Document:

CONCENTRATE PURCHASE
AND SUPPLY AGREEMENT 

        THIS
CONCENTRATE PURCHASE AND SUPPLY AGREEMENT (this “Agreement”) is made and entered
into as of this 22nd day of February, 2005 (the “Effective Date”), by
and between Apple & Eve, LLC, a Delaware limited liability company corporation
(“Purchaser”) and Northland Cranberries, Inc., a Wisconsin corporation
(“Supplier”). 

RECITALS 

        A.    Supplier
is party to that certain Toll Processing Agreement, dated September 23,           2004
(the “Toll Processing Agreement”), by and between Supplier and           Ocean
Spray Cranberries, Inc. (“Ocean Spray”), pursuant to which Ocean
          Spray has agreed to provide Supplier with cranberry concentrate.  

        B.    Purchaser
desires to purchase from Supplier, and Supplier desires to sell to           Purchaser,
cranberry concentrate upon the terms and subject to the conditions           set forth in
this Agreement.  

        C.    Purchaser
and Supplier are entering into this Agreement pursuant to Section           2.5(a)(iii)
of that certain Asset Purchase Agreement of even date herewith by           and between
Purchaser and Supplier (the “Asset Purchase Agreement”).  

        NOW,
THEREFORE, in consideration of the mutual covenants set forth herein, and other valuable
and legally sufficient consideration, the receipt of which is hereby acknowledged, the
parties hereto agree as follows: 

        1.     Purchase
and Sale. Subject to the terms and conditions of           this Agreement,
during the Term (as hereinafter defined), Supplier shall sell           and deliver to
Purchaser, and Purchaser shall purchase and accept from Supplier,           50 Brix
cranberry concentrate (the “Concentrate”) in the amounts set           forth in
Section 3 hereof for the purchase price set forth in Section 4 hereof.  

        2.     Term.
The term of this Agreement (the “Term”)           shall commence on the
Effective Date and shall continue until the earlier of:           (i) September 30, 2014
or (ii) the earlier termination of the Toll Processing           Agreement. The period of
time from the Effective Date until the date one (1)           year following the
Effective Date shall hereinafter be referred to as the           “Initial Period.” The
period of time from October 1, 2005 until the           expiration of the Term shall be
referred to herein as the “Second           Period.” 

        3.     Purchase
and Sale Requirements. Purchaser agrees to           purchase from
Supplier, and Supplier agrees to sell to Purchaser, Concentrate in           the
following amounts:  

                (a)    Initial
Period Purchase and Sale. During the Initial           Period, Purchaser
shall purchase from Supplier all of the Concentrate owned by           Supplier as of the
Effective Date (the “Initial Inventory           Concentrate”); provided,
however, that Purchaser shall in no event be           required to purchase in excess of
Two Hundred Twenty-Five Thousand (225,000)           gallons of Initial Inventory
Concentrate in the aggregate during the Initial           Period. Purchaser shall
purchase on the Effective Date and on the first day of           each calendar month
thereafter during the Initial Period (each, an “Initial           Inventory Delivery
Date”) that portion of the Initial Inventory equal to           the lesser of: (i)
Eighteen Thousand Seven Hundred Fifty (18,750) gallons; (ii)           one twelfth (1/12)
of the Initial Inventory, or (iii) the remaining Initial           Inventory (the “Monthly
Base Concentrate Amount”). Purchaser may           purchase an amount in excess of
Monthly Base Concentrate Amount on an Initial           Inventory Delivery Date provided
(i) Purchaser provides to Supplier written           notice of its intent to purchase
such excess on or before the 15th day of the           calendar month preceding such
Initial Inventory Delivery Date and (ii) such           excess is less than or equal to
the remaining Initial Inventory. Each lot of           Initial Inventory Concentrate
purchased under this Section 3(a) shall be           materially consistent with the
specifications for such lot set forth in the           Certificate of Analysis attached
as Exhibit “A” hereto (the           “Requirements”). If any lot of
Initial Inventory Concentrate purchased           under this Section 3(a) is materially
inconsistent with the Requirements for           such lot, and to the extent such lot is
unusable in the production of consumer           juice products under the brands sold
pursuant to the Asset Purchase Agreement,           Purchaser may reject such Initial
Inventory Concentrate pursuant to the           applicable provisions of Section 5(b)
below.  

                (b)    Second
Period Purchase and Sale. Commencing on October 1,           2005, and for
each twelve (12) month period thereafter (each, a “Fiscal           Year”)
during the Second Period, Purchaser shall have the option each month           to
purchase an amount of Concentrate (the “Second Period Concentrate”)
          equal to the total monthly amount of cranberry concentrate available to
Supplier           under the Toll Processing Agreement for such month (the “Monthly
Available           Amount”). No later than December 5 of each Fiscal Year during
the Second           Period, Supplier shall provide Purchaser a nonbinding, good faith
estimate of           the monthly amounts of cranberry concentrate available to Supplier
under the           Toll Processing Agreement for the period beginning in January of such
Fiscal           Year and through September of such Fiscal Year (the “Availability
          Estimate”). In addition, no later than September 5 of each Fiscal Year
          during the Second Period, Supplier shall provide Purchaser a nonbinding, good
          faith estimate of the monthly amounts of cranberry concentrate available to
          Supplier under the Toll Processing Agreement for the period beginning in
October           of the following Fiscal Year and through December of such Fiscal Year
(the           “Post-Harvest Availability Estimate”). Notwithstanding anything
          contained herein or in any Second Period Purchase Order to the contrary,
          Supplier shall not be obligated to provide Second Period Concentrate to
          Purchaser in any period in amounts in excess of the cranberry concentrate
          delivered or to be delivered to Supplier by Ocean Spray pursuant to the Toll
          Processing Agreement. Except as relates to binding Second Period Purchase
Orders           accepted by the Company, nothing contained herein shall require Supplier
to sell           to Purchaser any or all of Purchaser’s requirements for cranberry
          concentrate.  

2 

                (c)    Rolling
Forecasts; Second Period Purchase Orders.          Commencing on September
15, 2005, Purchaser will provide Supplier with a           written, rolling three-month
purchase forecast which identifies the estimated           weekly quantity of Second
Period Concentrate to be purchased from Supplier in           each of the three full
calendar months following the date of such forecast (the           “Rolling Forecast”).
Except as otherwise provided herein, the Rolling           Forecast is for guidance
purposes only and shall not constitute an obligation on           the part of Purchaser
to order the quantities stated therein. Except as           otherwise provided herein,
Purchaser shall provide Supplier with written updates           of the Rolling Forecast
on or before the fifteenth (15th) day of each           month during the
remaining Term. Purchaser shall place orders for Second Period           Concentrate not
less than twenty (20) days prior to the requested delivery date           (the “Second
Period Delivery Date” and, together with the Initial           Inventory Delivery
Date, the “Delivery Date”) and in amounts           materially consistent with
the Rolling Forecast which shall upon written           acceptance by Supplier constitute
Purchaser’s firm and binding order for           the purchase of Second Period
Concentrate (each, a “Second Period Purchase           Order” and, together
with any other purchase orders hereunder, the           “Purchase Orders”).
Supplier shall use its best efforts (provided that           such efforts do not cause
Supplier to incur any material costs) to fill each           Second Period Purchase Order
to the extent that Supplier can do so using           deliveries of cranberry concentrate
from Ocean Spray under the Toll Processing           Agreement. Purchase Orders and
Supplier’s acceptances thereof may be           delivered by email or facsimile
transmission. In the event of a conflict between           the terms of a Purchase Order
and the terms of this Agreement, the terms of this           Agreement shall govern.  

        4.     Purchase
Price. The purchase price payable by Purchaser for           the
Concentrate (as applicable, the “Purchase Price”) shall be           determined
as follows:  

                (a)    Initial
Period Purchase Price. The Purchase Price for the           Initial
Inventory to be purchased by Purchaser during the Initial Period shall           be
Thirty One Dollars ($31.00) per gallon.  

                (b)    Second
Period Concentrate Purchase Price. The Purchase           Price for the
Second Period Concentrate shall not, in any particular month, be           more than the
price at which Supplier sells or may sell 50 Brix cranberry           concentrate to
Ocean Spray during such month pursuant to the Toll Processing           Agreement (the
“Market Price”). Supplier shall provide Purchaser with           the Market
Price on or before the seventh (7th) business day of each           month
during the Second Period; provided, however, that Supplier’s failure           to
provide the monthly Market Price by such date shall not reduce or otherwise
          effect the Market Price payable by Purchaser in the event Purchaser orders
          Second Period Concentrate in such month.  

                (c)              With
respect to any Concentrate delivered to Purchaser hereunder, the Purchase           Price
for such Concentrate shall include all costs of manufacture, storage and
          interest charges incurred with respect to such Concentrate through the Second
          Period Delivery Date, together with any storage costs resulting from
          Supplier’s failure to deliver Concentrate on the Delivery Date. The
          Purchase Price shall not include, and Purchaser shall be solely responsible
for,           any costs associated with the shipment of Concentrate after its delivery
free on           board (“FOB”) common or designated carrier on the applicable
Delivery           Date, including without limitation shipping, freight, insurance, taxes
and other           charges and any and all additional storage costs incurred by Supplier
due to           Purchaser’s (or its carrier’s) failure to take possession of
the           Concentrate on the Delivery Date. If any such costs are paid by Supplier,
          Supplier will separately invoice Purchaser for such costs.  

3 

        5.     Delivery;
Passage of Title.  

                (a)    Delivery;
Packing and Shipping. Supplier shall deliver the           Concentrate to
Purchaser’s common or other carrier: (i) at, with respect to           the Initial
Inventory Concentrate, the third party warehouse locations           identified in
Exhibit “A” hereto, or (ii) otherwise, at the Ocean           Spray facility,
Ocean Spray’s outside freezer location or other agreed upon           location at
which cranberry concentrate is delivered to Supplier under the Toll           Processing
Agreement. Supplier shall be responsible for loading all Concentrate           onto a
common or designated carrier designated by Purchaser. On each Second           Period
Delivery Date, Supplier shall deliver to Purchaser the lesser of that           quantity
of Second Period Concentrate set forth in the Second Period Purchase           Order or a
quantity of Second Period Concentrate equal to the quantity of           cranberry
concentrate delivered or to be delivered to Supplier by Ocean Spray           pursuant to
the Toll Processing Agreement. All Concentrate shall be packaged in           50-gallon
drums in accordance with the Requirements or the Specifications, as           the case
may be. Purchaser shall be responsible for securing, scheduling and           paying for
all transportation of Concentrate after the Delivery Date; provided,           however,
that Supplier shall be responsible for any storage costs resulting from           Supplier’s
failure to deliver Second Period Concentrate on the Second           Period Delivery
Date.  

                (b)    Acceptance
of Concentrate. Notwithstanding anything to the           contrary herein,
Purchaser shall not be required to purchase and may reject: (i)           any Initial
Inventory Concentrate which fails to meet the Requirements, or (ii)           any Second
Period Concentrate which fails to meet the Specifications or the           warranty set
forth in Section 10(b) hereof. Purchaser or its third party           inspectors shall
promptly inspect the Concentrate and shall, within twenty (20)           days following
the applicable Delivery Date, provide Supplier written notice of           any claim that
the Concentrate is nonconforming, damaged, defective or fails to           meet the
Requirements, as to the Initial Inventory Concentrate, or the           Specifications,
as to the Second Period Concentrate. Upon Purchaser’s           written acceptance
of any Concentrate, first use of such Concentrate or failure           to give Supplier
written notice of any claim that the Concentrate is           nonconforming, damaged,
defective or fails to meet the Requirements, as to the           Initial Inventory
Concentrate, or the Specifications, as to the Second Period           Concentrate, within
such twenty (20) day period, whichever occurs first, the           applicable Concentrate
shall be deemed to conform to the terms of this           Agreement, and Purchaser shall
be deemed to have accepted the Concentrate on an           “as-is” basis,
subject to any claims related to the breach of           Supplier’s warranty set
forth in Section 10(b) hereof. Purchaser hereby           expressly and unconditionally
waives any and all rights it may have or have           otherwise had after expiration of
such twenty (20) day period to revoke           acceptance or to claim the Concentrate is
nonconforming, damaged, defective or           fails to meet the Requirements, as to the
Initial Inventory Concentrate, or the           Specifications, as to the Second Period
Concentrate.  

                (c)    Passage
of Title. Title and risk of loss of the Concentrate           shall
automatically pass to Purchaser on the applicable Delivery Date and not           before.
Upon passage of title, Purchaser shall receive good title to all           delivered
Concentrate, free and clear of all liens and encumbrances.  

4 

                (d)    Failure
of Ocean Spray to Deliver Concentrate. Except with           respect to
the Initial Inventory, Supplier shall have no obligation to accept a           Second
Period Purchase Order under this Agreement or to deliver any Second           Period
Concentrate under any Second Period Purchase Order if Ocean Spray is           unable or
fails, for whatever reason under the Toll Processing Agreement, to           deliver
cranberry concentrate in kind and quantity sufficient to satisfy the
          Specifications and/or the applicable Second Period Purchase Order; provided
that           Supplier may choose to partially fulfill an order to the extent it can
source           cranberry concentrate from Ocean Spray. Supplier shall not be obligated
in the           Second Period to deliver during any month more than the amount of
Concentrate           Supplier can purchase from Ocean Spray during such month under the
Toll           Processing Agreement. Supplier shall notify Purchaser as soon as
practicable           upon its discovery of Ocean Spray’s inability or failure to
deliver Second           Period Concentrate sufficient to satisfy the Specifications
and/or the           applicable Second Period Purchase Order to the extent accepted by
Supplier and           shall use commercially reasonable efforts thereafter to fulfill
the terms of the           applicable Second Period Purchase Order, to the extent
accepted by Supplier.  

        6.     Payment.
Supplier shall issue invoices for the Concentrate           within three (3) business
days of each Delivery Date, the payment terms of which           shall be net thirty (30)
days from the Delivery Date; provided, however, that           such period shall be
extended by the duration of any delay caused by Supplier in           the delivery of
Second Period Concentrate. If any invoice is not paid within           such time,
Purchaser shall be assessed a penalty of interest at an annual rate           equal to
the prime rate as published in the Wall Street Journal on the           date such
payment was due, plus five percent (5%). All payments to Supplier           shall be made
electronically to an account designated by Supplier, shall be made           in United
States currency or cash equivalent and shall be payable in full           without delay,
set-off, reduction or discount. Invoices may be delivered by           email or facsimile
transmission.  

        7.     Quality
Specifications. The Initial Inventory shall meet           the
Requirements set forth on Exhibit “A” hereto, and the Second           Period
Concentrate shall meet the specifications set forth on Exhibit           “B” hereto
(the “Specifications”). Supplier shall each month           provide Purchaser
with the certificate(s) of analysis for each lot of Second           Period Concentrate
as and when provided to Supplier by Ocean Spray pursuant to           the Toll Processing
Agreement. Notwithstanding the above, however, Purchaser           acknowledges and
agrees that Supplier may from time to time, and upon written           notice to
Purchaser, amend the Specifications set forth on Exhibit “B”          hereto to
the extent and as such Specifications may be unilaterally amended by           Ocean
Spray from time to time pursuant to the terms of the Toll Processing           Agreement,
and that such amendment shall otherwise have no effect on this           Agreement.
Purchaser shall be solely responsible for obtaining, at           Purchaser’s sole
cost and expense, any additional inspections, approvals or           certifications and
other requirements for the sale to consumers of the           Concentrate by Purchaser or
its Affiliates. Provided that the Concentrate           complies with the Requirements or
the Specifications, as applicable, Supplier           shall not be responsible for any
fine, penalty or loss of any kind in any way           resulting from the inspection,
testing for or failure to meet any standards or           specifications or obtain
inspections, approvals, certifications or other           requirements necessary for the
distribution, sale and/or consumption of the           Concentrate. As used herein, the
term “Affiliate” shall mean any           person (including but not limited to
natural persons, corporations, limited           liability companies, limited
partnerships, general partnerships, limited           liability partnerships, joint
ventures, trusts, land trusts, business trusts and           other organizations) who
controls, is controlled by or is under common control           with such person.  

5 

        8.     Termination. 

        (a)    By
Supplier. If at any time Purchaser breaches any representation or warranty
or fails to perform any obligation in this Agreement, Supplier may, in its sole
discretion, terminate this Agreement upon forty-five (45) days’ written
notice, provided that Supplier shall have the ability to terminate this
Agreement immediately in the event any payment required to be made by Purchaser
to Supplier is not received within twenty (20) days of notice of default, in
any such event unless such default is being contested in good faith by
Purchaser. In addition, Supplier may immediately terminate this Agreement upon
the termination, for any reason, of the Toll Processing Agreement.  

        (b)    By
Purchaser. If at any time during the Second Period Supplier breaches any
representation or warranty or fails to perform any obligation in this
Agreement, Purchaser may, in its sole discretion, terminate this Agreement upon
forty-five (45) days’ written notice, in any such event unless such
default is being contested in good faith by Supplier. In addition, upon the
termination, for any reason, of the Toll Processing Agreement, Purchaser may
terminate its obligation to purchase the Second Period Concentrate under this
Agreement.  

        9.     Taxes
and Fees. Any manufacturer’s, retailer’s,           occupation,
use, personal property, sales or excise tax, duty, custom,           inspection or
testing fee, or any other tax, fee or charge of any nature           whatsoever imposed
by any governmental authority, on account or measured by any           goods sold or
shipped by Supplier to Purchaser hereunder, or in the possession           of Purchaser,
or by any sale by Supplier to Purchaser, shall be paid by           Purchaser in addition
to the prices agreed or invoiced. In the event that           Supplier pays any such tax,
fee or charge, Purchaser shall reimburse Supplier           therefor.  

        10.    Warranties
and Covenants of Supplier; Limitations on           Liability.  

                (a)    No
Amendments to Specifications under Toll Processing Agreement.          To the
extent any amendments or modifications of the cranberry concentrate
          specifications under the Toll Processing Agreement require the consent of
          Supplier, or any other provision of the Toll Processing Agreement which relates
          to the use or sale of cranberry concentrate under such agreement by Purchaser,
          Supplier agrees that it shall not consent to any such amendments or
          modifications without the express prior written consent of Purchaser, which
          consent shall not be unreasonably withheld or delayed.  

                (b)    Notice
of Changes. No later than December 1 of each year           during the
Term hereof, Supplier shall notify Purchaser of its intention to           terminate or
cancel any supply or sourcing agreements with any third party           contract growers
to which Supplier is a party as of the Effective Date (the           “Third Party
Supply Agreements”), the effect of which would be to           reduce the total
acreage of cranberry marshes under contract by Supplier or its           Affiliates (the
“Available Acreage”) to less than 1,575 acres. Upon           such termination
or cancellation, Supplier agrees to use its best efforts           (provided that such
efforts do not cause Supplier to incur any material costs)           to: (i) introduce
Purchaser to such third party contract growers; and (ii)           assist Purchaser in
establishing a supply arrangement with such third party           contract growers.  

6 

                (c)    Warranties.
Supplier warrants to Purchaser that the           Concentrate, as of the time of each
respective Delivery Date, complies with           applicable law, is not adulterated, and
is fit for human consumption. EXCEPT FOR           THE LIMITED WARRANTY SET FORTH IN THIS
SECTION 10(c), SUPPLIER MAKES NO           REPRESENTATIONS OR WARRANTIES OF ANY KIND,
EXPRESS OR IMPLIED AND EITHER IN FACT           OR BY OPERATION OF LAW, WITH RESPECT TO
THE CONCENTRATE, INCLUDING WITHOUT           LIMITATION IMPLIED WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR           PURPOSE, OR ANY IMPLIED WARRANTY
ARISING FROM COURSE OF PERFORMANCE, COURSE OF           DEALING, USAGE OR TRADE.
PURCHASER SPECIFICALLY ACKNOWLEDGES AND AGREES THAT,           EXCEPT FOR THE LIMITED
WARRANTY SET FORTH IN THIS SECTION 10(c) AND SUBJECT TO           THE RIGHT OF REJECTION
SET FORTH IN SECTION 5(b): (I) PURCHASER IS PURCHASING           THE CONCENTRATE “AS-IS;” AND
(II) NO ORAL OR WRITTEN STATEMENTS,           ADVICE OR INFORMATION GIVEN BY SUPPLIER,
ITS AFFILIATES, AGENTS, SUPPLIERS OR           CONTRACTORS, OR THEIR RESPECTIVE
DIRECTORS, OFFICERS OR EMPLOYEES, SHALL CREATE           ANY REPRESENTATION OR WARRANTY
OF ANY KIND WHATSOEVER. THE LIMITED WARRANTY           CONTAINED HEREIN IS EXCLUSIVE TO
PURCHASER AND SHALL NOT EXTEND TO ANY THIRD           PARTIES.  

                (d)    Indemnification.
Supplier shall defend, indemnify and hold           Purchaser harmless from and against
any and all liability, loss, damage, cost or           expense incurred by Purchaser
(including reasonable attorney’s fees)           arising out of or in connection
with (i) the breach of Supplier’s           representations (to the extent limited
in Section 10(e) of this Agreement),           warranties and agreements herein (unless
such breach is caused by a breach of           Purchaser’s representations,
warranties and obligations hereunder), (ii)           any patent infringement relating to
any equipment, technology, process or method           used by Supplier or its
subcontractors in providing Concentrate hereunder which           is not specifically
required by the Specifications, and (iii) any recall to the           extent such recall
is attributable to the breach of Supplier’s           representations and warranties
herein, provided, however, that such           indemnification in (i) through (iii) shall
not apply to the extent that such           losses, claims, damages and liabilities arise
from the willful misconduct or           gross negligence of Purchaser or its
representatives.  

                (e)    Limitation
of Liability. Except as otherwise provided in           this Section 10,
Supplier’s sole obligation to Purchaser with respect to           Concentrate sold
hereunder shall be to replace defective Concentrate pursuant to           Sections 5(d)
and 10(c) above, but only to the extent it can do so with the           cranberry
concentrate available to it under the Toll Processing Agreement.           NEITHER
SUPPLIER NOR ITS AFFILIATES, NOR THEIR RESPECTIVE DIRECTORS, OFFICERS,
          EMPLOYEES OR AGENTS, SHALL BE LIABLE FOR, AND PURCHASER HEREBY EXPRESSLY
WAIVES,           ANY AND ALL CLAIMS AGAINST SUPPLIER, ITS AFFILIATES AND THEIR
RESPECTIVE           DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS, FOR INCIDENTAL, SPECIAL,
CONSEQUENTIAL           OR PUNITIVE DAMAGES, INCLUDING BUT NOT LIMITED TO DAMAGES FOR
LOSS OF PROFITS OR           REVENUES, LOSS OF GOODWILL, LOSS OF USE OF PRODUCTS
ASSOCIATED THEREWITH,           INABILITY TO PERFORM SPECIFIC PROJECTS, COST OF CAPITAL,
DOWNTIME COSTS,           FACILITIES OR SERVICES, SHUT-DOWNS, SLOW-DOWNS OR CLAIMS
RESULTING FROM           CONTRACTS AND/OR AGREEMENTS BETWEEN PURCHASER, ITS CUSTOMERS,
CONTRACTORS AND/OR           SUPPLIERS, IN EACH CASE WHICH IN ANY WAY RELATES TO THE SALE
OF THE CONCENTRATE           OR THE USE THEREOF. THIS LIMITATION APPLIES REGARDLESS OF
WHETHER SUCH DAMAGES           ARE SOUGHT BASED ON BREACH OF CONTRACT, BREACH OF
WARRANTY, NEGLIGENCE, STRICT           LIABILITY OR ANY OTHER LEGAL OR EQUITABLE THEORY.  

7 

        11.    Warranties
and Covenants of Purchaser.  

                (a)    Restrictions
on Use of Concentrate. Purchaser warrants,           covenants and agrees
that all Concentrate supplied by Supplier and purchased by           Purchaser under this
Agreement shall only be used as an ingredient for products           sold by Purchaser
under the brand names Northland, Seneca, and Tree Sweet; provided,
however, that the Initial Inventory acquired by           Purchaser hereunder may be used
as an ingredient in other products sold under           brand names owned by Purchaser on
the Effective Date. Beginning on the date           three (3) months from the Effective
Date, and every three (3) months thereafter           during the Term, Purchaser shall
provide Supplier a certificate signed by           Purchaser’s Chief Executive
Officer or its Chief Financial Officer           certifying, solely in their respective
capacities as officers of Purchaser, that           all of the Concentrate purchased by
Purchaser in the preceding three (3) month           period has been used only as
permitted by this Section 11; provided, however,           that no such officer shall as
a result of such certification incur any personal           liability to Supplier.
Supplier will request that Ocean Spray consent to permit           the Second Period
Concentrate to be used as an ingredient for products sold by           Purchaser under
the brand name Apple & Eve.  

                (b)    Breach
of Covenants; Remedies. Purchaser acknowledges and agrees           that any
breach of the provisions this Section 11(a) will cause Supplier           irreparable
injury for which monetary damages may not be adequate, and that           Supplier shall
be entitled to temporary, preliminary and permanent injunctive           relief, without
bond, to restrain any actual or threatened conduct of Purchaser           in violation of
these provisions. Except as otherwise provided herein, the           rights and remedies
of Supplier hereunder are not exclusive, and Supplier shall,           alternatively or
cumulatively, be entitled to damages for breach, to injunctive           relief, specific
performance and any other remedy at law or in equity. Purchaser           acknowledges
and agrees that any breach of the provisions of Section 11(a) will           cause
Supplier to incur significant direct, indirect, incidental, consequential           and
other damages, including without limitation loss of profit, loss of           business,
loss of goodwill, lost use of products and services, downtime costs           and damage
to Supplier’s business relationship with its customers and           suppliers.
Purchaser therefore agrees to defend, indemnify and hold Supplier           harmless from
and against any and all claims, damages and expenses of any kind           incurred as a
result of any breach of the provisions of this Agreement. Nothing           contained in
this Agreement shall be construed to limit in any way limit           Supplier’s
damages with respect to Purchaser’s breach of the covenants           contained in
Section 11(a).  

        12.    Inspection.
Supplier or Supplier’s representatives,           including its independent public
accountants, shall have the right, upon not           less than five (5) days’ prior
written notice to Purchaser and during           Purchaser’s normal business hours,
to review all books and records in the           possession of Purchaser or subject to
Purchaser’s control relating to the           production and use of the Concentrate,
or products in which the Concentrate is           used as an ingredient, or otherwise
necessary to confirm Purchaser’s           compliance with the covenants contained
in this Agreement, including without           limitation all formulas, blending and
bottling records, line production and           other manufacturing records
(collectively, the “Use Records”). The Use           Records shall be retained
by Purchaser for the lesser of: (i) a period of one           (1) year following the
final date of delivery hereunder; or (ii) such period as           may be required under
applicable federal, state or local law.  

8 

        13.    Insurance.  

                (a)    By
Purchaser. At or prior to the Effective Date, Purchaser,           at its
sole expense shall cause Supplier to be named as an additional insured           under
each of its policy or policies of insurance insuring against claims for
          personal injury, property damage and product liability arising out of or
          resulting from the purchase, sale, distribution or consumption of the
          Concentrate. On or prior to the Effective Date, Purchaser shall deliver to
          Supplier one or more certificates of insurance evidencing that the insurance to
          be obtained by it pursuant to this Section 13 is in effect and providing for
          notification to Supplier at least thirty (30) days prior to the effective date
          of any termination or cancellation of such insurance. The insurance coverage
set           forth in this Section 13 shall be maintained by Purchaser in an amount of
not           less than two million dollars ($2,000,000) per occurrence and ten million
          dollars ($10,000,000) in the aggregate during the term of this Agreement and
for           a period of one (1) year following the termination of this Agreement.
Supplier           shall not be responsible for any of Purchaser’s supplies or
equipment           (crates, containers, vehicles, etc.) and Purchaser shall be solely
responsible           for maintaining insurance on such items as it deems appropriate.
Purchaser shall           maintain such insurance covering product liability and its
employees and           vehicles in such amounts and coverages as is customary for
companies in the           industry and upon Supplier’s request shall furnish
evidence of such           insurance to Supplier.  

                (b)    By
Supplier. For the duration of this Agreement, Supplier shall           maintain
all insurance required of it under the Toll Processing Agreement and           shall
cause Purchaser to be named as an additional insured under each of the           policies
therefor and shall provide the types of certificates therefor, with the
          notification requirements specified above, as Purchaser is to provide to
          Supplier under Section 13(a).  

        14.    Force
Majeure. Notwithstanding any other provision of this           Agreement,
neither party shall be liable to the other hereunder for any failure           to comply
with the terms and provisions of this Agreement, including           particularly, but
without limitation, failure to deliver Concentrate, if such           failure is caused
by, due to, or arises from, factors beyond such party’s           reasonable
control, including without limitation acts or omissions of the other           party
hereto, any act of God, acts of terror or national calamity, war or           political
strife, natural disasters, storms or fire, action by any lawful           authority, the
provisions of any present or future law, regulation or rule           (including the
Cranberry Marketing Order as promulgated by the United States           Department of
Agriculture), labor disputes, delay or failure of transportation,
          unavailability of raw materials or other situations, whether similar or
          dissimilar to the foregoing, resulting from causes not within the reasonable
          control of such party.  

9 

        15.    Assignment.
This Agreement may not be assigned by either           party without the prior written
consent of the other party, which consent shall           not be unreasonably withheld or
delayed, and any attempted assignment without           such written consent shall be
null and void and without legal effect. This           Agreement shall be binding upon
and inure to the benefit of the respective           parties hereto and their permitted
successors and assigns. Notwithstanding the           foregoing, either party may assign
this Agreement without the consent of the           other party to any person,
corporation or other entity with or into which such           party may be merged, or to
which all or substantially all of such party’s           assets (or its remaining
assets, at any given time) may be sold or otherwise           transferred (which in the
case of Supplier, must also include the assumption of           its obligations under the
Toll Processing Agreement) or to any assignees of any           of the brand names
contemplated in Section 11(a) (subject to Supplier’s           consent, not to be
unreasonably withheld or delayed), and the parties hereto           hereby agree that in
connection with any such transaction, at the assigning           party’s option, the
other party shall use commercially reasonable efforts           to obtain from the other
party or parties to such transaction its or their           agreement to assume and be
responsible for the assigning party’s           obligations hereunder and otherwise
to be bound by the terms of this Agreement           (provided, however, in the case of
an assignment by Purchaser, such assignment           shall have no force or effect
unless such other party or parties agrees in           writing to be bound by the terms
of this Agreement). In addition, Supplier may           assign this Agreement, or any of
Supplier’s rights hereunder, as collateral           security to any bank, lender or
other financial institution.  

        16.    Waiver.
The delay or failure by either party to exercise or           enforce in any one or more
instances, any of the terms or conditions of this           agreement shall not
constitute or be deemed a waiver of that party’s right           thereafter to
enforce the terms and conditions of this Agreement. Except as           otherwise
expressly provided herein, rights and remedies hereunder shall be           cumulative.  

        17.    Relationship
of the Parties. Except as otherwise provided           herein, the parties
hereto are independent contractors, and neither is the           agent, licensee,
distributor, partner, joint venturer or employee of the other,           and neither is
authorized to assume or create any obligation on behalf of or in           the name of
the other party. Nether party will state, imply or knowingly permit           anyone to
infer that any other relationship exists between the parties.  

        18.    Notices.
Any notices, demands, requests, consents, waivers,           approvals or other
communications given or made, or required to be given or           made, under this
Agreement must be made in writing and shall be deemed effective           on the earlier
of (a) the day of actual personal delivery, which shall include           communication
by telefax, if proof of receipt by the recipient party is           communicated in
writing to the sending party; (b) one business day after           delivery by a
certified overnight courier service to the address set forth           below; or (c) five
business days after deposit by certified or registered mail           or airmail, postage
prepaid, addressed as follows:  

10 

	 	
If
to Supplier, to: 

	 	
Northland
Cranberries, Inc. 
2321 West Grand Avenue 
Wisconsin Rapids, WI  54495-8020 
Attn:  Kenneth
Iwinski, Esq. 
Facsimile:  (715) 422-6897 

	 	
With
a copy (which shall not constitute notice) to: 

	 	
Foley
& Lardner LLP 
777 East Wisconsin Avenue 
Milwaukee, WI 53202 
Attn:  Steven R. Barth, Esq.

Facsimile:  (414) 297-4900 

	 	
If
to Purchaser, to: 

	 	
Apple
& Eve LLC 
2 Seaview Boulevard 
Port Washington, NY 11050-4634 
Attention:  Gordon Crane,
CEO 
Fax No.:  (516) 625-9474 

	 	
With
a copy (which shall not constitute notice) to: 

	 	
If
prior to August 31, 2005: 

	 	
Moses
& Singer LLP 
1301 Avenue of the Americas 
New York, NY  10019 
Attn:  James Alterbaum, Esq.

Facsimile:  (212) 554-7700 

	 	
If
from and after September 1, 2005: 

	 	
Moses
& Singer LLP 
The Chrysler Building 
405 Lexington Avenue 
New York, NY  10174 
Attn:  James
Alterbaum, Esq. 
Facsimile: (212) 554-7700 

        19.    Counterparts.
This Agreement may be executed in two           counterparts, each of which shall be
deemed an original and both of which           together shall be deemed to be one and the
same Agreement.  

11 

        20.    Governing
Law; Venue. This Agreement shall be governed by           and construed in
accordance with the internal laws of the State of New York,           without regard to
its principles of conflicts of law which would require the           application of the
laws of another jurisdiction.  

        21.    Headings.
Section headings of this Agreement are for           convenience only and shall not be
construed as a part of this Agreement or as a           limitation on the scope of any of
the terms or provisions of this Agreement.  

        22.    Severability.
If any provision of this Agreement is held           invalid or unenforceable by any
authority of competent jurisdiction, such ruling           shall not invalidate or render
unenforceable the other provisions of this           Agreement.  

        23.    No
Third Party Beneficiaries. Nothing in this Agreement,           express or
implied, is intended to confer on any other person or entity other           than
Supplier and Purchaser and their respective successors and assigns (to the
          extent permitted under Section 15) any rights or remedies under or by virtue of
          this Agreement.  

        24.    Entire
Agreement; Amendment. This Agreement represents the           entire
agreement between the parties with respect to the subject matter hereof           and
supersedes and terminates all prior agreements, whether written or oral,
          entered into between the parties with respect to said subject matter. For their
          convenience, the parties may from time to time use their standard purchase
          orders, sales releases, delivery schedules, acknowledgments, invoices and other
          similar preprinted forms. Any terms and conditions contained in such forms
shall           have no effect on the rights and obligations of the parties with respect
to the           purchase and sale of the Concentrate. The parties expressly intend and
agree           that the terms and conditions of this Agreement shall prevail and
exclusively           govern the relationship between them as to the sale and purchase of
Concentrate.           This Agreement cannot be modified or terminated nor may any of its
provisions be           waived except by a written instrument signed by both parties
hereto.  

        IN
WITNESS WHEREOF, the parties hereto have, through their duly authorized representatives,
executed this Agreement as of the day and year first above written.  

	PURCHASER: 		SUPPLIER: 
	

APPLE & EVE, LLC, a

Delaware limited liability company

  		

NORTHLAND CRANBERRIES, INC.,

a Wisconsin corporation

  
	By:   	/s/  Jonathan Alpert 
		By:   	/s/  John Swendrowski 

		Jonathan Alpert
			John Swendrowski

	Title   	Chief Financial Officer  
		Title   	Chairman and Chief Executive Officer  

12EXHIBIT 4(b)(20)

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET, NEW YORK, NEW YORK), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS
MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.

REGISTERED                                      $[ ]

No. FL-01                                       CUSIP #[ ]

                         THE BEAR STEARNS COMPANIES INC.

                           MEDIUM-TERM NOTE, SERIES B

                          1.5 YEAR NOTES LINKED TO THE

                       DOW JONES--AIG COMMODITY INDEX(SM)

                               DUE AUGUST 28, 2006

Interest Rate: *

Original Issue Date:  February 28, 2005          Redeemable On and After: N/A

Maturity Date:        August 28, 2006            Optional Repayment Date(s): N/A

Minimum
Denominations:        $1,000, increased in multiples of $1,000

* The Company will not make any periodic payments of interest or any other
payments on the Notes until Maturity. At Maturity, the Company will pay the Cash
Settlement Value (as defined below).

<PAGE>

            THE BEAR STEARNS COMPANIES INC., a Delaware corporation (the
"Company"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the Cash Settlement Value on the maturity date shown above
(the "Maturity Date").

            Payment of the Cash Settlement Value shall be made at the office or
agency of the Trustee (as defined below) maintained for that purpose in the
Borough of Manhattan, The City of New York, in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debt.

            The Cash Settlement Value due at Maturity will be paid at Maturity
in immediately available funds against presentation of this Note at the office
or agency of the Trustee maintained for that purpose in the Borough of
Manhattan, The City of New York.

            REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET
FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS IF SET FORTH ON THE FACE HEREOF.

            This Note shall be governed by and construed in accordance with the
laws of the State of New York.

            This Note is one of the series of Medium-Term Notes, Series B, of
the Company.

            Unless the certificate of authentication hereon has been executed by
JPMorgan Chase Bank, N.A. (formerly, The Chase Manhattan Bank), the Trustee
under the Indenture, or its successor thereunder by the manual signature of one
of its authorized signatories, this Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

                                      -2-
<PAGE>

            IN WITNESS WHEREOF, the Company has caused this instrument to be
duly executed under its corporate seal.

Dated:

                                       THE BEAR STEARNS COMPANIES INC.

                                       By:
                                          ------------------------------------
                                            Executive Vice President and
                                            Chief Financial Officer

ATTEST:

-------------------------
Secretary

[Corporate Seal]

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture.

                                       JPMORGAN CHASE BANK, N.A., as Trustee

                                       By:
                                          -----------------------------
                                          Authorized Signature

                                      -3-
<PAGE>

                                [Reverse of Note]

                         THE BEAR STEARNS COMPANIES INC.

                           MEDIUM-TERM NOTE, SERIES B

                          1.5 YEAR NOTES LINKED TO THE

                       DOW JONES--AIG COMMODITY INDEX(SM)

                               DUE AUGUST 28, 2006

            This Note is one of a duly authorized issue of debentures, notes or
other evidences of indebtedness (hereinafter called the "Securities") of the
Company of the series hereinafter specified, all such Securities issued and to
be issued under the Indenture dated as of May 31, 1991, as amended (herein
called the "Indenture") between the Company and JPMorgan Chase Bank, N.A.
(formerly, The Chase Manhattan Bank), as trustee (herein called the "Trustee,"
which term includes any successor trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and limitations of rights thereunder of the
Company, the Trustee and the Holders of the Securities, and the terms upon which
the Securities are, and are to be, authenticated and delivered. As provided in
the Indenture, Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest, if any, at different rates, may be subject
to different redemption provisions, if any, may be subject to different
repayment provisions, if any, may be subject to different sinking, purchase or
analogous funds, if any, may be subject to different covenants and Events of
Default and may otherwise vary as in the Indenture provided or permitted. This
Note is one of the series of the Securities designated as Medium-Term Notes,
Series B (the "Notes"). The Notes of this series may be issued at various times
with different maturity dates, redemption dates and different principal
repayment provisions, may bear interest at different rates and may otherwise
vary, all as provided in the Indenture.

Certain Definitions

Index: ...................... means the Dow Jones--AIG Commodity Index(SM), as
                              published by Dow Jones & Company, Inc ("Dow
                              Jones") and is calculated by Dow Jones in
                              conjunction with AIG International Inc. ("AIGI").

Calculation Agent:........... means Bear, Stearns & Co. Inc.

Index Business Day:.......... means a day, as determined by the Calculation
                              Agent, on which the sum of the Commodity Index
                              Percentages (as defined under "Description of the
                              Index--Annual Reweightings and Rebalancings of the
                              Index" in the Pricing Supplement, dated February
                              23, 2005, relative to the Notes) for the Index
                              commodities that are open for trading is

                                      -4-
<PAGE>

                              greater than 50%. The Calculation Agent may, in
                              its sole discretion, add to or delete from the
                              definition of "Index Business Day" any major
                              exchange or market which commences or ceases to
                              serve as a primary exchange or market upon which a
                              commodity underlying the Index trades, or as an
                              exchange upon which a futures contract, an option
                              contract, or an option on a futures contract
                              relating to the Index trades.

Initial Index Level:......... equals 154.02, the closing value of the Index on
                              February 23, 2005, the date the Notes were priced
                              for initial sale to the public.

Final Index Level:........... will be determined by the Calculation  Agent and
                              will equal the closing value of the Index on
                              August 23, 2006, the "Calculation Date," or, if
                              that day is not an Index Business Day, on the next
                              Index Business Day.

Maturity Date:............... means, August 28, 2006, subject to postponement
                              because of a Market Disruption Event (as defined
                              below).

Cash Settlement Value

            At Maturity, the Company shall pay the "Cash Settlement Value," an
amount in cash depending on the relation of the Final Index Level to the Initial
Index Level:

                  (i) If the Final Index Level is greater than or equals the
                  Initial Index Level, the Cash Settlement Value per each $1,000
                  principal amount of Notes will equal:

                                 [         (  Final Index Level      ) ]
              $1,000 + $1,000 x  [ 115% x  ( ------------------- - 1 ) ]
                                 [         ( Initial Index Level     ) ]

                  (ii) If the Final Index Level is less than the Initial Index
                  Level, the Cash Settlement Value per each $1,000 principal
                  amount of Notes will equal:

                                      -5-
<PAGE>

                              (  Final Index Level  )
                  $1,000 x    ( ------------------- )
                              ( Initial Index Level )

Discontinuance of the Index

            If Dow Jones and AIGI discontinue publication of the Index and they
or another entity publish a successor or substitute index that the Calculation
Agent determines, in its sole discretion, to be comparable to the discontinued
Index (the new index being referred to as a "successor index"), then the Final
Index Level will be determined by reference to the successor index at the close
of trading on the relevant exchange or market for the successor index on the
date that the Final Index Level is to be determined.

            If Dow Jones and AIGI discontinue publication of the Index prior to,
and such discontinuance is continuing on, the date that the Final Index Level is
to be determined and the Calculation Agent determines that no successor index is
available at such time, then, on such date, the Calculation Agent will notify
the Company and the Trustee, and will calculate the appropriate closing levels.
The closing level of the Index will be computed by the Calculation Agent in
accordance with the formula for and method of calculating the Index last in
effect prior to such discontinuance, using the closing level (or, if trading in
the relevant commodities has been materially suspended or materially limited,
its good faith estimate of the closing level that would have prevailed but for
such suspension or limitation) at the close of the principal trading session on
such date of each commodity most recently comprising the Index on the primary
organized exchange or trading system on which such securities trade. "Closing
level" means, with respect to any security on any date, the last reported sales
price regular way on such date or, in case no such reported sale takes place on
such date, the average of the reported closing bid and asked price regular way
on such date, in either case on the primary organized exchange or trading system
on which such security is then listed or admitted to trading.

            If a successor index is selected, or the Calculation Agent
calculates a value as a substitute for the Index as described above, that
successor index or its closing level will be used as a substitute for the Index
for all purposes, including for purposes of determining whether an Index
Business Day or Market Disruption Event has occurred or exists.

Adjustments to the Index

            If at any time the method of calculating the Index or a successor
index, or the Final Index Level thereof, is changed in a material respect, or if
the Index or a successor index is in any other way modified so that such index
does not, in the opinion of the Calculation Agent, fairly represent the level of
the Index or such successor index had such changes or modifications not been
made, then, from and after such time, the Calculation Agent will, at the close
of

                                      -6-
<PAGE>

business in New York City on the date that the Final Index Level is to be
determined, make such calculations and adjustments as, in its good faith
judgment, may be necessary in order to arrive at a level of a commodity index
comparable to the Index or such successor index, as the case may be, as if such
changes or modifications had not been made. The Calculation Agent will calculate
the Final Index Level with reference to the Index or such successor index, as
adjusted.

Market Disruption Events

            If there is a Market Disruption Event (a "Market Disruption Event")
on the Calculation Date, the Calculation Date will be the first succeeding Index
Business Day on which there is no Market Disruption Event, unless there is a
Market Disruption Event on each of the two Index Business Days following the
original date that, but for the Market Disruption Event, would have been the
Calculation Date. In that case, the second Index Business Day will be deemed to
be the Calculation Date, notwithstanding the Market Disruption Event and the
Calculation Agent will determine the level of the Index on that second Index
Business Day in accordance with the formula for and method of calculating the
Index in effect prior to the Market Disruption Event using the exchange traded
price of each commodity in the Index (or, if trading in any such commodity has
been materially suspended or materially limited, the Calculation Agent's good
faith estimate of the exchange traded price that would have prevailed but for
such suspension or limitation) as of that second Index Business Day. As a
result, the Maturity Date for the Notes may also be delayed for up to two
consecutive Index Business Days.

            A Market Disruption Event means any of the following events, as
determined by the Calculation Agent, in its sole discretion:

   o  the termination or suspension of, or material limitation or disruption of
      trading for more than three hours in any futures contract used in the
      calculation of the Index or any successor index;

   o  the official price as published by the futures exchange on which the Index
      commodity trades (the "settlement price") for any Index commodity has
      increased or decreased by the maximum permitted price change from the
      previous day's settlement price;

   o  the failure of an exchange to publish a settlement price for any
      respective Index commodity;

   o  with respect to any Index commodity that trades on the London Metal
      Exchange ("LME"), a business day on which the LME is not open for
      trading; or

   o  in any other event, if the Calculation Agent determines in its sole
      discretion that the event materially interferes with the Company's ability
      or the ability of any of the Company's affiliates to manage, enter into or
      unwind a hedge with respect to the Notes that the Company or its
      affiliates have effected or may effect.

The following events will not be Market Disruption Events:

   a) a limitation on the hours or numbers of days of trading, but only if the
      limitation results from an announced change in the regular business hours
      of the futures exchange in which an Index commodity trades; or

                                      -7-
<PAGE>

   b) a decision to permanently discontinue trading in the option or futures
      contracts relating to the Index or Index commodity.

Redemption; Defeasance

            The Notes are not subject to redemption before Maturity, and are not
subject to defeasance.

Events of Default and Acceleration

            If an Event of Default with respect to any Notes has occurred and is
continuing, then the amount payable to the beneficial owner of a Note, upon any
acceleration permitted by the Notes will be equal to the Cash Settlement Value
as though the date of early repayment were the Maturity Date of the Notes,
adjusted by an amount equal to any losses, expenses and costs to the Company of
unwinding any underlying or related hedging or funding arrangements, all as
determined by the Calculation Agent in its sole and absolute discretion.

Same-Day Settlement and Payment

            Payment of the Cash Settlement Value will be made in immediately
available funds, so long as the Notes are maintained in book-entry form.

Calculation Agent

            All determinations made by the Calculation Agent will be at the sole
discretion of the Calculation Agent and will, in the absence of manifest error,
be conclusive for all purposes and binding on the Company and Holders of the
Notes.

General

            If so specified on the face of this Note, this Note may be redeemed
by the Company on and after the date so indicated on the face hereof. If no such
date is set forth on the face hereof, this Note may not be redeemed prior to
Maturity. On and after such date, if any, from which this Note may be redeemed,
this Note may be redeemed in whole or in part in increments of $1,000, at the
option of the Company, at a redemption price equal to 100% of the principal
amount to be redeemed, together with interest thereon payable to the Redemption
Date, on notice given, unless otherwise specified on the face hereof, not more
than 60 nor less than 30 days prior to the Redemption Date. If less than all the
Outstanding Notes having such terms as specified by the Company are to be
redeemed, the particular Notes to be redeemed shall be selected by the Trustee
not more than 60 days prior to the Redemption Date from the Outstanding Notes
having such terms as specified by the Company not previously called for
redemption, by such method as the Trustee shall deem fair and appropriate. The
notice of such redemption shall specify which Notes are to be redeemed. In the
event of redemption of this Note, in part only, a new Note or Notes in
authorized denominations for the unredeemed portion hereof shall be issued in
the name of the Holder hereof upon the surrender hereof.

            If so specified on the face of this Note, this Note will be subject
to repayment at the option of the Holder hereof on the Optional Repayment
Date(s). If no Optional Repayment Date is set forth on the face hereof, this
Note may not be repaid at the option of the Holder prior to Maturity. On and
after the Optional Repayment Date, if any, from which this Note may be

                                      -8-
<PAGE>

repaid at the option of the Holder, this Note shall be repayable in whole or in
part in increments of $1,000 at a repayment price equal to 100% of the principal
amount to be repaid, together with interest thereon payable to the Optional
Repayment Date. For this Note to be repaid in whole or in part at the option of
the Holder hereof, the Trustee must receive not less than 30 nor more than 60
days prior to the Optional Repayment Date (i) this Note with the form entitled
"Option to Elect Repayment," which appears below, duly completed or (ii) a
telegram, telex, facsimile transmission or a letter from a member of a national
securities exchange or the National Association of Securities Dealers, Inc. or a
commercial bank or trust company in the United States of America setting forth
the name of the Holder of this Note, the principal amount of this Note, the
certificate number of this Note or a description of this Note's tenor or terms,
the principal amount of this Note to be repaid, a statement that the option to
elect repayment is being exercised thereby and a guarantee that this Note with
the form entitled "Option to Elect Repayment," which appears below, duly
completed, will be received by the Trustee no later than five Business Days
after the date of such telegram, telex, facsimile transmission or letter and
this Note and such form duly completed are received by the Trustee by such fifth
Business Day. Exercise of the repayment option shall be irrevocable.

            If any Event of Default with respect to the Notes shall occur and be
continuing, the Trustee or the Holders of not less than 25% in principal amount
of the Outstanding Notes may declare the principal of all the Notes due and
payable in the manner and with the effect provided in the Indenture.

            The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of 66-2/3% in aggregate principal amount of the
Securities at the time Outstanding of each series affected thereby. The
Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Securities of each series at
the time Outstanding, on behalf of the Holders of all Securities of each series,
to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note shall be conclusive and binding
upon such Holder and upon future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note.

            Holders of Securities may not enforce their rights pursuant to the
Indenture or the Securities except as provided in the Indenture. No reference
herein to the Indenture and no provision of this Note or the Indenture shall
alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the Cash Settlement Value with respect to this Note at the
time, place, and rate, and in the coin or currency, herein prescribed.

            As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Note may be registered on the Security
Register of the Company, upon surrender of this Note for registration of
transfer at the office or agency of the Company in the Borough of Manhattan, The
City of New York, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company, and this Note duly executed by,
the

                                      -9-
<PAGE>

Holder hereof or by his attorney duly authorized in writing and thereupon one or
more new Notes, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

            The Notes are issuable only in registered form without coupons in
denominations of $1,000 or any amount in excess thereof which is an integral
multiple of $1,000. As provided in the Indenture and subject to certain
limitations therein set forth, this Note is exchangeable for a like aggregate
principal amount of Notes of different authorized denomination as requested by
the Holder surrendering the same.

            No service charge will be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

            Prior to the due presentment of this Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note be overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice of the contrary.

            The Cash Settlement Value payable with respect to this Note shall in
no event be higher than the maximum rate, if any, permitted by applicable law.

            All capitalized terms used in this Note and not otherwise defined
herein shall have the meanings assigned to them in the Indenture.

                                      -10-
<PAGE>

                         _______________________________

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM          -            as tenants in common

TEN ENT          -            as tenants by the entireties

JT TEN           -            as joint tenants with right of survivorship and
                              not as tenants in common

UNIF GIFT MIN ACT -           ___________________Custodian___________________
                                     (Cust)                     (Minor)
                                      Under Uniform Gifts to Minors Act

                              ________________________________________________
                                                 (State)

Additional abbreviations may also be used though not in the above list.
                     ____________________________________

                            OPTION TO ELECT REPAYMENT

            The undersigned hereby irrevocably request(s) and instruct(s) the
Company to repay this Note (or portion thereof specified below) pursuant to its
terms on ____________, 20___ (the "Optional Repayment Date") at a price equal to
the principal amount thereof, together with interest to the Optional Repayment
Date, to the undersigned at

_______________________________________________________________________________

_______________________________________________________________________________
       (Please print or typewrite name and address of the undersigned.)

            For this Note to be repaid the Trustee must receive at 4 New York
Plaza, New York, New York 10004, Attention: Debt Operations - 13th Floor, or at
such other place or places of which the Company shall from time to time notify
the Holder of this Note, not more than 60 days nor less than 30 days prior to
the Optional Repayment Date, this Note with this "Option to Elect Repayment"
form duly completed.

                                      -11-
<PAGE>

            If less than the entire principal amount of this Note is to be
repaid, specify the portion thereof (which shall be increments of $1,000) which
the Holder elects to have repaid: $_________________; and specify the
denomination or denominations (which, unless a different minimum denomination is
set forth on the face hereof, shall be $25,000 or an integral multiple of $1,000
in excess of $25,000) of the Notes to be issued to the Holder for the portion of
this Note not being repaid (in the absence of any such specification, one such
Note will be issued for the portion not being repaid): $________________.

Date:_________________                       ________________________________
                                             Note: The signature to this Option
                                             to Elect Repayment must correspond
                                             with the same as written upon the
                                             face of this Note in every
                                             particular without alteration or
                                             enlargement.

                     ____________________________________

                                   ASSIGNMENT
                                   ----------

                       FOR VALUE RECEIVED, the undersigned
                 hereby sell(s), assign(s) and transfer(s) unto

________________________________________________________________________________
PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

________________________________________________________________________________
the within Note and all rights thereunder, hereby irrevocably constituting and
appointing _____________________________________________________________________

_________________________________________________________________ Attorney to
transfer said Note on the books of the Company, with full power of substitution
in the premises.

Dated:_______________________      _____________________________________________

____________________________________
       (Signature Guarantee)

                                      -12-

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