Document:

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                                                                  EXHIBIT: 10.34

                                                                  EXECUTION COPY

                           REVOLVING CREDIT AGREEMENT

                          DATED AS OF SEPTEMBER 3, 2003

                                      AMONG

                                  CERTEGY INC.
                                   as Borrower

                        And Certain Designated Borrowers

                   THE LENDERS FROM TIME TO TIME PARTY HERETO

                                  SUNTRUST BANK
                             as Administrative Agent

                       WACHOVIA BANK, NATIONAL ASSOCIATION
                              as Syndication Agent

                                       AND

                              BANK OF AMERICA, N.A.
                             as Documentation Agent

================================================================================

                         SUNTRUST CAPITAL MARKETS, INC.
                          as Arranger and Book Manager

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                                TABLE OF CONTENTS

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ARTICLE I         DEFINITIONS; CONSTRUCTION.............................................................    1

Section 1.1.      Definitions...........................................................................    1
Section 1.2       Classifications of Loans and Borrowings...............................................   21
Section 1.3.      Accounting Terms and Determination....................................................   22
Section 1.4.      Terms Generally.......................................................................   22

ARTICLE II        AMOUNT AND TERMS OF THE COMMITMENTS...................................................   22

Section 2.1.      General Description of Facilities.....................................................   22
Section 2.2.      Revolving Loans.......................................................................   23
Section 2.3.      Procedure for Revolving Borrowings....................................................   23
Section 2.4.      Swingline Commitment..................................................................   24
Section 2.5.      Procedure for Swingline Borrowing; Etc................................................   24
Section 2.6.      Competitive Bid Borrowings............................................................   25
Section 2.7.      Multi-Currency Borrowings.............................................................   28
Section 2.8.      Funding of Borrowings.................................................................   29
Section 2.9.      Interest Elections; Conversions; Continuations........................................   29
Section 2.10.     Optional Reduction and Termination of Commitments.....................................   31
Section 2.11.     Repayment of Loans....................................................................   31
Section 2.12.     Evidence of Indebtedness..............................................................   32
Section 2.13.     Optional Prepayments..................................................................   32
Section 2.14.     Interest on Loans.....................................................................   33
Section 2.15.     Fees..................................................................................   34
Section 2.16.     Computation of Interest and Fees......................................................   35
Section 2.17.     Inability to Determine Interest Rates.................................................   35
Section 2.18.     Illegality............................................................................   36
Section 2.19.     Increased Costs.......................................................................   36
Section 2.20.     Funding Indemnity.....................................................................   38
Section 2.21.     Taxes.................................................................................   39
Section 2.22.     Payments Generally; Pro Rata Treatment; Sharing of Set-offs...........................   41
Section 2.23.     Mitigation of Obligations; Replacement of Lenders.....................................   43
Section 2.24.     Letters of Credit.....................................................................   43
Section 2.25.     Addition and Release..................................................................   48
Section 2.26.     Increase in Commitments...............................................................   48

ARTICLE III.      CONDITIONS PRECENT TO LOANS AND LETTERS OF CREDIT.....................................   49

Section 3.1.      Conditions of Effectiveness...........................................................   49
Section 3.2.      Each Credit Event.....................................................................   51
Section 3.3.      Delivery of Documents.................................................................   52
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<S>                                                                                                        <C>
ARTICLE IV.       REPRESENTATIONS AND WARRANTIES........................................................   52

Section 4.1.      Existence; Power......................................................................   52
Section 4.2.      Organizational Power; Authorization...................................................   52
Section 4.3.      Governmental approvals; No Conflicts..................................................   52
Section 4.4.      Financial Statements..................................................................   53
Section 4.5.      Litigation and Environmental Matters..................................................   53
Section 4.6.      Compliance with Laws and Agreements...................................................   53
Section 4.7.      Investment Company Act, Etc...........................................................   54
Section 4.8.      Taxes.................................................................................   54
Section 4.9.      Margin Regulations....................................................................   54
Section 4.10.     ERISA.................................................................................   54
Section 4.11.     Ownership of Property.................................................................   54
Section 4.12.     Disclosure............................................................................   55
Section 4.13.     Labor Relations.......................................................................   55
Section 4.14.     Subsidiaries..........................................................................   55
Section 4.15.     Indebtedness at Funding Date..........................................................   55
Section 4.16.     Investments...........................................................................   55

ARTICLE V.        AFFIRMATIVE COVENANTS.................................................................   55

Section 5.1.      Financial Statements and Other Information............................................   56
Section 5.2.      Notices of Material Events............................................................   57
Section 5.3.      Existence; Conduct of Business........................................................   58
Section 5.4.      Compliance with Laws, Etc.............................................................   58
Section 5.5.      Payment of Obligations................................................................   58
Section 5.6.      Books and Records.....................................................................   58
Section 5.7.      Visitation, Inspection, Etc...........................................................   58
Section 5.8.      Maintenance of Properties; Insurance..................................................   58
Section 5.9.      Use of Proceeds and Letters of Credit.................................................   59

ARTICLE VI.       FINANCIAL COVENANTS...................................................................   59

Section 6.1.      Leverage Ratio........................................................................   59
Section 6.2.      Fixed Charge Coverage Ratio...........................................................   59

ARTICLE VII.      NEGATIVE COVENANTS....................................................................   59

Section 7.1.      Subsidiary Indebtedness...............................................................   59
Section 7.2.      Negative Pledge.......................................................................   60
Section 7.3.      Fundamental Changes...................................................................   61
Section 7.4.      Investments, Loans, Acquisitions, Etc.................................................   62
Section 7.5.      Restricted Payments...................................................................   63
Section 7.6.      Sale of Assets........................................................................   64
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<S>                                                                                                        <C>
Section 7.7.      Transactions with Affiliates..........................................................   64
Section 7.8.      Restrictive Agreements................................................................   64
Section 7.9.      Hedging Agreements....................................................................   65
Section 7.10.     Amendment to Material Documents.......................................................   65
Section 7.11.     Accounting Changes....................................................................   65

ARTICLE VIII.     EVENTS OF DEFAULT.....................................................................   65

Section 8.1.      Events of Default.....................................................................   66

ARTICLE IX.       THE ADMINISTRATIVE AGENT..............................................................   68

Section 9.1.      Appointment of Administrative Agent...................................................   68
Section 9.2.      Nature of Duties of Administrative Agent..............................................   69
Section 9.3.      Lack of Reliance on the Administrative Agent..........................................   69
Section 9.4.      Certain Rights of the Administrative Agent............................................   70
Section 9.5.      Reliance by Administrative Agent......................................................   70
Section 9.6.      The Administrative Agent and its Individual Capacity..................................   70
Section 9.7.      Successor Administrative Agent........................................................   70
Section 9.8.      Additional Agencies; No Duties Imposed Upon Syndication Agents
                  or Documentation Agents...............................................................   71

ARTICLE X.        MISCELLANEOUS.........................................................................   71

Section 10.1.     Notices...............................................................................   71
Section 10.2.     Waiver; Amendments....................................................................   73
Section 10.3.     Expenses; Indemnification.............................................................   74
Section 10.4.     Successors and Assigns................................................................   76
Section 10.5.     Governing Law; Jurisdiction; Consent to Service of Process............................   78
Section 10.6.     Waiver of Jury Trial..................................................................   79
Section 10.7.     Right of Setoff.......................................................................   79
Section 10.8.     Counterparts; Integration.............................................................   79
Section 10.9.     Survival..............................................................................   80
Section 10.10.    Severability..........................................................................   80
Section 10.11.    Confidentiality.......................................................................   80
Section 10.12.    Interest Rate Limitation..............................................................   81
Section 10.13.    Currency Conversion...................................................................   81
Section 10.14.    Exchange Rates........................................................................   82

ARTICLE XI.       BORROWER GUARANTEE....................................................................   82

Section 11.1.     Guarantee.............................................................................   82
Section 11.2.     Guaranteed Obligations Not Waived.....................................................   83
Section 11.3.     Guarantee of Payment..................................................................   83
Section 11.4.     No Discharge of Diminishment of Guarantee.............................................   83
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<S>                                                                                                        <C>
Section 11.5.     Defenses of Borrower Waived...........................................................   84
Section 11.6.     Agreement to Pay; Subordination.......................................................   84
Section 11.7.     Information...........................................................................   84
Section 11.8.     Taxes, etc............................................................................   85
Section 11.9.     Failure to Pay in Foreign Currency....................................................   85
Section 11.10.    Termination...........................................................................   85
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Schedules

         Schedule I          -  Applicable Margin and Applicable Percentage
         Schedule 1.1        -  Foreign Currency Payment Accounts
         Schedule 4.5        -  Environmental Matters
         Schedule 4.14       -  Subsidiaries
         Schedule 4.15       -  Funding Date Indebtedness
         Schedule 4.16       -  Investments
         Schedule 7.2        -  Funding Date Liens

Exhibits

         Exhibit A           -  Form of Revolving Credit Note
         Exhibit B           -  Form of Competitive Bid Note
         Exhibit C           -  Form of Swingline Note
         Exhibit D           -  Form of Assignment and Acceptance
         Exhibit E           -  Form of Intercompany Note
         Exhibit F-1         -  Form of Opinion of Counsel to Borrower
         Exhibit F-2         -  Form of Opinion of the General Counsel of
                                Borrower
         Exhibit G           -  Form of Designated Borrower Acknowledgment and
                                Agreement
         Exhibit H           -  Form of Designated Borrower Notice of Withdrawal
         Exhibit I           -  Form of Lender Joinder Agreement
         Exhibit J           -  Form of New commitment Acknowledgment
         Exhibit K           -  Form of Indenture
         Exhibit 2.3         -  Form of Notice of Revolving Borrowing
         Exhibit 2.5         -  Form of Notice of Swingline Borrowing
         Exhibit 2.6-A       -  Form of Competitive Bid Request
         Exhibit 2.6-B       -  Form of Notice of Lenders of Competitive Bid
                                Request
         Exhibit 2.9         -  Form of Continuation/Conversion
         Exhibit 3.1(b)(iv)  -  Form of Secretary's Certificate
         and 3.1(b)(vii)
         Exhibit 3.1(b)(ix)  -  Form of Officer's Certificate

                                        v
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                           REVOLVING CREDIT AGREEMENT

         THIS REVOLVING CREDIT AGREEMENT (this "Agreement") is made and entered
into as of September 3, 2003, by and among CERTEGY INC., a Georgia corporation
(the "Borrower"), any Designated Borrower (as defined below) which becomes a
party hereto from time to time, the several banks and other financial
institutions from time to time party hereto (the "Lenders"), Wachovia Bank,
National Association, as syndication agent, Bank of America, N.A., as
documentation agent and SUNTRUST BANK, in its capacity as Administrative Agent
for the Lenders (the "Administrative Agent").

                              W I T N E S S E T H:

                  WHEREAS, the Borrower has requested that the Lenders establish
a revolving credit facility in favor of the Borrower;

                  WHEREAS, subject to the terms and conditions of this
Agreement, the Lenders are willing to establish the requested revolving credit
facility.

                  NOW, THEREFORE, in consideration of the premises and the
mutual covenants herein contained, the Borrower, the Lenders and the
Administrative Agent agree as follows:

                                    ARTICLE I

                            DEFINITIONS; CONSTRUCTION

                  SECTION 1.1. DEFINITIONS.

                  In addition to the other terms defined herein, the following
terms used herein shall have the meanings herein specified (to be equally
applicable to both the singular and plural forms of the terms defined):

                  "ACQUISITION" shall mean any acquisition, whether by stock
purchase, asset purchase, merger, consolidation or otherwise of a Person or a
business line of a Person.

                  "ADJUSTED LIBOR" shall mean, with respect to each Interest
Period for a Eurocurrency Borrowing, the rate per annum obtained by multiplying
(i) LIBOR Rate for such Interest Period by (ii) the Statutory Reserve Rate.

                  "ADMINISTRATIVE AGENT" shall have the meaning assigned to such
term in the opening paragraph hereof.

                  "ADMINISTRATIVE QUESTIONNAIRE" shall mean, with respect to
each Lender, an administrative questionnaire in the form provided by the
Administrative Agent and submitted to the Administrative Agent duly completed by
such Lender.

<PAGE>

                  "AFFILIATE" shall mean, as to any Person, any other Person
that directly, or indirectly through one or more intermediaries, Controls, is
Controlled by, or is under common Control with, such Person.

                  "AGGREGATE NET AMOUNT" shall have the meaning given such term
in Section 7.4 hereof.

                  "AGGREGATE REVOLVING COMMITMENTS" shall mean the sum of the
Revolving Commitments of all Lenders at any time outstanding. On the Funding
Date, the Aggregate Revolving Commitments equal $200,000,000.

                  "APPLICABLE LENDING OFFICE" shall mean, for each Lender and
for each Type of Loan, the "Lending Office" of such Lender (or an Affiliate of
such Lender) designated for such Type of Loan in the Administrative
Questionnaire submitted by such Lender or such other office of such Lender (or
an Affiliate of such Lender) as such Lender may from time to time specify to the
Administrative Agent and the Borrower as the office by which its Loans of such
Type are to be made and maintained.

                  "APPLICABLE MARGIN" shall mean, as of any date, with respect
to all Revolving Loans outstanding on any date, the percentage designated in the
"Pricing Grid" attached hereto as Schedule I based on the Borrower's Senior Debt
Ratings in effect on such date with respect to Eurocurrency Loans or Base Rate
Loans, as the case may be. A change in the Applicable Margin resulting from a
change in the Senior Debt Ratings shall be effective on the day on which the
Rating Agency which has the highest Senior Debt Rating changes the Senior Debt
Ratings and which shall continue until the day prior to the day that further
changes become effective.

                  "APPLICABLE PERCENTAGE" shall mean, at any date, with respect
to the facility fee or the letter of credit fee, as the case may be, as of any
date, the percentage designated in the "Pricing Grid" attached hereto as
Schedule I based on the Borrower's Senior Debt Ratings in effect on such date
with respect to the facility fee or the letter of credit fee, as the case may
be. A change in the Applicable Percentage resulting from a change in the Senior
Debt Ratings shall be effective on the day on which the Rating Agency which has
the highest Senior Debt Rating changes the Senior Debt Ratings and which shall
continue until the day prior to the day that further changes become effective.

                  "ASSIGNMENT AND ACCEPTANCE" shall mean an assignment and
acceptance entered into by a Lender and an assignee (with the consent of any
party whose consent is required by Section 10.4(b)) and accepted by the
Administrative Agent, in the form of Exhibit D attached hereto or any other form
approved by the Administrative Agent.

                  "AVAILABILITY PERIOD" shall mean the period from the Funding
Date to the Commitment Termination Date.

                  "BASE RATE" shall mean the higher of (i) the per annum rate
which the Administrative Agent publicly announces from time to time to be its
prime lending rate, as in effect from time to

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time, and (ii) the Federal Funds Rate, as in effect from time to time, plus
one-half of one percent (0.50%). The Administrative Agent's prime lending rate
is a reference rate and does not necessarily represent the lowest or best rate
charged to customers. The Administrative Agent may make commercial loans or
other loans at rates of interest at, above or below the Administrative Agent's
prime lending rate. Each change in the Administrative Agent's prime lending rate
shall be effective from and including the date such change is publicly announced
as being effective.

                  "BORROWER" shall have the meaning in the introductory
paragraph hereof.

                  "BORROWING" shall mean a borrowing consisting of (i) Loans of
the same Class and Type, made, converted or continued on the same date and in
the case of Eurocurrency Loans, as to which a single Interest Period is in
effect, or (ii) a Swingline Loan.

                  "BUSINESS DAY" shall mean any day other than a Saturday or
Sunday on which banks are not authorized or required to close in Atlanta,
Georgia or New York, New York and, if the applicable Business Day relates to the
advance or continuation of, conversion into, or payment on a Eurocurrency
Borrowing or a Competitive Bid Borrowing (i) in a currency other than Euros, on
which banks are dealing in Dollar or any Foreign Currency (other than Euros)
deposits, as applicable, in the applicable interbank eurocurrency market in
London, England, and in the country of issue of the currency of such
Eurocurrency Borrowing or Competitive Bid Borrowing, and (ii) in Euros, on which
the TARGET payment system is open for the settlement of payments in Euros.

                  "CALCULATION DATE" shall mean the last Business Day of each
calendar quarter.

                  "CAPITAL LEASE OBLIGATIONS" of any Person shall mean all
obligations of such Person to pay rent or other amounts under any lease (or
other arrangement conveying the right to use) real or personal property, or a
combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such Person under GAAP,
and the amount of such obligations shall be the capitalized amount thereof
determined in accordance with GAAP.

                  "CHANGE IN CONTROL" shall mean the occurrence of one or more
of the following events: (a) any sale, lease, exchange or other transfer (in a
single transaction or a series of related transactions) of all or substantially
all of the assets of the Borrower to any Person or "group" (within the meaning
of the Securities Exchange Act of 1934 and the rules of the Securities and
Exchange Commission thereunder in effect on the date hereof), (b) the
acquisition of ownership, directly or indirectly, beneficially or of record, by
any Person or "group" (within the meaning of the Securities Exchange Act of 1934
and the rules of the Securities and Exchange Commission thereunder as in effect
on the date hereof) of 30% or more of the outstanding shares of the voting stock
of the Borrower; or (c) occupation of a majority of the seats (other than vacant
seats) on the board of directors of the Borrower by Persons who were neither (i)
nominated by the current board of directors or (ii) appointed by directors so
nominated.

                  "CHANGE IN LAW" shall mean (i) the adoption of any applicable
law, rule or regulation after the date of this Agreement, (ii) any change in any
applicable law, rule or regulation, or any change in the interpretation or
application thereof, by any Governmental Authority after the date of

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this Agreement, or (iii) compliance by any Lender (or its Applicable Lending
Office) or the Issuing Bank (or for purposes of Section 2.19(b), by such
Lender's or the Issuing Bank's holding company, if applicable) with any request,
guideline or directive (whether or not having the force of law) of any
Governmental Authority made or issued after the date of this Agreement.

                  "CLASS", when used in reference to any Loan or Borrowing,
refers to whether such Loan, or the Loans comprising such Borrowing, are
Revolving Loans, Competitive Bid Loans, or Swingline Loans and when used in
reference to any Commitment, refers to whether such Commitment is a Revolving
Commitment or a Swingline Commitment.

                  "CODE" shall mean the Internal Revenue Code of 1986, as
amended and in effect from time to time.

                  "COMMITMENT" shall mean a Revolving Commitment or a Swingline
Commitment or any combination thereof (as the context shall permit or require).

                  "COMMITMENT TERMINATION DATE" shall mean the earliest of (i)
the third anniversary of the Funding Date, (ii) the date on which the Revolving
Commitments are terminated pursuant to Section 2.10 and (iii) the date on which
all amounts outstanding under this Agreement have been declared or have
automatically become due and payable (whether by acceleration or otherwise).

                  "COMPETITIVE BID" shall mean an offer by a Lender to make a
Competitive Bid Loan substantially in the form of Exhibit 2.6-C, to be delivered
by a Lender to the Administrative Agent in response to a Competitive Bid
Request.

                  "COMPETITIVE BID LOAN" shall mean a Loan made pursuant to
Section 2.6.

                  "COMPETITIVE BID MARGIN" shall mean with respect to any
Competitive Bid Loan bearing interest at a rate based on the Adjusted LIBOR, the
marginal rate of interest, if any, to be added to or subtracted from the
Adjusted LIBOR to determine the rate of interest applicable to such Competitive
Bid Loan, as specified by the Lender in its related Competitive Bid.

                  "COMPETITIVE BID NOTE" shall mean a promissory note of the
Borrower payable to the order of any requesting Lender in the principal amount
of the Aggregate Revolving Commitments, in substantially the form of Exhibit B.

                  "COMPETITIVE BID RATE" shall mean, with respect to any
Competitive Bid, the Competitive Bid Margin or the Fixed Rate, as applicable,
offered by the Lender making such Competitive Bid.

                  "COMPETITIVE BID REQUEST" shall mean a request for a proposed
Fixed Rate or a Competitive Bid Margin at which a Competitive Bid Loan may be
made, substantially in the form of Exhibit 2.6-A submitted by the Borrower to
the Administrative Agent in accordance with Section 2.6.

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                  "CONSOLIDATED EBIT" shall mean, for the Borrower and its
Subsidiaries for any period, an amount equal to the sum of (a) Consolidated Net
Income for such period plus (b) to the extent deducted in determining
Consolidated Net Income for such period, (i) Consolidated Interest Expense, (ii)
income tax expense and (iii) all other non-cash charges (and minus all other
non-cash gains), determined on a consolidated basis in accordance with GAAP in
each case for such period.

                  "CONSOLIDATED EBITDA" shall mean, for the Borrower and its
Subsidiaries for any period, an amount equal to the sum of (a) Consolidated Net
Income for such period plus (b) to the extent deducted in determining
Consolidated Net Income for such period, (i) Consolidated Interest Expense, (ii)
income tax expense, (iii) depreciation and amortization and (iv) all other
non-cash charges (and minus all other non-cash gains), determined on a
consolidated basis in accordance with GAAP in each case for such period.

                  "CONSOLIDATED EBITDAR" shall mean, for the Borrower and its
Subsidiaries for any period, an amount equal to the sum of (a) Consolidated
EBITDA and (b) Consolidated Lease Expense.

                  "CONSOLIDATED FIXED CHARGES" shall mean, for the Borrower and
its Subsidiaries for any period, the sum (without duplication) of (a)
Consolidated Interest Expense for such period and (b) Consolidated Lease Expense
for such period.

                  "CONSOLIDATED INTEREST EXPENSE" shall mean, for the Borrower
and its Subsidiaries for any period determined on a consolidated basis in
accordance with GAAP, the sum of (i) total interest expense, including without
limitation the interest component of any payments in respect of Capital Lease
Obligations capitalized or expensed during such period (whether or not actually
paid during such period) plus (ii) the net amount payable (or minus the net
amount receivable) under Hedging Agreements during such period (whether or not
actually paid or received during such period).

"CONSOLIDATED LEASE EXPENSE" shall mean, for any period, the aggregate amount of
fixed and contingent rentals payable by the Borrower and its Subsidiaries with
respect to leases of real and personal property (excluding Capital Lease
Obligations) determined on a consolidated basis in accordance with GAAP for such
period.

                  "CONSOLIDATED NET INCOME" shall mean, for any period, the net
income (or loss) of the Borrower and its Subsidiaries for such period determined
on a consolidated basis in accordance with GAAP, but excluding therefrom (to the
extent otherwise included therein) (i) any extraordinary gains or losses, (ii)
any gains attributable to write-ups of assets, (iii) any equity interest of the
Borrower or any Subsidiary of the Borrower in the unremitted earnings of any
Person that is not a Subsidiary and (iv) any income (or loss) of any Person
accrued prior to the date it becomes a Subsidiary or is merged into or
consolidated with the Borrower or any Subsidiary on the date that such Person's
assets are acquired by the Borrower or any Subsidiary.

                  "CONSOLIDATED SUBSIDIARY" shall mean, at any date, any Person
that, in accordance with GAAP, would be consolidated in the Borrower's
consolidated financial statements on such date.

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                  "CONSOLIDATED TOTAL ASSETS" shall mean, at any time, the total
assets of the Borrower and its Consolidated Subsidiaries, determined on a
consolidated basis, in accordance with GAAP.

                  "CONSOLIDATED TOTAL DEBT" shall mean, at any time, without
duplication, the sum of (i) all then currently outstanding obligations,
liabilities and indebtedness of the Borrower and its Subsidiaries on a
consolidated basis of the types described in the definition of Indebtedness
(other than the type described in clause (xi) of the definition thereof),
including, but not limited to, all obligations under the Loan Documents plus
(ii) all Indebtedness of any Permitted Securitization Subsidiary.

                  "CONTROL" shall mean the power, directly or indirectly, either
to (i) vote 5% or more of securities having ordinary voting power for the
election of directors (or persons performing similar functions) of a Person or
(ii) direct or cause the direction of the management and policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise.
The terms "CONTROLLING", "CONTROLLED BY", and "UNDER COMMON CONTROL WITH" have
meanings correlative thereto.

                  "DEFAULT" shall mean any condition or event that, with the
giving of notice or the lapse of time or both, would constitute an Event of
Default.

                  "DEFAULT INTEREST" shall have the meaning set forth in Section
2.14(d).

                  "DEFAULTING LENDER" shall mean any Lender with respect to
which a Lender Default is in effect.

                  "DESIGNATED BORROWER" or "DESIGNATED BORROWERS", shall have
the meaning set forth in Section 2.25.

                  "DOLLAR(S)" and the sign "$" shall mean lawful money of the
United States of America.

                  "DOLLAR EQUIVALENT" shall mean, on any date of determination,
(i) with respect to any amount in Dollars, such amount, and (ii) with respect to
any amount in any Foreign Currency, the equivalent in Dollars of such amount,
determined by the Administrative Agent pursuant to Section 10.14 using the
applicable Exchange Rate with respect to such Foreign Currency at the time in
effect under the provisions of such Section 10.14.

                  "EMU LEGISLATION" shall mean the legislative measures of the
European Union for the introduction of, changeover to or operation of the Euro
in one or more member states.

                  "ENVIRONMENTAL LAWS" shall mean all laws, rules, regulations,
codes, ordinances, orders, decrees, judgments, injunctions, notices or binding
agreements issued, promulgated or entered into by or with any Governmental
Authority, relating in any way to the environment,

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preservation or reclamation of natural resources, the management, Release or
threatened Release of any Hazardous Material or to health and safety matters.

                  "ENVIRONMENTAL LIABILITY" shall mean any liability, contingent
or otherwise (including any liability for damages, costs of environmental
investigation and remediation, costs of administrative oversight, fines, natural
resource damages, penalties or indemnities), of the Borrower or any Subsidiary
directly or indirectly resulting from or based upon (a) any actual or alleged
violation of any Environmental Law, (b) the generation, use, handling,
transportation, storage, treatment or disposal of any Hazardous Materials, (c)
any actual or alleged exposure to any Hazardous Materials, (d) the Release or
threatened Release of any Hazardous Materials or (e) any contract, agreement or
other consensual arrangement pursuant to which liability is assumed or imposed
with respect to any of the foregoing.

                  "ERISA" shall mean the Employee Retirement Income Security Act
of 1974, as amended from time to time, and any successor statute.

                  "ERISA AFFILIATE" shall mean any trade or business (whether or
not incorporated), which, together with the Borrower, is treated as a single
employer under Section 414(b) or (c) of the Code or, solely for the purposes of
Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code.

                  "ERISA EVENT" shall mean (a) any "reportable event", as
defined in Section 4043 of ERISA or the regulations issued thereunder with
respect to a Plan (other than an event for which the 30-day notice period is
waived); (b) the existence with respect to any Plan of an "accumulated funding
deficiency" (as defined in Section 412 of the Code or Section 302 of ERISA),
whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or
Section 303(d) of ERISA of an application for a waiver of the minimum funding
standard with respect to any Plan; (d) the incurrence by the Borrower or any of
its ERISA Affiliates of any liability under Title IV of ERISA with respect to
the termination of any Plan; (e) the receipt by the Borrower or any ERISA
Affiliate from the PBGC or a plan administrator appointed by the PBGC of any
notice relating to an intention to terminate any Plan or Plans or to appoint a
trustee to administer any Plan; (f) the incurrence by the Borrower or any of its
ERISA Affiliates of any liability with respect to the withdrawal or partial
withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the
Borrower or any ERISA Affiliate of any notice, or the receipt by any
Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice,
concerning the imposition of Withdrawal Liability or a determination that a
Multiemployer Plan is, or is expected to be, insolvent or in reorganization,
within the meaning of Title IV of ERISA.

                  "EURO" or "E" shall mean the single currency of the European
Union as constituted by the Treaty on European Union and as referred to in the
EMU Legislation for the introduction of, changeover to or operation of the Euro
in one or more member states.

                  "EUROCURRENCY" when used in reference to any Loan or Borrowing
(including any Competitive Bid Loan or Borrowing), refers to whether such Loan,
or the Loans comprising such Borrowing, bears interest at a rate determined by
reference to (i) in the case of a Revolving Loan or

                                       7

<PAGE>

Revolving Borrowing, the Adjusted LIBOR and the Applicable Margin, or (ii) in
the case of a Competitive Bid Loan or Competitive Bid Borrowing, the Adjusted
LIBOR and the Competitive Bid Margin.

                  "EVENT OF DEFAULT" shall have the meaning provided in Article
VIII.

                  "EXCHANGE RATE" shall mean on any day, with respect to any
Foreign Currency, the offered rate at which such currency may be exchanged into
Dollars, as set forth at approximately 11:00 a.m. on such day on the Reuters NFX
Page (or comparable page on the Telerate or Bloomberg Service) for such
currency. In the event that such rate does not appear on the applicable page of
any such services, the Exchange Rate shall be determined by reference to such
other publicly available services for displaying exchange rates as may be agreed
upon by the Administrative Agent and the Borrower, or, in the absence of such
agreement, such Exchange Rate shall instead be the offered spot rate of exchange
of the Administrative Agent or, if the Administrative Agent shall so determine,
one of its affiliates in the market where its foreign currency exchange
operations in respect of such currency are then being conducted, at or about
10:00 a.m., local time, on such date for the purchase of Dollars for delivery
two Business Days later; provided that if at the time of any such determination,
for any reason, no such spot rate is being quoted, the Administrative Agent,
after consultation with the Borrower, may use any reasonable method it deems
appropriate to determine such rate, and such determination shall be conclusive
absent manifest error.

                  "EXCLUDED TAXES" shall mean with respect to the Administrative
Agent, any Lender, the Issuing Bank or any other recipient of any payment to be
made by or on account of any obligation of the Borrower hereunder, (a) income or
franchise taxes imposed on (or measured by) its net income by the United States
of America, or by the jurisdiction under the laws of which such recipient is
organized or in which any of its offices is located or, in the case of any
Lender, in which its applicable lending office is located, (b) any branch
profits taxes imposed by the United States of America or any similar tax imposed
by any other jurisdiction in which the Borrower is located and (c) in the case
of a Foreign Lender, any withholding tax that is imposed on amounts payable to
such Foreign Lender at the time such Foreign Lender becomes a party to this
Agreement (or designates a new lending office) or is attributable to such
Foreign Lender's failure to comply with Section 2.21(e), except to the extent
that such Foreign Lender (or its assignor, if any) was entitled, at the time of
designation of a new lending office (or assignment), to receive additional
amounts from the Borrower with respect to such withholding tax pursuant to
Section 2.21(a).

                  "EXECUTION DATE" shall mean September 3, 2003.

                  "FEDERAL FUNDS RATE" shall mean, for any day, the rate per
annum (rounded upwards, if necessary, to the next 1/100th of 1%) equal to the
weighted average of the rates on overnight Federal funds transactions with
member banks of the Federal Reserve System arranged by Federal funds brokers, as
published by the Federal Reserve Bank of New York on the next succeeding
Business Day or if such rate is not so published for any Business Day, the
Federal Funds Rate for such day shall be the average rounded upwards, if
necessary, to the next 1/100th of 1% of the quotations for such day on such
transactions received by the Administrative Agent from three Federal funds
brokers of recognized standing selected by the Administrative Agent.

                                       8

<PAGE>

                  "FIXED CHARGE COVERAGE RATIO" shall mean, for any period of
four consecutive fiscal quarters of the Borrower, the ratio of (a) Consolidated
EBITDAR for such period to (b) Consolidated Fixed Charges for such period.

                  "FIXED RATE" shall mean, with respect to any Competitive Bid
Loan (other than a Eurocurrency Competitive Bid Loan ), the fixed rate of
interest per annum specified by any Lender making such Competitive Bid Loan in
its related Competitive Bid.

                  "FOREIGN CURRENCY" shall mean, individually and collectively,
as the context requires, (i) Euros, (ii) the lawful currency of each of the
following countries, provided that such currencies are not deemed unavailable to
a Lender as a result of any of the circumstances relevant to such Lender as set
forth in Sections 2.17, 2.18 or 2.19 (subject to the Borrower's right to replace
any such affected Lender under Section 2.23): Canada, Japan, Norway, Australia,
United Kingdom of Great Britain, or Switzerland and (iii) any other currencies
that are freely transferable and convertible into US Dollars provided however
that no such currency under this clause (iii) shall be included as a Foreign
Currency hereunder, or included in a Notice of Revolving Borrowing, unless (x)
the Borrower has first submitted a request to the Administrative Agent and the
Lenders that it be so included, and (y) the Administrative Agent and all of the
Lenders, in their sole discretion, have agreed to such request.

                  "FOREIGN CURRENCY PAYMENT ACCOUNTS" shall mean those bank
accounts specified on Schedule 1.1 for receipt of payments, both from the
Lenders and the Borrower, in Foreign Currencies or such other bank accounts as
may hereafter be specified by the Administrative Agent in writing to the
Borrower and the Lenders as being the applicable bank accounts for receipt of
payments in such currencies.

                  "FOREIGN CURRENCY SUBLIMIT" shall mean $100,000,000, as such
amount may be reduced from time to time pursuant to the terms of this Agreement.

                  "FOREIGN LENDER" shall mean any Lender that is organized under
the laws of a jurisdiction other than that of the Borrower. For purposes of this
definition, the United States of America or any political subdivision thereof
shall constitute one jurisdiction.

                  "FOREIGN SUBSIDIARY" shall mean any direct or indirect
Subsidiary of the Borrower that is organized under the laws of a jurisdiction
other than the United States of America or any political subdivision thereof.

                  "FUNDING DATE" shall mean the first day on which all of the
conditions precedent set forth in Section 3.1 and Section 3.2 have been
satisfied or waived in accordance with Section 10.2; provided, however, that in
the event the Funding Date does not occur on or before September 30, 2003, all
of the Commitments shall automatically terminate.

                  "GAAP" shall mean generally accepted accounting principles in
the United States applied on a consistent basis and subject to the terms of
Section 1.3.

                                       9

<PAGE>

                  "GOVERNMENTAL AUTHORITY" shall mean the government of the
United States of America, any other nation or any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory
body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government.

                  "GUARANTEE" of or by any Person (the "GUARANTOR") shall mean
any legally binding obligation, contingent or otherwise, of the guarantor
guaranteeing or having the economic effect of guaranteeing any Indebtedness or
other obligation of any other Person (the "PRIMARY OBLIGOR") in any manner,
whether directly or indirectly and including any obligation, direct or indirect,
of the guarantor (a) to purchase or pay (or advance or supply funds for the
purchase or payment of) such Indebtedness or other obligation or to purchase (or
to advance or supply funds for the purchase of) any security for the payment
thereof, (b) to purchase or lease property, securities or services for the
purpose of assuring the owner of such Indebtedness or other obligation of the
payment thereof, (c) to maintain working capital, equity capital or any other
financial statement condition or liquidity of the primary obligor so as to
enable the primary obligor to pay such Indebtedness or other obligation or (d)
as an account party in respect of any letter of credit or letter of guaranty
issued in support of such Indebtedness or obligation; provided, that the term
"Guarantee" shall not include endorsements for collection or deposits in the
ordinary course of business. The amount of any Guarantee shall be deemed to be
an amount equal to the stated or determinable amount of the primary obligation
in respect of which Guarantee is made or, if not so stated or determinable, the
maximum reasonably anticipated liability in respect thereof (assuming such
Person is required to perform thereunder) as determined by such Person in good
faith. The term "Guarantee" used as a verb has a corresponding meaning.

                  "GUARANTEED OBLIGATIONS" shall have the meaning set forth in
Article XI.

                  "HAZARDOUS MATERIALS" means all explosive or radioactive
substances or wastes and all hazardous or toxic substances, wastes or other
pollutants, including petroleum or petroleum distillates, asbestos or asbestos
containing materials, polychlorinated biphenyls, radon gas, infectious or
medical wastes and all other substances or wastes of any nature regulated
pursuant to any Environmental Law.

                  "HEDGING AGREEMENTS" shall mean interest rate swap, cap or
collar agreements, interest rate future or option contracts, currency swap
agreements, currency future or option contracts, commodity agreements and other
similar agreements or arrangements designed to protect against fluctuations in
interest rates, currency values, stock values or commodity values.

                  "INDEBTEDNESS" of any Person shall mean, without duplication
(i) obligations of such Person for borrowed money, (ii) obligations of such
Person evidenced by bonds, debentures, notes or other similar instruments, (iii)
obligations of such Person in respect of the deferred purchase price of property
or services (other than trade payables incurred in the ordinary course of
business on terms customary in the trade), (iv) obligations of such Person under
any conditional sale or other title retention agreement(s) relating to property
acquired by such Person, (v) Capital Lease Obligations of

                                       10

<PAGE>

such Person, (vi) obligations, contingent or otherwise, of such Person in
respect of letters of credit, acceptances or similar extensions of credit, (vii)
guaranties by such Person of the type of indebtedness described in clauses (i)
through (v) above, (viii) all indebtedness of a third party secured by any Lien
on property owned by such Person, whether or not such indebtedness has been
assumed by such Person, (ix) all obligations of such Person, contingent or
otherwise, to purchase, redeem, retire or otherwise acquire for value any
capital stock of such Person, (x) off-balance sheet liability retained in
connection with asset securitization programs, Synthetic Leases, sale and
leaseback transactions or other similar obligations arising with respect to any
other transaction which is the functional equivalent of or takes the place of
borrowing but which does not constitute a liability on the consolidated balance
sheet of such Person and its Subsidiaries, and (xi) obligations of such Person
under any interest rate Hedging Agreement or foreign exchange Hedging Agreement.
For purposes of determining Indebtedness under clause (xi) the obligations of
any Person in respect to any Hedging Agreement or foreign exchange Hedging
Agreement at any time shall be the maximum aggregate amount (giving effect to
any netting agreements) that such Person would be required to pay if such
Hedging Agreement were terminated at such time.

                  "INDEMNIFIED TAXES" shall mean Taxes imposed upon any payment
made by the Borrower or any Designated Borrower to any Lender under any Loan
Document other than Excluded Taxes.

                  "INDENTURE" shall mean the Indenture by and between the
Borrower and SunTrust Bank, as trustee, relating to the issuance of certain
notes due 2008 in an aggregate principal amount not to exceed $200,000,000,
substantially in the form attached hereto as Exhibit K, with such changes
thereto as may be reasonably approved by the Administrative Agent.

                  "INTERCOMPANY NOTE" shall mean an intercompany note executed
and delivered by each Subsidiary in favor of the Borrower in substantially the
form attached hereto as Exhibit E or any other form approved by the
Administrative Agent.

                  "INTEREST PERIOD" shall mean (i) with respect to any
Eurocurrency Borrowing, a period of one, two, three or six months, (ii) with
respect to a Competitive Bid Fixed Rate Borrowing, a period of at least seven
days but not more than 180 days as requested by the Borrower and agreed to by
the Lender making such Competitive Bid Fixed Rate Loan and (iii) with respect to
a Swingline Loan, a period of such duration not to exceed 7 days, as the
Borrower may request and the Swingline Lender may agree in accordance with
Section 2.5; provided, that:

                  (i)      the initial Interest Period for such Borrowing shall
         commence on the date of such Borrowing (including the date of any
         conversion from a Borrowing of another Type) and each Interest Period
         occurring thereafter in respect of such Borrowing shall commence on the
         day on which the next preceding Interest Period expires;

                  (ii)     if any Interest Period would otherwise end on a day
         other than a Business Day, such Interest Period shall be extended to
         the next succeeding Business Day, unless, in the case of a Eurocurrency
         Borrowing, such Business Day falls in

                                       11

<PAGE>

         another calendar month, in which case such Interest Period would end on
         the next preceding Business Day;

                  (iii)    any Interest Period in respect of a Eurocurrency
         Borrowing which begins on the last Business Day of a calendar month or
         on a day for which there is no numerically corresponding day in the
         calendar month at the end of such Interest Period shall end on the last
         Business Day of such calendar month; and

                  (iv)     no Interest Period may extend beyond the Commitment
         Termination Date or the Swingline Termination Date, as the case may be.

                  "ISSUING BANK" shall mean SunTrust Bank or any other Lender,
each in its capacity as an issuer of Letters of Credit pursuant to Section 2.24.

                  "INVESTMENTS" shall have the meaning given such term in
Section 7.4 hereof.

                  "LC COMMITMENT" shall mean that portion of the Aggregate
Revolving Commitments that may be used by the Borrower for the issuance of
Letters of Credit in an aggregate face amount not to exceed $10,000,000.

                  "LC DISBURSEMENT" shall mean a payment made by the Issuing
Bank pursuant to a Letter of Credit.

                  "LC DOCUMENTS" shall mean the Letters of Credit and all
applications, agreements and instruments relating to the Letters of Credit.

                  "LC EXPOSURE" shall mean, at any time, the sum of (i) the
aggregate undrawn amount of all outstanding Letters of Credit at such time, plus
(ii) the aggregate amount of all LC Disbursements that have not been reimbursed
by or on behalf of the Borrower at such time. The LC Exposure of any Lender
shall be its Pro Rata Share of the total LC Exposure at such time.

                  "LENDERS" shall have the meaning assigned to such term in the
opening paragraph of this Agreement and shall include, where appropriate, the
Swingline Lender.

                  "LENDER DEFAULT" shall mean (a) the failure (which has not
been cured) of any Lender to make available its portion of any Borrowing or to
fund its portion of any unreimbursed payment under Section 2.24 or (b) a Lender
having notified the Administrative Agent and/or the Borrower that it does not
intend to comply with the obligations under Sections 2.2, 2.5 and 2.24.

                  "LENDER JOINDER AGREEMENT" shall mean an agreement entered
into by a Person becoming a Lender hereunder after the Execution Date and
accepted by the Administrative Agent, in the form of Exhibit I attached hereto
or any other form approved by the Administrative Agent.

                  "LETTER OF CREDIT" shall mean any standby letter of credit
issued pursuant to Section 2.24 by the Issuing Bank for the account of the
Borrower pursuant to the LC Commitment.

                                       12

<PAGE>

                  "LEVERAGE RATIO" shall mean, as of any date of determination
with respect to the Borrower, the ratio of (i) Consolidated Total Debt as of
such date to (ii) Consolidated EBITDA for the four fiscal quarters then ending.

                  "LIBOR RATE" shall mean, for any applicable Interest Period
for each Eurocurrency Borrowing in any applicable currency, the rate per annum
quoted at or about 11:00 a.m. (London, England time) two Business Days before
the commencement of such Interest Period on that page of the Reuters, Telerate
or Bloombergs reporting service (as then being used by the Administrative Agent
to obtain such interest rate quotes) that displays British Bankers' Association
interest settlement rates for deposits in the applicable currency of such
Eurocurrency Borrowing, or if such page or such service shall cease to be
available, such other page or other service (as the case may be) for the purpose
of displaying British Bankers' Association interest settlement rates as
reasonably determined by the Administrative Agent upon advising the Borrower as
to the use of any such service. If for any reason any such interest settlement
rate for such Interest Period is not available to the Administrative Agent
through any such interest rate reporting service, then the "LIBOR Rate" with
respect to such Eurocurrency Borrowing will be the rate at which the
Administrative Agent is offered deposits for such applicable currency in the
Dollar Equivalent of $5,000,000 for a period approximately equal to such
Interest Period in the London interbank market at 10:00 a.m. two Business Days
before the commencement of such Interest Period.

                  "LIEN" shall mean any mortgage, pledge, security interest,
lien (statutory or otherwise), charge, encumbrance, hypothecation, assignment,
deposit arrangement, or other arrangement having the practical effect of the
foregoing or any preference, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever (including any
conditional sale or other title retention agreement and any capital lease having
the same economic effect as any of the foregoing).

                  "LOAN DOCUMENTS" shall mean, collectively, this Agreement, the
Notes (if any), the LC Documents, all Notices of Borrowing, the Designated
Borrower Acknowledgment and Agreement, and any and all other instruments,
agreements, documents and writings executed in connection with any of the
foregoing.

                  "LOANS" shall mean all Revolving Loans, Swingline Loans and
Competitive Bid Loans in the aggregate or any of them, as the context shall
require.

                  "MANDATORY COSTS RATE" shall have the meaning set forth in
Section 2.19.

                  "MARGIN REGULATIONS" shall mean Regulation T, Regulation U and
Regulation X of the Board of Governors of the Federal Reserve System, as the
same may be in effect from time to time.

                  "MATERIAL ADVERSE EFFECT" shall mean, with respect to any
event, act, condition or occurrence of whatever nature (including any adverse
determination in any litigation, arbitration, or governmental investigation or
proceeding), whether singly or in conjunction with any other event or

                                       13

<PAGE>

events, act or acts, condition or conditions, occurrence or occurrences whether
or not related, a material adverse change in, or a material adverse effect on,
(i) the business, results of operations, financial condition, assets or
liabilities of the Borrower and its Subsidiaries taken as a whole, (ii) the
ability of the Borrower, any Designated Borrower or any Subsidiary to perform
any of their respective obligations under the Loan Documents, (iii) the rights
and remedies of the Agent, the Issuing Bank and the Lenders under any of the
Loan Documents or (iv) the legality, validity or enforceability of any of the
Loan Documents.

                  "MATERIAL SUBSIDIARY" shall mean at any time any direct or
indirect Subsidiary of the Borrower having: (a) assets in an amount equal to at
least 5% of the total assets of the Borrower and its Subsidiaries determined on
a consolidated basis as of the last day of the most recent fiscal quarter of the
Borrower at such time; or (b) revenues or net income in an amount equal to at
least 5% of the total revenues or net income of the Borrower and its
Subsidiaries on a consolidated basis for the 12-month period ending on the last
day of the most recent fiscal quarter of the Borrower at such time.

                  "MOODY'S" shall mean Moody's Investors Service, Inc.

                  "MULTIEMPLOYER PLAN" shall have the meaning set forth in
Section 4001(a)(3) of ERISA.

                  "NEW COMMITMENT ACKNOWLEDGMENT" shall mean an agreement
entered into by a Lender increasing its Revolving Commitment hereunder which is
not effectuated pursuant to an Assignment and Acceptance, in the form of Exhibit
J attached hereto or any other form approved by the Administrative Agent.

                  "NON-DEFAULTING LENDER" shall mean and include each Lender
other than a Defaulting Lender.

                  "NOTES" shall mean, collectively, the Revolving Credit Notes,
the Competitive Bid Notes and the Swingline Note.

                  "NOTICES OF BORROWING" shall mean, collectively, the Notices
of Revolving Borrowing, the Competitive Bid Requests, and the Notices of
Swingline Borrowing.

                  "NOTICE OF CONVERSION/CONTINUATION" shall mean the notice
given by the Borrower to the Administrative Agent in respect of the conversion
or continuation of an outstanding Borrowing as provided in Section 2.9(b)
hereof.

                  "NOTICE OF REVOLVING BORROWING" shall have the meaning as set
forth in Section 2.3.

                  "NOTICE OF SWINGLINE BORROWING" shall have the meaning as set
forth in Section 2.5.

                  "OBLIGATIONS" shall mean all amounts owing by the Borrower to
the Administrative Agent, the Issuing Bank or any Lender (including the
Swingline Lender) pursuant to or in connection with this Agreement or any other
Loan Document, including without limitation, all principal, interest

                                       14

<PAGE>

(including any interest accruing after the filing of any petition in bankruptcy
or the commencement of any insolvency, reorganization or like proceeding
relating to the Borrower, whether or not a claim for post-filing or
post-petition interest is allowed in such proceeding), all reimbursement
obligations, all Guaranteed Obligations, fees, expenses, indemnification and
reimbursement payments, costs and expenses (including all actual and reasonable
fees and expenses of counsel to the Administrative Agent and any Lender
(including the Swingline Lender) incurred pursuant to this Agreement or any
other Loan Document), whether direct or indirect, absolute or contingent,
liquidated or unliquidated, now existing or hereafter arising hereunder or
thereunder, together with all renewals, extensions, modifications or
refinancings thereof.

                  "OTHER TAXES" shall mean any and all present or future stamp
or documentary taxes or any other excise or property taxes, charges or similar
levies arising from the execution, delivery or enforcement of this Agreement or
any other Loan Document.

                  "PARTICIPANT" shall have the meaning set forth in Section
10.4(c).

                  "PAYMENT OFFICE" shall mean the office of the Administrative
Agent located at 303 Peachtree Street, N.E., 25th Floor, Atlanta, Georgia 30308,
or such other location as to which the Administrative Agent shall have given
written notice to the Borrower and the other Lenders.

                  "PBGC" shall mean the Pension Benefit Guaranty Corporation
referred to and defined in ERISA, and any successor entity performing similar
functions.

                  "PERMITTED ACQUISITIONS" shall mean any Acquisition so long as
(a) at the time of such Acquisition, no Default or Event of Default is in
existence or would result therefrom, (b) such acquisition has been approved or
recommended by the board of directors of the Person being acquired and (c) the
Total Acquisition Consideration of such Acquisition, when aggregated with the
Total Acquisition Consideration of all Acquisitions consummated by the Borrower
and its Consolidated Subsidiaries during the preceding 12 month period does not
exceed $100,000,000.

                  "PERMITTED ENCUMBRANCES" shall mean:

                  (i)      Liens imposed by law for taxes not yet due or which
         are being contested in good faith by appropriate proceedings and with
         respect to which adequate reserves are being maintained in accordance
         with GAAP;

                  (ii)     statutory Liens of landlords and Liens of carriers,
         warehousemen, mechanics, materialmen and other Liens imposed by law
         created in the ordinary course of business for amounts not yet due or
         which are being contested in good faith by appropriate proceedings and
         with respect to which adequate reserves are being maintained in
         accordance with GAAP;

                  (iii)    pledges and deposits made in the ordinary course of
         business in compliance with workers' compensation, unemployment
         insurance and other social security laws or regulations;

                                       15

<PAGE>

                  (iv)     deposits to secure the performance of bids, trade
         contracts, leases, statutory obligations, surety and appeal bonds,
         performance bonds and other obligations of a like nature, in each case
         in the ordinary course of business;

                  (v)      judgment and attachment liens not giving rise to an
         Event of Default or Liens created by or existing from any litigation or
         legal proceeding that are currently being contested in good faith by
         appropriate proceedings and with respect to which adequate reserves are
         being maintained in accordance with GAAP; and

                  (vi)     easements, zoning restrictions, rights-of-way and
         similar encumbrances on real property imposed by law or arising in the
         ordinary course of business that do not secure any monetary obligations
         and do not materially detract from the value of the affected property
         or materially interfere with the ordinary conduct of business of the
         Borrower and its Subsidiaries taken as a whole;

provided, that the term "Permitted Encumbrances" shall not include any Lien
securing Indebtedness for borrowed money.

                  "PERMITTED INVESTMENTS" shall mean:

                  (i)      direct obligations of, or obligations the principal
         of and interest on which are unconditionally guaranteed by, the United
         States (or by any agency thereof to the extent such obligations are
         backed by the full faith and credit of the United States), in each case
         maturing within one year from the date of acquisition thereof;

                  (ii)     commercial paper having the highest rating, at the
         time of acquisition thereof, of S&P or Moody's and in either case
         maturing within six months from the date of acquisition thereof;

                  (iii)    certificates of deposit, bankers' acceptances and
         time deposits maturing within 180 days of the date of acquisition
         thereof issued or guaranteed by or placed with, and money market
         deposit accounts issued or offered by, any domestic office of any
         commercial bank organized under the laws of the United States or any
         state thereof which has a combined capital and surplus and undivided
         profits of not less than $500,000,000;

                  (iv)     fully collateralized repurchase agreements with a
         term of not more than 30 days for securities described in clause (i)
         above and entered into with a financial institution satisfying the
         criteria described in clause (iii) above; and

                  (v)      mutual funds investing solely in any one or more of
         the Permitted Investments described in clauses (i) through (iv) above.

                  "PERMITTED SECURITIZATION SUBSIDIARY" shall mean any
Subsidiary of the Borrower that (i) is directly or indirectly wholly-owned by
the Borrower, (ii) is formed and operated solely for purposes of a Permitted
Securitization Transaction, (iii) has organizational documents which limit

                                       16

<PAGE>

the permitted activities of such Permitted Securitization Subsidiary to the
acquisition of accounts receivable and related rights from the Borrower or one
or more of its Consolidated Subsidiaries or another Permitted Securitization
Subsidiary, the securitization or other financing of such accounts receivable
and related rights and activities necessary or incidental to the foregoing and
(iv) such Permitted Securitization Subsidiary shall at all times be subject to
each of the following: (A) it shall have at least one (1) member, manager,
director or other similar person whose affirmative vote is required to permit
such person to file a voluntary bankruptcy proceeding or to amend its formation
documents, which member, manager, director or other similar person is not
affiliated with the Borrower or any of its Consolidated Subsidiaries or a
current or prior officer, director or employee of any of them, (B) it shall not
be permitted to incur any Indebtedness other than the Indebtedness related to
the Permitted Securitization Transaction, unless such Indebtedness is
non-recourse to such Permitted Securitization Subsidiary and is subordinated to
the Indebtedness incurred in connection with the Permitted Securitization
Transaction, (C) it will not be permitted to merge or consolidate with any
person other than another Permitted Securitization Subsidiary and (D) its
formation documents shall contain and it shall be subject to such restrictive
covenants relating to its operations as shall be required by independent counsel
in order for such counsel to deliver a reasoned, market-standard
"non-consolidation" opinion.

                  "PERMITTED SECURITIZATION TRANSACTION" shall mean the transfer
by Borrower or one or more of its Consolidated Subsidiaries of receivables and
rights related thereto to one or more Permitted Securitization Subsidiaries and
the related financing of such receivables and rights related thereto; provided
that (i) such transaction is non-recourse to Borrower and its Consolidated
Subsidiaries (excluding any related Permitted Securitization Subsidiary), except
for Standard Securitization Undertakings and (ii) the aggregate total amount of
all Indebtedness outstanding to third parties under all Permitted Securitization
Transactions shall not exceed $120,000,000 in the aggregate outstanding at any
time.

                  "PERSON" shall mean any individual, partnership, firm,
corporation, association, joint venture, limited liability company, trust or
other entity, or any Governmental Authority.

                  "PLAN" means any employee pension benefit plan (other than a
Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section
412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or
any ERISA Affiliate is (or, if such plan were terminated, would under Section
4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of
ERISA.

                  "PRO RATA SHARE" shall mean, with respect to any Lender at any
time, a percentage, the numerator of which shall be the sum of such Lender's
Revolving Commitment and the denominator of which shall be the sum of all
Lenders' Revolving Commitments; or if the Revolving Commitments have been
terminated or expired or if the Loans have been declared to be due and payable,
a percentage, the numerator of which shall be the sum of such Lender's Revolving
Credit Exposure and outstanding Competitive Bid Loans and the denominator of
which shall be the sum of the aggregate Revolving Credit Exposure and the
aggregate outstanding Competitive Bid Loans of all Lenders.

                                       17

<PAGE>

                  "RATING AGENCIES" shall mean Moody's and S&P.

                  "REGULATION D" shall mean Regulation D of the Board of
Governors of the Federal Reserve System, as the same may be in effect from time
to time, and any successor regulations.

                  "RELATED PARTIES" shall mean, 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" means any release, spill, emission, leaking,
dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching
or migration into the environment (including ambient air, surface water,
groundwater, land surface or subsurface strata) or within any building,
structure, facility or fixture.

                  "REQUIRED LENDERS" shall mean, at any time, Non-Defaulting
Lenders holding more than 50% of the aggregate outstanding Revolving Credit
Exposures of all Non-Defaulting Lenders at such time or if the Non-Defaulting
Lenders have no Revolving Credit Exposure outstanding, then Non-Defaulting
Lenders holding more than 50% of the Aggregate Revolving Commitments of all
Non-Defaulting Lenders; provided, that, for purposes of declaring the Loans to
be due and payable pursuant to Article VIII and for all purposes after the
Revolving Commitments expire or terminate, the outstanding Competitive Bid Loans
of a Lender shall be added to its Revolving Credit Exposure in determining the
Required Lenders.

                  "RESET DATE" shall have the meaning assigned to such term in
Section 10.14.

                  "RESPONSIBLE OFFICER" shall mean any of the president, the
chief executive officer, the chief operating officer, the chief financial
officer, the treasurer, controller or a vice president of the Borrower or such
other representative of the Borrower as may be designated in writing by any one
of the foregoing with the consent of the Administrative Agent; and, with respect
to the financial covenants only, the chief financial officer or the treasurer of
the Borrower.

                  "RESTRICTED INVESTMENT" shall mean Investments in joint
ventures and in Subsidiaries which are not Consolidated Subsidiaries.

                  "RESTRICTED PAYMENT" shall have the meaning set forth in
Section 7.5.

                  "REVOLVING COMMITMENT" shall mean, with respect to each
Lender, the obligation of such Lender to make Revolving Loans to the Borrower
and to participate in Letters of Credit and Swingline Loans in an aggregate
principal amount not exceeding the amount set forth with respect to such Lender
on the signature pages to this Agreement, or (i) in the case of a Lender
increasing its Revolving Commitment pursuant to Section 2.26 hereof, as
reflected in the applicable New Commitment Acknowledgment or (ii) in the case of
a Person becoming a Lender after the Funding Date, (x) the amount of the
assigned "Revolving Commitment" as provided in the Assignment and Acceptance
Agreement executed by such Person as an assignee, as the same may be changed
pursuant to the terms hereof or (y) the amount of the "Revolving Commitment" as
provided in the

                                       18

<PAGE>

Lender Joinder Agreement executed by such Person, as the same may be changed
pursuant to the terms hereof.

                  "REVOLVING CREDIT EXPOSURE" shall mean, with respect to any
Lender at any time, the sum at such time, without duplication, of (i) the Dollar
Equivalent of the outstanding principal amount of such Lender's Revolving Loans,
(ii) the Dollar Equivalent of such Lender's LC Exposure and (iii) the Dollar
Equivalent of such Lender's Swingline Exposure.

                  "REVOLVING CREDIT NOTE" shall mean a promissory note of the
Borrower payable to the order of a requesting Lender in the principal amount of
such Lender's Revolving Commitment, in substantially the form of Exhibit A.

                  "REVOLVING LOAN" shall mean a loan made by a Lender (other
than the Swingline Lender) to the Borrower under its Revolving Commitment, which
may be either a Base Rate Loan or a Eurocurrency Loan.

                  "SENIOR DEBT RATING" shall mean the credit ratings (including
indicative ratings if no actual debt has been rated) assigned from time to time
by either of the Rating Agencies to the senior, unsecured long-term debt
securities of the Borrower without third-party credit enhancement, whether or
not any such debt securities are actually outstanding, and any rating assigned
to any other debt security of the Borrower shall be disregarded. The rating in
effect on any date is that in effect at the close of business on such date. If
the Borrower is split-rated and (i) the ratings differential is one category,
the higher of the two ratings will apply or (ii) the ratings differential is
more than one category, the rate shall be determined by reference to the
category next above that of the lower of the two ratings. If the Borrower is
rated neither by Moody's nor S&P, then the applicable rate shall be established
by reference to Level IV as set forth in the "Pricing Grid" attached hereto as
Schedule I. If the rating system of Moody's and S&P shall change, or if Moody's
and S&P shall cease to be in the business of rating corporate debt obligations,
the Borrower, the Lenders and the Administrative Agent shall negotiate in good
faith to amend this definition to reflect such changed rating system or the
unavailability of ratings from such rating agency and, pending the effectiveness
of any such amendment, the Applicable Margin and the Applicable Percentage shall
be determined by reference to the rating most recently in effect prior to any
such change or cessation. If after a reasonable time the parties cannot agree to
a mutually acceptable amendment, the applicable rate shall be determined by
reference to Level IV as set forth in the "Pricing Grid" attached hereto as
Schedule I.

                  "S&P" shall mean Standard & Poor's.

                  "STANDARD SECURITIZATION UNDERTAKINGS" shall mean any
obligations and undertakings of the Borrower and any Consolidated Subsidiary
consisting of representations, warranties, covenants, and indeminities standard
in securitization transactions and related servicing of receivables.

                  "STATUTORY RESERVE RATE" shall mean, with respect to any
currency, a fraction (expressed as a decimal), the numerator of which is the
number 1 and the denominator of which is the number 1 minus the aggregate of the
maximum reserve, liquid asset or similar percentages

                                       19

<PAGE>

(including any marginal, special, emergency or supplemental reserves) expressed
as a decimal established by any Governmental Authority of the United States or
of the jurisdiction of such currency or any jurisdiction in which Loans in such
currency are made to which banks in such jurisdiction are subject for any
category of deposits or liabilities customarily used to fund loans in such
currency or by reference to which interest rates applicable to loans in such
currency are determined. Such reserve, liquid asset or similar percentages shall
include those imposed pursuant to Regulation D of the Board of Governors of the
Federal Reserve System. Eurocurrency Loans shall be deemed to be subject to such
reserve requirements without benefit of or credit for proration, exemptions or
offsets that may be available from time to time to any Lender under Regulation D
or any other applicable law, rule or regulation. The Statutory Reserve Rate
shall be adjusted automatically on and as of the effective date of any change in
any reserve percentage.

                  "SUBSIDIARY" shall mean, with respect to any Person (the
"PARENT"), any corporation, partnership, joint venture, limited liability
company, association or other entity the accounts of which would be consolidated
with those of the parent in the parent's consolidated financial statements if
such financial statements were prepared in accordance with GAAP as of such date,
as well as any other corporation, partnership, joint venture, limited liability
company, association or other entity of which securities or other ownership
interests representing more than 50% of the equity or more than 50% of the
ordinary voting power, or in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, Controlled or held.
Unless otherwise indicated, all references to "Subsidiary" hereunder shall mean
a Subsidiary of the Borrower.

                  "SWINGLINE COMMITMENT" shall mean the commitment of the
Swingline Lender to make Swingline Loans in an aggregate principal amount at any
time outstanding not to exceed $100,000,000.

                  "SWINGLINE EXPOSURE" shall mean, with respect to each Lender,
the principal amount of the Swingline Loans in which such Lender is legally
obligated either to make a Base Rate Loan or to purchase a participation in
accordance with Section 2.5, which shall equal such Lender's Pro Rata Share of
all outstanding Swingline Loans.

                  "SWINGLINE LENDER" shall mean SunTrust Bank, or any other
Lender that may agree to make Swingline Loans hereunder.

                  "SWINGLINE LOAN" shall mean a loan made to the Borrower by the
Swingline Lender under the Swingline Commitment.

                  "SWINGLINE NOTE" shall mean the promissory note of the
Borrower payable to the order of the Swingline Lender in the principal amount of
the Swingline Commitment, substantially the form of Exhibit C.

                  "SWINGLINE RATE" shall mean, for any Interest Period, either
the Base Rate or the rate as offered by the Swingline Lender and accepted by the
Borrower. The Borrower is under no obligation to accept such offered rate and
the Swingline Lender is under no obligation to provide such offered rate.

                                       20

<PAGE>

                  "SWINGLINE TERMINATION DATE" shall mean the date that is 5
Business Days prior to the Commitment Termination Date.

                  "SYNTHETIC LEASE" shall mean any synthetic lease, tax
retention operating lease or similar off-balance sheet financing product where
such transaction is considered borrowed money indebtedness for tax purposes but
is classified as an operating lease under GAAP. For purposes of the Loan
Documents, the Wisconsin and Florida leases described on Schedules 4.15 and 7.2
shall be deemed to be "Synthetic Leases" whether or not they otherwise comply
with the definition thereof.

                  "TARGET" shall mean the Trans-European Automated Real-Time
Gross Settlement Express Transfer system.

                  "TAXES" shall mean any and all present or future taxes,
levies, imposts, duties, deductions, charges or withholdings imposed by any
Governmental Authority.

                  "TOTAL ACQUISITION CONSIDERATION" shall mean as at the date of
any Acquisition, the sum of the following without duplication: (i) the amount of
any cash and fair market value of other property given as consideration,
including at such date the deferred payment of any such amounts, (ii) the amount
(determined by using the outstanding amount or the amount payable at maturity,
whichever is greater) of any obligations for money borrowed incurred, assumed or
acquired by the Borrower or any Subsidiary in connection with such Acquisition,
(iii) all amounts paid in respect of covenants not to compete and consulting
agreements that should be recorded on the financial statements of the Borrower
and its Subsidiaries in accordance with GAAP, and (iv) the aggregate fair market
value of all other consideration given by the Borrower or any Subsidiary
(including any shares of capital stock of the Borrower or any Subsidiary) in
connection with such Acquisition.

                  "TYPE", when used in reference to a Loan or Borrowing, refers
to whether the rate of interest on such Loan, or on the Loans comprising such
Borrowing, is determined by reference to the Adjusted LIBOR or the Base Rate
(or, in the case of a Competitive Bid Loan or Borrowing, the Fixed Rate).

                  "WHOLLY-OWNED SUBSIDIARY" shall mean any Subsidiary all of the
shares of capital stock or other ownership interests of which (except directors'
qualifying shares, or, in the case of any Subsidiary which is not organized or
created under the laws of the United States of America or any political
subdivision thereof, such nominal ownership interests which are required to be
held by third parties under the laws of the foreign jurisdiction under which
such Subsidiary was incorporated or organized) are at the time directly or
indirectly owned by the Borrower.

                  "WITHDRAWAL LIABILITY" shall mean liability to a Multiemployer
Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

                  SECTION 1.2. CLASSIFICATIONS OF LOANS AND BORROWINGS. For
purposes of this Agreement, Loans may be classified and referred to by Class
(e.g. a "Revolving Loan" or

                                       21

<PAGE>

"Competitive Bid Loan") or by Type (e.g. a "Eurocurrency Loan", "Base Rate Loan"
or "Fixed Rate Loan") or by Class and Type (e.g. "Revolving Eurocurrency Loan").
Borrowings also may be classified and referred to by Class (e.g. "Revolving
Borrowing") or by Type (e.g. "Eurocurrency Borrowing") or by Class and Type
(e.g. " Revolving Eurocurrency Borrowing").

                  SECTION 1.3. ACCOUNTING TERMS AND DETERMINATION. Unless
otherwise defined or specified herein, all accounting terms used herein shall be
interpreted, all accounting determinations hereunder shall be made, and all
financial statements required to be delivered hereunder shall be prepared, in
accordance with GAAP as in effect from time to time, applied on a basis
consistent (except for such changes approved by the Borrower's independent
public accountants) with the most recent audited consolidated financial
statement of the Borrower delivered pursuant to Section 5.1(a); provided, that
if the Borrower notifies the Administrative Agent that the Borrower wishes to
amend any covenant in Article VI to eliminate the effect of any change in GAAP
on the operation of such covenant (or if the Administrative Agent notifies the
Borrower that the Required Lenders wish to amend Article VI for such purpose),
then the Borrower's compliance with such covenant shall be determined on the
basis of GAAP in effect immediately before the relevant change in GAAP became
effective, until either such notice is withdrawn or such covenant is amended in
a manner satisfactory to the Borrower and the Required Lenders.

                  SECTION 1.4. TERMS GENERALLY. The definitions of terms herein
shall apply equally to the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The words "include", "includes" and
"including" shall be deemed to be followed by the phrase "without limitation".
The word "will" shall be construed to have the same meaning and effect as the
word "shall". In the computation of periods of time from a specified date to a
later specified date, the word "from" means "from and including" and the word
"to" means "to but excluding". Unless the context requires otherwise (i) any
definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document
as it was originally executed or as it may from time to time be amended,
supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (ii) any reference
herein to any Person shall be construed to include such Person's successors and
permitted assigns, (iii) the words "hereof", "herein" and "hereunder" and words
of similar import shall be construed to refer to this Agreement as a whole and
not to any particular provision hereof, (iv) all references to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles,
Sections, Exhibits and Schedules to this Agreement and (v) all references to a
specific time shall be construed to refer to the time in the city and state of
the Administrative Agent's principal office, unless otherwise indicated.

                                   ARTICLE II

                      AMOUNT AND TERMS OF THE COMMITMENTS

                  SECTION 2.1. GENERAL DESCRIPTION OF FACILITIES. Subject to and
upon the terms and conditions herein set forth, (i) the Lenders hereby establish
in favor of the Borrower and, as provided

                                       22

<PAGE>

in Section 2.25, any Designated Borrower a revolving credit facility pursuant to
which the Lenders severally agree (to the extent of each Lender's Pro Rata Share
up to such Lender's Revolving Commitment) to make Revolving Loans to the
Borrower and, as provided in Section 2.25, any Designated Borrower in accordance
with Section 2.2 and to offer in their sole discretion to make Competitive Bid
Loans in accordance with Section 2.6, (ii) the Issuing Bank agrees to issue
Letters of Credit in accordance with Section 2.24, (iii) the Swingline Lender
agrees to make Swingline Loans in accordance with Section 2.4, and (iv) each
Lender agrees to purchase a participation interest in the Letters of Credit and
the Swingline Loans pursuant to the terms and conditions hereof; provided, that
in no event shall the aggregate principal amount of all outstanding Revolving
Loans, Competitive Bid Loans, Swingline Loans and LC Exposure exceed at any time
the Aggregate Revolving Commitments from time to time in effect.

                  SECTION 2.2. REVOLVING LOANS. Subject to the terms and
conditions set forth herein, each Lender severally agrees to make Revolving
Loans to the Borrower and, as provided in Section 2.25, any Designated Borrower,
from time to time on any Business Day during the Availability Period, in an
aggregate principal amount outstanding at any time (determined in the case of
any Revolving Loan denominated in a Foreign Currency by reference to the Dollar
Equivalent thereof on such Business Day) that will not result in (a) the Dollar
Equivalent of such Lender's Revolving Credit Exposure (determined in accordance
with Section 10.14) exceeding such Lender's Revolving Commitment or (b) the
Dollar Equivalent of the sum of the aggregate Revolving Credit Exposures of all
Lenders (determined in accordance with Section 10.14) plus the Dollar Equivalent
of the aggregate principal amount of all Competitive Bid Loans (determined in
accordance with Section 10.14) exceeding the Aggregate Revolving Commitments.
During the Availability Period, the Borrower and, as provided in Section 2.25,
any Designated Borrower, shall be entitled to borrow, prepay and reborrow
Revolving Loans in accordance with the terms and conditions of this Agreement;
provided, that neither the Borrower nor any Designated Subsidiary may borrow or
reborrow should there exist a Default or Event of Default. Funding of any
Revolving Loans shall be in any combination of Dollars or a Foreign Currency as
specified by the Borrower as set forth in Section 2.3; provided that the Dollar
Equivalent amount of outstanding Revolving Loans and Competitive Bid Loans
funded in a Foreign Currency determined with respect to such Revolving Loans and
Competitive Bid Loans in accordance with Section 10.14 shall at no time exceed
the Foreign Currency Sublimit then in effect.

                  SECTION 2.3.      PROCEDURE FOR REVOLVING BORROWINGS.

                  (a)      The Borrower shall give the Administrative Agent
written notice (or telephonic notice promptly confirmed in writing) of each
Revolving Borrowing substantially in the form of Exhibit 2.3 attached hereto (a
"NOTICE OF REVOLVING BORROWING") (x) prior to 12:00 noon on the date of each
Base Rate Borrowing and (y) prior to 12:00 noon three (3) Business Days prior to
the requested date of each Eurocurrency Borrowing. Each Notice of Revolving
Borrowing shall be irrevocable and shall specify: (i) the identity of the
Borrower or Designated Borrower and the country (which shall be reasonably
satisfactory to the Administrative Agent) from which the Borrower or Designated
Borrower will make a Borrowing, (ii) the aggregate principal amount of such
Borrowing, (iii) the date of such Borrowing (which shall be a Business Day),
(iv) the Type of such Revolving Loan comprising such Borrowing, and (v) in the
case of a Eurocurrency Borrowing,

                                       23

<PAGE>

the requested currency and duration of the initial Interest Period applicable
thereto (subject to the provisions of the definition of Interest Period). Each
Revolving Borrowing shall consist entirely of Base Rate Loans or Eurocurrency
Loans, as the Borrower may request. The aggregate principal amount of each
Eurocurrency Borrowing shall be not less than $5,000,000 (or, if applicable, the
Dollar Equivalent thereof in the Foreign Currency in which such Eurocurrency
Borrowing is denominated) or a larger multiple of $1,000,000, (or, if
applicable, the Dollar Equivalent thereof in the Foreign Currency in which such
Eurocurrency Borrowing is denominated) and the aggregate principal amount of
each Base Rate Borrowing shall not be less than $1,000,000 or a larger multiple
of $100,000; provided, that Base Rate Loans made pursuant to Section 2.5 or
Section 2.24(c) may be made in lesser amounts as provided therein. At no time
shall the total number of Eurocurrency Borrowings outstanding at any time exceed
ten. In addition, at no time shall the total number of Eurocurrency Borrowings
outstanding at any time denominated in a Foreign Currency exceed six. Promptly
following the receipt of a Notice of Revolving Borrowing in accordance herewith,
the Administrative Agent shall advise each Lender of the details thereof and the
amount of such Lender's Revolving Loan to be made as part of the requested
Revolving Borrowing.

                  SECTION 2.4. SWINGLINE COMMITMENT. Subject to the terms and
conditions set forth herein, the Swingline Lender agrees to make Swingline Loans
to the Borrower, from time to time from the Funding Date to the Swingline
Termination Date, in an aggregate principal amount outstanding at any time not
to exceed the lesser of (i) the Swingline Commitment then in effect and (ii) the
difference between the Aggregate Revolving Commitments and the sum of (x) the
aggregate Revolving Credit Exposures of all Lenders and (y) the outstanding
Competitive Bid Loans; provided, that the Swingline Lender shall not be required
to make a Swingline Loan to refinance an outstanding Swingline Loan. The
Borrower shall be entitled to borrow, repay and reborrow Swingline Loans in
accordance with the terms and conditions of this Agreement.

                  SECTION 2.5. PROCEDURE FOR SWINGLINE BORROWING; ETC. (a) The
Borrower shall give the Administrative Agent written notice (or telephonic
notice promptly confirmed in writing) of each Swingline Borrowing ("Notice of
Swingline Borrowing") prior to 12:00 noon on the requested date of each
Swingline Borrowing. Each Notice of Swingline Borrowing shall be irrevocable and
shall specify: (i) the principal amount of such Swingline Loan, (ii) the date of
such Swingline Loan (which shall be a Business Day) and (iii) the account of the
Borrower to which the proceeds of such Swingline Loan should be credited. The
Administrative Agent will promptly advise the Swingline Lender of each Notice of
Swingline Borrowing. Each Swingline Loan shall accrue interest at the Swingline
Rate and shall have an Interest Period (subject to the definition thereof) as
agreed between the Borrower and the Swingline Lender. The aggregate principal
amount of each Swingline Loan shall be not less than $500,000 or a larger
multiple of $100,000, or such other minimum amounts agreed to by the Swingline
Lender and the Borrower. The Swingline Lender will make the proceeds of each
Swingline Loan available to the Borrower in Dollars in immediately available
funds at the account specified by the Borrower in the applicable Notice of
Swingline Borrowing not later than 3:00 p.m. on the requested date of such
Swingline Loan. The Administrative Agent will notify the Lenders on a quarterly
basis if any Swingline Loans occurred during such quarter.

                  (b)      If (i) any Swingline Loan matures and remains unpaid;
(ii) any Default or Event of Default occurs or (iii) the Swingline Lender's
total amount of outstanding aggregate

                                       24

<PAGE>

Revolving Credit Exposures and Swingline Loans exceed the Swingline Lender's
Revolving Commitment, the Swingline Lender may, on behalf of the Borrower (which
hereby irrevocably authorizes and directs the Swingline Lender to act on its
behalf), give a Notice of Revolving Borrowing to the Administrative Agent
requesting the Lenders (including the Swingline Lender) to make Base Rate Loans
in an amount equal to the unpaid principal amount of any Swingline Loan. Each
Lender will make the proceeds of its Base Rate Loan included in such Borrowing
available to the Administrative Agent for the account of the Swingline Lender in
accordance with Section 2.8, which will be used solely for the repayment of such
Swingline Loan.

                  (c)      If for any reason a Base Rate Borrowing may not be
(as determined in the sole discretion of the Administrative Agent), or is not,
made in accordance with the foregoing provisions, then each Lender (other than
the Swingline Lender) shall purchase an undivided participating interest in such
Swingline Loan in an amount equal to its Pro Rata Share thereof on the date that
such Base Rate Borrowing should have occurred. On the date of such required
purchase, each Lender shall promptly transfer, in immediately available funds,
the amount of its participating interest to the Administrative Agent for the
account of the Swingline Lender. If such Swingline Loan bears interest at a rate
other than the Base Rate, such Swingline Loan shall automatically become a Base
Rate Loan on the effective date of any such participation and interest shall
become payable on demand.

                  (d)      Each Lender's obligation to make a Base Rate Loan
pursuant to Section 2.5(b) or to purchase the participating interests pursuant
to Section 2.5(c) 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 that such Lender or any other Person may have
or claim against the Swingline Lender, the Borrower or any other Person for any
reason whatsoever, (ii) the existence of a Default or an Event of Default or the
termination of any Lender's Revolving Commitment, (iii) the existence (or
alleged existence) of any event or condition which has had or could reasonably
be expected to have a Material Adverse Effect, (iv) any breach of this Agreement
or any other Loan Document by the Borrower, the Administrative Agent or any
Lender or (v) any other circumstance, happening or event whatsoever, whether or
not similar to any of the foregoing. If such amount is not in fact made
available to the Swingline Lender by any Lender, the Swingline Lender shall be
entitled to recover such amount on demand from such Lender, together with
accrued interest thereon for each day from the date of demand thereof at the
Federal Funds Rate. Until such time as such Lender makes its required payment,
the Swingline Lender shall be deemed to continue to have outstanding Swingline
Loans in the amount of the unpaid participation for all purposes of the Loan
Documents. In addition, such Lender shall be deemed to have assigned any and all
payments made of principal and interest on its Loans and any other amounts due
to it hereunder, to the Swingline Lender to fund the amount of such Lender's
participation interest in such Swingline Loans that such Lender failed to fund
pursuant to this Section, until such amount has been purchased in full.

                  SECTION 2.6.      COMPETITIVE BID BORROWINGS.

                  (a)      Competitive Bid Option. Subject to the terms and
conditions set forth herein, from time to time during the Availability Period,
the Borrower (for itself or on behalf of any Designated Borrower) may request
the Lenders to submit Competitive Bids. Each Lender may, but

                                       25

<PAGE>

shall have no obligation to, make such Competitive Bids, and the Borrower may
(for itself or on behalf of any Designated Borrower), but shall have no
obligation to, accept any such Competitive Bids. At no time shall the number of
Competitive Bid Borrowings outstanding under this Section 2.6 exceed six in any
case, and at no time shall (i) the sum of the Dollar Equivalent of the aggregate
principal amount of outstanding Competitive Bid Loans plus the Dollar Equivalent
of the aggregate Revolving Credit Exposures of all Lenders exceed the Aggregate
Revolving Commitments or (ii) the Dollar Equivalent of the aggregate principal
amount of the outstanding Revolving Loans and Competitive Bid Loans of all
Lenders that have been funded in a Foreign Currency exceed the Foreign Currency
Sublimit. A Lender's Competitive Bid Loans shall not be deemed to constitute
usage of such Lender's Revolving Commitment.

                  (b)      Competitive Bid Requests. The Borrower (for itself or
on behalf of any Designated Borrower) may request Competitive Bids by delivering
a duly completed Competitive Bid Request to the Administrative Agent in writing
(or by telephone, immediately confirmed in writing), not later than 12:00 noon
(x) one (1) Business Day prior to the proposed date of the related Competitive
Bid Fixed Rate Borrowing, or (y) three (3) Business Days prior to the proposed
date of the related Competitive Bid Eurocurrency Borrowing. Each Competitive Bid
Request shall specify (i) the proposed date of such Borrowing (which shall be a
Business Day), (ii) the identity of the Borrower or Designated Borrower and the
country (which shall be reasonably satisfactory to the Administrative Agent)
from which the Borrower or Designated Borrower will make such Borrowing, (iii)
the aggregate amount of such Borrowing (which shall be in a minimum principal
amount of $5,000,000 (or, if applicable, the Dollar Equivalent thereof in the
Foreign Currency in which such Competitive Bid Eurocurrency Borrowing is
denominated) or a larger multiple of $1,000,000) (or, if applicable, the Dollar
Equivalent thereof in the Foreign Currency in which such Competitive Bid
Eurocurrency Borrowing is denominated), (iv) if such Borrowing is a Eurocurrency
Borrowing, the requested currency and duration of the Interest Period or
Interest Periods applicable thereto (subject to the provisions of the definition
of Interest Period), and (v) whether the Competitive Bids requested are to set
forth a Competitive Bid Margin or a Fixed Rate. A Competitive Bid Request which
does not conform substantially to the form of Exhibit 2.6-A may be rejected by
the Administrative Agent in its sole discretion, and the Administrative Agent
shall promptly notify the Borrower of such rejection by telecopy. The Borrower
(for itself or on behalf of any Designated Borrower) may request Competitive
Bids for up to three (3) different Interest Periods in each Competitive Bid
Request; provided, that the request for each separate Interest Period shall be
deemed to be a separate Competitive Bid Request for a separate Competitive Bid
Borrowing. No Competitive Bid Request shall be given within five (5) Business
Days of any other Competitive Bid Request, unless any and all such previous
Competitive Bid Requests shall have been withdrawn or all Competitive Bids
received in response thereto rejected. Promptly after its receipt of a
Competitive Bid Request which is not rejected as aforesaid, the Administrative
Agent shall promptly notify each Lender the details thereof by telecopy,
inviting the Lenders to submit Competitive Bids, in a notice substantially
similar to the form of Exhibit 2.6-B.

                  (c)      Competitive Bids.

                  (i)      Each Lender may, but shall have no obligation to,
submit one or more Competitive Bids, each containing an irrevocable offer to
make a Competitive Bid Loan in response

                                       26

<PAGE>

to a Competitive Bid Request; provided, that if the Borrower's Competitive Bid
Request (for itself or on behalf of any Designated Borrower) specified more than
one Interest Period, such Lender may make a single submission containing a
separate offer for each Interest Period and each such separate offer shall be
deemed to be a separate Competitive Bid. Each Competitive Bid by a Lender must
be received by the Administrative Agent by telecopy not later than (x) in the
case of a Competitive Bid Eurocurrency Borrowing, 2:00 p.m. on the third
Business Day prior to the proposed date of Borrowing, and (y) in the case of an
Competitive Bid Fixed Rate Borrowing, 9:00 a.m. on the day of the proposed
Borrowing; provided, that if the Administrative Agent (or any Affiliate of the
Administrative Agent) elects to submit a Competitive Bid in its capacity as a
Lender, it shall submit such Competitive Bid directly to the Borrower at least
15 minutes prior to the deadline for the other Lenders.

                  (ii)     Each Competitive Bid shall specify (A) the principal
amount (which shall be a minimum principal amount of $5,000,000 (or the Dollar
Equivalent thereof in the Foreign Currency in which such Competitive Bid Loan is
denominated) or a larger multiple of $1,000,000) (or the Dollar Equivalent
thereof in the Foreign Currency in which such Competitive Bid Loan is
denominated) of each Competitive Bid Loan and the Interest Period applicable
thereto and the aggregate principal amount of all Competitive Bid Loans for all
Interest Periods (which principal amount may be greater than the Revolving
Commitment of such Lender but which may not exceed the aggregate principal
amount of Competitive Bid Loans for each Interest Period for which Competitive
Bid Requests were requested) and (B) the Competitive Bid Rate or Rates at which
such Lender is prepared to make such Loan or Loans (expressed as a percentage
rate per annum in the form of a decimal to no more than four decimal places).
Competitive Bids that do not conform substantially to Exhibit 2.6-C may be
rejected by the Administrative Agent, and the Administrative Agent shall notify
the applicable Lender as promptly as possible.

                  (iii)    No Competitive Bid shall contain qualifying,
conditional or similar language or propose terms other than or in addition to
those set forth in the applicable Competitive Bid Request, and in particular, no
Competitive Bid may be conditioned upon the acceptance by the Borrower (for
itself or on behalf of any Designated Borrower) of all (or some specified
minimum) of the principal amount of the Competitive Bid Loan for which the
Competitive Bid was made.

                  (iv)     After the Competitive Bids have been submitted, the
Administrative Agent shall promptly notify by telecopy the Borrower of (A) the
aggregate principal amount of the Competitive Bid Borrowing for which offers
have been received and (B) the principal amounts and Competitive Bid Rates so
offered by each Lender (and the identity of such Lender).

                  (d)      Acceptance by Borrower. Subject only to the
provisions of this paragraph, the Borrower (for itself or on behalf of any
Designated Borrower) may accept or reject any Competitive Bid. The Borrower (for
itself or on behalf of any Designated Borrower) shall notify the Administrative
Agent by telephone, confirmed by telecopy in a form approved by the
Administrative Agent, whether and to what extent it has decided to accept or
reject each Competitive Bid, in the case of a Eurocurrency Competitive Bid
Borrowing, not later than 12:30 p.m. three Business Days before the date of the
proposed Competitive Bid Borrowing, and in the case of a Fixed Rate Borrowing,
not later than 11:00 a.m. on the proposed date of the Competitive Bid Borrowing;
provided, that (i) the

                                       27

<PAGE>

failure of the Borrower to give such notice shall be deemed to be a rejection of
each Competitive Bid, (ii) the Borrower (for itself or on behalf of any
Designated Borrower) shall not accept a Competitive Bid made at a particular
Competitive Bid Rate if the Borrower rejects a Competitive Bid made at a lower
Competitive Bid Rate, (iii) the aggregate amount of the Competitive Bids
accepted by the Borrower (for itself or on behalf of any Designated Borrower)
shall not exceed the aggregate amount of the requested Competitive Bid Borrowing
specified in the related Competitive Bid Request, (iv) to the extent necessary
to comply with clause (iii) above, the Borrower (for itself or on behalf of any
Designated Borrower) may accept Competitive Bids at the same Competitive Bid
Rate in part, which acceptance, in the case of multiple Competitive Bids at such
Competitive Bid Rate, shall be made pro rata in accordance with the amount of
each such Competitive Bid, and (v) except pursuant to clause (iv) above, no
Competitive Bid shall be accepted for a Competitive Bid Loan unless such
Competitive Loan is in a minimum principal amount of $5,000,000 (or the Dollar
Equivalent thereof in the Foreign Currency in which such Competitive Bid Loan is
denominated) and an integral multiple of $1,000,000 (or the Dollar Equivalent
thereof in the Foreign Currency in which such Competitive Bid Loan is
denominated); provided, further, that if a Competitive Bid Loan must be in an
amount less than $5,000,000 (or the Dollar Equivalent thereof in the Foreign
Currency in which such Competitive Bid Loan is denominated) because of the
provisions of clause (iv) above, such Competitive Bid Loan may be for a minimum
of $1,000,000 (or the Dollar Equivalent thereof in the Foreign Currency in which
such Competitive Bid Loan is denominated) or any integral multiple thereof, and
in calculating the pro rata allocation of acceptances of portions of multiple
Competitive Bids at a particular Competitive Bid Rate pursuant to clause (iv)
the amounts shall be rounded to integral multiples of $1,000,000 (or the Dollar
Equivalent thereof in the Foreign Currency in which such Competitive Bid Loan is
denominated) in a manner determined by the Borrower. A notice given by the
Borrower (whether for itself or on behalf of any Designated Borrower) pursuant
to this paragraph shall be irrevocable.

                  (e)      The Administrative Agent shall promptly notify by
telecopy each Lender that made a Competitive Bid whether its Competitive Bid was
accepted (and if so, the amount and the Competitive Bid Rate so accepted), and
each successful bidding Lender will thereupon become bound, subject to the terms
and conditions hereof, to make the Competitive Bid Loan in respect of which its
Competitive Bid was accepted. Upon determination by the Administrative Agent of
the Adjusted LIBOR applicable to any Competitive Bid Eurocurrency Borrowing, to
be made by a Lender pursuant to a Competitive Bid which has been accepted, the
Administrative Agent shall notify the Borrower (for itself or on behalf of any
Designated Borrower) and such Lender of such applicable Adjusted LIBOR. With
respect to Competitive Bid Eurocurrency Loans, each such Lender shall, not later
than 2:00 p.m. on the date specified for the making of such Competitive Bid
Loan, make the amount of such Loan available to the Administrative Agent at the
Payment Office in immediately available funds for the account of the Borrower or
any Designated Borrower and the amount so received by the Administrative Agent
shall be made available to the Borrower or any Designated Borrower in
immediately available funds at the account specified by the Borrower or any
Designated Borrower to the Administrative Agent not later than 4:00 p.m. on such
date.

                  SECTION 2.7. MULTI-CURRENCY BORROWINGS. The Borrower may
request funding of Eurocurrency Borrowings in any applicable Foreign Currency.

                                       28

<PAGE>

                  SECTION 2.8. FUNDING OF BORROWINGS.

                  (a)      Each Lender will make available each Borrowing in
Dollars of Eurocurrency Loans, Base Rate Loans and Competitive Bid Fixed Rate
Loans to be made by it hereunder on the proposed date thereof by wire transfer
in immediately available funds by 2:00 p.m. to the Administrative Agent at the
Payment Office; provided, that the Swingline Loans will be made as set forth in
Section 2.5. If such Borrowing is a Eurocurrency Borrowing denominated in a
Foreign Currency, not later than 2:00 p.m. (local time at the bank where the
applicable Foreign Currency Payment Account is maintained) each Lender will make
available its Pro Rata Share of such Borrowing, in funds immediately available
in the applicable Foreign Currency Payment Account for the benefit of the
Administrative Agent and according to the payment instructions of the
Administrative Agent. The Administrative Agent will make such Loans available to
the Borrower by promptly crediting the amounts that it receives, in like funds
by the close of business on such proposed date, to an account maintained by the
Borrower with the Administrative Agent or at the Borrower's option, by effecting
a wire transfer of such amounts to an account designated by the Borrower to the
Administrative Agent.

                  (b)      Unless the Administrative Agent shall have been
notified by any Lender prior to (i) in the case of Base Rate Borrowings, 1 p.m.
on the date of such Borrowing in which such Lender is participating or (ii) in
the case of Eurocurrency Borrowings, 5 p.m. one (1) Business Day prior to the
date of a Borrowing in which such Lender is participating, that such Lender will
not make available to the Administrative Agent such Lender's share of such
Borrowing, the Administrative Agent may assume that such Lender has made such
amount available to the Administrative Agent on such date, and the
Administrative Agent, in reliance on such assumption, may make available to the
Borrower on such date a corresponding amount. If such corresponding amount is
not in fact made available to the Administrative Agent by such Lender on the
date of such Borrowing, the Administrative Agent shall be entitled to recover
such corresponding amount on demand from such Lender together with interest at a
rate per annum equal to the Administrative Agent's cost of funds for such amount
for up to two (2) days and thereafter at the rate specified for such Borrowing.
If such Lender does not pay such corresponding amount forthwith upon the
Administrative Agent's demand therefor, the Administrative Agent shall promptly
notify the Borrower, and the Borrower shall immediately pay such corresponding
amount to the Administrative Agent together with interest at the rate specified
for such Borrowing. Nothing in this subsection shall be deemed to relieve any
Lender from its obligation to fund its Pro Rata Share of any Borrowing hereunder
or to prejudice any rights which the Borrower may have against any Lender as a
result of any default by such Lender hereunder.

                  (c)      All Revolving Borrowings shall be made by the Lenders
on the basis of their respective Pro Rata Shares. No Lender shall be responsible
for any default by any other Lender in its obligations hereunder, and each
Lender shall be obligated to make its Loans provided to be made by it hereunder,
regardless of the failure of any other Lender to make its Loans hereunder.

                  SECTION 2.9. INTEREST ELECTIONS; CONVERSIONS; CONTINUATIONS.

                                       29

<PAGE>

                  (a)      Each Borrowing initially shall be of the Type
specified in the applicable Notice of Borrowing, and in the case of a
Eurocurrency Borrowing, shall have an initial Interest Period as specified in
such Notice of Borrowing. Thereafter, the Borrower may elect to convert such
Borrowing into a different Type or to continue such Borrowing (subject to
satisfaction of any conditions applicable to Borrowings of that Type), and in
the case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all
as provided in this Section. The Borrower may elect different options with
respect to different portions of the affected Borrowing, in which case each such
portion shall be allocated ratably among the Lenders holding Loans comprising
such Borrowing, and the Loans comprising each such portion shall be considered a
separate Borrowing. This Section 2.9 shall NOT apply to Eurocurrency Borrowings
denominated in a Foreign Currency (other than continuations in the same Foreign
Currency which shall be permitted), Competitive Bid Borrowings or Swingline
Borrowings, which may not be converted or continued.

                  (b)      To make an election pursuant to this Section, the
Borrower shall give the Administrative Agent prior written notice (or telephonic
notice promptly confirmed in writing) of each Borrowing (a "NOTICE OF
CONVERSION/CONTINUATION") that is to be converted or continued, as the case may
be, (x) prior to 12:00 noon one (1) Business Day prior to the requested date of
a conversion into a Base Rate Borrowing and (y) prior to 12:00 noon three (3)
Business Days prior to a continuation of or conversion into a Eurocurrency
Borrowing. Each such Notice of Conversion/Continuation shall be irrevocable and
shall specify (i) the Borrowing to which such Notice of Continuation/Conversion
applies and if different options are being elected with respect to different
portions thereof, the portions thereof that are to be allocated to each
resulting Borrowing (in which case the information to be specified pursuant to
clauses (iii) and (iv) shall be specified for each resulting Borrowing); (ii)
the effective date of the election made pursuant to such Notice of
Continuation/Conversion, which shall be a Business Day, (iii) whether the
resulting Borrowing is to be a Base Rate Borrowing or a Eurocurrency Borrowing;
and (iv) if the resulting Borrowing is to be a Eurocurrency Borrowing, the
requested currency which shall be the same currency as the original Borrowing
and the duration of the Interest Period applicable thereto after giving effect
to such election, which shall be a period contemplated by the definition of
"Interest Period". If any such Notice of Continuation/Conversion requests a
Eurocurrency Borrowing but does not specify an Interest Period, the Borrower
shall be deemed to have selected an Interest Period of one month. The principal
amount of any resulting Borrowing shall satisfy the minimum borrowing amount for
Eurocurrency Borrowings and Base Rate Borrowings set forth in Section 2.3.

                  (c)      If, on the expiration of any Interest Period in
respect of any Eurocurrency Borrowing, the Borrower shall have failed to deliver
a Notice of Conversion/Continuation, then, unless such Borrowing is repaid as
provided herein, the Borrower shall be deemed to have elected to convert such
Borrowing to a Base Rate Borrowing. No Borrowing may be converted into, or
continued as, a Eurocurrency Borrowing if a Default or an Event of Default
exists, unless the Administrative Agent and each of the Lenders shall have
otherwise consented in writing. No conversion of any Eurocurrency Loans shall be
permitted except on the last day of the Interest Period in respect thereof.

                                       30

<PAGE>

                  (d)      Upon receipt of any Notice of
Conversion/Continuation, the Administrative Agent shall promptly notify each
Lender of the details thereof and of such Lender's portion of each resulting
Borrowing.

                  SECTION 2.10. OPTIONAL REDUCTION AND TERMINATION OF
COMMITMENTS.

                  (a)      Unless previously terminated, all Revolving
Commitments shall terminate on the Commitment Termination Date, except that the
Swingline Commitment shall terminate on the Swingline Termination Date.

                  (b)      Upon at least three (3) Business Days' prior written
notice (or telephonic notice promptly confirmed in writing) to the
Administrative Agent (which notice shall be irrevocable), the Borrower may
reduce the Aggregate Revolving Commitments in part or terminate the Aggregate
Revolving Commitments in whole; provided, that (i) any partial reduction shall
apply to reduce proportionately and permanently the Revolving Commitment of each
Lender, (ii) any partial reduction pursuant to this Section 2.10 shall be in an
amount of at least $5,000,000 and any larger multiple of $1,000,000, and (iii)
no such reduction shall be permitted which would reduce the Aggregate Revolving
Commitments to an amount less than the Dollar Equivalent of the outstanding
Revolving Credit Exposures of all Lenders (determined in accordance with Section
10.14) plus the Dollar Equivalent of the outstanding principal amount of all
Competitive Bid Loans (determined in accordance with Section 10.14).

                  SECTION 2.11. REPAYMENT OF LOANS.

                  (a)      The outstanding principal amount of all Revolving
Loans shall be due and payable (together with accrued and unpaid interest
thereon) on the Commitment Termination Date; provided, however, the outstanding
principal amount of all Eurocurrency Loans denominated in a Foreign Currency
shall be due and payable (together with accrued and unpaid interest thereon) on
the last day of the Interest Period.

                  (b)      The principal amount of each Competitive Bid
Borrowing shall be due and payable (together with accrued and unpaid interest
thereon) on the earlier of (i) the last day of the Interest Period applicable to
such Borrowing and (ii) the Commitment Termination Date.

                  (c)      The principal amount of each Swingline Borrowing
shall be due and payable (together with accrued interest thereon) on the earlier
of (i) the last day of the Interest Period applicable to such Borrowing and (ii)
the Swingline Termination Date.

                  (d)      On each date on which the Aggregate Revolving
Commitments are reduced pursuant to Section 2.10, the Borrower shall repay or
prepay such principal amount of the outstanding Loans, if any (together with
interest accrued thereon), as may be necessary so that after such repayment or
payment the Dollar Equivalent of the aggregate outstanding Revolving Loans
(determined in accordance with Section 10.14) plus the Dollar Equivalent of the
outstanding principal amount of all Competitive Bid Loans (determined in
accordance with Section 10.14) does not exceed the Aggregate Revolving
Commitments as then reduced.

                                       31

<PAGE>

                  (e)      If the Administrative Agent determines that, as of
any Calculation Date, (i) the sum of the Dollar Equivalent of the aggregate
principal amount of outstanding Revolving Loans, Swingline Loans, Competitive
Bid Loans and LC Exposures exceeds 105% of the Aggregate Revolving Commitment
then in effect, or (ii) the sum of the Dollar Equivalent of the aggregate
principal amount of outstanding Revolving Loans and Competitive Bid Loans
denominated in a Foreign Currency exceeds 105% of the Foreign Currency Sublimit,
then, in either case, the Borrower shall prepay Revolving Loans and/or
Competitive Bid Loans in an aggregate amount sufficient to eliminate such excess
no later than the second Business Day following such notice. Promptly upon
determining the need to make any such prepayment, the Administrative Agent shall
notify the Borrower of such required prepayment and of the identity of the
particular Revolving Loans and/or Competitive Bid Loans to be prepaid. Any
mandatory prepayment of Revolving Loans and/or Competitive Bid Loans pursuant
hereto shall not be limited by the notice provision for prepayment set forth in
Section 2.13. Each such prepayment shall be accompanied by a payment of all
accrued and unpaid interest on the Loans prepaid and any applicable breakage
fees and funding losses pursuant to Section 2.20.

                  SECTION 2.12. EVIDENCE OF INDEBTEDNESS. (a) Each Lender shall
maintain in accordance with its usual practice appropriate records evidencing
the indebtedness of the Borrower to such Lender resulting from each Loan made by
such Lender from time to time, including the amounts of principal and interest
payable thereon and paid to such Lender from time to time under this Agreement.
The Administrative Agent shall maintain appropriate records in which shall be
recorded (i) the Revolving Commitment of each Lender, (ii) the amount and
currency of each Loan made hereunder by each Lender, the Class and Type thereof
and the Interest Period applicable thereto, (iii) the date of each continuation
thereof pursuant to Section 2.9, (iv) the date of each conversion of all or a
portion thereof to another Type pursuant to Section 2.9, (v) the date and amount
of any principal or interest due and payable or to become due and payable from
the Borrower to each Lender hereunder in respect of such Loans and (vi) both the
date and amount of any sum received by the Administrative Agent hereunder from
the Borrower in respect of the Loans and each Lender's Pro Rata Share thereof.
The entries made in such records shall be prima facie evidence of the existence
and amounts of the obligations of the Borrower therein recorded; provided, that
the failure or delay of any Lender or the Administrative Agent in maintaining or
making entries into any such record or any error therein shall not in any manner
affect the obligation of the Borrower to repay the Loans (both principal and
unpaid accrued interest) of such Lender in accordance with the terms of this
Agreement.

                  (b)      At the request of any Lender (including the Swingline
Lender) at any time, the Borrower agrees that it will execute and deliver to
such Lender a Revolving Credit Note, and/or a Competitive Bid Note and, in the
case of the Swingline Lender only, a Swingline Note, payable to the order of
such Lender.

                  SECTION 2.13. OPTIONAL PREPAYMENTS.

                  (a)      The Borrower shall have the right at any time and
from time to time to prepay any Borrowing, in whole or in part, without premium
or penalty, by giving irrevocable written notice

                                       32

<PAGE>

(or telephonic notice promptly confirmed in writing) to the Administrative Agent
no later than (i) in the case of prepayment of any Eurocurrency Borrowing, 12:00
noon not less than three (3) Business Days prior to any such prepayment, (ii) in
the case of any prepayment of any Base Rate Borrowing, not less than one
Business Day prior to the date of such prepayment, and (iii) in the case of
Swingline Borrowings, prior to 12:00 noon on the date of such prepayment. Each
such notice shall be irrevocable and shall specify the proposed date of such
prepayment and the principal amount of each Borrowing or portion thereof to be
prepaid. Upon receipt of any such notice, the Administrative Agent shall
promptly notify each affected Lender of the contents thereof and of such
Lender's Pro Rata Share of any such prepayment. If such notice is given, the
aggregate amount specified in such notice shall be due and payable on the date
designated in such notice, together with accrued interest to such date on the
amount so prepaid in accordance with Section 2.14(e); provided, that if a
Eurocurrency Borrowing is prepaid on a date other than the last day of an
Interest Period applicable thereto, the Borrower shall also pay all amounts
required pursuant to Section 2.20. Each partial prepayment of any Loan (other
than a Swingline Loan) shall be in an amount that would be permitted in the case
of an advance of a Revolving Borrowing of the same Type pursuant to Section 2.3
or in the case of a Swingline Loan pursuant to Section 2.5. Each prepayment of a
Borrowing shall be applied ratably to the Loans comprising such Borrowing.

                  (b) Except as otherwise provided herein, the Borrower may not
prepay any Competitive Bid Loan except with the prior written consent of the
affected Lender.

                  SECTION 2.14. INTEREST ON LOANS.

                  (a)      The Borrower shall pay interest (i) on each Base Rate
Loan at the Base Rate in effect from time to time, and (ii) on each Eurocurrency
Loan at the Adjusted LIBOR for the applicable Interest Period in effect for such
Loan, plus, in each case, the Applicable Margin in effect from time to time.

                  (b)      The Borrower shall pay interest (i) on each
Competitive Bid Eurocurrency Loan at the Adjusted LIBOR for the applicable
Interest Period in effect for such Loan, plus (or minus) the Competitive Bid
Margin quoted by the Lender making such Loan pursuant to Section 2.6(c) and
accepted by the Borrower pursuant to Section 2.6(d), and (ii) on each
Competitive Bid Fixed Rate Loan, at the Fixed Rate quoted by the Lender making
such Loan pursuant to Section 2.6(c) and accepted by the Borrower pursuant to
Section 2.6(d).

                  (c)      The Borrower shall pay interest on each Swingline
Loan at the Swingline Rate in effect from time to time.

                  (d)      While an Event of Default exists or after
acceleration, at the option of the Required Lenders, the Borrower shall pay
interest ("DEFAULT INTEREST") with respect to all Eurocurrency Loans and
Competitive Bid Fixed Rate Loans at the rate otherwise applicable for the
then-current Interest Period plus an additional 2% per annum until the last day
of such Interest Period, and thereafter, and with respect to all Base Rate Loans
(including all Swingline Loans) and all other Obligations hereunder (other than
Loans), at an all-in rate in effect for Base Rate Loans, plus an additional 2%
per annum.

                                       33

<PAGE>

                  (e)      Interest on the principal amount of all Loans shall
accrue from and including the date such Loans are made to but excluding the date
of any repayment thereof. Interest on all outstanding Base Rate Loans shall be
payable quarterly in arrears on the last day of each March, June, September and
December and on the Commitment Termination Date. Interest on all outstanding
Eurocurrency Loans and all outstanding Competitive Bid Fixed Rate Loans shall be
payable on the last day of each Interest Period applicable thereto, and, in the
case of any Eurocurrency Loans and Competitive Bid Fixed Rate Loans having an
Interest Period in excess of three months or 90 days, respectively, on each day
which occurs every three months or 90 days, as the case may be, after the
initial date of such Interest Period, and on the Commitment Termination.
Interest on each Swingline Loan shall be payable on the maturity date of such
Loan, which shall be the last day of the Interest Period applicable thereto, and
on the Swingline Termination Date. Interest on any Loan which is converted into
a Loan of another Type or which is repaid or prepaid shall be payable on the
date of such conversion or on the date of any such repayment or prepayment (on
the amount repaid or prepaid) thereof. All Default Interest shall be payable on
demand.

                  (f)      The Administrative Agent shall determine each
interest rate applicable to the Loans hereunder and shall promptly notify the
Borrower and the Lenders of such rate in writing (or by telephone, promptly
confirmed in writing). Any such determination shall be conclusive and binding
for all purposes, absent manifest error.

                  SECTION 2.15. FEES.

                  (a)      The Borrower shall pay to the Administrative Agent
for its own account fees in the amounts and at the times previously agreed upon
by the Borrower and the Administrative Agent.

                  (b)      Facility Fee. The Borrower agrees to pay to the
Administrative Agent for the account of each Lender a facility fee, which shall
accrue at the Applicable Percentage (determined daily in accordance with
Schedule I) on the daily amount of the Revolving Commitment (whether used or
unused) of such Lender from the Funding Date through the Commitment Termination
Date; provided, that if such Lender continues to have any Revolving Credit
Exposure after the Commitment Termination Date, then the facility fee shall
continue to accrue from and after the Commitment Termination Date to the date
that all of such Lender's Revolving Credit Exposure has been paid in full.
Accrued facility fees shall be payable in arrears on the last day of each March,
June, September and December of each year and on the Commitment Termination
Date, commencing on the first such date after the Execution Date; provided,
further, that any facility fees accruing after the Commitment Termination Date
shall be payable on demand.

                  (c)      Letter of Credit Fees. The Borrower agrees to pay (i)
to the Administrative Agent, for the account of each Lender, a letter of credit
fee with respect to its participation in each Letter of Credit, which shall
accrue at the Applicable Percentage then in effect on the average daily amount
of such Lender's LC Exposure (excluding any portion thereof attributable to
unreimbursed LC Disbursements) attributable to such Letter of Credit during the
period from and including the date of issuance of such Letter of Credit to but
excluding the date on which such Letter expires or is

                                       34

<PAGE>

drawn in full (including without limitation any LC Exposure that remains
outstanding after the Commitment Termination Date) and (ii) to the Issuing Bank
for its own account a fronting fee, which shall accrue at the rate of 0.125% per
annum on the average daily amount of the LC Exposure (excluding any portion
thereof attributable to Unreimbursed LC Disbursements) during the Availability
Period (or until the date that such Letter of Credit is irrevocably cancelled,
whichever is later), as well as the Issuing Bank's standard fees with respect to
issuance, amendment, renewal or extension of any Letter of Credit or processing
of drawings thereunder. While an Event of Default exists or after acceleration,
at the option of the Required Lenders, the Borrower shall pay to the
Administrative Agent, for the account of each Lender, a letter of credit fee
with respect to its participation in each Letter of Credit, which shall accrue
at the rate otherwise applicable plus an additional 2% per annum until the date
on which such Letter expires or is drawn in full (including without limitation
any LC Exposure that remains outstanding after the Commitment Termination Date).

                  (d)      Payments. Accrued fees shall be payable quarterly in
arrears on the last day of each of March, June, September and December,
commencing on September 30, 2003 and on the Commitment Termination Date (and if
later, the date the Loans and LC Exposure shall be repaid in their entirety).

                  SECTION 2.16. COMPUTATION OF INTEREST AND FEES. Interest based
on the prime lending rate hereunder shall be computed on the basis of a year of
365 days (or 366 days in a leap year) and paid for the actual number of days
elapsed (including the first day but excluding the last day). All other interest
and all fees shall be computed on the basis of a year of 360 days (except for
any Eurocurrency Loans outstanding in British pounds sterling, which shall be
computed on the basis of a year of 365 or 366 days, as the case may be) and paid
for the actual number of days elapsed (including the first day but excluding the
last day). Each determination by the Administrative Agent of an interest amount
or fee hereunder shall be made in good faith and, except for manifest error,
shall be final, conclusive and binding for all purposes.

                  SECTION 2.17. INABILITY TO DETERMINE INTEREST RATES. If prior
to the commencement of any Interest Period for any Eurocurrency Borrowing,

                  (i)      the Administrative Agent shall have determined (which
         determination shall be conclusive and binding upon the Borrower) that,
         by reason of circumstances affecting the relevant interbank market,
         adequate means do not exist for ascertaining the LIBOR Rate for such
         Interest Period, or

                  (ii)     the Administrative Agent shall have received notice
         from the Required Lenders (or in the case of a Eurocurrency Competitive
         Bid Loan, the Lender required to make such Loan) that the Adjusted
         LIBOR does not adequately and fairly reflect the cost to such Lenders
         (or Lender, as the case may be) of making, funding or maintaining their
         (or its, as the case may be) Eurocurrency Loans for such Interest
         Period,

the Administrative Agent shall give written notice (or telephonic notice,
promptly confirmed in writing) to the Borrower and to the Lenders (or in the
case of a Eurocurrency Competitive Bid Loan,

                                       35

<PAGE>

the affected Lender) as soon as practicable thereafter. In the case of a
Eurocurrency Competitive Bid Borrowing, the related Competitive Bid Request
shall be cancelled and the Lender or Lenders shall not have any obligation to
make such Eurocurrency Competitive Bid Borrowing. In the case of Eurocurrency
Loans, until the Administrative Agent shall notify the Borrower and the Lenders
that the circumstances giving rise to such notice no longer exist, (i) the
obligations of the Lenders to make Eurocurrency Revolving Loans or to continue
or convert outstanding Loans as or into Eurocurrency Loans shall be suspended
and (ii) all such affected Loans shall automatically, on the last day of the
then current Interest Period applicable thereto unless the Borrower or the
applicable Designated Borrower prepays such Loans in accordance with this
Agreement, (A) if such Loans are Eurocurrency Loans, be converted into Base Rate
Loans and (B) if such Loans are Eurocurrency Loans denominated in a Foreign
Currency, be exchanged for the Dollar Equivalent thereof and converted into Base
Rate Loans. Unless the Borrower notifies the Administrative Agent at least one
Business Day before the date of any Eurocurrency Revolving Borrowing for which a
Notice of Revolving Borrowing has previously been given that it elects not to
borrow on such date, then such Revolving Borrowing shall be made as a Base Rate
Borrowing.

                  SECTION 2.18. ILLEGALITY. If any Change in Law shall make it
unlawful or impossible for any Lender to make, maintain or fund any Eurocurrency
Loan and such Lender shall so notify the Administrative Agent, the
Administrative Agent shall promptly give notice thereof to the Borrower and the
other Lenders, whereupon until such Lender notifies the Administrative Agent and
the Borrower that the circumstances giving rise to such suspension no longer
exist, the obligation of such Lender to make Eurocurrency Revolving Loans or to
continue or convert outstanding Loans as or into Eurocurrency Loans shall be
suspended. In the case of the making of a Eurocurrency Revolving Borrowing, such
Lender's Revolving Loan shall be made as a Base Rate Loan as part of the same
Revolving Borrowing for the same Interest Period and if the affected
Eurocurrency Loan is then outstanding, such Loan shall be converted to a Base
Rate Loan either (i) on the last day of the then current Interest Period
applicable to such Eurocurrency Loan if such Lender may lawfully continue to
maintain such Loan to such date or (ii) immediately if such Lender shall
determine that it may not lawfully continue to maintain such Eurocurrency Loan
to such date. In the case of the making of a Eurocurrency Revolving Borrowing
denominated in a Foreign Currency, such Lender's Revolving Loan shall be made as
a Base Rate Loan as part of the same Revolving Borrowing for the same Interest
Period and if the affected Loan is then outstanding, such Loan shall be
exchanged for the Dollar Equivalent thereof and converted to a Base Rate Loan
either (i) on the last day of the then current Interest Period applicable to
such Loan if such Lender may lawfully continue to maintain such Loan to such
date or (ii) immediately if such Lender shall determine that it may not lawfully
continue to maintain such Loan to such date. Notwithstanding the foregoing, the
affected Lender shall, prior to giving such notice to the Administrative Agent,
designate a different Applicable Lending Office if such designation would avoid
the need for giving such notice and if such designation would not otherwise be
disadvantageous to such Lender in the good faith exercise of its discretion.

                  SECTION 2.19. INCREASED COSTS.

                  If any Change in Law shall:

                                       36

<PAGE>

                  (i)      impose, modify or deem applicable any reserve,
         special deposit or similar requirement that is not otherwise included
         in the determination of the Adjusted LIBOR hereunder against assets of,
         deposits with or for the account of, or credit extended by, any Lender
         (except any such reserve requirement reflected in the Adjusted LIBOR )
         or the Issuing Bank; OR

                  (ii)     impose on any Lender or on the Issuing Bank or the
         eurocurrency interbank market any other condition affecting this
         Agreement or any Eurocurrency Loans made by such Lender or any Letter
         of Credit or any participation therein;

and the result of the foregoing is to increase the cost to such Lender of
making, converting into, continuing or maintaining a Eurocurrency Loan or to
increase the cost to such Lender or the Issuing Bank of participating in or
issuing any Letter of Credit or to reduce the amount received or receivable by
such Lender or the Issuing Bank hereunder (whether of principal, interest or any
other amount), then the Borrower shall promptly pay, upon written notice from
and demand by such Lender on the Borrower (with a copy of such notice and demand
to the Administrative Agent), to the Administrative Agent for the account of
such Lender, within five Business Days after the date of such notice and demand,
additional amount or amounts sufficient to compensate such Lender or the Issuing
Bank, as the case may be, for such additional costs incurred or reduction
suffered.

                  (b)      If any Lender or the Issuing Bank shall have
determined that on or after the date of this Agreement any Change in Law
regarding capital requirements has or would have the effect of reducing the rate
of return on such Lender's or the Issuing Bank's capital (or on the capital of
such Lender's or the Issuing Bank's parent corporation) as a consequence of its
obligations hereunder or under or in respect of any Letter of Credit to a level
below that which such Lender or the Issuing Bank or such Lender's or the Issuing
Bank's parent corporation could have achieved but for such Change in Law (taking
into consideration such Lender's or the Issuing Bank's policies or the policies
of such Lender's or the Issuing Bank's parent corporation with respect to
capital adequacy) then, from time to time, within five (5) Business Days after
receipt by the Borrower of written demand by such Lender (with a copy thereof to
the Administrative Agent), the Borrower shall pay to such Lender such additional
amounts as will compensate such Lender or the Issuing Bank or such Lender's or
the Issuing Bank's parent corporation for any such reduction suffered.

                  (c)      If and so long as any Lender is required to make
special deposits with the Bank of England, to maintain reserve asset ratios or
to pay fees, in each case in respect of such Lender's Eurocurrency Loans
denominated in any Foreign Currency, such Lender may require the Borrower to
pay, contemporaneously with each payment of interest on each of such Loans,
additional interest on such Loan at a rate per annum equal to the Mandatory
Costs Rate calculated in accordance with the formula and in the manner set forth
in Exhibit 2.19 hereto.

                  (d)      If and so long as any Lender is required to comply
with reserve assets, liquidity, cash margin or other requirements of any
monetary or other authority (including any such requirement imposed by the
European Central Bank or the European System of Central Banks, but excluding
requirements reflected in the Statutory Reserve Rate or the Mandatory Costs
Rate) in respect of any of such Lender's Eurocurrency Loans denominated in a
Foreign Currency, such

                                       37

<PAGE>

Lender may require the Borrower to pay, contemporaneously with each payment of
interest on each of such Loans subject to such requirements, additional interest
on such Loan at a rate per annum specified by such Lender to be the cost to such
Lender of complying with such requirement in relation to such Loan.

                  (e)      A certificate of a Lender or the Issuing Bank setting
forth the amount or amounts necessary to compensate such Lender or the Issuing
Bank or such Lender's or the Issuing Bank's parent corporation, as the case may
be, specified in paragraph (a), (b), (c) or (d) of this Section shall be
delivered to the Borrower (with a copy to the Administrative Agent) and shall be
conclusive, absent manifest error.

                  (f)      Failure or delay on the part of any Lender or the
Issuing Bank to demand compensation pursuant to this Section shall not
constitute a waiver of such Lender's or the Issuing Bank's right to demand such
compensation; provided, that the Borrower shall not be required to compensate a
Lender or the Issuing Bank under this Section for any increased costs or
reductions incurred more than 120 days prior to the date that such Lender or the
Issuing Bank notifies the Borrower of such increased costs or reductions and of
such Lender's or the Issuing Bank's intention to claim compensation therefor.

                  SECTION 2.20. FUNDING INDEMNITY. In the event of (a) the
payment of any principal of a Eurocurrency Loan or a Competitive Bid Fixed Rate
Loan other than on the last day of the Interest Period applicable thereto
(including as a result of an Event of Default), (b) the conversion or
continuation of a Eurocurrency Loan other than on the last day of the Interest
Period applicable thereto, (c) the failure by the Borrower to borrow, prepay,
convert or continue any Eurocurrency Loan on the date specified in any
applicable notice (regardless of whether such notice is withdrawn or revoked),
or (d) the failure by the Borrower to borrow any Competitive Bid Loan after
accepting the Competitive Bid to make such Loan, then, in any such event, the
Borrower shall compensate each Lender, within five (5) Business Days after
written demand from such Lender, for any loss, cost or expense attributable to
such event. In the case of a Eurocurrency Loan, such loss, cost or expense shall
be deemed to include an amount determined by such Lender to be the excess, if
any, of (A) the amount of interest that would have accrued on the principal
amount of such Eurocurrency Loan if such event had not occurred at the Adjusted
LIBOR applicable to such Eurocurrency Loan for the period from the date of such
event to the last day of the then current Interest Period therefor (or in the
case of a failure to borrow, convert or continue, for the period that would have
been the Interest Period for such Eurocurrency Loan) over (B) the amount of
interest that would accrue on the principal amount of such Eurocurrency Loan for
the same period if the Adjusted LIBOR were set on the date such Eurocurrency
Loan was prepaid or converted or the date on which the Borrower failed to
borrow, convert or continue such Eurocurrency Loan. In the case of a Competitive
Bid Fixed Rate Loan, such compensation shall include the amount of such losses,
costs or expenses as the Lender which made such Competitive Bid Fixed Rate Loan
may reasonably incur by reason of such prepayment or failure to borrow,
including any such losses, costs or expenses incurred in obtaining, liquidating
or employing deposits from third parties. A certificate as to any additional
amount payable under this Section 2.20 submitted to the Borrower by any Lender
shall be conclusive, absent manifest error.

                                       38

<PAGE>

                  SECTION 2.21. TAXES.

                  (a)      Any and all payments by or on account of any
obligation of the Borrower or any Designated Borrower hereunder shall be made
free and clear of and without deduction for any Indemnified Taxes or Other
Taxes; provided, that if the Borrower or any Designated Borrower shall be
required to deduct any Indemnified Taxes or Other Taxes from such payments, then
(i) the sum payable shall be increased as necessary so that after making all
required deductions (including deductions applicable to additional sums payable
under this Section) the Administrative Agent, any Lender or the Issuing Bank (as
the case may be) shall receive an amount equal to the sum it would have received
had no such deductions been made, (ii) the Borrower or such Designated Borrower
shall make such deductions and (iii) the Borrower or such Designated Borrower
shall pay the full amount deducted to the relevant Governmental Authority in
accordance with applicable law.

                  (b)      In addition, the Borrower or any Designated Borrower
shall pay any Other Taxes to the relevant Governmental Authority in accordance
with applicable law.

                  (c)      The Borrower or any Designated Borrower shall
indemnify the Administrative Agent, each Lender and the Issuing Bank, within
five (5) Business Days after written demand therefor, for the full amount of any
Indemnified Taxes or Other Taxes paid by the Administrative Agent, such Lender
or the Issuing Bank, as the case may be, on or with respect to any payment by or
on account of any obligation of the Borrower or any Designated Borrower
hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or
attributable to amounts payable under this Section) and any penalties, interest
and reasonable expenses arising therefrom or with respect thereto, whether or
not such Indemnified Taxes or Other Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to the Borrower by a Lender or the
Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a
Lender or the Issuing Bank, shall be conclusive absent manifest error.

                  (d)      As soon as practicable after any payment of
Indemnified Taxes or Other Taxes by the Borrower or any Designated Borrower to a
Governmental Authority, the Borrower or such Designated Borrower shall deliver
to the Administrative Agent the original or a certified copy of a receipt issued
by such Governmental Authority evidencing such payment, a copy of the return
reporting such payment or other evidence of such payment reasonably satisfactory
to the Administrative Agent.

                  (e)      Each Foreign Lender shall deliver to the Borrower
(with a copy to the Administrative Agent), at the time or times prescribed by
applicable law, such properly completed and executed documentation prescribed by
applicable law or reasonably requested by the Borrower as will permit all
payments under this Agreement to be made without withholding. Without limiting
the generality of the foregoing, each Foreign Lender agrees that it will deliver
to the Administrative Agent and the Borrower (or in the case of a Participant,
to the Lender from which the related participation shall have been purchased)
(i) two (2) duly completed copies of Internal Revenue Service Form W-8ECI or
W-8BEN, or any successor form thereto, as the case may be, certifying in each
case that such Foreign Lender is entitled to receive payments made by the
Borrower or any

                                       39

<PAGE>

Designated Borrower hereunder and under the Notes payable to it, without
deduction or withholding of any United States federal income taxes and (ii) a
duly completed Internal Revenue Service Form W-8 or W-9, or any successor form
thereto, as the case may be, to establish an exemption from United State backup
withholding tax. Each such Foreign Lender shall deliver to the Borrower and the
Administrative Agent such forms on or before the date that it becomes a party to
this Agreement (or in the case of a Participant, on or before the date such
Participant purchases the related participation). In addition, each such Lender
shall deliver such forms promptly upon the obsolescence or invalidity of any
form previously delivered by such Lender. Each such Lender shall promptly notify
the Borrower and the Administrative Agent at any time that it determines that it
is no longer in a position to provide any previously delivered certificate to
the Borrower (or any other form of certification adopted by the U.S. taxing
authorities for such purpose) which notice shall create in Borrower the right to
replace such Lender pursuant to Section 2.23 hereof.

                  (f)      Each Lender agrees upon the request of the Borrower
and at the Borrower's expense to complete, accurately and in a manner reasonably
satisfactory to the Borrower and the Administrative Agent, and to execute,
arrange for any required certification of, and deliver to the Borrower (with a
copy to the Administrative Agent) (or to such government or taxing authority as
the Borrower or Administrative Agent reasonably directs), any other form or
document that may be required under the laws of any jurisdiction outside the
United States to allow the Borrower or any Designated Borrower to make a payment
under this Agreement or the other Loan Documents without any deduction or
withholding for or on account of any taxes of the type described in Section 2.21
hereof or with any such deduction or withholding for or on account of such taxes
at a reduced rate, in each case so long as such Lender is (i) legally entitled
to provide such certification and deliver such form or document and (ii) such
action is consistent with its overall tax policies and is not otherwise, in the
judgment of such Lender, impractical or disadvantageous in any material respect
to such Lender.

                  (g)      Notwithstanding any provision of Section 2.21 above
to the contrary, the Borrower shall not have any obligations to pay any taxes or
to indemnify any Lender for such taxes pursuant to this Section 2.21 to the
extent that such taxes result from (i) the failure of any Bank to comply with
its obligations pursuant to Section 2.21(f) or (ii) any representation made on
Form 1001, 4224 or W-8 or successor applicable form or certification by any
Lender incurring such taxes proving to have been incorrect, false or misleading
in any material respect when so made or deemed to be made or (iii) such Lender
changing its Applicable Lending Office to a jurisdiction in which such taxes
arise, except to the extent in the judgment of such Lender such change was
required by the terms of this Agreement.

                  (h)      To the extent that the payment of any Lender's
Indemnified Taxes or Other Taxes by the Borrower hereunder gives rise from time
to time to a Tax Benefit to such lender in any jurisdiction other than the
jurisdiction which imposed such Indemnified Taxes or Other Taxes, such Lender
shall pay to the Borrower the amount of each such Tax Benefit so recognized or
received. The amount of each Tax Benefit and, therefore, payment to the Borrower
will be determined from time to time by the relevant Lender in its sole
discretion, which determination shall be binding and conclusive on all parties
hereto. Each such payment will be due and payable by such Lender to the Borrower
within a reasonable time after the filing of the tax return in which such Tax
Benefit is

                                       40

<PAGE>

recognized or, in the case of any tax refund, after the refund is received;
provided, however, if at any time thereafter such Lender is required to rescind
such Tax Benefit or such Tax Benefit is otherwise disallowed or nullified, the
Borrower shall promptly, after notice thereof from such Lender, repay to such
Lender the amount of such Tax Benefit previously paid to such Lender and which
has been rescinded, disallowed or nullified. For purposes hereof, the term "Tax
Benefit" shall mean the amount by which any Lender's income tax liability for
the taxable period in question is reduced below what would have been payable had
the Borrower not been required to pay such Lender's taxes hereunder.

                  SECTION 2.22. PAYMENTS GENERALLY; PRO RATA TREATMENT; SHARING
OF SET-OFFS.

                  (a)      The Borrower or any Designated Borrower shall make
each payment required to be made by it hereunder (whether of principal,
interest, fees or reimbursement of LC Disbursements, or of amounts payable under
Section 2.19, 2.20 or 2.21, or otherwise) (i) prior to 12:00 noon, in the case
of payments in Dollars, and (ii) no later than the close of business (at the
bank where the applicable Foreign Currency Payment Account is maintained) in the
case of payments in a Foreign Currency, on the date when due, in immediately
available funds, without set-off or counterclaim. Any amounts received after
such time on any date may, in the discretion of the Administrative Agent, be
deemed to have been received on the next succeeding Business Day for purposes of
calculating interest thereon. All such payments shall be made to the
Administrative Agent at the Payment Office or at the applicable Foreign Currency
Payment Account, as the case may be, except payments to be made directly to the
Issuing Bank or Swingline Lender as expressly provided herein and except that
payments pursuant to Sections 2.19, 2.20 and 2.21 and 10.3 shall be made
directly to the Persons entitled thereto. The Administrative Agent shall
distribute any such payments received by it for the account of any other Person
to the appropriate recipient promptly following receipt thereof. If any payment
hereunder shall be due on a day that is not a Business Day, the date for payment
shall be extended to the next succeeding Business Day, and, in the case of any
payment accruing interest, interest thereon shall be made payable for the period
of such extension. All payments hereunder shall be made in Dollars; provided,
however, that all payments of principal and interest with respect to
Eurocurrency Loans denominated in a Foreign Currency shall be made in the
Foreign Currency in which the related Loan was made. If the Borrower or any
Designated Borrower is unable for any reason to effect payment in a Foreign
Currency as required by this Agreement or if the Borrower or any Designated
Borrower shall default on a Eurocurrency Loan denominated in a Foreign Currency,
each Lender may, through the Administrative Agent, require such payment to be
made in Dollars in the Dollar Equivalent amount of such payment. In the case in
which the Borrower or any Designated Borrower shall make such payment in
Dollars, the Borrower or such Designated Borrower agrees to hold such Lender
harmless from any loss incurred by such Lender arising from any change in the
value of Dollars in relation to such Foreign Currency between the date such
payment became due and the date of payment thereof.

                  (b)      If at any time insufficient funds are received by and
available to the Administrative Agent to pay fully all amounts of principal,
unreimbursed LC Disbursements, interest and fees then due hereunder, such funds
shall be applied (i) first, towards payment of interest and fees then due
hereunder, ratably among the parties entitled thereto in accordance with the
amounts of interest and fees then due to such parties, and (ii) second, towards
payment of principal and

                                       41

<PAGE>

unreimbursed LC Disbursements then due hereunder, ratably among the parties
entitled thereto in accordance with the amounts of principal and unreimbursed LC
Disbursements then due to such parties.

                  (c)      If any Lender shall, by exercising any right of
set-off or counterclaim or otherwise, obtain payment in respect of any principal
of or interest on any of its Revolving Loans or participations in LC
Disbursements or Swingline Loans that would result in such Lender receiving
payment of a greater proportion of the aggregate amount of its Revolving Loans
and participations in LC Disbursements and Swingline Loans and accrued interest
thereon than the proportion received by any other Lender, then the Lender
receiving such greater proportion shall purchase (for cash at face value)
participations in the Revolving Loans and participations in LC Disbursements and
Swingline Loans of other Lenders to the extent necessary so that the benefit of
all such payments shall be shared by the Lenders ratably in accordance with the
aggregate amount of principal of and accrued interest on their respective
Revolving Loans and participations in LC Disbursements and Swingline Loans;
provided, that (i) if any such participations are purchased and all or any
portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such
recovery, without interest, and (ii) the provisions of this paragraph shall not
be construed to apply to any payment made by the Borrower pursuant to and in
accordance with the express terms of this Agreement or any payment obtained by a
Lender as consideration for the assignment of or sale of a participation in any
of its Loans or participations in LC Disbursements or Swingline Loans to any
assignee or participant, other than to the Borrower or any Subsidiary or
Affiliate thereof (as to which the provisions of this paragraph shall apply).
The Borrower consents to the foregoing and agrees, to the extent it may
effectively do so under applicable law, that any Lender acquiring a
participation pursuant to the foregoing arrangements may exercise against the
Borrower rights of set-off and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of the Borrower in the amount
of such participation.

                  (d)      Unless the Administrative Agent shall have received
notice from the Borrower prior to the date on which any payment is due to the
Administrative Agent for the account of the Lenders or the Issuing Bank
hereunder that the Borrower will not make such payment, the Administrative Agent
may assume that the Borrower has made such payment on such date in accordance
herewith and may, in reliance upon such assumption, distribute to the Lenders or
the Issuing Bank, as the case may be, the amount or amounts due. In such event,
if the Borrower has not in fact made such payment, then each of the Lenders or
the Issuing Bank, as the case may be, severally agrees to repay to the
Administrative Agent forthwith on demand the amount so distributed to such
Lender or Issuing Bank with interest thereon, for each day from and including
the date such amount is distributed to it to but excluding the date of payment
to the Administrative Agent, at the greater of the Federal Funds Effective Rate
and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation.

                  (e)      If any Lender shall fail to make any payment required
to be made by it pursuant to Section 2.5(b), 2.24(c) or (d), 2.8(b), 2.22(d) or
10.3(d), then the Administrative Agent may, in its discretion (notwithstanding
any contrary provision hereof), apply any amounts thereafter received by the
Administrative Agent for the account of such Lender to satisfy such Lender's
obligations under such Sections until all such unsatisfied obligations are fully
paid.

                                       42
<PAGE>

                  SECTION 2.23. MITIGATION OF OBLIGATIONS; REPLACEMENT OF
LENDERS.

                  (a)      If any Lender requests compensation under Section
2.19, or if the Borrower or any Designated Borrower is required to pay any
additional amount to any Lender or any Governmental Authority for the account of
any Lender pursuant to Section 2.21, then such Lender shall use reasonable
efforts to designate a different lending office for funding or booking its Loans
hereunder or to assign its rights and obligations hereunder to another of its
offices, branches or affiliates, if, in the sole judgment of such Lender, such
designation or assignment (i) would eliminate or reduce amounts payable under
Section 2.19 or Section 2.21, as the case may be, in the future and (ii) would
not subject such Lender to any unreimbursed cost or expense and would not
otherwise be disadvantageous to such Lender. The Borrower and any Designated
Borrower hereby agrees to pay all costs and expenses incurred by any Lender in
connection with such designation or assignment.

                  (b)      If any Lender requests compensation under Section
2.19, or if the Borrower is required to pay any additional amount to any Lender
or any Governmental Authority of the account of any Lender pursuant to Section
2.21, or any Lender is unable to make Eurocurrency Loans for the reasons set
forth in Section 2.18 or because it is unwilling to accept a proposed Designated
Borrower because it is unwilling or unable to obtain additional licenses or
franchises to enable it to make such requested Loan or if any Lender defaults in
its obligation to fund Loans hereunder, then the Borrower may, at its sole
expense and effort, upon notice to such Lender and the Administrative Agent,
require such Lender to assign and delegate, without recourse (in accordance with
and subject to the restrictions set forth in Section 10.4(b) all its interests,
rights and obligations under this Agreement (other than any outstanding
Competitive Bid Loans held by such Lender) to an assignee that shall assume such
obligations (which assignee may be another Lender); provided, that (i) the
Borrower shall have received the prior written consent of the Administrative
Agent, which consent shall not be unreasonably withheld, (ii) such Lender shall
have received payment of an amount equal to the outstanding principal amount of
all Loans (other than any outstanding Competitive Bid Loans) owed to it, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder,
from the assignee (in the case of such outstanding principal and accrued
interest) and from the Borrower (in the case of all other amounts) and (iii) in
the case of a claim for compensation under Section 2.19 or payments required to
be made pursuant to Section 2.21, such assignment will result in a reduction in
such compensation or payments. A Lender shall not be required to make any such
assignment and delegation if , prior thereto, as a result of a waiver by such
Lender or otherwise, the circumstances entitling the Borrower to require such
assignment and delegation cease to apply.

                  SECTION 2.24. LETTERS OF CREDIT.

                  (a)      During the Availability Period, the Issuing Bank, in
reliance upon the agreements of the other Lenders pursuant to Section 2.24(d),
agrees to issue, at the request of the Borrower, Letters of Credit for the
account of the Borrower on the terms and conditions hereinafter set forth;
provided, that (i) each Letter of Credit shall be a standby letter of credit
which shall expire on the earlier of (A) the date one year after the date of
issuance of such Letter of Credit (or in the case of any renewal or extension
thereof, one year after such renewal or extension) and (B) the date that is five
(5) Business Days prior to the Commitment Termination Date; (ii) each Letter of
Credit

                                       43
<PAGE>

shall be in a stated amount of at least $500,000; and (iii) the Borrower may not
request any Letter of Credit, if, after giving effect to such issuance (A) the
aggregate LC Exposure would exceed the LC Commitment or (B) the aggregate LC
Exposure, plus the aggregate outstanding Revolving Loans of all Lenders, plus
the outstanding Swingline Loans, plus the outstanding Competitive Bid Loans
would exceed the Aggregate Revolving Commitments. Upon the issuance of each
Letter of Credit each Lender shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from the Issuing Bank without recourse a
participation in such Letter of Credit equal to such Lender's Pro Rata Share of
the aggregate amount available to be drawn under such Letter of Credit. Each
issuance of a Letter of Credit shall be deemed to utilize the Revolving
Commitment of each Lender by an amount equal to the amount of such
participation.

                  (b)      To request the issuance of a Letter of Credit (or any
amendment, renewal or extension of an outstanding Letter of Credit), the
Borrower shall give the Issuing Bank and the Administrative Agent irrevocable
written notice at least three (3) Business Days prior to the requested date of
such issuance specifying the date (which shall be a Business Day) such Letter of
Credit is to be issued (or amended, extended or renewed, as the case may be),
the expiration date of such Letter of Credit, the amount of such Letter of
Credit, the name and address of the beneficiary thereof and such other
information as shall be necessary to prepare, amend, renew or extend such Letter
of Credit. In addition to the satisfaction of the conditions in Article III, the
issuance of such Letter of Credit (or any amendment which increases the amount
of such Letter of Credit) will be subject to the further conditions that such
Letter of Credit shall be in such form and contain such terms as the Issuing
Bank shall approve and that the Borrower shall have executed and delivered any
additional applications, agreements and instruments relating to such Letter of
Credit as the Issuing Bank shall reasonably require; provided, that in the event
of any conflict between such applications, agreements or instruments and this
Agreement, the terms of this Agreement shall control.

                  (c)      At least two Business Days prior to the issuance of
any Letter of Credit, the Issuing Bank will confirm with the Administrative
Agent (by telephone or in writing) that the Administrative Agent has received
such notice and if not, the Issuing Bank will provide the Administrative Agent
with a copy thereof. Unless the Issuing Bank has received notice from the
Administrative Agent on or before the Business Day immediately preceding the
date the Issuing Bank is to issue the requested Letter of Credit (1) directing
the Issuing Bank not to issue the Letter of Credit because such issuance is not
then permitted hereunder because of the limitations set forth in Section 2.24(a)
or that one or more conditions specified in Article III are not then satisfied,
then, subject to the terms and conditions hereof, the Issuing Bank shall, on the
requested date, issue such Letter of Credit in accordance with the Issuing
Bank's usual and customary business practices.

                  (d)      The Issuing Bank shall examine all documents
purporting to represent a demand for payment under a Letter of Credit promptly
following its receipt thereof. The Issuing Bank shall notify the Borrower and
the Administrative Agent of such demand for payment and whether the Issuing Bank
has made or will make a LC Disbursement thereunder; provided, that any failure
to give or delay in giving such notice shall not relieve the Borrower of its
obligation to reimburse the Issuing Bank and the Lenders with respect to such LC
Disbursement. The Borrower shall be irrevocably and unconditionally obligated to
reimburse the Issuing Bank for any LC Disbursements paid by the Issuing Bank in
respect of such drawing, without presentment, demand or

                                       44
<PAGE>

other formalities of any kind. Unless the Borrower shall have notified the
Issuing Bank and the Administrative Agent prior to 11:00 a.m. on the Business
Day immediately prior to the date on which such drawing is honored that the
Borrower intends to reimburse the Issuing Bank for the amount of such drawing in
funds other than from the proceeds of Revolving Loans, the Borrower shall be
deemed to have timely given a Notice of Revolving Borrowing to the
Administrative Agent requesting the Lenders to make a Base Rate Borrowing on the
date on which such drawing is honored in an exact amount due to the Issuing
Bank; provided, that for purposes solely of such Borrowing, the conditions
precedents set forth in Section 3.2 hereof shall not be applicable. The
Administrative Agent shall notify the Lenders of such Borrowing in accordance
with Section 2.3, and each Lender shall make the proceeds of its Base Rate Loan
included in such Borrowing available to the Administrative Agent for the account
of the Issuing Bank in accordance with Section 2.8. The proceeds of such
Borrowing shall be applied directly by the Administrative Agent to reimburse the
Issuing Bank for such LC Disbursement.

                  (e)      If for any reason a Base Rate Borrowing may not be
(as determined in the sole discretion of the Administrative Agent), or is not,
made in accordance with the foregoing provisions, then each Lender (other than
the Issuing Bank) shall be obligated to fund the participation that such Lender
purchased pursuant to subsection (a) in an amount equal to its Pro Rata Share of
such LC Disbursement on and as of the date which such Base Rate Borrowing should
have occurred. Each Lender's obligation to fund its participation 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 that such Lender or any other Person may have against the Issuing
Bank or any other Person for any reason whatsoever, (ii) the existence of a
Default or an Event of Default or the termination of the Aggregate Revolving
Commitments, (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 or any other Lender, (v) any amendment, renewal or extension of any
Letter of Credit or (vi) any other circumstance, happening or event whatsoever,
whether or not similar to any of the foregoing. On the date that such
participation is required to be funded, each Lender shall promptly transfer, in
immediately available funds, the amount of its participation to the
Administrative Agent for the account of the Issuing Bank. Whenever, at any time
after the Issuing Bank has received from any such Lender the funds for its
participation in a LC Disbursement, the Issuing Bank (or the Administrative
Agent on its behalf) receives any payment on account thereof, the Administrative
Agent or the Issuing Bank, as the case may be, will distribute to such Lender
its Pro Rata Share of such payment; provided, that if such payment is required
to be returned for any reason to the Borrower or to a trustee, receiver,
liquidator, custodian or similar official in any bankruptcy proceeding, such
Lender will return to the Administrative Agent or the Issuing Bank any portion
thereof previously distributed by the Administrative Agent or the Issuing Bank
to it.

                  (f)      To the extent that any Lender shall fail to pay any
amount required to be paid pursuant to paragraph (d) of this Section 2.24 on the
due date therefor, such Lender shall pay interest to the Issuing Bank (through
the Administrative Agent) on such amount from such due date to the date such
payment is made at a rate per annum equal to the Federal Funds Rate; provided,
that if such Lender shall fail to make such payment to the Issuing Bank within
three (3) Business Days of such due date, then, retroactively to the due date,
such Lender shall be obligated to pay interest on such amount at the Default
Rate.

                                       45
<PAGE>

                  (g)      If any Event of Default shall occur and be
continuing, on the Business Day that the Borrower receives notice from the
Administrative Agent or the Required Lenders demanding the deposit of cash
collateral pursuant to this paragraph, the Borrower shall deposit in an account
with the Administrative Agent, in the name of the Administrative Agent and for
the benefit of the Lenders, an amount in cash equal to the LC Exposure as of
such date plus any accrued and unpaid interest thereon; provided, that the
obligation to deposit such cash collateral shall become effective immediately,
and such deposit shall become immediately due and payable, without demand or
notice of any kind, upon the occurrence of any Event of Default with respect to
the Borrower described in clause (g) or (h) of Section 8.1. Such deposit shall
be held by the Administrative Agent as collateral in an interest bearing account
(which account shall be chosen in the sole discretion of the Administrative
Agent and at the Borrower's risk and expense) for the payment and performance of
the obligations of the Borrower under this Agreement. The Administrative Agent
shall have exclusive dominion and control, including the exclusive right of
withdrawal, over such account. Interest and profits on such investments shall
accumulate in such account. Moneys in such account shall be applied by the
Administrative Agent to reimburse the Issuing Bank for LC Disbursements for
which it had not been reimbursed and to the extent not so applied, shall be held
for the satisfaction of the reimbursement obligations of the Borrower for the LC
Exposure at such time or, if the maturity of the Loans has been accelerated,
with the consent of the Required Lenders, be applied to satisfy other
obligations of the Borrower under this Agreement. If the Borrower is required to
provide an amount of cash collateral hereunder as a result of the occurrence of
an Event of Default, such amount (to the extent not so applied as aforesaid)
shall be returned to the Borrower within three (3) Business Days after all
Events of Default have been cured or waived.

                  (h)      Promptly following the end of each fiscal quarter,
the Issuing Bank shall deliver (through the Administrative Agent) to each Lender
and the Borrower a report describing the aggregate Letters of Credit outstanding
at the end of such fiscal quarter. Upon the request of any Lender from time to
time, the Issuing Bank shall deliver to such Lender any other information
reasonably requested by such Lender with respect to each Letter of Credit then
outstanding.

                  (i)      The Borrower's obligation to reimburse LC
Disbursements hereunder shall be absolute, unconditional and irrevocable and
shall be performed strictly in accordance with the terms of this Agreement under
all circumstances whatsoever and irrespective of any of the following
circumstances:

                           (i)      Any lack of validity or enforceability of
         any Letter of Credit or this Agreement;

                           (ii)     The existence of any claim, set-off, defense
         or other right which the Borrower or any Subsidiary or Affiliate of the
         Borrower may have at any time against a beneficiary or any transferee
         of any Letter of Credit (or any Persons or entities for whom any such
         beneficiary or transferee may be acting), any Lender (including the
         Issuing Bank) or any other Person, whether in connection with this
         Agreement or the Letter of Credit or any document related hereto or
         thereto or any unrelated transaction;

                                       46
<PAGE>

                           (iii)    Any draft or other document presented under
         a Letter of Credit proving to be forged, fraudulent or invalid in any
         respect or any statement therein being untrue or inaccurate in any
         respect;

                           (iv)     Payment by the Issuing Bank under a Letter
         of Credit against presentation of a draft or other document to the
         Issuing Bank that does not comply with the terms of such Letter of
         Credit;

                           (v)      Any other event or circumstance whatsoever,
         whether or not similar to any of the foregoing, that might, but for the
         provisions of this Section, constitute a legal or equitable discharge
         of, or provide a right of setoff against, the Borrower's obligations
         hereunder; or

                           (vi)     The existence of a Default or an Event of
         Default.

Neither the Administrative Agent, the Issuing Bank, the Lenders nor any Related
Party of any of the foregoing shall have any liability or responsibility by
reason of or in connection with the issuance or transfer of any Letter of Credit
or any payment or failure to make any payment thereunder (irrespective of any of
the circumstances referred to above), or any error, omission, interruption, loss
or delay in transmission or delivery of any draft, notice or other communication
under or relating to any Letter of Credit (including any document required to
make a drawing thereunder), any error in interpretation of technical terms or
any consequence arising from causes beyond the control of the Issuing Bank;
provided, that nothing in this Agreement, any Letter of Credit or any other Loan
Document shall be construed to excuse the Issuing Bank from liability to the
Borrower to the extent of any direct damages (as opposed to consequential
damages, claims in respect of which are hereby waived by the Borrower to the
extent permitted by applicable law) suffered by the Borrower that are caused by
the Issuing Bank's failure to exercise care when determining whether drafts or
other documents presented under a Letter of Credit comply with the terms
thereof. The parties hereto expressly agree, that in the absence of gross
negligence or willful misconduct on the part of the Issuing Bank (as finally
determined by a court of competent jurisdiction), the Issuing Bank shall be
deemed to have exercised care in each such determination. In furtherance of the
foregoing and without limiting the generality thereof, the parties agree that,
with respect to documents presented that appear on their face to be in
substantial compliance with the terms of a Letter of Credit, the Issuing Bank
may, in its sole discretion, either accept and make payment upon such documents
without responsibility for further investigation, regardless of any notice or
information to the contrary, or refuse to accept and make payment upon such
documents if such documents are not in strict compliance with the terms of such
Letter of Credit.

Unless otherwise expressly agreed by the Issuing Bank and the Borrower when a
Letter of Credit is issued and subject to applicable laws, performance under
Letters of Credit by the Issuing Bank, its correspondents, and the beneficiaries
thereof will be governed by the rules of the "International Standby Practices
1998" (ISP98) (or such later revision as may be published by the Institute of
International Banking Law & Practice on any date any Letter of Credit may be
issued) and to the extent not inconsistent therewith, the governing law of this
Agreement set forth in Section 10.5.

                                       47
<PAGE>

                  SECTION 2.25 ADDITION AND RELEASE OF DESIGNATED BORROWERS. Any
of the Borrower's Wholly-Owned Subsidiaries, which are Consolidated Subsidiaries
and otherwise reasonably acceptable to the Administrative Agent and their
respective successors and permitted assigns (whether existing on the Funding
Date or acquired or created thereafter) (individually, a "Designated Borrower"
and collectively, the "Designated Borrowers") may elect to become a Designated
Borrower hereunder at any time after delivering ten (10) Business Days' prior
written notice thereof to the Administrative Agent and the Lenders and by
executing and delivering to the Administrative Agent (which is accepted by the
Administrative Agent) for delivery to each of the Lenders (i) an original
Designated Borrower Acknowledgment and Agreement in the form of Exhibit G,
thereby becoming a party to this Agreement, (ii) the other items described in
such Acknowledgment and Agreement, including, without limitation, the Notes
described therein and (iii) an opinion letter of counsel acceptable to the
Administrative Agent dated as of the date of such Acknowledgment and Agreement
which cover substantially the opinions set forth in the forms of opinion
attached as Exhibit F-1 and Exhibit F-2 and covering such additional matters
relating to the transactions contemplated hereby as the Administrative Agent or
any Lender may reasonably request, including, without limitation, with respect
to Borrowers located in jurisdictions outside of the State of Georgia, opinions
regarding the Designated Borrowers comparable to those delivered on the Funding
Date and confirming that the provisions of Section 10.5 are enforceable against
such Designated Borrower under the laws applicable to such jurisdiction. Any
Designated Borrower may elect to be released as a Designated Borrower hereunder
at any time upon (i) payment in full of all Loans outstanding to such Borrower
in immediately available funds (including any amounts owed in connection
therewith under Sections 2.19, 2.20 and 2.21 and (ii) execution and delivery by
such Designated Borrower to the Administrative Agent of an original Designated
Borrower Notice of Withdrawal in the form of Exhibit H. Borrower hereby
acknowledges that, among other things, the Administrative Agent may refuse to
approve any proposed Designated Borrower if the proposed Designated Borrower is
incorporated in a foreign jurisdiction and as a result thereof the making of any
Loan to such Designated Borrower would require the Administrative Agent or any
Lender to obtain additional licenses or franchises which such Person does not
possess at the time of the requested Loan.

                  SECTION 2.26. INCREASE IN COMMITMENTS.

                  At any time during the period immediately following the
Funding Date to (but excluding) the Commitment Termination Date, the Borrower
shall have the right from time to time to notify the Administrative Agent of the
Borrower's intention to increase the aggregate amount of the Revolving
Commitments to an amount up to, but not exceeding, $300,000,000 by providing
written notice to the Administrative Agent at least 30 days prior to the
proposed effective date of such increase, which notice shall be irrevocable once
given. Each increase in the aggregate amount of the Revolving Commitments
effectuated hereby shall be in a minimum amount equal to the lesser of (i)
$25,000,000 or (ii) $300,000,000 minus the aggregate amount of Revolving
Commitments existing immediately prior to the time of the proposed increase. The
Administrative Agent shall promptly notify each Lender of any such intended
increase. No Lender shall be obligated in any way whatsoever to increase its
Revolving Commitment. If a new Lender becomes a party to this Agreement, or if
any existing Lender agrees to increase its Revolving Commitment, such Lender
shall on the date it becomes a Lender hereunder (or in the case of an existing
Lender, increases its

                                       48
<PAGE>

Revolving Commitment) (and as a condition thereto) purchase from the other
Lenders its Pro Rata Share (determined with respect to the Lenders' relative
Revolving Commitments and after giving effect to the increase of Revolving
Commitments) of any outstanding Revolving Loans, by making available to the
Administrative Agent for the account of such other Lenders, in same day funds,
an amount equal to the sum of (A) the portion of the outstanding principal
amount of such Revolving Loans to be purchased by such Lender plus (B) interest
accrued and unpaid to and as of such date on such portion of the outstanding
principal amount of such Revolving Loans. The Borrower shall pay to the Lenders
amounts payable, if any, to such Lenders under Section 2.20 as a result of the
prepayment of any such Revolving Loans. An increase of the aggregate amount of
the Revolving Commitments may not be effected under this Section if (x) a
Default or Event of Default shall be in existence on the effective date of such
increase (provided, however, that if any Default subsequently ceases to exist,
the increase will be effected 10 days after such Default ceases to exist) or (y)
any representation or warranty made or deemed made by the Borrower in any Loan
Document to which the Borrower is a party is not (or would not be) true or
correct on the effective date of such increase except to the extent that such
representations and warranties expressly relate solely to an earlier date (in
which case such representations and warranties shall have been true and accurate
on and as of such earlier date) and except for changes in factual circumstances
specifically and expressly permitted hereunder. In connection with an increase
in the aggregate amount of the Revolving Commitments pursuant to this Section
2.26 (a) any Lender becoming a party hereto shall execute such documents and
agreements as the Administrative Agent may reasonably request and (b) the
Borrower shall make appropriate arrangements so that each new Lender, and any
existing Lender increasing its Commitment, receives a new or replacement Note,
as appropriate, in the amount of such Lender's Revolving Commitment at the time
of the effectiveness of the increase in the aggregate amount of Revolving
Commitments.

                  The Borrower understands that this Section has been included
in this Agreement for the Borrower's convenience to facilitate an increase in
the Revolving Commitments and acknowledges that none of the Lenders (nor the
Administrative Agent) has promised (either expressly or impliedly), nor has any
obligation or commitment whatsoever, to increase the Revolving Commitments at
any time.

                                   ARTICLE III

               CONDITIONS PRECEDENT TO LOANS AND LETTERS OF CREDIT

                  SECTION 3.1. CONDITIONS TO EFFECTIVENESS. The obligations of
the Lenders (including the Swingline Lender) to make Loans and the obligation of
the Issuing Bank to issue any Letter of Credit hereunder shall not become
effective until the date on which each of the following conditions is satisfied
(or waived in accordance with Section 10.2).

                  (a)      On the Funding Date, the Administrative Agent shall
have received all fees and other amounts due and payable (other than those
previously paid on or prior to the Execution Date), including reimbursement or
payment of all out-of-pocket expenses (including reasonable fees,

                                       49
<PAGE>

charges and disbursements of counsel to the Administrative Agent) required to be
reimbursed or paid by the Borrower hereunder, under any other Loan Document and
under any agreement with the Administrative Agent or SunTrust Capital Markets,
Inc., as Arranger.

                  (b)      The Administrative Agent (or its counsel) shall have
received the following:

                           (i)      on or prior to the Execution Date, a
         counterpart of this Agreement signed by or on behalf of each party
         thereto or written evidence satisfactory to the Administrative Agent
         (which may include telecopy transmission of a signed signature page of
         this Agreement) that such party has signed a counterpart of this
         Agreement;

                           (ii)     on or prior to the Funding Date, duly
         executed Notes payable to such Lender;

                           (iii)    on or prior to the Execution Date, a
         certificate of the Secretary or Assistant Secretary of the Borrower,
         attaching and certifying copies of its bylaws and of the resolutions of
         its boards of directors, authorizing the execution, delivery and
         performance of the Loan Documents to which it is a party and certifying
         the name, title and true signature of each officer of the Borrower
         executing the Loan Documents to which it is a party;

                           (iv)     on or prior to the Execution Date, certified
         copies of the articles of incorporation or other charter documents of
         the Borrower, together with certificates of good standing or existence,
         as may be available from the Secretary of State of the jurisdiction of
         incorporation of the Borrower and the jurisdiction where the Borrower
         has its principal place of business;

                           (v)      on or prior to the Execution Date, a
         favorable written opinion of Nelson, Mullins, Riley & Scarborough,
         L.L.P., counsel to the Borrower, addressed to the Administrative Agent
         and each of the Lenders, substantially in the form attached hereto as
         Exhibit F-1 hereof, and a favorable written opinion of the general
         counsel of the Borrower addressed to the Administrative Agent and each
         of the Lenders, substantially in the form attached hereto as Exhibit
         F-2;

                           (vi)     on or prior to the Execution Date, a
         termination letter in form and substance satisfactory to the
         Administrative Agent evidencing, among other things, that the existing
         Amended and Restated Revolving Credit Agreement dated as of July 6,
         2001 will terminate upon the payment in full of all outstanding
         obligations thereunder (other than contingent obligations which
         expressly survive termination of such agreement) and the satisfaction
         of all other conditions to the Funding Date set forth herein;

                           (vii)    on the Funding Date, a certificate, dated
         the Funding Date and signed by a Responsible Officer of the Borrower,
         confirming, among other things, compliance with the conditions of
         Section 3.1 and compliance with the conditions set forth in paragraphs
         (a), (b) and (c) of Section 3.2;

                                       50
<PAGE>

                           (viii)   on or prior to the Funding Date, duly
         executed Notices of Borrowing, if applicable;

                           (ix)     on or prior to the Funding Date, delivery of
         certified copies of all consents, approvals, authorizations,
         registrations, or filings required to be made or obtained by the
         Borrower in connection with the Loan Documents, and the other
         transactions contemplated herein;

                           (x)      on or prior to the Funding Date, delivery of
         a certified copy of the Indenture and evidence satisfactory to the
         Administrative Agent that at least $200,000,000 in gross amount of
         Indebtedness has been (or is contemporaneously being) issued by
         Borrower pursuant to such Indenture, the net proceeds of which have
         been (or are contemporaneously being) delivered to Borrower; and

                           (xi)     Administrative Agent shall have received
         such other documents, certificates or information with respect to the
         Borrower as it or the Required Lenders may reasonably request.

                  (c)      No actions, suits or other legal proceedings shall be
pending or, to the knowledge of the Borrower, threatened, against or affecting
the Borrower or any of its Consolidated Subsidiaries (i) which singly, or in the
aggregate, could be reasonably expected to have a Material Adverse Effect or
(ii) which seek to enjoin or restrain the consummation of the Loan Documents or
the Indenture.

                  (d)      Since December 31, 2002, there shall have occurred no
events, acts, conditions or occurrences of whatever nature, singly or in the
aggregate, that have had, or are reasonably expected to have, a Material Adverse
Effect.

                  (e)      The Borrower shall have a Senior Debt Rating of at
least Baa2 issued by Moody's.

                  SECTION 3.2. EACH CREDIT EVENT. The obligation of each Lender
to make a Loan on the occasion of any Borrowing and of the Issuing Bank to
issue, amend, renew or extend any Letter of Credit is subject to the
satisfaction of the following conditions:

                  (a)      at the time of and immediately after giving effect to
such Borrowing or the issuance, amendment, renewal or extension of such Letter
of Credit, as applicable, no Default or Event of Default shall exist; and

                  (b)      all representations and warranties of the Borrower
set forth in the Loan Documents shall be true and correct in all material
respects on and as of the date of such Borrowing or the date of issuance,
amendment, extension or renewal of such Letter of Credit, in each case before
and after giving effect thereto (except for such representations and warranties
that expressly relate to a prior date, in which case such representations and
warranties shall be true and correct in all material respects on and as of such
earlier date); and

                                       51
<PAGE>

                  (c)      since the date of the most recent financial
statements of the Borrower described in Section 5.1(a), there shall have been no
change which has had or could reasonably be expected to have a Material Adverse
Effect.

                  Each Borrowing and each issuance, amendment, extension or
renewal of any Letter of Credit shall be deemed to constitute a representation
and warranty by the Borrower on the date thereof as to the matters specified in
paragraphs (a), (b) and (c) of this Section 3.2.

                  SECTION 3.3. DELIVERY OF DOCUMENTS. All of the Loan Documents,
certificates, legal opinions and other documents and papers referred to in this
Article III, unless otherwise specified, shall be delivered to the
Administrative Agent for the account of each of the Lenders and, except for the
Notes, in sufficient counterparts or copies for each of the Lenders and shall be
in form and substance satisfactory in all respects to the Administrative Agent.

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

                  The Borrower represents and warrants to the Administrative
Agent and each Lender as follows:

                  SECTION 4.1. EXISTENCE; POWER. The Borrower and each of its
Consolidated Subsidiaries (i) is duly organized, validly existing and in good
standing as a corporation, limited liability company or limited partnership, as
the case may be, under the laws of the jurisdiction of its organization, (ii)
has all requisite power and authority to carry on its business as now conducted,
and (iii) is duly qualified to do business, and is in good standing, in each
jurisdiction where such qualification is required, except where a failure to be
so qualified could not reasonably be expected to result in a Material Adverse
Effect.

                  SECTION 4.2. ORGANIZATIONAL POWER; AUTHORIZATION. The
execution, delivery and performance by the Borrower of the Loan Documents to
which it is a party are within the Borrower's organizational powers and have
been duly authorized by all necessary organizational, and if required,
stockholder, action. This Agreement has been duly executed and delivered by the
Borrower, and constitutes, and each other Loan Document to which the Borrower is
a party, when executed and delivered by the Borrower, will constitute, valid and
binding obligations of the Borrower, enforceable against it in accordance with
their respective terms, except as may be limited by applicable bankruptcy,
insolvency, reorganization, fraudulent conveyance, moratorium, or similar laws
affecting the enforcement of creditors' rights generally and by general
principles of equity.

                  SECTION 4.3. GOVERNMENTAL APPROVALS; NO CONFLICTS. The
execution, delivery and performance by the Borrower of this Agreement and the
other Loan Documents to which it is a party (a) do not require any consent or
approval of, registration or filing with, or any action by, any Governmental
Authority, except those as have been obtained or made and are in full force and
effect or where the failure to do so, individually or in the aggregate, could
not reasonably be expected to

                                       52
<PAGE>

have a Material Adverse Effect, (b) will not violate any applicable law or
regulation or any order of any Governmental Authority which could reasonably be
expected to have a Material Adverse Effect, (c) will not violate the charter,
by-laws or other organizational documents of the Borrower or any of its
Consolidated Subsidiaries, (d) will not violate or result in a default under any
indenture, material agreement or other material instrument binding on the
Borrower or any of its Consolidated Subsidiaries or any of its assets or give
rise to a right thereunder to require any payment to be made by the Borrower or
any of its Consolidated Subsidiaries and (e) will not result in the creation or
imposition of any Lien on any asset of the Borrower or any of its Consolidated
Subsidiaries, except Liens (if any) created under the Loan Documents.

                  SECTION 4.4. FINANCIAL STATEMENTS. The Borrower has furnished
to each Lender (i) the audited combined balance sheet of the Borrower and its
Consolidated Subsidiaries as of December 31, 2002 and the related combined
statements of income, changes in shareholders' equity and cash flows for the
fiscal year then ended prepared by Ernst & Young LLP and (ii) the unaudited
combined balance sheet of the Borrower and its Consolidated Subsidiaries as at
June 30, 2003, and the related unaudited combined statements of income and cash
flows for the fiscal quarter and year-to-date period then ending, certified by a
Responsible Officer. Such financial statements fairly present in all material
respects the combined financial condition of the Borrower and its Consolidated
Subsidiaries as of such dates and the combined results of operations for such
periods in conformity with GAAP consistently applied, subject to year end audit
adjustments and the absence of footnotes in the case of the statements referred
to in clause (ii). Since December 31, 2002, there have been no changes with
respect to the Borrower and its Subsidiaries which have had or could reasonably
be expected to have, singly or in the aggregate, a Material Adverse Effect.

                  SECTION 4.5. LITIGATION AND ENVIRONMENTAL MATTERS.

                  (a)      No litigation, investigation or proceeding of or
before any arbitrators or Governmental Authorities is pending against or, to the
knowledge of the Borrower, threatened against or affecting the Borrower or any
of its Consolidated Subsidiaries (i) as to which there is a reasonable
possibility of an adverse determination that could reasonably be expected to
have, either individually or in the aggregate, a Material Adverse Effect or (ii)
which in any manner challenges the validity or enforceability of this Agreement
or any other Loan Document.

                  (b)      Except for the matters set forth on Schedule 4.5 and
except for matters which could not reasonably be expected to have a Material
Adverse Effect, neither the Borrower nor any of its Consolidated Subsidiaries
(i) has failed to comply with any Environmental Law or to obtain, maintain or
comply with any permit, license or other approval required under any
Environmental Law, (ii) has become subject to any Environmental Liability, (iii)
has received notice of any claim with respect to any Environmental Liability or
(iv) knows of any basis for any Environmental Liability in each case.

                  SECTION 4.6. COMPLIANCE WITH LAWS AND AGREEMENTS. Except where
non-compliance, either singly or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, the Borrower and each
Consolidated Subsidiary is in compliance with (a) all

                                       53
<PAGE>

applicable laws, rules, regulations and orders of any Governmental Authority,
and (b) all indentures, agreements or other instruments binding upon it or its
properties,.

                  SECTION 4.7. INVESTMENT COMPANY ACT, ETC. Neither the Borrower
nor any of its Consolidated Subsidiaries is (a) an "investment company", as
defined in, or subject to regulation under, the Investment Company Act of 1940,
as amended, (b) a "holding company" as defined in, or subject to regulation
under, the Public Utility Holding Company Act of 1935, as amended or (c)
otherwise subject to any other regulatory scheme limiting its ability to incur
debt.

                  SECTION 4.8. TAXES. The Borrower and its Consolidated
Subsidiaries have timely filed or caused to be filed all Federal income tax
returns and all other material tax returns that are required to be filed by
them, and have paid all taxes shown to be due and payable on such returns or on
any assessments made against it or its property and all other taxes, fees or
other charges imposed on it or any of its property by any Governmental
Authority, except (i) to the extent the failure to do so would not have a
Material Adverse Effect or (ii) where the same are currently being contested in
good faith by appropriate proceedings and for which the Borrower or such
Consolidated Subsidiary, as the case may be, has set aside on its books adequate
reserves.

                  SECTION 4.9. MARGIN REGULATIONS. None of the proceeds of any
of the Loans or Letters of Credit will be used for "purchasing" or "carrying"
any "margin stock" with the respective meanings of each of such terms under
Regulation U as now and from time to time hereafter in effect or for any purpose
that violates the provisions of the applicable Margin Regulations.

                  SECTION 4.10. ERISA. No ERISA Event has occurred or is
reasonably expected to occur that, when taken together with all other such ERISA
Events for which liability is reasonably expected to occur, could reasonably be
expected to result in a Material Adverse Effect. The present value of all
accumulated benefit obligations under each Plan (based on the assumptions used
for purposes of Statement of Financial Standards No. 87) did not, as of the date
of the most recent financial statements reflecting such amounts, exceed by more
than $5,000,000 the fair market value of the assets of such Plan, and the
present value of all accumulated benefit obligations of all underfunded Plans
(based on the assumptions used for purposes of Statement of Financial Standards
No. 87) did not, as of the date of the most recent financial statements
reflecting such amounts, exceed by more than $5,000,000 the fair market value of
the assets of all such underfunded Plans.

                  SECTION 4.11. OWNERSHIP OF PROPERTY.

                  (a)      Each of the Borrower and its Consolidated
Subsidiaries has good title to, or valid leasehold interests in, all of its real
and personal property material to the operation of its business, except for any
such failure that, individually or in the aggregate, would not have a Material
Adverse Effect.

                  (b)      Each of the Borrower and its Consolidated
Subsidiaries owns, or is licensed, or otherwise has the right, to use, all
patents, trademarks, service marks, tradenames, copyrights and other
intellectual property material to its business, and the use thereof by the
Borrower and its

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Consolidated Subsidiaries does not infringe on the rights of any other Person,
except for any such infringements that, individually or in the aggregate, would
not have a Material Adverse Effect.

                  SECTION 4.12. DISCLOSURE. The Borrower has disclosed to the
Lenders all agreements, instruments, and corporate or other restrictions to
which the Borrower or any of its Consolidated Subsidiaries is subject, and all
other matters known to any of them, that, individually or in the aggregate,
could reasonably be expected to result in a Material Adverse Effect. No reports
(including without limitation all reports that the Borrower is required to file
with the Securities and Exchange Commission), financial statements, certificates
or other information furnished by or on behalf of the Borrower to the
Administrative Agent or any Lender in connection with the negotiation or
syndication of this Agreement or any other Loan Document or delivered hereunder
or thereunder (as modified or supplemented by any other information so
furnished) contain any material misstatement of fact or omits to state any
material fact necessary to make the statements therein, taken as a whole, in
light of the circumstances under which they were made, not misleading.

                  SECTION 4.13. LABOR RELATIONS. There are no strikes, lockouts
or other material labor disputes or grievances against the Borrower or any of
its Consolidated Subsidiaries, or, to the Borrower's knowledge, threatened
against or affecting the Borrower or any of its Consolidated Subsidiaries, and
no significant unfair labor practice, charges or grievances are pending against
the Borrower or any of its Consolidated Subsidiaries, or to the Borrower's
knowledge, threatened against any of them before any Governmental Authority that
could reasonably be expected to have a Material Adverse Effect.

                  SECTION 4.14. SUBSIDIARIES. As of the Funding Date, Schedule
4.14 sets forth the name of, the ownership interest of the Borrower in, the
jurisdiction of incorporation of, and the type of, each Subsidiary.

                  SECTION 4.15. INDEBTEDNESS AT FUNDING DATE. As of the Funding
Date, the Borrower and its Consolidated Subsidiaries have no Indebtedness except
as set forth on Schedule 4.15.

                  SECTION 4.16. INVESTMENTS. As of July 31, 2003, the Borrower
and its Consolidated Subsidiaries have no Investments which individually exceed
$1,000,000 or in the aggregate exceed $10,000,000, except as set forth on
Schedule 4.16.

                                    ARTICLE V

                              AFFIRMATIVE COVENANTS

                  The Borrower covenants and agrees that, from and after the
Funding Date, so long as any Lender has a Commitment hereunder or the principal
of and interest on any Loan or any fee or any LC Disbursement remains unpaid or
any Letter of Credit remains outstanding:

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<PAGE>

                  SECTION 5.1. FINANCIAL STATEMENTS AND OTHER INFORMATION. The
Borrower will deliver to the Administrative Agent (who, in turn, shall promptly
deliver to the Lenders):

                  (a)      as soon as available and in any event within 90 days
after the end of each fiscal year of Borrower, a copy of the annual audited
report for such fiscal year for the Borrower and its Subsidiaries, containing a
consolidated balance sheet of the Borrower and its Subsidiaries as of the end of
such fiscal year and the related consolidated statements of income,
stockholders' equity and cash flows (together with all footnotes thereto) of the
Borrower and its Subsidiaries for such fiscal year, setting forth in each case
in comparative form the figures for the previous fiscal year, all in reasonable
detail and reported on by Ernst & Young LLP or other independent public
accountants of nationally recognized standing (without a "going concern" or like
qualification, exception or explanation and without any qualification or
exception as to scope of such audit) to the effect that such financial
statements present fairly in all material respects the financial condition and
the results of operations of the Borrower and its Subsidiaries for such fiscal
year on a consolidated basis in accordance with GAAP and that the examination by
such accountants in connection with such consolidated financial statements has
been made in accordance with generally accepted auditing standards;

                  (b)      as soon as available and in any event within 45 days
after the end of each of the first three fiscal quarters of each fiscal year of
the Borrower, an unaudited consolidated balance sheet of the Borrower and its
Subsidiaries as of the end of such fiscal quarter and the related unaudited
consolidated statements of income and cash flows of the Borrower and its
Subsidiaries for such fiscal quarter and the then elapsed portion of such fiscal
year, setting forth in each case in comparative form the figures for the
corresponding quarter and the corresponding portion of Borrower's previous
fiscal year, all certified by the chief financial officer or treasurer of the
Borrower as presenting fairly in all material respects the financial condition
and results of operations of the Borrower and its Subsidiaries on a consolidated
basis in accordance with GAAP, subject to normal year-end audit adjustments and
the absence of footnotes;

                  (c)      concurrently with the delivery of the financial
statements referred to in clauses (a) and (b) above, a certificate of a
Responsible Officer, (i) certifying as to whether there exists a Default or
Event of Default on the date of such certificate, and if a Default or an Event
of Default then exists, specifying the details thereof and the action which the
Borrower has taken or proposes to take with respect thereto, (ii) setting forth
in reasonable detail calculations demonstrating compliance with Article VI and
(iii) stating whether any change in GAAP or the application thereof has occurred
since the date of the Borrower's audited financial statements referred to in
Section 4.4 and, if any change has occurred, specifying the effect of such
change on the financial statements accompanying such certificate;

                  (d)      concurrently with the delivery of the financial
statements referred to in clause (a) above, a certificate of the accounting firm
that reported on such financial statements stating whether they obtained any
knowledge during the course of their examination of such financial statements of
any Default or Event of Default (which certificate may be limited to the extent
required by accounting rules or guidelines);

                                       56
<PAGE>

                  (e)      promptly after the same become publicly available,
copies of all periodic and other reports, proxy statements and other materials
filed with the Securities and Exchange Commission, or any Governmental Authority
succeeding to any or all functions of said Commission, or with any national
securities exchange, or distributed by the Borrower to its shareholders
generally, as the case may be; and

                  (f)      promptly following any request therefor, such other
information regarding the results of operations, business affairs and financial
condition of the Borrower or any Subsidiary as the Administrative Agent or any
Lender may reasonably request.

                  SECTION 5.2 NOTICES OF MATERIAL EVENTS. The Borrower will
furnish to the Administrative Agent and each Lender prompt written notice of the
following:

                  (a)      the occurrence of any Default or Event of Default;

                  (b)      the filing or commencement of any action, suit or
proceeding by or before any arbitrator or Governmental Authority against or, to
the knowledge of the Borrower, affecting the Borrower or any Subsidiary which,
if adversely determined, could reasonably be expected to result in a Material
Adverse Effect;

                  (c)      the occurrence of any event or any other development
(which individually or in the aggregate, could reasonably be expected to result
in a Material Adverse Effect) by which the Borrower or any of its Consolidated
Subsidiaries (i) fails to comply with any Environmental Law or to obtain,
maintain or comply with any permit, license or other approval required under any
Environmental Law, (ii) becomes subject to any Environmental Liability, (iii)
receives notice of any claim with respect to any Environmental Liability, or
(iv) becomes aware of any basis for any Environmental Liability;

                  (d)      the occurrence of any ERISA Event that alone, or
together with any other ERISA Events that have occurred, could reasonably be
expected to result in liability of the Borrower and its Consolidated
Subsidiaries in an aggregate amount exceeding $5,000,000;

                  (e)      the occurrence of any Event of Default (as such term
is defined in the Indenture) under or pursuant to the Indenture;

                  (f)      the downgrading of the Senior Debt Rating by either
of the Rating Agencies; and

                  (g)      any development that results in, or could reasonably
be expected to result in, a Material Adverse Effect.

                  Each notice delivered under this Section shall be accompanied
by a written statement of a Responsible Officer setting forth the details of the
event or development requiring such notice and, if applicable, any action taken
or proposed to be taken with respect thereto.

                                       57
<PAGE>

                  SECTION 5.3. EXISTENCE; CONDUCT OF BUSINESS. The Borrower
will, and will cause each of its Consolidated Subsidiaries to, do or cause to be
done all things necessary to preserve, renew and maintain in full force and
effect its legal existence and its respective rights, licenses, permits,
privileges, franchises, patents, copyrights, trademarks and trade names material
to the conduct of its business and will continue to engage in the same business
as presently conducted or such other businesses that are reasonably related
thereto; provided, that nothing in this Section shall prohibit any merger,
consolidation, liquidation or dissolution permitted under Section 7.3.

                  SECTION 5.4. COMPLIANCE WITH LAWS, ETC. The Borrower will, and
will cause each of its Consolidated Subsidiaries to, comply with all laws,
rules, regulations and requirements of any Governmental Authority applicable to
its properties, except where the failure to do so, either individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse
Effect.

                  SECTION 5.5. PAYMENT OF OBLIGATIONS. The Borrower will, and
will cause each of its Consolidated Subsidiaries to, pay and discharge at or
before maturity, all of its obligations and liabilities (including without
limitation all tax liabilities and claims that could result in a statutory Lien)
before the same shall become delinquent or in default, except where (a) the
validity or amount thereof is being contested in good faith by appropriate
proceedings, (b) the Borrower or such Subsidiary has set aside on its books
adequate reserves with respect thereto in accordance with GAAP and (c) the
failure to make payment pending such contest could not reasonably be expected to
result in a Material Adverse Effect.

                  SECTION 5.6. BOOKS AND RECORDS. The Borrower will, and will
cause each of its Consolidated Subsidiaries to, keep proper books of record and
account in which full, true and correct entries shall be made of all material
dealings and transactions in relation to its business and activities to the
extent necessary to prepare the consolidated financial statements of Borrower in
conformity with GAAP.

                  SECTION 5.7. VISITATION, INSPECTION, ETC. The Borrower will,
and will cause each of its Consolidated Subsidiaries to, permit any
representative of the Administrative Agent or any Lender, to visit and inspect
its properties, to examine its books and records and to make copies and take
extracts therefrom, and to discuss its affairs, finances and accounts with any
of its officers and with its independent certified public accountants, all at
such reasonable times and as often as the Administrative Agent or any Lender may
reasonably request after reasonable prior notice to the Borrower.

                  SECTION 5.8. MAINTENANCE OF PROPERTIES; INSURANCE. The
Borrower will, and will cause each of its Consolidated Subsidiaries to, (a) keep
and maintain all property material to the conduct of its business in good
working order and condition, subject to ordinary wear and tear, except where the
failure to do so, either individually or it the aggregate, could not reasonably
be expected to result in a Material Adverse Effect and (b) maintain with
financially sound and reputable insurance companies, insurance with respect to
its properties and business, and the properties and

                                       58
<PAGE>

business of its Consolidated Subsidiaries, against loss or damage of the kinds
customarily insured against by companies in the same or similar businesses
operating in the same or similar locations.

                  SECTION 5.9. USE OF PROCEEDS AND LETTERS OF CREDIT. The
Borrower, and any Designated Borrower will use the proceeds of all Loans to
finance working capital needs and for other general corporate purposes of the
Borrower and its Subsidiaries. No part of the proceeds of any Loan will be used,
whether directly or indirectly, for any purpose that would violate any rule or
regulation of the Board of Governors of the Federal Reserve System, including
Regulations T, U or X. All Letters of Credit will be used for general corporate
purposes.

                                   ARTICLE VI

                               FINANCIAL COVENANTS

                  The Borrower covenants and agrees that, from and after the
Funding Date, so long as any Lender has a Commitment hereunder or the principal
of or interest on or any Loan remains unpaid or any fee or any LC Disbursement
remains unpaid or any Letter of Credit remains outstanding:

                  SECTION 6.1. LEVERAGE RATIO. The Borrower will have, as of the
end of each fiscal quarter of the Borrower, commencing with the fiscal quarter
ending September 30, 2003, a Leverage Ratio of not greater than 3.00 to 1.00.

                  SECTION 6.2. FIXED CHARGE COVERAGE RATIO. The Borrower will
have, as of the end of each fiscal quarter of the Borrower, commencing with the
fiscal quarter ending September 30, 2003, a Fixed Charge Coverage Ratio of not
less than 2.50 to 1.00.

                                   ARTICLE VII

                               NEGATIVE COVENANTS

                  The Borrower covenants and agrees that, from and after the
Funding Date, so long as any Lender has a Commitment hereunder or the principal
of or interest on any Loan remains unpaid or any fee or any LC Disbursement
remains unpaid or any Letter of Credit remains outstanding:

                  SECTION 7.1. SUBSIDIARY INDEBTEDNESS. The Borrower will not
permit any of its Consolidated Subsidiaries to, create, incur, assume or suffer
to exist any Indebtedness, except:

                  (a)      Indebtedness existing on the Funding Date and set
forth on Schedule 4.15 and extensions, renewals and replacements of any such
Indebtedness that do not (i) in the case of revolving credit, increase the
maximum principal amount thereof and (ii) in the case of term loans, increase
the outstanding principal amount thereof (immediately prior to giving effect to
such extension, renewal or replacement) or shorten the maturity or the weighted
average life thereof;

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<PAGE>

                  (b)      Indebtedness of any Consolidated Subsidiary incurred
to finance the acquisition, construction or improvement of any fixed or capital
assets, including Capital Lease Obligations; provided, that such Indebtedness is
incurred prior to or within 90 days after such acquisition or the completion of
such construction or improvements and extensions, renewals, and replacements of
any such Indebtedness that do not increase the outstanding principal amount
thereof (immediately prior to giving effect to such extension, renewal or
replacement) or shorten the maturity or the weighted average life thereof;

                  (c)      Indebtedness of any Consolidated Subsidiary owing to
the Borrower or any other Consolidated Subsidiary; provided, that any such
Indebtedness shall be subject to Section 7.4;

                  (d)      Indebtedness in respect of obligations under Hedging
Agreements permitted by Section 7.9;

                  (e)      Guarantees by any Consolidated Subsidiary of
Indebtedness of any other Consolidated Subsidiary; provided, that such
Guarantees of Indebtedness of any Consolidated Subsidiary shall be subject to
Section 7.4;

                  (f)      Indebtedness of any Permitted Securitization
Subsidiary (to the extent such Permitted Securitization Subsidiary constitutes a
Consolidated Subsidiary) incurred in connection with any Permitted
Securitization Transaction; and

                  (g)      other unsecured Indebtedness of Consolidated
Subsidiaries in an aggregate principal amount not to exceed $20,000,000 at any
time outstanding.

                  SECTION 7.2. NEGATIVE PLEDGE. The Borrower will not, and will
not permit any of its Consolidated Subsidiaries to, create, incur, assume or
suffer to exist any Lien on any of its assets or property now owned or hereafter
acquired or, except:

                  (a)      Permitted Encumbrances;

                  (b)      any Liens on any property or asset of the Borrower or
any Consolidated Subsidiary existing on the Funding Date and set forth on
Schedule 7.2; provided, that such Lien shall not apply to any other property or
asset of the Borrower or any Consolidated Subsidiary;

                  (c)      purchase money Liens upon or in any fixed or capital
assets to secure the purchase price or the cost of construction or improvement
of such fixed or capital assets or to secure Indebtedness incurred solely for
the purpose of financing the acquisition, construction or improvement of such
fixed or capital assets (including Liens securing any Capital Lease
Obligations); provided, that (i) such Lien attaches to such asset concurrently
or within 90 days after the acquisition, improvement or completion of the
construction thereof; (ii) such Lien does not extend to any other asset; and
(iii) the Indebtedness secured thereby does not exceed the cost of acquiring,
constructing or improving such fixed or capital assets;

                                       60
<PAGE>

                  (d)      extensions, renewals, or replacements of any Lien
referred to in paragraphs (a) through (c) of this Section; provided, that the
principal amount of the Indebtedness secured thereby is not increased and that
any such extension, renewal or replacement is limited to the assets originally
encumbered thereby;

                  (e)      any Lien against the Borrower or any Consolidated
Subsidiary evidencing the transfer of any receivables and related property to
any Permitted Securitization Subsidiary (to the extent such Permitted
Securitization Subsidiary constitutes a Consolidated Subsidiary) pursuant to any
Permitted Securitization Transaction;

                  (f)      any Lien against a Permitted Securitization
Subsidiary (to the extent such Permitted Securitization Subsidiary constitutes a
Consolidated Subsidiary) pursuant to any Permitted Securitization Transaction;
and

                  (g)      other Liens securing Indebtedness and other
obligations in the aggregate which do not to exceed 5% of Consolidated Total
Assets at any time.

                  SECTION 7.3. FUNDAMENTAL CHANGES.

                  (a)      The Borrower will not, and will not permit any
Consolidated Subsidiary to, merge into or consolidate into any other Person, or
permit any other Person to merge into or consolidate with it, or sell, lease,
transfer or otherwise dispose of (in a single transaction or a series of
transactions) all or substantially all of its assets (in each case, whether now
owned or hereafter acquired) or all or substantially all of the stock of any of
its Consolidated Subsidiaries (in each case, whether now owned or hereafter
acquired) or liquidate or dissolve; provided, that if at the time thereof and
immediately after giving effect thereto, no Default or Event of Default shall
have occurred and be continuing (i) the Borrower or any Consolidated Subsidiary
may merge with a Person if the Borrower (or such Consolidated Subsidiary if the
Borrower is not a party to such merger) is the surviving Person, (ii) any
Consolidated Subsidiary may merge into another Consolidated Subsidiary, (iii)
any Consolidated Subsidiary may sell, transfer, lease or otherwise dispose of
all or substantially all of its assets to the Borrower or to a Consolidated
Subsidiary, (iv) any Consolidated Subsidiary may liquidate or dissolve if the
Borrower determines in good faith that such liquidation or dissolution is in the
best interests of the Borrower and is not materially disadvantageous to the
Lenders and (v) any Consolidated Subsidiary may be sold so long as such sale is
permitted under Section 7.6; provided, that any such merger involving a Person
that is not a Wholly-Owned Subsidiary immediately prior to such merger shall not
be permitted unless also permitted by Section 7.4; provided, further, that at
any time, (x) any one or more Permitted Securitization Subsidiaries may merge
into or consolidate with any one or more Permitted Securitization Subsidiaries
and (y) any Permitted Securitization Subsidiary may be liquidated or dissolved.

                  (b)      The Borrower will not, and will not permit any of its
Consolidated Subsidiaries to, engage to any material extent in any business
other than businesses of the type conducted by the Borrower and its Consolidated
Subsidiaries on the date hereof and businesses reasonably related thereto and to
consummate a Permitted Securitizaton Transaction.

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<PAGE>

                  SECTION 7.4. INVESTMENTS, LOANS, ACQUISITIONS, ETC. The
Borrower will not, and will not permit any of its Consolidated Subsidiaries to,
purchase, hold or acquire (including pursuant to any merger with any Person that
was not a Wholly-Owned Subsidiary prior to such merger), any common stock,
evidence of indebtedness or other securities (including any option, warrant, or
other right to acquire any of the foregoing) of, make or permit to exist any
loans or advances to, Guarantee any obligations of, or make or permit to exist
any investment or any other interest in, any other Person (all of the foregoing
being collectively called "Investments"), or consummate any Acquisitions or make
any Restricted Investments, except:

                  (a)      Permitted Investments;

                  (b)      Guarantees constituting Indebtedness not prohibited
by Section 7.1; provided, that the aggregate principal amount of Indebtedness of
Subsidiaries or any other entity that is Guaranteed by the Borrower or any other
Subsidiary shall be subject to the limitations set forth in clauses (c) and (d)
hereof;

                  (c)      Investments existing on July 31, 2003 and identified
on Schedule 4.16 hereof;

                  (d)      (i)      Investments (other than Investments in
Subsidiaries in the form of loans) made from and after July 31, 2003 by the
Borrower in any Subsidiary (domestic or foreign); provided, that the Aggregate
Net Amount (defined below) of such Investments made after July 31, 2003 by the
Borrower in or to all Subsidiaries plus (without duplication) the aggregate
amount of all Restricted Investments shall not exceed $200,000,000.

                           (ii)     Investments (including, without limitation,
those in the form of loans) made from and after July 31, 2003 by the Borrower or
any domestic Consolidated Subsidiary in any Foreign Subsidiary; provided, that
(i) the Aggregate Net Amount of such Investments made after July 31, 2003 by the
Borrower or any domestic Consolidated Subsidiary in or to all Foreign
Subsidiaries (together with, but without duplication, all Guarantees made after
July 31, 2003 by the Borrower or any domestic Consolidated Subsidiary of
Indebtedness of any Foreign Subsidiary) shall not exceed $100,000,000. To the
extent that a particular Investment is of the type contemplated by both clause
(c)(i) and clause (c)(ii) of this Section 7.4, it must comply with both such
clauses.

                           (iii)    Any Investments made by the Borrower in any
Subsidiary in the form of loans shall be permitted only if otherwise permitted
hereunder and are evidenced by an Intercompany Note. Any Investments in the form
of loans may be forgiven by the payee thereof, in whole or in part, or otherwise
converted by the payee, in whole or in part, into equity Investments so long as
(y) immediately before and immediately after giving effect to the forgiveness or
conversion of such loans, no Event of Default shall have occurred and be
continuing and (z) the Borrower shall otherwise be in compliance with the
limitations on Investments set forth in this Section 7.4 after giving effect to
such forgiveness or conversion.

                           (iv)     The term "Aggregate Net Amount" shall mean
the sum of the following with respect to each Subsidiary: (a) with respect to
equity Investments, if applicable, the

                                       62
<PAGE>

amount of the equity Investment in such Subsidiary made after July 31, 2003
(determined at book value as of the date such Investment is made) less the
amount of any cash dividends or other cash distributions made by such Subsidiary
after July 31, 2003 to the Borrower or other Subsidiary, as applicable, in
respect of the equity interests of such Subsidiary plus (without duplication)
the amount of any loans to such Subsidiary which are forgiven or otherwise
converted into equity; (b) with respect to Investments in the form of loans, if
applicable, the principal amount advanced to such Subsidiary after July 31, 2003
less the amount of all principal payments made by such Subsidiary after July 31,
2003 in respect of such loans less (without duplication) the amount of any such
loans to such Subsidiary which are forgiven or otherwise converted into equity;
and (c) with respect to debt Investments in the form of guarantees of
Indebtedness of such Subsidiary, the face amount of the guaranties made after
July 31, 2003, less the face amount of any guaranties that expire or are
cancelled (to the extent not drawn upon) after July 31, 2003 (if any guaranty is
drawn upon, then, to the extent of such drawing, it shall be considered a debt
Investment). To the extent Investments are made in a Subsidiary through indirect
Investments through other Subsidiaries, the calculation of the Aggregate Net
Amount of such Investments shall not be done in a duplicative manner; provided,
that any Investments in Foreign Subsidiaries must at all times comply with the
limitations set forth in clause (ii) above. Notwithstanding the foregoing, to
the extent that either (i) the amount of cash dividends or other cash
distributions exceeds the amount of equity Investments otherwise made in such
Subsidiary or (ii) the principal amount of debt repaid by such Subsidiary
exceeds the principal amount advanced to such Subsidiary, then, in either case,
such excess shall not be applied to reduce the Aggregate Net Amount of
Investment related to any other Subsidiary. In calculating the Aggregate Net
Amount of Investments in any Subsidiary, there will be excluded from such
calculation (i) any amount that is contributed from the proceeds of equity
issuances of the Borrower consummated after July 31, 2003 and (ii) the
contribution to any Subsidiary of capital stock of the Borrower held in treasury
on the Execution Date or any contributions to any Subsidiary of the proceeds
from any transfer thereof by the Borrower or any Subsidiary.

                  (e)      loans or advances to employees, officers or directors
of the Borrower or any Consolidated Subsidiary in the ordinary course of
business for travel, relocation and other business related expenses;

                  (f)      Hedging Agreements permitted by Section 7.10;

                  (g)      Permitted Acquisitions; and

                  (h)      Permitted Securitization Subsidiaries.

                  SECTION 7.5. RESTRICTED PAYMENTS. The Borrower will not, and
will not permit its Consolidated Subsidiaries to, declare or make, or agree to
pay or make, directly or indirectly, any dividend on any class of its stock, or
make any payment on account of, or set apart assets for a sinking or other
analogous fund for, the purchase, redemption, retirement, defeasance or other
acquisition of, any shares of common stock or Indebtedness subordinated to the
Obligations of the Borrower or any options, warrants, or other rights to
purchase such common stock or such Indebtedness, whether now or hereafter
outstanding (each, a "Restricted Payment"), except for (i) dividends payable by
the Borrower solely in shares of any class of its common stock, (ii) Restricted

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Payments made by any Consolidated Subsidiary or any Permitted Securitization
Subsidiary to the Borrower or to another Consolidated Subsidiary or, in the case
of a Permitted Securitization Subsidiary, any Consolidated Subsidiary, and (iii)
cash dividends paid on, and cash redemptions of, the common stock of the
Borrower; provided, that no Default or Event of Default has occurred and is
continuing at the time such dividend is paid or redemption is made or would be
caused thereby.

                  SECTION 7.6. SALE OF ASSETS. The Borrower will not, and will
not permit any of its Consolidated Subsidiaries to, convey, sell, lease, assign,
transfer or otherwise dispose of, any of its assets, business or property,
whether now owned or hereafter acquired, or, in the case of any Consolidated
Subsidiary, issue or sell any shares of such Consolidated Subsidiary's common
stock to any Person other than the Borrower or any Wholly-Owned Subsidiary of
the Borrower (or to qualify directors if required by applicable law), except:

                  (a)      the sale or other disposition for fair market value
of obsolete or worn out property or other property not necessary for operations
disposed of in the ordinary course of business;

                  (b)      the sale of inventory and Permitted Investments in
the ordinary course of business;

                  (c)      the sale of any receivables and related property to
one or more Permitted Securitization Subsidiaries so long as such sale is made
in connection with a Permitted Securitization Transaction; and

                  (d)      the sale or other disposition of such assets (which
may include the capital stock of any Subsidiary of the Borrower or all or
substantially all of the assets of any Subsidiary of the Borrower) in an
aggregate amount in any fiscal year of the Borrower not to exceed 10% of the
Consolidated EBIT for the immediately preceding fiscal year.

                  SECTION 7.7. TRANSACTIONS WITH AFFILIATES. The Borrower will
not, and will not permit any of its Consolidated Subsidiaries to, sell, lease or
otherwise transfer any property or assets to, or purchase, lease or otherwise
acquire any property or assets from, or otherwise engage in any other
transactions with, any of its Affiliates, except (a) in the ordinary course of
business at prices and on terms and conditions not less favorable to the
Borrower or such Subsidiary than could be obtained on an arm's-length basis from
unrelated third parties, (b) transactions between or among the Borrower and its
Consolidated Subsidiaries not involving any other Affiliates (subject to
limitations in Section 7.4), (c) any Restricted Payment permitted by Section
7.5, and (d) in any Permitted Securitization Transaction.

                  SECTION 7.8. RESTRICTIVE AGREEMENTS. The Borrower will not,
and will not permit any Subsidiary to, directly or indirectly, enter into, incur
or permit to exist any agreement that prohibits, restricts or imposes any
condition upon (a) the ability of the Borrower or any Consolidated Subsidiary to
create, incur or permit any Lien upon any of its assets or properties, whether
now owned or hereafter acquired, or (b) the ability of any Subsidiary to pay
dividends or other distributions with respect to its common stock, to make or
repay loans or advances to the Borrower

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<PAGE>

or any other Consolidated Subsidiary, to Guarantee Indebtedness of the Borrower
or any other Consolidated Subsidiary or to transfer any of its property or
assets to the Borrower or any Consolidated Subsidiary of the Borrower; provided,
that (i) the foregoing shall not apply to restrictions or conditions imposed by
law or by this Agreement or any other Loan Document, (ii) the foregoing shall
not apply to customary restrictions and conditions contained in agreements
relating to the sale of a Consolidated Subsidiary pending such sale, provided
such restrictions and conditions apply only to the Subsidiary that is sold and
such sale is permitted hereunder, (iii) clause (a) shall not apply to
restrictions or conditions imposed by any agreement relating to secured
Indebtedness permitted by this Agreement if such restrictions and conditions
apply only to the property or assets securing such Indebtedness, (iv) clause (a)
shall not apply to customary provisions in (A) Indebtedness not prohibited by
Section 7.1 under a credit facility used by the Borrower for settlement purposes
so long as such lien restriction is limited to the Borrower's or any
Consolidated Subsidiaries' settlement receivables, any depository account which
is used for the sole purpose of clearing such settlement receivables, any
intercompany obligations which arise among the Borrower and a Consolidated
Subsidiary in connection with such settlement facility and any documents which
relate to the foregoing items in this clause (A), (B) any Synthetic Lease
transaction (not prohibited by the Loan Documents), (C) any Capital Lease
Obligations or other permitted purchase money Indebtedness so long as such
restriction is limited to the asset financed by such Capital Lease Obligations
or purchase money Indebtedness and (D) any Permitted Securitizaton Transaction
(not prohibited by the Loan Documents) involving the Borrower, any Consolidated
Subsidiary or any of their respective assets so long as such restriction is
limited to the asset relating to such Permitted Securitization Transaction, (v)
clause (b) shall not apply to any Permitted Securitization Subsidiary, and (vi)
clause (a) and clause (b) (solely as such clause (b) relates to the ability of
any Consolidated Subsidiary to Guarantee Indebtedness of the Borrower) shall not
apply to the provisions contained in the Indenture.

                  SECTION 7.9. HEDGING AGREEMENTS. The Borrower will not, and
will not permit any of the Consolidated Subsidiaries to, enter into any Hedging
Agreement, other than non-speculative Hedging Agreements entered into in the
ordinary course of business to hedge or mitigate risks to which the Borrower or
any Subsidiary is exposed in the conduct of its business or the management of
its liabilities.

                  SECTION 7.10. AMENDMENT TO INDENTURE; MATERIAL DOCUMENTS. The
Borrower will not, and will not permit any Consolidated Subsidiary to, (i) amend
or modify the Indenture in any manner without the prior written consent of the
Required Lenders, or (ii) amend, modify or waive any of its rights in a manner
materially adverse to the Lenders under its certificate of incorporation, bylaws
or other organizational documents.

                  SECTION 7.11. ACCOUNTING CHANGES. The Borrower will not, and
will not permit any Subsidiary to, make any significant change in accounting
treatment or reporting practices, except as required by GAAP.

                                  ARTICLE VIII

                                EVENTS OF DEFAULT

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<PAGE>

                  SECTION 8.1. EVENTS OF DEFAULT. If any of the following events
(each an "Event of Default") shall occur:

                  (a)      the Borrower or any Designated Borrower shall fail to
pay any principal of any Loan or of any reimbursement obligation in respect of
any LC Disbursement when and as the same shall become due and payable, whether
at the due date thereof or at a date fixed for prepayment or otherwise; or

                  (b)      the Borrower or any Designated Borrower shall fail to
pay any interest on any Loan or any fee or any other amount (other than an
amount payable under clause (a) of this Article) payable under this Agreement or
any other Loan Document, when and as the same shall become due and payable, and
such failure shall continue unremedied for a period of five (5) Business Days;
or

                  (c)      any representation or warranty made or deemed made by
or on behalf of the Borrower or any Consolidated Subsidiary in or in connection
with this Agreement or any other Loan Document (including the Schedules attached
thereto) and any amendments or modifications hereof or waivers hereunder, or in
any certificate, report, financial statement or other document submitted to the
Administrative Agent or the Lenders by the Borrower or any Consolidated
Subsidiary or any representative of the Borrower or any Consolidated Subsidiary
pursuant to or in connection with this Agreement or any other Loan Document
shall prove to be incorrect in any material respect when made or deemed made or
submitted; or

                  (d)      the Borrower shall fail to observe or perform any
covenant or agreement contained in Sections 5.1, 5.2, or 5.3 (with respect to
the Borrower's existence) or Articles VI or VII; or

                  (e)      the Borrower or any Consolidated Subsidiary shall
fail to observe or perform any covenant or agreement contained in this Agreement
(other than those referred to in clauses (a), (b) and (d) above), and such
failure shall remain unremedied for 30 days after the earlier of (i) any
Responsible Officer of the Borrower becomes aware of such failure, or (ii)
notice thereof shall have been given to the Borrower by the Administrative Agent
or any Lender; or

                  (f)      the Borrower or any Consolidated Subsidiary (whether
as primary obligor or as guarantor or other surety) shall fail to pay any
principal of or premium or interest on any Indebtedness which exceeds $7,500,000
individually or in the aggregate, when and as the same shall become due and
payable (whether at scheduled maturity, required prepayment, acceleration,
demand or otherwise), and such failure shall continue after the applicable grace
period, if any, specified in the agreement or instrument evidencing such
Indebtedness; or any other event shall occur or condition shall exist under any
agreement or instrument relating to such Indebtedness and shall continue after
the applicable grace period, if any, specified in such agreement or instrument,
if the effect of such event or condition is to accelerate, or permit the
acceleration of, the maturity of such Indebtedness; or any such Indebtedness
shall be declared to be due and payable; or required to be prepaid or redeemed
(other than by a regularly scheduled required prepayment or redemption),
purchased or

                                       66
<PAGE>

defeased, or any offer to prepay, redeem, purchase or defease such Indebtedness
shall be required to be made, in each case prior to the stated maturity thereof;
or

                  (g)      the Borrower, any Designated Borrower or any Material
Subsidiary shall (i) commence a voluntary case or other proceeding or file any
petition seeking liquidation, reorganization or other relief under any federal,
state or foreign bankruptcy, insolvency or other similar law now or hereafter in
effect or seeking the appointment of a custodian, trustee, receiver, liquidator
or other similar official of it or any substantial part of its property, (ii)
consent to the institution of, or fail to contest in a timely and appropriate
manner, any proceeding or petition described in clause (i) of this Section,
(iii) apply for or consent to the appointment of a custodian, trustee, receiver,
liquidator or other similar official for the Borrower, any Designated Borrower
or any such Material Subsidiary or for a substantial part of its assets, (iv)
file an answer admitting the material allegations of a petition filed against it
in any such proceeding, (v) make a general assignment for the benefit of
creditors, or (vi) take any action for the purpose of effecting any of the
foregoing; or

                  (h)      an involuntary proceeding shall be commenced or an
involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of the Borrower, any Designated Borrower or any Material
Subsidiary or its debts, or any substantial part of its assets, under any
federal, state or foreign bankruptcy, insolvency or other similar law now or
hereafter in effect or (ii) the appointment of a custodian, trustee, receiver,
liquidator or other similar official for the Borrower, any Designated Borrower
or any Material Subsidiary or for a substantial part of its assets, and in any
such case, such proceeding or petition shall remain undismissed for a period of
60 days or an order or decree approving or ordering any of the foregoing shall
be entered; or

                  (i)      the Borrower, any Designated Borrower or any Material
Subsidiary shall become unable to pay, shall admit in writing its inability to
pay, or shall fail generally to pay, its debts as they become due; or

                  (j)      an ERISA Event shall have occurred that, when taken
together with other ERISA Events that have occurred, could reasonably be
expected to result in liability to the Borrower or any Consolidated Subsidiary
in an aggregate amount exceeding $5,000,000; or

                  (k)      any judgment or order for the payment of money in
excess of $7,500,000 in the aggregate shall be rendered against the Borrower or
any Consolidated Subsidiary, and either (i) enforcement proceedings shall have
been commenced by any creditor upon such judgment or order or (ii) there shall
be a period of 30 consecutive days during which a stay of enforcement of such
judgment or order, by reason of a pending appeal or otherwise, shall not be in
effect; or

                  (l)      a Change in Control shall occur or exist; or

                  (m)      any provision of this Agreement or any Designated
Borrower Acknowledgement and Agreement shall for any reason cease to be valid
and binding on, or enforceable against, any Designated Borrower, or any
Designated Borrower shall so state in writing,

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<PAGE>

or any Designated Borrower shall seek to terminate its obligations thereunder
(other than as provided in Section 2.25); or

                  (n)      Breach of any covenant by the Borrower or any
Consolidated Subsidiary (including any Permitted Securitization Subsidiary to
the extent a Permitted Securitization Subsidiary is a Consolidated Subsidiary)
contained in any agreement relating to a Permitted Securitization Transaction
causing the acceleration of the obligations thereunder or requiring the
prepayment of such obligations or termination of such securitization program
prior to its stated maturity or term and the Borrower or any Consolidated
Subsidiary (other than any Permitted Securitization Subsidiary to the extent
such Subsidiary is a Consolidated Subsidiary) has liability in excess of
$7,500,000 under such Permitted Securitization Transaction,

then, and in every such event (other than an event with respect to the Borrower
or any Designated Borrower described in clause (g) or (h) of this Section) and
at any time thereafter during the continuance of such event, the Administrative
Agent may, and upon the written request of the Required Lenders shall, by notice
to the Borrower, take any or all of the following actions, at the same or
different times (unless expressly set forth otherwise herein): (i) terminate the
Commitments, whereupon the Commitment of each Lender shall terminate
immediately; (ii) declare the principal of and any accrued interest on the
Loans, and all other Obligations owing hereunder, to be, whereupon the same
shall become due and payable immediately, without presentment, demand, protest
or other notice of any kind, all of which are hereby waived by the Borrower and
any Designated Borrower; provided that in connection with any acceleration
pursuant to this clause (ii), the Commitments shall automatically terminate, and
(iii) exercise all remedies contained in any other Loan Document; and if an
Event of Default specified in either clause (g) or (h) shall occur with respect
to the Borrower or any Designated Borrower, the Commitments shall automatically
terminate and the principal of the Loans then outstanding, together with accrued
interest thereon, and all fees, and all other Obligations shall automatically
become due and payable, without presentment, demand, protest or other notice of
any kind, all of which are hereby waived by the Borrower and any Designated
Borrower.

                                   ARTICLE IX

                            THE ADMINISTRATIVE AGENT

                  SECTION 9.1. APPOINTMENT OF ADMINISTRATIVE AGENT. (a) Each
Lender irrevocably appoints SunTrust Bank as the Administrative Agent and
authorizes it to take such actions on its behalf and to exercise such powers as
are delegated to the Administrative Agent under this Agreement and the other
Loan Documents, together with all such actions and powers that are reasonably
incidental thereto. The Administrative Agent may perform any of its duties
hereunder 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 of its duties and exercise its rights and powers through
their respective Related Parties. The exculpatory provisions set forth in this
Article shall apply to any such sub-agent and 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 facilities provided
for herein as well as activities as Administrative Agent.

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<PAGE>

                  (b)      The Issuing Bank shall act on behalf of the Lenders
with respect to any Letters of Credit issued by it and the documents associated
therewith until such time and except for so long as the Administrative Agent may
agree at the request of the Required Lenders to act for the Issuing Bank with
respect thereto; provided, that the Issuing Bank shall have all the benefits and
immunities (i) provided to the Administrative Agent in this Article IX with
respect to any acts taken or omissions suffered by the Issuing Bank in
connection with Letters of Credit issued by it or proposed to be issued by it
and the application and agreements for letters of credit pertaining to the
Letters of Credit as fully as the term "Administrative Agent" as used in this
Article IX included the Issuing Bank with respect to such acts or omissions and
(ii) as additionally provided in this Agreement with respect to the Issuing
Bank.

                  SECTION 9.2. NATURE OF DUTIES OF ADMINISTRATIVE AGENT. The
Administrative Agent shall not have any duties or obligations except those
expressly set forth in this Agreement and the other Loan Documents. Without
limiting the generality of the foregoing, (a) the Administrative Agent shall not
be subject to any fiduciary or other implied duties, regardless of whether a
Default or an Event of Default has occurred and is continuing, (b) the
Administrative Agent shall not have any duty to take any discretionary action or
exercise any discretionary powers, except those discretionary rights and powers
expressly contemplated by the Loan Documents that the Administrative Agent is
required to exercise in writing by the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary under the circumstances as
provided in Section 10.2), and (c) except as expressly set forth in the Loan
Documents, the Administrative Agent shall not have any duty to disclose, and
shall not be liable for the failure to disclose, any information relating to the
Borrower or any of its Subsidiaries that is communicated to or obtained by the
Administrative Agent or any of its Affiliates in any capacity. The
Administrative Agent shall not be liable (provided that the Borrower reserves
any and all rights and claims against any Lender, including the Administrative
Agent in its capacity as a Lender) for any action taken or not taken by it with
the consent or at the request of the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary under the circumstances as
provided in Section 10.2) or in the absence of its own gross negligence or
willful misconduct. The Administrative Agent shall not be deemed to have
knowledge of any Default or Event of Default unless and until written notice
thereof is given to the Administrative Agent by the Borrower or any Lender, and
the Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in
or in connection with any Loan Document, (ii) the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection
herewith or therewith, (iii) the performance or observance of any of the
covenants, agreements, or other terms and conditions set forth in any Loan
Document, (iv) the validity, enforceability, effectiveness or genuineness of any
Loan Document or any other agreement, instrument or document, or (v) the
satisfaction of any condition set forth in Article III or elsewhere in any Loan
Document, other than to confirm receipt of items expressly required to be
delivered to the Administrative Agent.

                  SECTION 9.3. LACK OF RELIANCE ON THE ADMINISTRATIVE AGENT.
Each of the Lenders, the Swingline Lender and the Issuing Bank acknowledges that
it has, independently and without reliance upon the Administrative Agent or any
other Lender and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this

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<PAGE>

Agreement. Each of the Lenders, the Swingline Lender and the Issuing Bank 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 has deemed appropriate, continue to make its own decisions in
taking or not taking of any action under or based on this Agreement, any related
agreement or any document furnished hereunder or thereunder.

                  SECTION 9.4. CERTAIN RIGHTS OF THE ADMINISTRATIVE AGENT. If
the Administrative Agent shall request instructions from the Required Lenders
with respect to any action or actions (including the failure to act) in
connection with this Agreement, the Administrative Agent shall be entitled to
refrain from such act or taking such act, unless and until it shall have
received instructions from such Lenders; and the Administrative Agent shall not
incur liability to any Person (provided that the Borrower reserves any and all
rights and claims against any Lender, including the Administrative Agent in its
capacity as a Lender) by reason of so refraining. Without limiting the
foregoing, no Lender shall have any right of action whatsoever against the
Administrative Agent as a result of the Administrative Agent acting or
refraining from acting hereunder in accordance with the instructions of the
Required Lenders where required by the terms of this Agreement.

                  SECTION 9.5. RELIANCE BY ADMINISTRATIVE AGENT. The
Administrative Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing believed by it to be genuine
and to have been signed, sent or made by the proper Person. The Administrative
Agent may also rely upon any statement made to it orally or by telephone and
believed by it to be made by the proper Person and shall not incur any liability
for relying thereon. The Administrative Agent may consult with legal counsel
(including counsel for the Borrower), independent public accountants and other
experts selected by it and shall not be liable for any action taken or not taken
by it in accordance with the advice of such counsel, accountants or experts.

                  SECTION 9.6. THE ADMINISTRATIVE AGENT IN ITS INDIVIDUAL
CAPACITY. The bank serving as the Administrative Agent shall have the same
rights and powers under this Agreement and any other Loan Document in its
capacity as a Lender as any other Lender and may exercise or refrain from
exercising the same as though it were not the Administrative Agent; and the
terms "Lenders", "Required Lenders", "holders of Notes", or any similar terms
shall, unless the context clearly otherwise indicates, include the
Administrative Agent in its individual capacity. The bank acting as the
Administrative Agent and its Affiliates may accept deposits from, lend money to,
and generally engage in any kind of business with the Borrower or any Subsidiary
or Affiliate of the Borrower as if it were not the Administrative Agent
hereunder.

                  SECTION 9.7. SUCCESSOR ADMINISTRATIVE AGENT.

         (a)      The Administrative Agent may resign at any time by giving
notice thereof to the Lenders and the Borrower. Upon any such resignation, the
Required Lenders shall have the right to appoint a successor Administrative
Agent, subject to the approval by the Borrower provided that no Event of Default
shall exist at such time. If no successor Administrative Agent shall have been
so appointed, and shall have accepted such appointment within 30 days after the
retiring Administrative Agent gives notice of resignation, then the retiring
Administrative Agent may, on behalf of the

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<PAGE>

Lenders and the Issuing Bank, appoint a successor Administrative Agent, which
shall be a commercial bank organized under the laws of the United States of
America or any state thereof or a bank which maintains an office in the United
States, having a combined capital and surplus of at least $500,000,000.

                  (b)      Upon the acceptance of its appointment as the
Administrative Agent hereunder by a successor, such successor Administrative
Agent shall thereupon succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent, and the retiring
Administrative Agent shall be discharged from its duties and obligations under
this Agreement and the other Loan Documents. If within 45 days after written
notice is given of the retiring Administrative Agent's resignation under this
Section 9.7 no successor Administrative Agent shall have been appointed and
shall have accepted such appointment, then on such 45th day (i) the retiring
Administrative Agent's resignation shall become effective, (ii) the retiring
Administrative Agent shall thereupon be discharged from its duties and
obligations under the Loan Documents and (iii) the Required Lenders shall
thereafter perform all duties of the retiring Administrative Agent under the
Loan Documents until such time as the Required Lenders appoint a successor
Administrative Agent as provided above. After any retiring Administrative
Agent's resignation hereunder, the provisions of this Article IX shall continue
in effect for the benefit of such retiring Administrative Agent and its
representatives and agents in respect of any actions taken or not taken by any
of them while it was serving as the Administrative Agent.

                  SECTION 9.8. ADDITIONAL AGENCIES; NO DUTIES IMPOSED UPON
SYNDICATION AGENTS OR DOCUMENTATION AGENTS. (a) The Administrative Agent shall
have the right from time to time to designate one or more Syndication Agents and
Documentation Agents. Upon any such designation, the Administrative Agent shall
have the right to replace the cover page to this Agreement to reflect the
addition of such Person as Syndication Agent and Documentation Agent, as the
case may be.

                  (b)      None of the Persons designated as a "Syndication
Agent" or "Documentation Agent" shall have any right, power, obligation,
liability, responsibility or duty under this Agreement or any of the other Loan
Documents other than, if such Person is a Lender, those applicable to all
Lenders as such. Without limiting the foregoing, none of the Persons designated
as a "Syndication Agent" or "Documentation Agent" shall have or be deemed to
have any fiduciary duty to or fiduciary relationship with any Lender. In
addition to the agreements set forth in Section 9.8, each of the Lenders
acknowledges that it has not relied, and will not rely, on any of the Persons so
identified in deciding to enter into this Agreement or in taking or not taking
action hereunder.

                                    ARTICLE X

                                  MISCELLANEOUS

                  SECTION 10.1. NOTICES.

                  (a) Except in the case of notices and other communications
expressly permitted to be given by telephone, all notices and other
communications to any party herein to be effective shall

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<PAGE>

be in writing and shall be delivered by hand or overnight courier service,
mailed by certified or registered mail or sent by telecopy, as follows:

To the Borrower or
any Designated Borrower:            Certegy Inc.
                                    11720 Amber Park Drive, Suite 600
                                    Alpharetta, GA 30004
                                    Attention: Walter Korchun
                                    Corporate Vice President, General
                                    Counsel and Secretary
                                    Telecopy Number: (678) 867-8321

                  With a copy to:   Certegy Inc.
                                    11720 Amber Park Drive, Suite 600
                                    Alpharetta, Georgia 30004
                                    Attention: Mr. Michael T. Vollkommer
                                    Corporate Vice President and CFO
                                    Telecopy Number: (678) 867-8100

To the Administrative Agent:        SunTrust Bank
                                    303 Peachtree Street, N. E., 3rd Floor
                                    Atlanta, Georgia 30308
                                    Attention: Brian Peters
                                    Telecopy Number: (404) 588-8833

                  With a copy to:   SunTrust Capital Markets, Inc.
                                    c/o Agency Services
                                    303 Peachtree Street, N. E./ 25th Floor
                                    Atlanta, Georgia 30308
                                    Attention: Hope Williams
                                    Telecopy Number: (404) 658-4906

To the Issuing Bank:                SunTrust Bank
                                    25 Park Place, N. E./Mail Code 3706,
                                    16th Floor
                                    Atlanta, Georgia 30303
                                    Attention: Jon Conley
                                    Telecopy Number: (404) 588-8129

To the Swingline Lender:            SunTrust Bank
                                    303 Peachtree Street, N.E./3rd Floor
                                    Atlanta, Georgia 30308
                                    Attention: Brian Peters
                                    Telecopy Number: (404) 588-8833

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<PAGE>

To any other Lender:                the address set forth under such Lender's
                                    name on the signature pages hereof

                  Any party hereto may change its address or telecopy number for
notices and other communications hereunder by notice to the other parties
hereto. All such notices and other communications shall, when transmitted by
overnight delivery, or faxed, be effective when delivered for overnight
(next-day) delivery, or transmitted in legible form by facsimile machine,
respectively, or if mailed, upon the third Business Day after the date deposited
into the mails or if delivered, upon delivery; provided, that notices delivered
to the Administrative Agent, the Issuing Bank or the Swingline Bank shall not be
effective until actually received by such Person at its address specified in
this Section 10.1.

                  (b)      Any agreement of the Administrative Agent and the
Lenders herein to receive certain notices by telephone or facsimile is solely
for the convenience and at the request of the Borrower. The Administrative Agent
and the Lenders shall be entitled to rely on the authority of any Person
purporting to be a Person authorized by the Borrower to give such notice and the
Administrative Agent and Lenders shall not have any liability to the Borrower,
any Designated Borrower or other Person on account of any action taken or not
taken by the Administrative Agent or the Lenders in reliance upon such
telephonic or facsimile notice. The obligation of the Borrower to repay the
Loans and all other Obligations hereunder shall not be affected in any way or to
any extent by any failure of the Administrative Agent and the Lenders to receive
written confirmation of any telephonic or facsimile notice or the receipt by the
Administrative Agent and the Lenders of a confirmation which is at variance with
the terms understood by the Administrative Agent and the Lenders to be contained
in any such telephonic or facsimile notice.

                  SECTION 10.2. WAIVER; AMENDMENTS.

                  (a)      No failure or delay by the Administrative Agent, the
Issuing Bank or any Lender in exercising any right or power hereunder or any
other Loan Document, and no course of dealing between the Borrower, any
Designated Borrower and the Administrative Agent or any Lender, shall operate as
a waiver thereof, nor shall any single or partial exercise of any such right or
power or any abandonment or discontinuance of steps to enforce such right or
power, preclude any other or further exercise thereof or the exercise of any
other right or power hereunder or thereunder. The rights and remedies of the
Administrative Agent, the Issuing Bank and the Lenders hereunder and under the
other Loan Documents are cumulative and are not exclusive of any rights or
remedies provided by law. No waiver of any provision of this Agreement or any
other Loan Document or consent to any departure by the Borrower or any
Designated Borrower therefrom shall in any event be effective unless the same
shall be permitted by paragraph (b) of this Section, and then such waiver or
consent shall be effective only in the specific instance and for the purpose for
which given. Without limiting the generality of the foregoing, the making of a
Loan or the issuance of a Letter of Credit shall not be construed as a waiver of
any Default or Event of Default, regardless of whether the Administrative Agent,
any Lender or the Issuing Bank may have had notice or knowledge of such Default
or Event of Default at the time.

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<PAGE>

                  (b)      No amendment or waiver of any provision of this
Agreement or the other Loan Documents, nor consent to any departure by the
Borrower or any Designated Borrower therefrom, shall in any event be effective
unless the same shall be in writing and signed by the Borrower and any
Designated Borrower and the Required Lenders or the Borrower and any Designated
Borrower and the Administrative Agent with the consent of the Required Lenders
and then such waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given; provided, that no amendment or
waiver shall: (i) increase the Commitment of any Lender without the written
consent of such Lender, (ii) reduce the principal amount of any Loan or LC
Disbursement or reduce the rate of interest thereon, or reduce any fees or other
amounts payable hereunder, without the written consent of each Lender affected
thereby, (iii) postpone the date fixed for any payment of any principal of, or
interest on, any Loan or LC Disbursement or interest thereon or any fees or
other amounts payable hereunder or reduce the amount of, waive or excuse any
such payment, or postpone the scheduled date for the termination or reduction of
any Commitment, without the written consent of each Lender affected thereby,
(iv) change any provision hereof directly relating to the pro rata treatment of
Lenders hereunder (including, but not limited to, Section 2.22 (b) or (c)) in a
manner that would alter the pro rata treatment required thereby, without the
written consent of each Lender, (v) change any of the provisions of this Section
or the definition of "Required Lenders" or any other provision hereof specifying
the number or percentage of Lenders which are required to waive, amend or modify
any rights hereunder or make any determination or grant any consent hereunder,
without the consent of each Lender; or (vi) release any guarantor or limit the
liability of any such guarantor under this Agreement or any guaranty agreement;
provided further, that no such agreement shall amend, modify or otherwise affect
the rights, duties or obligations of the Administrative Agent, the Swingline
Bank or the Issuing Bank without the prior written consent of such Person.

                  SECTION 10.3. EXPENSES; INDEMNIFICATION.

                  (a)      The Borrower shall pay (i) all actual reasonable,
out-of-pocket costs and expenses of the Administrative Agent and its Affiliates
as previously agreed upon by the Borrower and the Administrative Agent,
including, subject to such previously agreed upon arrangement, the reasonable
fees, charges and disbursements of counsel for the Administrative Agent and its
Affiliates, actually incurred, in connection with the syndication of the credit
facilities provided for herein, the preparation and administration of the Loan
Documents and any amendments, modifications or waivers thereof (whether or not
the transactions contemplated in this Agreement or any other Loan Document shall
be consummated), (ii) all actual reasonable out-of-pocket expenses incurred by
the Issuing Bank in connection with the issuance, amendment, renewal or
extension of any Letter of Credit or any demand for payment thereunder and (iii)
all actual reasonable out-of-pocket costs and expenses (including, without
limitation, the reasonable fees, charges and disbursements of outside counsel)
actually incurred by the Administrative Agent, the Issuing Bank or any Lender in
connection with the enforcement or protection of its rights in connection with
this Agreement, including its rights under this Section, or in connection with
the Loans made or any Letters of Credit issued hereunder, including all such
actual reasonable out-of-pocket expenses incurred during any workout,
restructuring or negotiations in respect of such Loans or Letters of Credit.

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                  (b)      The Borrower shall indemnify the Administrative
Agent, the Issuing Bank and each Lender, and each Related Party of any of the
foregoing (each, an "INDEMNITEE") against, and hold each of them harmless from,
any and all actual reasonable costs, losses, liabilities, claims, damages and
related expenses, including the actual reasonable fees, charges and
disbursements of any counsel for any Indemnitee, which may be incurred by or
asserted against any Indemnitee arising out of, in connection with or as a
result of (i) the execution or delivery of this Agreement or any other agreement
or instrument contemplated hereby, the performance by the parties hereto of
their respective obligations hereunder or the consummation of any of the
transactions contemplated hereby, (ii) any Loan or Letter of Credit or any
actual or proposed use of the proceeds therefrom (including any refusal by the
Issuing Bank to honor a demand for payment under a Letter of Credit if the
documents presented in connection with such demand do not strictly comply with
the terms of such Letter of Credit), (iii) any actual or alleged presence or
release of Hazardous Materials on or from any property owned by the Borrower or
any Subsidiary or any Environmental Liability related in any way to the Borrower
or any Subsidiary or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory and regardless of whether any Indemnitee is a
party thereto; provided, that the Borrower shall not be obligated to indemnify
any Indemnitee for any of the foregoing arising out of such Indemnitee's gross
negligence or willful misconduct as determined by a court of competent
jurisdiction in a final and nonappealable judgment or to the extent that such
losses relate to a claim made by an Indeminitee hereunder arising from any cause
of action pursued by the Borrower against such Indemnitee where the Borrower
alleged that the Indeminitee breached its obligations under the Loan Documents
and a court having competent jurisdiction shall have determined by final
judgment (not subject to appeal) that the Indemnitee breached its obligations to
the Borrower under the Loan Documents.

                  (c)      The Borrower shall pay, and hold the Administrative
Agent and each of the Lenders harmless from and against, any and all present and
future Other Taxes and Indemnified Taxes, and save the Administrative Agent and
each Lender harmless from and against any and all liabilities with respect to or
resulting from any delay or omission to pay such taxes.

                  (d)      To the extent that the Borrower fails to pay any
amount required to be paid to the Administrative Agent, the Issuing Bank or the
Swingline Lender under clauses ( a ), (b) or (c) hereof, each Lender severally
agrees to pay to the Administrative Agent, the Issuing Bank or the Swingline
Lender, as the case may be, such Lender's Pro Rata Share (determined as of the
time that the unreimbursed expense or indemnity payment is sought) of such
unpaid amount; provided, that the unreimbursed expense or indemnified payment,
claim, damage, liability or related expense, as the case may be, was incurred by
or asserted against the Administrative Agent, the Issuing Bank or the Swingline
Lender in its capacity as such.

                  (e)      To the extent permitted by applicable law, the
Borrower and any Designated Borrower shall not assert, and hereby waives, any
claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to actual or direct damages)
arising out of, in connection with or as a result of, this Agreement or any
agreement or instrument contemplated hereby, the transactions contemplated
therein, any Loan or any Letter of Credit or the use of proceeds thereof.

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                  (f)      All amounts due under this Section shall be payable
promptly after written demand therefor.

                  SECTION 10.4. SUCCESSORS AND ASSIGNS.

                  (a)      The provisions of this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns, except that neither the Borrower nor any Designated
Borrower may assign or transfer any of its rights hereunder without the prior
written consent of each Lender (and any attempted assignment or transfer by the
Borrower or any Designated Borrower without such consent shall be null and
void).

                  (b)      Any Lender may at any time assign to one or more
banks or other financial institutions or entities all or a portion of its rights
and obligations under this Agreement and the other Loan Documents (including all
or a portion of its Commitment and the Loans and LC Exposure at the time owing
to it); provided, that (i) except in the case of an assignment to a Lender or an
Affiliate of a Lender, each of the Borrower and the Administrative Agent (and,
in the case of an assignment of all or a portion of a Commitment or any Lender's
obligations in respect of its LC Exposure or Swingline Exposure, the Issuing
Bank and the Swingline Lender) must give their prior written consent (which
consent shall not be unreasonably withheld or delayed), (ii) except in the case
of an assignment to a Lender or an Affiliate of a Lender or an assignment of the
entire amount of the assigning Lender's Commitment hereunder or an assignment
while an Event of Default has occurred and is continuing, the amount of the
Commitment of the assigning Lender subject to each such assignment (determined
as of the date the Assignment and Acceptance with respect to such assignment is
delivered to the Administrative Agent) shall not be less than $1,000,000 (unless
the Borrower and the Administrative Agent shall otherwise consent), (iii) each
partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lender's rights and obligations under this Agreement and the other
Loan Documents (except that such assignment may, but shall not be required to,
include any Competitive Bid Loans of such assigning Lender), (iv) the assigning
Lender and the assignee shall (unless otherwise waived by the Administrative
Agent) execute and deliver to the Administrative Agent an Assignment and
Acceptance, together with a processing and recordation fee payable by the
assigning Lender or the assignee (as determined between such Persons) in an
amount equal to $1,000 (unless otherwise waived by the Administrative Agent) and
(v) such assignee, if it is not a Lender, shall deliver a duly completed
Administrative Questionnaire to the Administrative Agent; provided, that any
consent of the Borrower otherwise required hereunder shall not be required in
connection with the initial syndication of the Loans or if an Event of Default
has occurred and is continuing. Upon the execution and delivery of the
Assignment and Acceptance and payment by such assignee to the assigning Lender
of an amount equal to the purchase price agreed between such Persons, such
assignee shall become a party to this Agreement and any other Loan Documents to
which such assigning Lender is a party and, to the extent of such interest
assigned by such Assignment and Acceptance, shall have the rights and
obligations of a Lender under this Agreement, and the assigning Lender shall be
released from its obligations hereunder to a corresponding extent (and, in the
case of an Assignment and Acceptance covering all of the assigning Lender's
rights and obligations under this Agreement, such Lender shall cease to be a
party hereto but shall continue to be entitled to the benefits of Sections 2.19,
2.20, 2.21 and 10.3).

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Upon the consummation of any such assignment hereunder, the assigning Lender,
the Administrative Agent and the Borrower shall make appropriate arrangements to
have new Notes issued. Any assignment or other transfer by a Lender that does
not fully comply with the terms of this clause (b) shall be treated for purposes
of this Agreement as a sale of a participation pursuant to clause (c) below.

                  (c)      Any Lender may at any time, without the consent of
the Borrower or any Designated Borrower, the Administrative Agent, the Issuing
Bank or the Swingline Lender, sell participations to one or more banks or other
entities (a "Participant") in all or a portion of such Lender's rights and
obligations under this Agreement (including all or a portion of its Commitment,
the Loans owing to it and its LC Exposure); provided, that (i) such Lender's
obligations under this Agreement shall remain unchanged, (ii) such Lender shall
remain solely responsible to the other parties hereto for the performance of its
obligations hereunder, and (iii) the Borrower, the Administrative Agent, the
Swingline Bank, the Issuing Bank and the other Lenders shall continue to deal
solely and directly with such Lender in connection with such Lender's rights and
obligations under this Agreement and the other Loan Documents. Any agreement
between such Lender and the Participant with respect to such participation shall
provide that such Lender shall retain the sole right and responsibility to
enforce this Agreement and the other Loan Documents and the right to approve any
amendment, modification or waiver of this Agreement and the other Loan
Documents; provided, that such participation agreement may provide that such
Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver of this Agreement described in the first proviso of
Section 10.2(b) that affects the Participant. The Borrower and any Designated
Borrower agrees that each Participant shall be entitled to the benefits of
Sections 2.19, 2.20, and 2.21 to the same extent as if it were a Lender
hereunder and had acquired its interest by assignment pursuant to paragraph (b);
provided, that no Participant shall be entitled to receive any greater payment
under Section 2.19 or 2.20 than the applicable Lender would have been entitled
to receive with respect to the participation sold to such Participant. A
Participant that would be a Foreign Lender if it were a Lender shall not be
entitled to the benefits of Section 2.21 unless the Borrower is notified of such
participation sold to such Participant and such Participant agrees, for the
benefit of the Borrower, to comply with Section 2.21(e) as though it were a
Lender hereunder.

                  (d)      Any Lender may at any time pledge or assign a
security interest in all or any portion of its rights under this Agreement and
its Notes (if any) to secure its obligations to a Federal Reserve Bank without
complying with this Section; provided, that no such pledge or assignment shall
release a Lender from any of its obligations hereunder or substitute any such
pledgee or assignee for such Lender as a party hereto.

                  (e)      Notwithstanding anything to the contrary contained
herein, any Lender (a "Granting Lender") may grant to a special purpose funding
vehicle (an "SPV"), identified as such in writing from time to time by the
Granting Lender to the Administrative Agent and the Borrower, the option to
provide to the Borrower all or any part of any Loan that such Granting Lender
would otherwise be obligated to make to the Borrower pursuant to this Agreement;
provided, that (i) nothing herein shall constitute a commitment by any SPV to
make any Loan and (ii) if an SPV elects not to exercise such option or otherwise
fails to provide all or any part of any Loan, the Granting Lender shall be
obligated to make such Loan pursuant to the terms hereof. The making of a Loan
by

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<PAGE>

an SPV hereunder shall utilize the Commitment of the Granting Lender to the same
extent, and as if such Loan were made by such Granting Lender. Each party hereto
hereby agrees that no SPV shall be liable for any indemnity or similar payment
obligation under this Agreement (all liability for which shall remain with the
Granting Lender). In furtherance of the foregoing, each party hereto hereby
agrees (which agreement shall survive the termination of this Agreement) that,
prior to the date that is one year and one day after the payment in full of all
outstanding commercial paper or other senior indebtedness of any SPV, it will
not institute against, or join any other person in instituting against, such SPV
any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under the laws of the United States or any State. Notwithstanding
anything to the contrary in this Section 10.4, any SPV may (i) with notice to,
but without the prior written consent of, the Borrower and the Administrative
Agent and without paying any processing fee therefor, assign all or a portion of
its interests in any Loans to the Granting Lender or to any financial
institutions (consented to by the Borrower and the Administrative Agent)
providing liquidity and/or credit support to or for the account of such SPV to
support the funding or maintenance of Loans and (ii) disclose on a confidential
basis any non-public information relating to its Loans to any rating agency,
commercial paper dealer or provider of any surety, guarantee or credit or
liquidity enhancement to such SPV. As this Section 10.4(e) applies to any
particular SPV, this Section may not be amended without the written consent of
such SPV.

                  SECTION 10.5. GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE
OF PROCESS.

                  (a)      This Agreement and the other Loan Documents shall be
construed in accordance with and be governed by the law (without giving effect
to the conflict of law principles thereof) of the State of Georgia.

                  (b)      The Borrower and each Designated Borrower hereby
irrevocably and unconditionally submits, for itself and its property, to the
non-exclusive jurisdiction of the United States District Court of the Northern
District of Georgia, and of any state court of the State of Georgia located in
Fulton County and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Agreement or any other Loan
Document or the transactions contemplated hereby or thereby, or for recognition
or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in such Georgia state court or
, to the extent permitted by applicable law, such Federal court. Each of the
parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Agreement or
any other Loan Document shall affect any right that the Administrative Agent,
the Issuing Bank or any Lender may otherwise have to bring any action or
proceeding relating to this Agreement or any other Loan Document against the
Borrower or any Designated Borrower or their properties in the courts of any
jurisdiction.

                  (c)      The Borrower and each Designated Borrower irrevocably
and unconditionally waives any objection which it may now or hereafter have to
the laying of venue of any such suit, action or proceeding described in
paragraph (b) of this Section and brought in any court referred to in paragraph
(b) of this Section. Each of the parties hereto irrevocably waives, to the
fullest extent

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<PAGE>

permitted by applicable law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court.

                  (d)      Each party to this Agreement irrevocably consents to
the service of process in the manner provided for notices in Section 10.1.
Nothing in this Agreement or in any other Loan Document will affect the right of
any party hereto to serve process in any other manner permitted by law.

                  SECTION 10.6. WAIVER OF JURY TRIAL. EACH PARTY HERETO
(INCLUDING ANY DESIGNATED BORROWER) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND
THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION.

                  SECTION 10.7. RIGHT OF SETOFF. In addition to any rights now
or hereafter granted under applicable law and not by way of limitation of any
such rights, each Lender and the Issuing Bank shall have the right, at any time
or from time to time upon the occurrence and during the continuance of an Event
of Default, without prior notice to the Borrower, any such notice being
expressly waived by the Borrower, to the extent permitted by applicable law, to
set off and apply against all deposits (general or special, time or demand,
provisional or final) of the Borrower at any time held or other obligations at
any time owing by such Lender and the Issuing Bank to or for the credit or the
account of the Borrower against any and all Obligations held by such Lender or
the Issuing Bank, as the case may be, irrespective of whether such Lender or the
Issuing Bank shall have made demand hereunder and although such Obligations may
be unmatured. Each Lender and the Issuing Bank agree promptly to notify the
Administrative Agent and the Borrower after any such set-off and any application
made by such Lender and the Issuing Bank, as the case may be; provided, that the
failure to give such notice shall not affect the validity of such set-off and
application.

                  SECTION 10.8. COUNTERPARTS; INTEGRATION. This Agreement may be
executed by one or more of the parties to this Agreement on any number of
separate counterparts (including by telecopy), and all of said counterparts
taken together shall be deemed to constitute one and the same instrument. This
Agreement, the other Loan Documents, and any separate letter agreement(s)
relating to any fees payable to the Administrative Agent constitute the entire
agreement among the parties hereto and thereto regarding the subject matters
hereof and thereof and supersede all prior agreements and understandings, oral
or written, regarding such subject matters.

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                  SECTION 10.9. SURVIVAL. All covenants, agreements,
representations and warranties made by the Borrower and any Designated Borrower
herein and in the certificates or other instruments delivered in connection with
or pursuant to this Agreement shall be considered to have been relied upon by
the other parties hereto and shall survive the execution and delivery of this
Agreement and the making of any Loans and issuance of any Letters of Credit,
regardless of any investigation made by any such other party or on its behalf
and notwithstanding that the Administrative Agent, the Issuing Bank or any
Lender may have had notice or knowledge of any Default or incorrect
representation or warranty at the time any credit is extended hereunder, and
shall continue in full force and effect as long as the principal of or any
accrued interest on any Loan or any fee or any other amount payable under this
Agreement is outstanding and unpaid or any Letter of Credit is outstanding and
so long as the Commitments have not expired or terminated. The provisions of
Sections 2.19, 2.20, 2.21, and 10.3 and Article IX shall survive and remain in
full force and effect regardless of the consummation of the transactions
contemplated hereby, the repayment of the Loans, the expiration or termination
of the Letters of Credit and the Commitments or the termination of this
Agreement or any provision hereof. All representations and warranties made
herein, in the certificates, reports, notices, and other documents delivered
pursuant to this Agreement shall survive the execution and delivery of this
Agreement and the other Loan Documents, and the making of the Loans and the
issuance of the Letters of Credit.

                  SECTION 10.10. SEVERABILITY. Any provision of this Agreement
or any other Loan Document held to be illegal, invalid or unenforceable in any
jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of
such illegality, invalidity or unenforceability without affecting the legality,
validity or enforceability of the remaining provisions hereof or thereof; and
the illegality, invalidity or unenforceability of a particular provision in a
particular jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction.

                  SECTION 10.11. CONFIDENTIALITY. Each of the Administrative
Agent, the Issuing Bank and each Lender agrees to take normal and reasonable
precautions to maintain the confidentiality of any information provided to it by
the Borrower or any Subsidiary, except that such information may be disclosed
(i) to any Related Party of the Administrative Agent, the Issuing Bank or any
such Lender, including without limitation accountants, legal counsel and other
advisors, (ii) to the extent required by applicable laws or regulations or by
any subpoena or similar legal process, (iii) to the extent requested by any
regulatory agency or authority, (iv) to the extent that such information becomes
publicly available other than as a result of a breach of this Section, or which
becomes available to the Administrative Agent, the Issuing Bank, any Lender or
any Related Party of any of the foregoing on a nonconfidential basis from a
source other than the Borrower or any Subsidiary thereof, (v) in connection with
the exercise of any remedy hereunder or any suit, action or proceeding relating
to this Agreement or the enforcement of rights hereunder (but only to the extent
necessary or advisable for the exercise of such remedy), (vi) subject to
provisions substantially similar to this Section 10.11, to any actual or
prospective assignee or Participant, or (vii) with the consent of the Borrower.
Any Person required to maintain the confidentiality of any information as
provided for in this Section shall be considered to have complied with its
obligation to do so if such Person has exercised the same degree of care to
maintain the confidentiality of such information as such Person would accord its
own confidential information. Notwithstanding anything herein to the contrary,
any party subject to confidentiality obligations hereunder or under any other
related document (and any

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employee, representative or other agent of such party) may disclose to any and
all persons, without limitation of any kind, the tax treatment and the tax
structure of the transactions contemplated herein and all materials of any kind
(including opinions or other tax analyses) that are provided to it relating to
such tax treatment and tax structure or any actual or proposed contractual
counterparty (or its advisors) to any securitization, hedge, or other derivative
transaction relating to the parties' obligations hereunder.

                  SECTION 10.12. INTEREST RATE LIMITATION. Notwithstanding
anything herein to the contrary, if at any time the interest rate applicable to
any Loan, together with all fees, charges and other amounts which may be treated
as interest on such Loan under applicable law (collectively, the "Charges"),
shall exceed the maximum lawful rate of interest (the "Maximum Rate") which may
be contracted for, charged, taken, received or reserved by a Lender holding such
Loan in accordance with applicable law, the rate of interest payable in respect
of such Loan hereunder, together with all Charges payable in respect thereof,
shall be limited to the Maximum Rate and, to the extent lawful, the interest and
Charges that would have been payable in respect of such Loan but were not
payable as a result of the operation of this Section shall be cumulated and the
interest and Charges payable to such Lender in respect of other Loans or periods
shall be increased (but not above the Maximum Rate therefor) until such
cumulated amount, together with interest thereon at the Federal Funds Rate to
the date of repayment, shall have been received by such Lender.

                  SECTION 10.13. CURRENCY CONVERSION. All payments of
Obligations under this Agreement, the Notes or any other Loan Document shall be
made in Dollars, except for Loans funded in a Foreign Currency, which shall be
repaid, including interest thereon, in the applicable Foreign Currency. If any
payment of any Obligation shall be made in a currency other than the currency
required hereunder, such amount shall be converted into the currency required
hereunder at the current market rate for the purchase of the currency required
hereunder with the currency in which such Obligation was paid, as quoted by the
Administrative Agent in accordance with the methods customarily used by the
Administrative Agent for such purposes as the time of such determination. The
parties hereto hereby agree, to the fullest extent that they may effectively do
so under applicable law, that (i) if for the purposes of obtaining any judgment
or award it becomes necessary to convert from any currency other than the
currency required hereunder into the currency required hereunder any amount in
connection with the Obligations, then the conversion shall be made as provided
above on the Business Day before the day on which the judgment or award is
given, (ii) in the event that there is a change in the rate of exchange
prevailing between the Business Day before the day on which the judgment or
award is given and the date of payment, the Borrower (or any Designated
Borrower) will pay to the Administrative Agent, for the benefit of the Lenders,
such additional amounts (if any) as may be necessary, and the Administrative
Agent, on behalf of the Lenders, will pay to the Borrower (or any Designated
Borrower) such excess amounts (if any) as result from such change in the rate of
exchange, to assure that the amount paid on such date is the amount in such
other currency, which when converted at the rate of exchange described herein on
the date of payment, is the amount then due in the currency required hereunder,
and (iii) any amount due from the Borrower (or any Designated Borrower) under
this Section 10.13 shall be due as a separate debt and shall not be affected by
judgment or award being obtained for any other sum due. For the avoidance of
doubt, the parties affirm and agree that neither the fixation of the conversion
rate of any Foreign Currency against the Euro as a single currency, in
accordance with the Treaty Establishing

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<PAGE>

the European Economic Community, as amended by the Treaty on the European Union
(The Masstricht Treaty), nor the conversion of the Obligations under this
Agreement from any Foreign Currency into Euros will be a reason for early
termination or revision of this Agreement or repayment of any amount due under
this Agreement or create any liability of any party towards any other party for
any direct or consequential loss arising from any of these events. As of the
date that any Foreign Currency is no longer the lawful currency of its
respective country, all funding and payment Obligations to be made in such
affected currency under this Agreement shall be satisfied in Euros. If, in
relation to the currency of any member state of the European Union that adopts
the Euro as its lawful currency, the basis of accrual of interest expressed in
this Agreement in respect to that currency shall be inconsistent with any
convention or practice in the London interbank market for the basis of accrual
of interest in respect of the Euro, such expressed basis shall be replaced by
such convention or practice with effect from the date on which such member state
adopts the Euro as its lawful currency; provided that if any Borrowing in the
currency of such member state is outstanding immediately prior to such date,
such replacement shall take effect, with respect to such Borrowing, at the end
of the then current Interest Period.

                  SECTION 10.14. EXCHANGE RATES.

                  (a)      Not later than 2:00 p.m. on each Calculation Date,
the Administrative Agent shall (i) determine the Exchange Rate as of such
Calculation Date with respect to a Foreign Currency, and (ii) give notice
thereof to the Lenders and the Borrower. The Exchange Rates so determined shall
become effective on the first Business Day immediately following the relevant
Calculation Date (a "Reset Date"), shall remain effective until the next
succeeding Reset Date, and shall for all purposes of this Agreement (other than
Section 10.13 or any other provision expressly requiring the use of a current
Exchange Rate) be the Exchange Rates employed in determining the Dollar
Equivalent of any amounts of a Foreign Currency.

                  (b)      Not later than 5:00 p.m. on each Reset Date and each
date on which Loans denominated in a Foreign Currency are made, the
Administrative Agent shall (i) determine the Dollar Equivalent of the aggregate
principal amounts of the Loans denominated in such currencies (after giving
effect to any Loans denominated in such currencies being made, repaid, or
cancelled or reduced on such date), and (ii) notify the Lenders and the Borrower
of the results of such determinations.

                                   ARTICLE XI

                               BORROWER GUARANTEE

                  SECTION 11.1. GUARANTEE. The Borrower unconditionally
guarantees, jointly with any other guarantors and severally, as a primary
obligor and not merely as a surety, (a) the due and punctual payment of (i) the
principal of and premium, if any, and interest (including interest accruing
during the pendency of any bankruptcy, insolvency, receivership or other similar
proceeding, regardless of whether allowed or allowable in such proceeding) on
all Loans made to Designated Borrowers, when and as due, whether at maturity, by
acceleration, upon one or more dates set for

                                       82
<PAGE>

prepayment or otherwise, (ii) each payment required to be made by any Designated
Borrower under the Loan Documents in respect of any Letter of Credit, when and
as due, including payments in respect of reimbursement or disbursements,
interest thereon and obligations to provide cash collateral, and (iii) all other
monetary obligations, including fees, costs, expenses and indemnities, whether
primary, secondary, direct, contingent, fixed or otherwise (including monetary
obligations incurred during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or
allowable in such proceeding), of any Designated Borrower to the Administrative
Agent and the Lenders under the Loan Documents, (b) the due and punctual
performance of all covenants, agreements, obligations and liabilities of any
Designated Borrower under or pursuant to the Loan Documents; and (c) the due and
punctual payment and performance of all obligations of any Designated Borrower,
monetary or otherwise, under each Hedging Agreement entered into with a
counterparty that was a Lender or an Affiliate of a Lender at the time such
Hedging Agreement was entered into (all the monetary and other obligations
referred to in the preceding clauses (a) through (c) being collectively called
the "Guaranteed Obligations"). The Borrower further agrees that the Guaranteed
Obligations may be extended or renewed, in whole or in part, without notice to
or further assent from it, and that it will remain bound upon its guarantee
notwithstanding any extension or renewal of any Guaranteed Obligations.

                  SECTION 11.2 GUARANTEED OBLIGATIONS NOT WAIVED. To the fullest
extent permitted by applicable law, the Borrower waives presentment to, demand
of payment from and protest to any Designated Borrower of any of the Guaranteed
Obligations, and also waives notice of acceptance of its guarantee and notice of
protest for nonpayment. To the fullest extent permitted by applicable law, the
obligation of the Borrower hereunder shall not be affected by (a) the failure of
the Administrative Agent or any Lender to assert any claim or demand or to
enforce or exercise any right or remedy against any Designated Borrower or any
other guarantor under the provisions of any Loan Document or otherwise, (b) any
rescission, waiver, amendment or modification of, or any release from any of the
terms or provisions of, this Agreement, any other Loan Document, or any other
agreement, including with respect to any other guarantor under this Agreement,
or (c) the failure to perfect any security interest in, or the release of, any
of the security held by or on behalf of the Administrative Agent or any Lender.

                  SECTION 11.3. GUARANTEE OF PAYMENT. The Borrower further
agrees that its guarantee constitutes a guarantee of payment when due and not of
collection, and waives any right to require that any resort be had by the
Administrative Agent or any Lender to any of the security held for payment of
the Guaranteed Obligations or to any balance of any deposit account or credit on
the books of the Administrative Agent or any Lender in favor of any Designated
Borrower or any other person.

                  SECTION 11.4 NO DISCHARGE OR DIMINISHMENT OF GUARANTEE. The
Guaranteed Obligations of the Borrower hereunder shall not be subject to any
reduction, limitation, impairment or termination for any reason (other than the
indefeasible payment in full in cash of the Guaranteed Obligations), including
any claim of waiver, release, surrender, alteration or compromise of any of the
Guaranteed Obligations, and shall not be subject to any defense or setoff,
counterclaim, recoupment or termination whatsoever by reason of the invalidity,
illegality or unenforceability of the Guaranteed Obligations or otherwise.
Without limiting the generality of the foregoing, the

                                       83
<PAGE>

Guaranteed Obligations of the Borrower hereunder shall not be discharged or
impaired or otherwise affected by the failure of the Administrative Agent or any
Lender to assert any claim or demand or to enforce any remedy under any Loan
Document or any other agreement, by any waiver or modification of any provision
of any thereof, by any default, failure or delay, willful or otherwise, in the
performance of the Guaranteed Obligations, or by any other act or omission that
may or might in any manner or to the extent vary the risk of the Borrower or
that would otherwise operate as a discharge of the Borrower as a matter of law
or equity (other than the indefeasible payment in full in cash of all the
Guaranteed Obligations).

                  SECTION 11.5 DEFENSES OF BORROWER WAIVED. To the fullest
extent permitted by applicable law, the Borrower waives any defense based on or
arising out of any defense of any Designated Borrower or the unenforceability of
the Guaranteed Obligations or any part thereof from any cause, or the cessation
from any cause of the liability of any Designated Borrower, other than the final
and indefeasible payment in full in cash of the Guaranteed Obligations. The
Administrative Agent and the Lenders may, at their election, foreclose on any
security held by one or more of them by one or more judicial or nonjudicial
sales, accept an assignment of any such security in lieu of foreclosure,
compromise or adjust any part of the Guaranteed Obligations, make any other
accommodation with any Designated Borrower or any other guarantor, without
affecting or impairing in any way the liability of the Borrower hereunder except
to the extent the Guaranteed Obligations have been fully, finally and
indefeasibly paid in cash. Pursuant to applicable law, the Borrower waives any
defense arising out of any such election even though such election operates,
pursuant to applicable law, to impair or to extinguish any right of
reimbursement or subrogation or other right or remedy of the Borrower against
any Designated Borrower or any other guarantor, as the case may be, or any
security.

                  SECTION 11.6 AGREEMENT TO PAY; SUBORDINATION. In furtherance
of the foregoing and not in limitation of any other right that the
Administrative Agent or any Lender has at law or in equity against the Borrower
by virtue hereof, upon the failure of any Designated Borrower to pay any
Guaranteed Obligations when and as the same shall become due, whether at
maturity, by acceleration, after notice of prepayment or otherwise, the Borrower
hereby promises to and will forthwith pay, or cause to be paid, to the
Administrative Agent for the benefit of the Lenders in cash the amount of such
unpaid Guaranteed Obligations. Upon payment by the Borrower of any sums to the
Administrative Agent, all rights of the Borrower against any Designated Borrower
arising as a result thereof by way of right of subrogation, contribution,
reimbursement, indemnity or otherwise shall in all respects be subordinate and
junior in right of payment to the prior indefeasible payment in full in cash of
all the Guaranteed Obligations. In addition, any indebtedness of any Designated
Borrower now or hereafter held by the Borrower is hereby subordinated in right
of payment to the prior payment in full in cash of the Guaranteed Obligations.
If any amount shall erroneously be paid to the Borrower on account of (i) such
subrogation, contribution, reimbursement, indemnity or similar right or (ii) any
such indebtedness of any Designated Borrower, such amount shall be held in trust
for the benefit of the Administrative Agent and the Lenders and shall forthwith
be paid to the Administrative Agent to be credited against the payment of the
Guaranteed Obligations, whether matured or unmatured, in accordance with the
terms of the Loan Documents.

                  SECTION 11.7 INFORMATION. The Borrower assumes all
responsibility for being and

                                       84
<PAGE>

keeping itself informed of any Designated Borrower's financial condition and
assets, and of all other circumstances bearing upon the risk of nonpayment of
the Guaranteed Obligations and the nature, scope and extent of the risks that
the Borrower assumes and incurs hereunder, and agrees that none of the
Administrative Agent or the Lenders will have any duty to advise the Borrower of
information known to it or any of them regarding such circumstances or risks.

                  SECTION 11.8. TAXES, ETC. All payments required to be made by
the Borrower under this Article 11 shall be made without setoff or counterclaim
and free and clear of and without deduction or withholding for or on account of,
any present or future Indemnified Taxes or Other Taxes imposed by any government
or any political or taxing authority as required pursuant to this Agreement.

                  SECTION 11.9. FAILURE TO PAY IN FOREIGN CURRENCY. With respect
to any of the Guaranteed Obligations which were advanced under the Agreement in
a Foreign Currency, the Borrower agrees to make any payments required by it
hereunder in connection therewith in such Foreign Currency. If the Borrower is
unable for any reason to effect payment in a relevant Foreign Currency as
required by this Article 11 or if the Borrower shall default in the Foreign
Currency, each Lender may, through the Administrative Agent, require such
payment to be made in Dollars in the Dollar Equivalent amount of such payment.
In any case in which the Borrower shall make such payment in Dollars, the
Borrower agrees to hold the Lenders harmless from any loss incurred by the
Lenders arising from any change in the value of Dollars in relation to such
Foreign Currency between the date such payment became due and the date of
payment thereof.

                  SECTION 11.10 TERMINATION. The guarantee made hereunder (a)
shall terminate when all the Guaranteed Obligations have been paid in full in
cash and the Lenders have no further commitment to lend under the Agreement, the
LC Exposure has been reduced to zero and the Issuing Bank has no further
Guaranteed Obligations to issue Letters of Credit under the Agreement and (b)
shall continue to be effective or be reinstated, as the case may be, if at any
time payment, or any part thereof, of any Guaranteed Obligations is rescinded or
must otherwise be restored by any Lender or the Borrower upon the bankruptcy or
reorganization of any Designated Borrower, the Borrower or otherwise. In
connection with the foregoing, the Administrative Agent shall execute and
deliver to the Borrower or Borrower's designee, at the Borrower's expense, any
documents or instruments which the Borrower shall reasonably request from time
to time to evidence such termination and release.

                  (remainder of page left intentionally blank)

                                       85
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed under seal in the case of the Borrower by their
respective authorized officers as of the day and year first above written.

                                    CERTEGY INC.

                                    By /s/ Michael T. Vollkommer
                                       --------------------------------------
                                      Name:  Michael T. Vollkommer
                                      Title: Corporate Vice President and
                                             Chief Financial Officer

                                    SUNTRUST BANK
                                    AS ADMINISTRATIVE AGENT, AS ISSUING
                                    BANK, AS SWINGLINE LENDER AND AS A
                                    LENDER

                                    By /s/ Brian K. Peters
                                       --------------------------------------
                                    Name:  Brian K. Peters
                                    Title: Managing Director

                                    Revolving Commitment:     $ 46,250,000

                                      LC Commitment:          $ 10,000,000

                                      Swingline Commitment:   $100,000,000

                               [SIGNATURE PAGE TO
                          REVOLVING CREDIT AGREEMENT]

<PAGE>

                                    WACHOVIA BANK, NATIONAL ASSOCIATION
                                    AS SYNDICATION AGENT AND AS A LENDER

                                    By /s/ Steve L. Hipsman
                                       -----------------------------------
                                    Name:  Steve L. Hipsman
                                    Title: Director

                                    Revolving Commitment:  $35,000,000

Address for Notices

For General Notices:

Wachovia Bank, National Association
191 Peachtree Street NE
Atlanta, GA 30303
Telephone: (404) 332-6555
Facsimile: (404) 332-4048
Attention: Karen McClain

For Administrative/Operations Notices:

Wachovia Bank, National Association
191 Peachtree Street NE
Atlanta, GA 30303
Telephone: (404) 332-6554
Facsimile: (404) 332-6408
Attention: Elaine Render

                               [SIGNATURE PAGE TO
                          REVOLVING CREDIT AGREEMENT]

<PAGE>

                                    FLEET NATIONAL BANK
                                    AS A LENDER

                                    By /s/ John B. Desmond
                                       ---------------------------------------
                                    Name:  John B. Desmond
                                    Title: Director

                                    Revolving Commitment:      $15,000,000

Address for Notices

For General Notices:

Fleet National Bank
100 Federal Street
Boston, MA 02110
Telephone: (617) 434-8957
Facsimile: (617) 434-0819
Attention: Larisa B. Chilton

For Administrative/Operations Notices:

Fleet National Bank
100 Federal Street
Boston, MA 02110
Telephone: (617) 434-5059
Facsimile: (617) 434-1709
Attention: Angela Moore

                               [SIGNATURE PAGE TO
                          REVOLVING CREDIT AGREEMENT]

<PAGE>

                                    BANK OF AMERICA, N.A.
                                    AS DOCUMENTATION AGENT AND AS A LENDER

                                    By /s/ B. Kenneth Burton, Jr.
                                       -----------------------------------
                                    Name:  B. Kenneth Burton, Jr.
                                    Title: Vice President

                                    Revolving Commitment:      $30,000,000

Address for Notices

For General Notices:

Bank of America, N.A.
100 North Tryon Street, 17th Floor
Charlotte, NC 28255
Telephone: (704) 388-5920
Facsimile: (704) 388-0960
Attention: Michael McKenney

For Administrative/Operations Notices:

Bank of America, N.A.
101 North Tryon Street, NC1-001-15-03
Charlotte, NC 28255
Telephone: (704) 386-3781
Facsimile: (704) 409-0056
Attention: Jason Petrea

                               [SIGNATURE PAGE TO
                          REVOLVING CREDIT AGREEMENT]

<PAGE>

                                    BNP PARIBAS
                                    AS A LENDER

                                    By /s/ John Stacy
                                       ----------------------------------
                                    Name: John Stacy
                                    Title: Managing Director

                                    By /s/ Angela Arnold
                                       ----------------------------------
                                    Name: Angela Arnold
                                    Title: Vice President

                                    Revolving Commitment:      $21,250,000

For General Notices:

BNP Paribas
1200 Smith Street, #3100
Houston, TX 77002
Telephone: (713) 982-1105
Facsimile: (713) 659-5228
Attention: Mike Shryock

For Administrative/Operations Notices:

BNP Paribas
1200 Smith Street, #3100
Houston, TX 77002
Telephone: (713) 982-1126
Facsimile: (713) 659-5305
Attention: Leah E. Hughes

                               [SIGNATURE PAGE TO
                          REVOLVING CREDIT AGREEMENT]

<PAGE>

                                    SUMITOMO MITSUI BANKING CORPORATION
                                    AS A LENDER

                                    By /s/ Peter R. C. Knight
                                       -----------------------------------------
                                    Name: Peter R. C. Knight
                                    Title: Joint General Manager

                                    Revolving Commitment:      $25,000,000

Address for Notices

For General Notices:

Sumitomo Mitsui Banking Corporation
277 Park Avenue, 6th Floor
New York, New York 10172
Telephone: (212) 224-4171
Facsimile: (313) 224-4384
Attention: Eric Seeley

For Administrative/Operations Notices:

Sumitomo Mitsui Banking Corporation
277 Park Avenue, 6th Floor
New York, New York 10172
Telephone: (212) 224-4395
Facsimile: (313) 224-5197
Attention: Ivette Brown

                               [SIGNATURE PAGE TO
                          REVOLVING CREDIT AGREEMENT]

<PAGE>

                                    MELLON BANK N.A.
                                    AS A LENDER

                                    By /s/ Mark F. Johnston
                                       -----------------------------------------
                                    Name: Mark F. Johnston
                                    Title: Vice President

                                    Revolving Commitment:      $10,000,000

Address for Notices

For General Notices:

Mellon Bank N.A.
Two Mellon Center, Room 270
Pittsburgh, PA 15259
Telephone: (412) 236-1190
Facsimile: (412) 234-9010
Attention: Jon C. Ritz

For Administrative/Operations Notices:

Mellon Bank N.A.
Two Mellon Center, Room 270
Pittsburgh, PA 15259
Telephone: (412) 234-5767
Facsimile: (412) 209-6124
Attention: Richard Bouchard

                               [SIGNATURE PAGE TO
                          REVOLVING CREDIT AGREEMENT]

<PAGE>

                                    CREDIT LYONNAIS NEW YORK BRANCH
                                    AS A LENDER

                                    By /s/ Attila Koc
                                       -----------------------------------------
                                    Name: Attila Koc
                                    Title: Senior Vice President

                                    Revolving Commitment:      $17,500,000

Address for Notices

For General Notices:

Credit Lyonnais Americas
2200 Ross Avenue, Suite 4400 West
Dallas, TX 75201
Telephone: (214) 220-2308
Facsimile: (214) 220-2323
Attention: Brian Myers

For Administrative/Operations Notices:

Credit Lyonnais Americas
1301 Avenue of the Americas
New York, NY 10019
Telephone: (212) 261-7623
Facsimile: (212) 261-7696
Attention: Tommaso Puglisi

                               [SIGNATURE PAGE TO
                          REVOLVING CREDIT AGREEMENT]

<PAGE>

                                   SCHEDULE I

                   APPLICABLE MARGIN AND APPLICABLE PERCENTAGE

<TABLE>
<CAPTION>
                                      Applicable    Applicable                            Applicable
                                      Margin for    Margin for        Applicable          Percentage
Pricing            Rating            Eurocurrency   Base Rate       Percentage for      for Letter of
Level             Category              Loans         Loans          Facility Fee        Credit Fees
----------------------------------------------------------------------------------------------------
<S>             <C>                  <C>            <C>             <C>                 <C>
 I              A-OR
                HIGHER/A3 OR
                HIGHER                .625% p.a.      0% p.a.         .125% p.a.          .625% p.a.
----------------------------------------------------------------------------------------------------
 II             BBB+/Baa1             .725% p.a.      0% p.a.         .150% p.a.          .725% p.a.
----------------------------------------------------------------------------------------------------
 III            BBB /Baa2             .825% p.a.      0% p.a.         .175% p.a.          .825% p.a.
----------------------------------------------------------------------------------------------------
 IV             LESS THAN
                BBB/LESS
                THAN Baa2             1.00% p.a.      0% p.a.          .25% p.a.          1.00% p.a.
----------------------------------------------------------------------------------------------------
</TABLE>

                               [SIGNATURE PAGE TO
                          REVOLVING CREDIT AGREEMENT]<PAGE>
                                                                   EXHIBIT 10.16

                                  $146,000,000

                  SECOND AMENDED AND RESTATED CREDIT AGREEMENT

                            Dated as of June 25, 2003

                                      Among

                         BOCA RESORTS HOTEL CORPORATION,

                                  as BORROWER,

                        THE INITIAL LENDERS NAMED HEREIN,

                          DEUTSCHE BANK SECURITIES INC.

                 as SOLE BOOK RUNNING MANAGER and LEAD ARRANGER,

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,

                as INITIAL ISSUING BANK AND ADMINISTRATIVE AGENT,

                               FLEET NATIONAL BANK

                              as SYNDICATION AGENT,

                                       and

                            THE BANK OF NOVA SCOTIA,
                                 NEW YORK AGENCY

                             as DOCUMENTATION AGENT

<PAGE>

                          T A B L E   O F   C O N T E N T S

<TABLE>
<CAPTION>

                                                                                                               Page
                                                                                                               ----
<S>            <C>                                                                                              <C>
                                    ARTICLE I
                        DEFINITIONS AND ACCOUNTING TERMS
SECTION 1.01.  Certain Defined Terms..............................................................................1
SECTION 1.02.  Computation of Time Periods; Other Definitional Provisions........................................22
SECTION 1.03.  Accounting Terms..................................................................................22

                                   ARTICLE II
                        AMOUNTS AND TERMS OF THE ADVANCES

SECTION 2.02.  Making the Advances...............................................................................22
SECTION 2.02(A).  Issuance of and Drawings and Reimbursement Under Letters of Credit.............................24
SECTION 2.03   ..................................................................................................25
SECTION 2.04.  Termination or Reduction of the Commitments.......................................................26
SECTION 2.05.  Prepayments.......................................................................................26
SECTION 2.06.  Interest..........................................................................................27
SECTION 2.07.  Fees..............................................................................................27
SECTION 2.08.  Conversion of Advances............................................................................28
SECTION 2.10.  Payments and Computations.........................................................................30
SECTION 2.11.  Taxes.............................................................................................31
SECTION 2.12.  Sharing of Payments, Etc..........................................................................33
SECTION 2.13.  Use of Proceeds...................................................................................33
SECTION 2.14.  Evidence of Debt..................................................................................33
SECTION 2.15.  Cash Management...................................................................................34
SECTION 2.16.  Reallocation of Pro Rata Shares...................................................................35
SECTION 2.17.  Amended and Restated Promissory Note Legend.......................................................35

                                   ARTICLE III
                              CONDITIONS OF LENDING

SECTION 3.01.  Conditions Precedent to Closing Date..............................................................35
SECTION 3.02.  Conditions Precedent to Each Borrowing and Issuance...............................................39
SECTION 3.03.  Determinations Under Section 3.01.................................................................40

                                   ARTICLE IV
                         REPRESENTATIONS AND WARRANTIES

SECTION 4.01.  Representations and Warranties of the Borrower....................................................40

                                    ARTICLE V
                                    COVENANTS

SECTION 5.01.  Affirmative Covenants.............................................................................48
SECTION 5.02.  Negative Covenants................................................................................52
SECTION 5.03.  Borrower Reporting Requirements...................................................................58
SECTION 5.04.  Parent Guarantor Reporting Requirements...........................................................61
SECTION 5.05.  Parent Guarantor Covenants........................................................................62

</TABLE>

                                       i
<PAGE>
<TABLE>
<CAPTION>

<S>            <C>                                                                                              <C>

                                   ARTICLE VI
                                EVENTS OF DEFAULT

SECTION 6.01.  Events of Default.................................................................................63
SECTION 6.02  Actions in Respect of the Letters of Credit upon Default...........................................65

                                   ARTICLE VII
                                   THE AGENTS

SECTION 7.01.  Authorization and Action..........................................................................66
SECTION 7.02.  Administrative Agent's, Lead Arranger's, Syndication Agent's and Documentation Agent's
                      Reliance, Etc..............................................................................66
SECTION 7.03.  DBTCA, DBSI, Fleet, ScotiaBank and Affiliates.....................................................67
SECTION 7.04.  Lender Party Credit Decision......................................................................67
SECTION 7.05.  Indemnification...................................................................................67
SECTION 7.06.  Successor Administrative Agents...................................................................68
SECTION 7.07.  Lead Arranger, Syndication Agent and Documentation Agent..........................................69
SECTION 7.08.  Collateral Documents; Secured Party Action........................................................69
SECTION 7.09.  Certain Actions after an Event of Default.........................................................70

                                  ARTICLE VIII
                                  MISCELLANEOUS

SECTION 8.01.  Amendments, Etc...................................................................................70
SECTION 8.02.  Notices, Etc......................................................................................71
SECTION 8.03.  No Waiver; Remedies...............................................................................71
SECTION 8.04.  Costs and Expenses................................................................................71
SECTION 8.05.  Right of Set-off..................................................................................74
SECTION 8.06.  Binding Effect....................................................................................74
SECTION 8.07.  Assignments and Participations....................................................................75
SECTION 8.08.  Execution in Counterparts.........................................................................77
SECTION 8.09.  Jurisdiction, Etc.................................................................................77
SECTION 8.10.  Governing Law.....................................................................................77
SECTION 8.11.  Waiver of Jury Trial..............................................................................77

                                   ARTICLE IX
                           L/C CASH COLLATERAL ACCOUNT

SECTION 9.01.  Cash Collateral Account...........................................................................78

</TABLE>

                                       ii
<PAGE>

                  SECOND AMENDED AND RESTATED CREDIT AGREEMENT

                  THIS SECOND AMENDED AND RESTATED CREDIT AGREEMENT (as amended,
modified, restated or supplemented from time to time, this "AGREEMENT") dated as
of June 25, 2003 among BOCA RESORTS HOTEL CORPORATION (formerly known as Florida
Panthers Hotel Corporation), a Delaware corporation (the "BORROWER"), the banks,
financial institutions and other institutional lenders listed on the signature
pages hereof as the initial lenders (the "INITIAL LENDERS"), DEUTSCHE BANK
SECURITIES INC. (formerly known as Deutsche Banc Alex. Brown) ("DBSI"), as sole
book running manager and sole lead arranger (the "LEAD ARRANGER"), FLEET
NATIONAL BANK ("Fleet"), as syndication agent (the "SYNDICATION AGENT"), THE
BANK OF NOVA SCOTIA, NEW YORK AGENCY ("ScotiaBank"), as documentation agent (the
"DOCUMENTATION AGENT"), and DEUTSCHE BANK TRUST COMPANY AMERICAS (formerly known
as Bankers Trust Company) ("DBTCA"), as the initial issuer of Letters of Credit
(as hereinafter defined) (in such capacity, the "INITIAL ISSUING BANK") and as
administrative agent (in such capacity, together with any successors appointed
pursuant to Article VII, the "ADMINISTRATIVE AGENT") for the Lender Parties (as
hereinafter defined).

                  PRELIMINARY STATEMENTS:

                  (1) The Borrower is a wholly owned Subsidiary (as defined
herein) of Boca Resorts, Inc., a Delaware corporation (the "PARENT GUARANTOR"),
and the indirect owner of all of the Borrowing Base Properties (as hereinafter
defined).

                  (2) Pursuant to that certain Credit Agreement dated as of
April 21, 1999 ((i) as amended by that certain Waiver, Consent and
Acknowledgment dated as of November 15, 1999, and effective as of June 30, 1999,
and that certain First Amendment to Credit Agreement dated as of July 31, 2000,
and (i) as amended and restated pursuant to that certain Amended and Restated
Credit Agreement dated as of November 21, 2001, collectively, the "EXISTING
AGREEMENT") among the Borrower, the guarantors party thereto, the lenders
described therein, Fleet National Bank, as syndication agent, and DBTCA, as
administrative agent, such lenders extended certain commitments to make a
certain credit facility available to the Borrower.

                  (3) The Borrower, the Administrative Agent, the Lead Arranger,
the Syndication Agent, the Documentation Agent, the lenders party to the
Existing Agreement desire to amend and restate the Existing Agreement to extend
the Termination Date (as defined therein) of the credit facility provided
thereunder and to make certain other amendments to the Existing Agreement, all
upon the terms and subject to the conditions set forth herein.

                  NOW, THEREFORE, in consideration of the premises set forth
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree to amend and restate the
Existing Agreement to read in its entirety as follows:

                                    ARTICLE I
                        DEFINITIONS AND ACCOUNTING TERMS

                  SECTION 1.01. CERTAIN DEFINED TERMS. As used in this
Agreement, the following terms shall have the following meanings (such meanings
to be equally applicable to both the singular and plural forms of the terms
defined):

<PAGE>

                  "ADJUSTED EBITDA" means, with respect to any Person, for any
Rolling Period and at any date of determination, the sum of EBITDA for such
Person for such Rolling Period, PLUS the increase or MINUS the decrease in the
amount of deferred Premier Club membership fees reflected as a component of
deferred revenue on the balance sheet of such Person at the beginning and end of
such Rolling Period PLUS the decrease or MINUS the increase in Premier Club
notes receivable reflected on such balance sheet (without taking into account
any write-offs related to such amounts) LESS all expenses during such Rolling
Period in connection with such Premier Club operations (which were not otherwise
included in computing net income for such Rolling Period).

                  "ADVANCE" means a Revolving Credit Advance or a Letter of
Credit Advance.

                  "ADMINISTRATIVE AGENT" has the meaning specified in the
Preamble to this Agreement.

                  "ADMINISTRATIVE AGENT'S ACCOUNT" means the account of the
Administrative Agent maintained by the Administrative Agent at the Federal
Reserve Bank of New York, 33 Liberty Street, New York, New York 10048, ABA No.
021 001 033, for further credit to Account No. 99 401268, Commercial Loan
Division, or such other account maintained by the Administrative Agent and
designated by the Administrative Agent in a written notice to the Lender Parties
and the Borrower.

                  "AFFILIATE" means, as to any Person, any other Person that,
directly or indirectly, controls, is controlled by or is under common control
with such Person or is a director or officer of such Person. For purposes of
this definition, the term "control" (including the terms "controlling",
"controlled by" and "under common control with") of a Person means the
possession, direct or indirect, of the power to vote 10% or more of the Voting
Interests of such Person or to direct or cause the direction of the management
and policies of such Person, whether through the ownership of Voting Interests,
by contract or otherwise.

                  "AGREEMENT VALUE" means, for each Hedge Agreement, on any date
of determination, an amount equal to: (a) in the case of a Hedge Agreement
documented pursuant to the Master Agreement (Multicurrency-Cross Border)
published by the International Swap and Derivatives Association, Inc. (the
"MASTER AGREEMENT"), the amount, if any, that would be payable by any Loan Party
or any of its Subsidiaries to its counterparty to such Hedge Agreement, as if
(i) such Hedge Agreement was being terminated early on such date of
determination, (ii) such Loan Party or Subsidiary was the sole "Affected Party",
and (iii) the respective counterparty to such Hedge Agreement was the sole party
determining such payment amount (with the respective counterparty to such Hedge
Agreement making such determination pursuant to the provisions of the form of
Master Agreement (as defined herein); or (b) in the case of a Hedge Agreement
traded on an exchange, the mark-to-market value of such Hedge Agreement, which
value will be the unrealized loss on such Hedge Agreement to the Loan Party or
Subsidiary of a Loan Party party to such Hedge Agreement determined by the
respective counterparty to such Hedge Agreement based on the settlement price of
such Hedge Agreement on such date of determination; or (c) in all other cases,
the mark-to-market value of such Hedge Agreement, which value will be the
unrealized loss on such Hedge Agreement to the Loan Party or Subsidiary of a
Loan Party party to such Hedge Agreement determined by the respective
counterparty to such Hedge Agreement as the amount, if any, by which (i) the
present value of the future cash flows to be paid by such Loan Party or
Subsidiary exceeds (ii) the present value of the future cash flows to be
received by such Loan Party or Subsidiary pursuant to such Hedge Agreement;
capitalized terms used and not otherwise defined in this definition shall have
the respective meanings set forth in the above-described Master Agreement.

                  "APPLICABLE LENDING OFFICE" means, with respect to each Lender
Party, such Lender Party's Domestic Lending Office in the case of a Base Rate
Advance and such Lender Party's Eurodollar Lending Office in the case of a
Eurodollar Rate Advance.

                                       2
<PAGE>

                  "APPLICABLE MARGIN" means, for Base Rate Borrowings, 1% per
annum, and, for Eurodollar Rate Borrowings, 3% per annum.

                  "APPRAISED VALUE" means the fair market value of the Borrowing
Base Properties at the time of any determination by the Administrative Agent of
the Borrowing Base Amount, based on the most recent appraisals obtained by the
Administrative Agent and as provided herein, for each of the Borrowing Base
Properties.

                  "APPROVED FUND" means, with respect to any Lender Party that
is a fund that invests in bank loans, any other fund that invests in bank loans
and is advised or managed by the same investment advisor as such Lender Party or
by an Affiliate of such investment advisor.

                  "ASSIGNED RIGHTS AND OBLIGATIONS" has the meaning set forth in
Section 2.16.

                  "ASSIGNMENT AND ACCEPTANCE" means an assignment and acceptance
entered into by a Lender Party and an Eligible Assignee and accepted by the
Administrative Agent, in accordance with Section 8.07 and in substantially the
form of EXHIBIT C hereto.

                  "AVAILABLE AMOUNT" of any Letter of Credit means, at any time,
the maximum amount available to be drawn under such Letter of Credit at such
time (assuming compliance at such time with all conditions to drawing).

                  "BAHIA MAR" means the 296-room resort, hotel and related
improvements, facilities and assets, including, without limitation, the
Mortgaged Property (as defined in the Bahia Mar Mortgage), situated on that
certain real property located in Broward County, Florida, as more fully
described in the Bahia Mar Mortgage, and commonly known as the Bahia Mar Hotel.

                  "BASE RATE" means a fluctuating interest rate per annum in
effect from time to time, which rate per annum shall at all times be equal to
the higher of:

                  (a) the rate of interest announced publicly by DBTCA in New
         York, New York, from time to time, as its prime lending rate (the
         "PRIME LENDING RATE") (the Prime Lending Rate is a reference rate and
         does not necessarily represent the lowest or best rate actually charged
         to any customer; DBTCA may make commercial loans or other loans at
         rates of interest at, above or below the Prime Lending Rate); and

                  (b) 1/2 of 1% per annum above the Federal Funds Rate.

                  "BASE RATE ADVANCE" means an Advance that bears interest as
provided in Section 2.06(a)(i).

                  "BLOCKED ACCOUNT AGREEMENT" means the Blocked Account
Agreement dated as of April 21, 1999 among the Borrower, FPH, certain Subsidiary
Guarantors, the Administrative Agent and Bank of America, N.A. (formerly known
as NationsBank, N.A.).

                  "BOOK NET WORTH" shall be calculated in accordance with GAAP.

                  "BORROWER" has the meaning specified in the Preamble to this
Agreement.

                  "BORROWER'S ACCOUNT" means such account of the Borrower as the
Borrower and the Administrative Agent may from time to time designate as the
"Borrower's Account".

                                       3
<PAGE>

                  "BORROWING" means a borrowing consisting of simultaneous
Advances of the same Type made by the Lenders.

                  "BORROWING BASE AMOUNT" means, as of any date of
determination, an amount determined by the Administrative Agent as the lesser of
(a) an amount which is equal to the combined fair market value of the Borrowing
Base Properties, in each case based on the most recent Appraised Value,
MULTIPLIED by the "Aggregate Loan to Value Ratio" set forth in the first row of
the table below; (b) an amount which is equal to the Reserve Adjusted EBITDA
determined on a combined basis for the Operating Subsidiaries for the Rolling
Period ending on or immediately prior to such date of determination, DIVIDED BY
the Debt Service Rate DIVIDED BY the "Debt Service Coverage Ratio" set forth in
the second row of the table below; and (c) an amount which is equal to the
Reserve Adjusted EBITDA for such Rolling Period, MULTIPLIED BY the "Reserve
Adjusted EBITDA factor" set forth in the third row of the table below.

<TABLE>
<CAPTION>

                                           After First
                                           Transfer of                          After Second
                       Existing           Borrowing Base     After Transfer     Transfer of
                     Borrowing Base      Property (Other     of Registry if    Borrowing Base
                       Properties         than Registry)     First Transfer       Property
                     --------------      ----------------    --------------    --------------
<S>                      <C>                 <C>                <C>              <C>
Aggregate Loan to          50%                50%                45%                40%
   Value Ratio

  Debt Service            1.75                1.75               1.85              2.00
 Coverage Ratio

Reserve Adjusted          4.90                4.90               4.50              4.00
  EBITDA factor

</TABLE>

                  "BORROWING BASE CERTIFICATE" means a certificate in
substantially the form of EXHIBIT G hereto, duly certified by the Chief
Financial Officer or Chief Accounting Officer of the Borrower.

                  "BORROWING BASE PROPERTIES" means, subject to the provisions
of Section 5.02(e)(iii), the following four properties: Bahia Mar, Pier 66,
Registry and Edgewater; PROVIDED, HOWEVER, that to the extent any of the
Borrowing Base Properties are sold pursuant to Section 5.02(e)(iii), such
property shall no longer be considered a Borrowing Base Property.

                  "BUSINESS DAY" means a day of the year on which banks are not
required or authorized by law to close in New York City and, if the applicable
Business Day relates to any Eurodollar Rate Advances, on which dealings are
carried on in the London interbank market.

                  "CAPITAL EXPENDITURES" means, for any Person as of any date of
determination, the sum of, without duplication, (a) all cash expenditures made,
directly or indirectly, by such Person or any of its Subsidiaries during such
period for equipment, fixed assets, real property or improvements, or for
replacements or substitutions therefor or additions thereto, that have been or
should be, in accordance with GAAP, reflected as additions to property, plant or
equipment on a Consolidated balance sheet of such Person PLUS (b) the aggregate
principal amount of all Debt (including Obligations under Capitalized Leases)
assumed or incurred in connection with any such expenditures.

                  "CAPITALIZED LEASES" means all leases that have been or should
be, in accordance with GAAP, recorded as capitalized leases. For purposes of
this definition, the purchase price of equipment that is purchased
simultaneously with the trade-in of existing equipment or with insurance
proceeds shall be included in Capital Leases only to the extent of the gross
amount of such purchase price LESS the credit

                                       4
<PAGE>

granted by the seller of such equipment for the equipment being traded in at
such time or the amount of such proceeds, as the case may be.

                  "CASH EQUIVALENTS" means any of the following, to the extent
owned by the Operating Subsidiaries free and clear of all Liens other than Liens
created under the Collateral Documents and having a maturity of not greater than
180 days (except, with respect to clause (a) below, not greater than one year
and, with respect to clauses (b) and (c) below, not greater than 90 days) from
the date of acquisition thereof: (a) readily marketable direct obligations of
the government of the United States or any agency or instrumentality thereof or
obligations unconditionally guaranteed by the full faith and credit of the
government of the United States; (b) insured certificates of deposit of or time
deposits with any commercial bank that is a Lender Party or a member of the
Federal Reserve System, issues (or the parent of which issues) commercial paper
rated as described in clause (c), is organized under the laws of the United
States or any state thereof and has combined capital and surplus of at least $1
billion; (c) commercial paper in an aggregate amount of not more than $250,000
per issuer outstanding at any time, issued by any corporation organized under
the laws of any state of the United States and rated at least "Prime-1" (or the
then equivalent grade) by Moody's Investors Service, Inc. or "A-1" (or the then
equivalent grade) by Standard & Poor's Ratings Group, a division of The
McGraw-Hill Companies, Inc.; (d) repurchase obligations with a term of not more
than seven days for underlying securities of the types described in clauses (b)
and (c) above entered into with any financial institution meeting the
qualifications specified in clause (b) above; or (e) money market or mutual
funds that invest solely in Cash Equivalents of the types described in clauses
(a), (b) and (c) above.

                  "CERCLA" means the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended from time to time.

                  "CERCLIS" means the Comprehensive Environmental Response,
Compensation and Liability Information System maintained by the U.S.
Environmental Protection Agency.

                  "CHANGE OF CONTROL" means the occurrence of any of the
following: (a) the direct or indirect sale, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one or a series
of related transactions, of all or substantially all of the properties or assets
of the Parent Guarantor and its Restricted Subsidiaries (as defined in the
Indenture), taken as a whole, to any "person" (as that term is used in Section
13(d)(3) of the Exchange Act) other than to H. Wayne Huizenga (the "PRINCIPAL"),
80% (or more) owned Subsidiary, or any immediate family member of the Principal
(the "RELATED PARTIES"); (b) the adoption of a plan relating to the liquidation
or dissolution of the Parent Guarantor; (c) the consummation of any transaction
(including, without limitation, any merger or consolidation) the result of which
is that any "person" (as defined above) other than the Principal and his Related
Parties becomes the beneficial owner, directly or indirectly, of Voting Stock
(as defined in the Indenture) of the Parent Guarantor with the power to vote 50%
or more of the total votes entitled to be cast on any matter submitted to a vote
of shareholders; (d) during any consecutive two-year period, individuals who at
the beginning of such period constituted the Board of Directors of the Parent
Guarantor (together with any new directors whose election to such Board of
Directors, or whose nomination for election by the stockholders of the Parent
Guarantor, was approved by a vote of a majority of the directors then still in
office who were either directors at the beginning of such period or whose
election or nomination for election was previously so approved) cease for any
reason to constitute a majority of the Board of Directors of the Parent
Guarantor then in office; or (e) the Parent Guarantor consolidates with, or
merges with or into, any Person, or any Person consolidates with, or merges with
or into, the Parent Guarantor, in any such event pursuant to a transaction in
which any of the outstanding Voting Stock of the Parent Guarantor or such other
Person is converted into or exchanged for cash, securities or other property,
other than any such transaction where the Voting Stock of the Parent Guarantor
outstanding immediately prior to such transaction is converted into or exchanged
for Voting

                                       5
<PAGE>

Stock, other than Disqualified Stock (as defined in the Indenture), of the
surviving or transferee Person constituting a majority of the outstanding shares
of such Voting Stock of such surviving or transferee Person (immediately after
giving effect to such issuance) and no Person other than the Principal and his
Related Parties, becomes the beneficial owner, directly or indirectly, of Voting
Stock of such Person with the power to vote 50% or more of the total votes
entitled to be cast on any matter submitted to a vote of shareholders.

                  "CLOSING DATE" means June 25, 2003.

                  "COLLATERAL" means all "Collateral" referred to in the
Collateral Documents and all other property that is or is intended to be subject
to any Lien in favor of the Administrative Agent for the benefit of the Lender
Parties.

                  "COLLATERAL DOCUMENTS" means the Security Agreements, the
Mortgages, the Environmental Indemnity Agreement, this Agreement (to the extent
of Article IX hereof) and any other agreement that creates or purports to create
a Lien in favor of the Administrative Agent for the benefit of the Lender
Parties.

                  "COMMITMENT" means a Revolving Credit Commitment or a Letter
of Credit Commitment.

                  "CONSOLIDATED" refers, with respect to any Person, to the
consolidation of accounts of such Person and its Subsidiaries in accordance with
GAAP.

                  "CONTINGENT OBLIGATION" means, with respect to any Person, any
Obligation or arrangement of such Person to guarantee or intended to guarantee
any Debt, leases, dividends or other payment Obligations ("PRIMARY OBLIGATIONS")
of any other Person (the "PRIMARY OBLIGOR") in any manner, whether directly or
indirectly, including, without limitation, (a) the direct or indirect guarantee,
endorsement (other than for collection or deposit in the ordinary course of
business), co-making, discounting with recourse sale with recourse by such
Person of the Obligation of a primary obligor, (b) the Obligation to make
take-or-pay or similar payments, if required, regardless of nonperformance by
any other party or parties to an agreement or (c) any Obligation of such Person,
whether or not contingent, (i) to purchase any such primary obligation or any
property constituting direct or indirect security therefor, (ii) to advance or
supply funds (A) for the purchase or payment of any such primary obligation or
(B) to maintain working capital or equity capital of the primary obligor or
otherwise to maintain the net worth or solvency of the primary obligor, (iii) to
purchase property, assets, securities or services primarily for the purpose of
assuring the owner of any such primary obligation of the ability of the primary
obligor to make payment of such primary obligation or (iv) otherwise to assure
or hold harmless the holder of such primary obligation against loss in respect
thereof. The amount of any Contingent Obligation shall be deemed to be an amount
equal to the stated or determinable amount of the primary obligation in respect
of which such Contingent Obligation is made (or, if less, the maximum amount of
such primary obligation for which such Person may be liable pursuant to the
terms of the instrument evidencing such Contingent Obligation) or, if not stated
or determinable, the maximum reasonably anticipated liability in respect thereof
(assuming such Person is required to perform thereunder), as determined by such
Person in good faith.

                  "CONVERSION", "CONVERT" and "CONVERTED" each refer to a
conversion of Advances of one Type into Advances of the other Type pursuant to
Section 2.08 or 2.09.

                  "DBSI" has the meaning specified in the Preamble to this
Agreement.

                                       6
<PAGE>

                  "DBTCA" has the meaning specified in the Preamble to this
Agreement.

                  "DEBT" of any Person means, without duplication, (a) all
indebtedness of such Person for borrowed money, (b) all Obligations, contingent
or otherwise, of such Person for the deferred purchase price of property or
services (other than trade payables not overdue by more than 60 days incurred in
the ordinary course of such Person's business), (c) all Obligations, contingent
or otherwise, of such Person evidenced by notes, bonds, debentures or other
similar instruments, (d) all Obligations, contingent or otherwise, of such
Person created or arising under any conditional sale or other title retention
agreement with respect to property acquired by such Person (even though the
rights and remedies of the seller or lender under such agreement in the event of
default are limited to repossession or sale of such property), (e) all
Obligations, contingent or otherwise, of such Person as lessee under Capitalized
Leases, (f) all Obligations, contingent or otherwise, of such Person under
acceptance, letter of credit or similar facilities, (g) all Obligations of such
Person to purchase, redeem, retire, defease or otherwise make any payment in
respect of any Equity Interests in such Person or any other Person or any
warrants, rights or options to acquire such capital stock, valued, in the case
of Redeemable Preferred Interests, at the greater of its voluntary or
involuntary liquidation preference PLUS accrued and unpaid dividends, (h) all
Obligations of such Person in respect of Hedge Agreements, valued at the
Agreement Value thereof, (i) all Contingent Obligations of such Person and (j)
all indebtedness and other payment Obligations referred to in clauses (a)
through (i) above of another Person secured by (or for which the holder of such
Debt has an existing right, contingent or otherwise, to be secured by) any Lien
on property (including, without limitation, accounts and contract rights) owned
by such Person, even though such Person has not assumed or become liable for the
payment of such indebtedness or other payment Obligations.

                  "DEBT SERVICE RATE" means, as of any date of determination,
the greatest of (i) the average weighted interest rate applicable to Advances at
such date; (ii) 9% and (iii) debt service constant on a 25-year fully amortizing
note secured by a mortgage bearing interest at the 7-year U.S. Treasury
obligation rate effective on such date based on the rate quoted for the 7-year
U.S. Treasury obligation interpolated "ICUR 7" on the Bloomberg service (or any
successor thereto) plus 3.25%, which rate as determined at the Administrative
Agent's reasonable discretion shall be conclusive and binding for all purposes,
absent manifest error.

                  "DEFAULT" means any Event of Default or any event that would
constitute an Event of Default but for the requirement that notice be given or
time elapse or both.

                  "DEFAULTED ADVANCE" means, with respect to any Lender Party at
any time, the portion of any Advance required to be made by such Lender Party to
the Borrower pursuant to Section 2.01 or 2.02 at or prior to such time which has
not been made by such Lender Party or by the Administrative Agent for the
account of such Lender Party pursuant to Section 2.02(d) as of such time.

                  "DEFAULTED AMOUNT" means, with respect to any Lender Party at
any time, any amount required to be paid by such Lender Party to the
Administrative Agent or any other Lender Party hereunder or under any other Loan
Document at or prior to such time which has not been so paid as of such time,
including, without limitation, any amount required to be paid by such Lender
Party to (a) the Issuing Bank pursuant to Section 2.02(A)(c) to purchase a
portion of a Letter of Credit Advance made by the Issuing Bank, (b) the
Administrative Agent pursuant to Section 2.02(d) to reimburse the Administrative
Agent for the amount of any Advance made by the Administrative Agent for the
account of such Lender Party, (c) any other Lender Party pursuant to Section
2.12 to purchase any participation in Advances owing to such other Lender Party
and (d) the Administrative Agent or the Issuing Bank pursuant to Section 7.05 to
reimburse the Administrative Agent or the Issuing Bank for such Lender Party's
ratable share of any amount required to be paid by the Lender Parties to the
Administrative Agent or the Issuing Bank as provided therein.

                                       7
<PAGE>

                  "DEFAULTING LENDER" means, at any time, any Lender Party that,
at such time (a) owes a Defaulted Advance or a Defaulted Amount or (b) shall
take any action or be the subject of any action or proceeding of a type
described in Section 6.01(f).

                  "DOMESTIC LENDING OFFICE" means, with respect to any Lender
Party, the office of such Lender Party specified as its "Domestic Lending
Office" opposite its name on SCHEDULE I hereto or in the Assignment and
Acceptance pursuant to which it became a Lender Party, as the case may be, or
such other office of such Lender Party as such Lender Party may from time to
time specify to the Borrower and the Administrative Agent.

                  "DOMESTIC SUBSIDIARY" of any Person means any Subsidiary other
than a Foreign Subsidiary.

                  "EBITDA" means, with respect to any Person, for any Rolling
Period and as of any date of determination, net income PLUS (a) an amount equal
to any extraordinary loss PLUS any net loss realized in connection with an asset
sale, to the extent such losses were deducted in computing net income, PLUS (b)
the provision for taxes based on income or profits of such Person for such
Rolling Period, to the extent such provision for taxes was included in computing
net income, PLUS (c) Interest Expense of such Person for such Rolling Period to
the extent such expense was deducted in computing net income, PLUS (d)
depreciation and amortization expense for such Rolling Period to the extent such
expense was deducted in computing net income less (e) an amount equal to any
extraordinary gain PLUS any net gain realized in connection with an asset sale;
PROVIDED that if any asset has been (X) purchased subsequent to the commencement
of such Rolling Period, EBITDA for the period beginning on the first day of such
Rolling Period shall be increased by the amount of EBITDA for such Rolling
Period associated with such asset purchased, and (Y) sold subsequent to the
commencement of such Rolling Period, EBITDA for the period beginning on the
first day of such Rolling Period shall be reduced by the amount of EBITDA
associated with such asset sold.

                  "EDGEWATER" means the 126-room resort and hotel and related
improvements, facilities and assets, including, without limitation, the
Mortgaged Property (as defined in the Edgewater Mortgage), situated on that
certain real property located in Collier County, Florida, as more fully
described in the Edgewater Mortgage, and commonly known as the Edgewater Hotel.

                  "ELIGIBLE ASSIGNEE" means (a) with respect to the Revolving
Credit Facility, (i) any "qualified institutional buyer" (as defined in Rule
144A under the Securities Act) or any "accredited investor" (as defined in
Section 2(15) of the Securities Act); (ii) a Lender Party; (iii) an Affiliate of
a Lender Party; (iv) a commercial bank organized under the laws of the United
States, or any state thereof, and having a combined capital and surplus of at
least $400,000,000; (v) a savings and loan association or savings bank organized
under the laws of the United States, or any state thereof, and having a combined
capital and surplus of at least $400,000,000; (vi) a commercial bank organized
under the laws of any other country that is a member of the OECD or has
concluded special lending arrangements with the International Monetary Fund
associated with its general arrangements to Borrow or a political subdivision of
any such country, and having a combined capital and surplus of at least
$500,000,000, so long as such bank is acting through a branch or agency located
in the United States and (vii) a finance company, insurance company or other
financial institution or fund (whether a corporation, partnership, trust or
other entity) that is engaged in making, purchasing or otherwise investing in
commercial loans in the ordinary course of its business and having a combined
capital and surplus of at least $250,000,000, and (b) with respect to the Letter
of Credit Facility, a Person that is an Eligible Assignee under subclause (iv)
or (vi) of clause (a) of this definition (or any Affiliate of any such Person)
and is approved by the Administrative Agent; PROVIDED, HOWEVER, that neither any
Loan Party nor any Affiliate of a Loan Party shall qualify as an Eligible
Assignee under this definition.

                                       8
<PAGE>

                  "ENVIRONMENTAL ACTION" means any action, suit, demand, demand
letter, written claim, notice of non-compliance or violation, notice of
liability or potential liability, investigation, proceeding, consent order or
consent agreement relating in any way to any Environmental Law, any
Environmental Permit or Hazardous Material or arising from alleged injury or
threat to health, safety or the environment, including, without limitation, (a)
by any governmental or regulatory authority for enforcement, cleanup, removal,
response, remedial or other actions or damages and (b) by any governmental or
regulatory authority or third party for damages, contribution, indemnification,
cost recovery, compensation or injunctive relief.

                  "ENVIRONMENTAL LAW" means any federal, state, local or foreign
statute, law, ordinance, rule, regulation, code, order, writ, judgment,
injunction, decree or judicial or agency interpretation, policy or guidance
relating to pollution or protection of the environment, health, safety or
natural resources, including, without limitation, those relating to the use,
handling, transportation, treatment, storage, disposal, release or discharge of
Hazardous Materials.

                  "ENVIRONMENTAL PERMIT" means any permit, approval,
identification number, license or other authorization required under any
Environmental Law.

                  "EQUITY INTERESTS" means, with respect to any Person, shares
of capital stock of (or other ownership or profit interests in) such Person,
warrants, options or other rights for the purchase or other acquisition from
such Person of shares of capital stock of (or other ownership or profit
interests in) such Person, securities convertible into or exchangeable for
shares of capital stock of (or other ownership or profit interests in) such
Person or warrants, rights or options for the purchase or other acquisition from
such Person of such shares (or such other interests), and other ownership or
profit interests in such Person (including, without limitation, partnership,
member or trust interests therein), whether voting or nonvoting, and whether or
not such shares, warrants, options, rights or other interests are authorized or
otherwise existing on any date of determination.

                  "ERISA" means the Employee Retirement Income Security Act of
1974, as amended from time to time, and the regulations promulgated and rulings
issued thereunder.

                  "ERISA AFFILIATE" means any Person that for purposes of Title
IV of ERISA is a member of the controlled group of any Loan Party, or under
common control with any Loan Party, within the meaning of Section 414 of the
Internal Revenue Code.

                  "ERISA EVENT" means (a) (i) the occurrence of a reportable
event, within the meaning of Section 4043 of ERISA, with respect to any Plan
unless the 30-day notice requirement with respect to such event has been waived
by the PBGC; or (ii) the requirements of subsection (1) of Section 4043(b) of
ERISA (without regard to subsection (2) of such Section) are met with respect to
a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of a Plan,
and an event described in paragraph (9), (10), (11), (12) or (13) of Section
4043(c) of ERISA is reasonably expected to occur with respect to such Plan
within the following 30 days; (b) the application for a minimum funding waiver
with respect to a Plan; (c) the provision by the administrator of any Plan of a
notice of intent to terminate such Plan pursuant to Section 4041(a)(2) of ERISA
(including any such notice with respect to a plan amendment referred to in
Section 4041(e) of ERISA); (d) the cessation of operations at a facility of any
Loan Party or any ERISA Affiliate in the circumstances described in Section
4062(e) of ERISA; (e) the withdrawal by any Loan Party or any ERISA Affiliate
from a Multiple Employer Plan during a plan year for which it was a substantial
employer, as defined in Section 4001(a)(2) of ERISA; (f) the conditions for
imposition of a lien under Section 302(f) of ERISA shall have been met with
respect to any Plan; (g) the adoption of an amendment to a Plan requiring the
provision of security to such Plan pursuant to Section 307 of ERISA; or (h) the
institution by the PBGC of proceedings to terminate a Plan pursuant to Section
4042 of ERISA,

                                       9
<PAGE>

or the occurrence of any event or condition described in Section 4042 of ERISA
that constitutes grounds for the termination of, or the appointment of a trustee
to administer, such Plan.

                  "EUROCURRENCY LIABILITIES" has the meaning specified in
Regulation D of the Board of Governors of the Federal Reserve System, as in
effect from time to time.

                  "EURODOLLAR LENDING OFFICE" means, with respect to any Lender
Party, the office of such Lender Party specified as its "Eurodollar Lending
Office" opposite its name on SCHEDULE I hereto or in the Assignment and
Acceptance pursuant to which it became a Lender Party (or, if no such office is
specified, its Domestic Lending Office), or such other office of such Lender
Party as such Lender Party may from time to time specify to the Borrower and the
Administrative Agent.

                  "EURODOLLAR RATE" means, for any Interest Period for all
Eurodollar Rate Advances comprising part of the same Borrowing, an interest rate
per annum equal to the rate per annum obtained by dividing (a) the average of
the respective rates per annum (rounded upward to the next whole multiple of
1/16th of 1%) posted by each of the principal London offices of banks posting
rates as displayed on the Dow Jones Markets screen, page 3750 or such other page
as may replace such page on such service for the purpose of displaying the
London interbank offered rate of major banks for deposits in U.S. Dollars, at
approximately 11:00 A.M. (London time) two Business Days before the first day of
such Interest Period for deposits in an amount substantially equal to DBTCA's
Eurodollar Rate Advance comprising part of such Borrowing to be outstanding
during such Interest Period and for a period equal to such Interest Period by
(b) a percentage equal to 100% MINUS the Eurodollar Rate Reserve Percentage for
such Interest Period.

                  "EURODOLLAR RATE ADVANCE" means an Advance that bears interest
as provided in Section 2.06(a)(ii).

                  "EURODOLLAR RATE RESERVE PERCENTAGE" for any Interest Period
for all Eurodollar Rate Advances comprising part of the same Borrowing means the
reserve percentage applicable two Business Days before the first day of such
Interest Period under regulations issued from time to time by the Board of
Governors of the Federal Reserve System (or any successor) for determining the
maximum reserve requirement (including, without limitation, any emergency,
supplemental or other marginal reserve requirement) for a member bank of the
Federal Reserve System in New York City with respect to liabilities or assets
consisting of or including Eurocurrency Liabilities (or with respect to any
other category of liabilities that includes deposits by reference to which the
interest" rate on Eurodollar Rate Advances is determined) having a term equal to
such Interest Period.

                  "EVENTS OF DEFAULT" has the meaning specified in Section 6.01.

                  "EXCHANGE ACT" shall mean the U.S. Securities Exchange Act of
1934, as amended and as the same may be further amended, or any comparable
successor Applicable Law.

                  "EXISTING AGREEMENT" has the meaning specified in the
Preliminary Statements to this Agreement.

                  "FACILITY" means the Revolving Credit Facility and the Letter
of Credit Facility.

                  "FEDERAL FUNDS RATE" means, for any period, a fluctuating
interest rate equal for each day during such period to the weighted average of
the rates on overnight Federal Funds transactions with members of the Federal
Reserve System arranged by Federal Funds brokers, as published for such day (or,
if such day is not a Business Day, for the next preceding Business Day) by the
Federal Reserve Bank

                                       10
<PAGE>

of New York, or, if such rate is not so published for any day that is a Business
Day, the average of the quotations for such day for such transactions received
by the Administrative Agent from three Federal Funds brokers of recognized
standing selected by the Administrative Agent.

                  "FEE LETTER" means each agreement entered into between the
Parent Guarantor and each of the Administrative Agent and Lead Arranger or their
affiliates with respect to the payment of fees or other amounts relating to the
Facility.

                  "FF&E" means fixtures, furnishings and equipment at the
Borrowing Base Properties.

                  "FF&E RESERVE" means, for any Rolling Period, on a
Consolidated basis for the Borrowing Base Properties, a reserve maintained in
accordance with Section 5.01(h) by each Operating Subsidiary while any
Commitment hereunder shall exist to fund replacements of fixtures, furnishings
and equipment at the applicable Borrowing Base Property.

                  "FF&E RESERVE ACCOUNT" has the meaning specified in Section
2.15.

                  "FISCAL YEAR" means a fiscal year of the Parent Guarantor and
its Consolidated Subsidiaries ending on June 30 in any calendar year, as it may
be changed to the extent permitted by Section 5.02(i)(B).

                  "FIXED CHARGE COVERAGE RATIO" means, with respect to the
Parent Guarantor, for any Rolling Period and as of any date of determination,
the ratio of (a) Adjusted EBITDA for such Rolling Period to (b) the sum of (i)
Interest Expense for such Rolling Period, (ii) regularly scheduled principal
payments of Total Funded Debt made during such Rolling Period, and (iii) any
cash dividends, whether common or preferred, paid during such Rolling Period.

                  "FLEET" has the meaning specified in the Preamble to this
Agreement.

                  "FOREIGN SUBSIDIARY" means a Subsidiary that is organized
under the laws of a jurisdiction other than the United States or any state
thereof or the District of Columbia.

                  "FPH" means FPH Management, Inc., a Florida corporation.

                  "FRANCHISE AGREEMENTS" means the License Agreement dated as of
June 28, 1994 between Radisson Hotels International, Inc., as Licensor, and the
Manager, as Licensee, and the Hyatt Hotel Franchise Agreement dated November 14,
1994 between Hyatt Franchise Corporation, as Franchisor, and the Manager, as
Franchisee, as applicable.

                  "GAAP" has the meaning specified in Section 1.03.

                  "GUARANTIES" means the Parent Guaranty and the Subsidiary
Guaranty.

                  "GUARANTORS" means the Parent Guarantor and the Subsidiary
Guarantors.

                  "HAZARDOUS MATERIALS" means (a) petroleum or petroleum
products, by-products or breakdown products, radioactive materials,
asbestos-containing materials, polychlorinated biphenyls and radon gas and (b)
any other chemicals, materials or substances designated, classified or regulated
as hazardous or toxic or as a pollutant or contaminant under any Environmental
Law.

                                       11
<PAGE>

                  "HEDGE AGREEMENTS" means interest rate swap, cap or collar
agreements, interest rate future or option contracts, currency swap agreements,
currency future or option contracts and other hedging agreements.

                  "HOTEL ACCOUNT" has the meaning specified in Section 2.15.

                  "HOTEL ACCOUNT BANK" has the meaning specified in Section
2.15.

                  "INDEMNIFIED COSTS" has the meaning specified in Section
7.05(a).

                  "INDEMNIFIED PARTY" has the meaning specified in Section
8.04(b).

                  "INDENTURE" means the Indenture dated as of April 21, 1999
among the Parent Guarantor, the guarantors thereunder and The Bank of New York,
as Trustee, as amended by the Supplemental Indentures.

                  "INITIAL ISSUING BANK" has the meaning specified in the
Preamble to this Agreement.

                  "INITIAL LENDERS" has the meaning specified in the Preamble to
this Agreement.

                  "INSOLVENCY PROCEEDING" means, with respect to any Person, any
bankruptcy, insolvency, reorganization, assignment for the benefit of creditors,
receivership, moratorium or similar action, proceeding or arrangement with
respect to such Person under any applicable bankruptcy, insolvency or similar
law or regulation.

                  "INSUFFICIENCY" means, with respect to any Plan, the amount,
if any, of its unfunded benefit liabilities, as defined in Section 4001(a)(18)
of ERISA.

                  "INTANGIBLE TAX RESERVE" has the meaning set forth in Section
4.01(o).

                  "INTEREST EXPENSE" means, with respect to any Person, for any
Rolling Period and as of any date of determination, without duplication, the sum
of (a) interest expense, whether paid or accrued, to the extent such expense was
deducted in computing net income (including amortization or original issue
discount, non-cash interest payments, the interest component of Capital Leases,
but excluding amortization of deferred financing fees), and (b) interest for
which such Person is liable pursuant to any Debt, including any Subsidiary of
such Person, in each case calculated for such Person.

                  "INTEREST PERIOD" means, for each Eurodollar Rate Advance
comprising part of the same Borrowing, the period commencing on the date of such
Eurodollar Rate Advance or the date of the Conversion of any Base Rate Advance
into such Eurodollar Rate Advance, and ending on the last day of the period
selected by the Borrower pursuant to the provisions below and, thereafter, each
subsequent period commencing on the last day of the immediately preceding
Interest Period and ending on the last day of the period selected by the
Borrower pursuant to the provisions below. Subject to Sections 2.08 and 2.09
hereof, the duration of each such Interest Period shall be one, two, three or
six months, as the Borrower may, upon notice received by the Administrative
Agent not later than 11:00 A.M. (New York City time) on the third Business Day
prior to the first day of such Interest Period, select; PROVIDED, HOWEVER, that:

                  (a) the Borrower may not select any Interest Period with
         respect to any Eurodollar Rate Advance under the Facility that ends
         after the Termination Date;

                                       12
<PAGE>

                  (b) Interest Periods commencing on the same date for
         Eurodollar Rate Advances comprising part of the same Borrowing shall be
         of the same duration;

                  (c) whenever the last day of any Interest Period would
         otherwise occur on a day other than a Business Day, the last day of
         such Interest Period shall be extended to occur on the next succeeding
         Business Day, PROVIDED, HOWEVER, that, if such extension would cause
         the last day of such Interest Period to occur in the next following
         calendar month, the last day of such Interest Period shall occur on the
         immediately preceding Business Day; and

                  (d) whenever the first day of any Interest Period occurs on a
         day of an initial calendar month for which there is no numerically
         corresponding day in the calendar month that succeeds such initial
         calendar month by the number of months equal to the number of months in
         such Interest Period, such Interest Period shall end on the last
         Business Day of such succeeding calendar month.

                  "INTERNAL REVENUE CODE" means the Internal Revenue Code of
1986, as amended from time to time, and the regulations promulgated and rulings
issued thereunder.

                  "INVESTMENT" in any Person means any loan or advance to such
Person, any purchase or other acquisition of any Equity Interests or Debt or the
assets comprising a division or business unit or a substantial part or all of
the business of such Person, any capital contribution to such Person or any
other direct or indirect investment in such Person, including, without
limitation, any acquisition by way of a merger or consolidation and any
arrangement pursuant to which the investor incurs Debt of the types referred to
in clause (i) or (j) of the definition of "Debt" in respect of such Person.

                  "ISSUING BANK" means the Initial Issuing Bank and any other
Lender approved as an Issuing Bank by the Administrative Agent and any Eligible
Assignee to which a Letter of Credit Commitment hereunder has been assigned
pursuant to Section 8.07 so long as each Lender or Eligible Assignee expressly
agrees to perform in accordance with their terms all of the obligations that by
the terms of this Agreement are required to be performed by it as an Issuing
Bank and notifies the Administrative Agent of its Applicable Lending Office and
the amount of its Letter of Credit Commitment (which information shall be
recorded by the Administrative Agent in the Register), for so long as such
Initial Issuing Bank, Lender or Eligible Assignee, as the case may be, shall
have a Letter of Credit Commitment.

                  "L/C ACCOUNT COLLATERAL" has the meaning specified in Section
9.01(a).

                  "L/C CASH COLLATERAL ACCOUNT" means an account of the Borrower
maintained with the Administrative Agent, at its office in New York, New York,
in the name of the Administrative Agent (for the ratable benefit of the Secured
Parties) and under the sole control and dominion of the Administrative Agent and
subject to the terms of this Agreement.

                  "L/C RELATED DOCUMENTS" has the meaning specified in Section
2.03(b)(ii).

                  "LEAD ARRANGER" has the meaning specified in the Preamble to
this Agreement.

                  "LENDER PARTY" means any Lender or the Issuing Bank.

                  "LENDERS" means the Initial Lenders and each Person that shall
become a Lender hereunder pursuant to Section 8.07 for so long as such Initial
Lender or Person shall be a party to this Agreement.

                                       13
<PAGE>

                  "LETTER OF CREDIT ADVANCE" means an advance made by the
Issuing Bank or any Lender pursuant to Section 2.02(A)(c).

                  "LETTER OF CREDIT AGREEMENT" has the meaning specified in
Section 2.02(A)(a).

                  "LETTER OF CREDIT COMMITMENT" means, with respect to any
Issuing Bank at any time, the amount set forth opposite such Issuing Bank's name
on SCHEDULE I hereto under the caption "Letter of Credit Commitment" or, if such
Issuing Bank has entered into one or more Assignment and Acceptances, set forth
for such Issuing Bank in the Register maintained by the Administrative Agent
pursuant to Section 8.07(d) as such Issuing Bank's "Letter of Credit
Commitment", as such amount may be reduced or terminated at or prior to such
time pursuant to Section 2.04 or 6.01, respectively.

                  "LETTER OF CREDIT FACILITY" means, at any time, an amount
equal to the lesser of (a) the aggregate amount of the Issuing Bank's Letter of
Credit Commitment at such time and (b) $15,000,000, as such amount may be
reduced at or prior to such time pursuant to Section 2.04.

                  "LETTERS OF CREDIT" has the meaning specified in Section
2.01(b).

                  "LETTER OF CREDIT REQUEST" has the meaning specified in
Section 2.02(A)(a).

                  "LEVERAGE RATIO" means, with respect to the Parent Guarantor,
as of any date of determination, the ratio of (a) Total Funded Debt at such date
to (b) Adjusted EBITDA for the Rolling Period ending on or immediately prior to
such date.

                  "LIEN" means any lien, security interest or other charge or
encumbrance of any kind, or any other type of preferential arrangement,
including, without limitation, the lien or retained security title of a
conditional vendor and any easement, right of way or other encumbrance on, or
defect in, title to real property.

                  "LOAN DOCUMENTS" means (i) this Agreement, (ii) the Notes,
(iii) the Collateral Documents, (iv) the Guaranties, (v) each Letter of Credit
Agreement, (vi) the Fee Letter, and (vii) any other agreement, document or
instrument issued by the Borrower or any Guarantor evidencing, securing or
guarantying the foregoing or the Facility (or any portion thereof), and in each
case as amended, amended and restated, supplemented or otherwise modified from
time to time.

                  "LOAN PARTIES" means the Borrower and the Guarantors.

                  "LOCKBOX" shall have the meaning specified in Section 2.15.

                  "LOCKBOX ACCOUNT" shall have the meaning specified in Section
2.15.

                  "MANAGEMENT CONTRACTS" means the Hotel Management Agreement
dated March 4, 1997 between Rahn Bahia Mar, Ltd., as Owner, and Rahn Bahia Mar
Mgmt. Inc., as Manager, the Hotel Management Agreement dated as of March 4, 1997
between 2301 SE 17th St., Ltd., as Owner, and Rahn Pier Mgt., Inc., as Manager,
as applicable and each of the Hotel Management Agreements with respect to the
Edgewater and the Registry in form and substance acceptable to the
Administrative Agent.

                  "MANAGERS" means Rahn Bahia Mar Mgmt., Inc. and Rahn Pier
Mgt., Inc, as applicable.

                  "MARGIN STOCK" has the meaning specified in Regulation U.

                                       14
<PAGE>

                  "MATERIAL ADVERSE CHANGE" means any material adverse change in
the business, condition (financial or otherwise), operations, performance,
properties or prospects of the Parent Guarantor and its Subsidiaries taken as a
whole or any of the Operating Subsidiaries.

                  "MATERIAL ADVERSE EFFECT" means a material adverse effect on
(a) the business, condition (financial or otherwise), operations, performance,
properties or prospects of the Parent Guarantor and its Subsidiaries taken as a
whole or of any of the Operating Subsidiaries, (b) the rights and remedies of
any Secured Party under any Transaction Document or (c) the ability of the
Parent Guarantor and its Subsidiaries taken as a whole or of any of the
Operating Subsidiaries to perform their Obligations under any Transaction
Document to which they are or are to become parties; PROVIDED, HOWEVER, for the
purposes of Sections 4.01(p), 5.03(a) and 5.04(a), Material Adverse Effect shall
not include any matters and events demonstrated in or incorporated into the
financial statements of the Borrower and its Subsidiaries for the period July 1,
2002 through March 31, 2003 or the interim financial statement of the Borrower
and its Subsidiaries for the period April 1, 2003 through April 30, 2003
previously delivered to Administrative Agent.

                  "MATERIAL AGREEMENT" means any contract, lease, loan
agreement, indenture, mortgage, deed of trust, security agreement or other
agreement, instrument, obligation or arrangement to which any of the Loan
Parties is a party or by which any of their respective properties is bound
(other than the Loan Documents) for which breach, nonperformance, cancellation
or failure to renew could reasonably be expected to have a Material Adverse
Effect.

                  "MORTGAGEE TITLE INSURANCE POLICIES" has the meaning specified
in Section 3.01(a)(v)(A).

                  "MORTGAGE MODIFICATIONS" has the meaning specified in Section
3.01(a)(v).

                  "MORTGAGES" has the meaning specified in Section 3.01(a)(v).

                  "MORTGAGORS" has the meaning specified in the Security
Agreements.

                  "MULTIEMPLOYER PLAN" means a multiemployer plan, as defined in
Section 4001(a)(3) of ERISA, to which any Loan Party or any ERISA Affiliate is
making or accruing an obligation to make contributions, or has within any of the
preceding five plan years made or accrued an obligation to make contributions.

                  "MULTIPLE EMPLOYER PLAN" means a multiple employer plan, as
defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of
any Loan Party or any ERISA Affiliate and at least one Person other than the
Loan Parties and the ERISA Affiliates or (b) was so maintained and in respect of
which any Loan Party or any ERISA Affiliate could have liability under Section
4064 or 4069 of ERISA in the event such plan has been or were to be terminated.

                  "NOTE" or "NOTES" means the amended and restated promissory
notes of the Borrower in favor of each of the Lenders, which (i) amend and
restate the "Notes" issued by the Borrower pursuant to the Existing Agreement,
and (ii) evidence the Advances made pursuant to ARTICLE II, individually or
collectively, as appropriate, as such promissory notes may be amended, modified,
restated, supplemented, extended, renewed or replaced from time to time.

                  "NOTE PURCHASE AGREEMENT" means the Note Agreement dated as of
April 21, 1999 among the Parent Guarantor and the guarantors and initial
purchasers thereunder, pursuant to which the

                                       15
<PAGE>

Subordinated Notes are issued, as amended, amended and restated, supplemented or
otherwise modified from time in accordance with its terms, to the extent
permitted under the Loan Documents.

                  "NOTICE OF BORROWING" has the meaning specified in Section
2.02(a).

                  "NPL" means the National Priorities List under CERCLA.

                  "OBLIGATION" means, with respect to any Person, any payment,
performance or other obligation of such Person of any kind, including, without
limitation, any liability of such Person on any claim, whether or not the right
of any creditor to payment in respect of such claim is reduced to judgment,
liquidated, unliquidated, fixed, contingent, matured, disputed, undisputed,
legal, equitable, secured or unsecured, and whether or not such claim is
discharged, stayed or otherwise affected by any proceeding referred to in
Section 6.01(f). Without limiting the generality of the foregoing, the
Obligations of any Loan Party under the Loan Documents include (a) the
obligation to pay principal, interest, charges, expenses, fees, commissions,
including, without limitation, Letter of Credit commissions, attorneys' fees and
disbursements, indemnities and other amounts payable by such Loan Party under
any Loan Document and (b) the obligation of such Loan Party to reimburse any
amount in respect of any of the foregoing that any Lender Party, in its sole
discretion, may elect to pay or advance on behalf of such Loan Party.

                  "OECD" means the Organization for Economic Cooperation and
Development.

                  "OPEN YEAR" has the meaning specified in Section 4.01(o)(ii).

                  "OPERATING SUBSIDIARIES" means each of the Subsidiaries of the
Borrower that directly owns one or more of the Borrowing Base Properties, as
listed on SCHEDULE 4.01(B) hereto.

                  "OTHER TAXES" has the meaning specified in Section 2.11(b).

                  "PARENT GUARANTOR" has the meaning specified in the
Preliminary Statements to this Agreement.

                  "PARENT GUARANTOR SECURITY AGREEMENT" has the meaning
specified in Section 3.01(a)(iii).

                  "PARENT GUARANTOR SECURITY AGREEMENT MODIFICATION" has the
meaning specified in Section 3.01(a)(iii).

                  "PARENT GUARANTY" means a guaranty in substantially the form
of EXHIBIT F-1, as amended, amended and restated, supplemented or otherwise
modified from time to time in accordance with its terms.

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

                  "PERMITTED ENCUMBRANCES" means the specific title exceptions
described in the Mortgagee Title Policies (but not including any form
exclusions, conditions or stipulations set forth in the policies).

                  "PERMITTED LIENS" means such of the following as to which no
enforcement, collection, execution, levy or foreclosure proceeding shall have
been commenced: (a) Liens for taxes, assessments and governmental charges or
levies to the extent not required to be paid under Section 5.01(b) hereof (as to
which adequate reserves have been established in accordance with GAAP), (b) the
Permitted

                                       16
<PAGE>

Encumbrances and (c) statutory mechanics' and materialmen's claims pertaining to
the construction on or improvements to the Borrowing Base Properties to the
extent that (i) such improvements are permitted under the Loan Documents and
(ii) the existence of such mechanics' and materialmen's liens is permitted
pursuant to the Mortgages.

                  "PERSON" means an individual, partnership, corporation
(including a business trust), limited liability company, joint stock company,
trust, unincorporated association, joint venture or other entity, or a
government or any political subdivision or agency thereof.

                  "PIER 66" means the resort, hotel and marina and related
improvements, facilities and assets, including, without limitation, the
Mortgaged Property (as defined in the Pier 66 Mortgage), situated on that
certain real property located in Broward County, Florida, and commonly known as
the Hyatt Regency Pier 66 Resort & Marina.

                  "PLAN" means a Single Employer Plan or a Multiple Employer
Plan.

                  "PLEDGED SHARES" means all Pledged Shares and all other equity
interests pledged to the Administrative Agent for the benefit of the Lenders
pursuant to the Security Agreements.

                  "PREFERRED INTERESTS" means, with respect to any Person,
Equity Interests issued by such Person that are entitled to a preference or
priority over any other Equity Interests issued by such Person upon any
distribution of such Person's property and assets, whether by dividend or upon
liquidation.

                  "PRO RATA SHARE" of any amount means, with respect to any
Lender at any time, the product of such amount TIMES a fraction the numerator of
which is the amount of such Lender's Revolving Credit Commitment at such time
(or, if the Commitments shall have been terminated, such Lender's Revolving
Credit Commitment as in effect immediately prior to such termination) and the
denominator of which is the Facility at such time (or, if the Commitments shall
have been terminated, the Facility as in effect immediately prior to such
termination); PROVIDED, HOWEVER, that with respect to any payments to be
allocated among the Lenders, during any period that a Lender is a Defaulting
Lender, the Pro Rata Shares of the Lenders shall be reallocated by deducting
from such Defaulting Lender's Commitment (and the Facility) an amount equal to
the Default Amount. The initial Pro Rata Share of each Lender is set forth
opposite the name of that Lender in SCHEDULE I annexed hereto; PROVIDED that
SCHEDULE I shall be amended and each Pro Rata Share shall be adjusted from time
to time to give effect to the execution of any supplements, amendments or
modifications to this Agreement and the addition or removal of any Lender as
provided herein or by assignment pursuant to Section 8.07.

                  "REDEEMABLE" means, with respect to any Equity Interest, any
Debt or any other right or Obligation, any such Equity Interest, Debt, right or
Obligation that (a) the issuer has undertaken to redeem at a fixed or
determinable date or dates, whether by operation of a sinking fund or otherwise,
or upon the occurrence of a condition not solely within the control of the
issuer or (b) is redeemable at the option of the holder.

                  "REGISTER" has the meaning specified in Section 8.07(d).

                  "REGISTRY" means the resort, hotel and private club and
related improvements, facilities and assets, including, without limitation, the
Mortgaged Property (as defined in the Registry Mortgage), situated on that
certain real property located in Collier County, Florida, as more fully
described in the Registry Mortgage, and commonly known as the Registry Hotel.

                                       17
<PAGE>

                  "REGULATION U" means Regulation U of the Board of Governors of
the Federal Reserve System, as in effect from time to time.

                  "RELATED DOCUMENTS" means the Management Contracts and the
Franchise Agreements.

                  "REQUIRED LENDERS" means, at any time, Lenders holding at
least 51% of the Revolving Credit Commitments at such time; PROVIDED, HOWEVER,
that, if any Lender shall be a Defaulting Lender at such time, there shall be
excluded from the determination of Required Lenders at such time (a) the
aggregate principal amount of the Advances owing to such Lender (in its capacity
as a Lender) and outstanding at such time, (b) such Lender's Pro Rata Share of
the aggregate Available Amount of all Letters of Credit outstanding at such time
and (c) the aggregate unused Revolving Credit Commitments of such Lender at such
time. For purposes of this definition, the aggregate principal amount of Letter
of Credit Advances owing to the Issuing Bank and the Available Amount of each
Letter of Credit shall be considered to be owed to the Lenders ratably in
accordance with their respective Revolving Credit Commitments at such time.

                  "RESERVE ADJUSTED EBITDA" means, with respect to any Person
for any Rolling Period and at any date of determination, an amount equal to
Adjusted EBITDA LESS (a) a minimum FF&E reserve of 4% (however, not to exceed 4%
in the event actual reserves for FF&E are greater) of Total Revenues and (b)
management fees of 3% of Total Revenues including any management fees actually
paid that are deducted from Adjusted EBITDA.

                  "RESPONSIBLE OFFICER" means any executive officer of the
Parent Guarantor.

                  "REVOLVING CREDIT ADVANCE" has the meaning specified in
Section 2.01(a).

                  "REVOLVING CREDIT COMMITMENT" means, with respect to any
Lender at any time, the amount set forth opposite such Lender's name on SCHEDULE
I hereto under the caption "Revolving Credit Commitment" or, if such Lender has
entered into one or more Assignment and Acceptances, set forth for such Lender
in the Register maintained by the Administrative Agent pursuant to Section
8.07(d) as such Lender's "Revolving Credit Commitment", as such amount may be
reduced or terminated at or prior to such time pursuant to Section 2.04 or 6.01,
respectively.

                  "REVOLVING CREDIT FACILITY" means, at any time, the aggregate
amount of the Lenders' Revolving Credit Commitments at such time.

                  "ROLLING PERIOD" means, at any date of determination, the most
recently completed consecutive 12 calendar month period ending on or immediately
prior to such date.

                  "SARBANES-OXLEY" means the Sarbanes-Oxley Act of 2002, as
amended.

                  "SCOTIABANK" has the meaning set forth in the Preamble to this
Agreement.

                  "SECURED OBLIGATIONS" has the meaning specified in the
Security Agreements.

                  "SECURED PARTIES" means, collectively, the Administrative
Agent, the Lead Arranger, the Syndication Agent, the Documentation Agent and
each Lender Party.

                  "SECURITIES ACT" means the Securities Act of 1933, as amended.

                                       18
<PAGE>

                  "SECURITY AGREEMENTS" means the Parent Guarantor Security
Agreement and the Subsidiary Guarantor Security Agreement.

                  "SINGLE EMPLOYER PLAN" means a single employer plan, as
defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of
any Loan Party or any ERISA Affiliate and no Person other than the Loan Parties
and the ERISA Affiliates or (b) was so maintained and in respect of which any
Loan Party or any ERISA Affiliate could have liability under Section 4069 of
ERISA in the event such plan has been or were to be terminated.

                  "SINGLE PURPOSE ENTITY" means a Person, other than an
individual, which (i) is formed or organized solely for the purpose of holding,
directly or indirectly, an ownership interest in the Borrowing Base Properties
and the Managers thereof or Equity Interests in Persons holding, directly or
indirectly, an ownership interest in the Borrowing Base Properties and the
Managers thereof, (ii) does not engage in any business unrelated to the
Borrowing Base Properties or such Equity Interests, the operation and management
of the Borrowing Base Properties, and the financing thereof pursuant to the Loan
Documents, (iii) has not and will not have any assets other than those related
to its interest in the Borrowing Base Properties and the Managers thereof or
such Equity Interests or such financing thereof, and has not or will not have
any Debt other than, as applicable, the Debt permitted pursuant to Section
5.02(b), (iv) maintains its own separate books and records and its own accounts,
in each case which are separate and apart from the books and records and
accounts of any other Person, (v) holds itself out as being a Person, separate
and apart from any other Person, (vi) does not and will not commingle its funds
or assets with those of any other Person, (vii) conducts its own business in its
own name; (viii) maintains financial statements in accordance with the terms of
this Agreement, (ix) pays its own debts and liabilities when they become due out
of its own funds, (x) observes all partnership formalities or corporate
formalities or limited liability company formalities, as applicable, and does
all things necessary to preserve its existence, (xi) maintains an arm's-length
relationship with its Affiliates and shall not enter into any contractual
obligations with any Affiliates except upon terms and conditions that are
intrinsically fair and substantially similar to those that would be available on
an arm's-length basis with third parties other than an Affiliate, (xii) does not
guarantee or otherwise obligate itself with respect to the Debts of any other
Person, hold out its credit as being available to satisfy the obligations of any
other Person (except in connection with the Debt permitted pursuant to Section
5.02(b) hereof), (xiii) does not acquire obligations or securities of its
partners, members or shareholders, (xiv) allocates fairly and reasonably shared
expenses, including, without limitation, any overhead for shared office space,
(xv) does not and will not pledge its assets for the benefit of any other
Person, (xvi) does and will correct any known misunderstanding regarding its
separate identity and (xvii) maintains adequate capital in light of its
contemplated business operations.

                  "SOLVENT" and "SOLVENCY", with respect to any Person on a
particular date, has the meaning ascribed to such term in the Federal Bankruptcy
Code and any applicable state fraudulent conveyance laws, and shall include,
without limitation, the following, that on such date (a) the fair value of the
property of such Person is greater than the total amount of liabilities,
including, without limitation, contingent liabilities, of such Person, (b) the
present fair salable value of the assets of such Person is not less than the
amount that will be required to pay the probable liability of such Person on its
Debts as they become absolute and matured, (c) such Person does not intend to,
and does not believe that it will, incur Debts or liabilities beyond such
Person's ability to pay such Debts and liabilities as they mature and (d) such
Person is not engaged in business or a transaction, and is not about to engage
in business or a transaction, for which such Person's property would constitute
an unreasonably small capital. The amount of contingent liabilities at any time
shall be computed as the amount that, in the light of all the facts and
circumstances existing at such time, represents the amount that can reasonably
be expected to become an actual or matured liability.

                                       19
<PAGE>

                  "SUBORDINATED GUARANTY" means the guaranties by the Borrower
and its Subsidiaries of the Obligations of the Parent Guarantor under the
Subordinated Notes pursuant to the Indenture.

                  "SUBORDINATED NOTES" means the Senior Subordinated Notes of
the Parent Guarantor due 2009 in an aggregate principal amount of $340,000,000
issued pursuant to an Indenture dated as of April 21, 1999, as amended by the
Supplemental Indentures.

                  "SUBSIDIARY" of any Person means any corporation, partnership,
joint venture, limited liability company, trust or estate of which (or in which)
more than 50% of (a) the issued and outstanding capital stock having ordinary
voting power to elect a majority of the board of directors of such corporation
(irrespective of whether at the time capital stock of any other class or classes
of such corporation shall or might have voting power upon the occurrence of any
contingency), (b) the interest in the capital or profits of such limited
liability company, partnership or joint venture or (c) the beneficial interest
in such trust or estate, is at the time directly or indirectly owned or
controlled by such Person, by such Person and one or more of its other
Subsidiaries or by one or more of such Person's other Subsidiaries.

                  "SUBSIDIARY GUARANTORS" means all Subsidiaries of the
Borrower, including the Operating Subsidiaries, listed on SCHEDULE 4.01(B)
hereto and each other Subsidiary that shall be required to execute and deliver a
guaranty pursuant to Section 5.01(j).

                  "SUBSIDIARY GUARANTOR SECURITY AGREEMENT" has the meaning
specified in Section 3.01(a)(iii).

                  "SUBSIDIARY GUARANTOR SECURITY AGREEMENT CONSENT" has the
meaning specified in Section 3.01(a)(iii).

                  "SUBSIDIARY GUARANTY" has the meaning specified in Section
3.01(a)(iv).

                  "SURVIVING DEBT" means Debt of the Parent Guarantor, the
Borrower and its Subsidiaries outstanding immediately before and after the
Transaction.

                  "SUPPLEMENTAL INDENTURES" means, collectively, that certain
Supplemental Indenture dated as of August 31, 1999, by and among Florida
Panthers Holdings, Inc., Causeway Bridge Property, Inc. and The Bank of New
York, that certain Supplemental Indenture dated as of August 31, 1999, by and
among Florida Panthers Holdings, Inc., East Bridge Mall, Inc. and The Bank of
New York, that certain Supplemental Indenture dated as of August 31, 1999, by
and among Florida Panthers Holdings, Inc., Biltmore Resort Management, Inc. and
The Bank of New York, that certain Supplemental Indenture by and among Florida
Panthers Holdings, Inc., Boca Resort Group Management, Inc. and The Bank of New
York, that certain Supplemental Indenture dated as of September 21, 1999, by and
among Florida Panthers Holdings, Inc., and The Bank of New York, that certain
Supplemental Indenture by and among Florida Panthers Holdings, Inc., Boca
Resorts, Inc., and The Bank of New York, that certain Supplemental Indenture
dated as of September 30, 1999, by and among Boca Resorts, Inc., Rahn Bahia, LLC
and The Bank of New York, that certain Supplemental Indenture dated as of
September 30, 1999, by and among Boca Resorts, Inc., Pelican Hill, LLC and The
Bank of New York, that certain Supplemental Indenture dated as of September 30,
1999, by and among Boca Resorts, Inc., P66, LLC and The Bank of New York, that
certain Supplemental Indenture dated as of November 15, 1999, by and among Boca
Resorts, Inc., BRI Edgewater Management, Inc. and The Bank of New York, that
certain Supplemental Indenture dated as of January 13, 2000, by and among Boca
Resorts, Inc., South Florida Hospitality Provisions, Inc. and The Bank of New
York and that certain Supplemental Indenture dated as of July 12, 2001, by and
among Boca Resorts, Inc., Incredible Ice, LLC and The Bank of New York.

                                       20
<PAGE>

                  "SYNDICATION AGENT" has the meaning specified in the Preamble
to this Agreement.

                  "TAX CERTIFICATE" has the meaning specified in Section 5.03(j)

                  "TAXES" has the meaning specified in Section 2.11(a).
                  "TERMINATION DATE" means the earlier of (x) June 30, 2005 and
(y) the date of termination in whole of the Commitments pursuant to Section 2.04
or 6.01 (the "COMMITMENT TERMINATION DATE").

                  "TOTAL FUNDED DEBT" shall include all Debt of the Parent
Guarantor and its Subsidiaries, on a Consolidated basis, excluding (i) all
liabilities associated with the Premier Club memberships at the Boca Raton
Resort and Club and at other resort properties owned, whether directly or
indirectly, by the Parent Guarantor, in each case determined pursuant to the
membership program in effect on March 31, 1999 or any future membership program
which only permits a membership refund from fees paid for new memberships sold
subsequent to the date of the refund request.

                  "TOTAL REVENUES" means, for any Rolling Period, on a
Consolidated basis for the Borrowing Base Properties, the total revenues of such
Properties determined in accordance with GAAP.

                  "TRANSACTION" means the transactions contemplated by the
Transaction Documents.

                  "TRANSACTION DOCUMENTS" means, collectively, the Loan
Documents and the Related Documents.

                  "TYPE" refers to the distinction between Advances bearing
interest at the Base Rate and Advances bearing interest at the Eurodollar Rate.

                  "UCC" has the meaning specified in the Security Agreements.

                  "UNUSED COMMITMENT" means, with respect to any Lender at any
time, (a) such Lender's Revolving Credit Commitment at such time MINUS (b) the
sum of (i) the aggregate principal amount of all Revolving Credit Advances and
Letter of Credit Advances made by such Lender (in its capacity as a Lender) and
outstanding at such time PLUS (ii) such Lender's Pro Rata Share of (A) the
aggregate Available Amount of all Letters of Credit outstanding at such time and
(B) the aggregate principal amount of all Letter of Credit Advances made by the
Issuing Bank pursuant to Section 2.02(A)(c) and outstanding at such time.

                  "VARIABLE RATE DEBT" has the meaning specified in Section
5.01(r).

                  "VOTING INTERESTS" means shares of capital stock issued by a
corporation, or equivalent Equity Interests in any other Person, the holders of
which are ordinarily, in the absence of contingencies, entitled to vote for the
election of directors (or persons performing similar functions) of such Person,
even if the right so to vote has been suspended by the happening of such a
contingency.

                  "WELFARE PLAN" means a welfare plan, as defined in Section
3(1) of ERISA, that is maintained for employees of any Loan Party or in respect
of which any Loan Party could have a liability.

                  "WITHDRAWAL LIABILITY" has the meaning specified in Part I of
Subtitle E of Title IV of ERISA.

                                       21
<PAGE>

                  SECTION 1.02. COMPUTATION OF TIME PERIODS; OTHER DEFINITIONAL
PROVISIONS. In this Agreement and the other Loan Documents, in the computation
of periods of time from a specified date to a later specified date, the word
"from" means "from and including" and the words "to" and "until" each mean "to
but excluding". References in the Loan Documents to any agreement or contract
"as amended" shall mean and be a reference to such agreement or contract as
amended, amended and restated, supplemented or otherwise modified from time to
time in accordance with its terms. The term "including" is not limiting and
means "including without limitation."

                  SECTION 1.03. ACCOUNTING TERMS. All accounting terms not
specifically defined herein shall be construed in accordance with generally
accepted accounting principles consistent with those applied in the preparation
of the financial statements referred to in Section 4.01(f) ("GAAP").

                                   ARTICLE II
                        AMOUNTS AND TERMS OF THE ADVANCES

                  SECTION 2.01. THE ADVANCES AND THE LETTERS OF CREDIT. (a) THE
REVOLVING CREDIT ADVANCES. Each Lender severally agrees, on the terms and
conditions hereinafter set forth, including the satisfaction of the conditions
precedent set forth in Section 3.02, to make advances (each, a "REVOLVING CREDIT
ADVANCE") to the Borrower from time to time on any Business Day during the
period from the date hereof until 90 days prior to the Termination Date in an
amount for each such Advance not to exceed such Lender's Unused Commitment
hereunder at such time and shall not exceed for all Lenders at any time
outstanding the lesser of the Facility and the Borrowing Base Amount at such
time. Each Borrowing shall be in an aggregate amount of $5,000,000 or an
integral multiple of $250,000 in excess thereof (other than a Borrowing the
proceeds of which shall be used solely to repay or prepay in full outstanding
Letter of Credit Advances) and shall consist of Advances made simultaneously by
the Lenders in proportion to their respective Pro Rata Shares. Within the limits
of the aggregate amount of all Unused Commitments in effect hereunder from time
to time, and subject to the restrictions set forth elsewhere in this Agreement,
the Borrower may borrow under this Section 2.01, prepay pursuant to Section
2.05(a) and reborrow under this Section 2.01.

                  (b) THE LETTERS OF CREDIT. The Issuing Bank agrees, on the
terms and conditions hereinafter set forth, to issue (or cause its Affiliate
that is commercial bank to issue) standby letters of credit (the "LETTERS OF
CREDIT") for the account of the Borrower from time to time on any Business Day
during the period from the Closing Date until 60 days before the Termination
Date in an aggregate Available Amount (i) for all Letters of Credit issued by
the Issuing Bank not to exceed at any time the Letter of Credit Facility at such
time and (ii) for each such Letter of Credit not to exceed an amount equal to
the Unused Commitments of the Lenders at such time. Letters of Credit shall be
denominated in United States Dollars and shall permit drawings payable on a
sight basis. No Letter of Credit shall have an expiration date later than the
earlier of one year after the date of issuance thereof and the 30th day before
the Termination Date; PROVIDED, HOWEVER, that the expiration date of any Letter
of Credit may be automatically extended for periods of up to one year but not
later than the 30th day before the Termination Date. Within the limits of the
Letter of Credit Facility, the Borrower may request the issuance of Letters of
Credit under this Section 2.01(b) in amounts no less than $250,000 for each such
Letter of Credit, repay any Letter of Credit Advances resulting from drawings
under Letters of Credit pursuant to Section 2.02(A)(c), and request the issuance
of additional Letters of Credit under this Section 2.01(b), subject to the
foregoing limitations.

                  SECTION 2.02. MAKING THE ADVANCES. (a) Each Borrowing shall be
made on notice, given not later than 11:00 A.M. (New York City time) on the
third Business Day prior to the date of the proposed Borrowing by the Borrower
to the Administrative Agent, which shall give to each Lender prompt notice
thereof by telex or telecopier. Each such notice of a Borrowing (a "NOTICE OF
BORROWING")

                                       22
<PAGE>

shall be in writing, or telex or telecopier, in substantially the form of
EXHIBIT B-1 hereto, specifying therein the requested (i) date of such Borrowing,
(ii) Type of Advances comprising such Borrowing, (iii) aggregate amount of such
Borrowing and (iv) in the case of a Borrowing consisting of Eurodollar Rate
Advances, initial Interest Period for each such Advance. Each Lender shall,
before 11:00 A.M. (New York time) on the date of such Borrowing, make available
for the account of its Applicable Lending Office to the Administrative Agent at
the Administrative Agent's Account, in same day funds, such Lender's Pro Rata
Share of such Borrowing. After the Administrative Agent's receipt of such funds
and upon fulfillment of the applicable conditions set forth in Article III, the
Administrative Agent will make such funds available to the Borrower by crediting
the Borrower's Account; PROVIDED, HOWEVER, that, in the case of any Borrowing,
the Administrative Agent shall first make a portion of such funds equal to the
aggregate principal amount of any Letter of Credit Advances made by the Issuing
Bank, and by any other Lender and outstanding on the date of such Borrowing,
PLUS interest accrued and unpaid thereon to and as of such date, available to
the Issuing Bank, and such other Lenders for repayment of such Letter of Credit
Advances.

                  (b) Anything in subsection (a) above to the contrary
notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances or for
any Borrowing if the aggregate amount of such Borrowing is less than $5,000,000
or if the obligation of the Lenders to make Eurodollar Rate Advances shall then
be suspended pursuant to Section 2.08 or 2.09 and (ii) no more than five
Eurodollar Rate Advances shall be outstanding at any time.

                  (c) Each Notice of Borrowing shall be irrevocable and binding
on the Borrower. The Borrower shall indemnify the Administrative Agent and each
Lender against any loss, cost or expense incurred by such Person as a result of
any failure to fulfill on or before the date specified in such Notice of
Borrowing for such Borrowing the applicable conditions set forth in Article III,
including, without limitation, any loss (including loss of anticipated profits),
cost or expense incurred by reason of the liquidation or reemployment of
deposits or other funds acquired by such Lender to fund the Advance to be made
by such Lender as part of such Borrowing when such Advance, as a result of such
failure, is not made on such date.

                  (d) Unless the Administrative Agent shall have received notice
from a Lender prior to the date of any Borrowing under the Facility under which
such Lender has a Commitment that such Lender will not make available to the
Administrative Agent such Lender's Pro Rata Share of such Borrowing, the
Administrative Agent may assume that such Lender has made such portion available
to the Administrative Agent on the date of such Borrowing in accordance with
subsection (a) of this Section 2.02 and the Administrative Agent may, in
reliance upon such assumption, make available to the Borrower on such date a
corresponding amount. If and to the extent that such Lender shall not have so
made such Pro Rata Share available to the Administrative Agent, such Lender and
the Borrower severally agree to repay or pay to the Administrative Agent
forthwith on demand such corresponding amount and to pay interest thereon, for
each day from the date such amount is made available to the Borrower until the
date such amount is repaid or paid to the Administrative Agent, at (i) in the
case of the Borrower, the interest rate applicable at such time under Section
2.06 to Advances comprising such Borrowing and (ii) in the case of such Lender,
the Federal Funds Rate. If such Lender shall pay to the Administrative Agent
such corresponding amount, such amount so paid in respect of principal shall
constitute such Lender's Advance as part of such Borrowing for all purposes.

                  (e) The failure of any Lender to make the Advance to be made
by it as part of any Borrowing shall not relieve any other Lender of its
obligation, if any, hereunder to make its Advance on the date of such Borrowing,
but no Lender shall be responsible for the failure of any other Lender to make
the Advance to be made by such other Lender on the date of any Borrowing.

                                       23
<PAGE>

                  SECTION 2.02(A). ISSUANCE OF AND DRAWINGS AND REIMBURSEMENT
UNDER LETTERS OF CREDIT. (a) REQUEST FOR ISSUANCE. Each Letter of Credit shall
be issued upon submission by the Borrower of a Letter of Credit Request in
substantially the form of EXHIBIT B-2 hereto given to the Issuing Bank (with a
copy to the Administrative Agent), not later than 11:00 A.M. (New York City
time) on the third Business Day (or such shorter period agreed to by the Issuing
Bank) prior to the proposed date of issuance of such Letter of Credit. Each such
request for the issuance of a Letter of Credit (a "LETTER OF CREDIT REQUEST")
may be delivered by facsimile transmission and the Issuing Bank and
Administrative Agent may act on any such facsimile notice without the need to
obtain the original of such notice. If so required by the Issuing Bank, each
Letter of Credit Request shall be accompanied by the Issuing Bank's standard
form of application and agreement for Letters of Credit (a "LETTER OF CREDIT
AGREEMENT"). If the requested Letter of Credit is acceptable to the Issuing Bank
in its reasonable discretion and provided that the Issuing Bank has received the
authorization of the Administrative Agent to such issuance, the Issuing Bank
will, upon the fulfillment of the applicable conditions set forth in Article
III, issue such Letter of Credit. In the event and to the extent that the
provisions of any Letter of Credit Agreement shall conflict with this Agreement,
the provisions of this Agreement will govern.

                  (b) LETTER OF CREDIT REPORTS. Promptly after the issuance or
amendment of any Letter of Credit the Issuing Bank shall notify the Borrower and
the Administrative Agent, in writing, of such issuance or amendment and such
notice shall be accompanied by a copy of such issuance or amendment. Upon
receipt of such notice, the Administrative Agent shall promptly notify each
Lender, in writing, of such issuance or amendment and if so requested by a
Lender, the Administrative Agent shall provide such Lender with copies of such
issuance or amendment. The Issuing Bank shall furnish to the Administrative
Agent (unless the Issuing Bank shall be the Administrative Agent) by facsimile
on the first Business Day of each month, a written report summarizing the
aggregate daily Available Amounts for Letters of Credit during the preceding
month.

                  (c) DRAWING AND REIMBURSEMENT. The payment by the Issuing Bank
of a draft drawn under any Letter of Credit shall constitute for all purposes of
this Agreement the making by the Issuing Bank of a Letter of Credit Advance,
which shall be a Base Rate Advance, in the amount of such draft. Upon written
demand by the Issuing Bank with an outstanding Letter of Credit Advance, with a
copy of such demand to the Administrative Agent, each Lender shall purchase from
the Issuing Bank, and the Issuing Bank shall sell and assign to each such
Lender, such Lender's Pro Rata Share of such outstanding Letter of Credit
Advance as of the date of such purchase, by making available for the account of
its Applicable Lending Office to the Administrative Agent for the account of the
Issuing Bank, by deposit to the Administrative Agent's Account, in same day
funds, an amount equal to the portion of the outstanding principal amount of
such Letter of Credit Advance to be purchased by such Lender. Promptly after
receipt thereof, the Administrative Agent shall transfer such funds to the
Issuing Bank. The Borrower hereby agrees to each such sale and assignment. Each
Lender agrees to purchase its Pro Rata Share of an outstanding Letter of Credit
Advance on (i) the Business Day on which demand therefor is made by the Issuing
Bank which made such Advance, PROVIDED that notice of such demand is given not
later than 11:00 A.M. (New York City time) on such Business Day, or (ii) the
first Business Day next succeeding such demand if notice of such demand is given
after such time. Upon any such assignment by the Issuing Bank to any Lender of a
portion of a Letter of Credit Advance, the Issuing Bank represents and warrants
to such other Lender that the Issuing Bank is the legal and beneficial owner of
such interest being assigned by it, free and clear of any liens, but makes no
other representation or warranty and assumes no responsibility (other than as
set forth in Section 7.05(d)) with respect to such Letter of Credit Advance, the
Loan Documents or any Loan Party. If and to the extent that any Lender shall not
have so made the amount of such Letter of Credit Advance available to the
Administrative Agent, such Lender agrees to pay to the Administrative Agent
forthwith on demand such amount together with interest thereon, for each day
from the date of demand by the Issuing Bank until the date such amount is paid
to the Administrative Agent, at the Federal Funds Rate for its account or the
account of the Issuing Bank, as

                                       24
<PAGE>

applicable. If such Lender shall pay to the Administrative Agent such amount for
the account of the Issuing Bank on any Business Day, such amount so paid in
respect of principal shall constitute a Letter of Credit Advance made by such
Lender on such Business Day for purposes of this Agreement, and the outstanding
principal amount of the Letter of Credit Advance made by the Issuing Bank shall
be reduced by such amount on such Business Day.

                  (d) FAILURE TO MAKE LETTER OF CREDIT ADVANCES. The failure of
any Lender to make the Letter of Credit Advance to be made by it on the date
specified in Section 2.02(A)(c) shall not relieve any other Lender of its
obligation hereunder to make its Letter of Credit Advance on such date, but no
Lender shall be responsible for the failure of any other Lender to make the
Letter of Credit Advance to be made by such other Lender on such date.

                  SECTION 2.03. Repayment of Advances. (a) REVOLVING CREDIT
ADVANCES. The Borrower shall repay to the Administrative Agent for the account
of the Lenders' Pro Rata Shares on the Termination Date the aggregate
outstanding principal amount of the Revolving Credit Advances then outstanding,
together with all accrued interest and any other sums outstanding under the Loan
Documents (which amounts shall be reduced as a result of the application of
prepayments in accordance with the provisions of Section 2.05).

                  (b) LETTER OF CREDIT ADVANCES. (i) The Borrower shall repay to
the Administrative Agent for the account of the Issuing Bank and each other
Lender that has made a Letter of Credit Advance on the earlier of demand and the
Termination Date the outstanding principal amount of each Letter of Credit
Advance made by each of them.

                  (ii) The Obligations of the Borrower under this Agreement, any
Letter of Credit Agreement and any other agreement or instrument relating to any
Letter of Credit shall be unconditional and irrevocable, and shall be paid
strictly in accordance with the terms of this Agreement, such Letter of Credit
Agreement and such other agreement or instrument under all circumstances,
including, without limitation, the following circumstances:

                  (A) any lack of validity or enforceability of any Loan
         Document, any Letter of Credit Agreement, any Letter of Credit or any
         other agreement or instrument relating thereto (all of the foregoing
         being, collectively, the "L/C RELATED DOCUMENTS");

                  (B) any change in the time, manner or place of payment of, or
         in any other term of, all or any of the Obligations of the Borrower in
         respect of any L/C Related Document or any other amendment or waiver of
         or any consent to departure from all or any of the L/C Related
         Documents;

                  (C) the existence of any claim, set-off, defense or other
         right that the Borrower may have at any time against any beneficiary or
         any transferee of a Letter of Credit (or any Persons for which any such
         beneficiary or any such transferee may be acting), the Issuing Bank or
         any other Person, whether in connection with the transactions
         contemplated by the L/C Related Documents or any unrelated transaction;

                  (D) any statement or any other document presented under a
         Letter of Credit proving to be forged, fraudulent, invalid or
         insufficient in any respect or any statement therein being untrue or
         inaccurate in any respect;

                  (E) payment by the Issuing Bank under a Letter of Credit
         against presentation of a draft or certificate that does not strictly
         comply with the terms of such Letter of Credit;

                                       25
<PAGE>

                  (F) any exchange, release or non-perfection of any Collateral
         or other collateral, or any release or amendment or waiver of or
         consent to departure from the Guaranties or any other guarantee, for
         all or any of the Obligations of the Borrower in respect of the L/C
         Related Documents; or

                  (G) any other circumstance or happening whatsoever, whether or
         not similar to any of the foregoing, including, without limitation, any
         other circumstance that might otherwise constitute a defense available
         to, or a discharge of, the Borrower or a guarantor.

                  SECTION 2.04. TERMINATION OR REDUCTION OF THE COMMITMENTS. (a)
OPTIONAL. The Borrower may, upon at least five Business Days' notice to the
Administrative Agent, terminate in whole or reduce in part the aggregate amount
of all Unused Commitments; provided, however, that each partial reduction of the
Facility (i) shall be in an aggregate amount of $5,000,000 or an integral
multiple of $1,000,000 in excess thereof (other than with respect to the Letter
of Credit Facility) and (ii) shall be made to the Administrative Agent and
allocated to the Lenders in accordance with their respective Pro Rata Shares.

                  (b) MANDATORY. (i) The Facility shall, on the 30th day
following the date any Event of Default shall have occurred and be continuing,
automatically and permanently be reduced by the amount of any prepayment
required by Section 2.05(b)(ii).

                  (ii) The Letter of Credit Facility shall be permanently
reduced from time to time on the date of each reduction in the Revolving Credit
Facility by the amount, if any, by which the amount of the Letter of Credit
Facility exceeds the Revolving Credit Facility after giving effect to such
reduction of the Revolving Credit Facility.

                  SECTION 2.05. PREPAYMENTS. (a) OPTIONAL. The Borrower may,
upon at least three Business Day's prior written notice to the Administrative
Agent (received not later than 12:00 P.M. (New York City time)) stating the
proposed date, aggregate principal amount of the prepayment and the outstanding
Borrowings to which the Borrower proposes to apply such prepayment, and if such
notice is given the Borrower shall, prepay all or any portion of the outstanding
aggregate principal amount of the Advances to the Administrative Agent and
allocated to the Lenders in accordance with their respective Pro Rata Shares;
PROVIDED, HOWEVER, that each partial prepayment shall be in an aggregate
principal amount of $2,000,000 or an integral multiple of $250,000 in excess
thereof.

                  (b) MANDATORY. (i) If at any time the aggregate amount of the
Advances then outstanding shall exceed the lesser of the Facility and the
Borrowing Base Amount (as limited by the Intangible Tax Reserve), and the
Administrative Agent shall have so notified the Borrower, the Borrower shall
prepay an aggregate principal amount of the Advances and, to the extent there
are no further outstanding Revolving Credit Advances, deposit an amount in the
L/C Cash Collateral Account equal to the amount by which (A) the sum of the
aggregate principal amount of the Advances then outstanding PLUS the aggregate
Available Amount of all Letters of Credit then outstanding exceeds (B) the
lesser of the Facility and the Borrowing Base Amount (as limited by the
Intangible Tax Reserve).

                  (ii) The Borrower shall, on each Business Day, pay to the
Administrative Agent for deposit in the L/C Cash Collateral Account an amount
sufficient to cause the aggregate amount on deposit in the L/C Cash Collateral
Account to equal the amount by which the aggregate Available Amount of all
Letters of Credit then outstanding exceeds the Letter of Credit Facility on such
Business Day.

                  (iii) Prepayments of the Facility made pursuant to clause (i)
above shall be FIRST applied to prepay Letter of Credit Advances then
outstanding until such Advances are paid in full, SECOND

                                       26
<PAGE>

applied to prepay Revolving Credit Advances then outstanding comprising part of
the same Borrowings until such Advances are paid in full and THIRD deposited in
the L/C Cash Collateral Account to cash collateralize up to 100% of the
Available Amount of the Letters of Credit then outstanding. Upon the drawing of
any Letter of Credit for which funds are on deposit in the L/C Cash Collateral
Account, such funds shall be applied to reimburse the Issuing Bank or Lenders,
as applicable.

                  (iv) So long as any Event of Default shall have occurred and
be continuing, all payments in respect of the Borrowing Base Properties and all
other income related thereto shall be swept daily into the Lockbox Account in
accordance with Section 2.15 hereof and applied in accordance with Section 2.15.

                  (c) ACCRUED INTEREST, ETC. All prepayments under this Section
2.05 shall be made together with (i) accrued interest to the date of such
prepayment on the principal amount prepaid, and (ii) if any prepayment of a
Eurodollar Rate Advance shall be made other than on the last day of an Interest
Period therefor, any amounts owing pursuant to Section 8.04(c).

                  SECTION 2.06. INTEREST. (a) SCHEDULED INTEREST. The Borrower
shall pay interest on the unpaid principal amount of each Advance owing to each
Lender from the date of such Advance until such principal amount shall be paid
in full, at the following rates per annum:

                  (i) BASE RATE ADVANCES. During such periods as such Advance is
         a Base Rate Advance, a rate per annum equal at all times to the sum of
         the Base Rate PLUS the Applicable Margin, payable in arrears monthly on
         the first day of each month.

                  (ii) EURODOLLAR RATE ADVANCES. During such periods as such
         Advance is a Eurodollar Rate Advance, a rate per annum equal at all
         times during each Interest Period for such Advance to the sum of the
         Eurodollar Rate for such Interest Period for such Advance PLUS the
         Applicable Margin, payable in arrears on the last day of such Interest
         Period and, if such Interest Period has a duration of more than three
         months, on each day that occurs during such Interest Period every three
         months from the first day of such Interest Period and on the date such
         Eurodollar Rate Advance shall be Converted or paid in full.

                  (b) DEFAULT INTEREST. Upon the occurrence and during the
continuance of any Default the Administrative Agent may, and upon the request of
the Required Lenders shall, require that the Borrower pay interest on (i) the
unpaid principal amount of each Advance owing to each Lender, payable in arrears
on the dates referred to in clause (a)(i) or (a)(ii) above and, in addition, on
demand, at a rate per annum equal at all times to 2% per annum above the rate
per annum required to be paid on such Advance pursuant to clause (a)(i) or
(a)(ii) above and (ii) to the fullest extent permitted by law, the amount of any
interest, fee or other amount payable under the Loan Documents that is not paid
when due, from the date such amount shall be due until such amount shall be paid
in full, payable in arrears on the date such amount shall be paid in full and on
demand, at a rate per annum equal at all times to 2% per annum above the rate
per annum required to be paid, in the case of interest, on the Type of Advance
on which such interest has accrued pursuant to clause (a)(i) or (a)(ii) above
and, in all other cases, on Base Rate Advances pursuant to clause (a)(i) above;
PROVIDED, HOWEVER, that following acceleration of the Advances pursuant to
Section 6.01, interest shall accrue and be payable at the rate required by this
Section 2.06(b), whether or not requested by the Administrative Agent or the
Required Lenders.

                  SECTION 2.07. FEES. (a) UNUSED COMMITMENT FEE. The Borrower
shall pay to the Administrative Agent for the account of the Lenders an unused
commitment fee, from the date of this Agreement in the case of each Initial
Lender and from the effective date specified in the Assignment and Acceptance
pursuant to which it became a Lender in the case of each other Lender, in each
case until the

                                       27
<PAGE>

Termination Date, payable in arrears monthly on the first day of each month,
commencing July 1, 2003, and on the Termination Date, at the rate of .50% per
annum on the average daily Unused Commitment of such Lender or, if aggregate
Advances exceed 50% of the Revolving Credit Commitments, .40% per annum;
PROVIDED, HOWEVER, that any commitment fee accrued with respect to the Revolving
Credit Commitment of a Defaulting Lender during the period prior to the time
such Lender became a Defaulting Lender and unpaid at such time shall not be
payable by the Borrower so long as such Lender shall be a Defaulting Lender
except to the extent that such commitment fee shall otherwise have been due and
payable by the Borrower prior to such time; and PROVIDED FURTHER, HOWEVER, that
no commitment fee shall accrue on the Revolving Credit Commitments of a
Defaulting Lender so long as such Lender shall be a Defaulting Lender.

                  (b) FEES TO ADMINISTRATIVE AGENT. The Borrower shall pay to
the Administrative Agent for its own account such fees as may from time to time
be agreed between the Borrower and Administrative Agent.

                  (c) LETTER OF CREDIT FEES, ETC. (i) The Borrower shall pay to
the Administrative Agent for the account of each Lender having a Revolving
Credit Commitment a commission, payable quarterly in arrears on the last
Business Day of each March, June, September and December, commencing June 30,
2003, and ending on the Termination Date, on such Lender's Pro Rata Share of the
daily aggregate Available Amount during such quarter of all Letters of Credit
outstanding from time to time at the rate per annum equal to the Applicable
Margin for Eurodollar Rate Borrowings in effect from time to time.

                  (ii) The Borrower shall pay to the Issuing Bank, for its own
account, a fronting fee for each Letter of Credit issued by the Issuing Bank,
payable quarterly in arrears on the last Business Day of each March, June,
September and December, commencing June 30, 2003, and ending on the Termination
Date, on the daily aggregate Available Amount at the rate of 0.125% per annum.
In addition, the Borrower shall pay to the Issuing Bank, the Issuing Bank's
standard charges with respect to the issuance of, amendment to, payment under
and transfer of Letters of Credit and such other fees related to Letters of
Credit including but not limited to postage, courier, telex and legal expenses.

                  SECTION 2.08. CONVERSION OF ADVANCES. (a) OPTIONAL. The
Borrower may on any Business Day, upon notice given to the Administrative Agent
not later than 11:00 A.M. (New York City time) on the third Business Day prior
to the date of the proposed Conversion and subject to the provisions of Section
2.09, Convert all or any portion of the Advances of one Type comprising the same
Borrowing into Advances of the other Type; PROVIDED, HOWEVER, that if any
Conversion of Eurodollar Rate Advances into Base Rate Advances is made other
than on the last day of an Interest Period for such Eurodollar Rate Advances the
Borrower shall also pay any amounts owing pursuant to Section 8.04(c), (x) any
Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an
amount not less than the minimum amount specified in Section 2.02(b), (y) no
Conversion of any Advances shall result in more separate Borrowings than
permitted under Section 2.02(b) and (z) each Conversion of Advances comprising
part of the same Borrowing under the Facility shall be made ratably among the
Lenders in accordance with their Pro Rata Share under the Facility. Each such
notice of Conversion shall, within the restrictions specified above, specify (i)
the date of such Conversion, (ii) the Advances to be Converted and (iii) if such
Conversion is into Eurodollar Rate Advances, the duration of the initial
Interest Period for such Advances. Each notice of Conversion shall be
irrevocable and binding on the Borrower.

                  (b) MANDATORY. (i) On the date on which the aggregate unpaid
principal amount of Eurodollar Rate Advances comprising any Borrowing shall be
reduced, by payment or prepayment or otherwise, to less than $5,000,000, such
Advances shall automatically Convert into Base Rate Advances.

                                       28
<PAGE>

                  (ii) If the Borrower shall fail to select the duration of any
Interest Period for any Eurodollar Rate Advances in accordance with the
provisions contained in the definition of "Interest Period" in Section 1.01, the
Administrative Agent will forthwith so notify the Borrower and the Lenders,
whereupon each such Eurodollar Rate Advance will automatically, on the last day
of the then existing Interest Period therefor, Convert into a new Eurodollar
Rate Advance with an Interest Period of one month unless the Administrative
Agent has received notice from the Borrower not less that three days prior to
the last day of the then existing Interest Period.

                  (iii) Upon the occurrence and during the continuance of any
Event of Default and upon notice from the Administrative Agent to the Borrower,
(x) each Eurodollar Rate Advance will automatically, on the last day of the then
existing Interest Period therefor (or immediately at the option of the
Administrative Agent and subject to Section 8.04(c)), Convert into a Base Rate
Advance and (y) the obligation of the Lenders to make, or to Convert Advances
into, Eurodollar Rate Advances shall be suspended.

                  SECTION 2.09. INCREASED COSTS, ETC. (a) If, due to either (i)
the introduction of or any change in or in the interpretation of any law or
regulation or (ii) the compliance with any guideline or request from any central
bank or other governmental authority (whether or not having the force of law),
there shall be any increase in the cost to any Lender Party of agreeing to make
or of making, funding or maintaining Eurodollar Rate Advances or of agreeing to
issue or of issuing or maintaining or participating in Letters of Credit or of
agreeing to make or of making or maintaining Letter of Credit Advances
(excluding, for purposes of this Section 2.09, any such increased costs
resulting from (x) Taxes or Other Taxes (as to which Section 2.11 shall govern)
and (y) changes in the basis of taxation of overall net income or overall gross
income by the United States or by the foreign jurisdiction or state under the
laws of which such Lender Party is organized or has its Applicable Lending
Office or any political subdivision thereof), then the Borrower shall from time
to time, upon demand by such Lender Party (with a copy of such demand to the
Administrative Agent), pay to the Administrative Agent for the account of such
Lender Party additional amounts sufficient to compensate such Lender Party for
such increased cost; provided, however, that a Lender Party claiming additional
amounts under this Section 2.09(a) agrees to use reasonable efforts (consistent
with its internal policy and legal and regulatory restrictions) to designate a
different Applicable Lending Office if the making of such a designation would
avoid the need for, or reduce the amount of, such increased cost that may
thereafter accrue and would not, in the reasonable judgment of such Lender
Party, be otherwise disadvantageous to such Lender Party. A certificate as to
the amount of such increased cost, submitted to the Borrower by such Lender
Party, shall be conclusive and binding for all purposes, absent manifest error.

                  (b) If any Lender Party determines that compliance with any
law or regulation or any guideline or request from any central bank or other
governmental authority (whether or not having the force of law) affects or would
affect the amount of capital required or expected to be maintained by such
Lender Party or any corporation controlling such Lender Party and that the
amount of such capital is increased by or based upon the existence of such
Lender Party's commitment to lend or to issue or participate in Letters of
Credit hereunder and other commitments of such type or the issuance or
maintenance of or participation in the Letters of Credit (or similar contingent
obligations), then, upon demand by such Lender Party (with a copy of such demand
to the Administrative Agent), the Borrower shall pay to the Administrative Agent
for the account of such Lender Party, from time to time as specified by such
Lender Party, additional amounts sufficient to compensate such Lender Party in
the light of such circumstances, to the extent that such Lender Party reasonably
determines such increase in capital to be allocable to the existence of such
Lender Party's commitment to lend or to issue or participate in Letters of
Credit hereunder or to the issuance or maintenance of or participation in any
Letters of Credit. A certificate as to such amounts submitted to the Borrower by
such Lender Party shall be conclusive and binding for all purposes, absent
manifest error.

                                       29
<PAGE>

                  (c) If, with respect to any Eurodollar Rate Advances under the
Facility, Lenders owed at least 50% of the then aggregate unpaid principal
amount thereof notify the Administrative Agent that the Eurodollar Rate for any
Interest Period for such Advances will not adequately reflect the cost to such
Lenders of making, funding or maintaining their Eurodollar Rate Advances for
such Interest Period, the Administrative Agent shall forthwith so notify the
Borrower and the Lenders, whereupon (i) each such Eurodollar Rate Advance will
automatically, on the last day of the then existing Interest Period therefor,
Convert into a Base Rate Advance and (ii) the obligation of the Lenders to make,
or to Convert Advances into, Eurodollar Rate Advances shall be suspended until
the Administrative Agent shall notify the Borrower that such Lenders have
determined that the circumstances causing such suspension no longer exist.

                  (d) Notwithstanding any other provision of this Agreement, if
the introduction of or any change in or in the interpretation of any law or
regulation shall make it unlawful, or any central bank or other governmental
authority shall assert that it is unlawful, for any Lender or its Eurodollar
Lending Office to perform its obligations hereunder to make Eurodollar Rate
Advances or to continue to fund or maintain Eurodollar Rate Advances hereunder,
then, on notice thereof and demand therefor by such Lender to the Borrower
through the Administrative Agent, (i) each Eurodollar Rate Advance will
automatically, upon such demand, Convert into a Base Rate Advance and (ii) the
obligation of the Lenders to make, or to Convert Advances into, Eurodollar Rate
Advances shall be suspended until the Administrative Agent shall notify the
Borrower that such Lender has determined that the circumstances causing such
suspension no longer exist; PROVIDED, HOWEVER, that, before making any such
demand, such Lender agrees to use reasonable efforts (consistent with its
internal policy and legal and regulatory restrictions) to designate a different
Eurodollar Lending Office if the making of such a designation would allow such
Lender or its Eurodollar Lending Office to continue to perform its obligations
to make Eurodollar Rate Advances or to continue to fund or maintain Eurodollar
Rate Advances and would not, in the judgment of such Lender, be otherwise
disadvantageous to such Lender.

                  SECTION 2.10. PAYMENTS AND COMPUTATIONS. (a) The Borrower
shall make each payment hereunder and under the Notes, irrespective of any right
of counterclaim or set-off, not later than 12:00 P.M. (New York City time) on
the day when due in U.S. dollars to the Administrative Agent at the
Administrative Agent's Account in same day funds, with payments being received
by the Administrative Agent after such time being deemed to have been received
on the next succeeding Business Day. The Administrative Agent will promptly
thereafter cause like funds to be distributed (i) if such payment by the
Borrower is in respect of principal, interest, commitment fees or any other
Obligation then payable hereunder or under the Notes, ratably in accordance with
the Pro Rata Share of such Obligations then payable and (ii) if such payment by
the Borrower is in respect of any fees or expenses payable to the Administrative
Agent for its own account and not to any Lender Party (in its capacity as a
Lender hereunder), to such Persons as they may instruct, in each case to be
applied in accordance with the terms of this Agreement or the Fee Letter, as
applicable. Upon its acceptance of an Assignment and Acceptance and recording of
the information contained therein in the Register pursuant to Section 8.07(d),
from and after the effective date of such Assignment and Acceptance, the
Administrative Agent shall make all payments hereunder and under the Notes in
respect of the interest assigned thereby to the Lender Party assignee
thereunder, and the parties to such Assignment and Acceptance shall make all
appropriate adjustments in such payments for periods prior to such effective
date directly between themselves.

                  (b) If the Administrative Agent receives funds for application
to the Obligations under the Loan Documents under circumstances for which the
Loan Documents do not specify the Advances or the manner in which such funds are
to be applied, the Administrative Agent may, but shall not be obligated to,
elect to distribute such funds to each Lender Party ratably in accordance with
such Lender Party's Pro Rata Share of the principal amount of all outstanding
Advances and the Available Amount of all Letters of Credit then outstanding, in
repayment or prepayment of such of the outstanding

                                       30
<PAGE>

Advances or other Obligations owed to such Lender Party, and for application to
such principal installments, as the Administrative Agent shall direct.

                  (c) All computations of interest, fees and commissions shall
be made by the Administrative Agent on the basis of a year of 360 days, in each
case for the actual number of days (including the first day but excluding the
last day) occurring in the period for which such interest, fees or commissions
are payable. Each determination by the Administrative Agent of an interest rate,
fee or commission hereunder shall be conclusive and binding for all purposes,
absent manifest error.

                  (d) Whenever any payment hereunder or under the Notes shall be
stated to be due on a day other than a Business Day, such payment shall be made
on the next succeeding Business Day, and such extension of time shall in such
case be included in the computation of payment of interest or commitment fee, as
the case may be; PROVIDED, HOWEVER, that, if such extension would cause any
payment to be made in the next following calendar month, such payment shall be
made on the next preceding Business Day and such adjustment of time shall in
such case be reflected in the computation of payment of interest or commitment
fee, as the case may be.

                  (e) Unless the Administrative Agent shall have received notice
from the Borrower prior to the date on which any payment is due to any Lender
Party hereunder that the Borrower will not make such payment in full, the
Administrative Agent may assume that the Borrower has made such payment in full
to the Administrative Agent on such date and the Administrative Agent may, in
reliance upon such assumption, cause to be distributed to each such Lender Party
on such due date an amount equal to the amount then due such Lender Party. If
and to the extent the Borrower shall not have so made such payment in full to
the Administrative Agent, each such Lender Party shall repay to the
Administrative Agent forthwith on demand such amount distributed to such Lender
Party together with interest thereon, for each day from the date such amount is
distributed to such Lender Party until the date such Lender Party repays such
amount to the Administrative Agent, at the Federal Funds Rate.

                  SECTION 2.11. TAXES. (a) Any and all payments by the Borrower
hereunder or under the Notes shall be made, in accordance with Section 2.10,
free and clear of and without deduction for any and all present or future taxes,
levies, imposts, deductions, charges or withholdings, and all liabilities with
respect thereto, EXCLUDING, in the case of each Lender Party and the
Administrative Agent, taxes that are imposed on its overall net income by the
United States and taxes that are imposed on its overall net income (and
franchise taxes imposed in lieu thereof) by the state or foreign jurisdiction
under the laws of which such Lender Party or the Administrative Agent (as the
case may be) is organized or any political subdivision thereof and, in the case
of each Lender Party, taxes that are imposed on its overall net income (and
franchise taxes in lieu thereof) by the state or foreign jurisdiction of such
Lender Party's Applicable Lending Office or any political subdivision thereof
(all such non-excluded taxes, levies, imposts, deductions, charges, withholdings
and liabilities in respect of payments hereunder or under the Notes being
hereinafter referred to as "TAXES"). If the Borrower shall be required by law to
deduct any Taxes from or in respect of any sum payable hereunder or under the
Notes to any Lender Party or the Administrative Agent, (i) the sum payable by
the Borrower shall be increased as may be necessary so that after the Borrower
and the Administrative Agent have made all required deductions (including
deductions applicable to additional sums payable under this Section 2.11) such
Lender Party or the Administrative Agent, as the case may be, receives an amount
equal to the sum it would have received had no such deductions been made, (ii)
the Borrower shall make all such deductions and (iii) the Borrower shall pay the
full amount deducted to the relevant taxation authority or other governmental
authority in accordance with applicable law.

                  (b) In addition, the Borrower shall pay any present or future
stamp, documentary, excise, property or similar taxes, charges or levies that
arise from any payment made hereunder or under

                                       31
<PAGE>

the Notes or from the execution, delivery or registration of, performance under,
or otherwise with respect to this Agreement or the Notes (hereinafter referred
to as "OTHER TAXES").

                  (c) The Borrower shall indemnify each Lender Party and the
Administrative Agent for and hold it harmless against the full amount of Taxes
and Other Taxes, and for the full amount of taxes of any kind imposed by any
jurisdiction on amounts payable under this Section 2.11, imposed on or paid by
such Lender Party or the Administrative Agent (as the case may be) and any
liability (including penalties, additions to tax, interest and expenses) arising
therefrom or with respect thereto. This indemnification shall be made within 10
days from the date such Lender Party or the Administrative Agent (as the case
may be) makes written demand therefor.

                  (d) Within ten days after the date of any payment of Taxes,
the Borrower shall furnish to the Administrative Agent, at its address referred
to in Section 8.02, the original or a certified copy of a receipt evidencing
such payment. In the case of any payment hereunder or under the Notes by or on
behalf of the Borrower through an account or branch outside the United States or
on behalf of the Borrower by a payor that is not a United States person, if the
Borrower determines that no Taxes are payable in respect thereof, the Borrower
shall furnish, or shall cause such payor to furnish, to the Administrative
Agent, at such address, an opinion of counsel acceptable to the Administrative
Agent stating that such payment is exempt from Taxes. For purposes of
subsections (d) and (e) of this Section 2.11, the terms "UNITED STATES" and
"UNITED STATES PERSON" shall have the meanings specified in Section 7701 of the
Internal Revenue Code.

                  (e) Each Lender Party organized under the laws of a
jurisdiction outside the United States shall, on or prior to the date of its
execution and delivery of this Agreement in the case of each Initial Lender, and
on the date of the Assignment and Acceptance pursuant to which it becomes a
Lender Party in the case of each other Lender Party, and from time to time
thereafter if requested in writing by the Borrower or the Administrative Agent
(but only so long thereafter as such Lender Party remains lawfully able to do
so), provide the Administrative Agent and the Borrower with two original
Internal Revenue Service forms W8-ECI or W8-BEN, as appropriate, or any
successor or other form prescribed by the Internal Revenue Service, certifying
that such Lender Party is exempt from or entitled to a reduced rate of United
States withholding tax on payments pursuant to this Agreement or the Notes. If
the forms provided by a Lender Party at the time such Lender Party first becomes
a party to this Agreement indicate a United States interest withholding tax rate
in excess of zero, withholding tax at such rate shall be considered excluded
from Taxes unless and until such Lender Party provides the appropriate forms
certifying that a lesser rate applies, whereupon withholding tax at such lesser
rate only shall be considered excluded from Taxes for periods governed by such
forms; PROVIDED, HOWEVEr, that if, at the effective date of the Assignment and
Acceptance pursuant to which a Lender Party becomes a party to this Agreement,
the Lender Party assignor was entitled to payments under subsection (a) of this
Section 2.11 in respect of United States withholding tax with respect to
interest paid at such date, then, to such extent, the term Taxes shall include
(in addition to withholding taxes that may be imposed in the future or other
amounts otherwise includable in Taxes) United States withholding tax, if any,
applicable with respect to the Lender Party assignee on such date. If any form
or document referred to in this subsection (e) requires the disclosure of
information, other than information necessary to compute the tax payable and
information required on the date hereof by Internal Revenue Service form W8-ECI
or W8-BEN, that the Lender Party reasonably considers to be confidential, the
Lender Party shall give notice thereof to the Borrower and shall not be
obligated to include in such form or document such confidential information.

                  (f) For any period with respect to which a Lender Party has
failed to provide the Borrower with the appropriate form described in subsection
(e) above (OTHER THAN if such failure is due to a change in law occurring after
the date on which a form originally was required to be provided or if such form
otherwise is not required under subsection (e) above), such Lender Party shall
not be entitled to

                                       32
<PAGE>

indemnification under subsection (a) or (c) of this Section 2.11 with respect to
Taxes imposed by the United States by reason of such failure; PROVIDED, HOWEVER,
that should a Lender Party become subject to Taxes because of its failure to
deliver a form required hereunder, the Borrower shall take such steps as such
Lender Party shall reasonably request to assist such Lender Party to recover
such Taxes.

                  (g) Notwithstanding anything herein to the contrary, the Loan
Parties, the Administrative Agent and the Lender Parties may disclose to any and
all Persons, without limitation of any kind, the U.S. tax treatment of and tax
structure of the transactions contemplated hereby and all materials of any kind
(including opinions or other tax analyses) that are provided to the Loan
Parties, the Administrative Agent or the Lender Parties, as the case may be,
relating to such U.S. tax treatment and tax structure.

                  SECTION 2.12. SHARING OF PAYMENTS, ETC. If any Lender Party
shall obtain at any time any payment (whether voluntary, involuntary, through
the exercise of any right of set-off, or otherwise (including pursuant to
Section 8.05, but other than as a result of an assignment pursuant to Section
8.07) (a) on account of Obligations due and payable to such Lender Party
hereunder and under the Notes at such time in excess of its Pro Rata Share
(according to the proportion of (i) the amount of such Obligations due and
payable to such Lender Party at such time to (ii) the aggregate amount of the
Obligations due and payable to all Lender Parties hereunder and under the Notes
at such time) of payments on account of the Obligations due and payable to all
Lender Parties hereunder and under the Notes at such time obtained by all the
Lender Parties at such time or (b) on account of Obligations owing (but not due
and payable) to such Lender Party hereunder and under the Notes at such time in
excess of its Pro Rata Share (according to the proportion of (i) the amount of
such Obligations owing (but not due and payable) to such Lender Party at such
time to (ii) the aggregate amount of the Obligations owing (but not due and
payable) to all Lender Parties hereunder and under the Notes at such time), such
Lender Party shall forthwith purchase from the other Lender Parties such
interests or participating interests in the Obligations due and payable or owing
to them, as the case may be, as shall be necessary to cause such purchasing
Lender Party to share the excess payment ratably with each of them; PROVIDED,
HOWEVER, that, if all or any portion of such excess payment is thereafter
recovered from such purchasing Lender Party, such purchase from each other
Lender Party shall be rescinded and such other Lender Party shall repay to the
purchasing Lender Party the purchase price to the extent of such Lender Party's
Pro Rata Share (according to the proportion of (i) the purchase price paid to
such Lender Party to (ii) the aggregate purchase price paid to all Lender
Parties) of such recovery together with an amount equal to such Lender Party's
Pro Rata Share (according to the proportion of (i) the amount of such other
Lender Party's required repayment to (ii) the total amount so recovered from the
purchasing Lender Party) of any interest or other amount paid or payable by the
purchasing Lender Party in respect of the total amount so recovered. The
Borrower agrees that any Lender Party so purchasing an interest or participating
interest from another Lender Party pursuant to this Section 2.12 may, to the
fullest extent permitted by law, exercise all its rights of payment (including
the right of set-off) with respect to such interest or participating interest,
as the case may be, as fully as if such Lender Party were the direct creditor of
the Borrower in the amount of such interest or participating interest, as the
case may be.

                  SECTION 2.13. USE OF PROCEEDS. The proceeds of the Advances
and issuances of Letters of Credit shall be available solely to finance capital
improvements, repay existing indebtedness, acquire first class, full service
hotels, provide working capital and for general corporate purposes of the
Borrower, the Subsidiary Guarantors and the Parent Guarantor, but shall not be
used for the payment of dividends by the Parent Guarantor.

                  SECTION 2.14. EVIDENCE OF DEBT. (a) The Borrower agrees that
upon notice by any Lender Party to the Borrower (with a copy of such notice to
the Administrative Agent) to the effect that a promissory note or other evidence
of indebtedness is required or appropriate in order for such Lender

                                       33
<PAGE>

Party to evidence (whether for purposes of pledge, enforcement or otherwise) the
Advances owing to, or to be made by, such Lender Party, the Borrower shall
promptly execute and deliver to such Lender Party, with a copy to the
Administrative Agent, a Note, in substantially the form of EXHIBIT A hereto,
payable to the order of such Lender Party in the face principal amount equal to
the Revolving Credit Commitment of such Lender Party. Each Lender shall be
permitted only one Note for the full amount of its Revolving Credit Commitment.
All references to Notes in the Loan Documents shall mean Notes, if any, to the
extent issued hereunder.

                  (b) The Register maintained by the Administrative Agent
pursuant to Section 8.07(d) shall include a control account, and a subsidiary
account for each Lender, in which accounts (taken together) shall be recorded
(i) the date and amount of each Borrowing made hereunder, the Type of Advances
comprising such Borrowing and, if appropriate, the Interest Period applicable
thereto, (ii) the terms of each Assignment and Acceptance delivered to and
accepted by it, (iii) the amount of any principal or interest due and payable or
to become due and payable from the Borrower to each Lender Party hereunder, and
(iv) the amount of any sum received by the Administrative Agent from the
Borrower hereunder and each Lender Party's share thereof.

                  (c) Entries made in good faith by the Administrative Agent in
the Register pursuant to subsection (b) above, and by each Lender Party in its
account or accounts pursuant to subsection (a) above, shall be PRIMA FACIE
evidence of the amount of principal and interest due and payable or to become
due and payable from the Borrower to, in the case of the Register, each Lender
Party and, in the case of such account or accounts, such Lender Party, under
this Agreement, absent manifest error; PROVIDED, HOWEVER, that the failure of
the Administrative Agent or such Lender Party to make an entry, or any finding
that an entry is incorrect, in the Register or such account or accounts shall
not limit or otherwise affect the obligations of the Borrower under this
Agreement.

                  SECTION 2.15. CASH MANAGEMENT. (a) The Borrower and the
Operating Subsidiaries have established and shall maintain (i) an operating
account with respect to each of the Borrowing Base Properties, (ii) to the
extent there is insufficient Unused Commitments to fully fund the FF&E Reserve,
an FF&E Reserve account (the "FF&E RESERVE ACCOUNT") (collectively, the "HOTEL
ACCOUNTS") and (iii) in the Event of Default, a lockbox (the "LOCKBOX") and a
Lockbox Account at the offices of the Administrative Agent (the "LOCKBOX
Account"). The Hotel Accounts shall be established with a bank reasonably
acceptable to the Administrative Agent (the "HOTEL ACCOUNT BANK"). The Borrower
and the Operating Subsidiaries shall cause all revenues of the Borrowing Base
Properties and all other income of the Borrower and the Operating Subsidiaries
to be deposited daily into the applicable operating account and, to the extent
required hereunder, the applicable FF&E Reserve Account. The Borrower and the
Operating Subsidiaries shall have delivered to the Hotel Account Bank and to
credit card companies instructions, pursuant to which the recipients thereof
have been instructed to transfer the funds then on deposit in the Hotel Accounts
and to make all payments, respectively, directly into the Lockbox Account upon
notice from the Administrative Agent that an Event of Default has occurred
hereunder.

                  (b) Unless and until an Event of Default has occurred
hereunder, the Borrower and the Operating Subsidiaries have the right to direct
withdrawals from the Hotel Accounts. In the Event of Default, the Borrower and
the Operating Subsidiaries shall direct all account debtors of the Borrower and
its Subsidiaries to remit all payments in respect of the Borrowing Base
Properties and all other income directly to the Lockbox or the Lockbox Account
and shall cause the Hotel Account Bank to sweep daily into the Lockbox Account
all amounts in the Hotel Accounts. The contents of each Lockbox shall
automatically be deposited into the Lockbox Account or shall be emptied and
deposited into the Lockbox Account by a representative of the Administrative
Agent. Only the Administrative Agent shall have power of withdrawal from the
Lockbox and the Lockbox Account and the Borrower and its Subsidiaries
acknowledge that the Borrower and its Subsidiaries shall not have any control
over such Lockbox or

                                       34
<PAGE>

Lockbox Account or any items deposited therein. Funds on deposit in the Lockbox
Account shall be disbursed by the Administrative Agent from time to time into
the applicable Hotel Account, or directly to the payee, in either case to the
extent required to pay any real property taxes or assessments and insurance
premiums then owing in respect of any of the Borrowing Base Properties. The
Administrative Agent shall have the right to apply any other funds so on deposit
against any then outstanding Obligation hereunder, and otherwise as the
Administrative Agent may determine in its discretion.

                  SECTION 2.16. [Intentionally Omitted].

                  SECTION 2.17. AMENDED AND RESTATED PROMISSORY NOTE LEGEND.
Each Lender hereby agrees to stamp the following legend on its respective
existing amended and restated promissory note issued under the Existing
Agreement:

                  "This note has been renewed by that certain Amended and
                  Restated Promissory Note dated as of June 25, 2003."

Each Lender agrees to use commercially reasonable efforts to locate and provide
to the Borrower a copy of its respective existing amended and restated
promissory note duly stamped with the foregoing legend within 30 days after the
date hereof.

                                   ARTICLE III
                              CONDITIONS OF LENDING

                  SECTION 3.01. CONDITIONS PRECEDENT TO CLOSING DATE. The
obligation of each Lender to extend the Termination Date of the Facility or to
make an Advance on the occasion of the Closing Date hereunder is subject to the
satisfaction of the following conditions precedent before or concurrently with
the Closing Date:

                  (a) The Administrative Agent and Lead Arranger shall have
         received on or before the day of the Closing Date the following, each
         dated such day (unless otherwise specified), in form and substance
         satisfactory to the Administrative Agent and the Lead Arranger (unless
         otherwise specified) and (except for the Notes) in sufficient copies
         for each Lender Party:

                           (i) Notes payable to the order of the Lenders.

                           (ii) A Notice of Borrowing, if applicable, and a
                  Borrowing Base Certificate relating to the Closing Date.

                           (iii) (A) A consent to the subsidiary guarantor
                  security agreement substantially in the form of EXHIBIT D-1
                  (the "SUBSIDIARY GUARANTOR SECURITY AGREEMENT CONSENT",
                  together with the subsidiary guarantor security agreement
                  referred to therein, as the same may be amended, amended and
                  restated, supplemented or otherwise modified from time to time
                  in accordance with its terms, the "SUBSIDIARY GUARANTOR
                  SECURITY AGREEMENT"), duly executed by Borrower and each
                  Subsidiary Guarantor, and (B) a consent to the parent
                  guarantor security agreement substantially in the form of
                  EXHIBIT D-2 (the "PARENT GUARANTOR SECURITY AGREEMENT CONSENT"
                  and, together with the parent guarantor security agreement
                  referred to therein, as the same may be amended, amended and
                  restated, supplemented or otherwise modified from time to time
                  in accordance with its terms, the "PARENT GUARANTOR SECURITY
                  AGREEMENT"), duly executed by the Parent Guarantor, together
                  with:

                                       35
<PAGE>

                                    (1) executed copies of proper financing
                           statements under the Uniform Commercial Code of the
                           states of all jurisdictions that the Administrative
                           Agent may deem necessary or desirable in order to
                           perfect and protect the Liens created under the
                           Collateral Documents, covering the Collateral
                           described in the Security Agreements,

                                    (2) completed requests for information,
                           dated on or before the date of the Closing Date,
                           listing the financing statements referred to in
                           clause (A) above and all other effective financing
                           statements filed in the jurisdictions referred to in
                           clause (A) above that name any Loan Party or any of
                           its Subsidiaries as debtor, together with copies of
                           such other financing statements,

                                    (3) evidence of the completion of all other
                           recordings and filings of or with respect to the
                           Security Agreements that the Administrative Agent and
                           the Lead Arranger may deem necessary or desirable in
                           order to perfect and protect the Liens created
                           thereby,

                                    (4) executed termination statements (Form
                           UCC-3 or a comparable form), in proper form to be
                           duly filed on the date of the Closing Date under the
                           Uniform Commercial Code of all jurisdictions that the
                           Administrative Agent and the Lead Arranger may deem
                           desirable in order to terminate or amend existing
                           Liens on the Collateral described in the Security
                           Agreements,

                                    (5) evidence that all other action that the
                           Administrative Agent and the Lead Arranger may deem
                           necessary or desirable in order to perfect and
                           protect the liens and security interests created
                           under the Security Agreements has been taken.

                           (iv) A consent to the subsidiary guaranty
                  substantially in the form of EXHIBIT F-2 (the "SUBSIDIARY
                  GUARANTY CONSENT", such Subsidiary Guaranty Modification
                  together with the subsidiary guaranty referred to therein, as
                  the same may be amended, amended and restated, supplemented or
                  otherwise modified from time to time in accordance with their
                  terms, the "SUBSIDIARY GUARANTY"), duly executed by each
                  Subsidiary Guarantor set forth on SCHEDULE 3.01(A)(IV).

                           (v) Mortgage modifications ("MORTGAGE MODIFICATIONS")
                  in substantially the form of EXHIBIT E hereto and covering the
                  Borrowing Base Properties (such Mortgage Modifications,
                  together with the mortgages referred to therein, as any of the
                  same may be amended, amended and restated, supplemented or
                  otherwise modified from time to time in accordance with their
                  terms, the "MORTGAGES"), duly executed by the appropriate Loan
                  Party, together with:

                                    (A) evidence of fully paid and effective
                           American Land Title Association Lenders' title
                           insurance policies (the "MORTGAGEE TITLE INSURANCE
                           POLICIES") in form and substance with endorsements,
                           including, without limitation, Mortgage modification
                           endorsements, in an amount acceptable to the
                           Administrative Agent and the Lead Arranger, issued by
                           Chicago Title Insurance Company, insuring the
                           Mortgages, as modified, as of the time of the Closing
                           Date to be valid first and subsisting Liens on the
                           property described therein, free and clear of all
                           defects (including, but not limited to, mechanics'
                           and materialmen's Liens) and encumbrances, excepting
                           only those exceptions to title approved by the
                           Administrative Agent and the Lead Arranger; and

                                       36
<PAGE>

                                    (B) such consents and agreements of lessors,
                           ground lessors and other third parties, and other
                           confirmations, as the Administrative Agent and the
                           Lead Arranger may deem necessary or desirable, and as
                           required to the extent necessary under any Material
                           Agreements.

                           (vi) [Intentionally Omitted].

                           (vii) Certified copies of the resolutions of the
                  board of directors (or persons performing similar functions)
                  of each Loan Party approving the Transaction and each
                  Transaction Document to which it is or is to be a party, and
                  of all documents evidencing other necessary corporate, limited
                  partnership or limited liability company action and
                  governmental approvals, if any, with respect to the
                  Transaction and each Transaction Document to which it is or is
                  to be a party and of the transactions contemplated hereby.

                           (viii) A copy of a certificate of the Secretary of
                  State (or equivalent governmental authority) of the
                  jurisdiction of organization of each Loan Party, dated
                  reasonably near the date of the Closing Date, in each case
                  listing the charter of each Loan Party and each amendment
                  thereto on file in such office and certifying that (A) such
                  charter is a true and correct copy thereof, (B) such
                  amendments are the only amendments to such charter (or similar
                  organizational documents) on file in his office, (C) such
                  Person has paid all franchise taxes (or the equivalent
                  thereof) to the date of such certificate and (D) such Person
                  is duly organized and in good standing under the laws of the
                  state of the jurisdiction of its organization.

                           (ix) A copy of a certificate of the Secretary of
                  State (or the equivalent governmental authority) of the states
                  listed on SCHEDULE 3.01(A)(IX), dated reasonably near the date
                  of the Closing Date, with respect to each Loan Party as listed
                  on SCHEDULE 3.01(A)(IX), stating that such Person is duly
                  qualified and in good standing as a foreign corporation,
                  limited partnership or limited liability company in such
                  states and has filed all annual reports required to be filed
                  to the date of such certificate.

                           (xi) A certificate of each Loan Party, signed on
                  behalf of each such Person by its Vice-President/Chief
                  Financial Officer and its Secretary, dated the date of the
                  Closing Date (the statements made in such certificate shall be
                  true on and as of the date of the Closing Date), certifying as
                  to (A) the absence of any amendments to the charter (or
                  similar organizational document) of such Person since the date
                  of the Secretary of State's (or equivalent governmental
                  authority's) certificate referred to in Section 3.01(a)(viii),
                  (B) a true and correct copy of the bylaws (or similar
                  organizational document) of such Person as in effect on the
                  date on which the resolutions referred to in Section
                  3.01(a)(vii) were adopted and on the date of the Closing Date,
                  (C) the due incorporation and good standing or valid existence
                  of such Person as a corporation, limited partnership or
                  limited liability company organized under the laws of the
                  jurisdiction of its organization and the absence of any
                  proceeding for the dissolution or liquidation of such Person,
                  (D) the completeness and accuracy of the representations and
                  warranties contained in the Loan Documents as though made on
                  and as of the date of the Closing Date and (E) the absence of
                  any event occurring and continuing, or resulting from the
                  Closing Date, that constitutes a Default.

                                       37
<PAGE>

                           (xii) A certificate of the Secretary of each Loan
                  Party certifying the names and true signatures of the officers
                  of such Persons authorized to sign each Transaction Document
                  to which it is or is to be a party and the other documents to
                  be delivered hereunder and thereunder.

                           (xiii) Such financial, business and other information
                  regarding each Loan Party and its Subsidiaries as the
                  Administrative Agent and the Lead Arranger shall have
                  reasonably requested upon reasonable notice in advance of the
                  Closing Date, including, without limitation, information as to
                  possible contingent liabilities, tax matters, environmental
                  matters, obligations under Plans, Multiemployer Plans and
                  Welfare Plans, collective bargaining agreements and other
                  arrangements with employees, audited annual financial
                  statements dated June 30, 2002, annual and quarterly financial
                  statements as to the Borrower and its Subsidiaries and each
                  Operating Subsidiary as of March 31, 2003.

                           (xiv) Certificates in substantially the form of
                  EXHIBITS H-1 and H-2 hereto, respectively, attesting to the
                  Solvency of the Parent Guarantor and its Subsidiaries on a
                  Consolidated basis and the Borrower and each Operating
                  Subsidiary after giving effect to the Transaction and the
                  other transactions contemplated hereby, from its Chief
                  Financial Officer.

                           (xv) Evidence of insurance naming the Administrative
                  Agent as additional insured and loss payee with such
                  responsible and reputable insurance companies or associations,
                  and in such amounts and covering such risks, as is
                  satisfactory to the Administrative Agent and the Lead
                  Arranger, including, without limitation, that required by
                  SCHEDULE 3.01(A)(XV) hereto, the Security Agreements and the
                  Mortgages, business interruption insurance, product liability
                  insurance, windstorm insurance and directors and officers
                  insurance.

                           (xvi) Favorable opinions of Akerman, Senterfitt &
                  Eidson, P.A. and Paul, Hastings, Janofsky & Walker LLP,
                  special counsel for the Loan Parties, in substantially the
                  form of EXHIBITS I-1 and I-2.

                  (b) Before giving effect to the Transaction and the other
         transactions contemplated by this Agreement, there shall not have
         occurred (i) on or prior to June 25, 2003, any change, occurrence or
         development that could, in the opinion of the Administrative Agent and
         the Lead Arranger, have a material adverse effect on the business,
         condition (financial or otherwise), operations, performance, properties
         or prospects of Parent Guarantor and its Subsidiaries taken as a whole
         or any of the Subsidiary Guarantors since May 31, 2003 which has
         occurred or become known to the Administrative Agent and the Lead
         Arranger, (ii) on or prior to June 25, 2003, any material adverse
         change in or material disruption of conditions in the financial,
         banking or capital markets with catastrophic effect from those in
         effect as of June 11, 2003 and which has occurred and is continuing and
         which the Administrative Agent and the Lead Arranger, in their
         respective reasonable discretion, deem material in connection with the
         Facility, and (iii) any event, circumstance or information or matter
         which in the Administrative Agent and the Lead Arranger' judgment is
         inconsistent in a material and adverse manner with any event,
         circumstance or information or other matter disclosed to the
         Administrative Agent and the Lead Arranger by the Borrower prior to
         June 11, 2003.

                  (c) There shall exist no action, suit, investigation,
         litigation or proceeding affecting any Loan Party or any of their
         Subsidiaries pending or threatened before any court, governmental
         agency or arbitrator that (i) could have a material adverse effect on
         the business, condition

                                       38
<PAGE>

         (financial or otherwise), operations, performance, properties or
         prospects of the Parent Guarantor and its Subsidiaries taken as a
         whole, (ii) could have a Material Adverse Effect or (iii) purports to
         affect the legality, validity or enforceability of the Transaction or
         any Transaction Document or the consummation of the transactions
         contemplated by the Transaction Documents.

                  (d) All governmental and third party consents and approvals
         necessary in connection with the Transaction and the other transactions
         contemplated by the Transaction Documents shall have been obtained
         (without the imposition of any conditions that are not acceptable to
         the Administrative Agent and the Lead Arranger) and shall remain in
         effect; all applicable waiting periods in connection with the
         Transaction and the other transactions contemplated by the Transaction
         Documents shall have expired without any action having been taken by
         any competent authority, and no law or regulation shall be applicable
         in the judgment of the Administrative Agent and the Lead Arranger, in
         each case, that restrains, prevents or imposes materially adverse
         conditions upon the Transaction and the other transactions contemplated
         by the Transaction Documents or the rights of the Loan Parties or their
         Subsidiaries freely to transfer or otherwise dispose of, or to create
         any Lien on, any properties now owned or hereafter acquired by any of
         them.

                  (e) All accrued fees and expenses of the Secured Parties
         (including the accrued fees and expenses of counsel to the
         Administrative Agent, the Lead Arranger and the Syndication Agent and
         of local counsel to the Lender Parties) shall have been paid.

                  SECTION 3.02. CONDITIONS PRECEDENT TO EACH BORROWING AND
ISSUANCE. The obligation of each Lender to make an Advance (other than a Letter
of Credit Advance made by the Issuing Bank or a Lender pursuant to Section
2.02(A)(c)), and the obligation of the Issuing Bank to issue a Letter of Credit
(including the initial issuance) on the occasion of each Borrowing (including
the Closing Date) shall be subject to the further conditions precedent that on
the date of such Borrowing or issuance:

                  (a) the Administrative Agent shall have determined that the
following statements shall be true (and each of the giving of the applicable
Notice of Borrowing or Letter of Credit Request and the acceptance by the
Borrower of the proceeds of such Borrowing or of such Letter of Credit shall
constitute a representation and warranty by the Borrower that both on the date
of such notice and on the date of such Borrowing such statements are true):

                  (i) the representations and warranties contained in each Loan
Document are correct on and as of such date, before and after giving effect to
such Borrowing and to the application of the proceeds therefrom, as though made
on and as of such date other than any such representations or warranties that,
by their terms, refer to a specific date other than the date of such Borrowing,
in which case as of such specific date;

                  (ii) no event has occurred and is continuing, or would result
from such Borrowing or from the application of the proceeds therefrom, that
constitutes a Default; and

                  (iii) for each Advance or issuance of any Letter of Credit,
the Borrowing Base Amount (less the Intangible Tax Reserve) exceeds the
aggregate principal amount of Advances then outstanding plus the aggregate
Available Amount of all Letters of Credit to be outstanding after giving effect
to such Advance or issuance; and

                  (b) the Administrative Agent shall have received such other
approvals, opinions or documents as any Lender Party through the Administrative
Agent may reasonably request.

                                       39
<PAGE>

                  SECTION 3.03. DETERMINATIONS UNDER SECTION 3.01. For purposes
of determining compliance with the conditions specified in Section 3.01, each
Lender Party shall be deemed to have consented to, approved or accepted or to be
satisfied with each document or other matter required thereunder to be consented
to or approved by or acceptable or satisfactory to the Lender Parties unless an
officer of the Administrative Agent responsible for the transactions
contemplated by the Loan Documents shall have received notice from such Lender
Party prior to the Closing Date specifying its objection thereto and such Lender
Party shall not have made available to the Administrative Agent such Lender
Party's Pro Rata Share of such Borrowing.

                                   ARTICLE IV
                         REPRESENTATIONS AND WARRANTIES

                  SECTION 4.01. REPRESENTATIONS AND WARRANTIES OF THE BORROWER.
The Borrower represents and warrants as follows:

                  (a) Each Loan Party (i) is a corporation, limited partnership
         or limited liability company duly organized, validly existing and in
         good standing under the laws of the jurisdiction of its organization,
         (ii) is duly qualified and in good standing as a foreign corporation,
         limited partnership or limited liability company in each other
         jurisdiction in which it owns or leases property or in which the
         conduct of its business requires it to so qualify or be licensed except
         where the failure to so qualify or be licensed could not be reasonably
         likely to have a Material Adverse Effect and (iii) has all requisite
         power and authority (including, without limitation, all governmental
         licenses, permits and other approvals) to own or lease and operate its
         properties and to carry on its business as now conducted and as
         proposed to be conducted. All of the outstanding Equity Interests in
         the Subsidiary Guarantors and the Borrower have been validly issued,
         are fully paid and non-assessable, and are owned by the Persons in the
         amounts specified on SCHEDULE 4.01(A) hereto free and clear of all
         Liens, except those created under the Collateral Documents.

                  (b) Set forth on SCHEDULE 4.01(B) hereto is a complete and
         accurate list of Subsidiaries of the Parent Guarantor (including the
         Borrower) that own any direct or indirect interest in the Borrowing
         Base Properties, showing as of the date hereof (as to each such
         Subsidiary) the jurisdiction of its organization, the number of shares
         of each class of its Equity Interests authorized, and the number
         outstanding, on the date hereof and the percentage of the outstanding
         shares of each such class of its Equity Interests owned (directly or
         indirectly) by the Loan Party indicated on such Schedule and the number
         of shares covered by all outstanding options, warrants, rights of
         conversion or purchase and similar rights at the date hereof. All of
         the outstanding Equity Interests in each such Subsidiary have been
         validly issued, are fully paid and non-assessable and are owned by such
         designated Loan Party free and clear of all Liens, except those created
         under the Collateral Documents. Each such Subsidiary (i) is a
         corporation, limited partnership or limited liability company duly
         organized, validly existing and in good standing under the laws of the
         jurisdiction of its organization, (ii) is duly qualified and in good
         standing as a foreign corporation, limited partnership or limited
         liability company, as the case may be, in each other jurisdiction in
         which it owns or leases property or in which the conduct of its
         business requires it to so qualify or be licensed except where the
         failure to so qualify or be licensed could not be reasonably likely to
         have a Material Adverse Effect and (iii) has all requisite power and
         authority (including, without limitation, all governmental licenses,
         permits and other approvals) to own or lease and operate its properties
         and to carry on its business as now conducted and as proposed to be
         conducted. All Equity Interests in the Subsidiary Guarantors and the
         Borrower have been pledged to the Administrative Agent for the benefit
         of the Lender Parties, and the Operating Subsidiaries own,
         collectively, the Borrowing Base Properties.

                                       40
<PAGE>

                  (c) The execution, delivery and performance by each Loan Party
         of each Transaction Document to which it is or is to be a party and the
         other transactions contemplated by the Transaction Documents, are
         within such Loan Party's powers, have been duly authorized by all
         necessary action, and do not (i) contravene such Loan Party's charter,
         bylaws, partnership agreement, limited liability company operating or
         members agreement or similar organizational documents or agreements,
         (ii) violate any law, rule, regulation (including, without limitation,
         Regulation X of the Board of Governors of the Federal Reserve System),
         order, writ, judgment, injunction, decree, determination or award,
         (iii) conflict with or result in the breach of, or constitute a default
         under, any contract, loan agreement, indenture, mortgage, deed of
         trust, lease or other instrument binding on or affecting any Loan
         Party, any of its Subsidiaries or any of their properties or (iv)
         except for the Liens created under the Loan Documents, result in or
         require the creation or imposition of any Lien upon or with respect to
         any of the properties of any Loan Party or any of its Subsidiaries. No
         Loan Party is in violation of any such law, rule, regulation, order,
         writ, judgment, injunction, decree, determination or award or in breach
         of any such contract, loan agreement, indenture, mortgage, deed of
         trust, lease or other instrument, the violation or breach of which
         could be reasonably likely to have a Material Adverse Effect.

                  (d) No authorization or approval or other action by, and no
         notice to or filing with, any governmental authority or regulatory body
         or any other third party is required for (i) the due execution,
         delivery, recordation, filing or performance by any Loan Party of any
         Transaction Document to which it is or is to be a party, or for the
         consummation of the Transaction or the other transactions contemplated
         by the Transaction Documents, (ii) the grant by any Loan Party of the
         Liens granted by it pursuant to the Collateral Documents, (iii) the
         perfection or maintenance of the Liens created under the Collateral
         Documents (including the first priority nature thereof) or (iv) the
         exercise by any Agent or any Lender Party of its rights under the Loan
         Documents or the remedies in respect of the Collateral pursuant to the
         Collateral Documents, except for the authorizations, approvals,
         actions, notices and filings listed on SCHEDULE 4.01(D) hereto, all of
         which have been duly obtained, taken, given or made and are in full
         force and effect. All applicable waiting periods in connection with the
         Transaction or the transactions contemplated by the Transaction
         Documents have expired without any action having been taken by any
         competent authority restraining, preventing or imposing materially
         adverse conditions upon the Transaction and the other transactions
         contemplated by the Transaction Documents or the rights of the Loan
         Parties freely to transfer or otherwise dispose of, or to create any
         Lien on, any properties now owned or hereafter acquired by any of them.

                  (e) This Agreement has been, and each other Transaction
         Document when delivered hereunder will have been, duly executed and
         delivered by each Loan Party party thereto. This Agreement is, and each
         other Transaction Document when delivered hereunder will be, the legal,
         valid and binding obligation of each Loan Party party thereto,
         enforceable against such Loan Party in accordance with its terms.

                  (f) (i) (x) The Consolidated balance sheet of the Parent
         Guarantor and its Subsidiaries at June 30, 2002, and the related
         Consolidated statements of income and cash flow of the Parent Guarantor
         and its Subsidiaries for the fiscal year then ended, accompanied by an
         unqualified opinion of Ernst & Young LLP, independent public
         accountants, (y) the Consolidated balance sheet of the Parent Guarantor
         and its Subsidiaries at December 31, 2002, and the related Consolidated
         statements of income and cash flow of the Parent Guarantor and its
         Subsidiaries for the six months then ended, and (z) the balance sheets
         of each of the Operating Subsidiaries at June 30, 2002 and December 31,
         2002 and the related statements of income and cash flow for the twelve
         months and six months, respectively, then ended, in each case duly
         certified by the Chief Financial Officer of the Parent Guarantor,
         copies of which have been furnished to each Lender

                                       41
<PAGE>

         Party, fairly present, subject, in the case of the unaudited statements
         referred to in clauses (i)(y) and (i)(z), to year-end audit
         adjustments, the Consolidated financial condition of the Parent
         Guarantor and its Subsidiaries and of each of the Operating
         Subsidiaries at such dates and the Consolidated results of the
         operations of the Parent Guarantor and its Subsidiaries and of each of
         the Operating Subsidiaries for the periods ended on such dates,
         respectively, all in accordance with generally accepted accounting
         principles applied on a consistent basis, and

                  (ii) since June 30, 2002, there has not occurred any material
         adverse change in the business, condition (financial or otherwise),
         operations, performance, properties or prospects of the Parent
         Guarantor and its Subsidiaries taken as a whole or any of the Operating
         Subsidiaries (except for such matters and events demonstrated in or
         incorporated into the financial statements of the Borrower and its
         Subsidiaries for the period July 1, 2002 through March 31, 2003 or the
         interim financial statement of the Borrower and its Subsidiaries for
         the period April 1, 2003 through April 30, 2003 previously delivered to
         Administrative Agent).

                  (g) Neither the Indenture nor any other information, exhibit
         or report (excluding any financial projections) furnished by or on
         behalf of any Loan Party to any Secured Party, taken as a whole, in
         connection with the negotiation of the Loan Documents or pursuant to
         the terms of the Loan Documents contained any untrue statement of a
         material fact or omitted to state a material fact necessary to make the
         statements made therein not misleading in light of the circumstances
         under which such information was provided and on the date of the
         Closing Date.

                  (h) (i) There is no action, suit, investigation, litigation or
         proceeding affecting any Loan Party, including any Environmental
         Action, pending or, to the best knowledge of the Borrower, threatened
         before any court, governmental agency or arbitrator against any Loan
         Party or the Borrowing Base Properties that (A) purports to affect the
         legality, validity or enforceability of any Transaction Document or the
         consummation of the Transaction or (B) except as set forth on SCHEDULE
         4.01(H), could reasonably be expected to have a Material Adverse
         Effect, and (ii) there has been no material adverse change in the
         status, or financial effect on any Loan Party, of the litigation
         disclosed on such Schedule 4.01(h).

                  (i) No Loan Party is engaged in the business of extending
         credit for the purpose of purchasing or carrying Margin Stock, and no
         proceeds of any Advance or drawings under any Letter of Credit will be
         used to purchase or carry any Margin Stock or to extend credit to
         others for the purpose of purchasing or carrying any Margin Stock.

                  (j) The Collateral Documents create a valid and perfected
         first priority security interest in the Collateral securing the payment
         of the Secured Obligations, and all filings and other actions necessary
         or desirable to perfect and protect such security interest have been
         duly taken. The Loan Parties are the legal and beneficial owners of the
         Collateral free and clear of any Lien, except for the liens and
         security interests created or permitted under the Loan Documents.

                  (k) Each Loan Party is not an "investment company," or an
         "affiliated person" of, or "promoter" or "principal underwriter" for,
         an "investment company," as such terms are defined in the Investment
         Company Act of 1940, as amended. Neither the making of any Advances nor
         the issuance of any Letters of Credit, nor the application of the
         proceeds or repayment thereof by the Borrower, nor the consummation of
         the other transactions contemplated hereby, will violate any provision
         of such Act or any rule, regulation or order of the Securities and
         Exchange Commission thereunder.

                                       42
<PAGE>

                  (l) The Loan Parties, individually, and the Borrower and its
         Subsidiaries, taken as a whole, are Solvent.

                  (m) (i) No ERISA Event has occurred or is reasonably expected
         to occur with respect to any Plan.

                  (ii) As of the last annual actuarial valuation date, the
         funded current liability percentage, as defined in Section 302(d)(8) of
         ERISA, of each Plan exceeds 90% and there has been no material adverse
         change in the funding status of any such Plan since such date.

                  (iii) Neither any Loan Party nor any ERISA Affiliate has
         incurred or is reasonably expected to incur any Withdrawal Liability to
         any Multiemployer Plan.

                  (iv) Neither any Loan Party nor any ERISA Affiliate has been
         notified by the sponsor of a Multiemployer Plan that such Multiemployer
         Plan is in reorganization or has been terminated, within the meaning of
         Title IV of ERISA, and no such Multiemployer Plan is reasonably
         expected to be in reorganization or to be terminated, within the
         meaning of Title IV of ERISA.

                  (v) Except as set forth in the financial statements referred
         to in this Section 4.01 and in Section 5.03, the Loan Parties and their
         respective Subsidiaries have no material liability with respect to
         "expected post retirement benefit obligations" within the meaning of
         Statement of Financial Accounting Standards No. 106.

                  (vi) Set forth on SCHEDULE 4.01(M)(VI) hereto is a complete
         and accurate list of all Plans, Multiemployer Plans and Welfare Plans.

                  (vii) SCHEDULE B (Actuarial Information) to the most recent
         annual report (Form 5500 Series), if any, for each Plan, copies of
         which have been filed with the Internal Revenue Service and furnished
         to the Lender Parties, is complete and accurate and fairly presents the
         funding status of such Plan, and since the date of such SCHEDULE B
         there has been no material adverse change in such funding status.

                  (n) (i) The operations and properties of the Borrower and its
         Subsidiaries comply with all applicable Environmental Laws and
         Environmental Permits except (A) with respect to any non-compliance
         existing as of the Closing Date, as disclosed in writing to
         Administrative Agent prior to the Closing Date and (B) such
         non-compliance which would not (if enforced in accordance with
         applicable law) result in liability in excess of $50,000 in the
         aggregate. All past claims of non-compliance with such Environmental
         Laws and Environmental Permits have been resolved without ongoing
         obligations or costs, and no circumstances exists that could be
         reasonably likely to (x) form the basis of an Environmental Action
         against any of the Borrower and its Subsidiaries or any of their
         properties that could have a Material Adverse Effect or (y) cause any
         such property to be subject to any material restrictions on ownership,
         occupancy, use or transferability under any Environmental Law.

                  (ii) None of the properties currently or formerly owned or
         operated by any Loan Party is listed or proposed for listing on the NPL
         or on the CERCLIS or any analogous foreign, state or local list or is
         adjacent to any such property; there are no and never have been any
         underground or aboveground storage tanks or any surface impoundments,
         septic tanks, pits, sumps or lagoons in which Hazardous Materials are
         being or have been treated, stored or disposed on any property
         currently owned or operated by any Loan Party or, to the best of its

                                       43
<PAGE>

         knowledge, on any property formerly owned or operated by any Loan
         Party; there is no asbestos or asbestos-containing material on any
         property currently owned or operated by any Loan Party; and Hazardous
         Materials have not been released, discharged or disposed of on any
         property currently or formerly owned or operated by any Loan Party,
         except, in each case, where the non-compliance with the foregoing could
         not have a Material Adverse Effect.

                  (iii) Each of the Loan Parties is not undertaking, and has not
         completed, either individually or together with other potentially
         responsible parties, any investigation or assessment or remedial or
         response action relating to any actual or threatened release, discharge
         or disposal of Hazardous Materials at any site, location or operation,
         either voluntarily or pursuant to the order of any governmental or
         regulatory authority or the requirements of any Environmental Law; and
         all Hazardous Materials generated, used, treated, handled or stored at,
         or transported to or from, any property currently or formerly owned or
         operated by any Loan Party have been disposed of in a manner not
         reasonably expected to result in material liability to any Loan Party.

                  (o) (i) Each Loan Party has filed, has caused to be filed or
         has been included in all tax returns (Federal, state, local and
         foreign) required to be filed and has paid all taxes shown thereon to
         be due, together with applicable interest and penalties.

                  (ii) Set forth on SCHEDULE 4.01(O) hereto is a complete and
         accurate list, as of the date hereof, of each taxable year of each Loan
         Party for which federal income tax returns have been filed and for
         which the expiration of the applicable statute of limitations for
         assessment or collection has not occurred by reason of extension or
         otherwise (an "OPEN YEAR").

                  (iii) There is no unpaid amount, as of the date hereof, of
         adjustments to the federal income tax liability of each Loan Party
         proposed by the Internal Revenue Service with respect to Open Years. No
         issues have been raised by the Internal Revenue Service in respect of
         Open Years that, in the aggregate, could have a Material Adverse
         Effect.

                  (iv) There is no unpaid amount, as of the date hereof, of
         adjustments to the state, local and foreign tax liability of each Loan
         Party and its Subsidiaries and Affiliates proposed by all state, local
         and foreign taxing authorities (other than amounts arising from
         adjustments to federal income tax returns, if any). No issues have been
         raised by such taxing authorities that, in the aggregate, could have a
         Material Adverse Effect.

                  (v) The Transaction will not be taxable to the Parent
         Guarantor, the Borrower or any of its Subsidiaries, except for the
         payment of state documentary stamp tax, all of which has been paid.

                  (vi) The Parent Guarantor, the Borrower and its Subsidiaries
         have, as of the date hereof, no net operating loss carryforwards for
         U.S. federal income tax purposes.

                  (vii) All documentary stamp and intangible and similar taxes
         owing in respect of any of the Loan Documents (including, without
         limitation, the Mortgages) or which may come due under any contingency
         have been paid to the applicable taxing authority; PROVIDED, HOWEVER,
         that, notwithstanding anything to the contrary contained in this
         Agreement, unless the Administrative Agent has received evidence of
         payment of the Florida non recurring intangible personal property tax
         under Chapter 199 Florida Statutes (the "INTANGIBLE TAX") with respect
         to the Mortgages (including, without limitation, the Mortgage
         Modifications) or the Facility, then (A) subject to subsections (B) and
         (C) below, $292,000 shall at all times be maintained as Unused
         Commitment (the "INTANGIBLE TAX RESERVE"), which sum shall be allocated
         among the Lender Parties in

                                       44
<PAGE>

         accordance with their respective Pro Rata Shares; (B) in the event
         demand is made under the Subsidiary Guaranty, the Lenders shall have
         the right, without further consent of the Borrower, to fund Advances
         from the Intangible Tax Reserve in such amounts as may be necessary to
         pay any Intangible Tax; and (C) the Borrower may only request
         Borrowings from the Intangible Tax Reserve to pay Intangible Taxes.

                  (p) Neither the business nor the properties of any Loan Party
         are affected by any fire, explosion, accident, strike, lockout or other
         labor dispute, drought, storm, hail, earthquake, embargo, act of God or
         of a public enemy or other casualty (whether or not covered by
         insurance) that could be reasonably likely to have a Material Adverse
         Effect.

                  (q) Set forth on SCHEDULE 4.01(Q) hereto is a complete and
         accurate list of all Surviving Debt which, in each individual instance,
         is in a principal amount in excess of $1,000,000, as shown on the
         financial statements of the Parent Guarantor, the Borrower and its
         Subsidiaries for the period July 1, 2002 through March 31, 2003 or the
         interim financial statements of the Parent Guarantor, the Borrower and
         its Subsidiaries for the period April 1, 2003 through April 30, 2003
         previously delivered to the Administrative Agent, which schedule shows
         in each case the principal amount outstanding, the maturity date of
         such Surviving Debt and the amortization schedule (if any) therefor.

                  (r) All real property owned by the Borrower and its
         Subsidiaries is subject to the Lien of the Mortgages. The Borrower or
         such Subsidiary has good, marketable and insurable fee simple title to
         such real property, free and clear of all Liens, other than Liens
         created or permitted by the Loan Documents and, to the best of the
         Borrower's knowledge, all of the improvements located on such
         properties lie entirely within the boundaries of such properties and
         none of such improvements violate any minimum set-back requirements,
         other dimensional regulations or restrictions of record.

                  (s) Set forth on SCHEDULE 4.01(S) hereto is a complete and
         accurate list of all leases of real property under which the Borrower
         or any of its Subsidiaries is the lessee, showing as of the date hereof
         the street address, county or other relevant jurisdiction, state,
         lessor, lessee, expiration date and annual rental cost thereof. Each
         such lease is the legal, valid and binding obligation of the lessor
         thereof, enforceable in accordance with its terms and no default exists
         thereunder.

                  (t) Set forth on SCHEDULE 4.01(T) hereto is a complete and
         accurate list of all Investments held by the Borrower or any of its
         Subsidiaries, showing as of the date hereof the amount, obligor or
         issuer and maturity, if any, thereof.

                  (u) Set forth on SCHEDULE 4.01(U) hereto is a complete and
         accurate list of all patents, trademarks, trade names, service marks
         and copyrights, and all applications therefor and licenses thereof, of
         the Borrower or any of its Subsidiaries, showing as of the date hereof
         the jurisdiction in which registered, the registration number, the date
         of registration and the expiration date.

                  (v) The Liens described on the Mortgagee Title Insurance
         Policies and on the UCC searches delivered by the Borrower constitute a
         complete and accurate list of all Liens on the property or assets of
         the Borrower or any of its Subsidiaries, showing as of the date hereof
         the lienholder thereof, the principal amount of the obligations secured
         thereby and the property or assets of the Borrower or such Subsidiary
         subject thereto.

                                       45
<PAGE>

                  (w) No Default or Event of Default exists or would result from
         the incurring of any Obligations by the Borrower. None of the Borrower
         or any of the other Loan Parties is in default under or with respect to
         any Obligation in any respect which, individually or together with all
         such defaults, could reasonably be expected to have a Material Adverse
         Effect on such Person.

                  (x) The provisions of the Security Agreements are effective to
         create, in favor of the Administrative Agent, a legal, valid and
         enforceable security interest in all of the Collateral described
         therein; and the Collateral was delivered to the Administrative Agent
         or its nominee in accordance with the terms thereof. Each of the Liens
         of each Security Agreement constitutes a perfected security interest of
         the priority specified therein in all right, title and interest of the
         Borrower and each other Grantor, as defined in the Security Agreements,
         as the case may be, in the Collateral described therein.

                  (y) The provisions of the Mortgages are effective to create,
         in favor of the Administrative Agent, a legal, valid and enforceable
         security interest in all of the Collateral described therein. Each of
         the liens of the Mortgages constitutes a perfected security interest of
         the priority specified therein in all right, title and interest of the
         Operating Subsidiaries and each other mortgagor, as the case may be, in
         the Borrowing Base Properties described therein.

                  (z) All necessary and required franchises, licenses,
         authorizations, registrations, permits and approvals for the use and
         occupancy of each of the Borrowing Base Properties have been obtained
         from all governmental authorities having jurisdiction over such
         Collateral so as to permit the operation of each such Borrowing Base
         Property as herein contemplated. The Borrower has provided the
         Administrative Agent with true and correct copies of all of the
         certificates of occupancy and other licenses, permits and approvals
         respecting each of the Borrowing Base Properties of a discretionary
         nature (i.e., approvals which are not considered ministerial under
         applicable legal requirements, for example, zoning or use variances, or
         conditional use permits), and such licenses, permits and approvals
         remain in full force and effect without modification or exception.

                  (aa) The Operating Subsidiaries hold good and marketable fee
         simple title or, to the extent acceptable to the Administrative Agent
         in accordance with this Agreement, a valid leasehold interest, to each
         of the Borrowing Base Properties, free and clear of all liens, claims,
         assessments, encumbrances and rights of others other than the Permitted
         Liens. The Operating Subsidiaries shall preserve such title to each of
         the Borrowing Base Properties and will forever warrant and defend the
         same and the validity and priority of the Mortgages to the
         Administrative Agent against all claims whatsoever.

                  (bb) Each Borrowing Base Property is zoned under a use
         classification which allows such Borrowing Base Property to be used in
         accordance with its present or anticipated usage, which zoning is
         final, unconditional and in full force and effect. Each Borrowing Base
         Property is in compliance in all material respects with all applicable
         zoning and land use laws, regulations and ordinances. In the event that
         all or any part of the improvements on any of the Borrowing Base
         Properties are destroyed or damaged, zoning laws in effect at the time
         this representation is made do not prohibit the improvements from being
         legally reconstructed to their condition prior to such damage or
         destruction, and thereafter exist for the same use without violating
         any zoning or other ordinances applicable thereto and without the
         necessity of obtaining any variances or special permits. Each Borrowing
         Base Property contains enough permanent parking spaces to satisfy all
         requirements imposed by applicable laws with respect to parking. No
         legal proceedings are pending or threatened with respect to the zoning
         of any of the

                                       46
<PAGE>

         Borrowing Base Properties. Neither the zoning nor any other right to
         construct, use or operate any of the Borrowing Base Properties is in
         any way dependent upon any real estate other than the applicable
         Borrowing Base Property. No tract map, parcel map, condominium plan,
         condominium declaration, or plat of subdivision will be recorded with
         respect to any of the Borrowing Base Properties without the
         Administrative Agent's prior written consent, which shall not be
         unreasonably withheld or delayed.

                  (cc) The Borrower has provided the Administrative Agent with
         true and complete copies of each contract and agreement affecting each
         of the Borrowing Base Properties relating to the maintenance,
         development, operation or management thereof and which (i) involves
         annual payments thereunder in excess of $100,000 per year, and (ii) is
         not terminable without penalty or premium upon 30 days' (or less)
         notice.

                  (dd) Neither the Borrower nor any other Loan Party has
         received any notice from any governmental authority or from any Person
         with respect to any actual or threatened taking of any of the Borrowing
         Base Properties, or any portion thereof, for any public or quasi-public
         purpose by the exercise of the right of condemnation or eminent domain
         or of any moratorium which may affect the use, or operation of any such
         Borrowing Base Properties.

                  (ee) The Transaction is an exempt transaction under the
         Truth-in-Lending Act (15 U.S.C.A. ss. 1601, ET SEQ.).

                  (ff) Each Borrowing Base Property has access to and full
         utilization of completed public roads necessary for access to and full
         utilization of such Borrowing Base Property for its intended purposes.

                  (gg) A tax division has been effected with respect to each
         Borrowing Base Property so that it is taxed for ad valorem taxation
         without regard to or inclusion of any other property. No subdivision or
         other approval is necessary with respect to any of the Borrowing Base
         Properties in order for any Operating Subsidiary to mortgage, convey
         and otherwise deal with such Borrowing Base Property as a separate lot
         or parcel.

                  (hh) No Insolvency Proceeding has ever been initiated or
         threatened against the Borrower or any other Loan Party.

                  (ii) Except as set forth on SCHEDULE 4.01(S), there are no
         leases covering any portion of any of the Borrowing Base Properties,
         whether for present or future rights of occupancy, which cannot be
         terminated upon 30 days' notice. Except for Permitted Liens, neither
         the Borrower nor any other Loan Party has executed any prior assignment
         of the leases, nor has it performed any act or executed any other
         instrument which might prevent the Administrative Agent from operating
         under or enforcing any of the terms and conditions of the mortgages
         applicable to the Administrative Agent's security interest in such
         leases or which would limit the Administrative Agent in such operation.

                  (jj) All of the improvements situated on each Borrowing Base
         Properties are in good condition and repair. Neither the Borrower nor
         any other Loan Party is aware of any latent or patent structural or
         other significant defect or deficiency in the improvements. City water
         supply, storm and sanitary sewers, and electrical and telephone
         facilities are available to each Borrowing Base Property within the
         boundary lines of such Borrowing Base Property, and are sufficient to
         meet the reasonable needs of each Borrowing Base Property as now used
         or contemplated to be used; no other utility facilities are necessary
         to meet the reasonable needs of such Borrowing Base Property as now
         used; and the as-built condition of such Borrowing Base Property is
         such

                                       47
<PAGE>

         that surface and storm water does not accumulate in other than
         insubstantial quantities on the Borrowing Base Property and does not
         drain from the Borrowing Base Property across land of adjacent
         Borrowing Base Property owners. As shown on the "as built" survey for
         each Borrowing Base Property, none of the improvements on any of the
         Borrowing Base Properties create an encroachment over, across or upon
         any of the Borrowing Base Properties' boundary lines, rights of way or
         easements, and no building or other improvement on adjoining land
         creates such an encroachment.

                  (kk) Except for Permitted Liens, there are no mechanics' or
         materialmen's liens, alienable bills or other claims constituting or
         that may constitute a lien on any of the Borrowing Base Properties or
         any part thereof, and no work for which any such lien could be asserted
         has been performed within the last 90 days, a claim for which has not
         been insured against under the Mortgagee Title Insurance Policies
         relating to the Borrowing Base Property upon which such work has been
         performed.

                  (ll) No Loan Party has made any extension of credit to any of
         its directors or executive officers in contravention of the
         restrictions set forth in Section 402(a) of Sarbanes-Oxley.

                  (mm) Each representation and warranty set forth in Article 4
         of the Existing Agreement is true, correct and complete as of the
         Closing Date, subject to the revised Schedules included herein.

                                    ARTICLE V
                                    COVENANTS

                  SECTION 5.01. AFFIRMATIVE COVENANTS. So long as any Advance or
any other Obligation of any Loan Party under or in respect of any Loan Document
shall remain unpaid, or any Letter of Credit shall be outstanding, or any Lender
Party shall have any Commitment hereunder, the Borrower shall:

                  (a) COMPLIANCE WITH LAWS, ETC. Comply, and cause each of its
         Subsidiaries to comply, with all applicable federal, state and local
         laws, rules, regulations and orders, such compliance to include,
         without limitation, compliance with ERISA, Sarbanes-Oxley and the
         Racketeer Influenced and Corrupt Organizations Chapter of the Organized
         Crime Control Act of 1970.

                  (b) PAYMENT OF TAXES, ETC. Pay and discharge, and cause each
         of its Subsidiaries to pay and discharge, before the same shall become
         delinquent, (i) all taxes, assessments and governmental charges or
         levies imposed upon it or upon its property and (ii) all lawful claims
         that, if unpaid, might by law become a Lien upon its property which is
         not otherwise permitted hereunder; PROVIDED, HOWEVER, that neither the
         Borrower nor any of its Subsidiaries shall be required to pay or
         discharge any such tax, assessment, charge or claim that is being
         contested in good faith and by proper proceedings (and, as to the
         Borrowing Base Properties, in compliance with the Mortgages) and as to
         which appropriate reserves are being maintained, unless and until any
         Lien resulting therefrom attaches to its property and becomes
         enforceable against its other creditors.

                  (c) COMPLIANCE WITH ENVIRONMENTAL LAWS. (i) Comply, and cause
         each of its Subsidiaries and all lessees and other Persons operating or
         occupying its properties to comply with all applicable Environmental
         Laws and Environmental Permits (other than any non-

                                       48
<PAGE>

         compliance that would not (if enforced in accordance with applicable
         law) result in liability to the Borrower or any of its Subsidiaries in
         the amount in excess of $50,000 and is not, by applicable law, required
         to be reported to any governmental authority); PROVIDED, HOWEVER, that
         the foregoing qualification shall in no way diminish the obligations of
         Borrower and its Subsidiaries under the Environmental Indemnity
         Agreement; (ii) obtain and renew and cause each of its Subsidiaries to
         obtain and renew all Environmental Permits necessary for its operations
         and properties; and (iii) conduct, and cause each of its Subsidiaries
         to conduct, any investigation, study, sampling and testing, and
         undertake any cleanup, removal, remedial or other action necessary to
         remove and clean up all Hazardous Materials from any of its properties,
         in accordance with the requirements of all Environmental Laws.

                  (d) MAINTENANCE OF INSURANCE. Maintain, and cause each of its
         Subsidiaries to maintain, insurance with responsible and reputable
         insurance companies or associations in such amounts and covering such
         risks as required by the Collateral Documents.

                  (e) PRESERVATION OF ORGANIZATIONAL EXISTENCE, ETC. Preserve
         and maintain, and cause each of the Operating Subsidiaries to preserve
         and maintain, (i) its existence (corporate or otherwise) and rights
         (charter and statutory) and (ii) its permits, licenses, approvals,
         privileges and franchises.

                  (f) VISITATION RIGHTS. At any reasonable time and from time to
         time, upon reasonable prior notice, permit the Administrative Agent or
         any of the Lender Parties or the Administrative Agent or
         representatives thereof, to examine and make copies of and abstracts
         from the records and books of account of, and visit the properties of,
         the Borrower and any of its Subsidiaries, and to discuss the affairs,
         finances and accounts of the Borrower and any of its Subsidiaries with
         any of their officers or directors and with their independent certified
         public accountants.

                  (g) KEEPING OF BOOKS. Keep, and cause each of its Subsidiaries
         to keep, proper books of record and account, in which full and correct
         entries shall be made of all financial transactions and the assets and
         business of the Borrower and each such Subsidiary in accordance with
         generally accepted accounting principles in effect from time to time.

                  (h) MAINTENANCE OF PROPERTIES, ETC. Maintain and preserve, and
         cause each of its Subsidiaries to maintain and preserve, all of its
         properties (and, in the case of the Borrowing Base Properties, in
         compliance with the Mortgages) that are reasonably required in the
         conduct of its business in good working order and condition, ordinary
         wear and tear excepted; PROVIDED, HOWEVER, that the Borrower shall at
         all times maintain, in cash or in the aggregate amount of all Unused
         Commitments (provided that any such Unused Commitments maintained with
         respect to the FF&E Reserve, taken together with Advances then
         outstanding, are in compliance with Section 2.05(b)(i)), an FF&E
         Reserve for any month equal to 4% of Total Revenue for a consecutive 12
         calendar month period ending the last day of such month; PROVIDED
         FURTHER, HOWEVER, that, for such period, this required amount shall be
         reduced by any monies actually spent on the Borrowing Base Properties
         during the same period for FF&E. This shall be tested on a quarterly
         basis.

                  (i) TRANSACTIONS WITH AFFILIATES. Conduct, and cause each of
         its Subsidiaries to conduct, all transactions otherwise permitted under
         the Loan Documents with any of their Affiliates on terms that are fair
         and reasonable and not less favorable to the Borrower or such
         Subsidiary than it would obtain in a comparable arm's-length
         transaction with a Person not an

                                       49
<PAGE>

         Affiliate; PROVIDED, HOWEVER, that this Section 5.01(i) shall not apply
         to the Management Contracts.

                  (j) FURTHER ASSURANCES. (i) Promptly upon request by the
         Administrative Agent, or any Lender Party through the Administrative
         Agent, correct any material defect or error that may be discovered in
         any Loan Document or in the execution, acknowledgment, filing or
         recordation thereof, and

                  (ii) Promptly upon request by the Administrative Agent, or any
         Lender Party through the Administrative Agent, do, execute,
         acknowledge, deliver, record, re-record, file, re-file, register and
         re-register any and all such further acts, deeds, conveyances, pledge
         agreements, mortgages, assignments, financing statements and
         continuations thereof, termination statements, notices of assignment,
         transfers, certificates, assurances and other instruments as the
         Administrative Agent, or any Lender Party through the Administrative
         Agent, may reasonably require from time to time in order to (A) carry
         out more effectively the purposes of the Loan Documents, (B) to the
         fullest extent permitted by applicable law, subject any Loan Party's or
         any of its Subsidiaries' properties, assets, rights or interests to the
         Liens now or hereafter intended to be covered by any of the Collateral
         Documents, (C) perfect and maintain the validity, effectiveness and
         priority of any of the Collateral Documents and any of the Liens
         intended to be created thereunder and (D) assure, convey, grant,
         assign, transfer, preserve, protect and confirm more effectively unto
         the Administrative Agent and the Lender parties the rights granted or
         now or hereafter intended to be granted to the Administrative Agent and
         the Lender Parties under any Loan Document or under any other
         instrument executed in connection with any Loan Document to which any
         Loan Party or any of its Subsidiaries is or is to be a party, and cause
         each of its Subsidiaries to do so.

                  (k) PERFORMANCE OF RELATED DOCUMENTS AND OTHER MATERIAL
         AGREEMENTS. Perform and observe, and cause each of its Subsidiaries to
         perform and observe, all of the terms and provisions of each Related
         Document and other material agreements to be performed or observed by
         it, maintain each such Related Document and other material agreements
         in full force and effect, enforce such Related Document and other
         material agreements in accordance with its terms, take all such action
         to such end as may be from time to time reasonably requested by the
         Administrative Agent and, upon the reasonable request of the
         Administrative Agent, make to each other party to each such Related
         Document and other material agreements such demands and requests for
         information and reports or for action as such Loan Party or any of its
         Subsidiaries is entitled to make under such Related Document and other
         material agreements.

                  (l) PREPARATION OF ENVIRONMENTAL REPORTS. At the request of
         the Administrative Agent, provide to the Lender Parties within 60 days
         after such request, at the expense of the Borrower (provided, HOWEVER,
         that Borrower shall only be required to pay for such report after the
         occurrence and continuation of an Event of Default or if the
         Administrative Agent's request results from its belief that there has
         been a release or threatened release of Hazardous Materials at any of
         Borrower's or any of its Subsidiaries' property), a Phase I
         environmental site assessment report for any of its or its
         Subsidiaries' properties described in such request, prepared by an
         environmental consulting firm acceptable to the Administrative Agent
         (and, if based upon the recommendation of such environmental consulting
         firm, a Phase II environmental site assessment report) indicating the
         presence or absence of Hazardous Materials and the estimated cost of
         any compliance, removal or remedial action in connection with any
         Hazardous Materials on such properties; without limiting the generality
         of the foregoing, if the Administrative Agent determines at any time
         that a material risk exists that any such requested report will not be
         provided within the time referred to above, the Administrative Agent
         may retain an

                                       50
<PAGE>

         environmental consulting firm to prepare such report at the expense of
         the Borrower, and the Borrower hereby grants and agrees to cause any
         Subsidiary that owns any property described in such request to grant at
         the time of such request, to the Administrative Agent, the Lender
         Parties, such firm and any agents or representatives thereof an
         irrevocable non-exclusive license, subject to the rights of tenants, to
         enter onto their respective properties to undertake such an assessment.

                  (m) COMPLIANCE WITH TERMS OF LEASEHOLDS. Make all payments and
         otherwise perform all obligations in respect of all leases of real
         property to which the Borrower or any of its Subsidiaries is a party,
         keep such leases in full force and effect and not allow such leases to
         lapse or be terminated or any rights to renew such leases to be
         forfeited or canceled, notify the Administrative Agent of any material
         default by any party with respect to such leases and cooperate with the
         Administrative Agent in all respects to cure any such default, and
         cause each of its Subsidiaries to do so except, in any case, where the
         failure to do so, either individually or in the aggregate, could not be
         reasonably likely to have a Material Adverse Effect.

                  (n) APPRAISALS. Cause to be delivered appraisals of any or all
         of the Borrowing Base Properties as may be requested either by the
         Borrower or any Lender subject to the approval of the Required Lenders
         at any time; PROVIDED, HOWEVER, that if the appraisal is requested by
         the Lenders the Borrower shall be required to pay for only one such
         appraisal per property per Fiscal Year. The selection of an appraiser
         for purposes of determining the Appraised Value shall be subject to the
         approval of the Administrative Agent.

                  (o) MANAGEMENT. Cause the Managers to operate each of the
         Borrowing Base Properties at all times consistent with the manner as
         currently operated as first-class luxury hotels, cause the Borrowing
         Base Properties to be managed by the Managers in accordance with the
         terms of the Management Contracts, perform and observe all the terms
         and provisions of the Management Contracts to be performed or observed
         by the Borrower or its Subsidiaries, maintain the Management Contracts
         in full force and effect, enforce the Management Contracts in
         accordance with their terms, take such action to such end as may be
         from time to time reasonably requested by the Administrative Agent and,
         upon the request of the Administrative Agent, make to the Managers such
         demands and requests for information and reports or for action as the
         Borrower is entitled to make under the Management Contracts. The
         Management Contracts (or any of them) may be terminated by the
         Administrative Agent upon 30 days' prior written notice to the Borrower
         after a Default has occurred or is continuing.

                  (p) SINGLE PURPOSE ENTITY. Remain, and shall cause each of its
         Subsidiaries to remain, at all times, a Single Purpose Entity.

                  (q) MAINTENANCE OF BANK ACCOUNTS. Maintain, and cause each of
         its Subsidiaries to maintain, bank accounts and a cash management
         system for blocked accounts acceptable to the Administrative Agent and,
         upon an Event of Default, lockbox accounts.

                  (r) INTEREST RATE PROTECTION AGREEMENTS. To the extent
         Advances exceed $50,000,000, the Borrower will purchase interest rate
         caps for fifty percent (50%) of such excess amount on a basis
         acceptable to the Administrative Agent; PROVIDED, HOWEVER, that
         Borrower shall not be required to purchase any interest rate caps as
         required by this Section 5.01(r) so long as not more than twenty-five
         percent (25%) of Total Funded Debt accrues interest at a variable rate
         ("VARIABLE RATE DEBT"). For purposes of this Section 5.01(r), any Debt
         of Parent Guarantor or its Subsidiaries which accrues interest at a
         variable rate but for which Parent Guarantor or its subsidiaries has
         purchased an interest rate cap or a fixed rate rate swap shall not be
         deemed Variable Rate Debt.

                                       51
<PAGE>

                  (s) APPLICATION OF GROSS REVENUES. Promptly apply all gross
         revenues from the Borrowing Base Properties to the payment of all
         current and past due operating expenses of the Borrowing Base
         Properties and to the repayment of all principal, interest expense,
         fees and other sums currently due or past due under the Loan Documents,
         including, but not limited to, all reserve payments and any escrow or
         impound payments required pursuant thereto.

                  (t) FF&E RESERVE. Upon the occurrence or continuance of an
         Event of Default, transfer, and cause the Operating Subsidiaries to
         transfer, the FF&E Reserves applicable to the Borrowing Base Properties
         owned by it to the FF&E Reserve Account.

                  (u) MAINTAIN SOLVENCY. Remain, and shall cause the Parent
         Guarantor and each of the Subsidiaries of the Borrower to remain, at
         all times, Solvent.

                  (v) BORROWING BASE AMOUNT. Maintain, and cause each of its
         Subsidiaries to maintain, the Borrowing Base Amount (less the
         Intangible Tax Reserve) as defined in Section 1.01 hereto in excess of
         all outstanding Advances.

                  (w) REGISTRY MECHANICS' LIENS. Remove of record, or cause to
         be removed of record, within forty-five (45) days after the Closing
         Date, all claims of liens of record recorded against the Registry
         property, as described with particularity in that certain Endorsement
         No. 2 to Chicago Title Insurance Company Loan Policy No. 10 1141 107
         00000052 issued to Administrative Agent on or about the date hereof.

                  (x) INTELLECTUAL PROPERTY SECURITY AGREEMENT. Cause to be
         executed and delivered to the Administrative Agent by the Subsidiary
         Guarantors, within ten (10) days after the Closing Date, an
         intellectual property security agreement substantially in the form
         attached as Exhibit D to the Subsidiary Guarantor Security Agreement.

                  SECTION 5.02. NEGATIVE COVENANTS. So long as any Advance or
any other Obligation of any Loan Party under or in respect of any Loan Document
shall remain unpaid or any Letter of Credit shall be outstanding, or any Lender
Party shall have any Commitment hereunder, the Borrower shall not, and shall not
permit or suffer the Subsidiary Guarantors to, at any time:

                  (a) LIENS, ETC. Create, incur, assume or suffer to exist, or
         permit any of its Subsidiaries to create, incur, assume or suffer to
         exist, any Lien on or with respect to any of its properties of any
         character (including, without limitation, accounts) whether now owned
         or hereafter acquired, or sign or file or suffer to exist, or permit
         any of its Subsidiaries to sign or file or suffer to exist, under the
         Uniform Commercial Code of any jurisdiction, a financing statement that
         names the Subsidiary Guarantor, the Borrower or any of its Subsidiaries
         as debtor, or sign or suffer to exist, or permit any of its
         Subsidiaries to sign or suffer to exist, any security agreement
         authorizing any secured party thereunder to file such financing
         statement, or assign, or permit any of its Subsidiaries to assign, any
         accounts or other right to receive income, EXCLUDING, HOWEVER, from the
         operation of the foregoing restrictions the following:

                           (i)      Liens created under the Loan Documents;

                           (ii)     Permitted Liens or Permitted Encumbrances;

                           (iii) Liens on the FF&E (including, without
                  limitation, purchase money liens on FF&E) arising in the
                  ordinary course of business;

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<PAGE>

                           (iv) any leases of FF&E, subject to (x) the limit on
                  Capital Leases set forth in subsection (b) below, and (y) the
                  Administrative Agent's receipt of any such leases, together
                  with evidence of lessee's right to assign its interest under
                  the lease to the Administrative Agent as additional security
                  and lessor's (i) consent to such collateral assignment and
                  (ii) agreement to accept any cures by the Administrative Agent
                  in the event of a default under the lease;

                            (v) Liens existing on the date hereof and described
                  on SCHEDULE 5.02(A)(V) hereto;

                           (vi) Liens arising in connection with Capitalized
                  Leases permitted under Section 5.02(b)(iv); PROVIDED that no
                  such Lien shall extend to or cover any Collateral or assets
                  other than the assets subject to such Capitalized Leases;

                           (vii) the filing of financing statements solely as a
                  precautionary measure in connection with operating leases
                  permitted under Section 5.02(b)(iii); and

                           (viii) the replacement, extension or renewal of any
                  Lien permitted by clause (iii) above upon or in the same
                  property theretofore subject thereto or the replacement,
                  extension or renewal (without increase in the amount or change
                  in any direct or contingent obligor) of the Debt secured
                  thereby.

                  (b) DEBT. Create, incur, assume or suffer to exist, or permit
         any of its Subsidiaries to create, incur, assume or suffer to exist,
         any Debt other than:

                           (i) Debt under the Loan Documents;

                           (ii) Debt under the Subordinated Guaranty;

                           (iii) Capitalized Leases not to exceed, together with
                  Debt permitted under Section 5.02(b)(iv), $2,000,000 with
                  respect to each Borrowing Base Property at any time
                  outstanding and $6,000,000 for the Borrowing Base Properties
                  in the aggregate at any time outstanding;

                           (iv) Debt secured by Liens permitted by Section
                  5.02(a)(iii) not to exceed, together with Debt permitted under
                  Section 5.02(b)(iii), $2,000,000 with respect to each
                  Borrowing Base Property at any time outstanding and $6,000,000
                  for the Borrowing Base Properties in the aggregate at any time
                  outstanding;

                           (v) Endorsement of negotiable instruments for deposit
                  or collection or similar transactions in the ordinary course
                  of business; and

                           (vi) Debt of any Subsidiary Guarantor to the Borrower
                  or to the Parent Guarantor or of the Borrower to the Parent
                  Guarantor so long as such Debt (a) is expressly subordinated
                  to the Obligations hereunder (such subordination shall be
                  satisfactory to the Administrative Agent in its sole
                  discretion), and (b) is evidenced by a written instrument
                  which is pledged and delivered by the holder thereof as
                  collateral for the Obligations hereunder.

                  (c) CHANGE IN NATURE OF BUSINESS. Make, or permit any of its
         Subsidiaries to make, any material change in the nature of its business
         as carried on at the date hereof.

                                       53
<PAGE>

                  (d) MERGERS, ETC. Merge into or consolidate the Borrower or
         the Operating Subsidiaries with any Person or permit any Person to
         merge into the Borrower or the Operating Subsidiaries, or permit any of
         the Operating Subsidiaries to do so.

                  (e) SALES, ETC., OF ASSETS. Sell, lease, transfer or otherwise
         dispose of, or permit any of its Subsidiaries to sell, lease, transfer
         or otherwise dispose of, any assets, or grant any option or other right
         to purchase, lease or otherwise acquire any assets, except:

                           (i) sales of Inventory, as defined in the Security
                  Agreements (including, without limitation, sales of obsolete
                  Inventory), in the ordinary course of its business;

                           (ii) sales or trade-ins of used equipment for fair
                  value in the ordinary course of business for like assets or
                  cash in an aggregate amount for all of the Borrowing Base
                  Properties not to exceed $250,000 in any Fiscal Year;

                           (iii) the Borrower shall have the right to sell the
                  whole of any Borrowing Base Property (but not less than the
                  whole), but not more than two Borrowing Base Properties, and
                  obtain from the Administrative Agent such reconveyances of the
                  Mortgages securing such Borrowing Base Properties and the
                  release or reconveyance of such other Collateral that shall
                  constitute such Borrowing Base Property, upon and subject to
                  satisfaction of each of the following conditions as determined
                  in good faith by the Administrative Agent: (A) at the option
                  of the Administrative Agent, the Administrative Agent shall
                  have received, for the benefit of the Lender Parties and at
                  the Borrower's cost and expense, an irrevocable commitment
                  from a title company acceptable to the Administrative Agent
                  that such company shall issue an endorsement to the Mortgagee
                  Title Insurance Policies that the release will not affect the
                  lien priority of the Mortgages of those Borrowing Base
                  Properties that are not sold, which commitment and endorsement
                  shall be in form and substance satisfactory to the
                  Administrative Agent; (B) each Guarantor shall have executed
                  and delivered to the Administrative Agent such documents in
                  form and substance satisfactory to the Lenders as are
                  necessary to reaffirm the continued effectiveness and
                  enforceability of the Guaranties following such release; (C)
                  no Default shall then exist as a result of such sale or shall
                  occur; (D) the Borrower shall reimburse the Administrative
                  Agent for all reasonable costs and expenses (including,
                  without limitation, attorneys' fees) which the Administrative
                  Agent incurs in connection with any sale hereunder; (E) the
                  Administrative Agent shall have received a Borrowing Base
                  Certificate and monthly financial statements demonstrating
                  that after giving effect to the release (and any intended
                  pay-down in connection with the release) the principal amount
                  of the then outstanding Advances does not exceed the Borrowing
                  Base Amount (less the Intangible Tax Reserve); and (F) the
                  Loan Parties shall deliver such additional documents as
                  Administrative Agent may reasonably request to evidence such
                  Loan Parties' acknowledgment of their continuing obligations
                  under the Loan Documents. No sale of any of the Borrowing Base
                  Properties shall affect the Borrower's obligations under the
                  Indemnity Agreement; and

                           (iv) the transfer of any Pledged Shares to any
                  Subsidiary Guarantors in accordance with the provisions of
                  Section 5.02(q).

                  (f) INVESTMENTS. Make or hold, or permit any of its
         Subsidiaries to make or hold, any Investment other than Investments by
         the Borrower and its Subsidiaries in:

                                       54
<PAGE>

                           (i) wholly owned Subsidiaries of the Borrower or the
                  Subsidiary Guarantor outstanding on the date hereof;

                           (ii) the Parent Guarantor, subject to the
                  requirements set forth in Section 5.02(b)(vi);

                           (iii) loans and advances to employees in the ordinary
                  course of the business of the Borrower and its Subsidiaries as
                  presently conducted in an aggregate principal amount not to
                  exceed $2,000,000 at any time outstanding;

                           (iv) Investments by the Borrower and its Subsidiaries
                  in demand deposit accounts maintained in the ordinary course
                  of business with any Person of the type referred to in clause
                  (i), (ii), (iii), (iv) or (v) of the definition of "ELIGIBLE
                  ASSIGNEE" and in Cash Equivalents on deposit in Blocked
                  Accounts (as defined in the Security Agreements); and

                           (v) Investments existing on the date hereof and
                  described on SCHEDULE 4.01(T) hereto;

                  (g) RESTRICTED PAYMENTS. So long as any Default shall have
         occurred and be continuing at the time of any action described in this
         Section 5.02(g) or would result therefrom, declare or pay any
         dividends, purchase, redeem, retire, defease or otherwise acquire for
         value any of its Equity Interests now or hereafter outstanding, return
         any capital to its stockholders, partners or members (or the equivalent
         Persons thereof) as such or issue or sell any Equity Interests or
         accept any capital contributions, or permit any of its Subsidiaries to
         purchase, redeem, retire, defease or otherwise acquire for value Equity
         Interests of the Borrower or its Subsidiaries or to issue or sell any
         Equity Interests therein.

                  (h) AMENDMENT OF CONSTITUTIVE DOCUMENTS. Amend, or permit any
         of its Subsidiaries to amend, its certificate of incorporation,
         articles of organization, bylaws, operating agreement or other
         constitutive documents.

                  (i) ACCOUNTING CHANGES. Make or permit, or permit any of its
         Subsidiaries to make or permit, any change in (A) accounting policies
         or reporting practices, except as required by generally accepted
         accounting principles or (B) the Fiscal Year; PROVIDED, HOWEVER, that
         the Borrower and its Subsidiaries may each change its Fiscal Year to
         December 31 to conform to a change by the Parent Guarantor.

                  (j) PREPAYMENTS, ETC., OF DEBT. (i) Prepay, redeem, purchase,
         defease or otherwise satisfy prior to the scheduled maturity thereof in
         any manner, or make any payment in violation of any subordination terms
         of, any Debt, other than (x) the prepayment of the Advances in
         accordance with the terms of this Agreement, and (y) if before and
         after giving effect to any such prepayment, redemption, purchase,
         defeasance or other satisfaction, no Default has occurred or would
         result therefrom, regularly scheduled or required repayments or
         redemptions of Surviving Debt, or (ii) amend, modify or change in any
         manner any term or condition of any Surviving Debt, or permit any of
         its Subsidiaries to do any of the foregoing other than to prepay any
         Debt payable to the Borrower, Parent or any Subsidiary Guarantor
         permitted under Section 5.02(b)(vi) hereunder.

                  (k) AMENDMENT, ETC., OF RELATED DOCUMENTS. Without the prior
         written consent of the Administrative Agent, (i) cancel or terminate
         any Related Document or consent to or accept

                                       55
<PAGE>

         any cancellation or termination thereof, (ii) amend, modify or change
         in any manner any term or condition of any Related Document or material
         agreements, (iii) give any consent, waiver or approval thereunder, (iv)
         waive any default under or any breach of any term or condition of any
         Related Document or material agreements, (v) agree in any manner to any
         other amendment, modification or change of any term or condition of any
         Related Document or material agreements or (vi) take any other action
         in connection with any Related Document or material agreements that
         would impair the value of the interest or rights of any Loan Party
         thereunder or that would impair the rights or interests of the
         Administrative Agent or any Lender Party.

                  (l) NEGATIVE PLEDGE. Enter into or suffer to exist, or permit
         any of its Subsidiaries to enter into or suffer to exist, any agreement
         prohibiting or conditioning the creation or assumption of any Lien upon
         any of its property or assets other than (i) in favor of the
         Administrative Agent for the benefit of the Lender Parties or (ii) in
         connection with (A) the existing terms of the Indenture evidencing the
         Subordinated Notes, (B) Capitalized Leases and purchase money Debt to
         the extent permitted under Section 5.02(b)(iii) and solely to the
         extent such agreement is limited to the property covered by such Liens,
         and (C) any Debt outstanding on the date of acquisition of a Subsidiary
         by any Loan Party, so long as such agreement was not entered into
         solely in contemplation of such Subsidiary being so acquired.

                  (m) PARTNERSHIPS. Become a general partner in any general or
         limited partnership or joint venture, or permit any of its Subsidiaries
         to do so other than any Subsidiary Guarantor, the sole assets of which
         consist of its interest in such partnership or joint venture and to the
         extent permitted by Section 5.02(f)(ii).

                  (n) FORMATION OF SUBSIDIARIES. Organize or invest, or permit
         any Subsidiary to organize or invest, in any new Subsidiary unless such
         new Subsidiary: (i) is wholly owned by the Borrower and the Borrower
         pledges its interest therein as collateral for all Obligations
         hereunder; (ii) executes a guaranty of the Obligations hereunder; (iii)
         pledges all interests in any Subsidiary Guarantor for collateral for
         all Obligations hereunder; (iv) is a Single Purpose Entity; and (v)
         otherwise comply with the requirements of subsection (q) below

                  (o) PAYMENT RESTRICTIONS AFFECTING SUBSIDIARIES. Directly or
         indirectly, enter into or suffer to exist, or permit any of its
         Subsidiaries to enter into or suffer to exist, any agreement or
         arrangement limiting the ability of any of its Subsidiaries to declare
         or pay dividends or other distributions in respect of its Equity
         Interests or repay or prepay any Debt owed to, make loans or advances
         to, or otherwise transfer assets to or invest in, the Borrower or any
         Subsidiary of the Borrower (whether through a covenant restricting
         dividends, loans, asset transfers or investments, a financial covenant
         or otherwise), except (i) the Loan Documents, (ii) the existing terms
         of the Indenture evidencing the Subordinated Notes and (iii) any
         agreement in effect at the time such Subsidiary becomes a Subsidiary of
         the Borrower, so long as such agreement was not entered into solely in
         contemplation of such Person becoming a Subsidiary of the Borrower.

                  (p) OTHER TRANSACTIONS. Engage, or permit any of its
         Subsidiaries to engage, in any transaction involving commodity options
         or futures contracts or any similar speculative transactions
         (including, without limitation, take-or-pay contracts).

                  (q) NO TRANSFER. The Borrower acknowledges that, in entering
         into the Facility, the Lenders have relied to a material extent upon
         the particular business reputation, expertise, creditworthiness, and
         individual net worth of the Borrower, the Subsidiary Guarantors, and
         all of the other persons, partnerships, trusts, corporations or other
         entities who have a direct or indirect interest in the Borrower and the
         Subsidiary Guarantors and upon the continuing interest which

                                       56
<PAGE>

         such persons, partnerships, trusts, corporations or other entities, as
         owners of direct or indirect interests in the Borrower and the
         Subsidiary Guarantors, will have in the Borrowing Base Properties and
         the Pledged Shares. Except as provided in Section 6.01 below, an Event
         of Default shall occur hereunder, and the Administrative Agent shall
         have the right, in its sole option, to declare the principal and
         interest under the Note and all sums provided herein immediately due
         and payable if, without the prior written consent of the Administrative
         Agent, which may be given or withheld in its sole discretion: (1) any
         of the Parent Guarantor, the Borrower or the Subsidiary Guarantors (i)
         sells, conveys, transfers, disposes of, or otherwise alienates their
         interests in the Borrowing Base Properties or the Pledged Shares, or
         any interest therein, whether voluntarily, by the operation of law, or
         otherwise, or (ii) executes a contract to do any of the foregoing
         (unless the closing of such contract is expressly contingent upon
         obtaining the Administrative Agent's consent to the foregoing); (2)
         there occurs a change, whether directly or indirectly, in the
         composition, control, ownership or structure of the Borrower or the
         Subsidiary Guarantors (except as permitted by Section 5.02(e) hereof),
         including (i) any direct or indirect change in, or any change in direct
         or indirect ownership interests held by, any entity comprising such
         Person, of whatever tier (PROVIDED that the foregoing shall not
         prohibit transfers of interests in the Parent Guarantor) or (ii) any
         termination of the existence of any such Person or any entity
         comprising such, or any of the members or partners therein or
         beneficial owners thereof, of whatever tier; or (3) any change in the
         Managers, or any direct or indirect change in the composition, control,
         ownership or structure of Managers (each of the events described in
         clauses (1) through (3) above are referred to hereinafter as a
         "TRANSFER"). Consent to a Transfer or consent to any other event
         requiring consent in accordance with the foregoing shall be granted or
         withheld in the Administrative Agent's discretion and, if granted,
         shall not constitute a waiver of the requirement of consent for
         subsequent Transfers or other events. Notwithstanding anything to the
         contrary contained herein, subject to satisfying each of the conditions
         set forth in Section 3.01 and pursuant to Section 5.02(e), the
         Administrative Agent shall not withhold its consent to the following
         Transfers ("PERMITTED TRANSFERS"): (i) Transfers of immaterial portions
         of the Borrowing Base Properties to governmental authorities in
         accordance with the condemnation provisions of the Mortgages; (ii)
         Liens permitted pursuant to Section 5.02(a); (iii) sales of the whole
         of a Borrowing Base Property in accordance with Section 5.02(e)(iii)
         and (iv) leases permitted pursuant to Section 5.02(b). Notwithstanding
         anything in this Section 5.02(q) to the contrary, a Transfer of Equity
         Interests in any Subsidiary Guarantor other than an Operating
         Subsidiary shall be deemed a Permitted Transfer upon satisfaction of
         the following conditions, as determined by the Administrative Agent:

                           (1) at all times the Parent Guarantor shall own,
                  directly or indirectly, all of the Equity Interests in the
                  Borrower and all such Equity Interests remain subject to a
                  first priority Lien pursuant to the Parent Guarantor Security
                  Agreement;

                           (2) at all times the Borrower or a Subsidiary
                  Guarantor shall own, directly or indirectly, all of the Equity
                  Interests in the Person to whom the Equity Interests are
                  proposed to be transferred (the "PROPOSED TRANSFEREE") and all
                  such Equity Interests shall remain subject to a first priority
                  Lien in favor of the Administrative Agent. In the event the
                  Proposed Transferee is not an existing Subsidiary Guarantor
                  which has pledged all of its Equity Interests to the
                  Administrative Agent as security for the Obligations under the
                  Loan Documents, the Proposed Transferee shall execute a
                  Subsidiary Guaranty and either become a party to the
                  Subsidiary Guaranty Security Agreement (through the execution
                  of such amendments, supplements, or addendum as the
                  Administrative Agent may require) or execute such other
                  security agreement as may be acceptable in form and substance
                  to the Administrative Agent. The Administrative Agent shall
                  also have received such UCC financing statements and other
                  documents, certificates

                                       57
<PAGE>

                  and instruments as may be necessary or appropriate in the
                  Administrative Agent's judgment to perfect its Lien on the
                  Equity Interests proposed to be transferred;

                           (3) no Default or Event of Default shall then exist
                  under the Loan Documents; the Proposed Transferee must be, and
                  the Borrower and each Subsidiary Guarantors must remain, a
                  Single Purpose Entity;

                           (4) the Transfer shall not constitute a default or an
                  event of default under any Related Documents or any other
                  material agreements of any Loan Party;

                           (5) each of the Loan Documents, including, without
                  limitation, the Mortgages, shall be in full force and effect
                  and, at the Administrative Agent's request, the Administrative
                  Agent shall have received reaffirmations of the obligations
                  thereunder, in a form satisfactory to the Administrative
                  Agent, from the Borrower and any other Loan Parties as
                  requested by the Administrative Agent;

                           (6) not less than five Business Days prior to the
                  date of any Transfer, the Administrative Agent shall have
                  received copies of all organization documents of the Proposed
                  Transferee and such organization documents shall be consistent
                  with each of the requirements otherwise set forth in this
                  Agreement and the other Loan Documents;

                           (7) no Transfer permitted hereunder or otherwise
                  permitted by the Administrative Agent shall release the
                  Borrower or any Loan Party from any liability, if any,
                  hereunder, under the Loan Documents or under any other
                  agreement executed in connection with the Loan Documents;

                           (8) such Transfer shall not result in the tax
                  termination of the Borrower or any Operating Subsidiary;

                           (9) at the Administrative Agent's election, the
                  Administrative Agent shall have received an endorsement to its
                  lender's policy of title insurance issued in connection with
                  the Loan Documents confirming that such transfer shall not
                  affect the continuing lien priority of the Mortgages; and

                           (10) the Borrower shall have paid all of the
                  Administrative Agent's administrative expenses, including,
                  without limitation, reasonable fees and disbursements of the
                  Administrative Agent's counsel, incurred in connection with
                  the Administrative Agent's review of such transfer.

                  (r) SUBORDINATED NOTES AND GUARANTY. Amend, or permit, cause,
         or suffer any of its Subsidiaries or the Parent Guarantor to amend the
         Indenture, Note Purchase Agreement, or any other documents evidencing,
         supporting, or otherwise relating to the Subordinated Notes or the
         Subordinated Guaranty. Any such amendments without the consent of the
         Administrative Agent shall be deemed void.

                  SECTION 5.03. BORROWER REPORTING REQUIREMENTS. So long as any
Obligation of any Loan Party under or in respect of any Loan Document shall
remain unpaid, or any Letter of Credit shall be outstanding, or any Lender Party
shall have any Commitment hereunder, the Borrower will furnish to the
Administrative Agent and the Lender Parties:

                                       58
<PAGE>

                  (a) DEFAULT NOTICES. As soon as possible and in any event
         within two Business Days after the occurrence of each Default or any
         event, development or occurrence reasonably likely to have a Material
         Adverse Effect continuing on the date of such statement, a statement of
         the Chief Financial Officer or Chief Accounting Officer of the Borrower
         setting forth details of such Default, event, development or occurrence
         and the action that the Borrower has taken and proposes to take with
         respect thereto.

                  (b) MONTHLY FINANCIALS. As soon as available and in any event
         within 45 days after the end of each month, commencing May 31, 2003, a
         Consolidated balance sheet of the Borrower and its Subsidiaries, and of
         each of the Operating Subsidiaries, in each case as of the end of such
         month and Consolidated statements of income and cash flow of the
         Borrower and its Subsidiaries, and of each of the Operating
         Subsidiaries, in each case for the period commencing at the end of the
         previous month and ending with the end of such month and Consolidated
         statements of income and cash flow of the Borrower and its
         Subsidiaries, and of the Operating Subsidiaries for the period
         commencing at the end of the previous Fiscal Year and ending with the
         end of such month, setting forth in each case in comparative form the
         corresponding figures for the corresponding month and Fiscal
         Year-to-date period of the preceding Fiscal Year, all in reasonable
         detail and duly certified by the Chief Financial Officer or Chief
         Accounting Officer of the Borrower, together with (i) a certificate of
         such officer on behalf of the Borrower stating that no Default has
         occurred and is continuing or, if a Default has occurred and is
         continuing, a statement as to the nature thereof and the action that
         the Borrower has taken and proposes to take with respect thereto and
         (ii) in the event of any change from GAAP in the generally accepted
         accounting principles used in the preparation of such financial
         statements, a statement of reconciliation conforming such financial
         statements to GAAP. The Borrower shall provide a compilation report
         prepared by an outside accountant not more than 90 days after the
         Fiscal Year end, monthly operating reports not more than 45 days after
         each month end and other reviews or reports, each as acceptable to the
         Administrative Agent.

                  (c) CAPITAL EXPENDITURE BUDGET. As soon as available and in
         any event not less than 45 days prior to the end of each Fiscal Year,
         each Operating Subsidiary shall provide a Capital Expenditure budget,
         reasonably sufficient to properly maintain each of the Borrowing Base
         Properties, for each Borrowing Base Property for the succeeding Fiscal
         Year, together with a certificate of the Chief Financial Officer or
         Chief Accounting Officer of the Borrower certifying the actual Capital
         Expenditures for each Operating Subsidiary for the period commencing at
         the end of the previous Fiscal Year and ending with the end of such
         month prior to the month in which such budget is delivered.

                  (d) QUARTERLY FF&E RESERVE CERTIFICATES. As soon as available
         and in any event within 45 days after the end of each quarter,
         commencing June 30, 2003, a certificate of the Chief Financial Officer
         or Chief Accounting Officer of the Borrower certifying the amount of
         FF&E Reserves with respect to the Borrowing Base Properties for such
         period and for the period commencing at the end of the previous Fiscal
         Year and ending with the end of such quarter in which such certificate
         is delivered.

                  (e) ERISA. (i) ERISA EVENTS AND ERISA REPORTS. (A) Promptly
         and in any event within ten days after any Loan Party or any ERISA
         Affiliate knows or has reason to know that any ERISA Event has
         occurred, a statement of the Chief Financial Officer or Chief
         Accounting Officer of the Borrower describing such ERISA Event and the
         action, if any, that such Loan Party or such ERISA Affiliate has taken
         and proposes to take with respect thereto and (B) on the date any
         records, documents or other information must be furnished to the PBGC
         with respect to any Plan pursuant to Section 4010 of ERISA, a copy of
         such records, documents and information.

                                       59
<PAGE>

                  (ii) PLAN TERMINATIONS. Promptly, and in any event within
         three Business Days after receipt thereof by any Loan Party or any
         ERISA Affiliate, copies of each notice from the PBGC stating its
         intention to terminate any Plan or to have a trustee appointed to
         administer any Plan.

                  (iii) PLAN ANNUAL REPORTS. Promptly and in any event within 30
         days after the filing thereof with the Internal Revenue Service, copies
         of each SCHEDULE B (Actuarial Information) to the annual report (Form
         5500 Series) with respect to each Plan.

                  (iv) MULTIEMPLOYER PLAN NOTICES. Promptly and in any event
         within five Business Days after receipt thereof by any Loan Party or
         any ERISA Affiliate from the sponsor of a Multiemployer Plan, copies of
         each notice concerning (A) the imposition of Withdrawal Liability by
         any such Multiemployer Plan, (B) the reorganization or termination,
         within the meaning of Title IV of ERISA, of any such Multiemployer Plan
         or (C) the amount of liability incurred, or that may be incurred, by
         such Loan Party or any ERISA Affiliate in connection with any event
         described in clause (A) or (B).

                  (f) LITIGATION. Promptly after the commencement thereof,
         notice of all actions, suits, investigations, litigation and
         proceedings before any court or governmental department, commission,
         board, bureau, agency or instrumentality, domestic or foreign,
         affecting (i) the Borrower or any of its Subsidiaries of the type
         described in Section 4.01(h) or (ii) the Parent Guarantor if such
         action, claim or proceeding, if adversely determined, could result in a
         judgment which would constitute an Event of Default under Section
         6.01(g).

                  (g) CREDITOR REPORTS. Promptly after the furnishing thereof,
         copies of any statement or report furnished to any other holder of the
         Debt of the Borrower or of any of its Subsidiaries (including, without
         limitation, the holders of the Subordinated Notes) pursuant to the
         terms of any indenture, loan or credit or similar agreement and not
         otherwise required to be furnished to the Lender Parties pursuant to
         any other clause of this Section 5.03.

                  (h) AGREEMENT NOTICES. Promptly upon receipt thereof, copies
         of all notices, requests and other documents received by the Borrower
         or any of its Subsidiaries under or pursuant to any Related Document or
         indenture, loan or credit or similar agreement regarding or related to
         any breach or default by any party thereto or any other event that
         could materially impair the value of the interests or the rights of the
         Borrower or any of its Subsidiaries or otherwise have a Material
         Adverse Effect and copies of any amendment, modification or waiver of
         any provision of any Related Agreement or indenture, loan or credit or
         similar agreement and, from time to time upon request by the
         Administrative Agent, such information and reports regarding the
         Related Documents as the Administrative Agent may reasonably request.

                  (i) REVENUE AGENT REPORTS. Within ten days after receipt,
         copies of all Revenue Agent Reports (Internal Revenue Service Form
         886), or other written proposals of the Internal Revenue Service, that
         propose, determine or otherwise set forth positive adjustments to the
         federal income tax liability of the affiliated group (within the
         meaning of Section 1504(a)(1) of the Internal Revenue Code) of which
         the Borrower is a member aggregating $250,000 or more.

                  (j) TAX CERTIFICATES. Promptly, and in any event within five
         Business Days after the due date (with extensions) for filing the final
         federal income tax return in respect of each taxable year, a
         certificate (a "TAX CERTIFICATE"), signed by the President or the Chief
         Financial Officer or the Chief Accounting Officer of the Borrower,
         stating that the common parent of the affiliated group (within the
         meaning of Section 1504(a)(1) of the Internal Revenue Code) of which
         the Borrower is a member has paid to the Internal Revenue Service or
         other taxing authority, or to the

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         Parent Guarantor, the full amount that such affiliated group is
         required to pay in respect of federal income tax for such year and that
         the Parent Guarantor and its Subsidiaries have received any amounts
         payable to them, and have not paid amounts in respect of taxes
         (federal, state, local or foreign) in excess of the amount they are
         required to pay, under the tax agreements, if any, in effect in respect
         of such taxable year.

                  (k) ENVIRONMENTAL CONDITIONS. Promptly after the assertion or
         occurrence thereof, notice of any Environmental Action against or of
         any noncompliance by the Borrower or any of its Subsidiaries with any
         Environmental Law or Environmental Permit that could (i) reasonably be
         expected to have a Material Adverse Effect or (ii) cause any property
         described in the Mortgages to be subject to any restrictions on
         ownership, occupancy, use or transferability under any Environmental
         Law.

                  (l) REAL PROPERTY. As soon as available and in any event
         within 30 days after the end of each Fiscal Year, a report
         supplementing SCHEDULE 4.01(S) hereto, including an identification of
         all real and leased property disposed of by the Borrower or any of its
         Subsidiaries during such Fiscal Year, a list and description (including
         the street address, county or other relevant jurisdiction, state,
         record owner, book value thereof, and in the case of leases of
         property, lessor, lessee, expiration date and annual rental cost
         thereof) of all real property acquired or leased during such Fiscal
         Year and a description of such other changes in the information
         included in such Schedule as may be necessary for such Schedule to be
         accurate and complete.

                  (m) INSURANCE. As soon as available and in any event within 30
         days after the end of each Fiscal Year, a report summarizing the
         insurance coverage (specifying type, amount and carrier) in effect for
         the Borrower and its Subsidiaries and containing such additional
         information as any Lender Party (through the Administrative Agent) may
         reasonably specify.

                  (n) BORROWING BASE CERTIFICATE. As soon as available and in
         any event within 45 days after the end of each month, a Borrowing Base
         Certificate, as at the end of such month, certified by the Chief
         Financial Officer or the Chief Accounting Officer of the Borrower.

                  (o) OTHER INFORMATION. Such other information respecting the
         business, condition (financial or otherwise), operations, performance,
         properties or prospects of the Borrower or any of its Subsidiaries as
         any Lender Party (through the Administrative Agent) may from time to
         time reasonably request, including, without limitation, all special
         reports filed with the Securities and Exchange Commission or any
         governmental authority that may be substituted therefor.

                  SECTION 5.04. PARENT GUARANTOR REPORTING REQUIREMENTS. So long
as any Obligation of any Loan Party under or in respect of any Loan Document
shall remain unpaid, or any Letter of Credit shall be outstanding, or any Lender
Party shall have any Commitment hereunder, the Parent Guarantor will furnish to
the Administrative Agent and the Lender Parties:

                  (a) DEFAULT AND PREPAYMENT NOTICES. As soon as possible and in
         any event within two Business Days after the occurrence of each Default
         or any event, development or occurrence reasonably likely to have a
         Material Adverse Effect continuing on the date of such statement, a
         statement of the Chief Financial Officer or the Chief Accounting
         Officer of the Parent Guarantor setting forth details of such Default,
         event, development or occurrence and the action that the Parent
         Guarantor has taken and proposes to take with respect thereto.

                  (b) QUARTERLY FINANCIALS. As soon as available and in any
         event within 45 days after the end of each calendar quarter, commencing
         June 30, 2003, a Consolidated balance sheet of the

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         Parent Guarantor and its Subsidiaries, in each case as of the end of
         such calendar quarter and a Consolidated statement of income and cash
         flow of the Parent Guarantor and its Subsidiaries, in each case for the
         period commencing at the end of the previous calendar quarter and
         ending with the end of such calendar quarter, and a Consolidated
         statement of income and cash flow of the Parent Guarantor and its
         Subsidiaries for the period commencing at the end of the previous
         Fiscal Year and ending with the end of such calendar quarter, setting
         forth in each case in comparative form the corresponding figures for
         the corresponding calendar quarter and Fiscal Year-to-date period of
         the preceding Fiscal Year, all in reasonable detail and duly certified
         by the Chief Financial Officer or the Chief Accounting Officer of the
         Parent Guarantor, together with (i) a certificate of said officer on
         behalf of the Parent Guarantor stating that no Default has occurred and
         is continuing or, if a Default has occurred and is continuing, a
         statement as to the nature thereof and the action that the Parent
         Guarantor has taken and proposes to take with respect thereto and (ii)
         a schedule in form satisfactory to the Administrative Agent of the
         computations used by the Parent Guarantor in determining compliance
         with the covenants contained in Section 5.05.

                  (c) ANNUAL FINANCIALS. As soon as available and in any event
         within 93 days after the end of each Fiscal Year, a copy of the annual
         audit report for such year for the Parent Guarantor and its
         Subsidiaries, including therein Consolidated balance sheets of the
         Parent Guarantor and its Subsidiaries, in each case as of the end of
         such Fiscal Year, and Consolidated statements of income and cash flow
         of the Parent Guarantor and its Subsidiaries, in each case for the
         period commencing at the end of the previous Fiscal Year and ending
         with the end of such Fiscal Year, accompanied as to such Consolidated
         statements, by an unqualified opinion of Ernst & Young LLP or other
         independent public accountants of recognized standing acceptable to the
         Required Lenders, together with (i) a copy of any management letter
         prepared by such accounting firm with respect to such Fiscal Year and
         distributed to the Parent Guarantor, (ii) a certificate of the Chief
         Financial Officer or the Chief Accounting Officer of the Parent
         Guarantor stating that no Default has occurred and is continuing or, if
         a default has occurred and is continuing, a statement as to the nature
         thereof and the action that the Parent Guarantor has taken and proposes
         to take with respect thereto, (iii) in the event of any change from
         GAAP in the generally accepted accounting principles used in the
         preparation of such financial statements, a statement of reconciliation
         conforming such financial statements to GAAP and (iv) a schedule in
         form satisfactory to the Administrative Agent of the computations used
         by the Parent Guarantor in determining compliance with the covenants
         contained in Section 5.05.

                  SECTION 5.05. PARENT GUARANTOR COVENANTS. So long as any
Advance or any other Obligation of any Loan Party under or in respect of any
Loan Document shall remain unpaid, or any Letter of Credit shall be outstanding,
or any Lender Party shall have any Commitment hereunder, the Parent Guarantor:

                  (a) COMPLIANCE WITH COVENANTS. Shall and shall cause the
         Borrower and each of its Subsidiaries to perform and observe, all of
         the terms, covenants and agreements set forth in the Loan Documents on
         their part to be performed or observed or that the Borrower has agreed
         to cause its Subsidiaries to perform or observe.

                  (b) LEVERAGE RATIO. Shall maintain at all times, on a
         Consolidated basis for itself and its Subsidiaries, a Leverage Ratio,
         as of the date of determination, of not more than 5.5 to 1.

                  (c) FIXED CHARGE COVERAGE RATIO. Shall maintain at all times,
         on a Consolidated basis for itself and its Subsidiaries, a Fixed Charge
         Coverage Ratio, as of the date of determination, of not less than 1.3
         to 1.

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                  (d) BOOK NET WORTH. Shall maintain at all times, on a
         Consolidated basis for itself and its Subsidiaries, a Book Net Worth of
         not less than the sum of (i) $375,000,000, (ii) 75% of the value of all
         equity offerings after the Closing Date, and (iii) 75% of net income
         since April 1, 1999, as of the date of determination.

                                   ARTICLE VI
                                EVENTS OF DEFAULT

                  SECTION 6.01. EVENTS OF DEFAULT. If any of the following
events ("EVENTS OF DEFAULT") shall occur and be continuing:

                    (a) (i) the Borrower shall fail to pay any principal of any
         Advance when the same becomes due and payable, (ii) the Borrower shall
         fail to prepay any principal of any Advance as required under Section
         2.05(b) within five Business Days of when the same becomes due and
         payable or (iii) the Borrower shall fail to pay any interest on any
         Advance or any Loan Party shall fail or make any other payment under
         any Loan Document within five Business Days of when the same becomes
         due and payable; or

                    (b) any representation or warranty made by any Loan Party
         (or any of its officers) under or in connection with any Loan Document
         shall prove to have been incorrect in any material respect when made;
         or

                    (c) any Loan Party shall fail to perform or observe any
         term, covenant or agreement contained in Section 2.15, 5.01(e)(i),
         5.01(i), 5.02 or 5.03 (other than subparagraph (c) thereof); or

                    (d) any Loan Party shall fail to perform or observe any
         other term, covenant or agreement contained in any Loan Document on its
         part to be performed or observed if such failure shall remain
         unremedied for 30 days after the earlier of the date on which (A) a
         Responsible Officer of the Borrower becomes aware of such failure or
         (B) written notice thereof shall have been given to the Borrower by the
         Administrative Agent or any Lender Party; or

                    (e) any Loan Party shall fail to pay any principal of,
         premium or interest on or any other amount payable in respect of any
         Debt that is outstanding in a principal amount (or, in the case of any
         Hedge Agreement, an Agreement Value) of at least $7,500,000 either
         individually or in the aggregate (but excluding Debt outstanding
         hereunder) of the Loan Parties, when the same becomes due and payable
         (whether by scheduled maturity, required prepayment, acceleration,
         demand or otherwise), and such failure shall continue after the
         applicable grace period, if any, specified in the agreement or
         instrument relating to such Debt; or any other event shall occur or
         condition shall exist under any agreement or instrument relating to any
         such Debt and shall continue after the applicable grace period, if any,
         specified in such agreement or instrument, if the effect of such event
         or condition is to accelerate, or to permit the acceleration of, the
         maturity of such Debt or otherwise to cause, or to permit the holder
         thereof to cause, such Debt to mature; or any such Debt shall be
         declared to be due and payable or required to be prepaid or redeemed
         (other than by a regularly scheduled required prepayment or
         redemption), purchased or defeased, or an offer to prepay, redeem,
         purchase or defease such Debt shall be required to be made, in each
         case prior to the stated maturity thereof; or

                    (f) any Loan Party or any of its Subsidiaries shall
         generally not pay its debts as such debts become due, or shall admit in
         writing its inability to pay its debts generally, or shall make a
         general assignment for the benefit of creditors; or any proceeding
         shall be instituted by or against

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         any Loan Party or any of its Subsidiaries seeking to adjudicate it a
         bankrupt or insolvent, or seeking liquidation, winding up,
         reorganization, arrangement, adjustment, protection, relief, or
         composition of it or its debts under any law relating to bankruptcy,
         insolvency or reorganization or relief of debtors, or seeking the entry
         of an order for relief or the appointment of a receiver, trustee, or
         other similar official for it or for any substantial part of its
         property and, in the case of any such proceeding instituted against it
         (but not instituted by it) that is being diligently contested by it in
         good faith, either such proceeding shall remain undismissed or unstayed
         for a period of 60 days or any of the actions sought in such proceeding
         (including, without limitation, the entry of an order for relief
         against, or the appointment of a receiver, trustee, custodian or other
         similar official for, it or any substantial part of its property) shall
         occur; or any Loan Party or any of its Subsidiaries shall take any
         corporate action to authorize any of the actions set forth above in
         this subsection (f); or

                    (g) any judgments or orders, either individually or in the
         aggregate, for the payment of money in excess of $2,000,000 for each
         Operating Subsidiary and $5,000,000 for the Parent Guarantor (to the
         extent not fully paid or discharged) shall be rendered against any Loan
         Party or any of its Subsidiaries and either (i) enforcement proceedings
         shall have been commenced by any creditor upon such judgment or order
         or (ii) there shall be any period of 10 Business Days during which a
         stay of enforcement of such judgment or order, by reason of a pending
         appeal or otherwise, shall not be in effect; PROVIDED, HOWEVER, that
         any such judgment or order shall not give rise to an Event of Default
         under this Section 6.01(g) if and for so long as (A) the amount of such
         judgment or order is covered by a valid and binding policy of insurance
         between the defendant and the insurer, which shall be rated at least
         "A" by A.M. Best Company, covering full payment thereof and (B) such
         insurer has been notified, and has not disputed the claim made for
         payment, of the amount of such judgment or order; or

                    (h) any non-monetary judgment or order shall be rendered
         against any Loan Party or any of its Subsidiaries that could reasonably
         be likely to have a Material Adverse Effect, and there shall be any
         period of ten consecutive days during which a stay of enforcement of
         such judgment or order, by reason of a pending appeal or otherwise,
         shall not be in effect; or

                    (i) any provision of any Loan Document after delivery
         thereof pursuant to Section 3.01 shall for any reason cease to be valid
         and binding on or enforceable against any Loan Party to it, or any such
         Loan Party shall so state in writing; or

                    (j) any Collateral Document after delivery thereof pursuant
         to Section 3.01 shall for any reason (other than pursuant to the terms
         thereof) cease to create a valid and perfected first priority lien on
         and security interest in the Collateral purported to be covered
         thereby; or

                    (k)    a Change of Control shall occur; or

                    (l) any ERISA Event shall have occurred with respect to a
         Plan and the sum (determined as of the date of occurrence of such ERISA
         Event) of the Insufficiency of such Plan and the Insufficiency of any
         and all other Plans with respect to which an ERISA Event shall have
         occurred and then exist (or the liability of the Loan Parties and the
         ERISA Affiliates related to such ERISA Event) exceeds $5,000,000; or

                    (m) any Loan Party or any ERISA Affiliate shall have been
         notified by the sponsor of a Multiemployer Plan that it has incurred
         Withdrawal Liability to such Multiemployer Plan in an amount that, when
         aggregated with all other amounts required to be paid to Multiemployer
         Plans by the Loan Parties and the ERISA Affiliates as Withdrawal
         Liability (determined as of the date

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         of such notification), exceeds $5,000,000 or requires payments
         exceeding 1,000,000 per annum; or

                    (n) any Loan Party or any ERISA Affiliate 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, and as a result of such reorganization or
         termination the aggregate annual contributions of the Loan Parties and
         the ERISA Affiliates to all Multiemployer Plans that are then in
         reorganization or being terminated have been or will be increased over
         the amounts contributed to such Multiemployer Plans for the plan years
         of such Multiemployer Plans immediately preceding the plan year in
         which such reorganization or termination occurs by an amount exceeding
         $1,000,000; or

                    (o)    there shall occur any Material Adverse Change; or

                    (p) a default shall occur under the Subordinated Notes, the
         Subordinated Guaranty, the Indenture, the Note Purchase Agreement, or
         any other agreements executed by any Loan Party in connection with such
         instruments;

then, and in any such event, the Administrative Agent (i) shall at the request,
or may with the consent, of the Required Lenders, by notice to the Borrower,
declare the Commitments of each Lender Party and the obligation of each Lender
to make Advances (other than Letter of Credit Advances by the Issuing Bank or a
Lender pursuant to Section 2.02(A)(c)) and of the Issuing Bank to issue Letters
of Credit to be terminated, whereupon the same shall forthwith terminate, and
(ii) shall at the request, or may with the consent, of the Required Lenders, by
notice to the Borrower, declare the Advances, all interest thereon and all other
amounts payable under this Agreement, the Notes, and the other Loan Documents to
be forthwith due and payable, whereupon the Advances, all such interest and all
such amounts shall become and be forthwith due and payable, without presentment,
demand, protest or further notice of any kind, all of which are hereby expressly
waived by the Borrower; PROVIDED, HOWEVER, that in the event of an actual or
deemed entry of an order for relief with respect to any Loan Party or any of its
Subsidiaries under the Federal Bankruptcy Code, (x) the Commitments of each
Lender Party and the obligation of each Lender to make Advances (other than
Letter of Credit Advances by the Issuing Bank or a Lender pursuant to Section
2.02(A)(c)) and of the Issuing Bank to issue Letters of Credit shall
automatically be terminated and (y) the Advances, all such interest and all such
amounts shall automatically become and be due and payable, without presentment,
demand, protest or any notice of any kind, all of which are hereby expressly
waived by the Borrower.

                  SECTION 6.02 ACTIONS IN RESPECT OF THE LETTERS OF CREDIT UPON
DEFAULT. If any Event of Default shall have occurred and be continuing, the
Administrative Agent may, or shall at the request of the Required Lenders,
irrespective of whether it is taking any of the actions described in Sections
6.01 or 9.01(e) or otherwise, make demand upon the Borrower to, and forthwith
upon such demand the Borrower will, pay to the Administrative Agent, as
collateral agent, on behalf of the Lender Parties in same day funds at the
Administrative Agent's office designated in such demand, for deposit in the L/C
Cash Collateral Account, an amount equal to the aggregate Available Amount of
all Letters of Credit then outstanding. If at any time the Administrative Agent
determines that any funds held in the L/C Cash Collateral Account are subject to
any right or claim of any Person other than the Administrative Agent and the
Lender Parties or that the total amount of such funds is less than the aggregate
Available Amount of all Letters of Credit, the Borrower will, forthwith upon
demand by the Administrative Agent pay to the Administrative Agent, as
additional funds to be deposited and held in the L/C Cash Collateral Account, an
amount equal to the excess of (a) such aggregate Available Amount over (b) the
total amount of funds, if any, then held in the L/C Cash Collateral Account that
the Administrative Agent determines to be free and clear of any such right and
claim. Upon the drawing of any Letter of Credit for which funds are on

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deposit in the L/C Cash Collateral Account, such funds shall be applied to
reimburse the Issuing Bank or Lenders, as applicable, to the extent permitted by
applicable law.

                                   ARTICLE VII
                                   THE AGENTS

                  SECTION 7.01. AUTHORIZATION AND ACTION. DBTCA is hereby
appointed the Administrative Agent under this Agreement and the other Loan
Documents and each Lender Party (in its capacities as a Lender and an Issuing
Bank (if applicable)) hereby authorizes the Administrative Agent to act as its
agent in accordance with the terms of this Agreement and the other Loan
Documents. The Administrative Agent agrees to act upon the express conditions
contained in this Agreement and the other Loan Documents, as applicable. Subject
to the express terms of this Agreement, each Lender Party irrevocably authorizes
the Administrative Agent to take such action on such Person's behalf and to
exercise such powers hereunder and under the Loan Documents as are delegated to
the Administrative Agent by the terms hereof and thereof, together with such
powers and discretion as are reasonably incidental thereto. The Administrative
Agent have only those duties and responsibilities that are expressly specified
in this Agreement and the other Loan Documents and it may perform such duties by
or through its agents or employees. Neither Agent shall have, by reason of this
Agreement or any of the other Loan Documents, a fiduciary relationship in
respect of any Lender Party; and nothing in this Agreement or any of the other
Loan Documents, expressed or implied, is intended to or shall be so construed as
to impose upon either Agent any obligations in respect of this Agreement or any
of the other Loan Documents except as expressly set forth herein or therein. To
the extent that the consent of the Lender Parties, or any of them, is not
expressly required pursuant to this Agreement, then the Administrative Agent
shall be permitted to take such actions as it deems necessary or appropriate to
fulfill it duties under this Agreement and the other Loan Documents. The
Administrative Agent shall not be required to take any action that exposes the
Administrative Agent to personal liability or that is contrary to this Agreement
or applicable law. The Administrative Agent agrees to give to each Lender Party
prompt notice of each notice given to it by the Borrower pursuant to the terms
of this Agreement. The provisions of this Article VII are solely for the benefit
of the Secured Parties, and no Loan Party or any other Person shall have any
rights as a third party beneficiary of any of the provisions hereof. In
performing its functions and duties under this Agreement and the other Loan
Documents, the Administrative Agent shall act solely as an agent of the Lender
Parties and the Administrative Agent does not assume and shall not be deemed to
have assumed any obligation towards or relationship of agency or trust with or
for the Borrower or any other Loan Party.

                  SECTION 7.02. ADMINISTRATIVE AGENT'S, LEAD ARRANGER'S,
SYNDICATION AGENT'S AND DOCUMENTATION AGENT'S RELIANCE, ETC. None of
Administrative Agent, Lead Arranger, Syndication Agent or Documentation Agent or
any of their respective directors, officers, agents or employees shall be liable
for any action taken or omitted to be taken by any of them under or in
connection with the Loan Documents, except for its or their own gross negligence
or willful misconduct. Without limitation of the generality of the foregoing,
each of the Administrative Agent, the Lead Arranger, the Syndication Agent and
the Documentation Agent: (a) may treat the Lender that made any Advance as the
holder of the Debt resulting therefrom until the Administrative Agent receives
and accepts an Assignment and Acceptance entered into by such Lender, as
assignor, and an Eligible Assignee, as assignee, as provided in Section 8.07;
(b) may consult with legal counsel (including counsel for any Loan Party),
independent public accountants and other experts selected by it and shall not be
liable for any action taken or omitted to be taken in good faith by it in
accordance with the advice of such counsel, accountants or experts; (c) makes no
warranty or representation to any Lender Party and shall not be responsible to
any Lender Party for any statements, warranties or representations (whether
written or oral) made in or in connection with the Loan Documents; (d) shall not
have any duty to ascertain or to inquire as to the performance or observance of
any of the terms, covenants or conditions of any Loan Document

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on the part of any Loan Party or to inspect the property (including the books
and records) of any Loan Party; (e) shall not be responsible to any Lender Party
for the due execution, legality, validity, enforceability, genuineness,
sufficiency or value of, or the perfection or priority of any lien or security
interest created or purported to be created under or in connection with, any
Loan Document or any other instrument or document furnished pursuant thereto;
and (f) shall incur no liability under or in respect of any Loan Document by
acting upon any notice, consent, certificate or other instrument or writing
(which may be by telegram, telecopy or telex) believed by it to be genuine and
signed or sent by the proper party or parties.

                  SECTION 7.03. DBTCA, DBSI, FLEET, SCOTIABANK AND AFFILIATES.
With respect to its Commitments, the Advances made by it and any Notes issued to
it, DBTCA, DBSI, Fleet and ScotiaBank shall each have the same rights and powers
under the Loan Documents as any other Lender Party and may exercise the same as
though each of them were not the Administrative Agent, Lead Arranger,
Syndication Agent or Documentation Agent as the case may be; and the term
"Lender Party" or "Lenders Parties" shall, unless otherwise expressly indicated,
include DBTCA, DBSI, Fleet and ScotiaBank, each in its individual capacity.
DBTCA, DBSI, Fleet and ScotiaBank and their respective affiliates may accept
deposits from, lend money to, act as trustee under indentures of, accept
investment banking engagements from and generally engage in any kind of business
with, any Loan Party, any of its Subsidiaries and any Person who may do business
with or own securities of any Loan Party or any such Subsidiary, all as if
DBTCA, DBSI, Fleet and ScotiaBank were not the Administrative Agent, Lead
Arranger, Syndication Agent and Documentation Agent, respectively, and without
any duty to account therefor to the Lender Parties.

                  SECTION 7.04. LENDER PARTY CREDIT DECISION. Each Lender Party
acknowledges that it has, independently and without reliance upon any other
Secured Party and based on the financial statements referred to in Section 4.01
and such other documents and information as it has deemed appropriate, made its
own credit analysis and decision to enter into this Agreement. Each Lender Party
also acknowledges that it will, independently and without reliance upon any
other Secured Party 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.

                  SECTION 7.05. INDEMNIFICATION. (a) Each Lender Party severally
agrees to indemnify each of the Administrative Agent, the Lead Arranger, the
Syndication Agent and the Documentation Agent (to the extent not promptly
reimbursed by the Borrower) from and against such Lender Party's Pro Rata Share
(determined as provided below) of any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever (including, without limitation, reasonable fees
and expenses of counsel) that may be imposed on, incurred by, or asserted
against such Agent in any way relating to or arising out of the Loan Documents
or any action taken or omitted by such Agent under the Loan Documents
(collectively, the "INDEMNIFIED COSTS"); PROVIDED, HOWEVER, that no Lender Party
shall be liable for any portion of such Indemnified Costs resulting from such
Agent's gross negligence or willful misconduct as found in a final,
non-appealable judgment by a court of competent jurisdiction. Without limitation
of the foregoing, each Lender Party agrees to reimburse the Administrative
Agent, the Lead Arranger, the Syndication Agent and the Documentation Agent
promptly upon demand for its Pro Rata Share of any costs and expenses
(including, without limitation, fees and expenses of counsel) payable by the
Borrower under Section 8.04, to the extent that the Administrative Agent, the
Lead Arranger, the Syndication Agent or the Documentation Agent is not promptly
reimbursed for such costs and expenses by the Borrower. For purposes of this
Section 7.05, the Lender Parties' respective Pro Rata Shares of any amount shall
be determined, at any time, according to the sum of (x) the aggregate principal
amount of the Advances outstanding at such time and owing to the respective
Lender Parties, PLUS (y) their respective Pro Rata Shares of the aggregate
Available Amount of all Letters of Credit outstanding at such time, PLUS (z)
their respective Unused

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Commitments at such time, PROVIDED that the aggregate principal amount of Letter
of Credit Advances owing to the Issuing Bank shall be considered to be owed to
the Lenders ratably in accordance with their respective Revolving Credit
Commitments.

                  (b) In the case of any investigation, litigation or proceeding
giving rise to any Indemnified Costs, this Section 7.05 applies whether any such
investigation, litigation or proceeding is brought by any Secured Party or a
third party. The failure of any Lender Party to reimburse the Administrative
Agent or the Issuing Bank, or the Lead Arranger, the Syndication Agent or the
Documentation Agent promptly upon demand for its Pro Rata Share of any amount
required to be paid by the Lender Parties to the Administrative Agent or the
Issuing Bank, or the Lead Arranger, the Syndication Agent or the Documentation
Agent as provided herein shall not relieve any other Lender Party of its
obligation hereunder to reimburse the Administrative Agent or the Issuing Bank,
or the Lead Arranger, the Syndication Agent or the Documentation Agent for its
Pro Rata Share of such amount, but no Lender Party shall be responsible for the
failure of any other Lender Party to reimburse the Administrative Agent or the
Issuing Bank, or the Lead Arranger, the Syndication Agent or the Documentation
Agent for such other Lender Party's Pro Rata Share of such amount.

                  (c) Without prejudice to the survival of any other agreement
of any Lender Party hereunder, the agreement and obligations of each Lender
Party contained in this Section 7.05 shall survive the payment in full of
principal, interest and all other amounts payable hereunder and under the other
Loan Documents. In the event that any Defaulted Advance shall be owing by any
Defaulting Lender at any time, such Lender Party's Commitment shall be
considered to be unused for the purposes of this Section 7.05(c) to the extent
of the amount of such Defaulted Advance.

                  (d) Each Lender Party severally agrees to indemnify the
Issuing Bank (to the extent not promptly reimbursed by the Borrower) from and
against such Lender Party's Pro Rata Share (determined as provided above) of any
and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature
whatsoever that may be imposed on, incurred by, or asserted against the Issuing
Bank in any way relating to or arising out of the Loan Documents or any action
taken or omitted by the Issuing Bank under the Loan Documents; PROVIDED,
HOWEVER, that no Lender Party shall be liable for any portion of such
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements resulting from the Issuing Bank's gross
negligence or willful misconduct as found in a final, non-appealable judgment by
a court of competent jurisdiction. Without limitation of the foregoing, each
Lender Party agrees to reimburse the Issuing Bank promptly upon demand for its
Pro Rata Share of any costs and expenses (including, without limitation, fees
and expenses of counsel) payable by the Borrower under Section 8.04, to the
extent that the Issuing Bank is not promptly reimbursed for such costs and
expenses by the Borrower.

                  SECTION 7.06. SUCCESSOR ADMINISTRATIVE AGENTS. The
Administrative Agent may resign at any time by giving written notice thereof to
the Lender Parties and the Borrower and may be removed at any time for gross
negligence or willful misconduct by an instrument or concurrent instruments in
writing delivered to the Administrative Agent and the Borrower and signed by the
Required Lenders. Upon any such resignation or removal, the Required Lenders
shall have the right to appoint 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 30 days after the
retiring Administrative Agent's giving of notice of resignation or the Required
Lenders' removal of the retiring Administrative Agent, then the retiring
Administrative Agent may, on behalf of the Lender Parties, appoint a successor
Administrative Agent, which shall be a commercial bank organized under the laws
of the United States or of any state thereof and having a combined capital and
surplus of at least $400,000,000. Upon the acceptance of any appointment as
Administrative Agent hereunder by a successor Administrative Agent and upon the
execution and filing or recording of such financing

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<PAGE>

statements, or amendments thereto, and such amendments or supplements to the
Mortgages, if any, and such other instruments or notices, as may be necessary or
desirable, or as the Required Lenders may request, in order to continue the
perfection of the Liens granted or purported to be granted by the Collateral
Documents, such successor Administrative Agent shall succeed to and become
vested with all the rights, powers, discretion, privileges and duties of the
retiring Administrative Agent, and the retiring Administrative Agent shall be
discharged from its duties and obligations under the Loan Documents. If within
45 days after written notice is given of the retiring Administrative Agent's
resignation or removal under this Section 7.06 no successor Administrative Agent
shall have been appointed and shall have accepted such appointment, then on such
45th day (i) the retiring Administrative Agent's resignation or removal shall
become effective, (ii) the retiring Administrative Agent shall thereupon be
discharged from its duties and obligations under the Loan Documents and (iii)
the Required Lenders shall thereafter perform all duties of the retiring
Administrative Agent under the Loan Documents until such time, if any, as the
Required Lenders appoint a successor Administrative Agent as provided above.
After any retiring Administrative Agent's resignation or removal hereunder as
Administrative Agent shall become effective, the provisions of this Article VII
shall inure to its benefit as to any actions taken or omitted to be taken by it
while it was Administrative Agent under this Agreement.

                  SECTION 7.07. LEAD ARRANGER, SYNDICATION AGENT AND
DOCUMENTATION AGENT. None of the Lead Arranger, the Syndication Agent or the
Documentation Agent shall have any duties under this Agreement or any of the
other Loan Documents.

                  SECTION 7.08. COLLATERAL DOCUMENTS; SECURED PARTY ACTION. (a)
Each Secured Party hereby further authorizes the Administrative Agent to enter
into the Collateral Documents as secured party on behalf of and for the benefit
of the Secured Parties and agrees to be bound by the terms of the Collateral
Documents; PROVIDED that anything in this Agreement or the other Loan Documents
to the contrary notwithstanding:

                  (i) The Administrative Agent is authorized on behalf of all
         Secured Parties, without the necessity of any notice to or further
         consent from the Secured Parties, from time to time to take any action
         with respect to any Collateral or the Collateral Documents which may be
         necessary to perfect and maintain perfected the security interest in
         and liens upon the Collateral granted pursuant to the Collateral
         Documents.

                  (ii) Each Secured Party irrevocably authorize the
         Administrative Agent, at its option and in its discretion, to release
         any lien granted to or held by the Administrative Agent upon any
         Collateral (A) upon payment in full of the Facility and all other
         Obligations payable under this Agreement and under any other Loan
         Document; (B) which is sold or to be sold or disposed of as part of or
         in connection with any disposition permitted under this Agreement so
         long as the Borrower is entitled to be granted such a release pursuant
         to this Agreement; or (C) consisting of a guaranty or an instrument
         evidencing Debt so long as the obligations under such guaranty or such
         Debt evidenced by such instrument has been satisfied or paid in full.
         Upon request by the Administrative Agent at any time, the Secured
         Parties will confirm in writing the Administrative Agent's authority to
         release particular types or items of Collateral pursuant to this
         Section.

                  (b) Anything contained in any of the Loan Documents to the
contrary notwithstanding, each Secured Party agrees that no Secured Party shall
have any right individually to realize upon any of the Collateral under the
Collateral Documents or make demand under the Guaranties (including, without
limitation, through the exercise of a right of set-off against call deposits of
such Secured Party in which any funds on deposit in accordance with the
Collateral Documents may from time to time be invested), it being understood and
agreed that all rights and remedies under the Collateral

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<PAGE>

Documents and the Guaranties may be exercised solely by the Administrative Agent
for the benefit of the Secured Parties in accordance with the terms thereof.

                  SECTION 7.09. CERTAIN ACTIONS AFTER AN EVENT OF DEFAULT. (a)
Upon delivery to the Administrative Agent of notice of an Event of Default
pursuant to this Agreement or the Administrative Agent's otherwise obtaining
actual knowledge of the existence of an Event of Default, the Administrative
Agent shall deliver notice of such Event of Default to Lender Parties. The
Administrative Agent may thereafter, from time to time, propose various actions
(or forbearance from action) ("PROPOSED DEFAULT RESPONSE") in response to such
Event of Default, including, without limitation, foreclosure on all or portions
of the Collateral, appointment of a receiver, demand under one or more
Guaranties, or the exercise of other remedies provided in this Agreement and the
other Loan Documents, and may implement such Proposed Default Response upon
approval of the Required Lenders; PROVIDED, HOWEVER, that (i) in the absence of
any pending Proposed Default Response, beginning 30 days after the notice of the
Event of Default has been delivered to Lender Parties or was due thereto, the
Required Lenders may direct the Administrative Agent to exercise specific
remedies under the Loan Documents, and (ii) notwithstanding anything to the
contrary contained herein, at all times the Administrative Agent shall be
permitted to exercise such interim remedies (including (A) making protective
advances, and (B) appointing a receiver) as the Administrative Agent may
determine in good faith to be necessary or appropriate to protect the
Collateral.

                  (b) If the Required Lenders do not approve a pending Proposed
Default Response within 15 Business Days after submittal, the Proposed Default
Response shall be deemed rejected and the Required Lenders shall then be free to
direct the Administrative Agent regarding the actions to be taken or not taken
in response to the Event of Default, subject to the unanimous approval rights of
the Lenders pursuant to Section 8.01.

                                  ARTICLE VIII
                                  MISCELLANEOUS

                  SECTION 8.01. AMENDMENTS, ETC. No amendment or waiver of any
provision of this Agreement or the Notes or any other Loan Document, nor consent
to any departure by the Borrower or any other Loan Party therefrom, shall in any
event be effective unless the same shall be in writing and signed (or, in the
case of the Collateral Documents, consented to) by the Required Lenders (other
than Defaulting Lenders), and then such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given;
provided, HOWEVER, that (a) no amendment, waiver or consent shall, unless in
writing and signed by all of the Lenders (other than any Lender that is, at such
time, a Defaulting Lender), do any of the following at any time: (i) waive any
of the conditions specified in Section 3.01 or, in the case of Advances made on
the Closing Date, Section 3.02, (ii) change the designated percentage which
constitutes the Required Lenders, (iii) release all or substantially all of the
Collateral in any transaction or series of related transactions or permit the
creation, incurrence, assumption or existence of any Lien on all or
substantially all of the Collateral in any transaction or series of related
transactions to secure any Obligations other than Obligations owing to the
Administrative Agent and the Lender Parties under the Loan Documents, (iv) amend
this Section 8.01 or (v) release the Parent Guarantor from the Parent Guaranty
or any Operating Subsidiary from the Subsidiary Guaranty, (b) no amendment,
waiver or consent shall, unless in writing and signed by two-thirds of the
Lenders (other than any Lender that is, at such time, a Defaulting Lender), do
any of the following at any time: (i) change the definition of the Borrowing
Base Amount, (ii) make changes to Section 5.05(b), (c) and (d), (iii) make
changes to Section 2.05(b) and (iv) release any individual Borrowing Base
Property in any transaction or series of related transactions or permit the
creation, incurrence, assumption or existence of any Lien on any individual
Borrowing Base Property in any transaction or series of related transactions to
secure any Obligations other than Obligations owing to the Administrative Agent
and the Lender Parties

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<PAGE>

under the Loan Documents and (c) no amendment, waiver or consent shall, unless
in writing and signed by the Required Lenders and each Lender that has a
Commitment under the Revolving Credit Facility and that is directly affected by
such amendment, waiver or consent, (i) increase the Commitments of such Lender
or amend Section 2.12 so as to subject such Lender to additional Obligations,
(ii) reduce the principal of, or interest or interest rate on, the Advances
payable to such Lender or any fees or other amounts payable to such Lender,
(iii) postpone any date scheduled for any payment of principal of, or interest
on, the Advances payable to such Lender pursuant to Section 2.03 or Section 2.06
or any date fixed for payment of fees or other amounts payable to such Lender or
(iv) change the order of application of any prepayment set forth in Section 2.05
in any manner that materially adversely affects such Lender; PROVIDED FURTHER
that, in addition to the Lenders required above to take such action, no
amendment, waiver or consent shall affect the rights or duties of the
Administrative Agent, the Lead Arranger, the Syndication Agent or the
Documentation Agent under this Agreement or the other Loan Documents, unless in
writing and signed by each such party that is directly affected by such
amendment, waiver or consent.

                  SECTION 8.02. NOTICES, ETC. All notices and other
communications provided for hereunder shall be in writing (including
telegraphic, telecopy or telex communication) and mailed, telegraphed,
telecopied, telexed or delivered by an overnight courier of nationally
recognized standing, if to the Borrower or any other Loan Party, at the address
of the Borrower at 501 East Camino Real, Boca Raton, Florida 33432, Attention:
Chief Financial Officer, telecopier number (561) 447-5315; if to any Initial
Lender, at its Domestic Lending Office specified opposite its name on SCHEDULE I
hereto; if to any other Lender Party, at its Domestic Lending Office specified
in the Assignment and Acceptance pursuant to which it became a Lender Party; and
if to the Administrative Agent, at its address at 60 Wall Street, New York, New
York 10005, Attention: Linda Wang, telecopier number (646) 324-7450; or, as to
each party, at such other address as shall be designated by such party in a
written notice to the other parties. All such notices and communications shall,
when mailed, telegraphed, telecopied, telexed or sent by courier, be effective
when deposited in the mails, delivered to the telegraph company, transmitted by
telecopier, confirmed by telex answerback or delivered to the overnight courier,
respectively, except that notices and communications to the Administrative Agent
pursuant to Article II, III or VII shall not be effective until received by the
Administrative Agent. Delivery by telecopier of an executed counterpart of any
amendment or waiver of any provision of this Agreement or the Notes or of any
exhibit hereto to be executed and delivered hereunder shall be effective as
delivery of a manually executed counterpart thereof.

                  SECTION 8.03. NO WAIVER; REMEDIES. No failure on the part of
any Lender Party or the Administrative Agent to exercise, and no delay in
exercising, any right hereunder or under the Notes shall operate as a waiver
thereof; nor shall any single or partial exercise of any such right preclude any
other or further exercise thereof or the exercise of any other right. The
remedies herein provided are cumulative and not exclusive of any remedies
provided by law.

                  SECTION 8.04. COSTS AND EXPENSES. (a) The Borrower agrees to
pay on demand (i) all costs and expenses of the Administrative Agent, the Lead
Arranger, the Syndication Agent and the Documentation Agent in connection with
the preparation, execution, delivery, administration, modification and amendment
of the Loan Documents (including, without limitation, (A) all due diligence,
collateral review, syndication, transportation, computer, duplication,
appraisal, audit, insurance, consultant, search, filing and recording fees and
expenses and (B) the reasonable fees and expenses of counsel for each of the
Administrative Agent, the Lead Arranger, the Syndication Agent and the
Documentation Agent with respect thereto, with respect to advising the
Administrative Agent, the Lead Arranger, the Syndication Agent and the
Documentation Agent as to their respective rights and responsibilities, or the
perfection, protection or preservation of rights or interests, under the Loan
Documents, with respect to negotiations with any Loan Party or with other
creditors of any Loan Party or

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<PAGE>

any of its Subsidiaries arising out of any Default or any events or
circumstances that may give rise to a Default and with respect to presenting
claims in or otherwise participating in or monitoring any bankruptcy, insolvency
or other similar proceeding involving creditors' rights generally and any
proceeding ancillary thereto) and (ii) all costs and expenses of the Secured
Parties in connection with the enforcement of the Loan Documents, whether in any
action, suit or litigation, any bankruptcy, insolvency or other similar
proceeding affecting creditors' rights generally (including, without limitation,
the reasonable fees and expenses of counsel for the Secured Parties with respect
thereto).

                  (b) (i) To the fullest extent permitted by applicable law, the
Loan Parties agree, jointly and severally, to indemnify and hold harmless each
of the Secured Parties and the affiliated entities, directors, officers,
employees, legal counsel, agents and controlling persons (within the meaning of
the federal securities laws) of each of the Secured Parties (collectively, the
"INDEMNIFIED PARTIES"), from and against any and all losses, claims, damages,
obligations, penalties, judgments, awards, liabilities, costs, expenses and
disbursements and any and all actions, suits, proceedings and investigations in
respect thereof and any and all legal or other costs, expenses and disbursements
in giving testimony or furnishing documents in response to a subpoena or
otherwise (including, without limitation, the costs, expenses and disbursements,
as and when incurred, of investigating, preparing or defending any such action,
proceeding or investigation (whether or not in connection with litigation in
which any of the Indemnified Parties is a party) and including, without
limitation, any and all losses, claims, damages, obligations, penalties,
judgments, awards, liabilities, costs, expenses and disbursements, resulting
from any negligent act or omission of any of the Indemnified Parties), directly
or indirectly, caused by, relating to, based upon, arising out of or in
connection with (A) the Transaction, (B) the Transaction Documents, (C) the Fee
Letter, or (D) any untrue statement or alleged untrue statement of a material
fact contained in, or omissions or alleged omissions from any filing with any
governmental agency or similar statements or omissions in or from any
information furnished by the Parent Guarantor or any of its Subsidiaries or
Affiliates to any of the Indemnified Parties or any other person in connection
with the Transaction or the Transaction Documents; PROVIDED, HOWEVER, that such
indemnity agreement shall not apply to any portion of any such loss, claim,
damage, obligation, penalty, judgment, award, liability, cost, expense or
disbursement to the extent it is found in a final judgment by a court of
competent jurisdiction (not subject to further appeal) to have resulted
primarily and directly from the gross negligence or willful misconduct of any of
the Indemnified Parties. The indemnification provisions contained in this
Section 8.04(b) shall be in addition to any liability which any Loan Party may
have to the Indemnified Parties. If any action, suit, proceeding or
investigation is commenced, as to which any of the Indemnified Parties proposes
to demand indemnification, it shall notify the Borrower with reasonable
promptness; PROVIDED, HOWEVER, that any failure by any of the Indemnified
Parties to so notify the Borrower shall not relieve the Borrower or any other
Loan Party from its obligations hereunder. Each of the Administrative Agent and
Lead Arranger, on behalf of the Indemnified Parties, shall have the right to
retain counsel of its choice to represent the Indemnified Parties, and the
Borrower shall, or shall cause the other Loan Parties, jointly and severally to
pay, the fees, expenses and disbursement of such counsel; and such counsel
shall, to the extent consistent with its professional responsibilities,
cooperate with the Borrower and the other Loan Parties and any counsel
designated by the Borrower or the other Loan Parties. The Borrower and the Loan
Parties shall be jointly and severally liable for any settlement of any claim
against any of the Indemnified Parties made with the Borrower's written consent,
which consent shall not be unreasonably withheld. Without the prior written
consent of the Administrative Agent and the Lead Arranger, the Borrower shall
not, and shall not permit any of the other Loan Parties to, settle or compromise
any claim, or permit a default or consent to the entry of any judgment in
respect thereof, unless such settlement, compromise or consent includes, as an
unconditional term thereof, the giving by the claimant to each of the
Indemnified Parties of an unconditional and irrevocable release from all
liability in respect of such claim. No party hereto liable for any damages
hereunder to any other party shall ever be liable for any special, indirect or
consequential damages or, to the fullest extent that a claim for punitive
damages may lawfully be waived, for any punitive damages on any claim (whether
founded in contract, tort, legal duty

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<PAGE>

or any other theory of liability) arising from or related in any manner to the
Loan Documents or the negotiation, execution, administration, performance,
breach or enforcement of the Loan Documents or any amendment thereto or the
consummation of, or any failure to consummate, the Transaction or any act,
omission, breach or wrongful conduct in any manner related thereto.

                  (ii) In order to provide for just and equitable contribution,
if a claim for indemnification pursuant to the indemnification provisions of
this Section 8.04(b) is made but is found in a final judgment by a court of
competent jurisdiction (not subject to further appeal) that such indemnification
may not be enforced in such case, even though the express provisions hereof
provide for indemnification in such case, then the Borrower and other Loan
Parties, if any, on the one hand, and the Indemnified Parties, on the other
hand, shall contribute to the losses, claims, damages, obligations, penalties,
judgments, awards, liabilities, costs, expenses and disbursements to which the
Indemnified Parties may be subject in accordance with the relative benefits
received by the Borrower and the other Loan Parties, on the one hand, and the
Indemnified Parties, on the other hand, and also the relative fault of the
Borrower and the other Loan Parties, on the one hand, and the Indemnified
Parties, on the other hand, in connection with the statements, acts or omissions
which resulted in such losses, claims, damages, obligations, penalties,
judgments, awards, liabilities, costs, expenses and disbursements and the
relevant equitable considerations shall also be considered. No person found
liable for a fraudulent misrepresentation shall be entitled to contribution from
any other person who is not also found liable for such fraudulent
misrepresentation. Notwithstanding the foregoing, none of the Indemnified
Parties shall be obligated to contribute any amount hereunder that exceeds the
amount of fees (but not interest) previously received by such Indemnified Party
pursuant to the Transaction Documents.

                  (iii) This Agreement does not create, and shall not be
construed as creating, any rights enforceable by a person or entity not a party
hereto, except as provided in this Section 8.04(b). The Borrower, on behalf of
itself and each other Loan Party, acknowledges and agrees that: (A) none of the
Secured Parties is, nor shall any one of them be construed as, a fiduciary or
agent of any Loan Party or any other person and shall have no duties or
liabilities to any such person's equity holders or creditors by virtue of this
Agreement, which is hereby expressly waived, and none of the Administrative
Agent, the Lead Arranger, the Syndication Agent or the Documentation Agent has
been retained to advise or has advised the Borrower regarding the wisdom,
prudence or advisability of entering into this Agreement or consummating the
Transaction; (B) none of the Secured Parties shall have any liability
(including, without limitation, liability for any losses, claims, damages,
obligations, penalties, judgments, awards, liabilities, costs, expenses or
disbursements resulting from any negligent act or omission of any of them)
(whether direct or indirect, in contract, tort or otherwise) to the Borrower or
any other Loan Party (including, without limitation, their respective equity
holders and creditors) or any other person for or in connection with this
Agreement or the Transaction, except that a claim in contract for actual direct
damages directly and proximately caused by a breach of any contractual
obligation expressly set forth in any written agreement signed by the party
against which enforcement of such claim is sought shall not be impaired hereby;
and (C) each of the Administrative Agent, the Lead Arranger, the Syndication
Agent and the Documentation Agent was induced to enter into this Agreement by,
INTER ALIA, this Article VIII.

                  (c) If any payment of principal of, or Conversion of, any
Eurodollar Rate Advance is made by the Borrower to or for the account of a
Lender Party other than on the last day of the Interest Period for such Advance,
as a result of an assignment in connection with a syndication of the Facility
during the period from the Closing Date to the earlier of (x) three months from
such Date and (y) the completion of syndication of the Facility (as shall be
specified by the Administrative Agent in a written notice to the Borrower), a
payment or Conversion pursuant to Section 2.05, 2.08(b)(i) or 2.09(d),
acceleration of the maturity of the Advances pursuant to Section 6.01 or for any
other reason or by an Eligible Assignee to a Lender Party other than on the last
day of the Interest Period for such Advance upon an assignment of rights and
obligations under this Agreement pursuant to Section 8.07 as a result of

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<PAGE>

a demand by the Borrower pursuant to Section 8.07(a), the Borrower shall, upon
demand by such Lender Party (with a copy of such demand to the Administrative
Agent), pay to the Administrative Agent for the account of such Lender Party any
amounts required to compensate such Lender Party for any additional losses,
costs or expenses that it may reasonably incur as a result of such payment,
including, without limitation, any loss (including loss of anticipated profits),
cost or expense incurred by reason of the liquidation or reemployment of
deposits or other funds acquired by any Lender Party to fund or maintain such
Advance.

                  (d) If any Loan Party fails to pay when due any costs,
expenses or other amounts payable by it under any Loan Document, including,
without limitation, fees and expenses of counsel and indemnities, such amount
may be paid on behalf of such Loan Party by the Administrative Agent or any
Lender Party, in its sole discretion.

                  (e) Without prejudice to the survival of any other agreement
of any Loan Party hereunder or under any other Loan Document, the agreements and
obligations of the Borrower contained in Sections 2.09 and 2.11 and this Section
8.04 shall survive the payment in full of principal, interest and all other
amounts payable hereunder and under any of the other Loan Documents.

                  SECTION 8.05. RIGHT OF SET-OFF. Upon (a) the occurrence and
during the continuance of any Event of Default and (b) the making of the request
or the granting of the consent specified by Section 6.01 to authorize the
Administrative Agent to declare the Advances due and payable pursuant to the
provisions of Section 6.01, each Lender Party and each of its respective
Affiliates is hereby authorized at any time and from time to time, to the
fullest extent permitted by law, to set off and otherwise apply any and all
deposits (general or special, time or demand, provisional or final) at any time
held and other indebtedness at any time owing by such Lender Party or such
Affiliate to or for the credit or the account of the Borrower against any and
all of the Obligations of the Borrower now or hereafter existing under this
Agreement and the Note or Notes held by such Lender Party, irrespective of
whether such Lender Party shall have made any demand under this Agreement or
such Note or Notes and although such obligations may be unmatured. Each Lender
Party agrees promptly to notify the Borrower after any such set-off and
application; PROVIDED, HOWEVER, that the failure to give such notice shall not
affect the validity of such set-off and application. The rights of each Lender
Party and its respective Affiliates under this Section are in addition to other
rights and remedies (including, without limitation, other rights of set-off)
that such Lender Party and its respective Affiliates may have. Notwithstanding
anything in the foregoing to the contrary, no Lender Party shall exercise any
right of set-off against any Loan Party with respect to the Borrower's
Obligations under the Loan Documents without the prior written consent of the
Administrative Agent if the exercise of such right could limit or adversely
affect the remedies available to the Lender Parties or restrict the order of the
exercise of such remedies under any law applicable to the parties or to the
exercise of any such remedies. If any Lender Party shall receive any payment or
proceeds from any Loan Party in respect of the Obligations, such Person shall
immediately pay such amounts to the Administrative Agent for distribution to the
other Lender Parties in accordance with this Agreement and the other Loan
Documents. In the event that any such Lender Party improperly exercises any
right of set-off in violation of the terms of this Agreement, then such Person
shall indemnify, defend and hold harmless the Administrative Agent and each of
the other Persons among the Lender Parties from any loss or injury that may
result from such Person's exercise of its right of set-off.

                  SECTION 8.06. BINDING EFFECT. This Agreement shall become
effective when it shall have been executed by the Borrower and the
Administrative Agent and when the Administrative Agent shall have been notified
by each Initial Lender that such Initial Lender has executed it and thereafter
shall be binding upon and inure to the benefit of the Borrower, the
Administrative Agent and each Lender Party and their respective successors and
assigns, except that the Borrower shall not have the right to assign its rights
hereunder or any interest herein without the prior written consent of the Lender
Parties.

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                  SECTION 8.07. ASSIGNMENTS AND PARTICIPATIONS. (a) Each Lender
may assign to one or more Eligible Assignees all or a portion of its rights and
obligations under this Agreement (including, without limitation, all or a
portion of its Commitment or Commitments, the Advances owing to it and the Note
or Notes held by it); PROVIDED, HOWEVER, that (i) each such assignment shall be
of a uniform, and not a varying, percentage of all rights and obligations under
and in respect of the Facility, (ii) except in the case of an assignment to a
Person that, immediately prior to such assignment, was a Lender, an Affiliate of
any Lender or an Approved Fund of any Lender or an assignment of all of a
Lender's rights and obligations under this Agreement, the aggregate amount of
the Commitments being assigned to such Eligible Assignee pursuant to such
assignment (determined as of the date of the Assignment and Acceptance with
respect to such assignment) shall in no event be less than $1,000,000 and shall
be in an integral multiple of $500,000, (iii) each such assignment shall be to
an Eligible Assignee, and (iv) the parties to each such assignment shall execute
and deliver to the Administrative Agent, for its acceptance and recording in the
Register, an Assignment and Acceptance, together with the Note or Notes subject
to such assignment and a processing and recordation fee of $3,500.

                  (b) Upon such execution, delivery, acceptance and recording,
from and after the effective date specified in such Assignment and Acceptance,
(x) the assignee thereunder shall be a party hereto and, to the extent that
rights and obligations hereunder have been assigned to it pursuant to such
Assignment and Acceptance, have the rights and obligations of a Lender or the
Issuing Bank hereunder and (y) the Lender or the Issuing Bank assignor
thereunder shall, to the extent that rights and obligations hereunder have been
assigned by it pursuant to such Assignment and Acceptance, relinquish its rights
and be released from its obligations under this Agreement (and, in the case of
an Assignment and Acceptance covering all or the remaining portion of an
assigning Lender's or the Issuing Bank's rights and obligations under this
Agreement, such Lender or the Issuing Bank shall cease to be a party hereto).

                  (c) By executing and delivering an Assignment and Acceptance,
each Lender Party assignor thereunder and each assignee thereunder confirms to
and agrees with each other and the other parties thereto and hereto as follows:
(i) other than as provided in such Assignment and Acceptance, such assigning
Lender Party makes no representation or warranty and assumes no responsibility
with respect to any statements, warranties or representations made in or in
connection with this Agreement or any other Loan Document or the execution,
legality, validity, enforceability, genuineness, sufficiency or value of, or the
perfection or priority of any lien or security interest created or purported to
be created under or in connection with, this Agreement or any other Loan
Document or any other instrument or document furnished pursuant hereto or
thereto; (ii) such assigning Lender Party makes no representation or warranty
and assumes no responsibility with respect to the financial condition of the
Borrower or any other Loan Party or the performance or observance by any Loan
Party of any of its obligations under any Loan Document or any other instrument
or document furnished pursuant thereto; (iii) such assignee confirms that it has
received a copy of this Agreement, together with copies of the financial
statements referred to in Section 4.01 and such other documents and information
as it has deemed appropriate to make its own credit analysis and decision to
enter into such Assignment and Acceptance; (iv) such assignee will,
independently and without reliance upon any Secured Party 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; (v) such assignee confirms that it is an Eligible Assignee; (vi) such
assignee appoints and authorizes the Administrative Agent to take such action as
Administrative Agent on its behalf and to exercise such powers and discretion
under the Loan Documents as are delegated to the Administrative Agent by the
terms hereof, together with such powers and discretion as are reasonably
incidental thereto; and (vii) such assignee agrees that it will perform in
accordance with their terms all of the obligations which by the terms of this
Agreement are required to be performed by it as a Lender or the Issuing Bank, as
the case may be.

                                       75
<PAGE>

                  (d) The Administrative Agent shall maintain at its address
referred to in Section 8.02 a copy of each Assignment and Acceptance delivered
to and accepted by it and a register for the recordation of the names and
addresses of the Lender Parties and the Commitment under the Facility of, and
principal amount of the Advances owing under the Facility to, each Lender Party
from time to time (the "REGISTER"). The entries in the Register shall be
conclusive and binding for all purposes, absent manifest error, and the Borrower
and the Secured Parties may treat each Person whose name is recorded in the
Register as a Lender Party hereunder for all purposes of this Agreement. The
Register shall be available for inspection by the Borrower or any Lender Party
at any reasonable time and from time to time upon reasonable prior notice.

                  (e) Upon its receipt of an Assignment and Acceptance executed
by an assigning Lender Party and an assignee, together with the Note or Notes
requested by the Assignee subject to such assignment, the Administrative Agent
shall, if such Assignment and Acceptance has been completed and is in
substantially the form of EXHIBIT C hereto, (i) accept such Assignment and
Acceptance, (ii) record the information contained therein in the Register and
(iii) give prompt notice thereof to the Borrower.

                  (f) Each Lender Party may sell participations in or to all or
a portion of its rights and obligations under this Agreement (including, without
limitation, all or a portion of its Commitments, the Advances owing to it and
the Note or Notes held by it) to any Person other than any Loan Party or any of
its Subsidiaries or Affiliates; PROVIDED, HOWEVER, that (i) such Lender Party's
obligations under this Agreement (including, without limitation, its
Commitments) shall remain unchanged, (ii) such Lender Party shall remain solely
responsible to the other parties hereto for the performance of such obligations,
(iii) such Lender Party shall remain the holder of such Advances and such Note
for all purposes of this Agreement, (iv) the Borrower and the Secured Parties
shall continue to deal solely and directly with such Lender Party in connection
with such Lender Party's rights and obligations under this Agreement and (v) no
participant under any such participation shall have any right to approve any
amendment or waiver of any provision of any Loan Document, or any consent to any
departure by any Loan Party therefrom, except to the extent that such amendment,
waiver or consent would reduce the principal of, or interest on, the Advances or
any fees or other amounts payable hereunder, in each case to the extent subject
to such participation, postpone any date fixed for any payment of principal of,
or interest on, the Advances or any fees or other amounts payable hereunder, in
each case to the extent subject to such participation, or release all or
substantially all of the Collateral.

                  (g) Any Lender Party may, in connection with any assignment or
participation or proposed assignment or participation pursuant to this Section
8.07, disclose to the assignee or participant or proposed assignee or
participant, any information relating to the Borrower furnished to such Lender
Party by or on behalf of the Borrower.

                  (h) Notwithstanding any other provision set forth in this
Agreement, any Lender Party may at any time create a security interest in all or
any portion of its rights under this Agreement (including, without limitation,
the Advances owing to it and the Note or Notes held by it) in favor of any
Federal Reserve Bank in accordance with Regulation A of the Board of Governors
of the Federal Reserve System.

                  (i) The Issuing Bank may assign to an Eligible Assignee not
less than all of its rights and obligations under the undrawn portion of its
Letter of Credit Commitment at any time; PROVIDED, HOWEVER, that (i) each such
assignment shall be to an Eligible Assignee and (ii) the parties to each such
assignment shall execute and deliver to the Administrative Agent, for its
acceptance and recording in the Register, an Assignment and Acceptance, together
with a processing and recordation fee of $3,500.00.

                                       76
<PAGE>

                  (j) The Borrower assumes all risks of the acts or omissions of
any beneficiary or transferee of any Letter of Credit with respect to its use of
such Letter of Credit. None of the Issuing Bank or any Lender or any of their
respective officers or directors shall be liable or responsible for: (a) the use
that may be made of any Letter of Credit or any acts or omissions of any
beneficiary or transferee in connection therewith; (b) the validity, sufficiency
or genuineness of documents, or of any endorsement thereon, even if such
documents should prove to be in any or all respects invalid, insufficient,
fraudulent or forged; (c) payment by the Issuing Bank against presentation of
documents that do not comply with the terms of a Letter of Credit, including
failure of any documents to bear any reference or adequate reference to the
Letter of Credit; or (d) any other circumstances whatsoever in making or failing
to make payment under any Letter of Credit, except that the Borrower shall have
a claim against the Issuing Bank, and the Issuing Bank shall be liable to the
Borrower, to the extent of any direct, but not consequential, damages suffered
by the Borrower that the Borrower proves were caused by (i) the Issuing Bank's
willful misconduct or gross negligence as determined in a final, non-appealable
judgment by a court of competent jurisdiction in determining whether documents
presented under any Letter of Credit comply with the terms of the Letter of
Credit or (ii) the Issuing Bank's willful failure to make lawful payment under a
Letter of Credit after the presentation to it of a draft and certificates
strictly complying with the terms and conditions of the Letter of Credit. In
furtherance and not in limitation of the foregoing, the Issuing Bank may accept
documents that appear on their face to be in order, without responsibility for
further investigation, regardless of any notice or information to the contrary.

                  SECTION 8.08. EXECUTION IN COUNTERPARTS. This Agreement may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this
Agreement by telecopier shall be effective as delivery of a manually executed
counterpart of this Agreement.

                  SECTION 8.09. JURISDICTION, ETC. (a) Each of the parties
hereto hereby irrevocably and unconditionally submits, for itself and its
property, to the nonexclusive jurisdiction of any New York state court or
federal court of the United States of America sitting in New York City, and any
appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement or any of the other Loan Documents to which it is a
party, or for recognition or enforcement of any judgment, and each of the
parties hereto hereby irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in any such
New York state court or, to the extent permitted by law, in such federal court.
Each of the parties hereto agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. Nothing in this
Agreement shall affect any right that any party may otherwise have to bring any
action or proceeding relating to this Agreement or any of the other Loan
Documents in the courts of any jurisdiction.

                  (b) Each of the parties hereto irrevocably and unconditionally
waives, to the fullest extent it may legally and effectively do so, any
objection that it may now or hereafter have to the laying of venue of any suit,
action or proceeding arising out of or relating to this Agreement or any of the
other Loan Documents to which it is a party in any New York state or federal
court. Each of the parties hereto hereby irrevocably waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance
of such action or proceeding in any such court.

                  SECTION 8.10. GOVERNING LAW. This Agreement and the Notes
shall be governed by, and construed in accordance with, the laws of the State of
New York.

                  SECTION 8.11. WAIVER OF JURY TRIAL. EACH PARTY HERETO
IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM, ACTION,
SUIT OR

                                       77
<PAGE>

PROCEEDING ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS OR THE MATTERS
CONTEMPLATED BY THIS AGREEMENT. EACH PARTY HEREBY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE FEDERAL AND NEW YORK COURTS LOCATED IN THE CITY OF NEW YORK
IN CONNECTION WITH ANY DISPUTE RELATED TO THIS AGREEMENT, THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT OR ANY MATTERS RELATED TO THIS AGREEMENT. IN THE
EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL
BY THE COURT.

                                   ARTICLE IX
                           L/C CASH COLLATERAL ACCOUNT

                  SECTION 9.01. CASH COLLATERAL ACCOUNT. (a) GRANT OF SECURITY.
The Borrower hereby pledges to the Administrative Agent, as collateral agent for
the ratable benefit of the Secured Parties, and hereby grants to the
Administrative Agent, as collateral agent for the ratable benefit of the Secured
Parties, a security interest in, the Borrower's right, title and interest in and
to the L/C Cash Collateral Account and all (i) funds and financial assets from
time to time credited thereto (including, without limitation, all Cash
Equivalents), all interest, dividends, distributions, cash, instruments and
other property from time to time received, receivable or otherwise distributed
in respect of or in exchange for any or all of such funds and financial assets,
and all certificates and instruments, if any, from time to time representing or
evidencing the L/C Cash Collateral Account, (ii) and all promissory notes,
certificates of deposit, deposit accounts, checks and other instruments from
time to time delivered to or otherwise possessed by the Administrative Agent, as
collateral agent for or on behalf of the Borrower, in substitution for or in
addition to any or all of the then existing L/C Account Collateral and (iii) all
interest, dividends, distributions, cash, instruments and other property from
time to time received, receivable or otherwise distributed in respect of or in
exchange for any or all of the then existing L/C Account Collateral, in each of
the cases set forth in clauses (i), (ii) and (iii) above, whether now owned or
hereafter acquired by the Borrower, wherever located, and whether now or
hereafter existing or arising (all of the foregoing, collectively, the "L/C
ACCOUNT COLLATERAL").

                  (b) MAINTAINING THE L/C ACCOUNT COLLATERAL. So long as any
Advance or any other Obligation of any Loan Party under any Loan Document shall
remain unpaid, any Letter of Credit shall be outstanding, any secured Hedge
Agreement shall be in effect or any Lender Party shall have any Commitment:

                  (i) the Borrower will maintain all L/C Account Collateral only
         with the Administrative Agent, as collateral agent; and

                  (ii) the Administrative Agent shall have sole right to direct
         the disposition of funds with respect to the L/C Cash Collateral
         Account subject to the provisions of this Agreement, and it shall be a
         term and condition of such L/C Cash Collateral Account, that except as
         otherwise provided herein, notwithstanding any term or condition to the
         contrary in any other agreement relating to the L/C Cash Collateral
         Account, as the case may be, that no amount (including, without
         limitation, interest on Cash Equivalents credited thereto) will be paid
         or released to or for the account of, or withdrawn by or for the
         account of, the Borrower or any other Person from the L/C Cash
         Collateral Account; and

                  (iii) the Administrative Agent may (with the consent of the
         Required Lenders), at any time and without notice to, or consent from,
         the Borrower, transfer, or direct the transfer of, funds from the L/C
         Account Collateral to satisfy the Borrower's Obligations under the Loan
         Documents if an Event of Default shall have occurred and be continuing.

                                       78
<PAGE>

                  (c) INVESTING OF AMOUNTS IN THE L/C CASH COLLATERAL ACCOUNT.
The Administrative Agent will, from time to time invest (i)(A) amounts received
with respect to the L/C Cash Collateral Account in such Cash Equivalents
credited to the L/C Cash Collateral Account as the Borrower may select and the
Administrative Agent, as collateral agent, may approve in its reasonable
discretion, and (B) interest paid on the Cash Equivalents referred to in clause
(i)(A) above, and (ii) reinvest other proceeds of any such Cash Equivalents that
may mature or be sold, in each case in such Cash Equivalents credited in the
same manner. Interest and proceeds that are not invested or reinvested in Cash
Equivalents as provided above shall be deposited and held in the L/C Cash
Collateral Account. In addition, the Administrative Agent shall have the right
at any time to exchange such Cash Equivalents for similar Cash Equivalents of
smaller or larger determinations, or for other Cash Equivalents, credited to the
L/C Cash Collateral Account.

                  (d) RELEASE OF AMOUNTS. So long as no Default under the Credit
Agreement shall have occurred and be continuing, the Administrative Agent will
pay and release to the Borrower or at its order or, at the request of the
Borrower, to the Administrative Agent to be applied to the Obligations of the
Borrower under the Loan Documents such amount, if any, as is then on deposit in
the L/C Cash Collateral Account.

                  (e) REMEDIES. Upon the occurrence and during the continuance
of any Event of Default, in addition to the rights and remedies available
pursuant to Article VI hereof and under the other Collateral Documents, (i) the
Administrative Agent may exercise in respect of the L/C Account Collateral all
the rights and remedies of a secured party upon default under the UCC (whether
or not the UCC applies to the affected L/C Account Collateral), and (ii) the
Administrative Agent may, without notice to the Borrower, except as required by
law and at any time or from time to time, charge, set-off and otherwise apply
all or any part of the Obligations of the Borrower under the Loan Documents
against any funds held with respect to the L/C Account Collateral or in any
other deposit account.

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK]

                                       79
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed by their respective officers thereunto duly authorized,
as of the date first above written.

                                       BOCA RESORTS HOTEL CORPORATION,
                                       as Borrower

                                       By: /s/ Wayne More
                                           -------------------------------------
                                               Wayne Moor, Vice President

                                      By: /s/ Richard L. Handley
                                          --------------------------------------
                                              Richard L. Handley, Vice President

                                      S-1
<PAGE>

                                       DEUTSCHE BANK TRUST COMPANY
                                       AMERICAS, as Initial
                                       Issuing Bank,
                                       Administrative Agent and
                                       Initial Lender

                                       By: /s/ Linda Wang
                                           -------------------------------------
                                           Name:  Linda Wang
                                           Title: Vice President

                                      S-2
<PAGE>

                                       FLEET NATIONAL BANK,
                                       as Syndication Agent and Initial Lender

                                       By: /s/ Lori Y. Litow
                                           -------------------------------------
                                           Name:  Lori Y. Litow
                                           Title: Director

                                      S-3
<PAGE>

                                       THE BANK OF NOVA SCOTIA,
                                       NEW YORK AGENCY,
                                       as Documentation Agent and Initial Lender

                                       By: /s/ Bruce G. Ferunson
                                           -------------------------------------
                                           Name:  Bruce G. Ferguson
                                           Title: Managing Director

                                      S-4
<PAGE>

                                       BEAR STEARNS CORPORATE LENDING INC.,
                                       as Initial Lender

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                      S-5
<PAGE>

                                       COMERICA BANK,
                                       as Initial Lender

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                      S-6
<PAGE>

                                       WACHOVIA BANK, N.A.,
                                       as Initial Lender

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                      S-7
<PAGE>

                                       SOUTHTRUST BANK, an Alabama banking
                                       corporation, as Initial Lender

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                      S-8

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