
     as presently proposed to be conducted, and

               (iii)     is duly authorized and has duly qualified to do
     business and is in good standing as a foreign corporation in each
     jurisdiction where the character of its Properties or the nature
     of its activities makes such qualification necessary.

           8C.   Financial  Statements; Material Adverse  Change;
Description of Business.

                 (i)   Financial  Statements.   The  consolidated
     statements  of  financial condition of the Company  and  the
     Subsidiaries  as  of December 31 in the  years  1994,  1995,
     1996,  1997 and 1998 inclusive, and the related consolidated
     statements of income and cash flows and changes in  members'
     equity  for  the fiscal years ended on such dates,  in  each
     case  accompanied  by  reports thereon  containing  opinions
     without  qualification,  except as  therein  noted,  by  its
     independent   certified   public   accountants,   and    the
     consolidated   balance  sheet  of  the   Company   and   the
     Subsidiaries  as  of  September 30,  1999  and  the  related
     consolidated  statements  of  income  and  cash  flows   and
     reconciliation  of  net  income  to  net  cash  provided  by
     operating activities for the nine (9) month period ended  on
     such  date, copies of which have been delivered to you, have
     been   prepared   in  accordance  with  generally   accepted
     accounting  principles  consistently  applied,  and  present
     fairly  the  financial  position  of  the  Company  and  the
     Subsidiaries  as  of  such dates and the  results  of  their
     operations  for  such  periods.  All of the  above-described
     consolidated  financial statements include the  accounts  of
     all  Subsidiaries for the respective periods during which  a
     subsidiary relationship has existed.

                (ii) Material Adverse Change.  Since December 31,
     1998,  there  has  been no material adverse  change  in  the
     condition,  financial or otherwise, of the Company  and  the
     Subsidiaries, taken as a whole.

                  (iii)       Description   of   Business.    The
     description  of  the business conducted and proposed  to  be
     conducted by the Company and the Subsidiaries set  forth  in
     Annex 2 is correct in all material respects.

          8D.  Full Disclosure.  Neither the financial statements
referred  to  in paragraph 8C of this Agreement,  nor  any  other
written  statement furnished by, or on behalf of, the Company  to
you  in  connection  with the negotiation  hereof,  contains  any
untrue  statement  of a material fact or omits  a  material  fact
necessary to make the statements contained therein or herein  not
misleading.   There  are  no  facts which  the  Company  has  not
disclosed  to  you  in  writing that in the aggregate  materially
affect adversely or, so far as the Company can now foresee,  will
in  the  future in the aggregate materially affect adversely  the
Properties, business, prospects, profits or condition  (financial
or  otherwise) of the Company and the Subsidiaries,  taken  as  a
whole,  or  the ability of the Company to perform its obligations
under this Agreement or the Notes.

           8E.   Pending Litigation and Judgments.  There are  no
proceedings  pending  or,  to  the  knowledge  of  the   Company,
threatened  against or affecting the Company or the  Subsidiaries
in  any court or before any governmental authority or arbitration
board  or  tribunal  that in the aggregate involve  more  than  a
remote  possibility  of  materially and adversely  affecting  the
Properties, business, prospects, profits or condition  (financial
or  otherwise)  of the Company or the Subsidiaries,  taken  as  a
whole,  or  the ability of the Company to perform its obligations
under  this Agreement or the Notes.  Neither the Company nor  the
Subsidiaries  is  in default with respect to  any  order  of  any
court,  governmental authority or arbitration board or  tribunal.
No  unsatisfied  judgment  against the  Company  or  any  of  the
Subsidiaries is outstanding.

           8F.  Title to Properties.  Each of the Company and the
Subsidiaries has good and marketable title in fee simple (or  its
equivalent  under applicable law) to all the real  Property,  and
has  good  title to all the other Property, it purports  to  own,
including  that  reflected  in  the  most  recent  balance  sheet
referred to in paragraph 8C of this Agreement (except as sold  or
otherwise  disposed of in the ordinary course of business).   All
such  Property  owned  by  the Company is  free  from  Liens  not
permitted  by  paragraph  6C  of  this  Agreement.   All   leases
necessary in any material respect for the conduct of the business
of  the  Company  and  each  of the Subsidiaries  are  valid  and
subsisting and are in full force and effect.

           8G.  Patents and Trademarks.  Each of the Company  and
the  Subsidiaries owns or possesses all the patents,  trademarks,
service marks, trade names, copyrights, licenses and rights  with
respect to the foregoing which are necessary for the present  and
planned  future  conduct of its and their business,  without  any
known  conflict  with the rights of others, which,  if  adversely
determined,  would  have  a  materially  adverse  effect  on  the
Properties, business, prospects, profits or condition  (financial
or  otherwise) of the Company and the Subsidiaries,  taken  as  a
whole,  or  the ability of the Company to perform its obligations
under this Agreement or the Notes.

           8H.   Issuance  is  Legal and Authorized;  Conflicting
Agreements and Other Matters.

                (i)   Issuance  is  Legal  and  Authorized.   The
     issuance, execution and delivery of the Notes by the Company
     and compliance by the Company with all of the provisions  of
     this  Agreement  and of the Notes are within  the  corporate
     powers of the Company.

                (ii)  Conflicting Agreements and  Other  Matters.
     Neither the Company nor any Subsidiary is a party to one  or
     more  contracts  or agreements or subject  to  one  or  more
     charter  or  other  corporate  restrictions  which  in   the
     aggregate  materially and adversely affects the  Properties,
     business,  prospects,  profits or  condition  (financial  or
     otherwise)  of the Company or the Subsidiaries, taken  as  a
     whole,  or  the  ability  of  the  Company  to  perform  its
     obligations  under  this  Agreement  or  the   Notes.    The
     execution and delivery of this Agreement and the Notes,  the
     offering, issuance, execution and delivery of the Notes  and
     the  fulfillment  of  and  compliance  with  the  terms  and
     provisions  of  this Agreement and of the  Notes,  will  not
     conflict  with,  or  result  in  a  breach  of  the   terms,
     conditions or provisions of, or constitute a default  under,
     or  result in any violation of, or result in the creation of
     any  Lien upon any of the Property of the Company or any  of
     the  Subsidiaries pursuant to, the charter or by-laws of the
     Company  or  any  of  the Subsidiaries,  any  award  of  any
     arbitrator  or  any agreement (including any agreement  with
     stockholders), instrument, order, judgment, decree, statute,
     law,  rule or regulation to which the Company or any of  the
     Subsidiaries is subject.

           8I.   No  Defaults.   No event  has  occurred  and  no
condition  exists  that,  upon  the  issuance  of  the  Notes  in
substitution therefor, would constitute a Default or an Event  of
Default.  The Company is not in violation in any respect  of  any
term  of  its charter or bylaws.  The Company is not in violation
in  any  material respect of any term in any agreement  or  other
instrument  to which it is a party or by which it or any  of  its
Property may be bound.

           8J.  Governmental Consent.  Neither the nature of  the
Company or any of the Subsidiaries, or of any of their respective
businesses  or  Properties,  nor  any  relationship  between  the
Company or any of the Subsidiaries and any other Person, nor  any
circumstance  in  connection with the offer and issuance  of  the
Notes  is such as to require a consent, approval or authorization
of,   or   filing,  registration  or  qualification   with,   any
governmental authority on the part of the Company as a  condition
to  the execution, delivery and performance of this Agreement  or
the  offer,  issue,  execution, delivery and performance  of  the
Notes.

           8K.   Taxes.  All tax returns required to be filed  by
the  Company or any of the Subsidiaries in any jurisdiction  have
in  fact  been filed, and all taxes, assessments, fees and  other
governmental charges upon the Company or any of the Subsidiaries,
or upon any of their respective Properties, income or franchises,
shown to be due and payable on said returns have been paid to the
extent such taxes, assessments, fees and charges have become  due
and  payable.   Neither the Company nor any of  the  Subsidiaries
knows of any proposed additional tax assessments against it.  The
Federal  income tax liability of the Company and the Subsidiaries
has  been finally determined by the Internal Revenue Service  and
satisfied  for all taxable years up to and including the  taxable
year  ended  December  31, 1995, and no material  controversy  in
respect  of  additional income taxes due is pending  or,  to  the
knowledge  of the Company, threatened.  The provisions for  taxes
on the books of the Company and the Subsidiaries are adequate for
all open years, and for its current fiscal period.

           8L.   Margin  Securities, etc.  The proceeds  realized
upon  the  issuance  of the Notes will not be used,  directly  or
indirectly,  for  the purpose, whether immediate,  incidental  or
ultimate, of purchasing or carrying any "margin stock" as defined
in  Regulation U and X (12 CFR Parts 221 and 224) of the Board of
Governors  of  the Federal Reserve System (herein called  "margin
stock")  or for the purpose of maintaining, reducing or  retiring
any  indebtedness  that was originally incurred  to  purchase  or
carry  any stock that is a margin stock or for any other  purpose
that  might constitute such transaction a "purpose credit" within
the  meaning  of  such  Regulations.  None  of  the  transactions
contemplated  in  this  Agreement will violate  or  result  in  a
violation  of  Section 7 of the Exchange Act or  any  regulations
issued   pursuant   thereto,   including,   without   limitation,
Regulations  T,  U, X  or any other regulation of  the  Board  of
Governors  of the Federal Reserve System.  The Company  does  not
own or intend to carry or purchase any margin stock.  None of the
proceeds from the sale of the Notes will be used to purchase,  or
refinance  any borrowing the proceeds of which were  or  will  be
used  to  purchase,  any "security" within  the  meaning  of  the
Exchange Act.

           8M.  Private Offering.  Neither the Company or any  of
the  Subsidiaries,  nor any agent acting on  their  behalf,  has,
directly or indirectly, offered the Notes or any similar Security
of  the  Company for sale or exchange to, or solicited any offers
to  buy the Notes or any similar Security of the Company from, or
otherwise approached or negotiated with respect to this Agreement
with,  any Person other than you, and neither the Company or  any
of  the  Subsidiaries, nor any agent acting on their behalf,  has
taken or will take any action that would subject the issuance  of
the Notes to the provisions of Section 5 of the Securities Act or
to  the  provisions  of any Securities or Blue  Sky  law  of  any
applicable jurisdiction.

           8N.  Compliance with Law.  Neither the Company nor any
of the Subsidiaries:

                (i)  is in violation of any laws, ordinances,  or
     governmental rules or regulations to which it is subject; or

                (ii)  has failed to obtain any licenses, permits,
     franchises or other governmental authorizations necessary to
     the  ownership  of  its Property or to the  conduct  of  its
     business,

which  violations  or failures to obtain might in  the  aggregate
materially  adversely  affect the business,  prospects,  profits,
Properties  or condition (financial or otherwise) of the  Company
or  the  Subsidiaries, taken as a whole, or the  ability  of  the
Company  to perform its obligations under this Agreement  or  the
Notes.

          8O.  Indebtedness.  Annex 2 to this Agreement correctly
describes  all Debt for borrowed money of the Company outstanding
as of the close of business on the date of execution and delivery
of  this Agreement, and indicates which of such indebtedness  (if
any,  and the amount thereof) is secured by a Lien.  There is  no
Subordinated Debt outstanding other than the Class A Notes.   The
aggregate  amount  of  indebtedness for  borrowed  money  of  the
Company  outstanding as of the date of execution and delivery  of
this  Agreement does not exceed one thousand percent  (1000%)  of
the sum of the paid-in capital and surplus of the Company at such
date.

           8P.  Restrictions on Company.  Neither the Company nor
any  of  the  Subsidiaries  is  a  party  to  any  contracts   or
agreements,  or  subject  to  any  charter  or  other   corporate
restrictions,  that  in  the aggregate materially  and  adversely
affect  its business.  The Company is not a party to any contract
or  agreement  that  restricts its  right  or  ability  to  incur
additional  Debt,  other than this Agreement and  the  agreements
relating to the Debt described in Annex 2 to this Agreement.  The
Company  has  not agreed or consented to cause or permit  in  the
future (upon the happening of a contingency or otherwise) any  of
its  Property,  whether now owned or hereafter  acquired,  to  be
subject  to  a  Lien  not permitted by paragraph  6C(i)  of  this
Agreement.

           8Q.   Employee Retirement Income Security Act of 1974.
The  present value of all benefits vested under all Pension Plans
did  not, as of December 31, 1998, the last annual valuation date
for  which a report is available, exceed the value of the  assets
of  the  Pension  Plans allocable to such vested  benefits.   The
consummation  of  the  transactions  herein  provided   for   and
compliance  by the Company with the provisions of this  Agreement
and  the  Notes  will  not  involve any "prohibited  transaction"
within  the  meaning  of ERISA or Section 4975  of  the  Internal
Revenue  Code  of  1986, as amended.  The representation  by  the
Company  in the second sentence of this paragraph 8Q is  made  in
reliance   upon  and  subject  to  (i)  the  accuracy   of   your
representation  in paragraph 9B as to the sources  of  the  funds
used  to  pay the purchase price of the Notes to be purchased  by
you  and  (ii)  the assumption, made solely for  the  purpose  of
making such representation, that Department of Labor Interpretive
Bulletin  75-2  with  respect to prohibited transactions  remains
valid  in  the  circumstances  of the  transactions  contemplated
herein.  The Company, the Subsidiaries, their respective employee
benefit  plans  and  any  trusts thereunder  are  in  substantial
compliance with ERISA.  Neither any of the employee benefit plans
maintained  by the Company or the Subsidiaries, or to  which  the
Company  or  the  Subsidiaries makes any  contribution,  nor  any
trusts  thereunder  have been terminated  or  have  incurred  any
"accumulated  funding deficiency," as such  term  is  defined  in
Section 302 of ERISA (whether or not waived), since the effective
date  of  ERISA, nor have there been any "reportable events,"  as
that  term  is  defined  in  Section 4043  of  ERISA,  since  the
effective date of ERISA.

           8R.   Investment  Company Act.   The  Company  is  not
directly or indirectly controlled by, or acting on behalf of  any
Person  which is, an "investment company" within the  meaning  of
the Investment Company Act of 1940, as amended.

     9    REPRESENTATIONS OF THE PURCHASERS.

     Each Purchaser represents as follows:

           9A.   Nature  of  Purchase.   Such  Purchaser  is  not
acquiring the Notes purchased by it hereunder with a view  to  or
for  sale in connection with any distribution thereof within  the
meaning  of the Securities Act, provided that the disposition  of
such Purchaser's property shall at all times be and remain within
its control.

           9B.   Source of Funds.  The source of funds being used
by  such  Purchaser  to  pay  the purchase  price  of  the  Notes
purchased   by   such  Purchaser  hereunder  constitutes   assets
allocated  to:   (a) the "insurance company general  account"  of
such  Purchaser (as such term is defined under Section V  of  the
United States Department of Labor's Prohibited Transaction  Class
Exemption ("PTCE") 95-60), and as of the date of the purchase  of
the   Notes  such  Purchaser  satisfies  all  of  the  applicable
requirements for relief under Sections I and IV of PTCE 95-60, or
(b)  a separate account maintained by such Purchaser in which  no
employee   benefit  plan,  other  than  employee  benefit   plans
identified  on a list which has been furnished by such  Purchaser
to  the Company, participates to the extent of 10% or more.   For
the  purpose  of this paragraph 9B, the terms "separate  account"
and  "employee  benefit plan" shall have the respective  meanings
specified in section 3 of ERISA.

      10    DEFINITIONS.  For the purpose of this Agreement,  the
terms  defined  in paragraphs 1 and 2 shall have  the  respective
meanings  specified therein, and the following terms  shall  have
the meanings specified with respect thereto below:

          10A. Yield-Maintenance Terms.

           "Called  Principal" shall mean, with  respect  to  any
Note,  the principal of such Note that is to be prepaid  pursuant
to  paragraph 4 or is declared to be immediately due and  payable
pursuant to paragraph 7A, as the context requires.

           "Discounted  Value" shall mean, with  respect  to  the
Called  Principal of any Note, the amount obtained by discounting
all  Remaining  Scheduled Payments with respect  to  such  Called
Principal  from  their  respective scheduled  due  dates  to  the
Settlement  Date  with  respect  to  such  Called  Principal,  in
accordance  with accepted financial practice and  at  a  discount
factor  (applied  on the same periodic basis  as  that  on  which
interest on such Note is payable) equal to the Reinvestment Yield
with respect to such Called Principal.

           "Reinvestment Yield" shall mean, with respect  to  the
Called  Principal of any Note, the yield to maturity  implied  by
(i)  the  yields reported, as of 10:00 A.M. (New York City  local
time) on the Business Day next preceding the Settlement Date with
respect  to  such Called Principal, on the display designated  as
"Page  678" on the Bridge/Telerate Service (or such other display
as  may  replace  page  678 on the Bridge/Telerate  Service)  for
actively traded U.S. Treasury securities having a maturity  equal
to the Remaining Average Life of such Called Principal as of such
Settlement  Date, or if such yields shall not be reported  as  of
such  time  or the yields reported as of such time shall  not  be
ascertainable, (ii) the Treasury Constant Maturity Series  yields
reported,  for  the latest day for which such yields  shall  have
been  so  reported  as  of the Business Day  next  preceding  the
Settlement Date with respect to such Called Principal, in Federal
Reserve   Statistical  Release  H.15  (519)  (or  any  comparable
successor   publication)  for  actively  traded   U.S.   Treasury
securities  having  a constant maturity equal  to  the  Remaining
Average Life of such Called Principal as of such Settlement Date.
Such  implied  yield shall be determined, if  necessary,  by  (a)
converting  U.S.  Treasury  bill  quotations  to  bond-equivalent
yields  in  accordance  with  accepted  financial  practice   and
(b)  interpolating linearly between yields reported  for  various
maturities.

           "Remaining Average Life" shall mean, with  respect  to
the Called Principal of any Note, the number of years (calculated
to  the  nearest one-twelfth year) obtained by dividing (i)  such
Called  Principal into (ii) the sum of the products  obtained  by
multiplying  (a) each Remaining Scheduled Payment of such  Called
Principal  (but  not of interest thereon) by (b)  the  number  of
years  (calculated to the nearest one-twelfth  year)  which  will
elapse  between the Settlement Date with respect to  such  Called
Principal  and the scheduled due date of such Remaining Scheduled
Payment.

          "Remaining Scheduled Payments" shall mean, with respect
to  the Called Principal of any Note, all payments of such Called
Principal and interest thereon that would be due on or after  the
Settlement  Date  with  respect to such Called  Principal  if  no
payment of such Called Principal were made prior to its scheduled
due date.

           "Settlement  Date"  shall mean, with  respect  to  the
Called  Principal  of  any Note, the date on  which  such  Called
Principal is to be prepaid pursuant to paragraph 4 or is declared
to  be  immediately due and payable pursuant to paragraph 7A,  as
the context requires.

           "Yield-Maintenance Amount" shall mean, with respect to
any  Note,  an  amount  equal  to the  excess,  if  any,  of  the
Discounted  Value of the Called Principal of such Note  over  the
sum  of  (i)  such  Called Principal plus (ii)  interest  accrued
thereon  as  of  (including interest due on) the Settlement  Date
with  respect  to  such Called Principal.  The  Yield-Maintenance
Amount shall in no event be less than zero.

          10B. Other Terms.

          "Adjusted Tangible Assets" at any time means all assets
(including,  without duplication, the capitalized  value  of  any
leasehold interest under any Capitalized Lease) except:

               (a)  deferred assets and intangible assets,

               (b)  patents, copyrights, trademarks, trade names,
     franchises,  goodwill, organizational expense,  experimental
     expense and other similar intangible assets,

               (c)  unamortized debt discount and expense, and

               (d)  assets located, and notes and receivables due
     from  obligors  domiciled,  outside  the  United  States  of
     America, Puerto Rico or Canada.

            "Affiliate"  shall  mean  any  Person   directly   or
indirectly  controlling,  controlled  by,  or  under  direct   or
indirect  common control with, the Company, except a  Subsidiary.
A  Person shall be deemed to control a corporation if such Person
possesses, directly or indirectly, the power to direct  or  cause
the direction of the management and policies of such corporation,
whether  through the ownership of voting securities, by  contract
or otherwise.

            "Agreement"  shall  have  the  meaning  specified  in
paragraph 11C.

            "Asset  Disposition  Date"  shall  have  the  meaning
specified in paragraph 6B(i).

           "Asset  Securitization" means,  with  respect  to  any
Person,   a  transaction  involving  the  sale  or  transfer   of
receivables by such Person (an "Originator") to a special purpose
corporation  or grantor trust (an "SPV") established  solely  for
the  purpose of purchasing such receivables from the Company  for
cash  in  an  amount  equal  to the Fair  Market  Value  thereof;
provided,  however,  that  the  Company  may  (A)  establish  and
maintain  a  reserve account containing cash or Securities  as  a
credit enhancement in respect of any such sale or (B) purchase or
retain a subordinated interest in such receivables being sold.

          "Asset Securitization Recourse Liability" means, at any
time,  with  respect to any Person, the maximum  amount  of  such
Person's  liability  (whether matured or  contingent)  under  any
agreement, note or other instrument in connection with any one or
more  Asset  Securitizations in which such Person has  agreed  to
repurchase  receivables or other assets,  to  provide  direct  or
indirect  credit  support  (whether through  cash  payments,  the
establishment of reserve accounts containing cash or  Securities,
an  agreement to reimburse a provider of a letter of  credit  for
any draws thereunder, the purchase or retention of a subordinated
interest  in  such receivables or other assets, or other  similar
arrangements),  or in which such Person may be  otherwise  liable
for  all  or  a portion of any SPV's obligations under Securities
issued in connection with such Asset Securitizations.

           "Authorized Officer" shall mean (i) in the case of the
Company,   its  chief  executive  officer,  its  chief  financial
officer,  any  vice  president of the Company  designated  as  an
"Authorized  Officer" of the Company in the Information  Schedule
attached  hereto as Annex 1 or any vice president of the  Company
designated  as  an "Authorized Officer" of the  Company  for  the
purpose of this Agreement in an Officer's Certificate executed by
the  Company's chief executive officer or chief financial officer
and  delivered to Prudential, and (ii) in the case of Prudential,
any  officer of Prudential designated as its "Authorized Officer"
in   the  Information  Schedule  or  any  officer  of  Prudential
designated  as its "Authorized Officer" for the purpose  of  this
Agreement  in  a  certificate executed by one of  its  Authorized
Officers.  Any action taken under this Agreement on behalf of the
Company  by  any  individual who on or after  the  date  of  this
Agreement  shall have been an Authorized Officer of  the  Company
and  whom  Prudential in good faith believes to be an  Authorized
Officer  of  the  Company at the time of  such  action  shall  be
binding  on  the Company even though such individual  shall  have
ceased to be an Authorized Officer of the Company, and any action
taken  under  this  Agreement  on behalf  of  Prudential  by  any
individual who on or after the date of this Agreement shall  have
been an Authorized Officer of Prudential and whom the Company  in
good faith believes to be an Authorized Officer of Prudential  at
the  time  of  such  action shall be binding on  Prudential  even
though  such  individual shall have ceased to  be  an  Authorized
Officer of Prudential.

           "Bank  Loan  Agreement" means the  Third  Amended  and
Restated  Loan Agreement, dated as of May 28, 1997, by and  among
the  Company,  the banks signatory thereto and Fleet  Bank,  N.A.
(formerly known as Natwest, N.A), as amended from time to time.

           "Board  of Directors" at any time means the  board  of
directors of the Company or any committee thereof which,  in  the
instance,  shall have the lawful power to exercise the power  and
authority of such board of directors.

           "Business  Day" shall mean any day other  than  (i)  a
Saturday or a Sunday, and (ii) a day on which commercial banks in
New York City are required or authorized to be closed.
           "Capitalized Lease" means any lease the obligation for
Rentals with respect to which is required to be capitalized on  a
balance sheet of the lessee in accordance with generally accepted
accounting principles.

           "Class  A  Notes" means "class A notes" the  terms  of
which are defined in 12 U.S.C.  3014 as in effect on the Date  of
Assumption and Restatement.

           "Class  B  Stock" means "class B stock" the  terms  of
which are defined in 12 U.S.C.  3014 as in effect on the Date  of
Assumption and Restatement.

           "Class  B1 Common Stock" means the series of  Class  B
stock comprising Class B stock purchased for cash after June  28,
1984.

           "Class  C  Stock" means "class C stock" the  terms  of
which are defined in 12 U.S.C.  3014 as in effect on the Date  of
Assumption and Restatement.

           "Closing  Day"  shall  have the meaning  specified  in
paragraph 2.

          "Code" shall mean the Internal Revenue Code of 1986, as
amended.

           "Company"  shall  have the meaning  specified  in  the
introductory sentence to this Agreement.

           "Company  Senior Obligations" at any time means,  with
respect to the Company, the sum of

                (a)   the  aggregate unpaid principal  amount  of
     Senior Debt of the Company, plus

                (b)   the  aggregate  amount of  all  Capitalized
     Leases of the Company plus

               (c)  Restricted Guarantees of the Company computed
     on the basis of total outstanding contingent liability, plus

                (d)  Asset Securitization Recourse Liabilities of
     the  Company  (meeting the conditions set  forth  in  either
     clause (i) or clause (ii) below):

                          (1)   to  the extent, but only  to  the
          extent,  that such obligations arise from the Company's
          obligation to repurchase receivables or other assets as
          a  result  of  a  default  in payment  by  the  obligor
          thereunder or any other default in performance by  such
          obligor   under   any   agreement   related   to   such
          receivables; or

                          (2)   if  the Company shall maintain  a
          reserve  account  containing  cash  or  Securities   in
          respect  of  any  such obligations or shall  retain  or
          purchase  a  subordinated  interest  therein,  to   the
          extent,  but only to the extent, of the amount of  such
          reserve account or subordinated interest.

           "Consolidated  Adjusted Net  Income"  for  any  fiscal
period  of the Company means net earnings or net loss (determined
on  a  consolidated  basis)  of the Company  and  the  Restricted
Subsidiaries  after income taxes for such period,  but  excluding
from  the  determination  of such earnings  the  following  items
(together   with  the  income  tax  effect,  if  any,  applicable
thereto):

                     (a)   the  proceeds  of any  life  insurance
          policy;

                     (b)   any gain or loss arising from the sale
          of capital assets;

                (c)   any  gain  arising  from  any  reappraisal,
     revaluation or write-up of assets;

                (d)  any gain arising from transactions of a non-
     recurring  or  nonoperating and material nature  or  arising
     from   sales   or   other  dispositions  relating   to   the
     discontinuance of operations;

               (e)  earnings of any Restricted Subsidiary accrued
     prior to the date it became a Restricted Subsidiary;

                (f)   earnings  of any corporation, substantially
     all  the  assets of which have been acquired in any  manner,
     realized by such other corporation prior to the date of such
     acquisition;

                (g)   net earnings of any business entity  (other
     than  a  Restricted Subsidiary) in which the Company or  any
     Restricted Subsidiary has an ownership interest, unless such
     net  earnings  shall  have actually  been  received  by  the
     Company  or such Restricted Subsidiary in the form  of  cash
     distributions;

                (h)   any  portion  of the net  earnings  of  any
     Restricted  Subsidiary which for any reason  is  unavailable
     for  payment  of  dividends  to the  Company  or  any  other
     Restricted Subsidiary;

               (i)  the earnings of any Person to which assets of
     the  Company  shall have been sold, transferred or  disposed
     of,  or  into which the Company shall have merged, prior  to
     the date of such transaction;

                (j)  any gain arising from the acquisition of any
     Securities of the Company or any Subsidiary; and

                (k)  any amortization of deferred or other credit
     representing  the excess of the equity in any Subsidiary  at
     the date of acquisition thereof over the amount invested  in
     such Subsidiary.

           "Consolidated Adjusted Net Worth" at any  time  means,
with  respect  to  the  Company and the  Restricted  Subsidiaries
(determined on a consolidated basis):

                (a)   the amount of capital stock liability  plus
     (or  minus in the case of a deficit) the capital surplus and
     earned   surplus   of   the  Company  and   the   Restricted
     Subsidiaries, less (without duplication) the sum of

                (b)   the  net  book value, after  deducting  any
     reserves  applicable thereto, of all items of the  following
     character  which are included in the assets of  the  Company
     and the Restricted Subsidiaries:

                          (1)   all deferred charges and  prepaid
          expenses other than prepaid taxes and prepaid insurance
          premiums;

                         (2)  treasury stock;

                          (3)    unamortized  debt  discount  and
          expense and unamortized stock discount and expense;

                         (4)  goodwill, the excess of the cost of
          assets  acquired over the book value of such assets  on
          the books of the transferor, the excess of the cost  of
          investments  in  any Person (including any  Subsidiary)
          over the value of such investments on the books of such
          Person   at   the  time  of  making  such  investments,
          organizational   or   experimental  expense,   patents,
          trademarks,   copyrights,   trade   names   and   other
          intangibles;

                           (5)    all  receivables  (other   than
          Eurodollar  deposits) owing by Persons whose  principal
          place  of  business or principal assets are located  in
          any  jurisdiction  other  than  the  United  States  of
          America or Canada; and

                          (6)   any increment resulting from  any
          reappraisal, revaluation or write-up of capital  assets
          subsequent to December 31, 1991.

If,  notwithstanding  paragraph 6J, the Company  shall  have  any
Restricted  Investments outstanding at any time, such  Restricted
Investments  shall  be  excluded from Consolidated  Adjusted  Net
Worth.

           "Consolidated Assets" at any time means the assets  of
the  Company  and  the  Restricted  Subsidiaries  that  would  be
reflected on a consolidated balance sheet for the Company and the
Restricted Subsidiaries at such time.

           "Consolidated Debt" at any time means all Debt of  the
Company  and  the  Restricted  Subsidiaries  (including,  without
limitation, advances under the Blanket Agreement for Advances and
Security Agreement, dated as of March 23, 1990, with the  Federal
Home  Loan Bank of Cincinnati, as referenced in Annex 2  to  this
Agreement),  plus, without duplication, the aggregate  amount  of
the face amount of all letters of credit issued by the Company or
any  Restricted Subsidiary and all bankers' acceptances  accepted
by the Company or any Restricted Subsidiary at such time.

           "Consolidated  Earnings Available for  Fixed  Charges"
     for any fiscal period of the Company means the sum of

                (a)   Consolidated Adjusted Net Income  for  such
     period; plus

                 (b)   to  the  extent  deducted  in  determining
     Consolidated Adjusted Net Income for such period,

                          (1)   all  provisions for any  Federal,
          state or other income taxes made by the Company and the
          Restricted Subsidiaries during such period, and

                          (2)   Consolidated Fixed Charges during
          such period;

          plus

               (c)  the NCB Development Corporation Contribution.

           "Consolidated Effective Net Worth" at any  time  means
the sum of

               (a)  Consolidated Adjusted Net Worth at such time;
     plus

               (b)  the aggregate outstanding principal amount of
     Class A Notes at such time.

           "Consolidated Fixed Charges" for any fiscal period  of
the  Company  means, on a consolidated basis for the Company  and
the Restricted Subsidiaries, the sum of:

                (a)   all interest and all amortization  of  Debt
     discount and expense on all Debt for borrowed money  of  the
     Company and the Restricted Subsidiaries; plus

               (b)  all Rentals payable during such period by the
     Company and the Restricted Subsidiaries.

           "Consolidated Net Earnings" means, for any period, the
net   income   or   loss  of  the  Company  and  the   Restricted
Subsidiaries,  as applicable (determined on a consolidated  basis
for such Persons at such time), for such period, as determined in
accordance  with  generally  accepted  accounting  principles  in
effect at such time.

           "Consolidated  Senior  Debt" at  any  time  means  the
aggregate  amount  of  the obligations of  the  Company  and  the
Restricted  Subsidiaries set forth below that would be  reflected
on   a  consolidated  balance  sheet  for  the  Company  and  the
Restricted Subsidiaries at such time:

               (a)  the Notes;

               (b)  all other Debt of the Company or a Restricted
     Subsidiary  for borrowed money that is not expressed  to  be
     subordinate or junior to any other Debt;

               (c)  all Guarantees of the Company or a Restricted
     Subsidiary;

                (d)   all  obligations in respect of  Capitalized
     Leases;

                (e)   in respect of the Company or any Restricted
     Subsidiary,  the  aggregate amount of all  demand  and  term
     deposits  made  by  any  Person with  the  Company  or  such
     Restricted   Subsidiary  (including,   without   limitation,
     certificates  of  deposit issued  by  the  Company  or  such
     Restricted Subsidiary); and

                (f)  Asset Securitization Recourse Liabilities to
     the  extent,  but only to the extent, that such  obligations
     have matured.

           "Consolidated Taxable Income" means, in respect of the
Company  for  any  calendar year, the  taxable  income  for  such
calendar  year  reported by the Company on its tax  return  filed
with  the  Internal  Revenue Service (or other successor  federal
agency) for such calendar year.

          "Date of Assumption and Restatement" means December 15,
1993.

          "Debt" at any time with respect to any Person means all
obligations  of  such  Person that in accordance  with  generally
accepted  accounting principles would be classified on a  balance
sheet  of  such Person as liabilities of such Person  (except  as
specified  in  clause (d) below), including (without  limitation)
all

                (a)   direct debt and other similar recourse  and
     non-recourse monetary obligations of such Person,

               (b)  obligations secured by any Lien upon Property
     owned  by  such  Person, even though  such  Person  has  not
     assumed   or   become  liable  for  the  payment   of   such
     obligations,

                (c)   obligations  created or arising  under  any
     conditional sale, financing lease, or other title  retention
     agreement with respect to Property acquired by such  Person,
     notwithstanding the fact that the rights and remedies of the
     seller,  lender or lessor under such agreement in the  event
     of  default  are  limited to repossession or  sale  of  such
     Property,

                (d)   Guarantees of such Person (whether  or  not
     such Guarantees are classified as liabilities on the balance
     sheet of such Person at such time),

               (e)  obligations in respect of Capitalized Leases,
     and

                (f)   in respect of the Company or any Restricted
     Subsidiary,  the  aggregate amount of all  demand  and  term
     deposits  made  by  any  Person with  the  Company  or  such
     Restricted   Subsidiary  (including,   without   limitation,
     certificates  of  deposit issued  by  the  Company  or  such
     Restricted Subsidiary).

          "Default" means an event or condition the occurrence of
which  would, with the lapse of time or the giving of  notice  or
both, become an Event of Default.

           "Disposition Assets" shall have the meaning  specified
in paragraph 6B(i).

          "Disposition Stock" shall have the meaning specified in
paragraph 6A.

            "Disposition  Subsidiary"  shall  have  the   meaning
specified in paragraph 6A.

           "Disposition Value" with respect to any Property means
the greater of

                (a)  the book value of such Property as reflected
     on the balance sheet of the owner of such Property and

               (b)  the Fair Market Value of such Property,

           in each case as of the time of the disposition of such
     Property.

           "Eligible  Derivatives"  means  derivative  Securities
which  are  sold  in the ordinary course of the business  of  the
Company  and  the  Restricted Subsidiaries  for  the  purpose  of
hedging or otherwise managing portfolio risk.

           "ERISA"  shall  mean  the Employee  Retirement  Income
Security Act of 1974, as amended.

           "Event  of  Default"  shall mean  any  of  the  events
specified  in paragraph 7, provided that there has been satisfied
any  requirement in connection with such event for the giving  of
notice,  or  the lapse of time, or the happening of  any  further
condition, event or act.

           "Exchange Act" shall mean the Securities Exchange  Act
of 1934, as amended.

           "Fair  Market Value" at any time with respect  to  any
Property,  means the sale value of such Property  that  would  be
realized in an arm's-length sale at such time between an informed
and  willing buyer and an informed and willing seller,  under  no
compulsion to buy or sell, respectively.

          "Financial Covenant" shall mean any covenant, agreement
or  provision  (including,  without limitation,  the  definitions
applicable  thereto)  of or applicable  to  the  Company  or  any
Restricted  Subsidiary contained in any agreement  governing,  or
instrument  evidencing, any Debt (or commitment to  lend),  other
than  Debt or a commitment to lend among the Company and  one  or
more  Restricted Subsidiaries, of the Company or  any  Restricted
Subsidiary  in  an aggregate principal amount greater  than  Five
Million  Dollars  ($5,000,000),  which  covenant,  agreement   or
provision:

                (a)   requires  the  Company  or  any  Restricted
     Subsidiary to maintain specified financial amounts or ratios
     or to meet other financial tests;

                (b)  restricts the ability of the Company or  any
     Restricted Subsidiary to:

                          (1)   make  distributions, investments,
          capital expenditures or operating expenditures  of  any
          kind;

                          (2)  incur, create or maintain any Debt
          (or other obligations) or Liens;

                         (3)  merge, consolidate or acquire or be
          acquired by any Person;

                         (4)  sell, lease, transfer or dispose of
          any  Property  (other than restrictions imposed  solely
          upon  collateral, and not upon Property of the  Company
          or  any Restricted Subsidiary generally, by holders  of
          Liens  thereon which are permitted by this  Agreement);
          or

                          (5)  issue or sell any capital stock of
          any kind;

                (c)  is similar to any provision in paragraphs  5
     or 6 of this Agreement; or

                (d)   provides that a default or event of default
     shall   occur,  or  that  the  Company  or  any   Restricted
     Subsidiary shall be required to prepay, redeem or  otherwise
     acquire  for value any Debt or security as a result  of  its
     failure to comply with any provision similar to any of those
     set forth in any of the foregoing clauses (a), (b) or (c).

           "Financing  Agreement" means the Financing  Agreement,
made  as  of December 21, 1989, by and between the Department  of
the  Treasury,  an  executive department  of  the  United  States
government,  and  the  Company, as  in  effect  on  the  Date  of
Assumption and Restatement.

           "Guarantees" at any time means, subject  to  the  last
sentence  of  this  definition, all  obligations  of  any  Person
guaranteeing  or  in  effect  guaranteeing  any  indebtedness  or
obligation  or  dividend  of  any  other  Person  (the   "primary
obligor")   in  any  manner,  whether  directly  or   indirectly,
including,  without limitation, all obligations incurred  through
an agreement, contingent or otherwise, by such Person

               (a)  to purchase any indebtedness or obligation or
     any Property constituting security therefor,

               (b)  to advance or supply funds

                          (1)  for the purchase or payment of any
          indebtedness or obligation or

                         (2)  to maintain working capital, equity
          capital  or other balance sheet condition or  otherwise
          to  advance or make available funds for the purchase or
          payment of any indebtedness or obligation,

                (c)  to purchase Property, Securities or services
     primarily  for  the purpose of assuring  the  owner  of  any
     indebtedness  or obligation of the ability  of  the  primary
     obligor to make payment of the indebtedness or obligation or

                 (d)   otherwise  to  assure  the  owner  of  the
     indebtedness  or  obligation of the primary obligor  against
     loss  in  respect  thereof (including,  without  limitation,
     contingent   reimbursement  obligations  under  letters   of
     credit).

For  purposes of this definition, (i) liabilities or endorsements
in the ordinary course of business of checks and other negotiable
instruments  for deposit or collection, (ii) obligations  of  the
Restricted Subsidiaries to acquire assets from the Company in the
ordinary  course  of  business, and  (iii)  Asset  Securitization
Recourse Liabilities shall be deemed not to be "Guarantees."

           "Hedge  Treasury Note(s)" shall mean, with respect  to
any Accepted Note, the United States Treasury Note or Notes whose
duration  (as determined by Prudential) most closely matches  the
duration of such Accepted Note.

           "Hostile Tender Offer" shall mean, with respect to the
use  of  proceeds  of  any Note, any offer to  purchase,  or  any
purchase of, shares of capital stock of any corporation or equity
interests in any other entity, or securities convertible into  or
representing the beneficial ownership of, or rights  to  acquire,
any  such  shares  or  equity interests, if such  shares,  equity
interests, securities or rights are of a class which is  publicly
traded  on  any  securities exchange or in  any  over-the-counter
market,  other  than purchases of such shares, equity  interests,
securities  or  rights representing less than 5%  of  the  equity
interests  or beneficial ownership of such corporation  or  other
entity  for  portfolio investment purposes,  and  such  offer  or
purchase has not been duly approved by the board of directors  of
such  corporation or the equivalent governing body of such  other
entity  prior to the date on which the Company makes the  Request
for Purchase of such Note.

           "Investments" shall have the meaning specified in  the
definition of "Restricted Investments".

           "Lien"  means  any  interest in Property  securing  an
obligation owed to, or a claim by, a Person other than the  owner
of  the  Property, whether such interest is based on  the  common
law,  statute or contract, and including but not limited  to  the
security  interest  lien  arising from a  mortgage,  encumbrance,
pledge, conditional sale or trust receipt or a lease, consignment
or bailment for security purposes.  The term "Lien" shall include
reservations,  exceptions, encroachments,  easements,  rights-of-
way,  covenants, conditions, restrictions, leases and other title
exceptions and encumbrances affecting Property.  For the purposes
of  this Agreement, the Company or a Restricted Subsidiary  shall
be  deemed to be the owner of any Property which it has  acquired
or holds subject to a conditional sale agreement, financing lease
or  other arrangement pursuant to which title to the Property has
been  retained  by  or vested in some other Person  for  security
purposes.

           "Long-Term  Lease"  means  any  lease  (other  than  a
Capitalized Lease) having an original term, including any  period
for  which the lease may be renewed or extended at the option  of
the  lessor,  of  more than one (1) year at the time  the  lessee
shall have entered into such lease.

          "Material Obligation(s)" means any one or more Debts or
other  Securities  having an aggregate outstanding  principal  or
stated  amount  for  all such Debts or other  Securities  of  One
Million Dollars ($1,000,000) or more.

           "NCB  Development Corporation Contribution" means  the
contribution  made by the Company to NCB Development  Corporation
in  any  fiscal  period  of the Company  pursuant  to  12  U.S.C.
3051(d), as in effect on the Date of Assumption and Restatement.

           "Notes"  shall have the meaning specified in paragraph
1.

          "Officer's Certificate" shall mean a certificate signed
in  the  name  of  the Company by an Authorized  Officer  of  the
Company.

           "Patronage  Dividends" means "patronage dividend",  as
such  term  is defined in 12 U.S.C.  3019(b)(2) as in  effect  on
the Date of Assumption and Restatement.

           "Pension  Plans" means all "employee  pension  benefit
plans", as such term is defined in Section 3 of ERISA, maintained
or  participated in by the Company or any of the Subsidiaries, as
from time to time in effect.

           "Permitted Proceeds Application" means, in  connection
with a sale of assets in accordance with paragraph 6B hereof or a
sale  of Subsidiary Stock in accordance with paragraph 6A hereof,
the  application by the Company or a Restricted Subsidiary of the
amount  of  proceeds specified in such paragraph to  any  of  the
following:

                (a)   the  acquisition by  the  Company  or  such
     Restricted Subsidiary of Adjusted Tangible Assets to be used
     in  the  ordinary course of business of the Company or  such
     Restricted Subsidiary within ninety (90) days of such  sale,
     so  long  as  any  proceeds to be applied pursuant  to  this
     clause (a) are invested in accordance with clause (c) hereof
     until such time as such proceeds are so applied,

                (b)   the prepayment, allocated in proportion  to
     the  respective  outstanding principal amounts  thereof,  of
     each  of  the Notes in accordance with paragraph 4  of  this
     Agreement  and  Section 5.2 of each of  the  Other  Restated
     Agreements,  as  the case may be, within ten  (10)  Business
     Days following the consummation of such sale, so long as any
     proceeds  to  be  applied pursuant to this  clause  (b)  are
     invested  in  accordance with clause (c) hereof  until  such
     time as such proceeds are so applied,

                (c)   the  investment  of such  proceeds  in  any
     Investment  specified in clauses (d) to (k),  inclusive,  of
     the  definition of "Restricted Investment" no later than the
     next  Business Day following the consummation of such  sale;
     provided  that  such  proceeds are applied  as  provided  in
     either  of  the  foregoing  clauses  (a)  or  (b)  of   this
     definition within the period therein specified, or

                (d)  the repayment of Debt outstanding under  any
     revolving  credit  or similar agreement which  provides  for
     successive  reborrowings and repayments  thereunder  at  the
     Company's option; provided that (i) the aggregate amount  of
     such  proceeds  so applied shall not exceed  the  lesser  of
     Fifty Million Dollars ($50,000,000) and ten percent (10%) of
     Consolidated  Total Assets and (ii) the amount  of  Debt  so
     repaid shall be reborrowed and applied as provided in either
     of  the  foregoing  clauses (a) or  (b)  within  the  period
     therein specified.

           "Person"  shall  mean  and include  an  individual,  a
partnership, a joint venture, a corporation, a limited  liability
company, a trust, an unincorporated organization and a government
or any department or agency thereof.

           "Property" means any interest in any kind of  property
or  asset,  whether  real,  personal or  mixed,  or  tangible  or
intangible.

            "Prudential"  shall  mean  The  Prudential  Insurance
Company of America.

           "Prudential  Affiliate" shall mean any corporation  or
other  entity  all  of  the Voting Stock  (or  equivalent  voting
securities  or interests) of which is owned by Prudential  either
directly or through Prudential Affiliates.

          "Qualified Assets" at any time means the sum of

                (a)  the principal amount of all promissory notes
     and  other interest bearing obligations of the Company owned
     in  the  ordinary course of the Company's business less  (i)
     reserves  for  credit losses applicable  thereto,  and  (ii)
     unearned income,

               (b)  the Company's cash on hand and in banks, and

                 (c)    the  Company's  Investments  other   than
     Restricted Investments.

            "Rentals"  at  any  time  means  all  fixed   rentals
(including as such all payments which the lessee is obligated  to
make  to  the  lessor on termination of a lease or  surrender  of
leased   Property)  payable  by  the  Company  or  a   Restricted
Subsidiary,  as  lessee or sublessee under a lease  of  Property,
exclusive of any amounts required to be paid by the Company or  a
Restricted  Subsidiary  (whether or not designated  as  rents  or
additional  rents) on account of maintenance, repairs, insurance,
taxes  and  similar  charges.  Fixed rents  under  any  so-called
"percentage leases" shall be computed solely on the basis of  the
minimum  rents,  if  any,  required to  be  paid  by  the  lessee
regardless of sales volume or gross revenues.

          "Required Holder(s)" shall mean at any time, the holder
or holders of at least sixty-six and two thirds percent (66 2/3%)
of  the  aggregate principal amount of the Notes  outstanding  at
such time.

            "Restricted  Guarantees"  at  any  time   means   all
Guarantees   by  the  Company  of  obligations  of  others   that
constitute  sum  certain obligations at the time such  Guarantees
are incurred.

            "Restricted  Investments"  at  any  time  means   all
investments,  made  in cash or by delivery of  Property,  by  the
Company  and  the  Restricted Subsidiaries  (x)  in  any  Person,
whether   by   acquisition  of  stock,  indebtedness   or   other
obligations  or  Securities,  or  by  loan,  advance  or  capital
contribution, or otherwise, or (y) in any Property (items (x) and
(y) herein called "Investments"), except the following:

                  (a)    Investments   in   and   to   Restricted
     Subsidiaries,  including  any Investment  in  a  corporation
     which, after giving effect to such Investment, will become a
     Restricted  Subsidiary  and  including  Investments   in   a
     Restricted Subsidiary that is designated as a Subsidiary  in
     compliance with the proviso to the definition of "Restricted
     Subsidiary" so long as such Investments were made  prior  to
     the date of such designation;

                (b)   Investments in Property to be used  by  the
     Company  and  the  Restricted Subsidiaries in  the  ordinary
     course of their respective businesses;

                (c)   Investments in promissory notes  and  other
     interest bearing obligations acquired in the ordinary course
     of business of the Company or the Restricted Subsidiaries;

                (d)   Investments  in  commercial  paper  of  any
     corporation which, at the time of acquisition by the Company
     or  a  Restricted Subsidiary, is accorded the highest rating
     by  Standard & Poor's Rating Service, a division of  McGraw-
     Hill,  Inc.,  Duff  &  Phelps,  Inc.  or  Moody's  Investors
     Service,  Inc.  (or  any other nationally recognized  credit
     rating   agency  of  similar  standing  if  none   of   such
     corporations  is  then in the business of rating  commercial
     paper);

                (e)   Investments  in direct obligations  of  the
     United States of America;

                (f)   Investments in marketable obligations fully
     guaranteed  or  insured by the United States of  America  or
     marketable  obligations for which the full faith and  credit
     of the United States of America is pledged for the repayment
     in full of all principal and interest thereon;

                (g)  Investments in marketable obligations issued
     or    fully   guaranteed   or   insured   by   any   agency,
     instrumentality  or  corporation of  the  United  States  of
     America  established  by  the  United  States  Congress   or
     marketable  obligations for which the  credit  of  any  such
     agency,  instrumentality or corporation is pledged  for  the
     repayment in full of all principal and interest thereon;

               (h)  Investments in marketable general obligations
     of  any  state, territory or possession of the United States
     of  America,  or any political subdivision  of  any  of  the
     foregoing,  or the District of Columbia, given  one  of  the
     three  (3) highest credit ratings in respect of the type  of
     such  obligations  by Standard & Poor's  Rating  Service,  a
     division  of McGraw Hill, Inc. or Moody's Investors Service,
     Inc., and the obligor of which

                          (1)   has general taxing authority  and
          the power to levy such taxes as may be required for the
          payment of principal and interest thereon, and

                          (2)   has unconditionally fully secured
          the   payment  of  principal  and  interest   on   such
          obligations with its full faith and credit;

                 (i)   Investments  in  domestic  and  Eurodollar
     negotiable  time and variable rate certificates  of  deposit
     issued by Selected Commercial Banks;

                  (j)    Investments   in   marketable   bankers'
     acceptances   and   finance  bills  accepted   by   Selected
     Commercial Banks;

               (k)  Investments in repurchase, reverse repurchase
     and  security  lending  agreements fully  collateralized  by
     marketable  obligations  issued  by  the  United  States  of
     America or by any agency or instrumentality thereof;

                (l)   Investments  in federal  funds  or  similar
     unsecured  loans  to  Selected  Commercial  Banks  having  a
     maturity  of  not more than four (4) days from the  date  of
     acquisition thereof;

                (m)   Investments  in marketable  corporate  debt
     securities given a credit rating of "A" or better by each of
     Standard & Poor's Rating Service, a division of McGraw Hill,
     Inc. and Moody's Investors Service, Inc.;

               (n)  Investments in asset-backed securities issued
     against a pool of receivables which (i) have an average life
     or  final maturity of not more than five (5) years and  (ii)
     have  been  given a long-term rating of "AAA" or  better  by
     Standard & Poor's Rating Service, a division of McGraw Hill,
     Inc. or Moody's Investors Service, Inc.;
               (o)  Investments in mortgage-backed securities issued
     against an underlying pool of mortgages which (i) have an average
     life, as determined by the dealer's prepayment assumptions at the
     time of purchase, of not more than five (5) years and (ii) have
     been given a long-term rating of "AAA" or better by Standard & Poor's
     Corporation or Moody's Investors Service, Inc.; and

               (p)  "Equity Investments" provided that (i) the aggregate
     amount  of  such Equity Investments (on a cumulative basis) does not
     exceed  an amount equal to ten (10%) percent of Consolidated
     Adjusted Net Worth as at any date of determination thereof, after
     giving effect to any such Equity Investment, and (ii) no single
     Equity Investment in any Person may be greater than $2,000,000.
     For purposes hereof, Equity Investment(s) shall mean the amount
     paid or committed to be paid in connection with the acquisition
     of any stock (common or preferred) or other equity securities of
     any Person or any obligation convertible into or exchangeable for
     a right, option or warrant to acquire such equity securities;

provided, that notwithstanding the foregoing clauses (a)  through
(p),  inclusive, the term Restricted Investments  shall  for  all
purposes  include  all  Investments described  in  the  foregoing
clauses  (d)  through  (k), inclusive, to the  extent  that  they
mature  more  than  one (1) year from the  date  of   acquisition
thereof by the Company or a Restricted Subsidiary.

           "Restricted Payments" shall have the meaning specified
in paragraph 6I(i).

           "Restricted Subsidiary" means a Subsidiary engaged  in
one or more of the businesses referred to in paragraph 8C(iii) of
this Agreement:

               (a)  organized under the laws of the United States
     of America or a jurisdiction thereof;

                (b)   that  conducts  substantially  all  of  its
     business  and  has substantially all of its Property  within
     the United States of America and/or Canada;

                (c)  one hundred percent (100%) of all stock  and
     equity  Securities (except directors' qualifying shares)  of
     which  are  legally  and  beneficially  owned,  directly  or
     indirectly, by the Company; and

                (d)  that is designated by the Board of Directors
     to  be  included in the definition of Restricted  Subsidiary
     for all purposes of this Agreement;

provided, that any Subsidiary having been designated a Restricted
Subsidiary  may  thereafter become a  Subsidiary  (other  than  a
Restricted  Subsidiary) by designation of the Board of  Directors
if  at  the  time  of such change in characterization  and  after
giving effect thereto

                          (1)   no  Default or Event  of  Default
          shall exist, and

                          (2)   after the elimination of the  net
          earnings  of  any  such  Subsidiary  from  Consolidated
          Adjusted  Net  Income  for  the  period  subsequent  to
          December   31,  1991,  the  Company  would  have   been
          entitled,  pursuant to the provisions of paragraph  6I,
          to  declare or make all Restricted Payments declared or
          made during such period.

          "Securities Act" shall mean the Securities Act of 1933,
as amended.

           "Security" shall have the same meaning as  in  Section
2(1)  of  the  Securities  Act;  provided,  however,  that  Asset
Securitization   Recourse  Liabilities   shall   not   constitute
"Securities" except (i) to the extent that such obligations arise
from  the Company's obligation to repurchase receivables or other
assets  as  a  result  of  a default in payment  by  the  obligor
thereunder  or any other default in performance by  such  obligor
under  any agreement related to such receivables or (ii)  if  the
Company  shall  maintain  a reserve account  containing  cash  or
Securities in respect of any such obligations or shall retain  or
purchase  a subordinated interest therein, to the extent  of  the
amount of such reserve account or subordinated interest.

          "Selected Commercial Bank" means

                 (a)   one  of  the  one  hundred  (100)  largest
     commercial  banks  organized under the laws  of  the  United
     States of America or any state thereof and accorded a rating
     of  "B" or better by Thomson BankWatch, Inc. (or accorded  a
     comparable  rating  by another nationally recognized  rating
     agency of similar standing if Thomson BankWatch, Inc. is not
     then in the business of rating commercial banks); or

                (b)   one  of  the fifty (50) largest  commercial
     banks  organized  under the laws of  the  United  States  of
     America or any state thereof and accorded a rating of  "B/C"
     or  better  by  Thomson  BankWatch,  Inc.  (or  accorded   a
     comparable  rating  by another nationally recognized  rating
     agency of similar standing if Thomson BankWatch, Inc. is not
     then in the business of rating commercial banks).

           "Senior Debt" means the Notes, all other Debt  of  the
Company  for  borrowed  money  that  is  not  expressed   to   be
subordinate or junior to any other Debt, and Asset Securitization
Recourse Liabilities to the extent, but only to the extent,  that
such obligations have matured.

          "Significant Holder" shall mean (i) Prudential, so long
as  Prudential  or any  Prudential Affiliate shall  hold  (or  be
committed under this Agreement to purchase) any Note, or (ii) any
other holder of at least 5% of the aggregate principal amount  of
the Notes from time to time outstanding.

           "SPV"  has  the meaning assigned to such term  in  the
definition of "Asset Securitization" in this paragraph 10B.

            "Stock  Disposition  Date"  shall  have  the  meaning
specified in paragraph 6A.

          "Subordinated Debt" means (a) the Class A Notes and (b)
all  notes, debentures or other evidences of indebtedness of  the
Company for borrowed money of the Company which shall contain  or
have  applicable thereto subordination provisions  providing  for
the subordination of such indebtedness to the Notes and all other
Senior   Debt  (but  not  to  any  other  Debt)  of  the  Company
substantially in the following form:

           "Anything  in this subordinated note to  the  contrary
     notwithstanding,   the  indebtedness   evidenced   by   this
     subordinated note shall be subordinate and junior  in  right
     of  payment, to the extent and in the manner hereinafter set
     forth,  to  all  indebtedness  of  the  Company  for   money
     borrowed,   whether  outstanding  at  the   date   of   this
     subordinated  note  or  incurred  after  the  date  of  this
     subordinated note, which is not by its terms subordinate  or
     junior  to  any  other  indebtedness of  the  Company  (such
     indebtedness of the Company, together with (i) all  premiums
     (if any) due on such indebtedness, (ii) all interest accrued
     on  such  indebtedness (including, without  limitation,  any
     interest  which accrues after the commencement of any  case,
     proceeding  or  other  action relating  to  the  bankruptcy,
     insolvency or reorganization of the Company, whether or  not
     such  interest is allowed under applicable law),  and  (iii)
     all  other amounts payable from time to time to the  holders
     of,  or in respect of, such indebtedness (including, without
     limitation,  all  costs and expenses  relating  thereto)  to
     which this subordinated note is subordinate and junior being
     herein called "Superior Indebtedness"):

                (a)   in  the  event  of any  sale  under  or  in
     accordance  with  any  judgment or decree  rendered  in  any
     proceeding by or on behalf of the holder or holders of  this
     subordinated  note  or  in the event  of  any  distribution,
     division  or application, partial or complete, voluntary  or
     involuntary, by operation of law or otherwise, of all or any
     part  of the assets of the Company, or the proceeds thereof,
     to  creditors  of  the Company occurring by  reason  of  any
     liquidation, dissolution or winding up of the Company or  in
     the  event  of any execution sale, receivership, insolvency,
     bankruptcy,  liquidation,  readjustment,  reorganization  or
     other  similar  proceeding relative to the  Company  or  its
     debts  or properties, then in any such event the holders  of
     any  and all Superior Indebtedness shall be preferred in the
     payment  of their claims over the holder or holders of  this
     subordinated note, and such Superior Indebtedness  shall  be
     first  paid  and  satisfied in full before  any  payment  or
     distribution  of  any kind or character,  whether  in  cash,
     property  or  securities (other than  securities  which  are
     subordinate and junior in right of payment to the payment of
     all   Superior  Indebtedness  which  may  at  the  time   be
     outstanding pursuant to terms substantially identical to the
     terms  of  this subordinated note), shall be made upon  this
     subordinated  note; and in any such event  any  dividend  or
     distribution  of  any kind or character,  whether  in  cash,
     property  or securities (other than in securities which  are
     subordinate and junior in right of payment to the payment of
     all   Superior  Indebtedness  which  may  at  the  time   be
     outstanding pursuant to terms substantially identical to the
     terms of this subordinated note) which shall be made upon or
     in   respect   of   the  indebtedness  evidenced   by   this
     subordinated  note,  or any renewals or  extensions  hereof,
     shall   be  paid  over  to  the  holders  of  such  Superior
     Indebtedness,  pro rata, for application in payment  thereof
     unless and until such Superior Indebtedness shall have  been
     paid and satisfied in full;

                (b)  in the event that pursuant to the provisions
     hereof this subordinated note is declared or becomes due and
     payable  before  its  expressed  maturity  because   of   an
     occurrence  of  an event of default described herein  (under
     circumstances  when the foregoing clause (a)  shall  not  be
     applicable)  or otherwise, no amount shall be  paid  by  the
     Company in respect of the principal, interest or premium  on
     this  subordinated note (or any other amounts due in respect
     thereof), except at the stated maturity hereof (all  subject
     to  the  foregoing clause (a) above), unless and  until  all
     Superior   Indebtedness  outstanding  at   the   time   this
     subordinated note so becomes due and payable because of  any
     such  event shall have been paid in full in cash or  payment
     thereof   shall  have  been  provided  for   in   a   manner
     satisfactory  to  the  holders of such outstanding  Superior
     Indebtedness;

                (c)   without limiting the effect of any  of  the
     other  provisions  hereof, during  the  continuance  of  any
     default  with  respect to any Superior Indebtedness  or  any
     agreement relating thereto, or any default in the payment of
     any  Superior Indebtedness, no payment of principal, sinking
     fund,  interest  or premium (or any other amount)  shall  be
     made  on  or  with respect to the indebtedness evidenced  by
     this subordinated note or any renewals or extensions hereof;
     and

                (d)  during any period of time when, pursuant  to
     the foregoing paragraphs (b) or (c), payment may not be made
     on  the  indebtedness evidenced by this  subordinated  note,
     then  the  holder of this subordinated note  shall  take  no
     action against or with respect to the Company to seek or  to
     enforce  collection of the Notes or to exercise any of  such
     holder's  rights  with  respect to this  subordinated  note,
     which  prohibition  shall  include,  without  limitation,  a
     prohibition  against any acceleration of  this  subordinated
     note,  the  filing of a collection action, or the initiation
     of a bankruptcy petition against the Company.

           The  Company covenants and agrees, for the benefit  of
     each  and  every  present  and  future  holder  of  Superior
     Indebtedness,  that  in  the  event  that  pursuant  to  the
     provisions  hereof  this subordinated note  is  declared  or
     becomes due and payable because of an occurrence of an event
     of  default described herein or otherwise, then each  holder
     of any Superior Indebtedness then outstanding shall have the
     right  to declare immediately due and payable on demand  all
     or  any part of such Superior Indebtedness owing and payable
     to such holder, regardless of any other maturity or terms of
     said Superior Indebtedness; and if and when any such default
     has  occurred,  or  any notice of default  under  the  terms
     hereof  may  be served upon the Company, then in  each  such
     event  the  Company  shall and hereby agrees  that  it  will
     immediately  notify the holders of the Superior Indebtedness
     of such default or notice thereof, as the case may be.

           No  right  of  any  present or future  holder  of  any
     Superior   Indebtedness   of   the   Company   to    enforce
     subordination as herein provided shall at any time or in any
     way  be prejudiced or impaired by any failure to act on  the
     part  of the Company, or by any noncompliance by the Company
     with   the   terms,   provisions  and  covenants   of   this
     subordinated note, regardless of any knowledge thereof  that
     any  such  holder of Superior Indebtedness may  have  or  be
     otherwise  charged with.  The provisions hereof  are  solely
     for  the  purpose  of defining the relative  rights  of  the
     holders  of Superior Indebtedness on the one hand,  and  the
     holder  or  holders of this subordinated note on  the  other
     hand,  and  nothing  herein shall  impair,  as  between  the
     Company  and  the  holder  of this  subordinated  note,  the
     obligation  of the Company to pay to the holder  hereof  the
     principal,   premium,  if  any,  and  interest   hereon   in
     accordance with its terms, nor shall anything herein prevent
     the  holder  of  this subordinated note from exercising  all
     remedies  otherwise permitted by applicable law or hereunder
     upon  default hereunder, subject to the rights, if  any,  of
     holders  of Superior Indebtedness as herein provided.   Each
     and  every  holder of this subordinated note  by  acceptance
     hereof  shall  undertake and agree for the benefit  of  each
     holder  of Superior Indebtedness to execute, verify, deliver
     and file any proofs of claim, consents, assignments or other
     instruments which any holder of Superior Indebtedness may at
     any  time  require  in order to prove and realize  upon  any
     rights or claims pertaining to this subordinated note and to
     effectuate  the full benefit of the subordination  contained
     herein  and,  upon  failure  of  any  such  holder  of  this
     subordinated  note  so to do, any such  holder  of  Superior
     Indebtedness shall be deemed to be irrevocably appointed the
     agent   and   attorney-in-fact  of  such  holder   of   this
     subordinated note to execute, verify, deliver and  file  any
     such   proofs  of  claim,  consents,  assignments  or  other
     instruments."

           "Subsidiary" means a corporation organized  under  the
laws  of  the United States or Canada, or any province of Canada,
which conducts the major portion of its business in and makes the
major  portion  of  its sales to Persons located  in  the  United
States of America or Canada, and at least fifty percent (50%)  of
the  Voting  Stock of which shall, at the time as  of  which  any
determination  is  being made, be owned  by  the  Company  either
directly or through Subsidiaries.

           "Subsidiary Stock" shall have the meaning specified in
paragraph 6A.

            "Transferee"  shall  mean  any  direct  or   indirect
transferee  of  all  or  any part of any Note  purchased  by  any
Purchaser under this Agreement.

          "Voting Stock" means Securities of any class or classes
of  a  corporation  the holders of which are ordinarily,  in  the
absence of contingencies, entitled to vote in the election of the
corporate directors (or persons performing similar functions).

           10C.  Accounting Principles, Terms and Determinations.
All  references in this Agreement to "general accepted accounting
principles"  shall  be  deemed  to refer  to  generally  accepted
accounting principles in effect in the United States at the  time
of  application thereof.  Unless otherwise specified herein,  all
accounting   terms   used  herein  shall  be   interpreted,   all
determinations with respect to accounting matters hereunder shall
be  made, and all unaudited financial statements and certificates
and  reports  as  to financial matters required to  be  furnished
hereunder   shall  be  prepared,  in  accordance  with  generally
accepted accounting principles applied on a basis consistent with
the  most recent audited consolidated financial statements of the
Company and its Subsidiaries delivered pursuant to clause (b)  of
paragraph  5H  or, if no such statements have been so  delivered,
the  most  recent  audited financial statements  referred  to  in
clause (a) of paragraph 8C.

     11   MISCELLANEOUS.

           11A. Note Payments.  The Company agrees that, so  long
as  any  Purchaser shall hold any Note, it will make payments  of
principal  of,  interest  on,  and any  Yield-Maintenance  Amount
payable  with respect to, such Note, which comply with the  terms
of  this  Agreement,  by  wire transfer of immediately  available
funds  for credit (not later than 12:00 noon, New York City local
time,  on  the  date  due) to the account  or  accounts  of  such
Purchaser, if any, as are specified in the Information  Schedule,
attached  hereto, or, in the case of any Purchaser not  named  in
the  Information Schedule or any Purchaser wishing to change  the
account  specified  for  it  in the  Information  Schedule,  such
account  or  accounts in the United States as such Purchaser  may
from  time  to  time  designate in writing,  notwithstanding  any
contrary  provision  herein or in any Note with  respect  to  the
place  of  payment.  Each Purchaser agrees that, before disposing
of  any  Note, it will make a notation thereon (or on a  schedule
attached  thereto)  of  all  principal payments  previously  made
thereon and of the date to which interest thereon has been  paid.
The  Company agrees to afford the benefits of this paragraph  11A
to any Transferee which shall have made the same agreement as the
Purchasers have made in this paragraph 11A.

           11B. Expenses.  The Company agrees, whether or not the
transactions  contemplated hereby shall be consummated,  to  pay,
and  save  Prudential, each Purchaser and any Transferee harmless
against  liability for the payment of, all out-of-pocket expenses
arising  in connection with such transactions, including (i)  all
document  production and duplication charges  and  the  fees  and
expenses of any special counsel engaged by the Purchasers or  any
Transferee  in  connection with this Agreement, the  transactions
contemplated hereby and any subsequent proposed modification  of,
or  proposed consent under, this Agreement, whether or  not  such
proposed  modification  shall  be effected  or  proposed  consent
granted,  and  (ii) the costs and expenses, including  attorneys'
fees,  incurred by any Purchaser or any Transferee  in  enforcing
(or  determining whether or how to enforce) any rights under this
Agreement or the Notes or in responding to any subpoena or  other
legal   process  or  informal  investigative  demand  issued   in
connection  with this Agreement or the transactions  contemplated
hereby or by reason of any Purchaser's or any Transferee's having
acquired  any  Note,  including  without  limitation  costs   and
expenses incurred in any bankruptcy case.  The obligations of the
Company  under this paragraph 11B shall survive the  transfer  of
any  Note or portion thereof or interest therein by any Purchaser
or any Transferee and the payment of any Note.

           11C.  Consent  to Amendments.  This Agreement  may  be
amended,  and the Company may take any action herein  prohibited,
or omit to perform any act herein required to be performed by it,
if   the  Company  shall  obtain  the  written  consent  to  such
amendment,  action or omission to act, of the Required  Holder(s)
of  the  Notes except that, (i) with the written consent  of  the
holders  of  all Notes at the time outstanding (and  not  without
such  written  consents),  the  Notes  may  be  amended  or   the
provisions  thereof  waived to change the  maturity  thereof,  to
change  or  affect the principal thereof, or to change or  affect
the  rate  or  time  of  payment of interest  on  or  any  Yield-
Maintenance  Amount payable with respect to the  Notes  and  (ii)
without the written consent of the holder or holders of all Notes
at  the  time  outstanding, no amendment  to  or  waiver  of  the
provisions   of  this  Agreement  shall  change  or  affect   the
provisions of paragraph 7A or this paragraph 11C insofar as  such
provisions relate to proportions of the principal amount  of  the
Notes,  or the rights of any individual holder of Notes, required
with respect to any declaration of Notes to be due and payable or
with  respect  to any consent, amendment, waiver or  declaration.
Each  holder  of  any Note at the time or thereafter  outstanding
shall  be bound by any consent authorized by this paragraph  11C,
whether or not such Note shall have been marked to indicate  such
consent,  but  any Notes issued thereafter may  bear  a  notation
referring to any such consent.  No course of dealing between  the
Company  and  the holder of any Note nor any delay in  exercising
any  rights hereunder or under any Note shall operate as a waiver
of  any rights of any holder of such Note.  As used herein and in
the Notes, the term "this Agreement" and references thereto shall
mean  this  Agreement as it may from time to time be  amended  or
supplemented.

           11D.  Form,  Registration, Transfer  and  Exchange  of
Notes;  Lost  Notes.  The Notes are issuable as registered  notes
without  coupons in denominations of at least $1,000,000,  except
as  may  be necessary to reflect any principal amount not  evenly
divisible by $1,000,000.  The Company shall keep at its principal
office  a  register in which the Company shall  provide  for  the
registration of Notes and of transfers of Notes.  Upon  surrender
for  registration of transfer of any Note at the principal office
of  the  Company, the Company shall, at its expense, execute  and
deliver  one  or  more  new Notes of like tenor  and  of  a  like
aggregate  principal  amount, registered  in  the  name  of  such
transferee  or transferees.  At the option of the holder  of  any
Note,  such  Note may be exchanged for other Notes of like  tenor
and   of  any  authorized  denominations,  of  a  like  aggregate
principal  amount, upon surrender of the Note to be exchanged  at
the  principal office of the Company.  Whenever any Notes are  so
surrendered  for  exchange, the Company shall,  at  its  expense,
execute  and  deliver  the  Notes which  the  holder  making  the
exchange  is entitled to receive.  Each installment of  principal
payable  on each installment date upon each new Note issued  upon
any such transfer or exchange shall be in the same proportion  to
the  unpaid  principal amount of such new Note as the installment
of  principal  payable on such date on the Note  surrendered  for
registration of transfer or exchange bore to the unpaid principal
amount  of such Note.  No reference need be made in any such  new
Note  to  any installment or installments of principal previously
due  and  paid  upon  the Note surrendered  for  registration  of
transfer or exchange.  Every Note surrendered for registration of
transfer or exchange shall be duly endorsed, or be accompanied by
a  written instrument of transfer duly executed, by the holder of
such  Note or such holder's attorney duly authorized in  writing.
Any  Note  or  Notes  issued in exchange for  any  Note  or  upon
transfer  thereof shall carry the rights to unpaid  interest  and
interest to accrue which were carried by the Note so exchanged or
transferred,  so  that neither gain nor loss  of  interest  shall
result  from  any  such transfer or exchange.   Upon  receipt  of
written  notice from the holder of any Note of the  loss,  theft,
destruction  or mutilation of such Note and, in the case  of  any
such  loss,  theft or destruction, upon receipt of such  holder's
unsecured  indemnity  agreement, or  in  the  case  of  any  such
mutilation  upon  surrender and cancellation of  such  Note,  the
Company will make and deliver a new Note, of like tenor, in  lieu
of the lost, stolen, destroyed or mutilated Note.

           11E. Persons Deemed Owners; Participations.  Prior  to
due  presentment  for registration of transfer, the  Company  may
treat  the  Person  in whose name any Note is registered  as  the
owner  and  holder  of  such Note for the  purpose  of  receiving
payment  of  principal  of  and  interest  on,  and  any   Yield-
Maintenance Amount payable with respect to, such Note and for all
other  purposes  whatsoever, whether or not such  Note  shall  be
overdue, and the Company shall not be affected by notice  to  the
contrary.  Subject to the preceding sentence, the holder  of  any
Note  may  from time to time grant participations in all  or  any
part  of such Note to any Person on such terms and conditions  as
may  be  determined  by  such holder in  its  sole  and  absolute
discretion.

          11F. Survival of Representations and Warranties; Entire
Agreement.   All representations and warranties contained  herein
or  made  in writing by or on behalf of the Company in connection
herewith  shall  survive  the  execution  and  delivery  of  this
Agreement  and  the Notes, the transfer by any Purchaser  of  any
Note  or  portion thereof or interest therein and the payment  of
any Note, and may be relied upon by any Transferee, regardless of
any  investigation  made  at any time by  or  on  behalf  of  any
Purchaser  or any Transferee.  Subject to the preceding sentence,
this  Agreement  and  the Notes embody the entire  agreement  and
understanding  between the parties hereto  with  respect  to  the
subject  matter  hereof and supersede all  prior  agreements  and
understandings relating to such subject matter.

           11G.  Successors and Assigns.  All covenants and other
agreements in this Agreement contained by or on behalf of any  of
the  parties  hereto shall bind and inure to the benefit  of  the
respective   successors  and  assigns  of  the   parties   hereto
(including,  without  limitation,  any  Transferee)  whether   so
expressed or not.

            11H.   Disclosure  to  Other  Persons.   The  Company
acknowledges that Prudential, each Purchaser and each  holder  of
any Note may deliver copies of any financial statements and other
documents  delivered  to it, and disclose any  other  information
disclosed to it, by or on behalf of the Company or any Subsidiary
in  connection  with  or pursuant to this Agreement  to  (i)  its
directors,   officers,   employees,   agents   and   professional
consultants, (ii) any Purchaser or holder of any Note, (iii)  any
Person  to which it offers to sell any Note or any part  thereof,
(iv)  any  Person  to  which  it  sells  or  offers  to  sell   a
participation in all or any part of any Note, (v) any Person from
which it offers to purchase any security of the Company, (vi) any
federal  or  state regulatory authority having jurisdiction  over
it, (vii) the National Association of Insurance Commissioners  or
any  rating agency or similar organization, or (viii)  any  other
Person  to which such delivery or disclosure may be necessary  or
appropriate  (a) in compliance with any law, rule, regulation  or
order  applicable to it, (b) in response to any subpoena or other
legal process or informal investigative demand, (c) in connection
with  any  litigation to which it is a party or (d) in  order  to
protect the investment of any holder in any Note.

           11I. Notices.  All written communications provided for
hereunder (other than communications provided for under paragraph
2)  shall  be  sent  by first class mail or nationwide  overnight
delivery service (with charges prepaid) and (i) if to any  Person
listed in the Information Schedule attached hereto, addressed  to
it  at  the  address  specified for such communications  in  such
Information Schedule, or at such other address as it  shall  have
specified  in  writing to the Person sending such  communication,
and (ii) if to any Purchaser or holder of any Note which is not a
Person  listed in such Information Schedule, addressed to  it  at
such  address as it shall have specified in writing to the Person
sending such communication or, if any such holder shall not  have
so specified an address, then addressed to such holder in care of
the  last  holder of such Note which shall have so  specified  an
address  to  the  Person  sending such  communication,  provided,
however, that any such communication to the Company may also,  at
the option of the Person sending such communication, be delivered
by any other means either to the Company at its address specified
in  the Information Schedule or to any Authorized Officer of  the
Company.  Any communication pursuant to paragraph 2 shall be made
by  the  method specified for such communication in paragraph  2,
and  shall be effective to create any rights or obligations under
this Agreement only if, in the case of a telephone communication,
an  Authorized Officer of the party conveying the information and
of  the  party  receiving  the information  are  parties  to  the
telephone  call,  and in the case of a telecopier  communication,
the communication is signed by an Authorized Officer of the party
conveying  the  information, addressed to  the  attention  of  an
Authorized Officer of the party receiving the information, and in
fact  received at the telecopier terminal the number of which  is
listed   for  the  party  receiving  the  communication  in   the
Information Schedule or at such other telecopier terminal as  the
party  receiving the information shall have specified in  writing
to the party sending such information.

           11J.  Payments Due on Non-Business Days.  Anything  in
this Agreement or the Notes to the contrary notwithstanding,  any
payment  of  principal  of or interest on,  or  Yield-Maintenance
Amount  payable with respect to, any Note that is due on  a  date
other  than  a Business day shall be made on the next  succeeding
Business  Day.   If the date for any payment is extended  to  the
next succeeding Business Day by reason of the preceding sentence,
the  period  of  such  extension shall not  be  included  in  the
computation of the interest payable on such Business Day.

           11K.  Severability.  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,  and  any  such  prohibition   or
unenforceability  in  any jurisdiction shall  not  invalidate  or
render unenforceable such provision in any other jurisdiction.

          11L. Descriptive Headings.  The descriptive headings of
the  several  paragraphs  of  this  Agreement  are  inserted  for
convenience only and do not constitute a part of this Agreement.

           11M.  Satisfaction  Requirement.   If  any  agreement,
certificate or other writing, or any action taken or to be taken,
is  by the terms of this Agreement required to be satisfactory to
any  Purchaser,  to  any  holder of  Notes  or  to  the  Required
Holder(s), the determination of such satisfaction shall  be  made
by  such Purchaser, such holder or the Required Holder(s), as the
case  may  be,  in the sole and exclusive judgment (exercised  in
good faith) of the Person or Persons making such determination.

           11N. Governing Law.  IN ACCORDANCE WITH THE PROVISIONS
OF   5-1401  OF  THE  NEW  YORK  GENERAL  OBLIGATIONS  LAW,  THIS
AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND
THE  RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW  OF  THE
STATE OF NEW YORK.

           11O. Counterparts.  This Agreement may be executed  in
any  number of counterparts, each of which shall be an  original,
but all of which together shall constitute one instrument.

            11P.  Binding  Agreement.   When  this  Agreement  is
executed  and delivered by the Company and Prudential,  it  shall
become  a  binding agreement between the Company and  Prudential.
This  Agreement shall also inure to the benefit of each Purchaser
which  shall  have  executed  and  delivered  a  Confirmation  of
Acceptance,  and  each  such Purchaser shall  be  bound  by  this
Agreement  to  the  extent  provided  in  such  Confirmation   of
Acceptance.

      [Remainder of this page is intentionally left blank.
                 Next page is signature page.]

          If you are in agreement with the foregoing, please sign
below on the several counterparts of this letter and returning at
least  one  fully  executed copy of this letter to  the  Company,
whereupon  this  letter shall become a binding agreement  between
the Company and Prudential.

                              Very truly yours,

                               NATIONAL CONSUMER
                               COOPERATIVE BANK

                              By
                              Name: Richard L. Reed
                              Title: Chief Financial Officer

                              By
                              Name: William E. Seas
                              Title: Treasurer

The foregoing Agreement is
hereby accepted as of the
date first above written.

THE PRUDENTIAL INSURANCE COMPANY
  OF AMERICA

By
Name: Yvonne M. Guajardo
Title: Vice President

                            ANNEX 1
                      INFORMATION SCHEDULE

Prudential/Purchaser(s)

The Prudential Insurance           and notices:
Company of America
                                   The Prudential Insurance
                                   Company of America
(1)   All  payments on account     c/o Prudential Capital Group
of    Notes   held   by   such     1114 Avenue of the Americas,
purchaser  shall  be  made  by     30th Floor
wire  transfer of  immediately     New York, NY 11036
available funds for credit to:     Attention:  Managing Director
                                   Telephone: (212) 626-2070
Account No. 890-0304-391,          Fax: (212) 626-2079
Prudential Managed Account
Bank Of New York                   (4)  Recipient notices of
New York, New York                 telephonic or facsimile
(ABA No.:  021-000-018)            prepayment:

Each such wire transfer shall      Manager, Trade Management
set forth
the name of the Company, a         Telephone:  (201) 802-7398
reference to                       Fax:        (201) 802-9425
the due date and application
(as among principal, interest      (5)  Tax Identification No.:
and Yield-Maintenance Amount)      22-1211670
of the payment being made and
the Security Number identified     (6)  Authorized Officers:
in the Confirmation of                  Charles Y. King
Acceptance.                             Yvonne M. Guajardo
                                        Kevin J. Kraska
(2)  Address for all notices            Thomas Cecka
relating to payments:

The Prudential Insurance
Company of   America
Three Gateway Center, 12th Floor
100 Mulberry Street
Newark, New Jersey 07102-4077

Attention:  Manager, Billings
and Collections

Telephone:  (201) 802-5260
Fax:        (201) 802-8055

With a copy to:
Prudential Capital Group
1114 Avenue of the Americas,
30th Floor
New York, NY 11036
Attention:  Managing Director

(3)  Address for all other
communications
and notices:
The Company

National Consumer Cooperative
Bank

(1)  Address for Notices:

National Consumer Cooperative Bank
Suite 700
1401 Eye Street N.W.
Washington, D.C.  20005

Attention: President

(2)  Receipt of telephonic or
facsimile notices:

Richard L. Reed
(202) 336-7660
(202) 336-7803 (facsimile)

(3)  Authorized Officers:
Charles E. Snyder
President

Richard L. Reed
Chief Financial Officer

William E. Seas
Treasurer

                            ANNEX 2
                  Disclosures of the Company

LIENS (PARAGRAPH 6C)

      Section 10.5 of the Bank Loan Agreement provides for a Lien
and  right  of setoff in favor of the Agent and the  banks  party
thereto with respect to deposits or other sums due to the Company
from the Agent or such banks.

      Each  of  the  Company  and NCB Capital  Corporation  sells
mortgage loans, ESOP loans and other loans from its portfolio  in
the  ordinary course of business, structured either as  an  Asset
Securitization or a sale of whole loans.  The purchaser typically
provides  for  an  alternative  security  interest  and  files  a
financing  statement covering the loans sold to it  in  order  to
protect itself against a subsequent determination that such  sale
was not a sale but rather a loan.

      In order to provide a liquidity facility, NCB Savings Bank,
FSB  ("NCBSB") is party to a Blanket Agreement for  Advances  and
Security  Agreement,  dated  as of October  19,  1993,  with  the
Federal  Home  Loan Bank of Cincinnati (the "FHLB")  pursuant  to
which it grants a security interest to the FHLB in its FHLB stock
and  in its mortgage portfolio as security for advances that  the
FHLB agrees to make to NCBSB.

SUBSIDIARIES AND AFFILIATES (PARAGRAPH 8A)

        Name of          Jurisdiction    Nature and Extent of
 Subsidiary/Affiliate         of             Affiliation
                         Incorporation

NCB Capital                Delaware      The Company is the
Corporation**                            owner of all
                                         outstanding voting
                                         stock of NCB Capital
                                         Corporation

NCB Financial              Delaware      Wholly owned subsidiary
Corporation**                            of the Company

NCB Savings Bank,       Federal Charter  Wholly owned subsidiary
FSB**                                    of NCB Financial Corporation

NCB Development         District of      The Company was
Corporation             Columbia non-    directed by 12.U.S.C.
                        profit           3051(b) to organize
                         corporation     NCBDC, which has no
                                         capital stock.  Six of
                                         its nine directors are
                                         directors of the Company.
                                         The Company makes annual
                                         contributions to NCBDC
                                         and provides office
                                         space and services for
                                         which the Company is
                                         reimbursed at its cost.

NCB Insurance Brokers,   New York        Wholly owned subsidiary
Inc.**                                   of NCB Capital
                                         Corporation

NCB Retail Finance       Delaware        Special purpose
Corporation                              corporation and wholly
                                         owned subsidiary of the
                                         Company

NCB I, Inc.**            Delaware        Special purpose
                                         corporation and wholly
                                         owned subsidiary of the
                                         Company

 ** Restricted Subsidiary

DESCRIPTION OF BUSINESS (PARAGRAPH 8C(c))

      The  Company and the Subsidiaries provide a broad array  of
financial  services  and  products to the  Nation's  cooperative-
related  business sector, including but not limited to commercial
and  real  estate lending, mortgage banking, capital markets  and
advisory  services,  leasing  and   lease  financing,  depository
services,   asset  securitization,  derivatives,  and   insurance
brokerage.
INDEBTEDNESS (PARAGRAPH 8O)

      As of the date hereof, the Company had outstanding Debt for
borrowed money as follows:

            Investor                 Amount        Maturity

Lutheran Brotherhood               $7,000,000   March 31, 2000
AUSA Life Insurance Company        $3,000,000   March 31, 2000
International Life Investors       $6,100,000   March 31, 2000
Insurance Company
The Canada Life Assurance          $3,900,000   March 31, 2000
Company
National Westminster Bank, et al.  $170,000,000   December 31,1996
                                  ($70,000,000
                                   outstanding)
Signet Bank/Maryland               $11,000,000    Upon demand
                                  ($11,000,000
                                   outstanding)
PNC Bank                           $10,000,000    Upon demand
                                  ($10,000,000
                                   outstanding)
Credit Suisse                      $10,000,000   November 10, 1997
Massachusetts Mutual Life          $25,000,000    October 15, 1995
Insurance Company
Equitable Variable Life            $7,000,000    June 24, 1997
Insurance Company
                                   $2,000,000    December 24, 1997
The Equitable Life Assurance       $3,000,000    December 24, 1997
Society of the United States
Mellon Bank, N.A., as Trustee      $3,000,000    December 24, 1997
for First Plaza Group Trust (as
directed by Equitable Capital
Management Corporation)
Principal Mutual Life Insurance    $10,000,000   December 24, 1997
Company
IDS Certificate Company            $8,000,000    June 24, 1997
Safeco Life Insurance Company      $4,000,000    June 24, 1997
Phoenix Home Life Mutual           $5,000,000    June 24, 1998
Insurance Company
Provident Mutual Life Insurance    $2,500,000    June 24, 1998
Company of Philadelphia
Provident Mutual Life and          $1,000,000    June 24, 1998
Annuity Company of America
Mutual Service Life Insurance       $500,000     June 24, 1998
Company

All such indebtedness is unsecured.

RESTRICTIONS ON DEBT (PARAGRAPH 8P)

     The National Westminster Bank indebtedness and all of the
other indebtedness, referred to in the above table, each restrict
the Company's right to incur Debt, but none of such restrictions
is violated by the sale of the Notes.
                                                        EXHIBIT A

                         [FORM OF NOTE]

               NATIONAL CONSUMER COOPERATIVE BANK

            7.68% SENIOR NOTE DUE DECEMBER 28, 2005

No. R- 1
$30,000,000

          FOR VALUE RECEIVED, NATIONAL CONSUMER COOPERATIVE BANK
(the "Company"), a corporation organized and existing under the
laws of the United States of America, hereby promises to pay to
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, or registered
assigns, the principal sum of THIRTY MILLION DOLLARS
($30,000,000) with interest (computed on the basis of a three
hundred sixty (360) day year of twelve (12) thirty (30) day
months) (a) on the unpaid balance thereof at the rate of 7.68%
per annum from the date hereof, payable semi-annually on the 28th
day of June and December in each year commencing with the June or
December next succeeding the date hereof, until the principal
hereof shall have become due and payable, and (b) on any overdue
payment (including any overdue prepayment) of principal, any
overdue payment of interest, and any overdue payment of any Yield-
Maintenance Amount (as defined in the Agreement referred to
below), payable semi-annually as aforesaid (or, at the option of
the registered holder hereof, on demand), at a rate per annum
from time to time equal to the greater of (i) two percent (2%) in
excess of the interest rate referenced in the preceding clause
(a) or (ii) the rate of interest publicly announced by Morgan
Guaranty Trust Company of New York from time to time in New York
City as its Prime Rate.

          Payments of principal of, and interest on, and any
Yield-Maintenance Amount payable with respect to, this Note are
to be made at the main office of Bank of New York in New York
City or at such other place as the holder hereof shall designate
to the Company in writing, in lawful money of the United States
of America.

          This Note is one of a series of Notes (herein called
the "Notes") issued pursuant to a Note Purchase Agreement, dated
as of December 28, 1999 (herein called the "Agreement"), between
the Company and The Prudential Insurance Company of America and
is entitled to the benefits thereof.  As provided in the
Agreement, this Note is subject to optional prepayment, in whole
or from time to time in part on the terms specified in the
Agreement.

          This Note is a registered Note and, as provided in the
Agreement, upon surrender of this Note for registration of
transfer, duly endorsed, or accompanied by a written instrument
of transfer duly executed, by the registered holder hereof or
such holder's attorney duly authorized in writing, a new Note for
a like principal amount will be issued to, and registered in the
name of, the transferee.  Prior to due presentment for registra
tion of transfer, the Company may treat the person in whose name
this Note is registered as the owner hereof for the purpose of
receiving payment and for all other purposes, and the Company
shall not be affected by any notice to the contrary.

          In case an Event of Default, as defined in the Agree
ment, shall occur and be continuing, the principal of this Note
may be declared or otherwise become due and  payable in the
manner and with the effect provided in the Agreement.

          This Note is intended to be performed in the State of
New York and shall be construed and enforced in accordance with
the law of such State.

                              NATIONAL CONSUMER COOPERATIVE BANK

                              By
                                 Vice President

                              By
                                 Treasurer

                                                        EXHIBIT B

           FORM OF COMPANY COUNSEL'S CLOSING OPINION

                 [Letterhead of Shea & Gardner]

                                   December 28, 1999

To the Persons Listed on
 Annex 1 hereto

Ladies and Gentlemen:

     We have acted as counsel for the National Consumer
Cooperative Bank (the "Company"), a corporation organized under
the laws of the United States and which does business as the
National Consumer Cooperative Bank, in connection with the
execution and delivery by the Company of the Note Purchase
Agreement, dated as of December 28, 1999, between the Company and
The Prudential Insurance Company of America (the "Agreement"),
pursuant to which the Company has issued to you today 7.68% Notes
Due December 28, 1999 of the Company in the aggregate principal
amount of $30,000,000 (the "Notes").  All capitalized terms used
but not specifically defined in this opinion letter have the
respective meanings assigned to them in the Agreement.  This
letter is being delivered to you in satisfaction of the condition
set forth in paragraph 3A(ii) of the Agreement and with the
understanding that you are purchasing the Notes in reliance on
the opinions expressed herein.

     As such counsel, we have examined such certificates of
public officials, certificates of officers of the Company, and
copies certified to our satisfaction of trust documents and
records of the Company and of other papers, and have made such
other investigations, as we have deemed relevant and necessary as
a basis for our opinion hereinafter set forth.  In our
examination of all such documents, we have

          (i)  assumed the genuineness of all signatures (other
     than signatures of officers of the Company), the conformity
     to original documents of documents submitted to us as
     certified or photostatic copies, and the authenticity of the
     originals of such documents, and

          (ii) relied upon such certificates of public officials
     and of officers of the Company with respect to the accuracy
     of material factual matters contained therein which were not
     independently established.

With respect to the opinion expressed in paragraph 5 hereof, we
have also relied upon the representation made by you in paragraph
9A of the Agreement.

     Based on the foregoing, it is our opinion that:

     1.   At the time of the execution of the Financing Agreement
the Company was a corporation duly organized, validly existing
and in good standing under the laws of the United States and had
the necessary corporate power and authority to carry on its
businesses as then being conducted and to enter into and perform
its obligations under the Financing Agreement.

     2.   The Company is a corporation duly organized, validly
existing and in good standing under the laws of the United States
and has the necessary corporate power and authority to carry on
its businesses as now being conducted and to enter into and
perform its obligations under the Agreement and the Notes.

     3.   The Company is duly qualified as a foreign entity and
in good standing in each jurisdiction where the nature of the
business transacted or Properties owned by it makes such
qualification necessary, except where the failure to be so
qualified or in good standing would not, in the aggregate, have a
materially adverse effect on the operations or financial
condition of the Company.

     4.   The Agreement, the Notes and the Financing Agreement:

          (a)  have been duly authorized by all requisite
     corporate action on the part of the Company (no action by
     any holder of any beneficial interest of the Company being
     required by law, by the Charter of the Company or the Bylaws
     of the Company (as each is in effect on the date hereof), or
     otherwise);

          (b)  have been duly executed and delivered by duly
     authorized officers of the Company; and

          (c)  are the valid obligations of the Company, legally
     binding upon and enforceable against the Company in
     accordance with their respective terms.

The Notes are entitled to the benefits of the terms of the
Agreement.

     5.   It is not necessary, under the circumstances
contemplated by the Agreement, to register the Notes under the
Securities Act, or to qualify an indenture in respect of the
Notes under the Trust Indenture Act of 1939, as amended.

     6.   None of the transactions contemplated by the Agreement
will result in any violation of Regulation, T, U or X of the
Board of Governors of the Federal Reserve System.

     7.   The execution and delivery of the Agreement and the
Notes and the fulfillment of and compliance with the respective
provisions of the Agreement, the Notes, and the Financing
Agreement do not and will not conflict with, or result in a
breach of the terms, conditions, or provisions of, or constitute
a default under, or result in any violation of, or result in the
creation of any Lien upon any of the Properties or assets of the
Company pursuant to, or require, except as has been obtained or
performed, any authorization, consent, approval, exemption, or
other action by or notice to or filing with any state or Federal
court, administrative or governmental body, or other Person
pursuant to

          (a)  the Charter, as in effect on the date hereof, or
     the Bylaws, as in effect on the date hereof, of the Company,

          (b)   any applicable law (including any securities or
     "Blue Sky" law), statute, rule, or regulation, or

          (c)  insofar as is known to us, any agreement,
     instrument, order, judgment, or decree to which the Company
     is a party or otherwise subject as of the date hereof.

     All opinions herein contained with respect to the
enforceability of documents and instruments are qualified to the
extent that:

          (a)  the availability of equitable remedies, including
     without limitation, specific enforcement and injunctive
     relief, is subject to the discretion of the court before
     which any proceedings therefor may be brought; and

          (b)  the enforceability of certain terms provided in
     the Agreement and the Notes may be limited by

                    (i)  applicable bankruptcy, reorganization,
          arrangement, insolvency, moratorium or similar laws
          affecting the enforcement of creditors' rights
          generally as at the time in effect, and

                    (ii) general principles of equity and the
          discretion of a court in granting equitable remedies
          (whether enforceability is considered in a proceeding
          at law or in equity).

     This opinion may be relied upon subsequent holders, if any,
of the Notes.

                                   Very truly yours,
                            ANNEX 1
                           ADDRESSEES

The Prudential Insurance Company of America
c/o Prudential Capital Group
1114 Avenue of the Americas, 30th Floor
New York, NY 11036

                                                        EXHIBIT C

                FORM OF CERTIFICATE OF OFFICERS

               NATIONAL CONSUMER COOPERATIVE BANK
                     OFFICERS' CERTIFICATE

     We, ______ and ______ each hereby certify that we are,
respectively, the ______ and the ______ of  NATIONAL CONSUMER
COOPERATIVE BANK (the "Company"), a corporation organized under
the laws of the United States, and that, as such, we are
authorized to execute and deliver this Certificate in the name
and on behalf of the Company, and that:

     1.   This Certificate is being delivered pursuant to
paragraph 3A(iii) of the Note Purchase Agreement, dated as of
December 28, 1999, between the Company and The Prudential
Insurance Company of America (the "Agreement"), pursuant to which
the Company has issued to you today 7.68% Notes of the Company
due December28, 2005, in the aggregate principal amount of
$30,000,000 (the "Notes"). All capitalized terms used, and not
defined in this Certificate have the respective meanings assigned
to them in the Agreement.

     2.   The warranties and representations contained in
paragraph 8 of the Agreement are true in all material respects on
the date hereof with the same effect as though made on and as of
the date hereof.

     3.   The Company has not taken any action or permitted any
condition to exist which would have been prohibited by paragraph
6 of the Agreement had such paragraph been binding and effective
at all times during the period from December 28, 1999 to and
including the date hereof.

     4.   The Company has performed and complied with all
agreements and conditions contained in the Agreement that are
required to be performed or complied with by the Company before
or at the date hereof.

     5.   True and correct copies of each of

          (a)  the Bank Loan Agreement,

          (b)  the Financing Agreement,

          (c)  each of the outstanding Class A Notes, and

               (d)  Federal Home Loan Bank of Cincinnati Blanket
          Agreement for Advances and Security Agreement, as
          referenced in Annex 2 to the Agreement;

in each case, as in effect on December 28, 1999, are attached to
this Certificate as Attachment A, Attachment B, Attachment C, and
Attachment D, respectively, together with any amendments
subsequent to such date.  Any amendment to the Financing
Agreement and the Class A Notes has been effected in compliance
with paragraph 6P of the Agreement.

     6.   ___________ is on and as of the date hereof, and at all
times subsequent to __________ has been, the duly elected,
qualified and acting [Assistant] Secretary of the Company, and
the signature appearing on the Certificate of [Assistant]
Secretary dated the date hereof and delivered to the Purchasers
contemporaneously herewith is his or her genuine signature.

     IN WITNESS WHEREOF, we have executed this Certificate in the
name and on behalf of the Company on December 28, 1999.

NATIONAL CONSUMER COOPERATIVE
                                   BANK

                                   By
_______________________________
                                   Name:
                                   Title:

                          ATTACHMENT A

                   [THE BANK LOAN AGREEMENT]
                          ATTACHMENT B

                   [THE FINANCING AGREEMENT]
                          ATTACHMENT C

                  [OUTSTANDING CLASS A NOTES]

                          ATTACHMENT D

    [FEDERAL HOME LOAN BANK OF CINCINNATI BLANKET AGREEMENT
              FOR ADVANCES AND SECURITY AGREEMENT]
                                                        EXHIBIT D

                FORM OF CERTIFICATE OF SECRETARY

               NATIONAL CONSUMER COOPERATIVE BANK
              CERTIFICATE OF [ASSISTANT] SECRETARY

     I, ______, hereby certify that I am the duly elected,
qualified and acting [Assistant] Secretary of the NATIONAL
CONSUMER COOPERATIVE BANK (the "Company"), a corporation
organized under the laws of the United States, and that, as such,
I have access to its corporate records and am familiar with the
matters herein certified, I am authorized to execute and deliver
this Certificate in the name and on behalf of the Company, and
that:

     1.   This Certificate is being delivered pursuant to
paragraph 3A(iv) of the Note Purchase Agreement, dated as of
December 28, 1999, between the Company and The Prudential
Insurance Company of America (the "Agreement"), pursuant to which
the Company has issued to you today 7.68% Notes of the Company
due December 28, 2005, in the aggregate principal amount of
$30,000,000 (the "Notes"). All capitalized terms used and not
defined in this Certificate have the respective meanings assigned
to them in the Agreement.

     2.   Attached hereto as Attachment A1 is a true and correct
copy of resolutions, and the preamble thereto, adopted by the
Board of Directors of the Company on _________ __, 1999 and such
resolutions and preamble set forth in Attachment A hereto were
duly adopted by said Board of Directors and are in full force and
effect on and as of the date hereof, not having been amended,
altered or repealed, and such resolutions are filed with the
records of said Board of Directors.

     3.   The documents listed below were executed and delivered
by the Company pursuant to and in accordance with the resolutions
set forth in Attachment A hereto and said documents as executed
are substantially in the form submitted to and approved by the
Board of Directors of the Company as aforementioned:

          (a)  the Agreement; and

          (b)  the Notes in the respective principal amounts,
     bearing the registration numbers and payable as set forth in
     the Agreement;

     4.   Attached hereto as Attachment B is a true, correct and
     complete copy of the Bylaws of the Company as in full force
     and effect on and as of the date hereof, which Bylaws were
     last amended by the Board of Directors of the Company on,
     and have been in full effect in said form at all times from
     and after ________ __, 199_ to and including the date
     hereof, without modification or amendment in any respect.

     5.   Each of the following named persons is on and as of the
date hereof, and at all times subsequent to _____ has been a duly
elected, qualified and acting officer of the Company holding the
office or offices set forth below opposite his or her name:

                  Officers Executing Documents

        Name                 Office               Signature

                      [President]           /s/________________________

                      [Assistant Secretary  /s/_______________________

                      [Treasurer]           /s/________________________

     6.   The signature appearing opposite the name of each such
person set forth above is his or her, as the case may be, genuine
signature.

     7.        There have been no amendments or supplements to
restatements of the Charter of the Company since ____________ __,
19___.

     IN WITNESS WHEREOF, I have hereunto set my hand on December
__, 1999.

                                        [Assistant] Secretary
                          ATTACHMENT A

                       BOARD OF DIRECTORS
               NATIONAL CONSUMER COOPERATIVE BANK
                      RESOLUTIONS ADOPTED

     WHEREAS, this Board has previously enacted Resolution No.
______; and

     WHEREAS, pursuant to Resolution No. ______, the Company and
The Prudential Insurance Company of America entered into the Note
Purchase Agreement (together with all exhibits and schedules
thereto, the "Agreement"), dated as of December 28, 1999,
pursuant to which the Company may issue Notes of the Company in
the aggregate principal amount of up to Thirty Million Dollars
($30,000,000) (the "Notes"); and

     WHEREAS, this Board has reviewed in detail and discussed the
terms and provisions of the Agreement, including the forms of the
Notes specified therein; and

     WHEREAS, this Board deems it advisable to ratify the
Company's execution and delivery of the Agreement and to adopt
certain other resolutions; and

     WHEREAS, capitalized terms used in these preambles and
resolutions and not herein defined shall have the respective
meanings ascribed to them in the Agreement;

     NOW THEREFORE, BE IT RESOLVED, that the execution and
delivery of the Agreement by Authorized Officers of the Company
(as defined below) is hereby approved and ratified in every
respect; and each and every transaction effected or to be
effected pursuant to and substantially in accordance with the
terms of the Agreement, including, but not limited to, each
specific transaction that is described, authorized and approved
in these resolutions, is hereby authorized and approved in each
and every respect; and

     RESOLVED, that the Company borrow from the Purchasers an
aggregate amount of up to Thirty Million Dollars ($30,000,000),
as provided in the Agreement, such indebtedness to be evidenced
by the Notes, in the amounts and upon the terms and conditions
provided for in the Agreement; and that each of the President,
any Vice President, the Treasurer and each other officer of the
Company (each, an "Authorized Officer") is hereby severally
authorized to execute and deliver, in the name and on behalf of
the Company, the Notes, substantially in the form thereof
presented to this Board and heretofore approved, with such
changes therein as shall be approved by the officer executing and
delivering the same, such approval to be evidenced conclusively
by such execution and delivery; and

     RESOLVED, that this Board hereby authorizes each of the
Authorized Officers, severally, to execute and deliver for and on
behalf of the Company the certificates required by the Agreement;
and

     RESOLVED, that the Authorized Officers and any person or
persons designated and authorized so to act by any Authorized
Officer are hereby each severally authorized to do and perform or
cause to be done and performed, in the name and on behalf of the
Company, all other acts, to pay or cause to be paid, on behalf of
the Company, all related costs and expenses and to execute and
deliver or cause to be executed and delivered such other notices,
requests, demands, directions, consents, approvals, orders,
applications, agreements, instruments, certificates,
undertakings, supplements, amendments, further assurances or
other communications of any kind, under the corporate seal of the
Company or otherwise and in the name of and on behalf of the
Company or otherwise, as he, she or they may deem necessary,
advisable or appropriate to effect the intent of the foregoing
Resolutions or to comply with the requirements of the instruments
approved and authorized by the foregoing Resolutions, including
but not limited to the Agreement and the Notes; and

     RESOLVED, that any acts of any Authorized Officer of the
Company and of any person or persons designated and authorized to
act by any Authorized Officer of the Company, which acts would
have been authorized by the foregoing Resolutions except that
such acts were taken prior to the adoption of such Resolutions,
are hereby severally ratified, confirmed, approved and adopted as
the acts of the Company; and

     RESOLVED, that the Secretary of the Company is hereby
authorized and empowered to certify to the passage of the
foregoing Resolutions under the seal of this Company or
otherwise.
                          ATTACHMENT B

                     Bylaws of the Company

                  [To be supplied by Company.]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}]]