Document:

Fifth Supplement

     

     

    Exhibit 10.3

     

     

     

     

    
 

    

     

    Ralcorp
      Holdings, Inc.

     

    

    

    Fifth
      Supplement to Note Purchase Agreements

    

    

    Dated
      as
      of December 21, 2005

    

    

    

    

    

    

     

                                                                 
      Re:       $75,000,000
      5.43% Senior Notes, Series F,

    Due
      December 21,
      2012

    

    

    

    

    

    

    

    

     

     

     

     

     

     

     

     

     

    
 

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    

     

    Ralcorp
      Holdings, Inc.

    800
      Market Street

    Suite
      2900

    St.
      Louis, MO 63101

     

     

    Dated
      as
      of

    December 21,
      2005

     

    
 

    To
      the
      Series F Purchasers named in

    Schedule A
      hereto 

    

     

    Ladies
      and Gentlemen:

     

    This
      Fifth Supplement to Note Purchase Agreements (the or this "Fifth
      Supplement")
      is
      among Ralcorp Holdings, Inc., a Missouri corporation (the "Company")
      and the
      institutional investors named on Schedule A attached hereto (the
"Series
      F Purchasers").

     

    Reference
      is hereby made to the Note Purchase Agreements dated as of May 22, 2003 (as
      amended and supplemented from time to time, the "Note
      Purchase Agreements"),
      among
      the Company and the purchasers listed on Schedule A thereto. All
      capitalized terms not otherwise defined herein shall have the same meaning
      as
      specified in the Note Purchase Agreements. Reference is further made to
      Section 4.13 of the Note Purchase Agreements which requires that, prior to
      the delivery of any Additional Notes, the Company and each Additional Purchaser
      shall execute and deliver a Supplement.

     

    The
      Company hereby agrees with the Series F Purchasers as follows:

     

           
      1.    The
      Company has authorized the issue and sale of $75,000,000 aggregate principal
      amount of the 5.43% Senior Notes, Series F, due December 21, 2012 (the
"Series
      F Notes").
      The
      Series F Notes, together with the Series A Notes initially issued pursuant
      to the Note Purchase Agreements, the $145,000,000 aggregate principal amount
      of
      4.24% Senior Notes, Series B, due December 22, 2010 (the "Series B
      Notes")
      issued
      pursuant to the First Supplement to Note Purchase Agreements dated as of
      December 22, 2003 (the "First
      Supplement"),
      the
      $50,000,000 aggregate principal amount of 5.43% Senior Notes, Series C, due
      December 22, 2013 (the "Series C
      Notes")
      issued
      pursuant to the Second Supplement to Note Purchase Agreements dated as of
      December 22, 2003 (the "Second
      Supplement"),
      the
      $75,000,000 aggregate principal amount of 4.76% Senior Notes, Series D, due
      December 22, 2013 (the "Series
      D Notes")
      issued
      pursuant to the Third Supplement to Note Purchase Agreement dated as of December
      22, 2003 (the "Third
      Supplement"),
      the
      $100,000,000 aggregate principal amount of 5.57% Senior Notes, Series E, due
      December 21, 2015 (the "Series
      E Notes")
      issued
      pursuant to the Fourth Supplement to Note Purchase Agreements dated as of
      December 21, 2005 (the "Fourth
      Supplement"),
      and
      each series of Additional Notes which may from time to time hereafter be issued
      pursuant to the provisions of Section 2.2 of the Note Purchase Agreements,
      are collectively referred to as the "Notes"
      (such
      term shall also include any such notes issued in substitution therefor pursuant
      to Section 13 of the Note Purchase Agreements). The Series F Notes shall be
      substantially in the form set out in Exhibit 1 hereto with such changes
      therefrom, if any, as may be approved by the Series F Purchasers and the
      Company. 

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

     

         
      2.    Subject
      to the terms and conditions hereof and as set forth in the Note Purchase
      Agreements and on the basis of the representations and warranties hereinafter
      set forth, the Company agrees to issue and sell to each Series F Purchaser,
      and
      each Series F Purchaser agrees to purchase from the Company, Series F Notes
      in
      the principal amount set forth opposite such Series F Purchaser’s name on
      Schedule A hereto at a price of 100% of the principal amount thereof on the
      closing date hereafter mentioned.

     

         
      3.    The
      sale
      and purchase of the Series F Notes to be purchased by each Series F Purchaser
      shall occur at the offices of Chapman and Cutler LLP, 111 West Monroe Street,
      Chicago, Illinois 60603, at 10:00 a.m.
      Chicago
      time, at a closing (the "Closing")
      on
      December 21, 2005 or on such other Business Day thereafter on or prior to
      December 23, 2005 as may be agreed upon by the Company and the Series F
      Purchasers. At the Closing the Company will deliver to each Series F Purchaser
      the Series F Notes to be purchased by such Series F Purchaser in the form of
      a
      single Series F Note (or such greater number of Series F Notes in denominations
      of at least $100,000 as such Series F Purchaser may request) dated the date
      of
      the Closing and registered in such Series F Purchaser’s name (or in the name of
      such Series F Purchaser’s nominee), against delivery by such Series F Purchaser
      to the Company or its order of immediately available funds in the amount of
      the
      purchase price therefor by wire transfer of immediately available funds for
      the
      account of the Company to account number 1096726 and account name Ralcorp
      Holdings, Inc. at JPMorgan Chase Bank, N.A. in New York, New York,
      ABA #021000021. If, at the Closing, the Company shall fail to tender such
      Series F Notes to any Series F Purchaser as provided above in this
      Section 3, or any of the conditions specified in Section 4 shall not
      have been fulfilled to any Series F Purchaser’s satisfaction, such Series F
      Purchaser shall, at such Series F Purchaser’s election, be relieved of all
      further obligations under this Fifth Supplement, without thereby waiving any
      rights such Series F Purchaser may have by reason of such failure or such
      nonfulfillment.

     

         
      4.    The
      obligation of each Series F Purchaser to purchase and pay for the Series F
      Notes
      to be sold to such Series F Purchaser at the Closing is subject to the
      fulfillment to such Series F Purchaser’s satisfaction, prior to the Closing, of
      the conditions set forth in Section 4 of the Note Purchase Agreements with
      respect to the Series F Notes to be purchased at the Closing, and to the
      following additional conditions:

     

        (a)    Except
      as
      supplemented, amended or superceded by the representations and warranties set
      forth in Exhibit A hereto, each of the representations and warranties of
      the Company set forth in Section 5 of the Note Purchase Agreements shall be
      correct as of the date of Closing and the Company shall have delivered to each
      Series F Purchaser an Officer’s Certificate, dated the date of the Closing
      certifying that such condition has been fulfilled.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

     

        (b)    Contemporaneously
      with the Closing, (i) the Company shall sell to each Series F Purchaser,
      and each Series F Purchaser shall purchase, the Series F Notes to be purchased
      by such Series F Purchaser at the Closing as specified in Schedule A and
      (ii) the Company shall sell to each purchaser and each purchaser shall
      purchase the Series E Notes to be purchased by such purchaser at the
      Closing and as specified in Schedule A to the Fourth
      Supplement.

     

        5.    Maturity.  
      As provided therein, the entire unpaid principal balance of the Series F Notes
      shall be due and payable on the stated maturity date thereof. 

     

        6.    Optional
      Prepayments with Make-Whole Amount.   The Company may, at its
      option, upon notice as provided below, prepay at any time all, or from time
      to
      time any part of, the Series F Notes, in an amount not less than 10% of the
      aggregate principal amount of the Series F Notes then outstanding in the case
      of
      a partial prepayment, at 100% of the principal amount so prepaid, plus the
      Make-Whole Amount determined for the prepayment date with respect to such
      principal amount. The Company will give each holder of Series F Notes written
      notice of each optional prepayment under this Section 6 of this Fifth
      Supplement not less than 30 days and not more than 60 days prior to the date
      fixed for such prepayment. Each such notice shall specify such date, the
      aggregate principal amount of the Series F Notes to be prepaid on such date,
      the
      principal amount of each Series F Note held by such holder to be prepaid
      (determined in accordance with Section 7 of this Fifth Supplement), and the
      interest to be paid on the prepayment date with respect to such principal amount
      being prepaid, and shall be accompanied by a certificate of a Senior Financial
      Officer as to the estimated Make-Whole Amount due in connection with such
      prepayment (calculated as if the date of such notice were the date of the
      prepayment), setting forth the details of such computation. Two Business Days
      prior to such prepayment, the Company shall deliver to each holder of Series
      F
      Notes a certificate of a Senior Financial Officer specifying the calculation
      of
      such Make-Whole Amount as of the specified prepayment date.

     

        7.    Allocation
      of
      Partial Prepayments for Series F Notes.  
      In the case of each partial prepayment of the Series F Notes pursuant to Section
      6 of this Fifth Supplement, the principal amount of the Series F Notes to be
      prepaid shall be allocated among all of the Series F Notes at the time
      outstanding in proportion, as nearly as practicable, to the respective unpaid
      principal amounts thereof not theretofore called for prepayment.

     

        8.    Maturity;
      Surrender, etc. for Series F Notes. 
       In the case of each prepayment of Series F Notes pursuant to Section 6 of
      this Fifth Supplement and Section 8.3 of the Note Purchase Agreements, the
      principal amount of each Series F Note to be prepaid shall mature and become
      due
      and payable on the date fixed for such prepayment, together with interest on
      such principal amount accrued to such date and the applicable Make-Whole Amount,
      if any. From and after such date, unless the Company shall fail to pay such
      principal amount when so due and payable, together with the interest and
      Make-Whole Amount, if any, as aforesaid, interest on such principal amount
      shall
      cease to accrue. Any Series F Note paid or prepaid in full shall be surrendered
      to the Company and cancelled and shall not be reissued, and no Series F Note
      shall be issued in lieu of any prepaid principal amount of any Series F
      Note.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

     

        9.    Purchase
      of Series F Notes.  
      The Company will not and will not permit any Affiliate to purchase, redeem,
      prepay or otherwise acquire, directly or indirectly, any of the outstanding
      Series F Notes except upon the payment or prepayment of the Series F Notes
      in
      accordance with the terms of this Fifth Supplement, Section 8.3 of the Note
      Purchase Agreements and the Series F Notes. The Company will promptly cancel
      all
      Series F Notes acquired by it or any Affiliate pursuant to any payment,
      prepayment or purchase of Series F Notes pursuant to any provision of this
      Agreement and no Series F Notes may be issued in substitution or exchange for
      any such Series F Notes.

     

        10.    Make-Whole
      Amount for Series F Notes. 
      The term "Make-Whole
      Amount"
      means,
      with respect to any Series F Note, an amount equal to the excess, if any, of
      the
      Discounted Value of the Remaining Scheduled Payments with respect to the Called
      Principal of such Series F Note over the amount of such Called Principal,
      provided that the Make-Whole Amount may in no event be less than zero. For
      the
      purposes of determining the Make-Whole Amount, the following terms have the
      following meanings:

     

    "Called
      Principal"
      means,
      with respect to any Series F Note, the principal of such Series F Note that
      is
      to be prepaid pursuant to Section 6 of this Fifth Supplement or has become
      or is declared to be immediately due and payable pursuant to Section 12.1
      of the Note Purchase Agreements, as the context requires.

     

    "Discounted
      Value"
      means,
      with respect to the Called Principal of any Series F 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 the Series F Notes is payable) equal to the Reinvestment Yield
      with
      respect to such Called Principal.

     

    "Reinvestment
      Yield"
      means,
      with respect to the Called Principal of any Series F Note, .50% over the yield
      to maturity implied by (i) the yields reported, as of 10:00 A.M. (New York
      City time) on the second Business Day preceding the Settlement Date with respect
      to such Called Principal, on the display designated as "Page PX1" on the
      Bloomberg Financial Markets (or such other display as may replace Page PX1
      on
      Bloomberg Financial Markets) 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 (ii) if such yields are not reported as of such
      time or the yields reported as of such time are not ascertainable, the Treasury
      Constant Maturity Series Yields reported, for the latest day for which such
      yields have been so reported as of the second Business Day 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 will 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 (1) the
      actively traded U.S. Treasury security with the maturity closest to and greater
      than the Remaining Average Life and (2) the actively traded U.S. Treasury
      security with the maturity closest to and less than the Remaining Average
      Life.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

     

    "Remaining
      Average Life"
      means,
      with respect to any Called Principal, 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) the
      principal component of each Remaining Scheduled Payment with respect to such
      Called Principal by (b) the number of years (calculated to the nearest
      one-twelfth year) that 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"
      means,
      with respect to the Called Principal of any Series F Note, all payments of
      such
      Called Principal and interest thereon that would be due 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, provided that if such
      Settlement Date is not a date on which interest payments are due to be made
      under the terms of the Series F Notes, then the amount of the next succeeding
      scheduled interest payment will be reduced by the amount of interest accrued
      to
      such Settlement Date and required to be paid on such Settlement Date pursuant
      to
      Section 6 of this Fifth Supplement or Section 12.1 of the Note Purchase
      Agreements.

     

    "Settlement
      Date" means,
      with respect to the Called Principal of any Series F Note, the date on which
      such Called Principal is to be prepaid pursuant to Section 6 of this Fifth
      Supplement or has become or is declared to be immediately due and payable
      pursuant to Section 12.1 of the Note Purchase Agreements, as the context
      requires.

     

        11.    Each
      Series F Purchaser, as to itself, represents and warrants that the
      representations and warranties set forth in Section 6 of the Note Purchase
      Agreements are true and correct on the date hereof with respect to the purchase
      of the Series F Notes by such Series F Purchaser.

     

        12.    The
      Company and each Series F Purchaser agree to be bound by and comply with the
      terms and provisions of the Note Purchase Agreements, as supplemented hereby,
      as
      fully and completely as if such Series F Purchaser were an original signatory
      to
      the Note Purchase Agreements.

     

        13.    Additional
      Series F Provisions. 
      Pursuant to the provisions of Section 2.2(ii) and Section 2.2(iii) of
      the Note Purchase Agreements:

     

        (a)    In
      the
      event that the Series A Notes are not outstanding, the "Proposed Prepayment
      Date" under Section 8.3(c) for any holder of Series F Notes shall be deemed
      to be the first Business Day which is at least 15 days after the date of the
      notice of prepayment contemplated by Sections 8.3(a) and
      8.3(b).

     

        (b)    The
      holders
      of the Series F Notes (and no other holders) agree to waive payment of the
      amount otherwise required by clause (y) of the penultimate sentence of the
      last paragraph of Section 12.1 of the Note Purchase Agreements (but no
      other amount) and, in consideration therefor, and in lieu of the amount
      otherwise payable under said clause (y), the Company agrees, upon any
      Series F Notes becoming due and payable under Section 12.1, whether
      automatically or by declaration, to pay such holders of the Series F Notes
      the
      Make-Whole Amount in respect of the Series F Notes, together with all other
      amounts required to be paid pursuant to Section 12.1.

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

        (c)    The
      holders of the Series F Notes (and no other holders) agree to waive payment
      of
      interest at the Default Rate on overdue interest, principal and premium, if
      any,
      otherwise required by clause (a) of the first sentence of Section 12.3
      of the Note Purchase Agreements in connection with any rescission of
      acceleration of the Series F Notes and, in consideration therefor and in lieu
      of
      the amount otherwise payable at the Default Rate, the Company agrees that as
      a
      condition precedent to any rescission of acceleration of the Series F Notes,
      interest on any such overdue interest, principal and premium, if any, shall
      be
      paid at the overdue rate applicable to the Series F Notes as more fully
      described at the end of the first paragraph of Exhibit 1
      hereto.

     

    14.    Governing
      Law. 
      This Fifth Supplement shall be governed by and construed in accordance with
      the
      laws of the State of New York, excluding choice-of-law principles of the law
      of
      such State that would require the application of the laws of a jurisdiction
      other than such State

     

    

     

    [Signature
      Page Follows]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
      execution hereof shall constitute a contract between the Company and the Series
      F Purchasers for the uses and purposes hereinabove set forth, and this Fifth
      Supplement may be executed in any number of counterparts, each executed
      counterpart constituting an original but all together only one
      agreement.

     

    Ralcorp
      Holdings, Inc.

     

    By:
      /s/
      D.
      P.
      Skarie                 

    Name: 
      D. P. Skarie

    Title:    Co-Chief
      Executive Officer 

                
      and President

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Accepted
      as of the date first written above.

    

    The
      Prudential Insurance Company of
      America

    

    By:
      /s/
      Brian E. Lemons      

    Name: Brian
      E. Lemons

    Title:  
      Vice President

    

    

    Prudential
      Retirement Insurance and
      Annuity Company

    

    By: Prudential
      Investment Management, Inc., as
      investment manager

    

    By:
      /s/
      Brian E. Lemons      

    Name: 
      Brian E. Lemons

    Title:   
      Vice President

    

    

    Security
      Benefit Life Insurance Company,
      Inc.

    

    By: Prudential
      Private Placement Investors, L.P.
      (as
      Investment Advisor)

    

    By: Prudential
      Private Placement Investors, Inc.

           
(as
      its
      General Partner)

    

    

    By:
      /s/
      Brian E. Lemons      

    Name: 
      Brian E. Lemons

    Title:   
      Vice President

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    Accepted
      as of the date first written above.

    

    

    Farmers
      New World Life Insurance Company

    

    By: Prudential
      Private Placement Investors, L.P.
      (as
      Investment Advisor)

    

    By: Prudential
      Private Placement Investors, Inc. 

           
(as
      its
      General Partner)

    

    By:
      /s/
      Brian E. Lemons      

    Name: 
      Brian E. Lemons

    Title:   
      Vice President

    

    

    Gateway
      Recovery Trust

    

    By: Prudential
      Investment Management, Inc., as
      Asset
      Manager

    

    By:
      /s/
      Brian E. Lemons      

    Name: 
      Brian E. Lemons

    Title:   
      Vice President

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    Accepted
      as of the date first written above.

    

    Metropolitan
      Life Insurance Company

    

    By:
      /s/
      Scott
      Inglis          

    Name:
      Scott Inglis

    Title:  
      Managing Director

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    Accepted
      as of the date first written above.

    

    

    The
      Northwestern Mutual Life Insurance Company

    

    

    By:
      /s/
      David A. Barras       

    Name:
      David A. Barras

    Title:  
      Its Authorized Representative

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

     

    Accepted
      as of the date first written above.

    

    

    Massachusetts
      Mutual Life Insurance Company

    

    By:
      Babson Capital Management LLC, as
      Investment Adviser

    

    

    By:
      /s/
      Jeffrey A. Dominick    

    Name:
      Jeffrey A. Dominick

    Title:  
      Managing Director

     

    
 

    

    C.M.
      Life
      Insurance Company

    

    By:
      Babson Capital Management LLC, as
      Investment Sub-Adviser

    

    

    By:
      /s/
      Jeffrey A. Dominick    

    Name:
      Jeffrey A. Dominick

    Title:  
      Managing Director

    

     

    
 

    MassMutual
      Asia Limited

    

    By:
      Babson Capital Management LLC, as
      Investment Adviser

    

    

    By:
      /s/
      Jeffrey A. Dominick    

    Name:
      Jeffrey A. Dominick

    Title:  
      Managing Director

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    Accepted
      as of the date first written above.

     

    

    Connecticut
      General Life Insurance Company

    

    By: Cigna
      Investments, Inc. (authorized agent)

    

    By:
      /s/
      Deborah B. Wiacek    

    Name:
      Deborah B. Wiacek

    Title:  
      Managing Director

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    Accepted
      as of the date first written above.

    

    MONY
      Life
      Insurance Company 

     

    By: 
      /s/
      Emilia F. Wiener       

    Name: 
      Emilia F. Wiener

    Title:   
      Investment Officer

    

    

    

    AXA
      Equitable Life Insurance Company 

     

    By:
      /s/
      Emilia F. Wiener       

    Name: 
      Emilia F. Wiener

    Title:   
      Investment Officer

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    Accepted
      as of the date first written above.

    

    Horizon
      Blue Cross Blue Shield of New Jersey

     

     

    By: Alliance
      Capital Management LP, its
      Investment Advisor

    

     

    By:
      /s/
      Emilia F.
      Wiener        

    Name: 
      Emilia F. Wiener

    Title:   
      Senior Vice President

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    Accepted
      as of the date first written above.

    

    

    Teachers
      Insurance and Annuity Association of America

    

    By:
      /s/
      Jeffrey A. Burian

    Name: Jeffrey
      A.Burian

    Title:  
      Director

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    Accepted
      as of the date first written above.

    

    

    PHL
      Variable Insurance Company

    

    

    By:
      /s/
      John H. Beers      

    Name:
      John H. Beers

    Title:  
      Vice President

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    

    Accepted
      as of the date first written above.

    

    

    Jefferson
      Pilot Financial Insurance Company

    

    By:
      /s/
      James E. McDonald, Jr.    

    Name:
      James E. McDonald, Jr.

    Title:  
      Vice President

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Each
      of
      the undersigned ratifies and confirms as of the date hereof its obligations
      under the Subsidiary Guarantee dated May 22, 2003, as amended, modified or
      supplemented.

     

    Bremner,
      Inc.

    Sugar
      Kake Cookie Inc. (f/k/a Cascade Cookie Company, Inc.)

    Flavor
      House Products, Inc.

    Nutcracker
      Brands, Inc.

    RH
      Financial Corporation

    Ripon
      Foods, Inc.

    Heritage
      Wafers, LLC

    The
      Carriage House Companies, Inc. (by itself and as successor by merger to The
      Torbitt & Castleman Company, LLC)

    Value
      Added Bakery Holding Company

    Bakery
      Chef, L.L.C. (successor by merger to Bakery Chef, Inc.)

    Community
      Shops, Inc.

    The
      Bun
      Basket, Inc.

    Lofthouse
      Bakery Products, Inc.

    Medallion
      Foods, Inc.

     

    By:
      /s/
      D.
      P. Skarie        

    Name: 
      D. P. Skarie

                                                                                   
      Title:    Authorized SignatoryCredit Agreement

    Exhibit 10.4

     

    

    EXECUTION
      COPY

    

    

    

    

    $150,000,000

     

    CREDIT
      AGREEMENT

     

    AMONG

     

    RALCORP
      HOLDINGS, INC.

     

    as
      Borrower,

     

    THE
      LENDERS NAMED HEREIN,

     

    JPMORGAN
      CHASE BANK, N.A.,

     

    as
      Administrative Agent,

     

    CITIBANK,
      N.A.,

    as
      Syndication Agent,

    

    and

    WACHOVIA
      BANK, NATIONAL ASSOCIATION,

    U.S.
      BANK
      NATIONAL ASSOCIATION,

    SUNTRUST
      BANK,

    and

    PNC
      BANK,
      NATIONAL ASSOCIATION,

    as
      Documentation Agents

    

     

    DATED
      AS
      OF

     

    December
      27, 2005

    

    

    

    J.P.
      MORGAN SECURITIES INC.

    and

    CITIGROUP
      GLOBAL MARKETS INC.

    as
      Co-Lead Arrangers

     

    

    

    
      
        
          
            
              	 	 	 

            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    
 

     

     

    
 

    TABLE
      OF CONTENTS

    

    

    ARTICLE
      I
      DEFINITIONS 

    ARTICLE
      II THE FACILITY 

    2.1. The
      Facility.

    2.2. Ratable
      Advances.

    2.3. Competitive
      Bid Advances.

    2.4. Swing
      Line Loans.

    2.5. Availability
      of Funds

    2.6. Commitment
      Fee; Reductions and Increases in Aggregate Commitment.

    2.7. Minimum
      Amount of Each Ratable Advance

    2.8. Optional
      Principal Payments

    2.9. Changes
      in Interest Rate, etc

    2.10. Rates
      Applicable After Default

    2.11. Method
      of
      Payment

    2.12. Notes;
      Telephonic Notices

    2.13. Interest
      Payment Dates; Interest and Fee Basis

    2.14. Notification
      of Advances, Interest Rates, Prepayments, Commitment Reductions and Issuance
      Requests

    2.15. Lending
      Installations

    2.16. Non-Receipt
      of Funds by the Administrative Agent

    2.17. Taxes.

    2.18. Administrative
      Agent’s Fees

    2.19. Facility
      Letters of Credit.

    2.20. Extension
      of Facility Termination Date

    ARTICLE
      III CHANGE IN CIRCUMSTANCES 

    3.1. Yield
      Protection

    3.2. Changes
      in Capital Adequacy Regulations

    3.3. Availability
      of Types of Advances

    3.4. Funding
      Indemnification

    3.5. Lender
      Statements; Survival of Indemnity

    ARTICLE
      IV CONDITIONS PRECEDENT 

    4.1. Initial
      Loans and Facility Letters of Credit

    4.2. Each
      Future Advance and Facility Letter of Credit

    ARTICLE
      V
      REPRESENTATIONS AND WARRANTIES 

    5.1. Corporate
      Existence and Standing

    5.2. Authorization
      and Validity

    5.3. Compliance
      with Laws and Contracts

    5.4. Governmental
      Consents

    5.5. Financial
      Statements

    5.6. Material
      Adverse Change

    5.7. Taxes

    5.8. Litigation
      and Contingent Obligations

    5.9. Subsidiaries
      and Capitalization

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

    5.10. ERISA

    5.11. Defaults

    5.12. Federal
      Reserve Regulations

    5.13. Investment
      Company; Public Utility Holding Company Act

    5.14. Certain
      Fees

    5.15. Solvency

    5.16. Ownership
      of Properties

    5.17. Indebtedness

    5.18. Subordinated
      Indebtedness

    5.19. Employee
      Controversies

    5.20. Material
      Agreements

    5.21. Environmental
      Laws

    5.22. Insurance

    5.23. Disclosure

    5.24. Material
      Foreign Subsidiaries

    ARTICLE
      VI COVENANTS 

    6.1. Financial
      Reporting

    6.2. Use
      of
      Proceeds

    6.3. Notice
      of
      Default

    6.4. Conduct
      of Business

    6.5. Taxes

    6.6. Insurance

    6.7. Compliance
      with Laws

    6.8. Maintenance
      of Properties

    6.9. Inspection

    6.10. Capital
      Stock and Dividends

    6.11. Indebtedness

    6.12. Merger

    6.13. Sale
      of
      Assets

    6.14. Sale
      of
      Accounts

    6.15. Investments
      and Purchases

    6.16. Contingent
      Obligations

    6.17. Liens

    6.18. Lease
      Rentals

    6.19. Affiliates

    6.20. Subordinated
      Indebtedness; Other Indebtedness

    6.21. Environmental
      Matters

    6.22. Change
      in
      Corporate Structure; Fiscal Year

    6.23. Inconsistent
      Agreements

    6.24. Financial
      Covenants

    6.25. ERISA
      Compliance.

    6.26. Material
      Subsidiaries

    6.27. Material
      Foreign Subsidiaries

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    ARTICLE
      VII DEFAULTS 

    ARTICLE
      VIII ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 

    8.1. Acceleration

    8.2. Amendments

    8.3. Preservation
      of Rights

    ARTICLE
      IX GENERAL PROVISIONS 

    9.1. Survival
      of Representations

    9.2. Governmental
      Regulation

    9.3. Taxes

    9.4. Headings

    9.5. Entire
      Agreement

    9.6. Several
      Obligations; Benefits of this Agreement

    9.7. Expenses;
      Indemnification

    9.8. Numbers
      of Documents

    9.9. Accounting

    9.10. Severability
      of Provisions

    9.11. Nonliability
      of Lenders

    9.12. CHOICE
      OF
      LAW

    9.13. CONSENT
      TO JURISDICTION

    9.14. WAIVER
      OF
      JURY TRIAL

    9.15. Disclosure

    9.16. Counterparts

    9.17. Confidentiality

    9.18. USA
      PATRIOT Act

    ARTICLE
      X
      THE ADMINISTRATIVE AGENT 

    10.1. Appointment

    10.2. Powers

    10.3. General
      Immunity

    10.4. No
      Responsibility for Loans, Recitals, etc

    10.5. Action
      on
      Instructions of Lenders

    10.6. Employment
      of Agents and Counsel

    10.7. Reliance
      on Documents; Counsel

    10.8. Administrative
      Agent’s Reimbursement and Indemnification

    10.9. Notice
      of
      Default

    10.10. Rights
      as
      a Lender

    10.11. Lender
      Credit Decision

    10.12. Successor
      Administrative Agent

    10.13. Syndication
      Agent; Documentation Agents

    ARTICLE
      XI SETOFF; RATABLE PAYMENTS 

    11.1. Setoff

    11.2. Ratable
      Payments

    ARTICLE
      XII BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS 

    12.1. Successors
      and Assigns

    12.2. Participations.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    12.3. Assignments.

    12.4. Dissemination
      of Information

    12.5. Tax
      Treatment

    ARTICLE
      XIII NOTICES 

    13.1. Giving
      Notice

    13.2. Change
      of
      Address

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

     

    
 

     

    EXHIBITS

     

    Exhibit
      A - Note
      (Ratable Loan)

    Exhibit
      B - Note
      (Competitive Bid Loan)

    Exhibit
      C
 - Competitive
      Bid Quote Request

    Exhibit
      D - Invitation
      for Competitive Bid Quotes

    Exhibit
      E - Competitive
      Bid Quote

    Exhibit
      F - Note
      (Swing Line Loan)

    Exhibit
      G - Compliance
      Certificate

    Exhibit
      H - Assignment
      Agreement

    Exhibit
      I - Form
      of
      General Counsel Opinion

     

     

    SCHEDULES

     

    Schedule
      1 - Commitments

    Schedule
      5.8 - Material
      Contingent Obligations

    Schedule
      5.9 - Subsidiaries
      and Capitalization

    Schedule
      5.14 - Brokers’
      Fees

    Schedule
      5.16 - Properties

    Schedule
      5.17 - Indebtedness

    Schedule
      5.24 - Material
      Foreign Subsidiaries

    Schedule
      6.15 - Investments

    Schedule
      6.17 - Liens

     

    

    

    
      
        
          
            
              	 	 	 

            

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    
 

     

    
 

    CREDIT
      AGREEMENT

     

    

      This
        Credit Agreement, dated as of December 27, 2005, is among RALCORP HOLDINGS,
        INC., a Missouri corporation, the Lenders, JPMORGAN CHASE BANK, N.A.,
        individually and as Administrative Agent, CITIBANK, N.A., individually and
        as
        Syndication Agent, WACHOVIA BANK, NATIONAL ASSOCIATION, individually and
        as
        Documentation Agent, U.S. BANK NATIONAL ASSOCIATION, individually and as
        Documentation Agent, PNC BANK, NATIONAL ASSOCIATION, individually and as
        Documentation Agent, and SUNTRUST BANK, individually and as Documentation
        Agent.

       

      R E C I T A L S:

       

      A. The
        Borrower has requested that the Lenders make financial accommodations to
        it in
        an initial aggregate principal amount of $150,000,000, the proceeds of which
        the
        Borrower will use for the (i) general corporate needs of the Borrower and
        its
        Subsidiaries, (ii) working capital for the Borrower and its Subsidiaries,
        and
        (iii) non-hostile acquisitions by the Borrower.

       

      B. The
        Lenders are willing to extend such financial accommodations on the terms
        and
        conditions set forth herein.

       

      NOW,
        THEREFORE, in consideration of the mutual covenants and undertakings herein
        contained, and for other good and valuable consideration, the receipt and
        sufficiency of which are hereby acknowledged, the Borrower, the Lenders and
        the
        Administrative Agent hereby agree as follows:

       

      ARTICLE
        I

       

      DEFINITIONS

       

      As
        used
        in this Agreement:

       

      "Absolute
        Rate" means, with respect to an Absolute Rate Loan made by a given Lender
        for
        the relevant Absolute Rate Interest Period, the rate of interest per annum
        (rounded to the nearest 1/100 of 1%) offered by such Lender and accepted
        by the
        Borrower.

       

      "Absolute
        Rate Advance" means a borrowing hereunder consisting of the aggregate amount
        of
        the several Absolute Rate Loans made by some or all of the Lenders to the
        Borrower at the same time and for the same Interest Period.

       

      "Absolute
        Rate Auction" means a solicitation of Competitive Bid Quotes setting forth
        Absolute Rates pursuant to Section
        2.3.

       

      "Absolute
        Rate Interest Period" means, with respect to an Absolute Rate Advance, a
        period
        of not less than 7 and not more than 180 days commencing on a Business Day
        selected by the Borrower pursuant to this Agreement. If such Absolute Rate
        Interest Period would end on a day which is not a Business Day, such Absolute
        Rate Interest Period shall end on the next succeeding Business Day.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      "Absolute
        Rate Loan" means a Loan which bears interest at the Absolute Rate.

       

      "Accounts
        Receivable Financing Program" means a program of sales or securitization
        of, or
        transfers of interests in, accounts receivable and related contract rights
        ("Receivables")
        by the
        Borrower or any Subsidiary on a limited recourse basis pursuant to which
        the
        aggregate amount of financing thereunder at any time outstanding shall not
        exceed 15% of the total assets of the Borrower and its Subsidiaries, provided
        that such sale or transfer qualifies as a sale under Agreement Accounting
        Principles.

       

      "Adjusted
        EBITDA" means, for any applicable computation period, the sum of (a) EBIT
        for
        such period plus
        (b) the
        Borrower’s and Subsidiaries’ amortization and depreciation deducted in
        determining Net Income for such period; provided,
        however,
        that
        (i) Adjusted EBITDA shall be calculated giving pro forma effect for any
        Permitted Purchase during such period as though such Permitted Purchase occurred
        on the first day of such period, and (ii) in the event that the Borrower
        sells
        or otherwise disposes of all or any portion of the capital stock of Vail
        Resorts, Inc. during such period, then Adjusted EBITDA shall be calculated
        by
        subtracting (adding) all equity earnings (losses) attributable to such divested
        interest for such period.

       

      "Adjusted
        Net Income" means, for any computation period (a) Net Income for such period,
        minus
        (plus)
        (b)
        earnings (losses) during such period attributable to the equity investment
        by
        the Borrower and its Subsidiaries in Vail Resorts, Inc. and included in the
        computation of Net Income for such period, plus
        (c) to
        the extent not included in the computation of Net Income for such period,
        the
        sum of all proceeds in excess of book value (net of related costs, expenses,
        fees and taxes) received by the Borrower or any Subsidiary of the Borrower
        during such period from the sale or other disposition of the capital stock
        of
        Vail Resorts, Inc.

       

      "Administrative
        Agent" means JPMorgan Chase Bank, N.A. in its capacity as administrative
        agent
        for the Lenders pursuant to Article
        X,
        and not
        in its individual capacity as a Lender, and any successor Administrative
        Agent
        appointed pursuant to Article
        X.

       

      "Advance"
        means a borrowing hereunder consisting of the aggregate amount of the several
        Loans made by some or all of the Lenders to the Borrower on the same Borrowing
        Date, of the same Type (or on the same interest basis in the case of Competitive
        Bid Advances) and, when applicable, for the same Interest Period and includes
        a
        Competitive Bid Advance and a Swing Line Loan.

       

      "Affiliate"
        of any Person means any other Person directly or indirectly controlling,
        controlled by or under common control with such Person. A Person shall be
        deemed
        to control another Person if the controlling Person owns 10% or more of any
        class of voting securities (or other ownership interests) of the controlled
        Person or possesses, directly or indirectly, the power to direct or cause
        the
        direction of the management or policies of the controlled Person, whether
        through ownership of stock, by contract or otherwise.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      
                 
        "Aggregate Commitment" means the aggregate of the Commitments of all the
        Lenders
        hereunder. The initial Aggregate Commitment is $150,000,000 as of the date
        hereof, as adjusted from time to time pursuant to the terms of this
        Agreement.

       

      "Agreement"
        means this Credit Agreement, as it may be amended, modified or restated and
        in
        effect from time to time.

       

      "Agreement
        Accounting Principles" means generally accepted accounting principles as
        in
        effect from time to time, applied in a manner consistent with those used
        in
        preparing the Financial Statements; provided,
        however,
        that
        for purposes of all computations required to be made with respect to compliance
        by the Borrower with Section
        6.24,
        such
        term shall mean generally accepted accounting principles as in effect on
        the
        date hereof, applied in a manner consistent with those used in preparing
        the
        Financial Statements.

       

      "Alternate
        Base Rate" means, for any day, a rate of interest per annum equal to the
        higher
        of (a) the Prime Rate for such day and (b) the Federal Funds Effective Rate
        most
        recently determined by the Administrative Agent plus 1⁄2 of 1% per
        annum.

       

      "Alternate
        Base Rate Advance" means a Ratable Advance which bears interest at the Alternate
        Base Rate.

       

      "Alternate
        Base Rate Loan" means a Ratable Loan which bears interest at the Alternate
        Base
        Rate.

       

      "Alternate
        Swing Line Rate" means a rate agreed upon from time to time by the Borrower
        and
        the Swing Line Lender.

       

      "Applicable
        Commitment Fee Percentage" means, subject to the last sentence of this
        definition, for any period, the applicable of the following percentages in
        effect with respect to such period as the Net Leverage Ratio shall fall within
        the indicated ranges:

       

                     
                   Net Leverage
        Ratio                   
 Applicable
        Commitment Fee Percentage

    

    
      
        	
                Greater
                  than

              	
                But
                  less than or Equal to

              	 
	
                3.25:1.0

              	
                --------

              	
                0.150%

              
	
                2.50:1.0

              	
                3.25:1.0

              	
                0.125%

              
	
                1.75:1.0

              	
                2.50:1.0

              	
                0.090%

              
	
                   
                  --

                 

              	
                1.75:1.0

                 

              	
                0.080%

                 

              

      

       

    

    
      The
        Net
        Leverage Ratio shall be calculated by the Borrower as of the end of each
        of its
        Fiscal Quarters commencing December 31, 2005 and shall be reported to the
        Administrative Agent pursuant to a certificate executed by an Authorized
        Officer
        of the Borrower and delivered in accordance with Section
        6.1(d)
        hereof.
        The Applicable Commitment Fee Percentage shall be adjusted, if necessary,
        quarterly as of the tenth day after the required delivery date for the
        certificate referenced above; provided,
        that if
        such certificate, together with the financial statements to which such
        certificate relates, are not delivered by such tenth day, then the Applicable
        Commitment Fee Percentage shall be equal to 0.150% until such certificate
        and
        related financial statements are so delivered. Until adjusted as described
        above
        for the Fiscal Quarter ended December 31, 2005 the Applicable Commitment
        Fee
        Percentage shall be equal to 0.090%.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      "Applicable
        Eurodollar Margin" means, subject to the last sentence of this definition,
        for
        any period, the applicable of the following percentages in effect with respect
        to such period as the Net Leverage Ratio shall fall within the indicated
        ranges:

       

                    
             Net Leverage
        Ratio                  
  ApplicableEurodollar
        Margin

       

      
        
          
            	
                    Greater
                      than

                  	
                    But
                      less than or Equal to

                  	 
	
                    3.25:1.0

                  	
                    --------

                  	
                    0.750%

                  
	
                    2.50:1.0

                  	
                    3.25:1.0

                  	
                    0.625%

                  
	
                    1.75:1.0

                  	
                    2.50:1.0

                  	
                    0.500%

                  
	
                       
                      --

                  	
                    1.75:1.0

                  	
                    0.400%

                  

          

           

          
            The
              Net
              Leverage Ratio shall be calculated by the Borrower as of the end of
              each of its
              Fiscal Quarters commencing December 31, 2005 and shall be reported
              to the
              Administrative Agent pursuant to a certificate executed by an Authorized
              Officer
              of the Borrower and delivered in accordance with Section
              6.1(d)
              hereof.
              The Applicable Eurodollar Margin shall be adjusted, if necessary, quarterly
              as
              of the tenth day after the required delivery date for the certificate
              referenced
              above; provided,
              that if
              such certificate, together with the financial statements to which such
              certificate relates, are not delivered by such tenth day, then the
              Applicable
              Eurodollar Margin shall be equal to 0.750% until such certificate and
              related
              financial statements are so delivered. Until adjusted as described
              above for the
              Fiscal Quarter ended December 31, 2005, the Applicable Eurodollar Margin
              shall
              be equal to 0.500%.

             

            "Arrangers"
              means J.P. Morgan Securities Inc., Citigroup Global Markets Inc. and
              their
              respective successors.

             

            "Article"
              means an article of this Agreement unless another document is specifically
              referenced.

             

            "Asset
              Disposition" means any sale, transfer or other disposition of any asset
              of the
              Borrower or any Subsidiary in a single transaction or in a series of
              related
              transactions (other than the sale of inventory or unused or obsolete
              equipment
              in the ordinary course).

             

            "Authorized
              Officer" means any of the president, chief financial officer, treasurer
              or
              controller of the Borrower, acting singly.

             

            "Bankruptcy
              Code" means Title 11, United States Code, sections 1 et seq.,
              as the
              same may be amended from time to time, and any successor thereto or
              replacement
              therefor which may be hereafter enacted.

             

            "Borrower"
              means Ralcorp Holdings, Inc., a Missouri corporation.

             

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

             

             

            "Borrowing
              Date" means a date on which an Advance is made or a Facility Letter
              of Credit is
              issued hereunder.

             

            "Business
              Day" means (a) with respect to any borrowing, payment or rate selection
              of
              Eurodollar Advances, a day (other than a Saturday or Sunday) on which
              banks
              generally are open in Chicago for the conduct of substantially all
              of their
              commercial lending activities and on which dealings in United States
              dollars are
              carried on in the London interbank market, and (b) for all other purposes,
              a day
              (other than a Saturday or Sunday) on which banks generally are open
              in Chicago
              for the conduct of substantially all of their commercial lending
              activities.

             

            "Capitalized
              Lease" of a Person means any lease of Property by such Person as lessee
              which
              would be capitalized on a balance sheet of such Person prepared in
              accordance
              with Agreement Accounting Principles.

             

            "Capitalized
              Lease Obligations" of a Person means the amount of the obligations
              of such
              Person under Capitalized Leases which would be shown as a liability
              on a balance
              sheet of such Person prepared in accordance with Agreement Accounting
              Principles.

             

            "Change"
              is defined in Section
              3.2.

             

            "Change
              in Control" means (a) the acquisition by any Person, or two or more
              Persons
              acting in concert, including without limitation any acquisition effected
              by
              means of any transaction contemplated by Section
              6.12,
              of
              beneficial ownership (within the meaning of Rule 13d-3 of the Securities
              and
              Exchange Commission under the Securities Exchange Act of 1934) of 20%
              or more of
              the outstanding shares of voting stock of the Borrower, or (b) during
              any period
              of 25 consecutive calendar months, commencing on the date of this Agreement,
              the
              ceasing of those individuals (the "Continuing
              Directors")
              who
              (i) were directors of the Borrower on the first day of each such period
              or (ii)
              subsequently became directors of the Borrower and whose initial election
              or
              initial nomination for election subsequent to that date was approved
              by a
              majority of the Continuing Directors then on the board of directors
              of the
              Borrower, to constitute a majority of the board of directors of the
              Borrower.

             

            "Code"
              means the Internal Revenue Code of 1986, as amended, reformed or otherwise
              modified from time to time.

             

            "Commercial
              Letter of Credit" means a trade or commercial Facility Letter of Credit
              issued
              by an Issuer pursuant to Section
              2.19
              hereof.

             

            "Commitment"
              means, for each Lender, the obligation of such Lender to make Loans
              (other than
              Swing Line Loans) and participate in Facility Letters of Credit not
              exceeding
              the amount set forth in Schedule 1 hereto and as set forth in any Notice
              of
              Assignment relating to any assignment which has become effective pursuant
              to
Section
              12.3.2,
              as such
              amount may be modified from time to time pursuant to the terms
              hereof.

             

            "Competitive
              Bid Advance" means a borrowing hereunder consisting of the aggregate
              amount of
              the several Competitive Bid Loans made by some or all of the Lenders
              to the
              Borrower at the same time and for the same Interest Period.

             

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

             

             

            "Competitive
              Bid Borrowing Notice" is defined in Section
              2.3.6.

             

            "Competitive
              Bid Loan" means a Eurodollar Bid Rate Loan or an Absolute Rate Loan,
              or both, as
              the case may be.

             

            "Competitive
              Bid Margin" means the margin above or below the applicable Eurodollar
              Base Rate
              offered for a Eurodollar Bid Rate Loan, expressed as a percentage (rounded
              to
              the nearest 1/100 of 1%) to be added or subtracted from such Eurodollar
              Base
              Rate.

             

            "Competitive
              Bid Note" means a promissory note in substantially the form of Exhibit
              B
              hereto,
              with appropriate insertions, duly executed and delivered to the Administrative
              Agent by the Borrower for the account of a Lender and payable to the
              order of
              such Lender, including any amendment, modification, renewal or replacement
              of
              such promissory note.

             

            "Competitive
              Bid Quote" means a Competitive Bid Quote substantially in the form
              of
Exhibit
              E
              hereto
              completed and delivered by a Lender to the Administrative Agent in
              accordance
              with Section
              2.3.4.

             

            "Competitive
              Bid Quote Request" means a Competitive Bid Quote Request substantially
              in the
              form of Exhibit
              C
              hereto
              completed and delivered by the Borrower to the Administrative Agent
              in
              accordance with Section
              2.3.2.

             

            "Condemnation"
              is defined in Section
              7.8.

             

            "Consolidated"
              or "consolidated", when used in connection with any calculation, means
              a
              calculation to be determined on a consolidated basis for the Borrower
              and its
              Subsidiaries in accordance with Agreement Accounting Principles.

             

            "Consolidated
              Interest Expense" means, with respect to any period, the sum (without
              duplication) of (i) Consolidated interest expense of the Borrower and
              its
              Consolidated Subsidiaries for such period before the effect of interest
              income,
              as reflected on the Consolidated statements of income for the Borrower
              and its
              Consolidated Subsidiaries for such period, and (ii) Consolidated interest,
              yield
              or discount accrued during such period on the aggregate outstanding
              investment
              or claim held by purchasers, assignees or other transferees of (or
              of interests
              in) receivables of the Borrower and its Consolidated Subsidiaries in
              connection
              with a revolving Accounts Receivable Financing Program (regardless
              of the
              accounting treatment of such Accounts Receivable Financing
              Program).

             

            "Consolidated
              Person" means, for the taxable year of reference, each Person which
              is a member
              of the affiliated group of the Borrower if Consolidated returns are
              or shall be
              filed for such affiliated group for federal income tax purposes or
              any combined
              or unitary group of which the Borrower is a member for state income
              tax
              purposes.

             

            "Contingent
              Obligation" of a Person means any agreement, undertaking or arrangement
              by which
              such Person assumes, guarantees, endorses, contingently agrees to purchase
              or
              provide funds for the payment of, or otherwise becomes or is contingently
              liable
              upon, the obligation or liability of any other Person, or agrees to
              maintain the
              net worth or working capital or other financial condition of any other
              Person,
              or otherwise assures any creditor of such other Person against loss,
              including,
              without limitation, any comfort letter, operating agreement or take-or-pay
              contract or application for a Letter of Credit.

             

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

             

             

            "Controlled
              Group" means all members of a controlled group of corporations and
              all trades or
              businesses (whether or not incorporated) under common control which,
              together
              with the Borrower or any of its Subsidiaries, are treated as a single
              employer
              under Section 414 of the Code.

             

            "Conversion/Continuation
              Notice" is defined in Section
              2.9.

             

            "Default"
              means an event described in Article
              VII.

             

            "EBIT"
              means, for any applicable computation period, the Borrower’s and Subsidiaries’
Net Income on a consolidated basis, plus
              (a)
              consolidated federal, state, local and foreign income and franchise
              taxes paid
              or accrued during such period and (b) Consolidated Interest Expense
              for such
              period, minus
              (or
plus)
              equity
              earnings (or losses) during such period attributable to equity investments
              by
              the Borrower and its Subsidiaries in the capital stock or other equity
              interests
              in any Person which is not a Subsidiary (other than Vail Resorts,
              Inc.).

             

            "Environmental
              Claims" means all claims, investigations, litigation, administrative
              proceedings, notices, requests for information, whether pending or
              threatened,
              or judgements or orders, however asserted, by any Governmental Authority
              or
              other Person alleging potential liability or responsibility for any
              violation of
              any Environmental Laws, or for any Release or injury to the
              environment.

             

            "Environmental
              Laws" means all federal, state and local laws, statutes, common law
              duties,
              rules, regulations, ordinances and codes, together with all administrative
              orders, direct duties, requests, licenses, approvals, certificates,
              decrees,
              standards, permits and other authorizations of, and agreements with,
              any
              Governmental Authority, in each case relating to environmental, health,
              safety
              and land use matters, including without limitations, chemical substances,
              air
              emissions, effluent discharges and the storage, treatment, transport
              and
              disposal of Hazardous Materials.

             

            "ERISA"
              means the Employee Retirement Income Security Act of 1974, as amended
              from time
              to time.

             

            "Eurodollar
              Advance" means a Eurodollar Bid Rate Advance or a Eurodollar Ratable
              Advance, or
              both, as the case may be.

             

            "Eurodollar
              Auction" means a solicitation of Competitive Bid Quotes setting forth
              Eurodollar
              Bid Rates pursuant to Section
              2.3.

             

            "Eurodollar
              Base Rate" means, with respect to a Eurodollar Advance for the relevant
              Eurodollar Interest Period, the applicable British Bankers’ Association Interest
              Settlement Rate for deposits in U.S. dollars appearing on Bloomberg
              Screen BBAM
              as of 11:00 a.m. (London time) two Business Days prior to the first
              day of such
              Eurodollar Interest Period, and having a maturity equal to such Eurodollar
              Interest 

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

             

             

            Period
              of
              one, two, three or six months shall end on (but exclude) the day which
              corresponds numerically to such date one, two, three or six months
              thereafter;
provided,
              however,
              that if
              there is no such numerically corresponding day in such next, second,
              third or
              sixth succeeding month, such Eurodollar Interest Period shall end on
              the last
              Business Day of such next, second, third or sixth succeeding month.
              If a
              Eurodollar Interest Period would otherwise end on a day which is not
              a Business
              Day, such Eurodollar Interest Period shall end on the next succeeding
              Business
              Day; provided,
              however,
              that
              if, with respect to a Eurodollar Interest Period of one, two, three
              or six
              months, said next succeeding Business Day falls in a new month, such
              Eurodollar
              Interest Period shall end on the immediately preceding Business
              Day.

             

            "Eurodollar
              Bid Rate" means, with respect to a Eurodollar Bid Rate Loan made by
              a given
              Lender for the relevant Eurodollar Interest Period, the sum of (a)
              the
              Eurodollar Base Rate and (b) the Competitive Bid Margin offered by
              such Lender
              and accepted by the Borrower.

             

            "Eurodollar
              Bid Rate Advance" means a Competitive Bid Advance which bears interest
              at a
              Eurodollar Bid Rate.

             

            "Eurodollar
              Bid Rate Loan" means a Loan which bears interest at the Eurodollar
              Bid
              Rate.

             

            "Eurodollar
              Interest Period" means, with respect to a Eurodollar Ratable Advance
              or a
              Eurodollar Bid Rate Advance, a period of seven days or one, two, three
              or six
              months commencing on a Business Day selected by the Borrower pursuant
              to this
              Agreement. A Eurodollar Interest Period of one, two, three or six months
              shall
              end on (but exclude) the day which corresponds numerically to such
              date one,
              two, three or six months thereafter; provided,
              however,
              that if
              there is no such numerically corresponding day in such next, second,
              third or
              sixth succeeding month, such Eurodollar Interest Period shall end on
              the last
              Business Day of such next, second, third or sixth succeeding month.
              If a
              Eurodollar Interest Period would otherwise end on a day which is not
              a Business
              Day, such Eurodollar Interest Period shall end on the next succeeding
              Business
              Day; provided,
              however,
              that
              if, with respect to a Eurodollar Interest Period of one, two, three
              or six
              months, said next succeeding Business Day falls in a new month, such
              Eurodollar
              Interest Period shall end on the immediately preceding Business
              Day.

             

            "Eurodollar
              Loan" means a Eurodollar Ratable Loan or Eurodollar Bid Rate Loan,
              or both, as
              the case may be.

             

            "Eurodollar
              Ratable Advance" means an Advance which bears interest at a Eurodollar
              Rate
              requested by the Borrower pursuant to Section
              2.2.3.

             

            "Eurodollar
              Ratable Loan" means a Loan requested by the Borrower pursuant to Section
              2.2.3
              which
              bears interest at a Eurodollar Rate.

             

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

             

             

            "Eurodollar
              Rate" means, with respect to a Eurodollar Ratable Advance for the relevant
              Eurodollar Interest Period, the sum of (a) the quotient of (i) the
              Eurodollar
              Base Rate applicable to such Eurodollar Interest Period, divided by
              (ii) one
              minus the Reserve Requirement (expressed as a decimal) applicable to
              such
              Eurodollar Interest Period, plus (b) the Applicable Eurodollar Margin
              plus (c)
              only in the case of Eurodollar Ratable Advances having a seven day
              Interest
              Period, .125%. The Eurodollar Rate shall be rounded to the next higher
              multiple
              of 1/16 of 1% if the rate is not such a multiple.

             

            "Existing
              Credit Agreement" means that certain credit agreement among JPMorgan
              Chase Bank,
              N.A., as administrative agent, the financial institutions party thereto,
              and
              Ralcorp Holdings, Inc. dated as of October 15, 2004, as amended.

             

            "Facility
              Letter of Credit" means a Letter of Credit issued pursuant to Section
              2.19.

             

            "Facility
              Letter of Credit Obligations" means as at the time of determination
              thereof, the
              sum of (a) the Reimbursement Obligations then outstanding and (b) the
              aggregate
              then undrawn face amount of the then outstanding Facility Letters of
              Credit.

             

            "Facility
              Letter of Credit Sublimit" means an aggregate amount of
              $50,000,000.

             

            "Facility
              Termination Date" means December 27, 2010, as such date may be extended
              pursuant
              to Section
              2.20.

             

            "Federal
              Funds Effective Rate" means, for any day, an interest rate per annum
              equal to
              the weighted average of the rates on overnight federal funds transactions
              with
              members of the Federal Reserve System arranged by federal funds brokers
              on such
              day, as published for such day (or, if such day is not a Business Day,
              for the
              immediately preceding Business Day) by the Federal Reserve Bank of
              New York, or,
              if such rate is not so published for any day which is a Business Day,
              the
              average of the quotations at approximately 10 a.m. (Chicago time) on
              such day on
              such transactions received by the Administrative Agent from three federal
              funds
              brokers of recognized standing selected by the Administrative Agent
              in its sole
              discretion.

             

            "Financial
              Statements" is defined in Section
              5.5.

             

            "Fiscal
              Quarter" means one of the four three-month accounting periods comprising
              a
              Fiscal Year.

             

            "Fiscal
              Year" means the twelve-month accounting period ending September 30
              of each
              year.

             

            "Governmental
              Authority" means any government (foreign or domestic) or any state
              or other
              political subdivision thereof or any governmental body, agency, authority,
              department or commission (including without limitation any taxing authority
              or
              political subdivision) or any instrumentality or officer thereof (including
              without limitation any court or tribunal) exercising executive, legislative,
              judicial, regulatory or administrative functions of or pertaining to
              government
              and any corporation, partnership or other entity directly or indirectly
              owned or
              controlled by or subject to the control of any of the foregoing.

             

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

             

             

            "Guarantors"
              means Bremner, Inc., Flavor House Products, Inc., Nutcracker Brands,
              Inc., RH
              Financial Corporation, Ripon Foods, Inc., Sugar Kake Cookie Inc., Heritage
              Wafers, LLC, The Carriage House Companies, Inc., Bakery Chef, L.L.C.,
              Community
              Shops, Inc., The Bun Basket, Inc., Lofthouse Bakery Products, Inc.,
              Medallion
              Foods, Inc. and each other Material Subsidiary.

             

            "Hazardous
              Materials" means any toxic or hazardous waste, substance or chemical
              or any
              pollutant, contaminant, chemical or other substance defined or regulated
              pursuant to any Environmental Laws, including, without limitation,
              asbestos,
              petroleum or crude oil.

             

            "Indebtedness"
              of a Person means such Person’s (a) obligations for borrowed money, (b)
              obligations representing the deferred purchase price of Property or
              services
              (other than accounts payable arising in the ordinary course of such
              Person’s
              business payable on terms customary in the trade), (c) obligations,
              whether or
              not assumed, secured by Liens or payable out of the proceeds or production
              from
              Property now or hereafter owned or acquired by such Person, (d) obligations
              which are evidenced by notes, acceptances, or similar instruments,
              (e)
              Capitalized Lease Obligations, (f) Rate Hedging Obligations, (g) Contingent
              Obligations, (h) obligations for which such Person is obligated pursuant
              to or
              in respect of a Facility Letter of Credit and the face amount of any
              other
              Letter of Credit, (i) obligations under so-called åsynthetic leasesæ and (j)
              repurchase obligations or liabilities of such Person with respect to
              accounts or
              notes receivable sold by such Person.

             

            "Initial
              Lender" means any Lender as of the date hereof.

             

            "Interest
              Expense Coverage Ratio" means for any applicable computation period
              of the
              Borrower, the ratio of EBIT to the Borrower’s Consolidated Interest Expense for
              such period, all as determined in accordance with Agreement Accounting
              Principles.

             

            "Interest
              Period" means a Eurodollar Interest Period or an Absolute Rate Interest
              Period.
              Notwithstanding the foregoing, each Swing Line Loan bearing interest
              at the
              Alternate Swing Line Rate shall be deemed to have an Interest Period
              of from one
              to seven days as agreed upon between the Borrower and the Swing Line
              Lender.

             

            "Investment"
              of a Person means any loan, advance (other than commission, travel
              and similar
              advances to officers and employees made in the ordinary course of business),
              extension of credit (other than accounts receivable arising in the
              ordinary
              course of business on terms customary in the trade), deposit account
              or
              contribution of capital by such Person to any other Person or any investment
              in,
              or purchase or other acquisition of, the stock, partnership interests,
              notes,
              debentures or other securities of any other Person made by such
              Person.

             

            "Invitation
              for Competitive Bid Quotes" means an Invitation for Competitive Bid
              Quotes
              substantially in the form of Exhibit
              D
              hereto,
              completed and delivered by the Administrative Agent to the Lenders
              in accordance
              with Section
              2.3.3.

             

            "Issuance
              Request" is defined in Section
              2.19.4.

             

            "Issuer"
              means JPMorgan Chase Bank, N.A.

             

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

          

        

      

    

    

      "Lenders"
        means the lending institutions listed on the signature pages of this Agreement
        and their respective successors and assigns.

       

      "Lending
        Installation" means, with respect to a Lender or the Administrative Agent,
        any
        office, branch, subsidiary or affiliate of such Lender or the Administrative
        Agent.

       

      "Letter
        of Credit" of a Person means a letter of credit or similar instrument which
        is
        issued upon the application of such Person or upon which such Person is an
        account party or for which such Person is in any way liable.

       

      "Letter
        of Credit Cash Collateral Account" is defined in Section
        8.1.
        Such
        account and the related cash collateralization shall be subject to documentation
        satisfactory to the Administrative Agent.

       

      "Leverage
        Ratio" means, with respect to the Borrower on a consolidated basis with its
        Subsidiaries, at the end of any Fiscal Quarter, the ratio of (a) Total Debt
        at
        the end of such Fiscal Quarter to (b) Adjusted EBITDA for the four Fiscal
        Quarters then ending.

       

      "Lien"
        means any security interest, lien (statutory or other), mortgage, pledge,
        hypothecation, assignment, deposit arrangement, encumbrance or preference,
        priority or other security agreement or preferential arrangement of any kind
        or
        nature whatsoever (including, without limitation, the interest of a vendor
        or
        lessor under any conditional sale, Capitalized Lease or other title retention
        agreement).

       

      "Loan"
        means, with respect to a Lender, such Lender’s portion of any Advance and
        "Loans" means, with respect to the Lenders, the aggregate of all Advances.
        The
        terms "Loan" and "Loans" shall also include any Swing Line Loans.

       

      "Loan
        Documents" means this Agreement, the Notes, the Subsidiary Guaranty, the
        Reimbursement Agreements and the other documents and agreements contemplated
        hereby and executed by the Borrower in favor of the Administrative Agent
        or any
        Lender.

       

      "Margin
        Stock" has the meaning assigned to that term under Regulation U.

       

      "Material
        Adverse Effect" means a material adverse effect on (a) the business, Property,
        condition (financial or other) and
        results of operations of the Borrower and its Subsidiaries taken as a whole,
        (b)
        the ability of the Borrower to perform its obligations under the Loan Documents,
        or (c) the validity or enforceability of any of the Loan Documents or the
        rights
        or remedies of the Administrative Agent or the Lenders thereunder.

       

      "Material
        Foreign Subsidiary" means a Subsidiary of the Borrower organized under the
        laws
        of a jurisdiction located outside the United States and at any time having
        assets with a fair market value in excess of $10,000,000.

       

      "Material
        Subsidiary" means a Subsidiary of the Borrower organized under the laws of
        a
        jurisdiction located within the United States and at any time having assets
        with
        a fair market value in excess of $10,000,000; provided, however, that any
        special purpose Subsidiary established for the purpose of entering into the
        Accounts Receivable Financing Program shall not be a Material
        Subsidiary.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      "Moody’s"
        means Moody’s Investor Services, Inc.

       

      "Multiemployer
        Plan" means an employee pension benefit plan, as defined in section 3(2)
        of
        ERISA, maintained pursuant to a collective bargaining agreement or any other
        arrangement to which the Borrower or any member of the Controlled Group is
        a
        party to which more than one employer outside of the Controlled Group is
        obligated to make contributions.

       

      "Net
        Debt" means (a) Total Debt, plus
        (b) the
        aggregate principal amount of all Indebtedness of a special purpose Subsidiary
        of the Borrower formed in connection with the sale of accounts receivable
        and
        other forms of off-balance sheet financing, minus
        (c) the
        amount of cash held by the Borrower in excess of $10,000,000, minus
        (d) 50%
        of the market value of the Borrower’s equity interests in Vail Resorts, Inc. as
        of the end of the most recently ended Fiscal Quarter.

       

      "Net
        Income" means, for any computation period, with respect to the Borrower on
        a
        consolidated basis with its Subsidiaries (other than any Subsidiary which
        is
        restricted from declaring or paying dividends or otherwise advancing funds
        to
        its parent whether by contract or otherwise), cumulative net income earned
        during such period as determined in accordance with Agreement Accounting
        Principles, but (i) excluding any non-cash charges (except any non-cash charges
        that require accrual of a reserve for anticipated future cash payments) or
        non-cash gains (except any non-cash gains resulting in the Borrower’s accrual of
        a receivable which will result in a cash in-flow at a later date), which
        charges
        or gains are unusual, non-recurring or extraordinary, (ii) excluding any
        non-cash stock based incentive-related expenses, and (iii) including, to
        the
        extent not otherwise included in the determination of Net Income, all cash
        dividends and cash distributions received by the Borrower or any Subsidiary
        from
        any Person in which the Borrower or such Subsidiary has made an Investment
        pursuant to Section
        6.15(j).

       

      "Net
        Leverage Ratio" means, with respect to the Borrower on a consolidated basis
        with
        its Subsidiaries, at the end of any Fiscal Quarter, the ratio of (a) Net
        Debt at
        the end of such Fiscal Quarter to (b) Adjusted EBITDA for the four Fiscal
        Quarters then ending.

       

      "Net
        Worth" means at any date the consolidated common stockholders’ equity of the
        Borrower and its consolidated Subsidiaries determined in accordance with
        Agreement Accounting Principles.

       

      "Notes"
        means, collectively, the Competitive Bid Notes, the Ratable Notes and the
        Swing
        Line Note; and "Note" means any one of the Notes.

       

      "Notice
        of Assignment" is defined in Section
        12.3.2.

       

      "Obligations"
        means all unpaid principal of and accrued and unpaid interest on the Notes,
        the
        Facility Letter of Credit Obligations and all other liabilities (if any),
        whether actual or contingent, of the Borrower with respect to Facility Letters
        of Credit, all accrued and unpaid fees and all expenses, reimbursements,
        indemnities and other obligations of the Borrower to the Lenders or to any
        Lender, the Administrative Agent or any indemnified party hereunder arising
        under any of the Loan Documents.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      "Participants"
        is defined in Section
        12.2.1.

       

      "Payment
        Date" means the last day of each March,
        June, September and December.

       

      "PBGC"
        means the Pension Benefit Guaranty Corporation or any successor
        thereto.

       

      "Permitted
        Purchase" means an acquisition permitted by Section
        6.15(m).

       

      "Person"
        means any natural person, corporation, firm, joint venture, partnership,
        association, enterprise, limited liability company, trust or other entity
        or
        organization, or any government or political subdivision or any agency,
        department or instrumentality thereof.

       

      "Plan"
        means an employee pension benefit plan, as defined in Section 3(2) of ERISA,
        as
        to which the Borrower or any member of the Controlled Group may have any
        liability.

       

      "Prime
        Rate" means a rate per annum equal to the prime rate of interest announced
        from
        time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at
        its
        principal office in New York City (which is not necessarily the lowest rate
        charged to any customer), changing when and as said prime rate
        changes.

       

      "Property"
        of a Person means any and all property, whether real, personal, tangible,
        intangible, or mixed, of such Person, or other assets owned, leased or operated
        by such Person.

       

      "pro-rata"
        means, when used with respect to a Lender, and any described aggregate or
        total
        amount, an amount equal to such Lender’s pro-rata share or portion based on its
        percentage of the Aggregate Commitment or if the Aggregate Commitment has
        been
        terminated, its percentage of the aggregate principal amount of outstanding
        Advances and Facility Letter of Credit Obligations.

       

      "Purchase"
        means any transaction, or any series of related transactions, consummated
        on or
        after the date of this Agreement, by which the Borrower or any of its
        Subsidiaries (a) acquires any ongoing business or all or substantially all
        of
        the assets of any firm, corporation or division or line of business thereof,
        whether through purchase of assets, merger or otherwise, or (b) directly
        or
        indirectly acquires (in one transaction or as the most recent transaction
        in a
        series of transactions) at least a majority (in number of votes) of the
        securities of a corporation which have ordinary voting power for the election
        of
        directors (other than securities having such power only by reason of the
        happening of a contingency) or a majority (by percentage or voting power)
        of the
        outstanding partnership interests of a partnership.

       

      "Purchasers"
        is defined in Section
        12.3.1.

       

      "Ralston
        Obligations" means the indemnification obligations of the Borrower existing
        on
        the date hereof in favor of Ralston Purina Company with respect to its guaranty
        of the obligations of Ralston Resorts, Inc. under the Sports Facilities
        Refunding Revenue Bonds identified on Schedule
        5.8.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      "Ratable
        Advance" means a borrowing hereunder consisting of the aggregate amount of
        the
        several Ratable Loans made by the Lenders to the Borrower at the same time,
        of
        the same Type and for the same Interest Period.

       

      "Ratable
        Borrowing Notice" is defined in Section
        2.2.3.

       

      "Ratable
        Loan" means a Loan made by a Lender pursuant to Section
        2.2
        hereof.

       

      "Ratable
        Note" means a promissory note in substantially the form of Exhibit
        A
        hereto,
        duly executed and delivered to the Administrative Agent by the Borrower for
        the
        account of each Lender and payable to the order of a Lender in the amount
        of its
        Commitment, including any amendment, modification, renewal or replacement
        of
        such promissory note.

       

      "Rate
        Hedging Obligations" of a Person means any and all obligations of such Person,
        whether absolute or contingent and howsoever and whensoever created, arising,
        evidenced or acquired (including all renewals, extensions and modifications
        thereof and substitutions therefor), under (a) any and all agreements, devices
        or arrangements designed to protect at least one of the parties thereto from
        the
        fluctuations of interest rates, exchange rates or forward rates applicable
        to
        such party’s assets, liabilities or exchange transactions, including, but not
        limited to, dollar-denominated or cross-currency interest rate exchange
        agreements, interest rate swaps, forward currency exchange agreements, interest
        rate cap or collar protection agreements, forward rate currency or interest
        rate
        options, puts and warrants, and (b) any and all cancellations, buybacks,
        reversals, terminations or assignments of any of the foregoing.

       

      "Regulation
        D" means Regulation D of the Board of Governors of the Federal Reserve System
        as
        from time to time in effect and any successor thereto or other regulation
        or
        official interpretation of said Board of Governors relating to reserve
        requirements applicable to member banks of the Federal Reserve
        System.

       

      "Regulation
        T" means Regulation T of the Board of Governors of the Federal Reserve System
        as
        from time to time in effect and shall include any successor or other regulation
        or official interpretation of such Board of Governors relating to the extension
        of credit by securities brokers and dealers for the purpose of purchasing
        or
        carrying margin stocks applicable to such Persons.

       

      "Regulation
        U" means Regulation U of the Board of Governors of the Federal Reserve System
        as
        from time to time in effect and any successor or other regulation or official
        interpretation of said Board of Governors relating to the extension of credit
        by
        banks for the purpose of purchasing or carrying margin stocks applicable
        to such
        Persons.

       

      "Regulation
        X" means Regulation X of the Board of Governors of the Federal Reserve System
        as
        from time to time in effect and shall include any successor or other regulation
        or official interpretation of said Board of Governors relating to the extension
        of credit by the specified lenders for the purpose of purchasing or carrying
        margin stocks applicable to such Persons.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      "Reimbursement
        Agreement" means a letter of credit application and reimbursement agreement
        in
        such form as the Issuer may from time to time employ in the ordinary course
        of
        business.

       

      "Reimbursement
        Obligations" means, at any time, the aggregate (without duplication) of the
        Obligations of the Borrower to the Lenders, the Issuer and/or the Administrative
        Agent in respect of all unreimbursed payments or disbursements made by the
        Lenders, the Issuer and/or the Administrative Agent under or in respect of
        draws
        made under the Facility Letters of Credit.

       

      "Related
        Parties" means, with respect to any specified Person, such Person’s Affiliates
        and the respective directors, officers, employees, agents and advisors of
        such
        Person and such Person’s Affiliates.

       

      "Release"
        is defined in the Comprehensive Environmental Response, Compensation and
        Liability Act, as amended, 42 U.S.C. 39601 et seq.

       

      "Rentals"
        of a Person means the aggregate fixed amounts payable by such Person under
        any
        operating lease of Property.

       

      "Reportable
        Event" means a reportable event as defined in Section 4043 of ERISA and the
        regulations issued under such section, with respect to a Plan, excluding,
        however, such events as to which the PBGC has by regulation waived the
        requirement of Section 4043(a) of ERISA that it be notified within 30 days
        of
        the occurrence of such event; provided,
        that a
        failure to meet the minimum funding standard of Section 412 of the Code and
        of
        Section 302 of ERISA shall be a Reportable Event regardless of the issuance
        of
        any such waiver of the notice requirement in accordance with either Section
        4043(a) of ERISA or Section 412(d) of the Code.

       

      "Required
        Lenders" means Lenders in the aggregate having at least 51% of the Aggregate
        Commitment or, if the Aggregate Commitment has been terminated, 51% of the
        sum
        of (a) the aggregate unpaid principal amount of the outstanding Loans plus
        (b)
        the aggregate amount of the outstanding Facility Letter of Credit
        Obligations.

       

      "Reserve
        Requirement" means, with respect to an Interest Period, the maximum aggregate
        reserve requirement (including all basic, supplemental, marginal and other
        reserves) which is imposed under Regulation D on Eurocurrency
        liabilities.

       

      "Risk-Based
        Capital Guidelines" is defined in Section
        3.2.

       

      "S&P"
        means Standard & Poor’s Ratings Group, a division of the McGraw-Hill
        Companies.

       

      "Section"
        means a numbered section of this Agreement, unless another document is
        specifically referenced.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

       

      "Single
        Employer Plan" means a Plan subject to Title IV of ERISA maintained by the
        Borrower or any member of the Controlled Group for employees of the Borrower
        or
        any member of the Controlled Group, other than a Multiemployer
        Plan.

       

      "Solvent"
        means, when used with respect to a Person, that (a) the fair saleable value
        of
        the assets of such Person is in excess of the total amount of the present
        value
        of its liabilities (including for purposes of this definition all liabilities
        (including loss reserves as determined by such Person), whether or not reflected
        on a balance sheet prepared in accordance with Agreement Accounting Principles
        and whether direct or indirect, fixed or contingent, secured or unsecured,
        disputed or undisputed), (b) such Person is able to pay its debts or obligations
        in the ordinary course as they mature and (c) such Person does not have
        unreasonably small capital to carry out its business as conducted and as
        proposed to be conducted. "Solvency" shall have a correlative
        meaning.

       

      "Standby
        Letter of Credit" means a Facility Letter of Credit which is not a Commercial
        Letter of Credit. 

       

      "Subordinated
        Indebtedness" of a Person means any Indebtedness of such Person the payment
        of
        which is subordinated to payment of the Obligations to the written satisfaction
        of the Administrative Agent.

       

      "Subsidiary"
        of a Person means (a) any corporation more than 50% of the outstanding
        securities having ordinary voting power of which shall at the time be owned
        or
        controlled, directly or indirectly, by such Person or by one or more of its
        Subsidiaries or by such Person and one or more of its Subsidiaries, or (b)
        any
        partnership, association, joint venture, limited liability company or similar
        business organization more than 50% of the ownership interests having ordinary
        voting power of which shall at the time be so owned or controlled. Unless
        otherwise expressly provided, all references herein to a "Subsidiary" shall
        mean
        a Subsidiary of the Borrower.

       

      "Subsidiary
        Guaranty" means that certain Guaranty, dated as of the date hereof, duly
        executed and delivered by the Guarantors in favor of the Administrative Agent,
        on behalf of the Lenders, as the same may be amended, supplemented or otherwise
        modified from time to time.

       

      "Substantial
        Portion" means, with respect to the Property of the Borrower and its
        Subsidiaries, Property which (a) represents more than 15% of the consolidated
        tangible assets of the Borrower and its Subsidiaries, as would be shown in
        the
        consolidated financial statements of the Borrower and its Subsidiaries as
        at the
        end of the Fiscal Quarter next preceding the date on which such determination
        is
        made, or (b) is responsible for more than 5% of the consolidated Net Income
        from
        continuing operations of the Borrower and its Subsidiaries for the 12-month
        period ending as of the end of the Fiscal Quarter next preceding the date
        of
        determination.

       

      "Swing
        Line Lender" means JPMorgan Chase Bank, N.A. or any other Lender as a successor
        Swing Line Lender.

       

      "Swing
        Line Commitment" means the obligation of the Swing Line Lender to make Swing
        Line Loans hereunder in an aggregate amount at any one time outstanding not
        to
        exceed $15,000,000. The Swing Line Commitment will automatically and permanently
        terminate on the Facility Termination Date.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      "Swing
        Line Loan" means a Loan made by the Swing Line Lender pursuant to Section
        2.4.

       

      "Swing
        Line Note" means a promissory note substantially in the form of Exhibit
        F
        hereto,
        duly executed and delivered to the Administrative Agent by the Borrower and
        payable to the order of the Swing Line Lender in the amount of its Swing
        Line
        Commitment, including any amendment, modification, renewal or replacement
        of
        such promissory note.

       

      "Termination
        Event" means, with respect to a Plan which is subject to Title IV of ERISA,
        (a)
        a Reportable Event, (b) the withdrawal of the Borrower or any other member
        of
        the Controlled Group from such Plan during a plan year in which the Borrower
        or
        any other member of the Controlled Group was a "substantial employer" as
        defined
        in Section 4001(a)(2) of ERISA or was deemed such under Section 4068(f) of
        ERISA, (c) the termination of such Plan, the filing of a notice of intent
        to
        terminate such Plan or the treatment of an amendment of such Plan as a
        termination under Section 4041 of ERISA, (d) the institution by the PBGC
        of
        proceedings to terminate such Plan or (e) any event or condition which might
        constitute grounds under Section 4042 of ERISA for the termination of, or
        appointment of a trustee to administer, such Plan.

       

      "Thomson"
        means Thomson BankWatch Inc.

       

      "Total
        Debt" means (a) all Indebtedness of the Borrower and its Subsidiaries, on
        a
        consolidated basis, reflected on a balance sheet prepared in accordance with
        Agreement Accounting Principles, plus,
        without
        duplication (b) the face amount of all outstanding Letters of Credit in respect
        of which the Borrower or any Subsidiary has any reimbursement obligation
        and the
        principal amount of all Contingent Obligations of the Borrower and its
        Subsidiaries, minus
        (c) to
        the extent included in clause (b) above, (i) up to $25,000,000 in aggregate
        face
        or principal amount of surety bonds and Letters of Credit relating to workers’
compensation and similar benefits and (ii) the Ralston Obligations.

       

      "Transferee"
        is defined in Section
        12.4.

       

      "Type"
        means, with respect to any Advance, its nature as an Alternate Base Rate
        Advance, Eurodollar Advance or Absolute Rate Advance.

       

      "UCC"
        means the New York Uniform Commercial Code as amended or modified and in
        effect
        from time to time.

       

      "Unfunded
        Liability" means the amount (if any) by which a Single Employer Plan’s actuarial
        accrued liability exceeds its actuarial asset value, as determined by the
        then
        most recent valuation for such plan used to determine the measures of funded
        status required to be reported to the Internal Revenue Service.

       

      "Unmatured
        Default" means an event which but for the lapse of time or the giving of
        notice,
        or both, would constitute a Default.

       

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    

      "Unrefunded
        Swing Line Loans" is defined in Section
        2.4(d).

       

      "Wholly-Owned
        Subsidiary" of a Person means (a) any Subsidiary all of the outstanding voting
        securities of which shall at the time be owned or controlled, directly or
        indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such
        Person, or by such Person and one or more Wholly-Owned Subsidiaries of such
        Person, or (b) any partnership, association, joint venture, limited liability
        company or similar business organization 100% of the ownership interests
        having
        ordinary voting power of which shall at the time be so owned or
        controlled.

       

      The
        foregoing definitions shall be equally applicable to both the singular and
        plural forms of the defined terms.

       

      ARTICLE
        II

       

      THE
        FACILITY

       

      2.1.  The
        Facility.

       

      2.1.1. Description
        of Facility.
        The
        Lenders hereby establish in favor of the Borrower a revolving credit facility
        pursuant to which, and upon the terms and subject to the conditions herein
        set
        out:

       

      (a) each
        Lender severally agrees to make Ratable Loans to the Borrower in accordance
        with
Section
        2.2
        in
        amounts not to exceed in the aggregate at any one time outstanding the amount
        of
        its Commitment less the sum of (i) the amount of such Lender’s pro-rata share of
        the outstanding principal amount of all Competitive Bid Advances (regardless
        of
        which Lender or Lenders made such Competitive Bid Advances) exclusive of
        Competitive Bid Advances being repaid substantially contemporaneously with
        the
        making of any such Ratable Loans, plus
        (ii) the
        amount of such Lender’s pro-rata share of the outstanding principal amount of
        all Swing Line Loans exclusive of Swing Line Loans being repaid substantially
        contemporaneously with the making of any such Ratable Loans, plus
        (iii)
        the amount of such Lender’s pro-rata share of the outstanding Facility Letter of
        Credit Obligations exclusive of Facility Letter of Credit Obligations being
        repaid substantially contemporaneously with the making of any such Ratable
        Loans;

       

      (b) each
        Lender may, in its sole discretion, make bids to make Competitive Bid Loans
        to
        the Borrower, and make such Loans, in accordance with Section
        2.3;
        and

       

      (c) the
        Swing
        Line Lender agrees to make Swing Line Loans to the Borrower in accordance
        with
Section
        2.4.

       

      2.1.2. Facility
        Amount.
        In no
        event may the sum of (a) the aggregate principal amount of all outstanding
        Advances (including the Ratable Advances, the Competitive Bid Advances and
        the
        Swing Line Loans) plus
        (b) the
        outstanding amount of Facility Letter of Credit Obligations at any time exceed
        the Aggregate Commitment. If at any time the aggregate amount of the sum
        of the
        Loans and the

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

       

       Facility
        Letter of Credit Obligations exceeds the Aggregate Commitment, the Borrower
        shall repay immediately its then outstanding Loans (first Swing Line Loans,
        then
        Ratable Loans and then Competitive Bid Loans) in such amount as may be necessary
        to eliminate such excess; provided,
        that if
        an excess remains after repayment of all outstanding Loans, then the Borrower
        shall cash collateralize the Facility Letter of Credit Obligations by depositing
        into the Letter of Credit Cash Collateral Account such amount as may be
        necessary to eliminate such excess.

       

      2.1.3. Availability
        of Facility.
        Subject
        to the terms of this Agreement, from and including the date hereof to, but
        not
        including the Facility Termination Date the Borrower may borrow, repay and
        reborrow Advances hereunder. All outstanding Loans and Advances and all other
        unpaid Obligations shall be due and payable in full by the Borrower on the
        Facility Termination Date.

       

      2.2.  Ratable
        Advances.

       

      2.2.1. Ratable
        Advances.
        Each
        Ratable Advance hereunder shall consist of borrowings made from the several
        Lenders ratably in proportion to the amounts of their respective Commitments.
        The Borrower’s obligation to pay the principal of, and interest on, the Ratable
        Advances shall be evidenced by the Ratable Notes. Although the Ratable Notes
        shall be dated the date of the initial Advance, interest in respect thereof
        shall be payable only for the periods during which the Loans evidenced thereby
        are outstanding and, although the stated amount of each Ratable Note shall
        be
        equal to the applicable Lender’s Commitment, each Ratable Note shall be
        enforceable, with respect to the Borrower’s obligation to pay the principal
        amount thereof, only to the extent of the unpaid principal amount of the
        Ratable
        Loans at the time evidenced thereby.

       

      2.2.2 Ratable
        Advance Rate Options.
        The
        Ratable Advances may be Alternate Base Rate Advances or Eurodollar Ratable
        Advances, or a combination thereof, selected by the Borrower in accordance
        with
Section
        2.2.3
        or
2.2.4. 
        No Ratable Advance may mature after, or have an Interest Period which extends
        beyond, the Facility Termination Date.

       

      2.2.3. Method
        of Selecting Types and Interest Periods for Ratable Advances.
        The
        Borrower shall select the Type of each Ratable Advance and, in the case of
        each
        Eurodollar Ratable Advance, the Eurodollar Interest Period applicable to
        such
        Ratable Advance from time to time. The Borrower shall give the Administrative
        Agent irrevocable notice (a "Ratable
        Borrowing Notice")
        not
        later than 12:00 noon (Chicago time) on the Borrowing Date of each Alternate
        Base Rate Advance and three Business Days before the Borrowing Date for each
        Eurodollar Ratable Advance. Notwithstanding the foregoing, a Ratable Borrowing
        Notice for an Alternate Base Rate Advance may be given not later than 30
        minutes
        after the time which the Borrower is required to reject one or more bids
        offered
        in connection with an Absolute Rate Auction pursuant to Section
        2.3.6
        and a
        Ratable Borrowing Notice for a Eurodollar Ratable Advance may be given not
        later
        than 30 minutes after the time the Borrower is required to reject one or
        more
        bids offered in connection with a Eurodollar Auction pursuant to Section
        2.3.6.
        A
        Ratable Borrowing Notice shall specify:

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      (a)  the
        Borrowing Date, which shall be a Business Day, of such Ratable
        Advance;

       

      (b)  the
        aggregate amount of such Ratable Advance, which, when added to all outstanding
        Ratable Advances, Swing Line Loans and Competitive Bid Advances and after
        giving
        effect to the repayment of any such outstanding Advances or Loans out of
        the
        proceeds of the requested Ratable Advance, shall not exceed the Aggregate
        Commitment;

       

      (c)  the
        Type
        of Advance selected; and

       

      (d)  in
        the
        case of each Eurodollar Ratable Advance, the Eurodollar Interest Period
        applicable thereto (which may not end after the Facility Termination
        Date).

       

      2.2.4. Conversion
        and Continuation of Outstanding Ratable Advances.
        Alternate Base Rate Advances shall continue as Alternate Base Rate Advances
        unless and until such Alternate Base Rate Advances are converted into Eurodollar
        Ratable Advances. Each Eurodollar Ratable Advance shall continue as a Eurodollar
        Ratable Advance until the end of the then applicable Eurodollar Interest
        Period
        therefor, at which time such Eurodollar Ratable Advance shall be automatically
        converted into an Alternate Base Rate Advance unless the Borrower shall have
        given the Administrative Agent a Conversion/Continuation Notice requesting
        that,
        at the end of such Eurodollar Interest Period, such Eurodollar Ratable Advance
        continue as a Eurodollar Ratable Advance for the same or another Eurodollar
        Interest Period. Subject to the terms of Section
        2.7,
        the
        Borrower may elect from time to time to convert all or any part of a Ratable
        Advance of any Type into any other Type or Types of Ratable Advances;
provided
        that any
        conversion of any Eurodollar Ratable Advance shall be made on, and only on,
        the
        last day of the Eurodollar Interest Period applicable thereto. The Borrower
        shall give the Administrative Agent irrevocable notice (a
        "Conversion/Continuation Notice") of each conversion of a Ratable Advance
        or
        continuation of a Eurodollar Ratable Advance not later than 10:00 a.m. (Chicago
        time) at least one Business Day, in the case of a conversion into an Alternate
        Base Rate Advance, or at least three Business Days, in the case of a conversion
        into or continuation of a Eurodollar Ratable Advance, prior to the date of
        the
        requested conversion or continuation, specifying:

       

      (a)  the
        requested date, which shall be a Business Day, of such conversion or
        continuation;

       

      (b) the
        aggregate amount and Type of Ratable Advance which is to be converted or
        continued; and

       

      (c) the
        amount and Type(s) of Ratable Advance(s) into which such Ratable Advance
        is to
        be converted or continued and, in the case of a conversion into or continuation
        of an Eurodollar Ratable Advance, the duration of the Eurodollar Interest
        Period
        applicable thereto.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      2.3.  Competitive
        Bid Advances.

       

      2.3.1. Competitive
        Bid Option.
        In
        addition to Ratable Advances pursuant to Section
        2.2,
        but
        subject to the terms and conditions of this Agreement (including, without
        limitation, the limitation set forth in Section
        2.1.2
        as to
        the maximum aggregate principal amount of all outstanding Advances and Facility
        Letter of Credit Obligations hereunder), prior to the Facility Termination
        Date
        the Borrower may, as set forth in this Section
        2.3,
        request
        the Lenders to make offers to make Competitive Bid Advances to the Borrower.
        Each Lender may, but shall have no obligation to, make such offers and the
        Borrower may, but shall have no obligation to, accept any such offers in
        the
        manner set forth in this Section
        2.3.
        The
        Borrower’s obligation to pay the principal of, and interest on, the Competitive
        Bid Advances shall be evidenced by the Competitive Bid Notes. Although the
        Competitive Bid Notes shall be dated the date of the initial Advance, interest
        in respect thereof shall be payable only for the periods during which the
        Loans
        evidenced thereby are outstanding. Each Competitive Bid Loan shall be repaid
        in
        full by the Borrower on the last day of the Interest Period applicable
        thereto.

       

      2.3.2. Competitive
        Bid Quote Request.
        When
        the Borrower wishes to request offers to make Competitive Bid Loans under
        this
Section
        2.3,
        it
        shall transmit to the Administrative Agent by telecopy a Competitive Bid
        Quote
        Request substantially in the form of Exhibit
        C
        hereto
        so as to be received no later than (a) 10:00 a.m. (Chicago time) at least
        five
        Business Days prior to the Borrowing Date proposed therein, in the case of
        a
        Eurodollar Auction or (b) 9:00 a.m. (Chicago time) at least one Business
        Day
        prior to the Borrowing Date proposed therein, in the case of an Absolute
        Rate
        Auction specifying:

       

      (a) the
        proposed Borrowing Date, which shall be a Business Day, for the proposed
        Competitive Bid Advance;

       

      (b) the
        aggregate principal amount of such Competitive Bid Advance;

       

      (c) whether
        the Competitive Bid Quotes requested are to set forth a Eurodollar Bid Rate,
        an
        Absolute Rate, or both; and

       

      (d) the
        Interest Period applicable thereto (which may not end after the Facility
        Termination Date).

       

      The
        Borrower may request offers to make Competitive Bid Loans for more than one
        Interest Period in a single Competitive Bid Quote Request. No Competitive
        Bid
        Quote Request shall be given within 5 Business Days (or such other number
        of
        days as the Borrower and the Administrative Agent may agree) of any other
        Competitive Bid Quote Request. A Competitive Bid Quote Request that does
        not
        conform substantially to the format of Exhibit
        C
        hereto
        shall be rejected, and the Administrative Agent shall promptly notify the
        Borrower of such rejection by telecopy.

       

      2.3.3. Invitation
        for Competitive Bid Quotes.
        Promptly and in any event before the close of business on the same Business
        Day
        of receipt of a Competitive Bid Quote Request that is not rejected pursuant
        to
Section
        2.3.2,
        the
        Administrative Agent shall send to each of the Lenders by telex or telecopy
        an
        Invitation for Competitive Bid Quotes substantially in the form of Exhibit
        D
        hereto,
        which shall constitute an invitation by the Borrower to each Lender to submit
        Competitive Bid Quotes offering to make the Competitive Bid Loans to which
        such
        Competitive Bid Quote Request relates in accordance with this Section
        2.3.

       

      
        	 	
                                         
                  2.3.4.  Submission
                  and Contents of Competitive Bid Quotes.

              

      

       

      (a)  Each
        Lender may, in its sole discretion, submit a Competitive Bid Quote containing
        an
        offer or offers to make Competitive Bid Loans in response to any Invitation
        for
        Competitive Bid Quotes. Each Competitive Bid Quote must comply with the
        requirements of this Section
        2.3.4
        and must
        be submitted to the Administrative Agent by telex or telecopy at its offices
        specified in or pursuant to Article XIII not later than (i) 9:00 a.m. (Chicago
        time) at least four
        Business Days prior to the proposed Borrowing Date, in the case of a Eurodollar
        Auction or (ii) 9:00 a.m. (Chicago time) on the proposed Borrowing Date,
        in the
        case of an Absolute Rate Auction (or, in either case upon reasonable prior
        notice to the Lenders, such other time and date as the Borrower and the
        Administrative Agent may agree); provided
        that
        Competitive Bid Quotes submitted by JPMorgan Chase Bank, N.A. may only be
        submitted if the Administrative Agent or JPMorgan Chase Bank, N.A. notifies
        the
        Borrower of the terms of the offer or offers contained therein not later
        than 15
        minutes prior to the latest time at which the relevant Competitive Bid Quotes
        must be submitted by the other Lenders. Subject to Articles IV and VIII,
        any
        Competitive Bid Quote so made shall be irrevocable except with the written
        consent of the Administrative Agent given on the instructions of the
        Borrower.

       

      (b) Each
        Competitive Bid Quote shall be in substantially the form of Exhibit
        E
        hereto
        and shall in any case specify:

       

      (i) the
        proposed Borrowing Date, which shall be the same as that set forth in the
        applicable Invitation for Competitive Bid Quotes;

       

      (ii) the
        principal amount of the Competitive Bid Loan for which each such offer is
        being
        made, which principal amount
        (a)
        may be
        greater than, less than or equal to the Commitment of the quoting
        Lender,
        (b)
        must be
        at least $5,000,000 and an integral multiple of $1,000,000, and
        (c)
        may not
        exceed the principal amount of Competitive Bid Loans for which offers were
        requested;

       

      (iii)  in
        the
        case of a Eurodollar Auction, the Competitive Bid Margin offered for each
        such
        Competitive Bid Loan;

       

      (iv) the
        minimum amount, if any, of the Competitive Bid Loan which may be accepted
        by the
        Borrower;

       

      (v) in
        the
        case of an Absolute Rate Auction, the Absolute Rate offered for each such
        Competitive Bid Loan; and

       

      (vi) the
        identity of the quoting Lender.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      (c) The
        Administrative Agent shall reject any Competitive Bid Quote that:

       

      (i) is
        not
        substantially in the form of Exhibit
        E
        hereto
        or does not specify all of the information required by Section
        2.3.4(b);

       

      (ii) contains
        qualifying, conditional or similar language, other than any such language
        contained in Exhibit
        E
        hereto;

       

      (iii) proposes
        terms other than or in addition to those set forth in the applicable Invitation
        for Competitive Bid Quotes; or

       

      (iv) arrives
        after the time set forth in Section
        2.3.4(a).

       

      If
        any
        Competitive Bid Quote shall be rejected pursuant to this Section
        2.3.4(c),
        then
        the Administrative Agent shall promptly notify the relevant Lender of such
        rejection.

       

      2.3.5.    Notice
        to Borrower. 
        The Administrative Agent shall promptly notify the Borrower of the terms
        (a) of
        any Competitive Bid Quote submitted by a Lender that is in accordance with
        Section
        2.3.4
        and (b)
        of any Competitive Bid Quote that amends, modifies or is otherwise inconsistent
        with a previous Competitive Bid Quote submitted by such Lender with respect
        to
        the same Competitive Bid Quote Request. Any such subsequent Competitive Bid
        Quote shall be disregarded by the Administrative Agent unless such subsequent
        Competitive Bid Quote specifically states that it is submitted solely to
        correct
        a manifest error in such former Competitive Bid Quote. The Administrative
        Agent’s notice to the Borrower shall specify the aggregate principal amount of
        Competitive Bid Loans for which offers have been received for each Interest
        Period specified in the related Competitive Bid Quote Request and the respective
        principal amounts and Eurodollar Bid Rates or Absolute Rates, as the case
        may
        be, so offered.

       

      2.3.6.      
        Acceptance
        and Notice by Borrower.
        Not
        later than (a) 10:00 a.m. (Chicago time) at least three Business Days prior
        to
        the proposed Borrowing Date, in the case of a Eurodollar Auction or (b) 10:00
        a.m. (Chicago time) on the proposed Borrowing Date, in the case of an Absolute
        Rate Auction (or, in either case upon reasonable prior notice to the Lenders,
        such other time and date as the Borrower and the Administrative Agent may
        agree), the Borrower shall notify the Administrative Agent of its acceptance
        or
        rejection of the offers so notified to it pursuant to Section
        2.3.5;
        provided,
        however,
        that
        the failure by the Borrower to give such notice to the Administrative Agent
        shall be deemed to be a rejection of all such offers. In the case of acceptance,
        such notice (a "Competitive Bid Borrowing Notice") shall specify the aggregate
        principal amount of offers for each Interest Period that are accepted. The
        Borrower may accept any Competitive Bid Quote in whole or in part (subject
        to
        the terms of Section
        2.3.4(b)(iv));
        provided
        that:

       

      (a) the
        aggregate principal amount of each Competitive Bid Advance may not exceed
        the
        applicable amount set forth in the related Competitive Bid Quote
        Request,

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      (b) acceptance
        of offers may only be made on the basis of ascending Eurodollar Bid Rates
        or
        Absolute Rates, as the case may be, and

       

      (c) the
        Borrower may not accept any offer that is described in Section
        2.3.4(c)
        or that
        otherwise fails to comply with the requirements of this Agreement.

       

      2.3.7.     
        Allocation
        by Administrative Agent.
        If
        offers are made by two or more Lenders with the same Eurodollar Bid Rates
        or
        Absolute Rates, as the case may be, for a greater aggregate principal amount
        than the amount in respect of which offers are accepted for the related Interest
        Period, the principal amount of Competitive Bid Loans in respect of which
        such
        offers are accepted shall be allocated by the Administrative Agent among
        such
        Lenders as nearly as possible (in such multiples, not greater than $1,000,000,
        as the Administrative Agent may deem appropriate) in proportion to the aggregate
        principal amount of such offers; provided,
        however,
        that no
        Lender shall be allocated a portion of any Competitive Bid Advance which
        is less
        than the minimum amount which such Lender has indicated that it is willing
        to
        accept. Allocations by the Administrative Agent of the amounts of Competitive
        Bid Loans shall be conclusive in the absence of manifest error. The
        Administrative Agent shall promptly, but in any event on the same Business
        Day,
        notify each Lender of its receipt of a Competitive Bid Borrowing Notice and
        the
        aggregate principal amount of such Competitive Bid Advance allocated to each
        participating Lender.

       

      2.4.          Swing
        Line Loans.

      

      (a)      
        On
        the
        terms and subject to the conditions and relying upon the representations
        and
        warranties herein set forth, the Swing Line Lender agrees at any time and
        from
        time to time from and including the date hereof to but excluding the earlier
        of
        the Facility Termination Date and the termination of the Commitments or the
        Swing Line Commitment, in accordance with the terms hereof, to make Swing
        Line
        Loans to the Borrower in an aggregate principal amount at any time outstanding
        not to exceed the lesser of (i) the amount of its Swing Line Commitment at
        such
        time and (ii) an amount equal to (A) the Aggregate Commitment at such time,
        minus
        (B) the
        sum of the aggregate principal amounts of all Ratable Loans, Competitive
        Bid
        Loans and Swing Line Loans outstanding at such time, minus
        (C) the
        aggregate Facility Letter of Credit Obligations outstanding at such time.
        The
        Swing Line Loans shall be made by the Swing Line Lender, at the option of
        the
        Borrower, either at the Alternate Base Rate or at the Alternate Swing Line
        Rate.
        All Swing Line Loans shall be in a minimum amount of $100,000 and in any
        integral multiple of $100,000 if in excess thereof. In no event shall any
        Swing
        Line Loan be made hereunder if (i) the Administrative Agent and the Swing
        Line
        Lender shall have received notice from the Required Lenders prior to any
        such
        Swing Line Loan that a condition specified in Section
        4.1
        or
4.2
        has not
        been satisfied and (ii) such condition shall not have been subsequently waived
        in compliance with Section 8.2.

       

      (b) The
        Borrower shall give the Swing Line Lender (with a copy to the Administrative
        Agent) telephonic, written or telecopy notice (in the case of telephonic
        notice,
        such notice shall be promptly confirmed in writing or by telecopy) not later
        than noon, Chicago time, on the day of a proposed Swing Line Loan. Such notice
        shall be delivered on a Business Day, shall be irrevocable and shall refer
        to
        this Agreement and shall specify the requested Borrowing Date (which shall
        be a
        Business Day) and amount of such Swing Line Loan.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      (c)     The
        Swing
        Line Lender shall by 2:00 p.m., Chicago time, on the requested Borrowing
        Date,
        make the requested Swing Line Loan by crediting the principal amount thereof,
        in
        immediately available funds, to the account of the Borrower maintained with
        the
        Swing Line Lender or to such other account as may be designated by the Borrower
        and be acceptable to the Swing Line Lender.

       

      (d)    
        The
        Swing
        Line Loans shall be evidenced by the Swing Line Note and each Swing Line
        Loan
        shall be paid in full by the Borrower on the earlier of the Facility Termination
        Date and the date five Business Days after the making of such Swing Line
        Loan.

       

      (e)    
        Notwithstanding
        the occurrence of any Default or Unmatured Default or noncompliance with
        the
        conditions precedent set forth in Article
        IV,
        if (i)
        by noon Chicago time on the fifth Business Day following the Borrowing Date
        of
        any Swing Line Loan the Administrative Agent shall not have received a Ratable
        Borrowing Notice delivered by the Borrower pursuant to Section
        2.2.3
        requesting that Ratable Loans be made pursuant to Section
        2.2
        on the
        immediately succeeding Business Day in an amount at least equal to the aggregate
        principal amount of such Swing Line Loan or (ii) on any date the Swing Line
        Lender in its sole discretion shall so request with respect to the outstanding
        Swing Line Loans, the Administrative Agent shall be deemed to have received
        a
        Ratable Borrowing Notice from the Borrower pursuant to Section
        2.2.3
        requesting that a Ratable Advance of Alternate Base Rate Loans be made pursuant
        to Section
        2.2
        on such
        immediately succeeding Business Day in an amount equal to the aggregate amount
        of such Swing Line Loans, and the procedures set forth in Section
        2.5
        shall be
        followed in making such Alternate Base Rate Loans. The proceeds of such
        Alternate Base Rate Loans (or other Loans described in Section
        2.4(e)(i),
        if
        requested) received by the Administrative Agent shall be immediately delivered
        to the Swing Line Lender and applied to the direct repayment of such Swing
        Line
        Loans to the extent thereof. Effective on the day such Ratable Loans are
        made,
        the portion of the Swing Line Loans so paid shall no longer be outstanding
        as
        Swing Line Loans and shall be outstanding as Ratable Loans of the Lenders
        bearing interest at a rate determined by reference to the Alternate Base
        Rate,
        in accordance with the provisions of this Article
        II.
        The
        Borrower authorizes the Administrative Agent and the Swing Line Lender to
        charge
        the Borrower’s account maintained with the Swing Line Lender (up to the amount
        available in such account) in order to immediately pay the amount of the
        Swing
        Line Loans to the extent amounts received from the Lenders are not sufficient
        to
        repay in full such Swing Line Loans. If any portion of any such amount paid
        (or
        deemed paid) to the Swing Line Lender should be recovered by or on behalf
        of the
        Borrower from the Swing Line Lender in the event of the bankruptcy or
        reorganization of the Borrower or otherwise, the loss of the amount so recovered
        shall be ratably shared among all Lenders in the manner contemplated by
Section
        11.2.

       

      (f)    
        If,
        for
        any reason (including, without limitation, the occurrence of a Default described
        in Section
        7.6
        or
7.7
        of
Article
        VII),
        Alternate Base Rate Loans may not be, or are not, made pursuant to paragraph
        (e)
        of this Section
        2.4
        to repay
        Swing Line Loans as required by such paragraph, effective on the date such
        Alternate Base Rate Loans would otherwise have been made, (i) each Lender
        severally, unconditionally and irrevocably agrees that it shall, without
        regard
        to the occurrence of any Unmatured Default or Default, purchase a 

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      participating
        interest in such Swing Line Loans ("Unrefunded
        Swing Line Loans")
        in an
        amount equal to the amount of Alternate Base Rate Loans which would otherwise
        have been made by such Lender pursuant to paragraph (e) of this Section
        2.4
        and (ii)
        each Unrefunded Swing Line Loan previously bearing interest at the Alternate
        Swing Line Rate shall commence accruing interest at the Alternate Base Rate.
        Each Lender will immediately transfer to the Administrative Agent, in
        immediately available funds, the amount of its participation, and the proceeds
        of such participation shall be distributed by the Administrative Agent to
        the
        Swing Line Lender in such amount as will reduce the amount of the participating
        interest retained by the Swing Line Lender in the Swing Line Loans to the
        amount
        of the Alternate Base Rate Loans which were to have been made by the Swing
        Line
        Lender pursuant to paragraph (e) of this Section
        2.4.
        In the
        event a Lender fails to make available to the Swing Line Lender the amount
        of
        such Lender’s participation as provided in this paragraph (f), the Swing Line
        Lender shall be entitled to recover such amount on demand from such Lender
        together with interest at the customary rate set by the Swing Line Lender
        for
        correction of errors among banks for one Business Day and thereafter at the
        Alternate Base Rate then in effect. All payments in respect of Unrefunded
        Swing
        Line Loans and participations therein shall be made in accordance with
Section
        2.12.

       

      (g)    
        Each
        Lender’s obligation to make Ratable Loans pursuant to paragraph (e) of this
Section
        2.4
        and to
        purchase participating interests pursuant to paragraph (f) of this Section
        2.4
        shall be
        absolute and unconditional and shall not be affected by any circumstance,
        including, without limitation, (i) any setoff, counterclaim, recoupment,
        defense
        or other right which such Lender or the Borrower may have against the Swing
        Line
        Lender, the Borrower or any other Person, as the case may be, for any reason
        whatsoever; (ii) the occurrence or continuance of a Default or Unmatured
        Default; (iii) any adverse change in the condition (financial or otherwise)
        of
        the Borrower or any of its Subsidiaries; (iv) any breach of this Agreement
        by
        the Borrower, any of its Subsidiaries or any Lender; or (v) any other
        circumstance, happening or event whatsoever, whether or not similar to any
        of
        the foregoing.

       

      2.5.  Availability
        of Funds.
        Not
        later than 1 p.m. (Chicago time) on each Borrowing Date, each Lender (or
        in the
        case of a Competitive Bid Advance, each Lender making a portion of such Advance)
        shall make available its Loan or Loans (other than Swing Line Loans), in
        funds
        immediately available in Chicago to the Administrative Agent at its address
        specified pursuant to Article XIII. The Administrative Agent will make the
        funds
        so received from the Lenders available to the Borrower at the Administrative
        Agent’s aforesaid address.

      

      2.6.  Commitment
        Fee; Reductions and Increases in Aggregate Commitment.

       

      (a) The
        Borrower agrees to pay to the Administrative Agent for the ratable account
        of
        each Lender a commitment fee equal to the Applicable Commitment Fee Percentage
        per annum on the daily unborrowed portion of such Lender’s Commitment (without
        giving effect to any outstanding Swing Line Loans or Competitive Bid Loans)
        from
        the date hereof to and including the Facility Termination Date applicable
        to
        such Lender, payable in arrears on each Payment Date hereafter and on the
        Facility Termination Date.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      (b)    
        The
        Borrower may permanently reduce the Aggregate Commitment in whole, or in
        part
        ratably among the Lenders, in a minimum amount of $10,000,000 or any integral
        multiple of $1,000,000 in excess thereof, upon at least three Business Days’
written notice to the Administrative Agent, which notice shall specify the
        amount of any such reduction; provided,
        however,
        that
        the amount of the Aggregate Commitment may not be reduced below the sum of
        (i)
        the aggregate principal amount of the outstanding Loans, plus
        (ii) the
        aggregate amount of the outstanding Facility Letter of Credit Obligations.
        All
        accrued commitment fees shall be payable on the effective date of any
        termination of the obligations of the Lenders to make Loans
        hereunder.

       

      (c)    
        The
        Borrower may, from time to time, at its option, seek to increase the Aggregate
        Commitment by up to $150,000,000 in the aggregate (i.e.,
        the
        Aggregate Commitment shall not exceed $300,000,000) upon at least three (3)
        Business Days’ prior notice to the Administrative Agent, which notice shall
        specify the amount of any such requested increase (which shall be in an amount
        not less than $25,000,000) and shall be delivered at a time when no Default
        or
        Unmatured Default has occurred or is continuing. The Borrower may, after
        giving
        such notice, offer the increase in the Aggregate Commitment to any of the
        existing Lenders and/or to other banks, financial institutions or other entities
        acceptable to the Administrative Agent on a non pro-rata basis in such amounts
        as determined by the Borrower and agreed to by the Administrative Agent.
        The
        Borrower may elect to accept an increase in the Aggregate Commitment in an
        amount equal to the aggregate increased commitments offered to the Borrower.
        No
        increase in the Aggregate Commitment shall become effective until (i) the
        existing or new Lender extending such incremental commitment amount and the
        Borrower shall have executed and delivered to the Administrative Agent an
        agreement in writing in form and substance reasonably acceptable to the
        Administrative Agent pursuant to which such Lender states its Commitment
        amount
        and agrees to assume and accept the obligations and rights of a Lender hereunder
        and (ii) the Borrower has provided the Administrative Agent with such related
        certificates, opinions and other documents as the Administrative Agent may
        reasonably request. In conjunction with such increase, the Lenders (new or
        existing) shall accept (and the existing Lenders shall make) an assignment
        at
        par of an interest in the Loans and Facility Letter of Credit Obligations
        outstanding at the time of such Aggregate Commitment increase such that,
        after
        giving effect thereto, all Loans and Facility Letter of Credit Obligations
        are
        held by the Lenders on a pro-rata basis. The Borrower shall make any payments
        under Section 3.4 resulting from such assignments.

       

      2.7.  Minimum
        Amount of Each Ratable Advance.
        Each
        Ratable Advance shall be in the minimum amount of $10,000,000 (and in integral
        multiples of $1,000,000 if in excess thereof); provided,
        however,
        that
        (a) any Alternate Base Rate Advance may be in the amount of the unused Aggregate
        Commitment or in an amount borrowed pursuant to Section
        2.4(e)
        and (b)
        in no event shall more than eight (8) Eurodollar Advances be permitted to
        be
        outstanding at any time.

      

      2.8.  Optional
        Principal Payments.
        The
        Borrower may from time to time pay, without penalty or premium, all outstanding
        Advances (other than Competitive Bid Advances, which may not be voluntarily
        prepaid), or, in a minimum aggregate amount of $5,000,000 (or $100,000 in
        the
        case of Swing Line Advances) or any integral multiple of $1,000,000 (or $100,000
        in the case of Swing Line Advances) in excess thereof,

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      any
        portion of the outstanding Advances (other than Competitive Bid Advances)
        upon
        (a) one Business Day’s prior notice to the Administrative Agent in the case of
        an Alternate Base Rate Advance, (b) three Business Days’ prior notice to the
        Administrative Agent in the case of a Eurodollar Advance or (c) notice to
        the
        Administrative Agent before noon on the date of such prepayment in the case
        of a
        Swing Line Advance. Any prepayment of a Eurodollar Advance prior to the last
        day
        of the applicable Eurodollar Interest Period shall be subject to the indemnity
        provisions of Section
        3.4.

      

      2.9.  Changes
        in Interest Rate, etc.
        Each
        Alternate Base Rate Advance shall bear interest at the Alternate Base Rate
        from
        and including the date of such Advance or the date on which such Advance
        was
        converted into an Alternate Base Rate Advance to (but not including) the
        date on
        which such Alternate Base Rate Advance is paid or converted to a Eurodollar
        Ratable Advance. Changes in the rate of interest on that portion of any Advance
        maintained as an Alternate Base Rate Advance will take effect simultaneously
        with each change in the Alternate Base Rate. Each Eurodollar Advance, Absolute
        Rate Advance and Swing Line Loan shall bear interest from and including the
        first day of the Interest Period applicable thereto to, but not including,
        the
        last day of such Interest Period at the interest rate determined as applicable
        to such Eurodollar Advance, Absolute Rate Advance or Swing Line Loan. No
        Interest Period may end after the Facility Termination Date.

      

      2.10.  Rates
        Applicable After Default.
        Notwithstanding anything to the contrary contained in Section
        2.2.3
        and
2.2.4,
        no
        Advance may be made as, converted into or continued as a Eurodollar Ratable
        Advance (except with the consent of the Administrative Agent and the Required
        Lenders) when any Default or Unmatured Default has occurred and is continuing.
        During the continuance of a Default the Required Lenders may, at their option,
        by notice to the Borrower (which notice may be revoked at the option of the
        Required Lenders notwithstanding any provision of Section
        8.2
        requiring unanimous consent of the Lenders to changes in interest rates),
        declare that each Eurodollar Advance, Alternate Base Rate Advance and Swing
        Line
        Loan shall bear interest (for the remainder of the applicable Interest Period
        in
        the case of Eurodollar Advances and Absolute Rate Advances) at a rate per
        annum
        equal to the rate otherwise applicable plus two percent (2%) per annum;
provided,
        however,
        that
        such increased rate shall automatically and without action of any kind by
        the
        Lenders become and remain applicable until revoked by the Required Lenders
        in
        the event of a Default described in Section
        7.6
        or
7.7.

      

      2.11.  Method
        of Payment.
        All
        payments of the Obligations hereunder shall be made, without setoff, deduction
        or counterclaim, in immediately available funds to the Administrative Agent
        at
        the Administrative Agent’s address specified pursuant to Article
        XIII,
        or at
        any other Lending Installation of the Administrative Agent specified in writing
        by the Administrative Agent to the Borrower, by noon (Chicago time) on the
        date
        when due and shall be applied ratably by the Administrative Agent among the
        Lenders. Each payment delivered to the Administrative Agent for the account
        of
        any Lender shall be delivered promptly by the Administrative Agent to such
        Lender in the same type of funds that the Administrative Agent received at
        its
        address specified pursuant to Article
        XIII
        or at
        any Lending Installation specified in a notice received by the Administrative
        Agent from such Lender. The Administrative Agent is hereby authorized to
        charge
        the account of the Borrower maintained with JPMorgan Chase Bank, N.A. for
        each
        payment of principal, interest and fees as it becomes due hereunder, if the
        Administrative Agent has provided the Borrower with notice of each such payment
        at least one day prior to its becoming due hereunder.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
 

      2.12.  Notes;
        Telephonic Notices.
        Each
        Lender is hereby authorized to record the principal amount of each of its
        Loans
        and each repayment on the schedule attached to its Note; provided,
        however,
        that
        neither the failure to so record nor any error in such recordation shall
        affect
        the Borrower’s obligations under such Note. The Borrower hereby authorizes the
        Lenders and the Administrative Agent to extend, convert or continue Advances,
        effect selections of Types of Advances, submit Competitive Bid Quotes and
        to
        transfer funds based on telephonic notices made by any person or persons
        the
        Administrative Agent or any Lender in good faith believes to be acting on
        behalf
        of the Borrower. The Borrower agrees to deliver promptly to the Administrative
        Agent a written confirmation, if such confirmation is requested by the
        Administrative Agent or any Lender, of each telephonic notice signed by an
        Authorized Officer or another management level employee designated in writing
        by
        an Authorized Officer to the Administrative Agent. If the written confirmation
        differs in any material respect from the action taken by the Administrative
        Agent and the Lenders, the records of the Administrative Agent and the Lenders
        shall govern absent manifest error.

      

      2.13.  Interest
        Payment Dates; Interest and Fee Basis.
        Interest accrued on each Alternate Base Rate Advance shall be payable on
        each
        Payment Date, commencing with the first such date to occur after the date
        hereof, on any date on which an Alternate Base Rate Advance is prepaid, whether
        due to acceleration or otherwise, and at maturity. Interest upon each Swing
        Line
        Loan shall be payable upon the date such Swing Line Loan is repaid and at
        its
        maturity. Interest accrued on each Eurodollar Advance or Absolute Rate Advance
        shall be payable on the last day of its applicable Interest Period, on any
        date
        on which the Eurodollar Advance or Absolute Rate Advance is prepaid, whether
        by
        acceleration or otherwise, and at maturity. Interest accrued on each Eurodollar
        Advance or Absolute Rate Advance having an Interest Period longer than three
        months shall also be payable on the last day of each three-month interval
        during
        such Interest Period. Interest and commitment fees shall be calculated for
        actual days elapsed on the basis of a 360-day year. Interest shall be payable
        for the day an Advance is made but not for the day of any payment on the
        amount
        paid if payment is received prior to noon (Chicago time) at the place of
        payment. If any payment of principal of or interest on an Advance shall become
        due on a day which is not a Business Day, such payment shall be made on the
        next
        succeeding Business Day and, in the case of a principal payment, such extension
        of time shall be included in computing interest in connection with such
        payment.

      

      2.14.  Notification
        of Advances, Interest Rates, Prepayments, Commitment Reductions and Issuance
        Requests.
        Promptly after receipt thereof, the Administrative Agent will notify each
        Lender
        of the contents of each Aggregate Commitment reduction notice, Ratable Borrowing
        Notice, Conversion/Continuation Notice, Invitation for Competitive Quotes,
        Issuance Request and repayment notice received by it hereunder. The
        Administrative Agent will notify each Lender of the interest rate applicable
        to
        each Eurodollar Advance promptly upon determination of such interest rate
        and
        will give each Lender prompt notice of each change in the Alternate Base
        Rate.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
 

      2.15.  Lending
        Installations.
        Each
        Lender may book its Loans at any Lending Installation selected by such Lender
        and may change its Lending Installation from time to time. All terms of this
        Agreement shall apply to any such Lending Installation and the Notes shall
        be
        deemed held by each Lender for the benefit of such Lending Installation.
        Each
        Lender may, by written or telex notice to the Administrative Agent and the
        Borrower, designate a Lending Installation through which Loans will be made
        by
        it and for whose account Loan payments are to be made.

      

      2.16.  Non-Receipt
        of Funds by the Administrative Agent.
        Unless
        the Borrower or a Lender, as the case may be, notifies the Administrative
        Agent
        prior to the date on which it is scheduled to make payment to the Administrative
        Agent of (a) in the case of a Lender, the proceeds of a Loan, or (b) in the
        case
        of the Borrower, a payment of principal, interest or fees to the Administrative
        Agent for the account of the Lenders, that it does not intend to make such
        payment, the Administrative Agent may assume that such payment has been made.
        The Administrative Agent may, but shall not be obligated to, make the amount
        of
        such payment available to the intended recipient in reliance upon such
        assumption. If the Borrower has not in fact made such payment to the
        Administrative Agent, the Lenders shall, on demand by the Administrative
        Agent,
        repay to the Administrative Agent the amount so made available together with
        interest thereon in respect of each day during the period commencing on the
        date
        such amount was so made available by the Administrative Agent until the date
        the
        Administrative Agent recovers such amount at a rate per annum equal to the
        Federal Funds Effective Rate for such day. If any Lender has not in fact
        made
        such payment to the Administrative Agent, such Lender or the Borrower shall,
        on
        demand by the Administrative Agent, repay to the Administrative Agent the
        amount
        so made available together with interest thereon in respect of each day during
        the period commencing on the date such amount was so made available by the
        Administrative Agent until the date the Administrative Agent recovers such
        amount at a rate per annum equal to (a) in the case of payment by a Lender,
        the
        Federal Funds Effective Rate for such day, or (b) in the case of payment
        by the
        Borrower, the interest rate applicable to the relevant Loan.

      

      2.17.  Taxes.

       

      (a)  Any
        payments made by the Borrower under this Agreement shall be made free and
        clear
        of, and without deduction or withholding for or on account of, any present
        or
        future income, stamp or other taxes, levies, imposts, duties, charges, fees,
        deductions or withholdings, now or hereafter imposed, levied, collected,
        withheld or assessed by any Governmental Authority, excluding net income
        taxes
        and franchise taxes or any other tax based upon any income imposed on the
        Administrative Agent or any Lender by the jurisdiction in which the
        Administrative Agent or such Lender is incorporated or has its principal
        place
        of business. If any such non-excluded taxes, levies, imposts, duties, charges,
        fees, deductions or withholdings ("Non-Excluded Taxes") are required to be
        withheld from any amounts payable to the Administrative Agent or any Lender
        hereunder, the amounts so payable to the Administrative Agent or such Lender
        shall be increased to the extent necessary to yield to the Administrative
        Agent
        or such Lender (after payment of all Non-Excluded Taxes) interest or any
        such
        other

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

       amounts
        payable hereunder at the rates or in the amounts specified in or pursuant
        to
        this Agreement; provided,
        however,
        that
        the Borrower shall not be required to increase any such amounts payable to
        any
        Lender that is not organized under the laws of the U.S. or a state thereof
        if
        such Lender fails to comply with the requirements of paragraph (b) of this
        Section
        2.17.
        Whenever any Non-Excluded Taxes are payable by the Borrower, as promptly
        as
        practicable thereafter the Borrower shall send to the Administrative Agent
        for
        its own account or for the account of such Lender, as the case may be, a
        certified copy of an original official receipt received by the Borrower showing
        payment thereof. If the Borrower fails to pay any Non-Excluded Taxes when
        due to
        the appropriate taxing authority or fails to remit to the Administrative
        Agent
        the required receipts or other required documentary evidence, the Borrower
        shall
        indemnify the Administrative Agent and the Lenders for any incremental taxes,
        interest or penalties that may become payable by any Administrative Agent
        or any
        Lender as a result of any such failure. The agreements in this Section
        2.17
        shall
        survive the termination of this Agreement and the payment of all other amounts
        payable hereunder.

       

      (b) At
        least
        five Business Days prior to the first date on which interest or fees are
        payable
        hereunder for the account of any Lender, each Lender that is not incorporated
        under the laws of the United States of America, or a state thereof, agrees
        that
        it will deliver to each of the Borrower and the Administrative Agent two
        duly
        completed copies of United States Internal Revenue Service Form W-8BEN or
        W-8ECI, certifying in either case that such Lender is entitled to receive
        payments under this Agreement and the Notes without deduction or withholding
        of
        any United States federal income taxes. Each Lender which so delivers a Form
        W-8BEN or W-8ECI further undertakes to deliver to each of the Borrower and
        the
        Administrative Agent two additional copies of such form (or a successor form)
        on
        or before the date that such form expires (currently, three successive calendar
        years for Form W-8BEN and one calendar year for Form W-8ECI) or becomes obsolete
        or after the occurrence of any event requiring a change in the most recent
        forms
        so delivered by it, and such amendments thereto or extensions or renewals
        thereof as may be reasonably requested by the Borrower or the Administrative
        Agent, in each case certifying that such Lender is entitled to receive payments
        under this Agreement and the Notes without deduction or withholding of any
        United States federal income taxes, unless an event (including, without
        limitation, any change in treaty, law or regulation) has occurred prior to
        the
        date on which any such delivery would otherwise be required which renders
        all
        such forms inapplicable or which would prevent such Lender from duly completing
        and delivering any such form with respect to it and such Lender advises the
        Borrower and the Administrative Agent that it is not capable of receiving
        payments without any deduction or withholding of United States federal income
        tax.

       

      218.  Administrative
        Agent’s Fees.
        The
        Borrower shall pay to the Administrative Agent those fees, in addition to
        the
        commitment fees referenced in Section
        2.6(a),
        in the
        amounts and at the times separately agreed to between the Administrative
        Agent
        and the Borrower.

      

      2.19.  Facility
        Letters of Credit.

       

      2.19.1.  Issuance
        of Facility Letters of Credit.
        (a)
        From and after the date hereof, the Issuer agrees, upon the terms and conditions
        set forth in this Agreement, to issue at the request and for the account
        of the
        Borrower, one or more Facility Letters of Credit; provided,
        however,
        that
        the Issuer shall not be under any obligation to issue, and shall not issue,
        any
        Facility Letter of Credit if (i) any order, judgment or decree of any
        governmental authority or other regulatory body with jurisdiction over the
        Issuer shall purport by its terms to

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

       

       enjoin
        or restrain such Issuer from issuing such Facility Letter of Credit, or any
        law
        or governmental rule, regulation, policy, guideline or directive (whether
        or not
        having the force of law) from any governmental authority or other regulatory
        body with jurisdiction over the Issuer shall prohibit, or request that the
        Issuer refrain from, the issuance of Facility Letters of Credit in particular
        or
        shall impose upon the Issuer with respect to any Facility Letter of Credit
        any
        restriction or reserve or capital requirement (for which the Issuer is not
        otherwise compensated) or any unreimbursed loss, cost or expense which was
        not
        applicable, in effect and known to the Issuer as of the date of this Agreement
        and which the Issuer in good faith deems material to it; (ii) one or more
        of the
        conditions to such issuance contained in Section
        4.2
        is not
        then satisfied; or (iii) after giving effect to such issuance, the aggregate
        outstanding amount of the Facility Letter of Credit Obligations would exceed
        the
        Facility Letter of Credit Sublimit.

       

      (b)    
        In
        no
        event shall: (i) the aggregate amount of the Facility Letter of Credit
        Obligations at any time exceed the Facility Letter of Credit Sublimit; (ii)
        the
        sum at any time of (A) the aggregate amount of Facility Letter of Credit
        Obligations and (B) the aggregate principal balance of outstanding Advances
        exceed the amount of the Aggregate Commitment; or (iii) the expiration date
        of
        any Facility Letter of Credit (including, without limitation, Facility Letters
        of Credit issued with an automatic "evergreen" provision providing for renewal
        absent advance notice by the Borrower or the Issuer), or the date for payment
        of
        any draft presented thereunder and accepted by the Issuer, be later than
        the
        date five (5) Business Days before the Facility Termination Date.

       

      2.19.2  Participating
        Interests.
        Immediately upon the issuance by the Issuer of a Facility Letter of Credit
        in
        accordance with Section
        2.19.4,
        each
        Lender shall be deemed to have irrevocably and unconditionally purchased
        and
        received from the Issuer, without recourse, representation or warranty, an
        undivided participation interest equal to its pro-rata share of the Aggregate
        Commitment of the face amount of such Facility Letter of Credit and each
        draw
        paid by the Issuer thereunder.  Each Lender’s obligation to pay its
        proportionate share of all draws under the Facility Letters of Credit, absent
        gross negligence or willful misconduct by the Issuer in honoring any such
        draw,
        shall be absolute, unconditional and irrevocable and in each case shall be
        made
        without counterclaim or set-off by such Lender.

       

      2.19.3  Facility
        Letter of Credit Reimbursement Obligations.
        (a) The
        Borrower agrees to pay to the Issuer of a Facility Letter of Credit (i) on
        each
        date that any amount is drawn under each Facility Letter of Credit a sum
        (and
        interest on such sum as provided in clause (ii) below) equal to the amount
        so
        drawn plus all other charges and expenses with respect thereto specified
        in
Section
        2.19.6
        or in
        the applicable Reimbursement Agreement and (ii) interest on any and all amounts
        remaining unpaid under this Section
        2.19.3
        until
        payment in full at the Alternate Base Rate plus the margin specified in
Section
        2.10.
        The
        Borrower agrees to pay to the Issuer the amount of all Facility Letter of
        Credit
        Reimbursement Obligations owing in respect of any Facility Letter of Credit
        immediately when due, under all circumstances,

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

       

      including,
        without limitation, any of the following circumstances: (w) any lack of validity
        or enforceability of this Agreement or any of the other Loan Documents; (x)
        the
        existence of any claim, set-off, defense or other right which the Borrower
        may
        have at any time against a beneficiary named in a Facility Letter of Credit,
        any
        transferee of any Facility Letter of Credit (or any Person for whom any such
        transferee may be acting), any Lender or any other Person, whether in connection
        with this Agreement, any Facility Letter of Credit, the transactions
        contemplated herein or any unrelated transactions (including any underlying
        transaction between the Borrower and the beneficiary named in any Facility
        Letter of Credit); (y) the validity, sufficiency or genuineness of any document
        which the Issuer has determined in good faith complies on its face with the
        terms of the applicable Facility Letter of Credit, even if such document
        should
        later prove to have been forged, fraudulent, invalid or insufficient in any
        respect or any statement therein shall have been untrue or inaccurate in
        any
        respect; or (z) the surrender or impairment of any security for the performance
        or observance of any of the terms hereof.

       

      (b)    
        Notwithstanding
        any provisions to the contrary in any Reimbursement Agreement, the Borrower
        agrees to reimburse the Issuer for amounts which the Issuer pays under such
        Facility Letter of Credit no later than the time specified in this Agreement.
        If
        the Borrower does not pay any such Facility Letter of Credit Reimbursement
        Obligations when due, the Borrower shall be deemed to have immediately requested
        that the Lenders make an Alternate Base Rate Advance under this Agreement
        in a
        principal amount equal to such unreimbursed Facility Letter of Credit
        Reimbursement Obligations. The Administrative Agent shall promptly notify
        the
        Lenders of such deemed request and, without the necessity of compliance with
        the
        requirements of Sections
        2.2.3
        and
4.2,
        each
        Lender shall make available to the Administrative Agent its Loan in the manner
        prescribed for Alternate Base Rate Advances. The proceeds of such Loans shall
        be
        paid over by the Administrative Agent to the Issuer for the account of the
        Borrower in satisfaction of such unreimbursed Facility Letter of Credit
        Reimbursement Obligations, which shall thereupon be deemed satisfied by the
        proceeds of, and replaced by, such Alternate Base Rate Advance.

       

      (c)    
        If
        the
        Issuer makes a payment on account of any Facility Letter of Credit and is
        not
        concurrently reimbursed therefor by the Borrower and if for any reason an
        Alternate Base Rate Advance may not be made pursuant to paragraph (b) above,
        then as promptly as practical during normal banking hours on the date of
        its
        receipt of such notice or, if not practicable on such date, not later than
        noon
        (Chicago time) on the Business Day immediately succeeding such date of
        notification, each Lender shall deliver to the Administrative Agent for the
        account of the Issuer, in immediately available funds, the purchase price
        for
        such Lender’s interest in such unreimbursed Facility Letter of Credit
        Obligations, which shall be an amount equal to such Lender’s pro-rata share of
        such payment. Each Lender shall, upon demand by the Issuer, pay the Issuer
        interest on such Lender’s pro-rata share of such draw from the date of payment
        by the Issuer on account of such Facility Letter of Credit until the date
        of
        delivery of such funds to the Issuer by such Lender at a rate per annum,
        computed for actual days elapsed based on a 360-day year, equal to the Federal
        Funds Effective Rate for such period; provided,
        that
        such payments shall be made by the Lenders only in the event and to the extent
        that the Issuer is not reimbursed in full by the Borrower for interest on
        the
        amount of any draw on the Facility Letters of Credit.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

     

    

      (d)    
        At
        any
        time after the Issuer has made a payment on account of any Facility Letter
        of
        Credit and has received from any other Lender such Lender’s pro-rata share of
        such payment, such Issuer shall, forthwith upon its receipt of any reimbursement
        (in whole or in part) by the Borrower for such payment, or of any other amount
        from the Borrower or any other Person in respect of such payment (including,
        without limitation, any payment of interest or penalty fees and any payment
        under any collateral account agreement of the Borrower or any Loan Document
        but
        excluding any transfer of funds from any other Lender pursuant to Section
        2.19.3(b)),
        transfer to such other Lender such other Lender’s ratable share of such
        reimbursement or other amount; provided,
        that
        interest shall accrue for the benefit of such Lender from the time such Issuer
        has made a payment on account of any Facility Letter of Credit; provided,
        further,
        that in
        the event that the receipt by the Issuer of such reimbursement or other amount
        is found to have been a transfer in fraud of creditors or a preferential
        payment
        under the United States Bankruptcy Code or is otherwise required to be returned,
        such Lender shall promptly return to the Issuer any portion thereof previously
        transferred by the Issuer to such Lender, but without interest to the extent
        that interest is not payable by the Issuer in connection therewith.

       

      2.19.4  Procedure
        for Issuance. 
        Prior to the issuance of each Facility Letter of Credit, and as a condition
        of
        such issuance, the Borrower shall deliver to the Issuer (with a copy to the
        Administrative Agent) a Reimbursement Agreement signed by the Borrower, together
        with such other documents or items as may be required pursuant to the terms
        thereof, and the proposed form and content of such Facility Letter of Credit
        shall be reasonably satisfactory to the Issuer. Each Facility Letter of Credit
        shall be issued no earlier than two (2) Business Days after delivery of the
        foregoing documents, which delivery may be by the Borrower to the Issuer
        by
        telecopy, telex or other electronic means followed by delivery of executed
        originals within five (5) days thereafter. The documents so delivered shall
        be
        in compliance with the requirements set forth in Section
        2.19.1(b),
        and
        shall specify therein (i) the stated amount of the Facility Letter of Credit
        requested, (ii) the effective date of issuance of such requested Facility
        Letter
        of Credit, which shall be a Business Day, (iii) the date on which such requested
        Facility Letter of Credit is to expire, which shall be a Business Day prior
        to
        the date five (5) Business Days prior to the Facility Termination Date, (iv)
        the
        entity for whose benefit the requested Facility Letter of Credit is to be
        issued, which shall be the Borrower or a Subsidiary, and (v) the aggregate
        amount of Facility Letter of Credit Obligations which are outstanding and
        which
        will be outstanding after giving effect to the requested Facility Letter
        of
        Credit issuance. The delivery of the foregoing documents and information
        shall
        constitute an "Issuance Request" for purposes of this Agreement. Subject
        to the
        terms and conditions of Section
        2.19.1
        and
provided
        that the
        applicable conditions set forth in Section
        4.2
        hereof
        have been satisfied, the Issuer shall, on the requested date, issue a Facility
        Letter of Credit on behalf of the Borrower in accordance with the Issuer’s usual
        and customary business practices. In addition, any amendment of an existing
        Facility Letter of Credit shall be deemed to be an issuance of a new Facility
        Letter of Credit and shall be subject to the requirements set forth above.
        The
        Issuer shall give the Administrative Agent prompt written notice of the issuance
        of any Facility Letter of Credit.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      2.19.5  Nature
        of the Lenders’ Obligations.
        (a) As
        between the Borrower and the Lenders, the Borrower assumes all risks of the
        acts
        and omissions of, or misuse of the Facility Letters of Credit by, the respective
        beneficiaries of the Facility Letters of Credit. In furtherance and not in
        limitation of the foregoing, the Lenders shall not be responsible for (i)
        the
        form, validity, sufficiency, accuracy, genuineness or legal effect of any
        document submitted by any party in connection with the application for an
        issuance of a Facility Letter of Credit, even if it should in fact prove
        to be
        in any or all respects invalid, insufficient, inaccurate, fraudulent or forged;
        (ii) the validity or sufficiency of any instrument transferring or assigning
        or
        purporting to transfer or assign a Facility Letter of Credit or the rights
        or
        benefits thereunder or proceeds thereof, in whole or in part, which may prove
        to
        be invalid or ineffective for any reason; (iii) the failure of the beneficiary
        of a Facility Letter of Credit to comply fully with conditions required to
        be
        satisfied by any Person other than the Issuer in order to draw upon such
        Facility Letter of Credit; (iv) errors, omissions, interruptions or delays
        in
        transmission or delivery of any messages, by mail, cable, telegraph, telex
        or
        otherwise; (v) errors in the interpretation of technical terms; (vi) the
        misapplication by the beneficiary of a Facility Letter of Credit of the proceeds
        of any drawing under such Facility Letter of Credit; or (vii) any consequences
        arising from causes beyond control of the Issuer.

       

      (b)    
        In
        furtherance and extension and not in limitation of the specific provisions
        hereinabove set forth, any action taken or omitted by the Issuer under or
        in
        connection with the Facility Letters of Credit or any related certificates,
        if
        taken or omitted in good faith, shall not put the Administrative Agent or
        any
        Lender under any resulting liability to the Borrower or relieve the Borrower
        of
        any of its obligations hereunder to the Issuer or any such Person.

       

      2.19.6  Facility
        Letter of Credit Fees.
        The
        Borrower hereby agrees to pay to the Administrative Agent for the account
        of the
        Issuer or the Lenders, as applicable, letter of credit fees with respect
        to each
        Facility Letter of Credit from and including the date of issuance thereof
        until
        the date such Facility Letter of Credit is fully drawn, canceled or expired,
        (a)
        for the account of the Issuer, computed at such rate as may be agreed upon
        between the Issuer and the Borrower, on the aggregate initial face amount
        of
        such Facility Letter of Credit payable on the date of issuance, and (b) for
        the
        ratable account of the Lenders, equal to (i) in the case of Commercial Letters
        of Credit, 50% of the Applicable Eurodollar Margin times the aggregate initial
        face amount of such Commercial Letter of Credit, payable upon the date of
        issuance thereof, and (ii) in the case of Standby Letters of Credit, the
        Applicable Eurodollar Margin times the aggregate amount from time to time
        available to be drawn on such Standby Facility Letter of Credit, calculated
        with
        respect to actual days elapsed on the basis of a 360-day year and payable
        quarterly in arrears on each Payment Date in each year and upon the expiration,
        cancellation or utilization in full of such Facility Letter of Credit. In
        addition to the foregoing, the Borrower agrees to pay the Issuer any other
        fees
        customarily charged by it in respect of Letters of Credit issued by
        it.

       

      2.20.  Extension
        of Facility Termination Date.
        The
        Borrower may request an extension of the Facility Termination Date by submitting
        a request for an extension to the Administrative Agent (an "Extension Request")
        no more than 60 days but no less than 40 days prior to the then effective
        Facility Termination Date. The Extension Request must specify the new Facility
        Termination Date requested by the Borrower and the date (which must be at
        least
        30 days after the Extension Request is delivered to the Administrative Agent)
        as
        of which the

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      Lenders
        must respond to the Extension Request (the "Extension Date"). The new Facility
        Termination Date shall be no more than 364 days after the Extension Date,
        including the Extension Date as one of the days in the calculation of the
        days
        elapsed. Promptly upon receipt of an Extension Request, the Administrative
        Agent
        shall notify each Lender of the contents thereof and shall request each Lender
        to approve the Extension Request. Each Lender may, in its sole discretion,
        elect
        to approve or deny such Extension Request. Failure of a Lender to respond
        to an
        Extension Request by the Extension Date shall be deemed a refusal to approve
        such Extension Request. Each Lender approving the Extension Request shall
        deliver its written consent no later than the Extension Date. Any consent
        delivered by a Lender to the Administrative Agent prior to the Extension
        Date
        may be revoked prior to the Extension Date by the Lender giving written notice
        of such revocation to the Administrative Agent before the Extension Date.
        If the
        consent of the Required Lenders is received by the Administrative Agent and
        remains in effect on the Extension Date, the Facility Termination Date specified
        in the Extension Request shall become effective on the Extension Date only
        as to
        those Lenders which provided an effective consent. The then effective Facility
        Termination Date shall be unchanged with respect to the Lenders which did
        not
        provide an effective consent, and the Commitments of such Lenders shall
        terminate on the unchanged Facility Termination Date, and the Borrower shall
        repay all Obligations (including, without limitation, any indemnity obligations
        pursuant to Section
        3.4)
        to such
        Lenders on or before such date, notwithstanding the provisions of Section
        11.2.
        The
        Administrative Agent shall promptly notify the Borrower and each Lender of
        the
        Facility Termination Date for each Lender. In no event shall the Borrower
        be
        entitled to seek or obtain more than two extensions pursuant to this
Section
        2.20.

       

      
 ARTICLE
        III

       

      CHANGE
        IN CIRCUMSTANCES

       

      3.1.  Yield
        Protection.
        If,
        after the date hereof, the adoption of or any change in any law or any
        governmental or quasi-governmental rule, regulation, policy, guideline or
        directive (whether or not having the force of law), or any interpretation
        thereof, or the compliance of any Lender therewith,

      

      (a)    
        subjects
        any Lender or any applicable Lending Installation to any tax, duty, charge
        or
        withholding on or from payments due from the Borrower (excluding taxation
        of the
        overall net income of any Lender or applicable Lending Installation imposed
        by
        the jurisdiction in which such Lender or Lending Installation is incorporated
        or
        has its principal place of business), or changes (excluding increases in
        the
        income tax rates imposed by the jurisdiction in which the applicable Lender
        or
        Lending Installation is incorporated or has its principal place of business)
        the
        basis of taxation of principal, interest or any other payments to any Lender
        or
        Lending Installation in respect of its Loans, its interest in the Facility
        Letters of Credit or other amounts due it hereunder, or

       

      (b)    
        imposes
        or increases or deems applicable any reserve, assessment, insurance charge,
        special deposit or similar requirement against assets of, deposits with or
        for
        the account of, or credit extended by, any Lender or any applicable Lending
        Installation (other than reserves and assessments taken into account in
        determining the interest rate applicable to Eurodollar Advances),
        or

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      (c)    
        imposes
        any other condition the result of which is to increase the cost to any Lender
        or
        any applicable Lending Installation of making, funding or maintaining Loans
        or
        issuing Facility Letters of Credit or reduces any amount receivable by any
        Lender or any applicable Lending Installation in connection with any Loans
        or
        Facility Letters of Credit, or requires any Lender or any applicable Lending
        Installation to make any payment calculated by reference to the amount of
        Loans
        held, Facility Letters of Credit issued or participated in or interest received
        by it, by an amount deemed material by such Lender,

       

      then,
        within 15 days of demand by such Lender, the Borrower shall pay such Lender
        that
        portion of such increased expense incurred or resulting in an amount received
        which such Lender determines is attributable to making, funding and maintaining
        its Loans, its interest in the Facility Letters of Credit and its
        Commitment.

       

      3.2.  Changes
        in Capital Adequacy Regulations. 
        If a Lender determines the amount of capital required or expected to be
        maintained by such Lender, any Lending Installation of such Lender or any
        corporation controlling such Lender is increased as a result of a Change,
        then,
        within 15 days of demand by such Lender, the Borrower shall pay such Lender
        the
        amount necessary to compensate for any shortfall in the rate of return on
        the
        portion of such increased capital which such Lender determines is attributable
        to this Agreement, its Loans, its interest in the Facility Letters of Credit
        or
        its obligation to make Loans or participate in or issue Facility Letters
        of
        Credit hereunder (after taking into account such Lender’s policies as to capital
        adequacy).   "Change"
        means
        (a) any change after the date of this Agreement in the Risk-Based Capital
        Guidelines, or (b) any adoption of or change in any other law, governmental
        or
        quasi-governmental rule, regulation, policy, guideline, interpretation, or
        directive (whether or not having the force of law) after the date of this
        Agreement which affects the amount of capital required or expected to be
        maintained by any Lender or any Lending Installation or any corporation
        controlling any Lender.  "Risk-Based
        Capital Guidelines"
        means
        (a) the risk-based capital guidelines in effect in the United States on the
        date
        of this Agreement and (b) the corresponding capital regulations promulgated
        by
        regulatory authorities outside the United States implementing the July 1988
        report of the Basle Committee on Banking Regulation and Supervisory Practices
        entitled "International Convergence of Capital Measurements and Capital
        Standards" and any amendments to such regulations adopted prior to the date
        of
        this Agreement.

      

      3.3.  Availability
        of Types of Advances.
        If any
        Lender determines that maintenance of its Eurodollar Loans at a suitable
        Lending
        Installation would violate any applicable law, rule, regulation, or directive,
        whether or not having the force of law, or if the Required Lenders determine
        that (a) deposits of a type and maturity appropriate to match fund Eurodollar
        Advances are not available, or (b) the interest rate applicable to a Type
        of
        Advance does not accurately or fairly reflect the cost of making or maintaining
        such Advance, then the Administrative Agent shall suspend the availability
        of
        the affected Type of Advance until such circumstance no longer exists and
        require any Eurodollar Advances of the affected Type to be repaid.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

    

     

    

      3.4.  Funding
        Indemnification.
        If any
        payment of a Eurodollar Advance or Swing Line Advance bearing interest at
        the
        Alternate Swing Line Rate occurs on a date which is not the last day of the
        applicable Interest Period, whether because of acceleration, prepayment or
        otherwise, or any such Advance is not made on the date specified by the Borrower
        for any reason other than default by the Lenders, the Borrower will indemnify
        the Administrative Agent and each Lender for any loss or cost incurred by
        it
        resulting therefrom, including, without limitation, any loss or cost in
        liquidating or employing deposits acquired to fund or maintain such
        Advance.

      

      3.5.  Lender
        Statements; Survival of Indemnity.
        To the
        extent reasonably possible, each Lender shall designate an alternate Lending
        Installation with respect to its Eurodollar Loans to reduce any liability
        of the
        Borrower to such Lender under Sections
        3.1
        and
3.2
        or to
        avoid the unavailability of a Type of Advance under Section
        3.3,
        so long
        as such designation is not disadvantageous to such Lender. Each Lender shall
        deliver a written statement of such Lender to the Borrower (with a copy to
        the
        Administrative Agent) as to the amount due, if any, under Section
        3.1,
        3.2
        or
3.4.
        Such
        written statement shall set forth in reasonable detail the calculations upon
        which such Lender determined such amount and shall be final, conclusive and
        binding on the Borrower in the absence of manifest error. Determination of
        amounts payable under such Sections in connection with a Eurodollar Loan
        shall
        be calculated as though each Lender funded its Eurodollar Loan through the
        purchase of a deposit of the type and maturity corresponding to the deposit
        used
        as a reference in determining the Eurodollar Rate applicable to such Loan,
        whether in fact that is the case or not. Unless otherwise provided herein,
        the
        amount specified in the written statement of any Lender shall be payable
        on
        demand after receipt by the Borrower of the written statement. The obligations
        of the Borrower under Sections
        3.1,
        3.2
        and
3.4
        shall
        survive payment of the Obligations and termination of this
        Agreement.

       

       

      ARTICLE
        IV

       

      CONDITIONS
        PRECEDENT

       

      4.1.  Initial
        Loans and Facility Letters of Credit.
        The
        Lenders shall not be required to make the initial Advances hereunder and
        the
        Issuer shall not be required to issue any Facility Letter of Credit hereunder
        unless the Borrower has furnished the following to the Administrative Agent
        with
        sufficient copies for the Lenders and the other conditions set forth below
        have
        been satisfied, in each case on or before January 13, 2006:

      

      (a)    
        Charter
        Documents; Good Standing Certificates.
        Copies
        of the certificate of incorporation of the Borrower, together with all
        amendments and other modifications thereto, certified by the appropriate
        governmental officer in its jurisdiction of incorporation, together with
        a good
        standing certificate issued by the Secretary of State of the jurisdiction
        of its
        incorporation and such other jurisdictions as shall be requested by the
        Administrative Agent.

       

      (b)    
        By-Laws
        and Resolutions.
        Copies,
        certified by the Secretary or Assistant Secretary of the Borrower, of its
        by-laws and of its Board of Directors’ resolutions authorizing the execution,
        delivery and performance of the Loan Documents to which the Borrower is a
        party.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      (c)    
        Secretary’s
        Certificate.
        An
        incumbency certificate, executed by the Secretary or Assistant Secretary
        of the
        Borrower, which shall identify by name and title and bear the signature of
        the
        officers of the Borrower authorized to sign the Loan Documents and to make
        borrowings hereunder, upon which certificate the Administrative Agent and
        the
        Lenders shall be entitled to rely until informed of any change in writing
        by the
        Borrower.

       

      (d)    
        Officer’s
        Certificate.
        A
        certificate, dated the date hereof, signed by an Authorized Officer of the
        Borrower, in form and substance satisfactory to the Administrative Agent,
        to the
        effect that: (i) on the initial Borrowing Date (both before and after giving
        effect to the making of any Loans (or issuance of any Facility Letters of
        Credit
        hereunder) no Default or Unmatured Default has occurred and is continuing;
        (ii)
        no injunction or temporary restraining order which would prohibit the making
        of
        any Loans (or issuance of any Facility Letters of Credit) or other litigation
        which could reasonably be expected to have a Material Adverse Effect is pending
        or, to the best of such Person’s knowledge, threatened; (iii) each of the
        representations and warranties set forth in Article
        V
        of this
        Agreement is true and correct on and as of the initial Borrowing Date; and
        (iv)
        since September 30, 2005, no event or change has occurred that has caused
        or
        evidences a Material Adverse Effect.

       

      (e)    
        Legal
        Opinions.
        A
        written opinion of C. G. Huber, General Counsel for the Borrower and the
        Guarantors, addressed to the Administrative Agent and the Lenders in the
        form of
Exhibit
        I
        attached
        hereto.

       

      (f)    
        Notes.
        Notes
        payable to the order of each of the Lenders duly executed by the
        Borrower.

       

      (g)    
        Loan
        Documents.
        Executed originals of this Agreement and each of the Loan Documents, which
        shall
        be in full force and effect, together with all schedules, exhibits,
        certificates, instruments, opinions, documents and financial statements required
        to be delivered pursuant hereto and thereto.

       

      (h)    
        Letters
        of Direction.
        Written
        money transfer instructions with respect to Advances in form and substance
        acceptable to the Administrative Agent and its counsel addressed to the
        Administrative Agent and signed by an Authorized Officer, together with such
        other related money transfer authorizations as the Administrative Agent may
        have
        reasonably requested.

       

      (i)    
        Guarantor
        Charter Documents; Good Standing Certificates.
        Copies
        of the articles or certificates of incorporation of each Guarantor, together
        with all amendments thereto, both certified by the Secretary or Assistant
        Secretary of such Guarantor, together with a good standing certificate issued
        by
        the Secretary of State of the jurisdiction of its incorporation and such
        other
        jurisdictions as shall be requested by the Administrative Agent.

       

      (j)    
        Guarantor  By-Laws
        and Resolutions.
        Copies,
        certified by the Secretary or Assistant Secretary of each Guarantor, of its
        by-laws and Board of Directors’ resolutions of such Guarantor (and resolutions
        of other bodies, if any are deemed necessary by counsel for the Administrative
        Agent) authorizing the execution, delivery and performance of the Loan Documents
        to which each such Guarantor is a party.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

    

    

      (k)    
        Guarantor
        Secretary’s Certificate.
        An
        incumbency certificate, executed by the Secretary or Assistant Secretary
        of each
        Guarantor, which shall identify by name and title and bear the signature
        of the
        officers of such Guarantor authorized to sign the Loan Documents upon which
        certificate the Administrative Agent and the Lenders shall be entitled to
        rely
        until informed of any change in writing by the Borrower.

       

      (l)    
        Termination
        of Existing Credit Agreement.
        The
        Existing Credit Agreement shall have terminated and all outstanding obligations
        thereunder shall be paid in full and all commitments thereunder shall have
        terminated.

       

      (m)    
        Other.
        Such
        other documents as the Administrative Agent, any Lender or their counsel
        may
        have reasonably requested.

       

      4.2.  Each
        Future Advance and Facility Letter of Credit.
        The
        Lenders shall not be required to make any Advance and the Issuer shall not
        be
        obligated to issue any future Facility Letter of Credit unless on the applicable
        Borrowing Date:

      

      (a)    
        There
        exists no Default or Unmatured Default and none would result from such Advance
        or issuance of such Facility Letter of Credit;

       

      (b)    
        The
        representations and warranties contained in Article
        V
        are true
        and correct as of such Borrowing Date;

       

      (c)    
        A
        Borrowing Notice or Issuance Request, as applicable, shall have been properly
        submitted; and

       

      (d)    
        All
        legal
        matters incident to the making of such Advance or issuance of such Facility
        Letter of Credit shall be satisfactory to the Lenders and their
        counsel.

       

      Each
        Ratable Borrowing Notice and Competitive Bid Quote Request with respect to
        each
        such Advance and each Issuance Request with respect to each such Facility
        Letter
        of Credit shall constitute a representation and warranty by the Borrower
        that
        the conditions contained in Section
        4.2
        have
        been satisfied. Any Lender may require a duly completed compliance certificate
        in substantially the form of Exhibit
        G
        hereto
        as a condition to making an Advance or issuing a Facility Letter of
        Credit.

       

       

      ARTICLE
        V

       

      REPRESENTATIONS
        AND WARRANTIES

       

      The
        Borrower represents and warrants to the Administrative Agent and the Lenders
        that:

       

      5.1.  Corporate
        Existence and Standing.
        The
        Borrower and each Material Subsidiary is a corporation duly incorporated,
        validly existing and in good standing under the laws of its respective
        jurisdiction of incorporation and is duly qualified and in good standing
        as a
        foreign corporation and is duly authorized to conduct its business in each
        jurisdiction in which its business is conducted or proposed to be conducted
        except where the failure to be so qualified or authorized could not reasonably
        be expected to have a Material Adverse Effect.

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
 

      5.2.  Authorization
        and Validity.
        The
        Borrower and each Guarantor have all requisite power and authority (corporate
        and otherwise) and legal right to execute and deliver (or file, as the case
        may
        be) each of the Loan Documents to which it is a party and to perform its
        obligations thereunder. The execution and delivery (or filing, as the case
        may
        be) by the Borrower and each Guarantor of the Loan Documents to which it
        is a
        party and the performance of their respective obligations thereunder have
        been
        duly authorized by proper corporate proceedings and the Loan Documents
        constitute legal, valid and binding obligations of the Borrower or such
        Guarantor, as applicable, enforceable against the Borrower or such Guarantor,
        as
        applicable, in accordance with their terms, except as enforceability may
        be
        limited by bankruptcy, insolvency or similar laws affecting the enforcement
        of
        creditors’ rights generally or by general principles of equity.

      

      5.3.  Compliance
        with Laws and Contracts.
        The
        Borrower and its Subsidiaries have complied with all applicable statutes,
        rules,
        regulations, orders and restrictions of any domestic or foreign government
        or
        any instrumentality or agency thereof, having jurisdiction over the conduct
        of
        their respective businesses or the ownership of their respective properties,
        except where the failure to so comply could not reasonably be expected to
        have a
        Material Adverse Effect. Neither the execution and delivery by the Borrower
        or
        any Guarantor of the Loan Documents to which it is a party, the application
        of
        the proceeds of the Loans and the Facility Letters of Credit, the consummation
        of any transaction contemplated in the Loan Documents, nor compliance with
        the
        provisions of the Loan Documents will, or at the relevant time did, (a) violate
        any law, rule, regulation (including Regulation T, Regulation U and Regulation
        X), order, writ, judgment, injunction, decree or award binding on the Borrower
        or any Subsidiary or the Borrower’s or any Subsidiary’s charter, articles or
        certificate of incorporation or by-laws, (b) violate the provisions of or
        require the approval or consent of any party to any indenture, instrument
        or
        agreement to which the Borrower or any Subsidiary is a party or is subject,
        or
        by which it, or its property, is bound, or conflict with or constitute a
        default
        thereunder, or result in the creation or imposition of any Lien (other than
        Liens permitted by, the Loan Documents) in, of or on the property of the
        Borrower or any Subsidiary pursuant to the terms of any such indenture,
        instrument or agreement, or (c) require any consent of the stockholders of
        any
        Person.

      

      5.4.  Governmental
        Consents.
        No
        order, consent, approval, qualification, license, authorization, or validation
        of, or filing, recording or registration with, or exemption by, or other
        action
        in respect of, Governmental Authority, or any subdivision thereof, any
        securities exchange or other Person is or at the relevant time was required
        to
        authorize, or is or at the relevant time was required in connection with
        the
        execution, delivery, consummation or performance of, or the legality, validity,
        binding effect or enforceability of, any of the Loan Documents, the application
        of the proceeds of the Loans or the Facility Letters of Credit or any other
        transaction contemplated in the Loan Documents.

      

      5.5.  Financial
        Statements.
        The
        Borrower has heretofore furnished to each of the Lenders the September 30,
        2005
        audited consolidated financial statements of the Borrower and its Subsidiaries
        (collectively, the "Financial
        Statements").
        Each
        of the Financial Statements was prepared in accordance with Agreement Accounting
        Principles and fairly presents the consolidated financial condition and
        operations of the Borrower and its Subsidiaries at such dates and the
        consolidated results of their operations for the respective periods then
        ended
        (except, in the case of such unaudited statements, for normal year-end audit
        adjustments).

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
 

       

       

      5.6.  Material
        Adverse Change.
        Since
        September 30, 2005, there has been no change from that reflected in the
        Financial Statements, in the business, Property, condition (financial or
        otherwise) or results of operations of the Borrower and its
        Subsidiaries taken
        as
        a whole which could reasonably be expected to have a Material Adverse
        Effect.

      

      5.7.  Taxes.
        The
        Borrower and its Subsidiaries have filed or caused to be filed in correct
        form
        all United States federal and applicable foreign, state and local tax returns
        and all other tax returns which are required to be filed and have paid all
        taxes
        due pursuant to said returns or pursuant to any assessment received by the
        Borrower or any Subsidiary, except such taxes, if any, as are being contested
        in
        good faith and as to which adequate reserves have been provided in accordance
        with Agreement Accounting Principles and as to which no Lien exists. No tax
        liens have been filed and no claims are being asserted with respect to any
        such
        taxes which could reasonably be expected to have a Material Adverse Effect.
        The
        charges, accruals and reserves on the books of the Borrower and its Subsidiaries
        in respect of any taxes or other governmental charges are in accordance with
        Agreement Accounting Principles.

      

      5.8.  Litigation
        and Contingent Obligations.
        There
        is no litigation, arbitration, proceeding, inquiry or governmental investigation
        (including, without limitation, by the Federal Trade Commission) pending
        or, to
        the knowledge of any of their officers, threatened against or affecting the
        Borrower or any Subsidiary or any of their respective Properties which could
        reasonably be expected to have a Material Adverse Effect or to prevent, enjoin
        or unduly delay the making of the Loans or the issuance of Facility Letters
        of
        Credit under this Agreement. Neither the Borrower nor any Subsidiary has
        any
        material Contingent Obligations except as set forth on Schedule
        5.8.

      

      5.9.  Subsidiaries
        and Capitalization.  
        Schedule
        5.9
        hereto
        contains an accurate list of all of the existing Subsidiaries as of the date
        of
        this Agreement, setting forth their respective jurisdictions of incorporation
        and the percentage of their capital stock owned by the Borrower or other
        Subsidiaries. All of the issued and outstanding shares of capital stock of
        each
        Subsidiary have been duly authorized and validly issued, are fully paid and
        non-assessable, and are free and clear of all Liens, other than the Liens
        created by the Loan Documents. No authorized but unissued or treasury shares
        of
        capital stock of the Borrower or any Subsidiary are subject to any option,
        warrant, right to call or commitment of any kind or character. Except as
        set
        forth on Schedule
        5.9,
        neither
        the Borrower nor any Subsidiary has any outstanding stock or securities
        convertible into or exchangeable for any shares of its capital stock, or
        any
        right issued to any Person (either preemptive or other) to subscribe for
        or to
        purchase, or any options for the purchase of, or any agreements providing
        for
        the issuance (contingent or otherwise) of, or any calls, commitments or claims
        of any character relating to any of its capital stock or any stock or securities
        convertible into or exchangeable for any of its capital stock other than
        as
        expressly set forth in the certificate or articles of incorporation of the
        Borrower or such Subsidiary. Neither the Borrower nor any Subsidiary is subject
        to any obligation (contingent or otherwise) to repurchase or otherwise acquire
        or retire any shares of its capital stock or any convertible securities,
        rights
        or options of the type described in the preceding sentence except as otherwise
        set forth on Schedule
        5.9.
        Except
        as set forth on Schedule
        5.9,
        as of
        the date hereof the Borrower does not own or hold, directly or indirectly,
        any
        capital stock or equity security of, or any equity or partnership interest
        in
        any Person other than such Subsidiaries and Vail Resorts, Inc.

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

      
 

      5.10.  ERISA.
        Each of
        the Borrower and each member of the Controlled Group has fulfilled its
        obligations under the minimum funding standards of ERISA and the Code with
        respect to each Plan. Neither the Borrower nor any other member of the
        Controlled Group has incurred, or is reasonably expected to incur, any
        withdrawal liability to any Multiemployer Plan which could reasonably be
        expected to have a Material Adverse Effect. Each Plan complies in all respects
        with all applicable requirements of law and regulations, except where the
        failure to so comply could not reasonably be expected to cause the relevant
        Plan
        to become disqualified under the Code. Neither the Borrower nor any member
        of
        the Controlled Group has, with respect to any Plan, failed to make any
        contribution or pay any amount required under Section 412 of the Code or
        Section
        302 of ERISA or the terms of such Plan. There are no pending or, to the
        knowledge of the Borrower, threatened claims, actions, investigations or
        lawsuits against any Plan, any fiduciary thereof, or the Borrower or any
        member
        of the Controlled Group with respect to a Plan which could reasonably be
        expected to have a Material Adverse Effect. Neither the Borrower nor any
        member
        of the Controlled Group has engaged in any prohibited transaction (as defined
        in
        Section 4975 of the Code or Section 406 of ERISA) in connection with any
        Plan
        which would subject such Person to any material liability. Within the last
        five
        years neither the Borrower nor any member of the Controlled Group has engaged
        in
        a transaction which resulted in a Single Employer Plan with an Unfunded
        Liability being transferred out of the Controlled Group. No Termination Event
        has occurred or is reasonably expected to occur with respect to any Plan
        which
        is subject to Title IV of ERISA.

      

      5.11.  Defaults.
        No
        Default or Unmatured Default has occurred and is continuing.

      

      5.12.  Federal
        Reserve Regulations.
        Neither
        the Borrower nor any Subsidiary is engaged, directly or indirectly, principally,
        or as one of its important activities, in the business of extending, or
        arranging for the extension of, credit for the purpose of purchasing or carrying
        Margin Stock. Neither the making of any Advance or issuance of any Facility
        Letters of Credit hereunder, the use of the proceeds thereof, will violate
        or be
        inconsistent with the provisions of Regulation T, Regulation U or Regulation
        X.
        Following the application of the proceeds of the Loans, less than 25% of
        the
        value (as determined by any reasonable method) of the assets of the Borrower
        and
        its Subsidiaries which are subject to any limitation on sale, pledge, or
        other
        restriction hereunder taken as a whole have been, and will continue to be,
        represented by Margin Stock.

      

      5.13.  Investment
        Company; Public Utility Holding Company Act.
        Neither
        the Borrower nor any Subsidiary is, or after giving effect to any Advance
        will
        be, an "nvestment company" or a company "controlled" by an "investment company"
        within the meaning of the Investment Company Act of 1940, as amended. Neither
        the Borrower nor any Subsidiary is a "holding company" or a "subsidiary company"
        of a "holding company", or an "affiliate" of a "holding company" or of a
        "subsidiary company" of a "holding company", within the meaning of the Public
        Utility Holding Company Act of 1935, as amended.

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
 

      5.14.  Certain
        Fees.
        Other
        than as disclosed on Schedule
        5.14,
        no
        broker’s or finder’s fee or commission was, is or will be payable by the
        Borrower or any Subsidiary with respect to the transactions contemplated
        by this
        Agreement. The Borrower hereby agrees to indemnify the Administrative Agent
        and
        the Lenders against and agrees that it will hold each of them harmless from
        any
        claim, demand or liability for broker’s or finder’s fees or commissions alleged
        to have been incurred by the Borrower in connection with any of the transactions
        contemplated by this Agreement and any expenses (including, without limitation,
        attorneys’ fees and time charges of attorneys for the Administrative Agent or
        any Lender, which attorneys may be employees of the Administrative Agent
        or any
        Lender) arising in connection with any such claim, demand or
        liability.

      

      5.15.  Solvency.
        As of
        the date hereof, after giving effect to the consummation of the transactions
        contemplated by the Loan Documents and the payment of all fees, costs and
        expenses payable by the Borrower or its Subsidiaries with respect to the
        transactions contemplated by the Loan Documents, each of the Borrower and
        each
        Guarantor is Solvent.

      

      5.16.  Ownership
        of Properties.
        Except
        as set forth on Schedule
        5.16
        hereto,
        the Borrower and its Subsidiaries have a subsisting leasehold interest in,
        or
        good and marketable title, free of all Liens, other than those permitted
        by
Section
        6.17
        or by
        any of the other Loan Documents, to all of the properties and assets reflected
        in the Financial Statements as being owned by it, except for assets sold,
        transferred or otherwise disposed of in the ordinary course of business since
        the date thereof. There are no actual, threatened or alleged defaults with
        respect to any leases of real property under which the Borrower or any
        Subsidiary is lessee or lessor which could reasonably be expected to have
        a
        Material Adverse Effect. The Borrower and its Subsidiaries own or possess
        rights
        to use all material licenses, patents, patent applications, copyrights, service
        marks, trademarks and trade names necessary to continue to conduct their
        business as heretofore conducted, and no such license, patent or trademark
        has
        been declared invalid, been limited by order of any court or by agreement
        or is
        the subject of any infringement, interference or similar proceeding or
        challenge, except for proceedings and challenges which could not reasonably
        be
        expected to have a Material Adverse Effect.

      

      5.17.  Indebtedness.
        Attached hereto as Schedule
        5.17
        is a
        complete and correct list of all Indebtedness of the Borrower and its
        Subsidiaries outstanding on the date of this Agreement (other than Indebtedness
        in a principal amount not exceeding $100,000
        for a single item of Indebtedness and $500,000
        in the aggregate for all such Indebtedness), showing the aggregate principal
        amount which was outstanding on such date.

      

      5.18.  Subordinated
        Indebtedness.
        The
        principal of and interest on the Notes and all other Obligations will constitute
        "senior debt" as that or any similar term is or may be used in any other
        instrument evidencing or applicable to any Subordinated Indebtedness of the
        Borrower.

      

      5.19.  Employee
        Controversies.
        There
        are no strikes, work stoppages or controversies pending or threatened between
        the Borrower or any Subsidiary and any of its employees, other than strikes,
        work stoppages or controversies arising in the ordinary course of business,
        which, in the aggregate, could not reasonably be expected to have a Material
        Adverse Effect.

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
 

      5.20.  Material
        Agreements.
        Neither
        the Borrower nor any Subsidiary is a party to any agreement or instrument
        or
        subject to any charter or other corporate restriction which could reasonably
        be
        expected to have a Material Adverse Effect or which restricts or imposes
        conditions upon the ability of the Borrower or any Subsidiary to (a) pay
        dividends or make other distributions on its capital stock (b) make loans
        or
        advances to the Borrower, (c) repay loans or advances from Borrower or (d)
        grant
        Liens to the Administrative Agent to secure the Obligations. Neither the
        Borrower nor any Subsidiary is in default in the performance, observance
        or
        fulfillment of any of the obligations, covenants or conditions contained
        in any
        agreement to which it is a party, which default could reasonably be expected
        to
        have a Material Adverse Effect.

      

      5.21.  Environmental
        Laws.
        The
        Borrower and its Material Subsidiaries each conduct in the ordinary course
        of
        business a review of the effects of then existing Environmental Laws and
        then
        existing Environmental Claims on its business, condition (financial and other),
        results of operations and Property, and as a result thereof the Borrower
        and its
        Material Subsidiaries have reasonably concluded that the application of such
        Environmental Laws and the existence of such Environmental Claims, in the
        aggregate, could not reasonably be expected to have a Material Adverse
        Effect.

      

      5.22.  Insurance.
        The
        Borrower and its Subsidiaries maintain with financially sound and reputable
        insurance companies insurance on their Property in such amounts and covering
        such risks as is consistent with sound business practice.

      

      5.23.  Disclosure.
        None of
        the (a) information, exhibits or reports furnished or to be furnished by
        the
        Borrower or any Subsidiary to the Administrative Agent or to any Lender in
        connection with the negotiation of the Loan Documents, or (b) representations
        or
        warranties of the Borrower or any Subsidiary contained in this Agreement,
        the
        other Loan Documents or any certificate or other written information furnished
        to the Administrative Agent or the Lenders by or on behalf of the Borrower
        or
        any Subsidiary pursuant to a request from the Administrative Agent or the
        Lenders permitted hereunder and for use in connection with the transactions
        contemplated by this Agreement, contained, contains or will contain any untrue
        statement of a material fact or omitted, omits or will omit to state a material
        fact necessary in order to make the statements contained herein or therein
        not
        misleading in light of the circumstances in which the same were made. The
        pro
        forma financial information contained in such materials is based upon good
        faith
        estimates and assumptions believed by the Borrower to be reasonable at the
        time
        made. There is no fact known to the Borrower (other than matters of a general
        economic nature) that has had or could reasonably be expected to have a Material
        Adverse Effect and that has not been disclosed herein or in such other
        documents, certificates and other written information furnished to the Lenders
        for use in connection with the transactions contemplated by this
        Agreement.

      

      5.24.  Material
        Foreign Subsidiaries.
        Except
        as set forth on Schedule
        5.24
        hereto, as of the Closing Date, Borrower has no Material Foreign
        Subsidiaries.

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

    

     

     

     

    ARTICLE
      VI

     

    COVENANTS

     

    During
      the term of this Agreement, unless the Required Lenders
      shall otherwise consent in writing:

     

    6.1.  Financial
      Reporting. The Borrower will
      maintain, for itself and each Subsidiary, a system of accounting established
      and
      administered in accordance with generally accepted accounting principles,
      consistently applied, and furnish to the Lenders:

    

    (a)    
As
      soon as practicable and in any
      event within 95 days after the close of each of its Fiscal Years, an unqualified
      audit report certified by independent certified public accountants, acceptable
      to the Lenders, prepared in accordance with Agreement Accounting Principles
      on a
      consolidated and consolidating basis (consolidating statements need not be
      certified by such accountants) for itself and its Subsidiaries, including
      balance sheets as of the end of such period and related statements of income,
      retained earnings and cash flows (but not consolidating statements of retained
      earnings or cash flows) accompanied by a certificate of said accountants that,
      in the course of the examination necessary for their certification of the
      foregoing, they have obtained no knowledge of Default or Unmatured Default,
      or
      if, in the opinion of such accountants, any Default or Unmatured Default shall
      exist, stating the nature and status thereof.

     

    (b)    
As
      soon as practicable and in any
      event within 50 days after the close of the first three Fiscal Quarters of
      each
      of its Fiscal Years, for itself and its Subsidiaries, consolidated and
      consolidating unaudited balance sheets as at the close of each such period
      and
      consolidated and consolidating statements of income, retained earnings and
      cash
      flows (but not consolidating statements of retained earnings or cash flows)
      for
      the period from the beginning of such Fiscal Year to the end of such quarter,
      all certified by an Authorized Officer.

     

    (c)    
As
      soon as available, but in any event
      not later than the last Business Day in November of each year, a copy of the
      plan and forecast of the Borrower, and its Subsidiaries for the next Fiscal
      Year
      organized by individual lines of business (including a projected consolidated
      and consolidating balance sheet, income statement and funds flow
      statement).

     

    (d)    
Together
      with the financial statements
      required by clauses (a) and (b) above, a compliance certificate in
      substantially the form of Exhibit G hereto signed by an Authorized
      Officer showing the calculations necessary to determine compliance with this
      Agreement and stating that no Default or Unmatured Default exists, or if any
      Default or Unmatured Default exists, stating the nature and status
      thereof.

     

    (e)    
Within
      270 days after the close of
      each Fiscal Year, a statement of the Unfunded Liabilities of each Single
      Employer Plan, certified as correct by an actuary enrolled under ERISA.

     

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

     

     

    (f)    
As
      soon as possible and in any event
      within 10 days after the Borrower knows that any Termination Event has occurred
      with respect to any Plan, a statement, signed by the chief financial officer,
      treasurer or controller of the Borrower, describing said Termination Event
      and
      the action which the Borrower proposes to take with respect thereto.

     

    (g)    
As
      soon as possible and in any event
      within 10 days after the Borrower learns thereof, notice of the assertion or
      commencement of any claims, action, suit or proceeding against or affecting
      the
      Borrower or any Subsidiary which could reasonably be expected to have a Material
      Adverse Effect.

     

    (h)    
Promptly
      upon the furnishing thereof
      to the shareholders of the Borrower, copies of all financial statements, reports
      and proxy statements so furnished.

     

    (i)    
Promptly
      upon the filing thereof,
      copies of all registration statements and annual, quarterly, monthly or other
      regular reports which the Borrower or any of its Subsidiaries files with the
      Securities and Exchange Commission.

     

    (j)    
Such
      other information (including
      non-financial information) as the Administrative Agent or any Lender may from
      time to time reasonably request.

     

    6.2.  Use
      of Proceeds. The Borrower will, and
      will cause each Subsidiary to, use the proceeds of the Advances to meet the
      general corporate and working capital needs of the Borrower and its
      Subsidiaries, including the making of stock redemptions and repurchases,
      dividends on its capital stock, Investments and non-hostile Purchases, all
      as
      permitted hereunder. The Borrower will not, nor will it permit any Subsidiary
      to, use any of the proceeds of the Advances or any Facility Letter of Credit
      to
      purchase or carry any "margin stock" (as defined in Regulation U) or to finance
      the Purchase of any Person which has not been approved and recommended by the
      board of directors (or functional equivalent thereof) of such Person.

     

    6.3.  Notice
      of Default. The Borrower will give
      prompt notice in writing to the Lenders of the occurrence of (a) any Default
      or
      Unmatured Default and (b) of any other event or development, financial or other,
      relating specifically to the Borrower or any of its Subsidiaries (and not of
      a
      general economic or political nature) which could reasonably be expected to
      have
      a Material Adverse Effect.

    

    6.4.  Conduct
      of Business. The Borrower will, and
      will cause each Subsidiary to, carry on and conduct its business in
      substantially the same manner as is presently conducted or in other consumer
      products markets and the manufacturing of ingredients therefor, and to do all
      things necessary to remain duly incorporated, validly existing and in good
      standing as a domestic corporation in its jurisdiction of incorporation and
      maintain all requisite authority to conduct its business in each jurisdiction
      in
      which its business is conducted, except where the failure to maintain such
      authority could not reasonably be expected to have a Material Adverse
      Effect.

    

    6.5.  Taxes.
      The Borrower will, and will cause
      each Subsidiary to, timely file complete and correct United States federal
      and
      applicable foreign, state and local tax returns required by applicable law
      and
      pay when due all taxes, assessments and governmental charges and levies upon
      it
      or its income, profits or Property, except those which are being contested
      in
      good faith by appropriate proceedings and with respect to which adequate
      reserves have been set aside.

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    
 

    6.6.  Insurance.
      The Borrower will, and will
      cause each Subsidiary to, maintain with financially sound and reputable
      insurance companies insurance on all their Property in such amounts and covering
      such risks as is consistent with sound business practice for similarly situated
      businesses in the industries in which the Borrower and its Subsidiaries operate,
      and the Borrower will furnish to the Administrative Agent and any Lender upon
      request full information as to the insurance carried.

    

    6.7.  Compliance
      with Laws. The Borrower will,
      and will cause each Subsidiary to, comply with all laws, rules, regulations,
      orders, writs, judgments, injunctions, decrees or awards to which it may be
      subject, the failure to comply with which could reasonably be expected to have
      a
      Material Adverse Effect.

    

    6.8.  Maintenance
      of Properties. The Borrower
      will, and will cause each Subsidiary to, do all things necessary to maintain,
      preserve, protect and keep its Property in good repair, working order and
      condition, and make all necessary and proper repairs, renewals and replacements
      so that its business carried on in connection therewith may be properly
      conducted at all times, except where the failure to do so could not reasonably
      be expected to have a Material Adverse Effect.

    

    6.9.  Inspection.
      The Borrower will, and will
      cause each Subsidiary to, permit the Administrative Agent and the Lenders,
      by
      their respective representatives and agents, to inspect any of the Property,
      corporate books and financial records of the Borrower and each Subsidiary,
      to
      examine and make copies of the books of accounts and other financial records
      of
      the Borrower and each Subsidiary, and to discuss the affairs, finances and
      accounts of the Borrower and each Subsidiary with, and to be advised as to
      the
      same by, their respective officers at such reasonable times and intervals as
      the
      Lenders may designate. The Borrower shall reimburse the Administrative Agent
      and
      the Lenders for any costs and expenses incurred in connection with any such
      inspection, examination or copies made during the pendency of a Default. The
      Borrower will keep or cause to be kept, and cause each Subsidiary to keep or
      cause to be kept, appropriate records and books of account in which complete
      entries are to be made reflecting its and their business and financial
      transactions, such entries to be made in accordance with Agreement Accounting
      Principles consistently applied.

    

    6.10.  Capital
      Stock and Dividends. The Borrower
      will not, nor will it permit any Subsidiary to issue or have outstanding any
      preferred stock, other than preferred stock not having mandatory redemption,
      retirement and other repurchase dates commencing less than 91 days after the
      Facility Termination Date then in effect.

    

    6.11.  Indebtedness.
      The Borrower will not, nor
      will it permit any Subsidiary to, create, incur or suffer to exist any
      Indebtedness, except:

    

    (a)    
the
      Loans;

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

     

    (b)    
Indebtedness
      existing on the date
      hereof and described in Schedule 5.17;

     

    (c)    
Contingent
      Obligations permitted by
Section 6.16;

     

    (d)    
Rate-Hedging
      Obligations incurred in
      the ordinary course of business;

     

    (e)    
Indebtedness
      arising in connection
      with the Accounts Receivable Financing Program; and

     

    (f)    
other
      Indebtedness so long as
      immediately after giving effect to the incurrence of such Indebtedness, the
      Borrower is in compliance with the financial covenants set forth in Section
      6.24.

     

    6.12.  Merger.
      The Borrower will not, nor will it
      permit any Subsidiary to, merge or consolidate with or into any other Person,
      except that (a) a Wholly-Owned Subsidiary may merge into the Borrower or any
      Wholly-Owned Subsidiary of the Borrower, (b) the Borrower or any Subsidiary
      may
      merge or consolidate with any other Person so long as the Borrower or such
      Subsidiary is the continuing or surviving corporation and, prior to and after
      giving effect to such merger or consolidation, no Default or Unmatured Default
      shall exist, and (c) any Subsidiary may enter into a merger or consolidation
      as
      a means of effecting a disposition permitted by Section 6.13.

    

    6.13.  Sale
      of Assets. The Borrower will not, nor
      will it permit any Subsidiary to, lease, sell, transfer or otherwise dispose
      of
      its Property to any other Person except for (a) sales of inventory or unused
      or
      obsolete equipment in the ordinary course of business, (b) sales of Borrower’s
      or any of Borrower’s Subsidiaries’ stock in Vail Resorts, Inc., and (c) leases,
      sales, transfers or other dispositions of its Property that, together with
      all
      other Property of the Borrower and its Subsidiaries previously leased, sold,
      transferred or otherwise disposed of (other than inventory or unused or obsolete
      equipment sold in the ordinary course of business and accounts receivables
      transactions permitted by Section 6.14) as permitted by this Section
      6.13 since the date hereof, do not constitute a Substantial Portion of the
      Property of Borrower and its Subsidiaries.

    

    6.14.  Sale
      of Accounts. The Borrower will not,
      nor will it permit any Subsidiary to, sell or otherwise dispose of any notes
      receivable or accounts receivable, with or without recourse, except that the
      Borrower or any Subsidiary may sell or otherwise grant an interest in its
      accounts receivable to other Persons, in each case pursuant to an Accounts
      Receivable Financing Program.

    

    6.15.  Investments
      and Purchases. The Borrower
      will not, nor will it permit any Subsidiary to, make or suffer to exist any
      Investments (including, without limitation, loans and advances to, and other
      Investments in, Subsidiaries), or commitments therefor, or to create any
      Subsidiary or to become or remain a partner in any partnership or joint venture,
      or to make any Purchases, except:

    

    (a)    
Short-term
      obligations of, or fully
      guaranteed by, the United States of America and short-term obligations of United
      States government agencies;

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

     

    (b)    
Commercial
      paper rated A-1 or better
      by S&P or P-1 or better by Moody’s;

     

    (c)    
Demand
      deposit and money market bank
      accounts maintained in the ordinary course of business with Initial Lenders
      or
      with commercial banks which are members of the Federal Deposit Insurance
      Corporation;

     

    (d)    
Bankers
      acceptances and certificates
      of deposit issued by and time deposits with Initial Lenders or with commercial
      banks (whether domestic or foreign) rated B or better
      by Thomson, A or better by S&P or A2 or better by
      Moody’s;

     

    (e)    
Repurchase
      agreements with Initial
      Lenders or with commercial banks (whether domestic or foreign) rated B or better
      by Thomson, A or better by S&P or A2 or better by Moody’s, so long at least
      102% of the principal amount of each repurchase agreement is collateralized
      by
      obligations of, or fully guaranteed by, the United States of America or by
      commercial paper rated A-1 or better by S&P or P-1 or better by
      Moody’s;

     

    (f)    
Loan
      participations and master notes
      with corporations rated A-1 or better by S&P or P-1 or better by Moody’s and
      with Initial Lenders or with commercial banks rated B or better by Thomson,
      A or
      better by S&P or A2 or better by Moody’s;

     

    (g)    
Money
      market preferred stock accounts
      in corporations rated A or better by S&P or A2 or better by Moody’s or in
      other corporations so long as such Investments are secured by Letters of Credit
      issued by Initial Lenders or by commercial banks rated B or better by Thomson,
      A
      or better by S&P or A2 or better by Moody’s;

     

    (h)    
Existing
      Investments in Subsidiaries
      and additional Investments in Guarantors;

     

    (i)    
Other
      Investments in existence on the
      date hereof and described in Schedule 6.15 hereto;

     

    (j)    
Other
      Investments in Persons or
      Subsidiaries which are not Guarantors (including, without limitation, (i) any
      Investment in a joint venture and (ii) the creation of and the Investment in
      any
      Subsidiary that is not a Guarantor) in an aggregate amount not exceeding
      $20,000,000;

     

    (k)    
Investments
      in, and the creation of,
      any special purpose Subsidiary created for the purpose of entering into the
      Accounts Receivable Financing Program;

     

    (l)    
Additional
      equity Investments in Vail
      Resorts, Inc. necessary to permit the Borrower to retain equity accounting
      treatment for such Investment; 

     

    (m)    
(i)
      Non-hostile Purchases in the same
      line of business or related or ancillary businesses as the Borrower (including
      but not limited to consumer packaged goods), not exceeding $50,000,000 in the
      case of any single Purchase or series of related Purchases, provided that
      (A) there shall exist no Default or Unmatured Default either immediately before
      or immediately after giving effect to any such 

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

     

     

     

    Purchase
      and (B) the representations and warranties contained in
Article V are true and correct both immediately before and immediately
      after giving effect to any such Purchases, or (ii) non-hostile Purchases in
      the
      same line of business or related or ancillary businesses as the Borrower
      (including but not limited to consumer packaged goods), in excess of $50,000,000
      in the case of any single Purchase or series of related Purchases,
provided that (A) there shall exist no Default or Unmatured Default
      either immediately before or immediately after giving effect to any such
      Purchases, (B) the representations and warranties contained in Article V
      are true and correct both immediately before and immediately after giving effect
      to any such Purchases, and (C) the Borrower submits pro forma financial
      statements for the most recent period of four consecutive Fiscal Quarters for
      which financial statements have been furnished or are due pursuant to Section
      6.1 and a certificate executed by an Authorized Officer of the Borrower
      prior to closing any such transaction showing that the Borrower is in compliance
      with Section 6.24 (treating such Purchase as having occurred on the first
      day of such four-quarter period); and

     

    (n)    
United
      States mutual funds that invest
      solely in any of the Investments described in subsections (a) through (g)
      above.

     

    6.16.  Contingent
      Obligations. The Borrower will
      not, nor will it permit any Subsidiary to, make or suffer to exist any
      Contingent Obligation (including, without limitation, any Contingent Obligation
      with respect to the obligations of a Subsidiary), except (a) by endorsement
      of
      instruments for deposit or collection in the ordinary course of business, (b)
      the Subsidiary Guaranty and (c) the Ralston Obligations.

    

    6.17.  Liens.
      The Borrower will not, nor will it
      permit any Subsidiary to, create, incur, or suffer to exist any Lien in, of
      or
      on the Property of the Borrower or any of its Subsidiaries, except:

    

    (a)    
Liens
      for taxes, assessments or
      governmental charges or levies on its Property if the same shall not at the
      time
      be delinquent or thereafter can be paid without penalty, or are being contested
      in good faith and by appropriate proceedings and for which adequate reserves
      in
      accordance with generally accepted principles of accounting shall have been
      set
      aside on its books;

     

    (b)    
Liens
      imposed by law, such as
      carriers’, warehousemen’s and mechanics’ liens and other similar liens arising
      in the ordinary course of business which secure the payment of obligations
      not
      more than 60 days past due or which are being contested in good faith by
      appropriate proceedings and for which adequate reserves shall have been set
      aside on its books;

     

    (c)    
Liens
      arising out of pledges or
      deposits under worker’s compensation laws, unemployment insurance, old age
      pensions, or other social security or retirement benefits, or similar
      legislation;

     

    (d)    
Liens
      arising out of good faith
      deposits in connection with or to secure performance of statutory obligations,
      surety and appeal bonds, government contracts, leases otherwise permitted
      hereunder, performance and return of money bonds and other similar obligations
      incurred in the ordinary course of business;

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

     

     

    (e)    
Easements,
      minor defects or
      irregularities in title, building restrictions and such other encumbrances
      or
      charges against real property, all of which as are of a nature generally
      existing with respect to properties of a similar character and which do not
      in
      any material way affect (i) the marketability of the same or (ii) interfere
      with
      the use thereof in the business of the Borrower or the Subsidiaries;

     

    (f)    
Liens
      existing on the date hereof and
      described in Schedule 6.17 hereto, including extensions, renewals and
      replacements thereof in whole or in part, so long as the principal amount of
      the
      Indebtedness secured thereby at the time of such extension, renewal or
      replacement is limited to all or any part of the Property (including
      improvements thereon) securing the Lien so extended, renewed or replaced;

     

    (g)    
Liens
      on the Property of a Subsidiary
      of the Borrower and exclusively securing Indebtedness of such Subsidiary to
      the
      Borrower or any Guarantor;

     

    (h)    
Liens
      of purchasers or providers of
      financing under an Accounts Receivable Financing Program in accordance with
      Section 6.14 herein; 

     

    (i)    
Liens
      on the capital stock of any
      Material Foreign Subsidiary and exclusively securing Indebtedness permitted
      by
      Section 6.11, so long as such Liens are pari passu or junior to the Liens
      granted pursuant to Section 6.27; 

     

    (j)    
Liens
      on the capital stock of Vail
      Resorts, Inc. in connection with the sale or forward sale of such stock;
      and

     

    (k)    Other
      Liens securing aggregate
      principal Indebtedness at no time exceeding $25,000,000.

     

    6.18.  Lease
      Rentals. The Borrower will not, nor
      will it permit any Subsidiary to, create, incur or suffer to exist obligations
      for Rentals in excess of $40,000,000 during any one Fiscal Year on a
      non-cumulative basis in the aggregate for the Borrower and its
      Subsidiaries.

    

    6.19.  Affiliates.
      The Borrower will not, and
      will not permit any Subsidiary to, enter into any transaction (including,
      without limitation, the purchase or sale of any Property or service) with,
      or
      make any payment or transfer to, any Affiliate except (a) in the ordinary course
      of business and pursuant to the reasonable requirements of the Borrower’s or
      such Subsidiary’s business and upon fair and reasonable terms no less favorable
      to the Borrower or such Subsidiary than the Borrower or such Subsidiary would
      obtain in a comparable arms-length transaction, (b) transactions among the
      Borrower and Guarantors and (c) in connection with the Accounts Receivable
      Financing Program.

    

    6.20.  Subordinated
      Indebtedness; Other
      Indebtedness. The Borrower will not, and will not permit any Subsidiary to,
      make any amendment or modification to the indenture, note or other agreement
      evidencing or governing any Subordinated Indebtedness, or directly or indirectly
      voluntarily prepay, defease or in substance defease, purchase, redeem, retire
      or
      otherwise acquire, any Subordinated Indebtedness.

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    
 

    6.21.  Environmental
      Matters. The Borrower shall
      and shall cause each of its Material Subsidiaries to conduct in the ordinary
      course of its business reviews of the effects of then existing Environmental
      Laws and then existing Environmental Claims on its business, condition
      (financial and other), results of operations and
      Property and to take all actions required by such
      Environmental Laws and in respect of such Environmental Claims, except where
      the
      failure to so act could not reasonably be expected to have a Material Adverse
      Effect.

    

    6.22.  Change
      in Corporate Structure; Fiscal
      Year. The Borrower shall not, nor shall it permit any Subsidiary to, (a)
      permit any amendment or modification to be made to its certificate or articles
      of incorporation or by-laws which is materially adverse to the interests of
      the
      Lenders or (b) change its Fiscal Year to end on any date other than September
      30
      of each year.

    

    6.23.  Inconsistent
      Agreements. The Borrower
      shall not, nor shall it permit any Subsidiary to, enter into any indenture,
      agreement, instrument or other arrangement which, (a) directly or indirectly
      prohibits or restrains, or has the effect of prohibiting or restraining, or
      imposes materially adverse conditions upon, the incurrence of the Obligations,
      the granting of Liens to secure the Obligations (other than agreements by the
      Borrower that it will grant Liens to secure any Rate Hedging Obligations to
      the
      same extent as, and pari passu with, any Liens granted to secure the
      Obligations), the provision of the Subsidiary Guaranty, the amending of the
      Loan
      Documents or the ability of any Subsidiary (other than a special purpose
      Subsidiary created for the purpose of entering into the Accounts Receivable
      Financing Program) to (i) pay dividends or make other distributions on its
      capital stock, (ii) make loans or advances to the Borrower or (iii) repay loans
      or advances from the Borrower or (b) contains any provision which would be
      violated or breached by the making of Advances, by the issuance of Facility
      Letters of Credit or by the performance by the Borrower or any Subsidiary of
      any
      of its obligations under any Loan Document.

    

    6.24.  Financial
      Covenants. The Borrower on a
      consolidated basis with its Subsidiaries shall:

    

    6.24.1.
Leverage Ratio.
      As of the end of each Fiscal
      Quarter, maintain a Leverage Ratio of not more than 3.50:1.00

     

    6.24.2.
Interest
      Expense Coverage Ratio. As of the end of
      each four Fiscal Quarters ending after the date hereof, maintain an Interest
      Expense Coverage Ratio of not less than 3.00:1.00

     

    6.25.  ERISA
      Compliance.

     

    With
      respect to any Plan, neither the Borrower nor any Subsidiary
      shall:

     

    (a)    
engage
      in any åprohibited transactionæ
(as such term is defined in Section 406 of ERISA or Section 4975 of the Code)
      for which a civil penalty pursuant to Section 502(i) of ERISA or a tax pursuant
      to Section 4975 of the Code in excess of $10,000,000 could be imposed;

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

     

     

    (b)    
permit
      the occurrence of any
      Termination Event which could result in a liability to the Borrower or any
      other
      member of the Controlled Group in excess of $10,000,000; or

     

    (c)    
permit
      the establishment or amendment
      of any Plan or fail to comply with the applicable provisions of ERISA and the
      Code with respect to any Plan which could result in liability to the Borrower
      or
      any other member of the Controlled Group which, individually or in the
      aggregate, could reasonably be expected to have a Material Adverse Effect.

     

    6.26.  Material
      Subsidiaries. The Borrower shall
      cause each of its Subsidiaries which becomes a Material Subsidiary on or after
      the date hereof to join the Subsidiary Guaranty as a Guarantor pursuant to
      a
      joinder agreement in the form attached to the Subsidiary Guaranty within thirty
      (30) days of such Person becoming a Material Subsidiary.

    

    6.27.  Material
      Foreign Subsidiaries. Within
      thirty (30) days after any Person becomes a Material Foreign Subsidiary, the
      Borrower shall, or shall cause its applicable Subsidiary to, pledge to the
      Administrative Agent 65% of the capital stock of such Person to secure the
      Obligations and shall deliver such documents as the Administrative Agent may
      reasonably require in connection therewith. Notwithstanding the foregoing,
      the
      Borrower shall cause RH Financial Corporation to, pledge to the Administrative
      Agent 65% of the capital stock of each of Waffle Holdings Ltd., a corporation
      organized under the laws of British Columbia, and Western Waffles Corp., a
      corporation organized under the laws of British Columbia, within sixty (60)
      days
      of the Closing Date.

     

     

    ARTICLE
      VII

    DEFAULTS

     

    The
      occurrence of any one or more of the following events shall
      constitute a Default:

     

    7.1.  Any
      representation or warranty made or deemed made
      by or on behalf of the Borrower or any of its Subsidiaries to the Lenders or
      the
      Administrative Agent under or in connection with this Agreement, any other
      Loan
      Document, any Loan, any Facility Letter of Credit or any certificate or
      information delivered in connection with this Agreement or any other Loan
      Document shall be false in any material respect on the date as of which made
      or
      deemed made.

    

    7.2.  Nonpayment
      of (a) any principal of any Note or any
      Reimbursement Obligation when due, or (b) any interest upon any Note or any
      commitment fee or other fee or obligations under any of the Loan Documents
      within five days after the same becomes due.

    

    7.3.  The
      breach by the Borrower of any of the terms or
      provisions of Section 6.2, Section 6.3(a) or Sections 6.10
      through 6.24.

    
 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

     

     

    

      7.4.  The
        breach by the Borrower (other than a breach which constitutes a Default under
        Section
        7.1,
        7.2
        or
7.3)
        of any
        of the terms or provisions of this Agreement which is not remedied within
        thirty
        (30) days after written notice from the Administrative Agent or any
        Lender.

      

      7.5.  Failure
        of the Borrower or any of its Subsidiaries to pay any Indebtedness aggregating
        in excess of $25,000,000 when due; or the default by the Borrower or any
        of its
        Subsidiaries in the performance of any term, provision or condition contained
        in
        any agreement or agreements under which any such Indebtedness was created
        or is
        governed, or the occurrence of any other event or existence of any other
        condition, the effect of any of which is to cause, or to permit the holder
        or
        holders of such Indebtedness to cause, such Indebtedness to become due prior
        to
        its stated maturity; or any such Indebtedness of the Borrower or any of its
        Subsidiaries shall be declared to be due and payable or required to be prepaid
        (other than by a regularly scheduled payment) prior to the stated maturity
        thereof.

      

      7.6.  The
        Borrower or any of its Subsidiaries shall (a) have an order for relief entered
        with respect to it under the federal bankruptcy laws as now or hereafter
        in
        effect, (b) make an assignment for the benefit of creditors, (c) apply for,
        seek, consent to, or acquiesce in, the appointment of a receiver, custodian,
        trustee, examiner, liquidator or similar official for it or any Substantial
        Portion of its Property, (d) institute any proceeding seeking an order for
        relief under the federal bankruptcy laws as now or hereafter in effect or
        seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution,
        winding up, liquidation, reorganization, arrangement, adjustment or composition
        of it or its debts under any law relating to bankruptcy, insolvency or
        reorganization or relief of debtors or fail to file an answer or other pleading
        denying the material allegations of any such proceeding filed against it,
        (e)
        take any corporate action to authorize or effect any of the foregoing actions
        set forth in this Section
        7.6,
        (f)
        fail to contest in good faith any appointment or proceeding described in
        Section
        7.7
        or (g)
        become unable to pay, not pay, or admit in writing its inability to pay,
        its
        debts generally as they become due.

      

      7.7.  Without
        the application, approval or consent of the Borrower or any of its Subsidiaries,
        a receiver, trustee, examiner, liquidator or similar official shall be appointed
        for the Borrower or any of its Subsidiaries or any Substantial Portion of
        its
        Property, or a proceeding described in Section
        7.6(d)
        shall be
        instituted against the Borrower or any of its Subsidiaries and such appointment
        continues undischarged or such proceeding continues undismissed or unstayed
        for
        a period of thirty consecutive days.

      

      7.8.  Any
        court, government or governmental agency shall condemn, seize or otherwise
        appropriate, or take custody or control of (each a "Condemnation"),
        all
        or any portion of the Property of the Borrower and its Subsidiaries which,
        when
        taken together with all other Property of the Borrower and its Subsidiaries
        so
        condemned, seized, appropriated, or taken custody or control of, during the
        twelve-month period ending with the month in which any such Condemnation
        occurs,
        constitutes a Substantial Portion.

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
 

      7.9.  The
        Borrower or any of its Subsidiaries shall fail within thirty days to pay,
        bond
        or otherwise discharge any judgments or orders for the payment of an aggregate
        amount in excess of $15,000,000, which is not covered by undisputed insurance
        or
        stayed on appeal or otherwise being appropriately contested in good faith
        and as
        to which no enforcement actions have been commenced.

      

      7.10.  Any
        Change in Control shall occur.

      

      7.11.  The
        Subsidiary Guaranty shall fail to remain in full force or effect or any action
        shall be taken to discontinue or to assert the invalidity or unenforceability
        of
        the Subsidiary Guaranty, or any Guarantor shall fail to comply with any of
        the
        terms or provisions of the Subsidiary Guaranty, or any Guarantor denies that
        it
        has any further liability under the Subsidiary Guaranty, or gives notice
        to such
        effect.

      

      7.12.  The
        Unfunded Liabilities of all Single Employer Plans shall exceed in the aggregate
        an amount which could reasonably be expected to have a Material Adverse Effect
        or any Reportable Event shall occur in connection with any Plan.

      

      7.13.  The
        Borrower or any other member of the Controlled Group shall have been notified
        by
        the sponsor of a Multiemployer Plan that such Multiemployer Plan is in
        reorganization or is being terminated, within the meaning of Title IV of
        ERISA,
        if as a result of such reorganization or termination the aggregate annual
        contributions of the Borrower and the other members of the Controlled Group
        (taken as a whole) to all Multiemployer Plans which are then in reorganization
        or being terminated have been or will be increased over the amounts contributed
        to such Multiemployer Plans for the respective plan years of each such
        Multiemployer Plan immediately preceding the plan year in which the
        reorganization or termination occurs by an amount exceeding
        $15,000,000.

      
 

      ARTICLE
        VIII

      ACCELERATION,
        WAIVERS, AMENDMENTS AND REMEDIES

       

      8.1.  Acceleration.
        If any
        Default described in Section
        7.6
        or
7.7
        occurs
        with respect to the Borrower, the obligations of the Lenders to make Loans
        or
        issue Facility Letters of Credit hereunder shall automatically terminate
        and the
        Obligations shall immediately become due and payable without any election
        or
        action on the part of the Administrative Agent or any Lender. If any other
        Default occurs, the Required Lenders (or the Administrative Agent with the
        consent of the Required Lenders) may terminate or suspend the obligations
        of the
        Lenders to make Loans or issue Facility Letters of Credit hereunder, or declare
        the Obligations to be due and payable, or both, whereupon the Obligations
        shall
        become immediately due and payable, without presentment, demand, protest
        or
        notice of any kind, all of which the Borrower hereby expressly waives. In
        addition to the foregoing, following the occurrence and during the continuance
        of a Default, so long as any Facility Letter of Credit has not been fully
        drawn
        and has not been canceled or expired by its terms, upon demand by the
        Administrative Agent, the Borrower shall deposit in an account (the
        "Letter
        of Credit Cash Collateral Account")
        maintained with JPMorgan Chase in the name of the Administrative Agent, for
        the
        ratable benefit of the Lenders and the Administrative Agent, cash in an amount
        equal to the

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

       

       

      aggregate
        undrawn face amount of all outstanding Facility Letters of Credit and all
        fees
        and other amounts due or which may become due with respect thereto. The Borrower
        shall have no control over funds in the Letter of Credit Cash Collateral
        Account, which funds shall be invested by the Administrative Agent from time
        to
        time in its discretion in certificates of deposit of JPMorgan Chase Bank,
        N.A.
        having a maturity not exceeding thirty days. Such funds shall be promptly
        applied by the Administrative Agent to reimburse the Issuer for drafts drawn
        from time to time under the Facility Letters of Credit. Such funds, if any,
        remaining in the Letter of Credit Cash Collateral Account following the payment
        of all Obligations in full or the earlier termination of all Defaults shall,
        unless the Administrative Agent is otherwise directed by a court of competent
        jurisdiction, be promptly paid over to the Borrower.

      

      If,
        within ten Business Days after acceleration of the maturity of the Obligations
        or termination of the obligations of the Lenders to make Loans hereunder
        as a
        result of any Default (other than any Default as described in Section
        7.6
        or
7.7
        with
        respect to the Borrower) and before any judgment or decree for the payment
        of
        the Obligations due shall have been obtained or entered, the Required Lenders
        (in their sole discretion) shall so direct, the Administrative Agent shall,
        by
        notice to the Borrower, rescind and annul such acceleration and/or
        termination.

       

      8.2.  Amendments.
        Subject
        to the provisions of this Article
        VIII,
        the
        Required Lenders (or the Administrative Agent with the consent in writing
        of the
        Required Lenders) and the Borrower may enter into agreements supplemental
        hereto
        for the purpose of adding or modifying any provisions to the Loan Documents
        or
        changing in any manner the rights of the Lenders or the Borrower hereunder
        or
        waiving any Default hereunder; provided,
        however,
        that no
        such supplemental agreement shall, without the consent of each
        Lender:

      

      (a)    
        Extend
        the final maturity of any Loan or Note or reduce the principal amount thereof,
        or reduce the rate or extend the time of payment of interest or fees
        thereon;

       

      (b)    
        Reduce
        the percentage specified in the definition of Required Lenders;

       

      (c)    
        Reduce
        the amount of or extend the date for the mandatory payments required under
        Section
        2.1.2,
        increase the amount of the Commitment of any Lender hereunder (except in
        accordance with Section
        2.6(c)),
        or
        amend Section
        2.6(c)
        to allow
        the Aggregate Commitment to increase by more than $100,000,000;

       

      (d)   
        Subject
        to Section
        2.20,
        extend
        the Facility Termination Date or permit any Facility Letter of Credit to
        have an
        expiry date beyond the Facility Termination Date then in effect;

       

      (e)    
        Amend
        this Section
        8.2;

       

      (f)    
        Release
        any Guarantor from the Subsidiary Guaranty; or

       

      (g)   
        Permit
        any assignment by the Borrower of its Obligations or its rights
        hereunder.

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

       

       

      No
        amendment of any provision of this Agreement relating to (i) the Administrative
        Agent shall be effective without the written consent of the Administrative
        Agent, (ii) the Issuer or the Facility Letters of Credit shall be effective
        without the consent of the Issuer or (iii) Swing Line Loans shall be effective
        without the consent of the Swing Line Lender. The Administrative Agent may
        waive
        payment of the fee required under Section
        12.3.2
        without
        obtaining the consent of any other party to this Agreement.

       

      8.3.  Preservation
        of Rights.
        No
        delay or omission of the Lenders or the Administrative Agent to exercise
        any
        right under the Loan Documents shall impair such right or be construed to
        be a
        waiver of any Default or an acquiescence therein, and the making of a Loan
        notwithstanding the existence of a Default or the inability of the Borrower
        to
        satisfy the conditions precedent to such Loan shall not constitute any waiver
        or
        acquiescence. Any single or partial exercise of any such right shall not
        preclude other or further exercise thereof or the exercise of any other right,
        and no waiver, amendment or other variation of the terms, conditions or
        provisions of the Loan Documents whatsoever shall be valid unless in writing
        signed by the Lenders required pursuant to Section
        8.2,
        and
        then only to the extent in such writing specifically set forth. All remedies
        contained in the Loan Documents or by law afforded shall be cumulative and
        all
        shall be available to the Administrative Agent and the Lenders until the
        Obligations have been paid in full.

       

       

      ARTICLE
        IX

       

      GENERAL
        PROVISIONS

       

      9.1.  Survival
        of Representations.
        All
        representations and warranties of the Borrower contained in this Agreement
        or of
        the Borrower or any Subsidiary contained in any Loan Document shall survive
        delivery of the Notes and the making of the Loans herein
        contemplated.

      

      9.2.  Governmental
        Regulation.
        Anything contained in this Agreement to the contrary notwithstanding, no
        Lender
        shall be obligated to extend credit to the Borrower in violation of any
        limitation or prohibition provided by any applicable statute or
        regulation.

      

      9.3.  Taxes.
        Any
        stamp, documentary or similar taxes, assessments or charges payable or ruled
        payable by any governmental authority in respect of the Loan Documents shall
        be
        paid by the Borrower, together with interest and penalties, if any.

      

      9.4.  Headings.
        Section
        headings in the Loan Documents are for convenience of reference only, and
        shall
        not govern the interpretation of any of the provisions of the Loan
        Documents.

      

      9.5.  Entire
        Agreement.
        The
        Loan Documents embody the entire agreement and understanding among the Borrower,
        the Administrative Agent and the Lenders and supersede all prior agreements
        and
        understandings among the Borrower, the Administrative Agent, and the Lenders
        relating to the subject matter thereof other than the fee letter dated November
        18, 2005 in favor of JPMorgan Chase Bank, N.A.

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

      
 

      9.6.  Several
        Obligations; Benefits of this Agreement.
        The
        respective obligations of the Lenders hereunder are several and not joint
        and no
        Lender shall be the partner or agent of any other (except to the extent to
        which
        the Administrative Agent is authorized to act as such). The failure of any
        Lender to perform any of its obligations hereunder shall not relieve any
        other
        Lender from any of its obligations hereunder. This Agreement shall not be
        construed so as to confer any right or benefit upon any Person other than
        the
        parties to this Agreement and their respective successors and
        assigns.

      

      9.7.  Expenses;
        Indemnification.
        The
        Borrower shall reimburse the Administrative Agent, and the Arrangers for
        any
        costs, internal charges and out-of-pocket expenses (including attorneys’ fees
        and time charges of attorneys for the Administrative Agent and the Arrangers,
        which attorneys may be employees of the Administrative Agent or any Arranger)
        paid or incurred by the Administrative Agent or any Arranger in connection
        with
        the preparation, negotiation, execution, delivery, review, amendment,
        modification, syndication and administration of the Loan Documents. The Borrower
        also agrees to reimburse the Administrative Agent, the Arrangers and the
        Lenders
        for any costs, internal charges and out-of-pocket expenses (including attorneys’
fees and time charges of attorneys for the Administrative Agent, the Arrangers
        and the Lenders, which attorneys may be employees of the Administrative Agent,
        any Arranger or the Lenders) paid or incurred by the Administrative Agent,
        any
        Arranger or any Lender in connection with the collection and enforcement
        of the
        Loan Documents. The Borrower further agrees to indemnify the Administrative
        Agent, each Arranger and each Lender, its directors, officers and employees
        against all losses, claims, damages, penalties, judgments, liabilities and
        expenses (including, without limitation, all expenses of litigation or
        preparation therefor whether or not the Administrative Agent, any Arranger
        or
        any Lender is a party thereto) which any of them may pay or incur arising
        out of
        or relating to this Agreement, the other Loan Documents, the transactions
        contemplated hereby or thereby or the direct or indirect application or proposed
        application of the proceeds of any Loan hereunder or the use or intended
        use of
        any Facility Letter of Credit, except to the extent that they arise out of
        the
        gross negligence or willful misconduct of the party seeking indemnification.
        The
        obligations of the Borrower under this Section shall survive the termination
        of
        this Agreement.

      

      9.8.  Numbers
        of Documents.
        All
        statements, notices, closing documents, and requests hereunder shall be
        furnished to the Administrative Agent with sufficient counterparts so that
        the
        Administrative Agent may furnish one to each of the Lenders.

      

      9.9.  Accounting.
        Except
        as provided to the contrary herein, all accounting terms used herein shall
        be
        interpreted and all accounting determinations hereunder shall be made in
        accordance with Agreement Accounting Principles.

      

      9.10.  Severability
        of Provisions.
        Any
        provision in any Loan Document that is held to be inoperative, unenforceable,
        or
        invalid in any jurisdiction shall, as to that jurisdiction, be inoperative,
        unenforceable, or invalid without affecting the remaining provisions in that
        jurisdiction or the operation, enforceability, or validity of that provision
        in
        any other jurisdiction, and to this end the provisions of all Loan Documents
        are
        declared to be severable.

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

      
 

      9.11.  Nonliability
        of Lenders.
        The
        relationship between the Borrower and the Lenders and the Administrative
        Agent
        shall be solely that of borrower and lender. Neither the Administrative Agent
        nor any Lender shall have any fiduciary responsibilities to the Borrower.
        Neither the Administrative Agent nor any Lender undertakes any responsibility
        to
        the Borrower to review or inform the Borrower of any matter in connection
        with
        any phase of the Borrower’s business or operations. The Borrower shall rely
        entirely upon its own judgment with respect to its business, and any review,
        inspection or supervision of, or information supplied to the Borrower by
        the
        Administrative Agent or the Lenders is for the protection of the Administrative
        Agent and the Lenders and neither the Borrower nor any other Person is entitled
        to rely thereon. The Borrower agrees that neither the Administrative Agent
        nor
        any Lender shall have any liability with respect to, and the Borrower hereby
        waives, releases and agrees not to sue for, any punitive, special, indirect
        or
        consequential damages suffered by the Borrower in connection with, arising
        out
        of, or in any way related to the Loan Documents or the transactions contemplated
        thereby or the relationship established by the Loan Documents, or any act,
        omission or event occurring in connection therewith.

      

      9.12.  CHOICE
        OF LAW.
        THE
        LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF
        LAW
        PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS, WITHOUT
        REGARD TO CONFLICT OF LAWS PROVISIONS, OF THE STATE OF NEW YORK, BUT GIVING
        EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

      

      9.13.  CONSENT
        TO JURISDICTION.
        THE
        BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF
        ANY
        UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK COUNTY
        IN ANY
        ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND
        THE
        BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION
        OR
        PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY
        WAIVES
        ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT,
        ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN
        INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE
        AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER IN THE COURTS
        OF
        ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY THE BORROWER AGAINST THE
        ADMINISTRATIVE AGENT OR ANY LENDER OR ANY AFFILIATE OF THE ADMINISTRATIVE
        AGENT
        OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING
        OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT
        ONLY IN
        A COURT IN NEW YORK COUNTY, NEW YORK; PROVIDED,
        THAT
        SUCH PROCEEDINGS MAY BE BROUGHT IN OTHER COURTS IF JURISDICTION MAY NOT BE
        OBTAINED IN A COURT IN NEW YORK COUNTY, NEW YORK.

      

      9.14.  WAIVER
        OF JURY TRIAL.
        THE
        BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY WAIVE TRIAL BY
        JURY IN
        ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER
        SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED
        TO,
        OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED
        THEREUNDER.

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

      
 

      9.15.  Disclosure.
        The
        Borrower and each Lender hereby (a) acknowledge and agree that JPMorgan Chase
        Bank, N.A. and/or its Affiliates from time to time may hold other investments
        in, make other loans to or have other relationships with the Borrower,
        including, without limitation, in connection with any interest rate hedging
        instruments or agreements or swap transactions, and (b) waive any liability
        of
        JPMorgan Chase Bank, N.A. or such Affiliate to the Borrower or any Lender,
        respectively, arising out of or resulting from such investments, loans or
        relationships other than liabilities arising out of the gross negligence
        or
        willful misconduct of JPMorgan Chase Bank, N.A. or its Affiliates.

      

      9.16.  Counterparts.
        This
        Agreement may be executed in any number of counterparts, all of which taken
        together shall constitute one agreement, and any of the parties hereto may
        execute this Agreement by signing any such counterpart. This Agreement shall
        be
        effective when it has been executed by the Borrower, the Administrative Agent
        and the Lenders and each party has notified the Administrative Agent that
        it has
        taken such action.

      

      9.17.  Confidentiality.
        Each
        Lender agrees to take normal and reasonable precautions and exercise due
        care to
        maintain the confidentiality of all information provided to it by the Borrower,
        or by the Administrative Agent on the Borrower’s behalf, in connection with this
        Agreement or any other Loan Document, and no Lender shall use any such
        information for any purpose or in any manner other than pursuant to the terms
        contemplated by this Agreement, except to the extent such information (a)
        was or
        becomes generally available to the public other than as a result of a disclosure
        by such Lender, or (b) was or becomes available on a non-confidential basis
        from
        a source other than the Borrower, provided
        that
        such source is not bound by a confidentiality agreement with the Borrower
        or its
        agents known to such Lender; provided,
        further,
        however,
        that
        any Lender may disclose such information (i) after being advised by counsel
        (including internal counsel), at the request or pursuant to any requirement
        of
        any governmental or regulatory authority to which such Lender is subject
        or in
        connection with an examination of such Lender by any such authority; (ii)
        pursuant to subpoena or other court process, provided
        that, if
        it is lawful to do so, such Lender shall give prompt notice to the Borrower
        of
        service thereof so that the Borrower may seek a protective order or other
        appropriate remedy or waive compliance with the provisions of this Section
        9.17;
        (iii)
        after being advised by counsel (including internal counsel), when required
        to do
        so in accordance with the provisions of any applicable requirement of law;
        (iv)
        to the extent reasonably required in connection with any litigation or
        proceeding involving the Borrower or any of its Subsidiaries to which the
        Administrative Agent, any Lender or their respective Affiliates may be party,
        (v) to the extent reasonably required in connection with the exercise of
        any
        remedy hereunder or under any other Loan Document, (vi) to such Lender’s
        independent auditors and other professional advisors as to which such
        information has been identified as confidential, and (vii) to such Lender’s
        Affiliates which have agreed to be bound by the same confidentiality obligations
        as apply to such Lender.

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

      
 

      9.18.  USA
        PATRIOT Act.
        Each
        Lender that is subject to the requirements of the USA PATRIOT Act (Title
        III of
        Pub. L. 107-56 (signed into law October 26, 2001)) (the "Act") hereby notifies
        the Borrower that pursuant to the requirements of the Act, it is required
        to
        obtain, verify and record information that identifies the Borrower, which
        information includes the name and address of the Borrower and other information
        that will allow such Lender to identify the Borrower in accordance with the
        Act.

       

       

      ARTICLE
        X

      THE
        ADMINISTRATIVE AGENT

       

      10.1.  Appointment.
        JPMorgan Chase Bank, N.A. is hereby appointed Administrative Agent hereunder
        and
        under each other Loan Document, and each of the Lenders authorizes the
        Administrative Agent to act as the administrative agent of such Lender. The
        Administrative Agent agrees to act as such upon the express conditions contained
        in this Article
        X.
        The
        Administrative Agent shall not have a fiduciary relationship in respect of
        the
        Borrower or any Lender by reason of this Agreement.

      

      10.2.  Powers.
        The
        Administrative Agent shall have and may exercise such powers under the Loan
        Documents as are specifically delegated to the Administrative Agent by the
        terms
        of each thereof, together with such powers as are reasonably incidental thereto.
        The Administrative Agent shall have no implied duties to the Lenders, or
        any
        obligation to the Lenders to take any action thereunder, except any action
        specifically provided by the Loan Documents to be taken by the Administrative
        Agent.

      

      10.3.  General
        Immunity.
        Neither
        the Administrative Agent nor any of its directors, officers, agents or employees
        shall be liable to the Borrower or any Lender for any action taken or omitted
        to
        be taken by it or them hereunder or under any other Loan Document or in
        connection herewith or therewith except for its or their own gross negligence
        or
        willful misconduct.

      

      10.4.  No
        Responsibility for Loans, Recitals, etc.
        Neither
        the Administrative Agent nor any of its directors, officers, agents or employees
        shall be responsible for or have any duty to ascertain, inquire into, or
        verify
        (a) any statement, warranty or representation made in connection with any
        Loan
        Document or any borrowing hereunder, (b) the performance or observance of
        any of
        the covenants or agreements of any obligor under any Loan Document, including,
        without limitation, any agreement by an obligor to furnish information directly
        to each Lender; (c) the satisfaction of any condition specified in Article
        IV,
        except
        receipt of items required to be delivered to the Administrative Agent and
        not
        waived at closing, or (d) the validity, effectiveness, sufficiency,
        enforceability or genuineness of any Loan Document or any other instrument
        or
        writing furnished in connection therewith. The Administrative Agent shall
        have
        no duty to disclose to the Lenders information that is not required to be
        furnished by the Borrower to the Administrative Agent at such time, but is
        voluntarily furnished by the Borrower to the Administrative Agent (either
        in its
        capacity as Administrative Agent or in its individual
        capacity).

    

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

     

    

    10.5.  Action
      on Instructions of Lenders.
      The
      Administrative Agent shall in all cases be fully protected in acting, or in
      refraining from acting, hereunder and under any other Loan Document in
      accordance with written instructions signed by the Required Lenders (or, to
      the
      extent required by Section
      8.2,
      all
      Lenders), and such instructions and any action taken or failure to act pursuant
      thereto shall be binding on all of the Lenders and on all holders of Notes.
      The
      Administrative Agent shall be fully justified in failing or refusing to take
      any
      action hereunder and under any other Loan Document unless it shall first be
      indemnified to its satisfaction by the Lenders pro rata against any and all
      liability, cost and expense that it may incur by reason of taking or continuing
      to take any such action.

    

    10.6.  Employment
      of Agents and Counsel.
      The
      Administrative Agent may execute any of its duties as Administrative Agent
      hereunder and under any other Loan Document by or through employees, agents
      and
      attorneys-in-fact and shall not be answerable to the Lenders, except as to
      money
      or securities received by it or its authorized agents, for the default or
      misconduct of any such agents or attorneys-in-fact selected by it with
      reasonable care. The Administrative Agent shall be entitled to advice of counsel
      concerning all matters pertaining to the agency hereby created and its duties
      hereunder and under any other Loan Document. The Administrative Agent may
      perform any and all its duties and exercise its rights and powers by or through
      any one or more sub-agents appointed by the Administrative Agent. The
      Administrative Agent and any such sub-agent may perform any and all its duties
      and exercise its rights and powers through their respective Related Parties.
      The
      exculpatory provisions of the preceding paragraphs shall apply to any such
      sub-agent and to the Related Parties of the Administrative Agent and any such
      sub-agent, and shall apply to their respective activities in connection with
      the
      syndication of the credit facility provided for herein as well as activities
      as
      Administrative Agent.

    

    10.7.  
      Reliance
      on Documents; Counsel.
      The
      Administrative Agent shall be entitled to rely upon any Note, notice, consent,
      certificate, affidavit, letter, telegram, statement, paper or document believed
      by it to be genuine and correct and to have been signed or sent by the proper
      person or persons, and, in respect to legal matters, upon the opinion of counsel
      selected by the Administrative Agent, which counsel may be employees of the
      Administrative Agent.

    

    10.8  Administrative
      Agent’s Reimbursement and Indemnification.
      The
      Lenders agree to reimburse and indemnify the Administrative Agent ratably in
      proportion to their respective Commitments (or, if the Commitments have been
      terminated, in proportion to their Commitments immediately prior to such
      termination) (a) for any amounts not reimbursed by the Borrower for which the
      Administrative Agent is entitled to reimbursement by the Borrower under the
      Loan
      Documents, (b) for any other expenses incurred by the Administrative Agent
      on
      behalf of the Lenders, in connection with the preparation, execution, delivery,
      administration and enforcement of the Loan Documents, and (c) for any
      liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
      costs, expenses or disbursements of any kind and nature whatsoever which may
      be
      imposed on, incurred by or asserted against the Administrative Agent in any
      way
      relating to or arising out of the Loan Documents or any other document delivered
      in connection therewith or the transactions contemplated thereby, or the
      enforcement of any of the terms thereof or of any such other documents;
provided,
      that no
      Lender shall be liable for any of the foregoing to the extent they arise from
      the gross negligence or willful misconduct of the Administrative Agent. The
      obligations of the Lenders under this Section
      10.8
      shall
      survive payment of the Obligations and termination of this
      Agreement.

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    
 

    10.9.  Notice
      of Default.
      The
      Administrative Agent shall not be deemed to have knowledge or notice of the
      occurrence of any Default or Unmatured Default hereunder unless the
      Administrative Agent has received written notice from a Lender or the Borrower
      referring to this Agreement describing such Default or Unmatured Default and
      stating that such notice is a "notice of default". In the event that the
      Administrative Agent receives such a notice, the Administrative Agent shall
      give
      prompt notice thereof to the Lenders.

    

    10.10.  Rights
      as a Lender.
      In the
      event the Administrative Agent is a Lender, the Administrative Agent shall
      have
      the same rights and powers hereunder and under any other Loan Document as any
      Lender and may exercise the same as though it were not the Administrative Agent,
      and the term "Lender" or "Lenders" shall, at any time when the Administrative
      Agent is a Lender, unless the context otherwise indicates, include the
      Administrative Agent in its individual capacity. The Administrative Agent may
      accept deposits from, lend money to, and generally engage in any kind of trust,
      debt, equity or other transaction, in addition to those contemplated by this
      Agreement or any other Loan Document, with the Borrower or any of its
      Subsidiaries in which the Borrower or such Subsidiary is not restricted hereby
      from engaging with any other Person. The Administrative Agent, in its individual
      capacity, is not obligated to remain a Lender.

    

    10.11.  Lender
      Credit Decision.
      Each
      Lender acknowledges that it has, independently and without reliance upon the
      Administrative Agent or any other Lender and based on the financial statements
      prepared by the Borrower and such other documents and information as it has
      deemed appropriate, made its own credit analysis and decision to enter into
      this
      Agreement and the other Loan Documents. Each Lender also acknowledges that
      it
      will, independently and without reliance upon the Administrative Agent or any
      other Lender and based on such documents and information as it shall deem
      appropriate at the time, continue to make its own credit decisions in taking
      or
      not taking action under this Agreement and the other Loan
      Documents.

    

    10.12.  Successor
      Administrative Agent.
      The
      Administrative Agent may resign at any time by giving written notice thereof
      to
      the Lenders and the Borrower, such resignation to be effective upon the
      appointment of a successor Administrative Agent or, if no successor
      Administrative Agent has been appointed, forty-five days after the retiring
      Administrative Agent gives notice of its intention to resign. Upon any such
      resignation, the Required Lenders shall have the right to appoint, on behalf
      of
      the Lenders, a successor Administrative Agent. If no successor Administrative
      Agent shall have been so appointed by the Required Lenders and shall have
      accepted such appointment within thirty days after the resigning Administrative
      Agent’s giving notice of its intention to resign, then the resigning
      Administrative Agent may appoint, on behalf of the Borrower and the Lenders,
      a
      successor Administrative Agent. If the Administrative Agent has resigned and
      no
      successor Administrative Agent has been appointed, the Lenders may perform
      all
      the duties of the Administrative Agent hereunder and the Borrower shall make
      all
      payments in respect of the Obligations to the applicable Lender and for all
      other purposes shall deal directly with the

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

     

    Lenders.
      No successor Administrative Agent shall be deemed to be appointed hereunder
      until such successor Administrative Agent has accepted the appointment. Any
      such
      successor Administrative Agent shall be a commercial bank having capital and
      retained earnings of at least $50,000,000. Upon the acceptance of any
      appointment as Administrative Agent hereunder by a successor Administrative
      Agent, such successor Administrative Agent shall thereupon succeed to and become
      vested with all the rights, powers, privileges and duties of the resigning
      Administrative Agent. Upon the effectiveness of the resignation of the
      Administrative Agent, the resigning Administrative Agent shall be discharged
      from its duties and obligations hereunder and under the Loan Documents. After
      the effectiveness of the resignation of an Administrative Agent, the provisions
      of this Article
      X
      shall
      continue in effect for its benefit in respect of any actions taken or omitted
      to
      be taken by it while it was acting as the Administrative Agent hereunder and
      under the other Loan Documents.

    

    10.13.  Syndication
      Agent; Documentation Agents.
      Any
      Lender identified in this Agreement as a Syndication Agent or a Documentation
      Agent shall not have any right, power, obligation, liability, responsibility
      or
      duty under this Agreement other than those applicable to all Lenders as such.
      Without limiting the foregoing, none of such Lenders shall have or be deemed
      to
      have a fiduciary relationship with any Lender. Each Lender hereby makes the
      same
      acknowledgments with respect to such Lenders as it makes with respect to the
      Administrative Agent in Section
      10.11.

     

    
ARTICLE
      XI

     

    SETOFF;
      RATABLE PAYMENTS

     

    11.1.  Setoff.
      In
      addition to, and without limitation of, any rights of the Lenders under
      applicable law, if the Borrower becomes insolvent, however evidenced, or any
      Default or Unmatured Default occurs, any and all deposits (including all account
      balances, whether provisional or final and whether or not collected or
      available) and any other Indebtedness at any time held or owing by any Lender
      to
      or for the credit or account of the Borrower may be offset and applied toward
      the payment of the Obligations owing to such Lender, whether or not the
      Obligations, or any part hereof, shall then be due.

    

    11.2.  Ratable
      Payments.
      If any
      Lender, whether by setoff or otherwise, has payment made to it upon its Loans
      (other than payments received pursuant to Section
      3.1,
      3.2
      or
3.4)
      in a
      greater proportion than its pro-rata share of such Loans, such Lender agrees,
      promptly upon demand, to purchase a portion of the Loans held by the other
      Lenders so that after such purchase each Lender will hold its ratable proportion
      of Loans. If any Lender, whether in connection with setoff or amounts which
      might be subject to setoff or otherwise, receives collateral or other protection
      for its Obligations or such amounts which may be subject to setoff, such Lender
      agrees, promptly upon demand, to take such action necessary such that all
      Lenders share in the benefits of such collateral ratably in proportion to their
      Loans. In case any such payment is disturbed by legal process, or otherwise,
      appropriate further adjustments shall be made. If an amount to be setoff is
      to
      be applied to Indebtedness of the Borrower to a Lender, other than Indebtedness
      evidenced by any of the Notes held by such Lender, such amount shall be applied
      ratably to such other Indebtedness and to the Indebtedness evidenced by such
      Notes.

     

     

    ARTICLE
      XII

    BENEFIT
      OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS

     

    12.1.  Successors
      and Assigns.
      The
      terms and provisions of the Loan Documents shall be binding upon and inure
      to
      the benefit of the Borrower and the Lenders and their respective successors
      and
      assigns, except that (a) the Borrower shall not have the right to assign its
      rights or obligations under the Loan Documents, and (b) any assignment by any
      Lender must be made in compliance with Section
      12.3.
      Notwithstanding clause
      (b)
      of this
      Section, any Lender may at any time, without the consent of the Borrower or
      the
      Administrative Agent, assign all or any portion of its rights under this
      Agreement and its Notes to a Federal Reserve Bank; provided,
      however,
      that no
      such assignment to a Federal Reserve Bank shall release the transferor Lender
      from its obligations hereunder. The Administrative Agent may treat the payee
      of
      any Note as the owner thereof for all purposes hereof unless and until such
      payee complies with Section
      12.3
      in the
      case of an assignment thereof or, in the case of any other transfer, a written
      notice of the transfer is filed with the Administrative Agent. Any assignee
      or
      transferee of a Note agrees by acceptance thereof to be bound by all the terms
      and provisions of the Loan Documents. Any request, authority or consent of
      any
      Person, who at the time of making such request or giving such authority or
      consent is the holder of any Note, shall be conclusive and binding on any
      subsequent holder, transferee or assignee of such Note or of any Note or Notes
      issued in exchange therefor.

    

    12.2.  Participations.

     

    12.2.1.
      Permitted
      Participants; Effect.
      Any
      Lender may, in the ordinary course of its business and in accordance with
      applicable law, at any time sell to one or more banks or other entities
      ("Participants")
      participating interests in any Loan owing to such Lender, any Note held by
      such
      Lender, any Lender’s interest in any Facility Letter of Credit Obligation, any
      Commitment of such Lender or any other interest of such Lender under the Loan
      Documents. In the event of any such sale by a Lender of participating interests
      to a Participant, such Lender’s obligations under the Loan Documents shall
      remain unchanged, such Lender shall remain solely responsible to the other
      parties hereto for the performance of such obligations, such Lender shall remain
      the holder of any such Note for all purposes under the Loan Documents, all
      amounts payable by the Borrower under this Agreement shall be determined as
      if
      such Lender had not sold such participating interests, and the Borrower and
      the
      Administrative Agent shall continue to deal solely and directly with such Lender
      in connection with such Lender’s rights and obligations under the Loan
      Documents.

     

    12.2.2.
      Voting
      Rights.
      Each
      Lender shall retain the sole right to approve, without the consent of any
      Participant, any amendment, modification or waiver of any provision of the
      Loan
      Documents other than any amendment, modification or waiver which effects any
      of
      the modifications referenced in clauses (a) through (g) of Section
      8.2.

     

    12.2.3.
      Benefit
      of Setoff.
      The
      Borrower agrees that each Participant shall be deemed to have the right of
      setoff provided in Section
      11.1
      in
      respect of its participating interest in amounts owing under the Loan Documents
      to the same extent as if the amount of its

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

     

    participating
      interest were owing directly to it as a Lender under the Loan Documents;
provided,
      that
      each Lender shall retain the right of setoff provided in Section
      11.1
      with
      respect to the amount of participating interests sold to each Participant.
      The
      Lenders agree to share with each Participant, and each Participant, by
      exercising the right of setoff provided in Section
      11.1,
      agrees
      to share with each Lender, any amount received pursuant to the exercise of
      its
      right of setoff, such amounts to be shared in accordance with Section
      11.2
      as if
      each Participant were a Lender.

     

    12.3.  Assignments.

     

    12.3.1.
      Permitted
      Assignments.
      Any
      Lender may, in the ordinary course of its business and in accordance with
      applicable law, at any time assign to one or more banks or other entities
      ("Purchasers")
      all or
      any part of its rights and obligations under the Loan Documents; provided,
      however,
      that in
      the case of an assignment to an entity which is not a Lender or an Affiliate
      of
      a lender, such assignment shall be in a minimum amount of $5,000,000 (or less
      if
      such amount is the entire amount of such assigning Lender’s Commitment). Such
      assignment shall be substantially in the form of Exhibit
      H
      hereto
      or in such other form as may be agreed to by the parties thereto. The consent
      of
      the Administrative Agent, the Issuer and, so long as no Default is continuing,
      the Borrower shall be required prior to an assignment becoming effective with
      respect to a Purchaser. Such consent shall not be unreasonably
      withheld.

     

    12.3.2.
      Effect;
      Effective Date.
      Upon
      (a) delivery to the Administrative Agent of a notice of assignment,
      substantially in the form attached as Exhibit I to Exhibit
      H
      hereto
      (a "Notice
      of Assignment"),
      together with any consents required by Section
      12.3.1,
      and (b)
      payment of a $3,500 fee to the Administrative Agent for processing such
      assignment, such assignment shall become effective on the effective date
      specified in such Notice of Assignment. On and after the effective date of
      such
      assignment, (a) such Purchaser shall for all purposes be a Lender party to
      this
      Agreement and any other Loan Document executed by the Lenders and shall have
      all
      the rights and obligations of a Lender under the Loan Documents, to the same
      extent as if it were an original party hereto, and (b) the transferor Lender
      shall be released with respect to the percentage of the Aggregate Commitment
      and
      Loans assigned to such Purchaser without any further consent or action by the
      Borrower, the Lenders or the Administrative Agent. Upon the consummation of
      any
      assignment to a Purchaser pursuant to this Section
      12.3.2,
      the
      transferor Lender, the Administrative Agent and the Borrower shall make
      appropriate arrangements so that replacement Notes are issued to such transferor
      Lender and new Notes or, as appropriate, replacement Notes, are issued to such
      Purchaser, in each case, to the extent applicable, in principal amounts
      reflecting their Commitment, as adjusted pursuant to such
      assignment.

     

    12.4.  Dissemination
      of Information.
      The
      Borrower authorizes each Lender to disclose to any Participant or Purchaser
      or
      any other Person acquiring an interest in the Loan Documents by operation of
      law
      (each a "Transferee")
      and
      any prospective Transferee any and all information in such Lender’s possession
      concerning the creditworthiness of the Borrower and its
      Subsidiaries.

    

    12.5.  Tax
      Treatment.
      If any
      interest in any Loan Document is transferred to any Transferee which is
      organized under the laws of any jurisdiction other than the United States or
      any
      State thereof, the transferor Lender shall cause such Transferee, concurrently
      with the effectiveness of such transfer, to comply with the provisions of
Section
      2.17.

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

     

    
ARTICLE
      XIII

     

    NOTICES

     

    13.1.  Giving
      Notice.
      Except
      as otherwise permitted by Section
      2.12
      with
      respect to borrowing notices, all notices and other communications provided
      to
      any party hereto under this Agreement or any other Loan Document shall be in
      writing, by facsimile, first class U.S. mail or overnight courier and addressed
      or delivered to such party at its address set forth below its signature hereto
      or at such other address as may be designated by such party in a notice to
      the
      other parties. Any notice, if mailed and properly addressed with first class
      postage prepaid, return receipt requested, shall be deemed given three (3)
      Business Days after deposit in the U.S. mail; any notice, if transmitted by
      facsimile, shall be deemed given when transmitted; and any notice given by
      overnight courier shall be deemed given when received by the
      addressee.

    

    13.2.  Change
      of Address.
      The
      Borrower, the Administrative Agent and any Lender may each change the address
      for service of notice upon it by a notice in writing to the other parties
      hereto.

    

    

    

    [signature
      pages to follow]

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

     

     

     

     

     

     

     

     

    

    IN
      WITNESS WHEREOF, the Borrower, the Lenders and the Administrative Agent have
      executed this Agreement as of the date first above written.

    

    RALCORP
      HOLDINGS, INC.

     

    By:          
      /s/ Scott
      Monette            

     

    Print
      Name: Scott Monette

     

    Title:
      Corporate Vice President and Treasurer

     

    Address:   
      800
      Market Street

                        
      St.
      Louis, Missouri 63101

                        
      Attn:
      Treasurer

     

    Telecopy:   (314)
      877-7729

    Telephone: (314)
      877-7113

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
 

    

    

    JPMORGAN
      CHASE BANK, N.A.,

    Individually
      and as Administrative Agent

     

    By:            
      /s/ Jason A.
      Rastovski                

     

    Print
      Name:    Jason A. Rastovski

     

    Title:
      Vice President

     

    Address: 
      IL1-0364

                      21
      S. Clark Street

                     
      Chicago, IL  60670

    Attn: 

     

    Telecopy:  
      (312)
      325-3235

    Telephone: (312)
      325-3239

     

    

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

     

     

     

    

    CITIBANK,
      N.A.,

    Individually
      and as Syndication Agent

     

    By:       
         /s/  Wajeeh
      Faheem         

     

    Print
      Name:     Wajeeh Faheem

     

    Title:                
      Vice President

     

                                           
      Address: 

    Phone:  

    Fax:  

     

     

     

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

     

     

     

    
      CITIBANK,
        N.A.,

      Individually
        and as Syndication Agent

       

      By:       
            /s/  Chris
        Conway                

       

      Print
        Name:     Chris Conway

       

      Title:                
        Director

       

                                             
        Address:  388 Greenwich Street, 23rd Fl

                                                                New
        York, NY  10013

      Phone:     
        (212) 816-3126

      Fax:          
        (646) 843-3982

       

       

      
 

      
        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

       

       

       

      
 

    

    WACHOVIA
      BANK, NATIONAL

    ASSOCIATION,
      

    Individually
      and as Documentation Agent

    

    By:              
      /s/ Denis
      Waltrich            

    Print
      Name:       Denis Waltrich

     

    Title:                  Associate

     

    Address: One
      South
      Broad Street

                     
      PA4830

                     
      Philadelphia,
      PA 19107

                     
      Attention: 
      Denis Waltrich

    Phone:     
      (267)
      321-6713

    Fax:           (267)
      321-6700

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

     

     

    
 

    U.S.
      BANK
      NATIONAL ASSOCIATION, 

    Individually
      and as Documentation Agent

    

    By:                
         /s/ John
      Holland            

     

    Print
      Name:           John
      Holland

     

    Title:                      Senior
      Vice President

     

    Address:  
      One U.S. Bank Plaza

                       
      SL-MO-T12M

               
      St. Louis, MO  63101

    Attention: 
      John Holland

    Phone: 
      (314) 418-1315

    Fax:      
      (314) 418-3859

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

     

     

    
 

    SUNTRUST
      BANK,

    Individually
      and as Documentation Agent

    

    By:        
         /s/ Michael
      Lapresi                 

     

    Print
      Name:    Michael Lapresi

     

    Title:              
      Managing Director

     

    Address:  
      303
      Peachtree Street

                                       
      Mail
      Code
      1922

                                       
      3rd
      Floor

                                       
      Atlanta,
      GA 30308

    Attention: Michel
      Odermatt

    

    Phone:       
      (404)
      532-0232

    Fax:  (404)
      230-5305

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

     

     

    
 

    PNC
      BANK,
      NATIONAL ASSOCIATION,

    Individually
      and as Documentation Agent

    

    By:          
          /s/ Norm
      Harkleroad         

    Print
      Name:      Norm Harkleroad

     

    Title:                
      Vice President

     

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

     

     

    
 

    HARRIS
      N.A.,

    Individually
      as Lender

    

    By:          
          /s/ Betzaida
      Erdelyi          

     

    Print
      Name:       Betzaida Erdelyi

     

    Title:                  
      Vice President

     

        Address:  
      111 W. Monroe Street, 20W

        Attention:
      Tara B.
      Cuprisin

        Phone:      
      (312) 461-4049

        Fax:            (312)
      765-8095

     

     

     

     

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    

      COBANK,
        ACB,

      Individually
        and as Lender

      

      By:          
            /s/ S. Richard
        Dill                   

       

      Print
        Name:       S. Richard Dill

       

      Title:                  
        Vice President

       

          Address:   5500
        South Quebec Street

          Attention:
        S. Richard
        Dill

       

          Phone:      
        (303) 740-4197

          Fax:            (303)
        796-1462

          E-mail:      
        rdill@cobank.com

       

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

       

       

       

      
        COMMERCE
          BANK, N.A.,

        Individually
          and as Documentation Agent

        By:          
              /s/ Frank W.
          Sant                  

         

        Print
          Name:       Frank W. Sant

         

        Title:                  
          Assistant Vice President

         

            Address:   800
          Forsyth Blvd.

                                      
          St. Louis, MO  63105

            Attention:
          Frank W.
          Sant

            Phone:      
          (314) 746-3636

            Fax:            (314)
          746-3783

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