Document:

EXHIBIT 10.1
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                    Multicurrency Credit Agreement

                              Dated as of

                             June 26, 2003

                                 Among

                   Jones Lang LaSalle Finance B.V.,

                     The Guarantors Party Hereto,

                        The Banks Party Hereto,

                    Harris Trust and Savings Bank,
                        as Administrative Agent

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                    Harris Trust and Savings Bank,
                           as Lead Arranger,

                         Bank of America, N.A.

                                  and

                  LaSalle Bank National Association,
                       as Co-Syndication Agents,

                                  and

                         JPMorgan Chase Bank,

                                  and

                      Royal Bank of Scotland plc,
                      as Co-Documentation Agents

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                           TABLE OF CONTENTS

         (This Table of Contents is not part of the Agreement)

Section                         Heading                           Page

Section 1.          The Revolving Credit. . . . . . . . . . . .      1

     Section 1.1.   Commitments . . . . . . . . . . . . . . . .      1
     Section 1.2.   The Swingline.. . . . . . . . . . . . . . .      1
     Section 1.3.   Letters of Credit . . . . . . . . . . . . .      3
     Section 1.4.   Applicable Interest Rates . . . . . . . . .      5
     Section 1.5.   Minimum Borrowing Amounts . . . . . . . . .      7
     Section 1.6.   Manner of Borrowing Loans and Designating
                    Interest Rates Applicable to Loans. . . . .      7
     Section 1.7.   Interest Periods. . . . . . . . . . . . . .      9
     Section 1.8.   Maturity of Loans . . . . . . . . . . . . .      9
     Section 1.9.   Prepayments . . . . . . . . . . . . . . . .      9
     Section 1.10.  Default Rate. . . . . . . . . . . . . . . .     10
     Section 1.11.  Noteless Agreement; Evidence of Indebtedness    11
     Section 1.12.  Funding Indemnity.. . . . . . . . . . . . .     11
     Section 1.13.  Commitment Terminations . . . . . . . . . .     12
     Section 1.14.  Increase in Commitment. . . . . . . . . . .     13

Section 2.          Fees. . . . . . . . . . . . . . . . . . . .     13

     Section 2.1.   Fees. . . . . . . . . . . . . . . . . . . .     13

Section 3.          Place and Application of Payments . . . . .     14

     Section 3.1.   Place and Application of Payments . . . . .     14

Section 4.          Definitions; Interpretation . . . . . . . .     14

     Section 4.1.   Definitions . . . . . . . . . . . . . . . .     14
     Section 4.2.   Interpretation. . . . . . . . . . . . . . .     24

Section 5.          Representations and Warranties. . . . . . .     24

     Section 5.1.   Corporate Organization and Authority. . . .     24
     Section 5.2.   Subsidiaries. . . . . . . . . . . . . . . .     24
     Section 5.3.   Corporate Authority and Validity
                    of Obligations. . . . . . . . . . . . . . .     25
     Section 5.4.   Financial Statements. . . . . . . . . . . .     25
     Section 5.5.   No Litigation; No Labor Controversies . . .     26
     Section 5.6.   Taxes . . . . . . . . . . . . . . . . . . .     26
     Section 5.7.   Approvals . . . . . . . . . . . . . . . . .     26
     Section 5.8.   ERISA . . . . . . . . . . . . . . . . . . .     26
     Section 5.9.   Government Regulation . . . . . . . . . . .     26
     Section 5.10.  Margin Stock. . . . . . . . . . . . . . . .     26
     Section 5.11.  Licenses and Authorizations; Compliance
                    with Environmental and Health Laws. . . . .     27
     Section 5.12.  Ownership of Property; Liens. . . . . . . .     27
     Section 5.13.  No Burdensome Restrictions; Compliance
                    with Agreements . . . . . . . . . . . . . .     27
     Section 5.14.  Accuracy of Information . . . . . . . . . .     27
     Section 5.15.  Not a Tax Shelter Transaction . . . . . . .     27

Section 6.          Conditions Precedent. . . . . . . . . . . .     28

     Section 6.1.   Initial Credit Event. . . . . . . . . . . .     28
     Section 6.2.   All Credit Events . . . . . . . . . . . . .     29

                                   i

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Section                         Heading                           Page

Section 7.          Covenants . . . . . . . . . . . . . . . . .     29

     Section 7.1.   Corporate Existence; Subsidiaries . . . . .     29
     Section 7.2.   Maintenance . . . . . . . . . . . . . . . .     29
     Section 7.3.   Taxes . . . . . . . . . . . . . . . . . . .     30
     Section 7.4.   ERISA . . . . . . . . . . . . . . . . . . .     30
     Section 7.5.   Insurance . . . . . . . . . . . . . . . . .     30
     Section 7.6.   Financial Reports and Other Information . .     30
     Section 7.7.   Bank Inspection Rights. . . . . . . . . . .     31
     Section 7.8.   Conduct of Business . . . . . . . . . . . .     31
     Section 7.9.   Liens . . . . . . . . . . . . . . . . . . .     31
     Section 7.10.  Use of Proceeds; Regulation U . . . . . . .     33
     Section 7.11.  Sales and Leasebacks. . . . . . . . . . . .     33
     Section 7.12.  Mergers, Consolidations and Sales of Assets     33
     Section 7.13.  Use of Property and Facilities;
                    Environmental and Health and Safety Laws. .     34
     Section 7.14.  Investments, Acquisitions, Loans, Advances
                    and Guaranties. . . . . . . . . . . . . . .     34
     Section 7.15.  Consolidated Net Worth. . . . . . . . . . .     36
     Section 7.16.  Funded Debt to Adjusted EBITDA. . . . . . .     36
     Section 7.17.  Interest Coverage Ratio . . . . . . . . . .     36
     Section 7.18.  Fixed Charge Coverage Ratio . . . . . . . .     36
     Section 7.19.  Dividends and Other Shareholder
                    Distributions . . . . . . . . . . . . . . .     37
     Section 7.20.  Indebtedness. . . . . . . . . . . . . . . .     37
     Section 7.21.  Transactions with Affiliates. . . . . . . .     37
     Section 7.22.  Compliance with Laws. . . . . . . . . . . .     37
     Section 7.23.  Additional Guarantors . . . . . . . . . . .     38

Section 8.          Events of Default and Remedies. . . . . . .     38

     Section 8.1.   Events of Default . . . . . . . . . . . . .     38
     Section 8.2.   Non-Bankruptcy Defaults . . . . . . . . . .     39
     Section 8.3.   Bankruptcy Defaults . . . . . . . . . . . .     40
     Section 8.4.   Collateral for Undrawn Letters of Credit. .     40
     Section 8.5.   Notice of Default . . . . . . . . . . . . .     40
     Section 8.6.   Expenses. . . . . . . . . . . . . . . . . .     41

Section 9.          Change in Circumstances . . . . . . . . . .     41

     Section 9.1.   Change of Law . . . . . . . . . . . . . . .     41
     Section 9.2.   Unavailability of Deposits or Inability
                    to Ascertain, or Inadequacy of, LIBOR . . .     41
     Section 9.3.   Increased Cost and Reduced Return . . . . .     41
     Section 9.4.   Lending Offices . . . . . . . . . . . . . .     42
     Section 9.5.   Discretion of Bank as to Manner of Funding.     43

Section 10.         The Administrative Agent. . . . . . . . . .     43

     Section 10.1.  Appointment and Authorization of
                    Administrative Agent. . . . . . . . . . . .     43
     Section 10.2.  Administrative Agent and its Affiliates . .     43
     Section 10.3.  Action by Administrative Agent. . . . . . .     43
     Section 10.4.  Consultation with Experts . . . . . . . . .     43
     Section 10.5.  Liability of Administrative Agent;
                    Credit Decision . . . . . . . . . . . . . .     44
     Section 10.6.  Indemnity . . . . . . . . . . . . . . . . .     44
     Section 10.7.  Resignation of Administrative Agent and
                    Successor Agent . . . . . . . . . . . . . .     44

                                  ii

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Section                         Heading                           Page

Section 11.         The Guarantees. . . . . . . . . . . . . . .     45

     Section 11.1.  The Guarantees. . . . . . . . . . . . . . .     45
     Section 11.2.  Guarantee Unconditional . . . . . . . . . .     45
     Section 11.3.  Discharge Only Upon Payment in Full;
                    Reinstatement in Certain Circumstances. . .     46
     Section 11.4.  Waivers . . . . . . . . . . . . . . . . . .     46
     Section 11.5.  Limit on Recovery . . . . . . . . . . . . .     46
     Section 11.6.  Stay of Acceleration. . . . . . . . . . . .     46
     Section 11.7.  Jones Lang LaSalle Limited. . . . . . . . .     47

Section 12.         Miscellaneous . . . . . . . . . . . . . . .     47

     Section 12.1.  Payments Free of Withholding Taxes. . . . .     47
     Section 12.2.  No Waiver of Rights . . . . . . . . . . . .     47
     Section 12.3.  Non-Business Day. . . . . . . . . . . . . .     47
     Section 12.4.  Documentary Taxes . . . . . . . . . . . . .     48
     Section 12.5.  Survival of Representations . . . . . . . .     48
     Section 12.6.  Survival of Indemnities . . . . . . . . . .     48
     Section 12.7.  Sharing of Set-Off. . . . . . . . . . . . .     48
     Section 12.8.  Notices . . . . . . . . . . . . . . . . . .     48
     Section 12.9.  Counterparts. . . . . . . . . . . . . . . .     49
     Section 12.10. Successors and Assigns. . . . . . . . . . .     49
     Section 12.11. Participants. . . . . . . . . . . . . . . .     49
     Section 12.12. Assignment of Commitments by Banks. . . . .     50
     Section 12.13. Amendments. . . . . . . . . . . . . . . . .     50
     Section 12.14. Headings. . . . . . . . . . . . . . . . . .     50
     Section 12.15. Legal Fees, Other Costs and Indemnification     51
     Section 12.16. Set Off . . . . . . . . . . . . . . . . . .     51
     Section 12.17. Currency. . . . . . . . . . . . . . . . . .     51
     Section 12.18. Entire Agreement. . . . . . . . . . . . . .     52
     Section 12.19. Governing Law . . . . . . . . . . . . . . .     52
     Section 12.20. Submission to Jurisdiction; Waiver of
                    Jury Trial. . . . . . . . . . . . . . . . .     52
     Section 12.21. Limitation of Liability . . . . . . . . . .     52
     Section 12.22. Confidentiality . . . . . . . . . . . . . .     53

    Signature       . . . . . . . . . . . . . . . . . . . . . .      1

Exhibits

     A     -     Form of Note
     B     -     Form of Compliance Certificate
     C-1   -     Form of Legal Opinion of U.S. Counsel to the Borrower
                 and Guarantors
     C-2   -     Form of Legal Opinion of Dutch Counsel to the Borrower
     C-3   -     Form of Legal Opinion of English Counsel to Jones Lange
                 LaSalle Limited
     D     -     Form of Subsidiary Guarantee Agreement
     E     -     Form of Commitment Amount Increase Request

Schedule 1       Commitments
Schedule 1.4     Existing Letters of Credit
Schedule 5.2     Guarantors
Schedule 7.14    Existing Investments

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<PAGE>

                    MULTICURRENCY CREDIT AGREEMENT

     This Multicurrency Credit Agreement, dated as of June 26, 2003, is
among Jones Lang LaSalle Finance B.V., a private company with limited
liability organized under the laws of The Netherlands (the "Borrower"), the
Guarantors (as hereinafter defined) party hereto, the banks from time to
time party hereto (each a "Bank" and, collectively, the "Banks") and Harris
Trust and Savings Bank, as Administrative Agent.

     Whereas, subject to and upon the terms and conditions set forth
herein, the Banks are willing to make available to the Borrower the credit
facilities provided for herein;

     Now, Therefore, it is agreed:

SECTION 1.  THE REVOLVING CREDIT.

     SECTION 1.1.  COMMITMENTS.  Subject to the terms and conditions
hereof, each Bank severally agrees to make a loan or loans (individually a
"Loan" and collectively "Loans") to the Borrower from time to time on a
revolving basis in U.S. Dollars and Alternative Currencies in an aggregate
outstanding Original Dollar Amount up to the amount of its Commitment
subject to any increases or reductions thereof pursuant to the terms
hereof, before the Termination Date.  The sum of the (i) aggregate Original
Dollar Amount of Loans, (ii) the aggregate Original Dollar Amount of
Swingline Loans, and (iii) the aggregate U.S. Dollar Equivalent of all L/C
Obligations at any time outstanding shall not exceed the Commitments in
effect at such time.  The sum of the aggregate Original Dollar Amount of
all Loans denominated in an Alternative Currency other than Euros at any
time outstanding shall not exceed $75,000,000.  Each Borrowing of Loans
shall be made ratably from the Banks in proportion to their respective
Percentages.  As provided in Section 1.6(a) hereof, the Borrower may elect
that each Borrowing of Loans denominated in U.S. Dollars be either Domestic
Rate Loans or Eurocurrency Loans.  All Loans denominated in an Alternative
Currency shall be Eurocurrency Loans.  Loans may be repaid and the
principal amount thereof reborrowed before the Termination Date, subject to
all the terms and conditions hereof.

     SECTION 1.2.  THE SWINGLINE.

     (a)   SWINGLINE LOANS.  Subject to all of the terms and conditions
hereof, Harris Bank agrees to make loans in U.S. Dollars to the Borrower
("Swingline Loans"), which shall not in the aggregate at any time
outstanding exceed the lesser of (i) the Swingline Commitment or (ii) the
difference between (x) the Commitments in effect at such time and (y) the
sum of the Original Dollar Amount of all Loans and the U.S. Dollar
Equivalent of the L/C Obligations outstanding at the time of computation.
The Swingline Commitment may be availed of by the Borrower from time to
time and borrowings thereunder may be repaid and used again during the
period ending on the day immediately preceding the Termination Date.

     (b)   MINIMUM BORROWING AMOUNT.  Each Swingline Loan shall be in an
amount not less than $100,000.

     (c)   INTEREST ON SWINGLINE LOANS.  Each Swingline Loan shall bear
interest (computed on the basis of a year of 360 days and actual days
elapsed) for the Interest Period selected therefor at the Domestic Rate
PLUS the Applicable Margin for Domestic Rate Loans or at the rate quoted by
Harris Bank to the Borrower which is the interest rate determined in Harris
Bank's discretion at which the Harris Bank would be willing to make such
Swingline Loan available to the Borrower for such Interest Period (the rate
so quoted for a given Interest Period being herein referred to as the
"Quoted Rate"), PROVIDED that if any Swingline Loan is not paid when due
(whether by lapse of time, acceleration or otherwise) such Swingline Loan
shall bear interest whether before or after judgment, until payment in full

<PAGE>

thereof through the end of the Interest Period then applicable thereto at
the rate set forth in Section 1.10 hereof.  Interest on each Swingline Loan
shall be due and payable on the last day of each Interest Period applicable
thereto, and interest after maturity (whether by lapse of time,
acceleration or otherwise) shall be due and payable upon demand.

     (d)   REQUESTS FOR SWINGLINE LOANS.  The Borrower shall give the
Administrative Agent and Harris Bank prior notice (which may be written or
oral) no later than 12:00 Noon (Chicago time) on the date upon which the
Borrower requests that any Swingline Loan be made, specifying in each case
the amount and date of such Swingline Loan and the Interest Period selected
therefor.  Within thirty (30) minutes after receiving such notice, Harris
Bank shall quote the Quoted Rate for such Interest Period.  The Borrower
acknowledges and agrees that the interest rate quote is given for immediate
and irrevocable acceptance, and if the Borrower does not so immediately
accept the Quoted Rate for the full amount requested by the Borrower for
such Swingline Loan, the Quoted Rate shall be deemed immediately withdrawn
and such Swingline Loan shall be made at the rate per annum equal to the
Domestic Rate from time to time in effect PLUS the Applicable Margin for
Domestic Rate Loans.  Subject to all of the terms and conditions hereof,
the proceeds of such Swingline Loan shall be made available to the Borrower
on the date so requested at the offices of the Administrative Agent in
Chicago, Illinois.  Anything contained in the foregoing to the contrary
notwithstanding, (i) the obligation of Harris Bank to make Swingline Loans
shall be subject to all of the terms and conditions of this Agreement and
(ii) Harris Bank shall not be obligated to make more than one Swingline
Loan during any one day.

     (e)   REFUNDING LOANS.  In its sole and absolute discretion, Harris
Bank may at any time, on behalf of the Borrower (which hereby irrevocably
authorizes Harris Bank to act on its behalf for such purpose), request each
Bank to make a Loan in an amount equal to such Bank's Percentage of the
amount of the Swingline Loans outstanding on the date such notice is given.

Borrowings of Loans under this Section shall initially constitute Domestic
Rate Loans unless timely notice is given pursuant to Section 1.6 hereof.
Unless any of the conditions of Section 6 are not fulfilled on such date,
each Bank shall make the proceeds of its requested Loan available to the
Administrative Agent, in immediately available funds, at the principal
office of the Administrative Agent in Chicago, Illinois, before 12:00 Noon
(Chicago time) on the Business Day following the day such notice is given.
The proceeds of such Loans shall be immediately applied to repay the
outstanding Swingline Loans.

     (f)   PARTICIPATIONS.  If any Bank refuses or otherwise fails to make
a Loan when requested by Harris Bank pursuant to Section 1.2(e) above
(because the conditions in Section 6 are not satisfied or otherwise), such
Bank will, by the time and in the manner such Loan was to have been funded
to the Administrative Agent, purchase from Harris Bank an undivided
participating interest in the outstanding Swingline Loans in an amount
equal to its Percentage of the aggregate principal amount of Swingline
Loans that were to have been repaid with such Loans.  Each Bank that so
purchases a participation in a Swingline Loan shall thereafter be entitled
to receive its Percentage of each payment of principal received on the
Swingline Loan and of interest received thereon accruing from the date such
Bank funded to the Administrative Agent its participation in such Swingline
Loan.  The obligation of the Banks to Harris Bank shall be absolute and
unconditional and shall not be affected or impaired by any Default or Event
of Default which may then be continuing hereunder.

     (g)   VOLUNTARY PREPAYMENT OF SWINGLINE LOANS.  The Borrower may not
voluntarily prepay any Swingline Loan bearing interest at the Quoted Rate
before the last day of its Interest Period.  The Borrower may voluntarily
prepay any Swingline Loan bearing interest computed by reference to the
Domestic Rate before the last day of its Interest Period at any time upon
notice delivered to the Administrative Agent by the Borrower no later than
12:00 Noon (Chicago time) on the date of prepayment, such prepayment to be
made by the payment of the principal amount to be prepaid and accrued
interest thereon to the date fixed for prepayment.

<PAGE>

     SECTION 1.3.  LETTERS OF CREDIT.

     (a)   GENERAL TERMS.  Subject to the terms and conditions hereof, as
part of the Revolving Credit the Administrative Agent shall issue standby
letters of credit (each a "Letter of Credit") for the Borrower's account in
Euros, U.S. Dollars or Japanese Yen in the U.S. Dollar Equivalent of the
aggregate undrawn face amount up to the L/C Commitment, provided that the
U.S. Dollar Equivalent of the aggregate L/C Obligations at any time
outstanding shall not exceed the difference between the Commitments in
effect at such time and the aggregate Original Dollar Amount of Loans and
Swingline Loans then outstanding.  Notwithstanding anything herein to the
contrary, those certain letters of credit issued for the account of the
Parent by Harris Trust and Savings Bank and listed on Schedule 1.4 hereof
(the "Existing Letters of Credit") shall each constitute a "Letter of
Credit" herein for all purposes of this Agreement with the Borrower as the
applicant therefor, to the same extent, and with the same force and effect
as if the Existing Letters of Credit had been issued under this Agreement
at the request of the Borrower.  Each Letter of Credit shall be issued by
the Administrative Agent, but each Bank shall be obligated to reimburse the
Administrative Agent for its Percentage of the amount of each drawing
thereunder and, accordingly, the undrawn face amount of each Letter of
Credit shall constitute usage of the Commitment of each Bank PRO RATA in
accordance with each Bank's Percentage.

     (b)   APPLICATIONS.  At any time before the Termination Date, the
Administrative Agent shall, at the request of the Borrower, issue one or
more Letters of Credit, in a form satisfactory to the Administrative Agent,
with expiration dates no later than the Termination Date, in an aggregate
face amount as set forth above, upon the receipt of a duly executed
application for the relevant Letter of Credit in the form customarily
prescribed by the Administrative Agent for a standby letter of credit (each
an "Application").  Notwithstanding anything contained in any Application
to the contrary (i) the Borrower's obligation to pay fees in connection
with each Letter of Credit shall be as exclusively set forth in
Section 2.1(b) hereof, (ii) except during the continuance of an Event of
Default, the Administrative Agent will not call for the funding by the
Borrower of any amount under a Letter of Credit, or any other form of
collateral security for the Borrower's obligations in connection with such
Letter of Credit, before being presented with a drawing thereunder, and
(iii) if the Administrative Agent is not timely reimbursed for the amount
of any drawing under a Letter of Credit on the date such drawing is paid,
the Borrower's obligation to reimburse the Administrative Agent for the
amount of such drawing shall bear interest (which the Borrower hereby
promises to pay) from and after the date such drawing is paid at a rate per
annum (i) if such Letter of Credit is denominated in U.S. Dollars, equal to
the sum of 2% PLUS the Domestic Rate from time to time in effect PLUS the
Applicable Margin for Domestic Rate Loans and (ii) if such Letter of Credit
is denominated in Euros or Japanese Yen, equal to the rate established
pursuant to Section 1.10(b) for Eurocurrency Loans denominated in an
Alternative Currency.  The Administrative Agent agrees to issue amendments
to the Letter(s) of Credit increasing the amount, or extending the
expiration date, thereof at the request of the Borrower subject to the
conditions of Section 6.2 and the other terms of this Section 1.3.

     (c)   THE REIMBURSEMENT OBLIGATIONS.  Subject to Section 1.3(b)
hereof, the obligation of the Borrower to reimburse the Administrative
Agent for all drawings under a Letter of Credit (a "Reimbursement
Obligation") shall be governed by the Application related to such Letter of
Credit, except that reimbursement of each drawing shall be made in
immediately available funds (i) if such Letter of Credit is denominated in
U.S. Dollars, at the Administrative Agent's principal office in Chicago,
Illinois and (ii) if such Letter of Credit is denominated in either Euros
or Japanese Yen, to such local office as the Administrative Agent has
previously specified, in each case by no later than 12:00 noon (local time)

<PAGE>

on the date when each drawing is paid or, if such drawing was paid after
11:30 a.m. (local time), by the end of such day.  If the Borrower does not
make any such reimbursement payment on the date due and the Participating
Banks fund their participations therein in the manner set forth in
Section 1.3(d) below, then all payments thereafter received by the
Administrative Agent in discharge of any of the relevant Reimbursement
Obligations shall be distributed in accordance with Section 1.3(d) below.

     (d)   THE PARTICIPATING INTERESTS.  Each Bank (other than the Bank
then acting as Administrative Agent in issuing Letters of Credit) severally
agrees to purchase from the Administrative Agent, and the Administrative
Agent hereby agrees to sell to each such Bank (a "Participating Bank"), an
undivided percentage participating interest (a "Participating Interest"),
to the extent of its Percentage, in each Letter of Credit issued by, and
each Reimbursement Obligation owed to, the Administrative Agent.  Upon any
failure by the Borrower to pay any Reimbursement Obligation at the time
required on the date due, as set forth in Section 1.3(c) above, or if the
Administrative Agent is required at any time to return to the Borrower or
to a trustee, receiver, liquidator, custodian or other Person any portion
of any payment of any Reimbursement Obligation, each Participating Bank
shall, not later than the Business Day it receives a request from the
Administrative Agent to such effect, if such request is received before
1:00 p.m. (Chicago time), or not later than the following Business Day, if
such request is received after such time, pay to the Administrative Agent
an amount equal to its Percentage of such unpaid or recaptured
Reimbursement Obligation together with interest on such amount accrued from
the date the related payment was made by the Administrative Agent to the
date of such payment by such Participating Bank at a rate per annum equal
to (i) from the date the related payment was made by the Administrative
Agent to the date two (2) Business Days after payment by such Participating
Bank is due hereunder (a) if such Letter of Credit is denominated in U.S.
Dollars, the Federal Funds Rate for each day and (b) if such Letter of
Credit is denominated in either Euros or Japanese Yen at the rate of
interest per annum as determined by the Administrative Agent at which
overnight or weekend deposits in the relevant currency for delivery of
immediately available and freely transferable funds are offered by the
Administrative Agent to major banks in the interbank market for each such
day and (ii) from the date two (2) Business Days after the date such
payment is due from such Participating Bank to the date such payment is
made by such Participating Bank, (a) if such Letter of Credit is
denominated in U.S. Dollars, the Domestic Rate in effect for each such day
and (b) if such Letter of Credit is denominated in either Euros or Japanese
Yen, the rate established by Section 1.10(b) for Eurocurrency Loans
denominated in such currency.  Each such Participating Bank shall
thereafter be entitled to receive its Percentage of each payment received
in respect of the relevant Reimbursement Obligation and of interest paid
thereon, with the Administrative Agent retaining its Percentage as a Bank
hereunder.

     The several obligations of the Participating Banks to the
Administrative Agent under this Section 1.3 shall be absolute, irrevocable
and unconditional under any and all circumstances whatsoever (except,
without limiting the Borrower's obligations under each Application, to the
extent the Borrower is relieved from its obligation to reimburse the
Administrative Agent for a drawing under a Letter of Credit because of the
Administrative Agent's gross negligence or willful misconduct in
determining that documents received under the Letter of Credit comply with
the terms thereof) and shall not be subject to any set-off, counterclaim or
defense to payment which any Participating Bank may have or have had
against the Borrower, the Administrative Agent, any other Bank or any other
Person whatsoever.  Without limiting the generality of the foregoing, such
obligations shall not be affected by any Default or Event of Default or by
any reduction or termination of any Commitment of any Bank, and each
payment by a Participating Bank under this Section 1.3 shall be made
without any offset, abatement, withholding or reduction whatsoever.  The
Administrative Agent shall be entitled to offset amounts received for the
account of a Bank under this Agreement against unpaid amounts due from such

<PAGE>

Bank to the Administrative Agent hereunder (whether as fundings of
participations, indemnities or otherwise), but shall not be entitled to
offset against amounts owed to the Administrative Agent by any Bank arising
outside this Agreement.

     (e)   INDEMNIFICATION.  The Participating Banks shall, to the extent
of their respective Percentages, indemnify the Administrative Agent (to the
extent not reimbursed by the Borrower) against any cost, expense (including
reasonable counsel fees and disbursements), claim, demand, action, loss or
liability (except such as result from the Administrative Agent's gross
negligence or willful misconduct) that the Administrative Agent may suffer
or incur in connection with any Letter of Credit.  The obligations of the
Participating Banks under this Section 1.3(e) and all other parts of this
Section 1.3 shall survive termination of this Agreement and of all other
L/C Documents.

     SECTION 1.4.  APPLICABLE INTEREST RATES.

     (a)   DOMESTIC RATE LOANS.  Each Domestic Rate Loan made or
maintained by a Bank shall bear interest during each Interest Period it is
outstanding (computed on the basis of a year of 365 or 366 days, as
applicable, and actual days elapsed) on the unpaid principal amount thereof
from the date such Loan is advanced, continued or created by conversion
from a Eurocurrency Loan until maturity (whether by acceleration or
otherwise) at a rate per annum equal to the sum of the Applicable Margin
plus the Domestic Rate from time to time in effect, payable on the last day
of its Interest Period and at maturity (whether by acceleration or
otherwise).

     "Domestic Rate" means for any day the greater of:

           (i)   the rate of interest announced by the Administrative
Agent from time to time as its prime commercial rate, or equivalent, as in
effect on such day, with any change in the Domestic Rate resulting from a
change in said prime commercial rate to be effective as of the date of the
relevant change in said prime commercial rate; and

           (ii)  the sum of (x) the rate determined by the Administrative
Agent to be the prevailing rate per annum (rounded upwards, if necessary,
to the nearest one hundred-thousandth of a percentage point) at
approximately 10:00 a.m. (Chicago time) (or as soon thereafter as is
practicable) on such day (or, if such day is not a Business Day, on the
immediately preceding Business Day) for the purchase at face value of
overnight Federal Funds in an amount comparable to the principal amount
owed to the Banks for which such rate is being determined, plus (y) 1/2 of
1% (0.50%).

     (b)   EUROCURRENCY LOANS.  Each Eurocurrency Loan made or maintained
by a Bank shall bear interest during each Interest Period it is outstanding
(computed on the basis of a year of 360 days and actual days elapsed except
for Eurocurrency Loans denominated in Pounds Sterling which shall be
computed on the basis of a year of 365 days and actual days elapsed) on the
unpaid principal amount thereof from the date such Loan is advanced,
continued, or created by conversion from a Domestic Rate Loan until
maturity (whether by acceleration or otherwise) at a rate per annum equal
to the sum of the Applicable Margin plus the Adjusted LIBOR applicable for
such Interest Period, payable on the last day of the Interest Period and at
maturity (whether by acceleration or otherwise), and, if the applicable
Interest Period is longer than three months, on each day occurring every
three months after the commencement of such Interest Period.

     "Adjusted LIBOR" means, for any Borrowing of Eurocurrency Loans, a
rate per annum determined in accordance with the following formula:

     Adjusted LIBOR =              LIBOR
                      -----------------------------------
                      1 - Eurocurrency Reserve Percentage

<PAGE>

     "LIBOR" means, for an Interest Period for a Borrowing of Eurocurrency
Loans, (a) the LIBOR Index Rate for such Interest Period, if such rate is
available, and (b) if the LIBOR Index Rate cannot be determined, the
average rate of interest per annum (rounded upwards, if necessary, to the
nearest one hundred-thousandth of a percentage point) at which deposits in
U.S. Dollars or the relevant Alternative Currency, as appropriate, in
immediately available funds are offered to the Administrative Agent at
11:00 a.m. (London, England time) two (2) Business Days before the
beginning of such Interest Period by major banks in the interbank
eurocurrency market for delivery on the first day of and for a period equal
to such Interest Period in an amount equal or comparable to the principal
amount of such Borrowing.

     "LIBOR Index Rate" means, for any Interest Period, the rate per annum
(rounded upwards, if necessary, to the next higher one hundred-thousandth
of a percentage point) for deposits in U.S. Dollars or the relevant
Alternative Currency, as appropriate, for a period equal to such Interest
Period, which appears on the appropriate Telerate Page for such currency,
as of 11:00 a.m. (London, England time) on the day two (2) Business Days
before the commencement of such Interest Period.

     "Telerate Page" means the page designated on the Telerate Service (or
such other service as may be nominated by the British Bankers' Association
as the information vendor) for the purpose of displaying British Bankers'
Association Interest Settlement Rates for the applicable currency.

     "Eurocurrency Reserve Percentage" means, for any Borrowing of
Eurocurrency Loans, the daily average for the applicable Interest Period of
the maximum rate, expressed as a decimal, at which reserves (including,
without limitation, any supplemental, marginal and emergency reserves) are
imposed during such Interest Period by the Board of Governors of the
Federal Reserve System (or any successor) on "eurocurrency liabilities", as
defined in such Board's Regulation D (or in respect of any other category
of liabilities that includes deposits by reference to which the interest
rate on Eurocurrency Loans is determined or any category of extensions of
credit or other assets that include loans by non-United States offices of
any Bank to United States residents), subject to any amendments of such
reserve requirement by such Board or its successor, taking into account any
transitional adjustments thereto.  For purposes of this definition, the
Eurocurrency Loans shall be deemed to be "eurocurrency liabilities" as
defined in Regulation D without benefit or credit for any prorations,
exemptions or offsets under Regulation D.

     (c)   RATE DETERMINATIONS.  The Administrative Agent shall determine
each interest rate applicable to the Loans, and a reasonable determination
thereof by the Administrative Agent shall be conclusive and binding except
in the case of manifest error or willful misconduct.  The Original Dollar
Amount of each Eurocurrency Loan denominated in an Alternative Currency
shall be determined or redetermined, as applicable, effective as of the
first day of each Interest Period applicable to such Loan.

     SECTION 1.5.  MINIMUM BORROWING AMOUNTS.  Each Borrowing of Domestic
Rate Loans shall be in an amount not less than $1,000,000 and in integral
multiples of $100,000.  Each Borrowing of Eurocurrency Loans shall be in an
amount not less than an Original Dollar Amount of $3,000,000 and in
integral multiple of 100,000 units of the relevant currency as would have
the Original Dollar Amount most closely approximating $100,000 or an
integral multiple thereof.

<PAGE>

     SECTION 1.6.  MANNER OF BORROWING LOANS AND DESIGNATING INTEREST
RATES APPLICABLE TO LOANS.

     (a)   NOTICE TO THE ADMINISTRATIVE AGENT.  The Borrower shall give
notice to the Administrative Agent by no later than (i) 12:00 noon (Chicago
time) at least four (4) Business Days before the date on which the Borrower
requests the Banks to advance a Borrowing of Eurocurrency Loans denominated
in an Alternative Currency, (ii) 12:00 noon (Chicago time) at least three
(3) Business Days before the date on which the Borrower requests the Banks
to advance a Borrowing of Eurocurrency Loans denominated in U.S. Dollars
and (iii) 12:00 noon. (Chicago time) on the date on which the Borrower
requests the Banks to advance a Borrowing of Domestic Rate Loans.  The
Loans included in each Borrowing shall bear interest initially at the type
of rate specified in such notice of a new Borrowing.  Thereafter, the
Borrower may from time to time elect to change or continue the type of
interest rate borne by each Borrowing or, subject to the minimum amount
requirement for each outstanding Borrowing contained in Section 1.5 hereof,
a portion thereof, as follows:  (i) if such Borrowing is of Eurocurrency
Loans, on the last day of the Interest Period applicable thereto, the
Borrower may continue part or all of such Borrowing as Eurocurrency Loans
for an Interest Period or Interest Periods specified by the Borrower or, if
such Eurocurrency Loan is denominated in U.S. Dollars, convert part or all
of such Borrowing into Domestic Rate Loans, (ii) if such Borrowing is of
Domestic Rate Loans, on any Business Day, the Borrower may convert all or
part of such Borrowing into Eurocurrency Loans denominated in U.S. Dollars
for an Interest Period or Interest Periods specified by the Borrower.  The
Borrower shall give all such notices requesting the advance, continuation,
or conversion of a Borrowing to the Administrative Agent by telephone or
telecopy (which notice shall be irrevocable once given and, if by
telephone, shall be promptly confirmed in writing).  Notices of the
continuation of a Borrowing of Eurocurrency Loans denominated in U.S.
Dollars for an additional Interest Period or of the conversion of part or
all of a Borrowing of Eurocurrency Loans denominated in U.S. Dollars into
Domestic Rate Loans or of Domestic Rate Loans into Eurocurrency Loans must
be given by no later than 12:00 noon (Chicago time) at least three (3)
Business Days before the date of the requested continuation or conversion.
Notices of the continuation of a Borrowing of Eurocurrency Loans
denominated in an Alternative Currency must be given no later than 12:00
noon (Chicago time) at least four (4) Business Days before the requested
continuation.  All such notices concerning the advance, continuation, or
conversion of a Borrowing shall specify the date of the requested advance,
continuation or conversion of a Borrowing (which shall be a Business Day),
the amount of the requested Borrowing to be advanced, continued, or
converted, the type of Loans to comprise such new, continued or converted
Borrowing and, if such Borrowing is to be comprised of Eurocurrency Loans,
the currency and Interest Period applicable thereto.  The Borrower agrees
that the Administrative Agent may rely on any such telecopy notice given by
any person it in good faith believes is an Authorized Representative
without the necessity of independent investigation, and in the event any
such notice by telephone conflicts with any written confirmation, such
telephonic notice shall govern if the Administrative Agent has acted in
reliance thereon.

     (b)   NOTICE TO THE BANKS.  The Administrative Agent shall give
prompt telephonic or telecopy notice to each Bank (which notice if by
telephone, shall be promptly confirmed in writing) of any notice from the
Borrower received pursuant to Section 1.6(a) above.  The Administrative
Agent shall give notice to the Borrower and each Bank by like means of the
interest rate applicable to each Borrowing of Eurocurrency Loans and, if
such Borrowing is denominated in an Alternative Currency, shall give notice
by such means to the Borrower and each Bank of the Original Dollar Amount
thereof.

<PAGE>

     (c)   BORROWER'S FAILURE TO NOTIFY.  Any outstanding Borrowing of
Domestic Rate Loans shall, subject to Section 6.2 hereof, automatically be
continued for an additional Interest Period on the last day of its then
current Interest Period unless the Borrower has notified the Administrative
Agent within the period required by Section 1.6(a) that it intends to
convert such Borrowing into a Borrowing of Eurocurrency Loans or notifies
the Administrative Agent within the period required by Section 1.9(a) that
it intends to prepay such Borrowing.  If the Borrower fails to give notice
pursuant to Section 1.6(a) above of the continuation or conversion of any
outstanding principal amount of a Borrowing of Eurocurrency Loans
denominated in U.S. Dollars before the last day of its then current
Interest Period within the period required by Section 1.6(a) and has not
notified the Administrative Agent within the period required by
Section 1.9(a) that it intends to prepay such Borrowing, such Borrowing
shall automatically be converted into a Borrowing of Domestic Rate Loans,
subject to Section 6.2 hereof.  If the Borrower fails to give notice
pursuant to Section 1.6(a) above of the continuation of any outstanding
principal amount of a Borrowing of Eurocurrency Loans denominated in an
Alternative Currency before the last day of its then current Interest
Period within the period required by Section 1.6(a) and has not notified
the Administrative Agent within the period required by Section 1.9(a) that
it intends to prepay such Borrowing, such Borrowing shall automatically be
continued as a Borrowing of Eurocurrency Loans in the same Alternative
Currency with an Interest Period of one month, subject to Section 6.2
hereof, including the application of Section 1.4 and of the restrictions
contained in the definition of Interest Period.

     (d)   DISBURSEMENT OF LOANS.  Not later than 11:00 a.m. (Chicago
time) on the date of any requested advance of a new Borrowing of
Eurocurrency Loans, and not later than 2:00 p.m. (Chicago time) on the date
of any requested advance of a new Borrowing of Domestic Rate Loans (other
than Domestic Rate Loans the proceeds of which are used to repay Swingline
Loans), subject to Section 6 hereof, each Bank shall make available its
Loan comprising part of such Borrowing in funds immediately available at
the principal office of the Administrative Agent in Chicago, Illinois,
except that if such Borrowing is denominated in an Alternative Currency
each Bank shall, subject to Section 1.4(c) and Section 6, make available
its Loan comprising part of such Borrowing at such office as the
Administrative Agent has previously specified in a notice to each Bank, in
such funds as are then customary for the settlement of international
transactions in such currency and no later than such local time as is
necessary for such funds to be received and transferred to the Borrower for
same day value on the date of the Borrowing.  The Administrative Agent
shall make available to the Borrower Loans denominated in U.S. Dollars at
the Administrative Agent's principal office in Chicago, Illinois and Loans
denominated in Alternative Currencies at such office as the Administrative
Agent has previously agreed to with the Borrower, in each case in the type
of funds received by the Administrative Agent from the Banks.

     (e)   ADMINISTRATIVE AGENT RELIANCE ON BANK FUNDING.  Unless the
Administrative Agent shall have been notified by a Bank before the date or,
in the case of a Borrowing of Domestic Rate Loans prior to 1:00 p.m.
(Chicago time) on the date, on which such Bank is scheduled to make payment
to the Administrative Agent of the proceeds of a Loan (which notice shall
be effective upon receipt) that such Bank does not intend to make such
payment, the Administrative Agent may assume that such Bank has made such
payment when due and the Administrative Agent may in reliance upon such
assumption (but shall not be required to) make available to the Borrower
the proceeds of the Loan to be made by such Bank and, if any Bank has not
in fact made such payment to the Administrative Agent, such Bank shall, on
demand, pay to the Administrative Agent the amount made available to the
Borrower attributable to such Bank together with interest thereon in
respect of each day during the period commencing on the date such amount
was made available to the Borrower and ending on (but excluding) the date
such Bank pays such amount to the Administrative Agent at a rate per annum
equal to the Federal Funds Rate or, in the case of a Loan denominated in an

<PAGE>

Alternative Currency, the cost to the Administrative Agent of funding the
amount it advanced to fund such Bank's Loan, as determined by the
Administrative Agent.  If such amount is not received from such Bank by the
Administrative Agent immediately upon demand, the Borrower will, on demand,
repay to the Administrative Agent the proceeds of the Loan attributable to
such Bank with interest thereon at a rate per annum equal to the interest
rate applicable to the relevant Loan, but without such payment being
considered a payment or prepayment of a Loan under Section 1.12 hereof, so
that the Borrower will have no liability under such Section with respect to
such payment.

     SECTION 1.7.  INTEREST PERIODS.  As provided in Section 1.6(a)
hereof, at the time of each request to advance, continue, or create by
conversion a Borrowing of Eurocurrency Loans, the Borrower shall select an
Interest Period applicable to such Loans from among the available options.
The term "Interest Period" means the period commencing on the date a
Borrowing of Loans is advanced, continued, or created by conversion and
ending:  (a) in the case of Domestic Rate Loans, on the last day of the
calendar quarter in which such Borrowing is advanced, continued, or created
by conversion (or on the last day of the following quarter if such Loan is
advanced, continued or created by conversion on the last day of a calendar
quarter), (b) in the case of Eurocurrency Loans, 1, 2, 3, or 6 months
thereafter, and (c) in the case of Swingline Loans, on the date, as the
Borrower may select, one to five days thereafter; PROVIDED, HOWEVER, that:

     (a)   any Interest Period for a Borrowing of Loans consisting of
Domestic Rate Loans that otherwise would end after the Termination Date
shall end on the Termination Date;

     (b)   whenever the last day of any Interest Period would otherwise be
a day that is not a Business Day, the last day of such Interest Period
shall be extended to the next succeeding Business Day, PROVIDED that, if
such extension would cause the last day of an Interest Period for a
Borrowing of Eurocurrency Loans to occur in the following calendar month,
the last day of such Interest Period shall be the immediately preceding
Business Day; and

     (c)   for purposes of determining an Interest Period for a Borrowing
of Eurocurrency Loans, a month means a period starting on one day in a
calendar month and ending on the numerically corresponding day in the next
calendar month; PROVIDED, HOWEVER, that if there is no numerically
corresponding day in the month in which such an Interest Period is to end
or if such an Interest Period begins on the last Business Day of a calendar
month, then such Interest Period shall end on the last Business Day of the
calendar month in which such Interest Period is to end.

     SECTION 1.8.  MATURITY OF LOANS.  Each Loan shall mature and become
due and payable by the Borrower on the Termination Date.  Each Swingline
Loan shall mature and become due and payable on the earlier of (i) the last
day of its Interest Period and (ii) the Termination Date.

     SECTION 1.9.  PREPAYMENTS.

     (a)   OPTIONAL.  The Borrower may prepay without premium or penalty
and in whole or in part (but, if in part, then:  (i) if such Borrowing is
of Domestic Rate Loans, in an amount not less than $500,000, (ii) if such
Borrowing is of Eurocurrency Loans denominated in U.S. Dollars, in an
amount not less than $1,000,000, (iii) if such Borrowing is denominated in
an Alternative Currency, an amount for which the U.S. Dollar Equivalent is
not less than $1,000,000 and (iv) in an amount such that the minimum amount
required for a Borrowing pursuant to Section 1.5 hereof remains
outstanding) any Borrowing of Eurocurrency Loans upon one Business Day's
prior notice to the Administrative Agent or, in the case of a Borrowing of
Domestic Rate Loans, notice delivered to the Administrative Agent no later
than 12:00 noon (Chicago time) on the date of prepayment, such prepayment
to be made by the payment of the principal amount to be prepaid and, in the

<PAGE>

case of a prepayment of a Eurocurrency Loan, accrued interest thereon to
the date fixed for prepayment; PROVIDED that in the case of any such
prepayment of Eurocurrency Loans, such prepayment shall be accompanied by
amounts owing under Section 1.12 hereof; PROVIDED further that any amounts
not repaid on the date fixed for prepayment shall be converted (subject to
Sections 1.5 and 6.2 hereof) into a Borrowing of Domestic Rate Loans.  The
Administrative Agent will promptly advise each Bank of any such prepayment
notice it receives from the Borrower.

     (b)   MANDATORY.

           (i)   No later than the Business Day occurring immediately
after the day on which the Parent or any Subsidiary receives proceeds from
the sale (including a liquidating dividend) of all or any portion of any
Investment permitted under Section 7.14(k), the Borrower shall make a
mandatory prepayment of the Loans in the amount of such proceeds.

           (ii)  If on any March 31, June 30, September 30 or December 31
occurring after the date hereof the sum of (i) the U.S. Dollar Equivalent
of all outstanding Loans hereunder, (ii) the aggregate Original Dollar
Amount of all outstanding Swingline Loans hereunder, and (iii) the U.S.
Dollar Equivalent of the L/C Obligations exceeds the Commitments as then in
effect, the Borrower shall immediately prepay Loans in an aggregate amount
such that after giving effect thereto the sum of (i) the U.S. Dollar
Equivalent of all outstanding Loans hereunder, (ii) the aggregate Original
Dollar Amount of all outstanding Swingline Loans hereunder, and (iii) the
U.S. Dollar Equivalent of the outstanding L/C Obligations is less than or
equal to the Commitments as then in effect.

           (iii) The Borrower shall, on each date the Commitments are
reduced pursuant to Section 1.13 hereof, prepay the Loans and, if
necessary, prefund the L/C Obligations by the amount, if any, necessary to
reduce the sum of the aggregate Original Dollar Amount of Loans and U.S.
Dollar Equivalent of L/C Obligations then outstanding to the amount to
which the Commitments have been so reduced.

     SECTION 1.10.  DEFAULT RATE.  If any payment of principal on any Loan
is not made when due (whether by acceleration or otherwise), such Loan
shall bear interest (computed on the basis of a year of 360 days and actual
days elapsed or, if based on the Domestic Rate, on the basis of a year of
365 or 366 days, as applicable, and the actual number of days elapsed) from
the date such payment was due until paid in full, payable on demand, at a
rate per annum equal to:

     (a)   for any Domestic Rate Loan, the sum of two percent (2%) PLUS
the Domestic Rate from time to time in effect PLUS the Applicable Margin
for Domestic Rate Loans;

     (b)   for any Eurocurrency Loan, the sum of two percent (2%) PLUS the
rate of interest in effect thereon at the time of such default until the
end of the Interest Period applicable thereto and, thereafter, if such Loan
is denominated in U.S. Dollars, at a rate per annum equal to the sum of two
percent (2%) PLUS the Domestic Rate from time to time in effect PLUS the
Applicable Margin for Domestic Rate Loans or, if such Loan is denominated
in an Alternative Currency, at a rate per annum equal to the sum of the
Eurocurrency Margin, PLUS two percent (2%) PLUS the rate of interest per
annum as determined by the Administrative Agent (rounded upwards, if
necessary, to the next higher one hundred-thousandth of a percentage point)
at which overnight or weekend deposits (or, if such amount due remains
unpaid more than three Business Days, then for such other period of time
not longer than one month as the Administrative Agent may elect in its
absolute discretion) of the relevant Alternative Currency for delivery in
immediately available and freely transferable funds would be offered by the
Administrative Agent to major banks in the interbank market upon request of
such major banks for the applicable period as determined above and in an
amount comparable to the unpaid principal amount of any such Eurocurrency
Loan (or, if the Administrative Agent is not placing deposits in such
currency in the interbank market , then the Administrative Agent's cost of
funds in such currency for such period); and

<PAGE>

     (c)   for any Swingline Loan, the sum of 2% PLUS the rate of interest
in effect thereon at the time of such default until the end of the Interest
Period applicable thereto and, thereafter, at a rate per annum equal to 2%
PLUS the Applicable Margin for Domestic Rate Loans plus the Domestic Rate
from time to time in effect.

     SECTION 1.11.  NOTELESS AGREEMENT; EVIDENCE OF INDEBTEDNESS.

     (a)  Each Bank shall maintain in accordance with its usual practice
an account or accounts evidencing the indebtedness of the Borrower to such
Bank resulting from each Loan made by such Bank from time to time,
including the amounts of principal and interest payable and paid to such
Bank from time to time hereunder.

     (b)   The Administrative Agent shall also maintain accounts in which
it will record (a) the amount of each Loan made hereunder, the type thereof
and the Interest Period with respect thereto, (b) the amount of any
principal or interest due and payable or to become due and payable from the
Borrower to each Bank hereunder and (c) the amount of any sum received by
the Administrative Agent hereunder from the Borrower and each Bank's share
thereof.

     (c)   The entries maintained in the accounts maintained pursuant to
paragraphs (i) and (ii) above shall be PRIMA FACIE evidence of the
existence and amounts of the Obligations therein recorded; PROVIDED,
HOWEVER, that the failure of the Administrative Agent or any Bank to
maintain such accounts or any error therein shall not in any manner affect
the obligation of the Borrower to repay the Obligations in accordance with
their terms.

     (d)   Any Bank may request that its Loans be evidenced by a Note.  In
such event, the Borrower shall prepare, execute and deliver to such Bank a
Note or Notes payable to the order of such Lender in a form supplied by the
Administrative Agent.  Thereafter, the Loans evidenced by such Note or
Notes and interest thereon shall at all times (including after any
assignment pursuant to Section 12.12) be represented by one or more Notes
payable to the order of the payee named therein or any assignee pursuant to
Section 12.12, except to the extent that any such Bank or assignee
subsequently returns any such Note for cancellation and requests that such
Loans once again be evidenced as described in subsections (a) and (b)
above.

     SECTION 1.12.  FUNDING INDEMNITY.  If any Bank shall incur any loss,
cost or expense (including, without limitation, any loss of profit, and any
loss, cost or expense incurred by reason of the liquidation or re-
employment of deposits or other funds acquired by such Bank to fund or
maintain any Eurocurrency Loan or the relending or reinvesting of such
deposits or amounts paid or prepaid to such Bank) as a result of:

     (a)   any payment, prepayment or conversion of a Eurocurrency Loan on
a date other than the last day of its Interest Period,

     (b)   any failure (because of a failure to meet the conditions of
Section 6 or otherwise) by the Borrower to borrow or continue a
Eurocurrency Loan, or to convert a Domestic Rate Loan into a Eurocurrency
Loan, on the date specified in a notice given pursuant to Section 1.6(a) or
established pursuant to Section 1.6(c) hereof,

     (c)   any failure by the Borrower to make any payment of principal on
any Eurocurrency Loan when due (whether by acceleration or otherwise), or

     (d)   any acceleration of the maturity of a Eurocurrency Loan as a
result of the occurrence of any Event of Default hereunder,

<PAGE>

then, upon the demand of such Bank, the Borrower shall pay to such Bank
such amount as will reimburse such Bank for such loss, cost or expense.  If
any Bank makes such a claim for compensation, it shall provide to the
Borrower, with a copy to the Administrative Agent, a certificate executed
by an officer of such Bank setting forth the amount of such loss, cost or
expense in reasonable detail (including an explanation of the basis for and
the computation of such loss, cost or expense) and the amounts shown on
such certificate if reasonably calculated shall be conclusive absent
manifest error.

     SECTION 1.13.  COMMITMENT TERMINATIONS.

     (a)   The Borrower shall have the right at any time and from time to
time, upon five (5) Business Days' prior written notice to the
Administrative Agent, to terminate the Commitments without premium or
penalty, in whole or in part, any partial termination to be in an amount
not less than $5,000,000, PROVIDED that the Commitments may not be reduced
to an amount less than the sum of the Original Dollar Amount of all Loans
and Swingline Loans and the U.S. Dollar Equivalent of all L/C Obligations
then outstanding.  The Borrower shall have the right at any time and from
time to time, by notice to the Administrative Agent, to reduce or terminate
the L/C Commitment without premium or penalty, in whole or in part;
PROVIDED THAT the L/C Commitment may not be reduced to an amount less than
the U.S. Dollar Equivalent of all L/C Obligations then outstanding. The
Borrower shall have the right at any time and from time to time, by notice
to the Administrative Agent, to reduce or terminate the Swingline
Commitment without premium or penalty, in whole or in part; PROVIDED THAT
the Swingline Commitment may not be reduced to an amount less than the
aggregate principal amount of the Swingline Loans then outstanding.  Any
such termination of the L/C Commitment or the Swingline Commitment shall
not reduce the Commitments unless the Borrower elects to do so in the
manner provided above.

     (b)   If after the Effective Date the Parent or any Subsidiary shall
issue new equity securities (whether common or preferred stock or
otherwise), other than equity securities issued to the Parent or any
Subsidiary or in connection with the Parent's Stock Compensation Program,
Employee Stock Purchase Plan, Stock Award and Incentive Plan and any
similar programs or plans, the Borrower shall promptly notify the
Administrative Agent of the estimated Net Cash Proceeds of such issuance to
be received by or for the account of the Parent or such Subsidiary in
respect thereof.  On the Business Day occurring immediately after receipt
by the Parent or such Subsidiary of the Net Cash Proceeds of any such
issuance, the Commitments shall reduce in an aggregate amount equal to 50%
of the amount of such Net Cash Proceeds.

     (c)   If after the Effective Date the Parent or any Subsidiary shall
issue any indebtedness for borrowed money (other than short-term working
capital facilities in local currencies), the Borrower shall promptly notify
the Administrative Agent of the estimated Net Cash Proceeds of such
issuance to be received by or for the account of the Parent or such
Subsidiary in respect thereof.  On the Business Day occurring immediately
after receipt by the Parent or such Subsidiary of Net Cash Proceeds of any
such issuance, the Commitments shall reduce in an aggregate amount equal to
100% of the amount of such Net Cash Proceeds.

     (d)   If the Parent or any Subsidiary shall at any time or from time
to time make or agree to make a Disposition in excess of $5,000,000 on a
cumulative basis in any fiscal year of the Parent, then the Borrower shall
promptly notify the Administrative Agent of such proposed Disposition
(including the amount of the estimated Net Cash Proceeds to be received by
the Parent or such Subsidiary in respect thereof).  On the Business Day
occurring immediately after receipt by the Parent or the Subsidiary of the
Net Cash Proceeds of any such Disposition, the Commitments shall reduce in
an aggregate amount equal to 100% of the amount of such Net Cash Proceeds.

<PAGE>

     (e)   The Administrative Agent shall give prompt notice to each Bank
pursuant to this Section 1.13 of any termination of Commitments. Any such
termination of Commitments (i) shall be allocated ratably among the Banks
in proportion to their respective Percentage and (ii) may not be
reinstated.  Any termination of the Commitments to an aggregate amount less
than the L/C Commitment then in effect shall reduce the L/C Commitment to
an amount equal to the Commitments.  Any termination of the Commitments to
an aggregate amount less than the Swingline Commitment then in effect shall
reduce the Swingline Commitment to an amount equal to the Commitments.

     SECTION 1.14.  INCREASE IN COMMITMENT.  Provided no Default or Event
of Default has occurred and is continuing, the Borrower and Parent may, on
any Business Day prior to the Termination Date increase the aggregate
amount of the Commitments by delivering to the Administrative Agent a
Commitment Amount Increase Request in the form of Exhibit E hereto at least
five (5) Business Days prior to the desired effective date of such increase
(the "Commitment Amount Increase") identifying an additional Bank (or
additional Commitment agreed to be made by any existing Bank) and the
amount of its Commitment (or additional amount of its Commitment);
PROVIDED, HOWEVER, that the Parent and Borrower may only request an
increase in the aggregate amount of the Commitments if immediately after
giving effect to such Commitment Amount Increase the aggregate principal
amount of the Borrower's obligations owing under the Indenture shall be
less than the Euro equivalent of $100,000,000; PROVIDED FURTHER that such
new or increased Commitment may not be in excess of the difference, if any,
between $100,000,000 MINUS the U.S. Dollar Equivalent of the principal
amount of the Borrower's obligations owing under the Indenture.  The amount
of the permitted increase in Commitments shall be calculated using the U.S.
Dollar Equivalent of the principal amount redeemed under the Indenture on
the date notice of such redemption is delivered to the holders of the debt
outstanding under the Indenture.  Upon the effectiveness thereof, each new
Bank (or, if applicable, each existing Bank which consented to an increase
in its Commitment) shall advance Loans in an amount sufficient such that
after giving effect to its Loans each Bank shall have outstanding its PRO
RATA share of Loans.  It shall be a condition to such effectiveness that no
Eurocurrency Loans be outstanding on the date of such effectiveness and
that the Borrower shall not have terminated any portion of the Commitments
pursuant to Section 1.13 hereof.  The Borrower agrees to pay any fees or
expenses of the Administrative Agent relating to any Commitment Amount
Increase.  Notwithstanding anything herein to the contrary, no Bank shall
have any obligation to increase its Commitment and no Bank's Commitment
shall be increased without its consent thereto, and each Bank may at its
option, unconditionally and without cause, decline to increase its
Commitment.

SECTION 2.  FEES.

     SECTION 2.1.  FEES

     (a)   COMMITMENT FEE.  For the period from the Effective Date to and
including the Termination Date, the Borrower shall pay to the
Administrative Agent for the ratable account of the Banks in accordance
with their Percentages a commitment fee (the "Commitment Fee") on the
average daily Unused Commitments at a rate of:  (i) 0.25% per annum for
each day Level I Status exists, (ii) 0.30% per annum for each day Level II
Status exists, (iii) 0.35% per annum for each day Level III Status exists,
and (iv) 0.40% per annum for each day Level IV status exists.  Accrued
Commitment Fees shall be due and payable in arrears on June 30, 2003, on
the last day of each calendar quarter thereafter and on the Termination
Date, unless the Commitments are terminated in whole on an earlier date, in
which event the fee for the period to but not including the date of such
termination shall be paid in whole on the date of such termination.

<PAGE>

     (b)   LETTER OF CREDIT FEES.  On the date of issuance or extension,
or increase in the amount, of any Standby Letter of Credit pursuant to
Section 1.4 hereof, the Borrower shall pay to the Administrative Agent an
issuance fee equal to 0.125% of the face amount of (or of the increase in
the face amount of) such Letter of Credit.  Quarterly in arrears, on the
last day of each calendar quarter, commencing on June 30, 2003, the
Borrower shall pay to the Administrative Agent, for the ratable benefit of
the Banks in accordance with their Percentages, a letter of credit fee at a
rate per annum equal to the Applicable Margin for Eurocurrency Loans in
effect during each day of such quarter applied to the daily average U.S.
Dollar Equivalent of the face amount of Standby Letters of Credit
outstanding during such quarter.

     (c)   ADMINISTRATIVE AGENT FEES.  The Borrower shall pay to the
Administrative Agent the fees agreed to between the Administrative Agent
and the Parent in a letter dated May 29, 2003 or as otherwise subsequently
agreed between them.

     (d)   FEE CALCULATIONS.  All fees payable under Section 2.1(a) and
(b) shall be computed on the basis of a year of 365 or 366 days, as
applicable, for the actual number of days elapsed.

SECTION 3.  PLACE AND APPLICATION OF PAYMENTS.

     SECTION 3.1.  PLACE AND APPLICATION OF PAYMENTS.  All payments of
principal of and interest on the Loans and the Reimbursement Obligations,
and of all other amounts payable by the Borrower under this Agreement,
shall be made by the Borrower to the Administrative Agent by no later than
12:00 Noon (Chicago time) on the due date thereof at the principal office
of the Administrative Agent in Chicago, Illinois (or such other location in
the State of Illinois as the Administrative Agent may designate to the
Borrower) or, if such payment is to be made in an Alternative Currency, no
later than 12:00 noon local time at the place of payment to such office as
the Administrative Agent has previously specified in a notice to the
Borrower for the benefit of the Person or Persons entitled thereto.  Any
payments received after such time shall be deemed to have been received by
the Administrative Agent on the next Business Day.  All such payments shall
be made (i) in U.S. Dollars, in immediately available funds at the place of
payment, or (ii) in the case of amounts payable hereunder in an Alternative
Currency, in such Alternative Currency in such funds then customary for the
settlement of international transactions in such currency, in each case
without setoff or counterclaim.  The Administrative Agent will promptly
thereafter cause to be distributed like funds relating to the payment of
principal or interest on Loans or commitment fees ratably to the Banks and
like funds relating to the payment of any other amount payable to any
Person to such Person, in each case to be applied in accordance with the
terms of this Agreement.

SECTION 4.  DEFINITIONS; INTERPRETATION.

     SECTION 4.1.  DEFINITIONS.  The following terms when used herein have
the following meanings:

     "Account" is defined in Section 8.4(b) hereof.

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

<PAGE>

     "Adjusted EBIT" means, for any period, Consolidated Net Income for
such period PLUS all amounts deducted in arriving at such Consolidated Net
Income for such period for (i) Interest Expense, (ii) federal, state and
local income tax expense, (iii) all non-cash contributions or accruals to
or with respect to deferred profit sharing or compensation, and (iv)
Permitted Adjustments; PROVIDED that any amounts added to Consolidated Net
Income pursuant to clause (iii) above for any period shall be deducted from
Consolidated Net Income for the period, if ever, in which such amounts are
paid in cash by the Parent or any of its Subsidiaries.

     "Adjusted EBITDA" means, for any period, Consolidated Net Income for
such period PLUS all amounts deducted in arriving at such Consolidated Net
Income for such period for (i) Interest Expense, (ii) federal, state and
local income tax expense, (iii) all amounts properly charged for
depreciation of fixed assets and amortization of intangible assets on the
books of the Parent and its Restricted Subsidiaries, (iv) all non-cash
contributions or accruals to or with respect to deferred profit sharing or
compensation, and (v) Permitted Adjustments; PROVIDED that any amounts
added to Consolidated Net Income pursuant to clause (iv) above for any
period shall be deducted from Consolidated Net Income for the period, if
ever, in which such amounts are paid in cash by the Parent or any of its
Subsidiaries.

     "Adjusted LIBOR" is defined in Section 1.4(b) hereof.

     "Affiliate" means, as to any Person, any other Person which directly
or indirectly controls, or is under common control with, or is controlled
by, such Person.  As used in this definition, "control" (including, with
their correlative meanings, "controlled by" and "under common control
with") means possession, directly or indirectly, of power to direct or
cause the direction of management or policies of a Person (whether through
ownership of securities or partnership or other ownership interests, by
contract or otherwise), PROVIDED that, in any event for purposes of this
definition:  (i) any Person which owns directly or indirectly 5% or more of
the securities having ordinary voting power for the election of directors
or other governing body of a corporation or 5% or more of the partnership
or other ownership interests of any other Person (other than as a limited
partner of such other Person) will be deemed to control such corporation or
other Person; and (ii) each director and executive officer of the Parent or
any Subsidiary shall be deemed an Affiliate of the Parent and each
Subsidiary.

     "Administrative Agent" means Harris Trust and Savings Bank and any
successor pursuant to Section 10.7 hereof.

     "Alternative Currency" means any of Australian Dollars, Canadian
Dollars, Euros, Hong Kong Dollars, Japanese Yen, New Zealand Dollar, Pound
Sterling, Singapore Dollars, and Swiss Francs, and any other currency
approved by all the Banks, in each case for so long as such currency is
readily available to all the Banks and is freely transferable and freely
convertible to U.S. Dollars and the Dow Jones Telerate Service or Reuters
Monitor Money Rates Service (or any successor to either) reports a LIBOR
for such currency for interest periods of one, two, three and six calendar
months; PROVIDED THAT if any Bank provides written notice to the Borrower
(with a copy to the Administrative Agent) that any currency control or
other exchange regulations are imposed in the country in which any such
Alternative Currency is issued and that in the reasonable opinion of such
Bank funding a Loan in such currency is impractical, then such currency
shall cease to be an Alternative Currency hereunder until such time as all
the Banks reinstate such country's currency as an Alternative Currency.

     "Applicable Margin" means, on any date for any Domestic Rate Loan or
Eurocurrency Loan the rate per annum set forth below, as in effect on such
date as determined pursuant to the provisions of the definition of Pricing
Date:

<PAGE>

     Level            Eurocurrency Loans              Domestic
                                                     Rate Loans

     Level I Status         1.375%                      0%
     Level II Status        1.625%                      0.125%
     Level III Status       1.875%                      0.375%
     Level IV Status        2.250%                      0.750%

; PROVIDED that from the Closing Date until the first Pricing Date the
Borrower shall be in Level IV.

     "Application" is defined in Section 1.3(b) hereof.

     "Authorized Representative" means those persons shown on the list of
officers provided by the Borrower pursuant to Section 6.1(g) hereof, or on
any updated such list provided by the Parent to the Administrative Agent,
or any further or different officer of the Borrower so named by any
Authorized Representative of the Parent in a written notice to the
Administrative Agent.

     "Bank" is defined in the first paragraph of this Agreement and
includes the Administrative Agent in its capacity as issuer of Letters of
Credit and holder of L/C Obligations after giving effect to each
Participating Bank's interest therein.

     "Borrower" means Jones Lang LaSalle Finance B.V., a private company
with limited liability organized under the laws of The Netherlands.

     "Borrowing" means the total of Loans of a single type advanced,
continued for an additional Interest Period, or converted from a different
type into such type by the Banks on a single date and for a single Interest
Period.  Borrowings of Loans are made and maintained ratably from each of
the Banks according to their Percentages.  A Borrowing is "advanced" on the
day Banks advance funds comprising such Borrowing to the Borrower, is
"continued" on the day a new Interest Period for the same type of Loans
commences for such Borrowing, and is "converted" on the day such Borrowing
is changed from one type of Loan to the other, all as requested by the
Borrower pursuant to Section 1.6(a).

     "Business Day" means any day other than a Saturday or Sunday on which
Banks are not authorized or required to close in Chicago, Illinois and, if
the applicable Business Day relates to the borrowing or payment of a
Eurocurrency Loan, on which banks are dealing in U.S. Dollar deposits or
the relevant Alternative Currency in the interbank market in London,
England and, if the applicable Business Day relates to the borrowing or
payment of a Eurocurrency Loan denominated in an Alternative Currency, on
which banks and foreign exchange markets are open for business in the city
where disbursements of or payments on such Loan are to be made and, if such
Alternative Currency is the Euro or any national currency of a nation that
is a member of the European Economic and Monetary Union, which is a TARGET
Settlement Day.

     "Capital Lease" means at any date any lease of Property which, in
accordance with GAAP, would be required to be capitalized on the balance
sheet of the lessee.

     "Capitalized Lease Obligations" means, for any Person, the amount of
such Person's liabilities under Capital Leases determined at any date in
accordance with GAAP.

     "Cash Interest Expense" means, for any period, Interest Expense MINUS
the aggregate amount of accelerated amortization during such period in
accordance with GAAP of fees, interest, and debt discount paid in a prior
year.

<PAGE>

     "Change of Control" means at any time:

           (i)   the Parent ceases to be the ultimate "beneficial owner"
(as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as
amended (the "Exchange Act")) of at least 99% of the total voting power of
the Voting Stock of the Borrower;

           (ii)  any Person becomes the beneficial owner of securities of
the Parent representing 30% or more of the then outstanding Voting Stock of
the Parent; or

           (iii) during any period of twenty-four consecutive months
beginning after the date of this Agreement, individuals who at the
beginning of such period constitute the Board of Directors of the Parent
(the "Board"), together with any new director (other than a director
designated by a person who has entered into an agreement with the Parent to
effect a transaction described in clause (ii) of this Change of Control
definition) whose election or nomination for election was approved by a
vote of at least two-thirds of the directors then still in office who
either were directors at the beginning of the period or whose election or
nomination for election was previously so approved, cease for any reason to
constitute a majority of the Board.

     For purposes of the definition of Change of Control, "Person" shall
have the meaning ascribed to such term in Section 3(a)(9) of the Exchange
Act as supplemented by Section 13(d)(3) of the Exchange Act; PROVIDED,
HOWEVER, that Person shall not include (i) the Parent or any Wholly-Owned
Subsidiary, or (ii) any person who, as of the date of this Agreement, was
the beneficial owner of securities of the Parent representing 20% or more
of the combined voting power.

     "Code" means the Internal Revenue Code of 1986, as amended.

     "Commitment" means, as to any Bank, the obligation of such Bank to
make Loans and to participate in Swingline Loans and Letters of Credit
issued for the account of the Borrower hereunder in an aggregate principal
or face amount at any one time outstanding not to exceed the amount set
forth opposite such Bank's name under the heading "Commitment" on Schedule
1 attached hereto and made a part hereof, as the same may be reduced or
modified at any time or from time to time pursuant to the terms hereof.

     "Commitment Amount Increase" is defined in Section 1.14 hereof.

     "Compliance Certificate" means a certificate in the form of Exhibit C
hereto.

     "Consolidated Net Income" means, for any period, the net income (or
net loss) of the Parent and its Restricted Subsidiaries for such period
computed on a consolidated basis in accordance with GAAP, but excluding any
extraordinary profits or losses; PROVIDED THAT there shall be included in
such determination for such period all such amounts attributable to any
Person acquired pursuant to an Acquisition to the extent such Person is not
subsequently sold or otherwise disposed of (other than in a transaction
pursuant to which the business of such Person is retained by the Parent or
a Subsidiary of the Parent) during such period for the portion of such
period prior to such Acquisition.

     "Consolidated Net Worth" means, as of the date of any determination
thereof, the amount reflected as stockholders' equity upon a consolidated
balance sheet of the Parent and its Restricted Subsidiaries for such date
computed on a consolidated basis in accordance with GAAP.

     "Contractual Obligation" means, as to any Person, any provision of
any security issued by such Person or of any agreement, instrument or
undertaking to which such Person is a party or by which it or any of its
Property is bound.

<PAGE>

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

     "Credit Documents" means this Agreement, the Notes, the Applications,
the Letters of Credit and each Subsidiary Guarantee Agreement delivered to
the Administrative Agent pursuant to Section 7.1 hereof.

     "Credit Event" means the advancing of any Loan, the continuation of
or conversion into a Eurocurrency Loan denominated in an Alternative
Currency, or the issuance of, or extension of the expiration date or
increase in the amount of, any Letter of Credit.

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

     "Disposition" means the sale, conveyance, or other disposition of
Property, other than sales, conveyances or other dispositions (i) in the
ordinary course of business or (ii) to the Parent or a Subsidiary.

     "Domestic Rate" is defined in Section 1.4(a) hereof.

     "Domestic Rate Loan" means a Loan bearing interest prior to maturity
at a rate specified in Section 1.4(a) hereof.

     "Effective Date" means the date hereof.

     "Environmental and Health Laws" means any and all federal, state,
local and foreign statutes, laws, regulations, ordinances, judgments,
permits and other governmental rules or restrictions relating to human
health, safety (including without limitation occupational safety and health
standards), or the environment or to emissions, discharges or releases of
pollutants, contaminants, hazardous or toxic substances, wastes or any
other controlled or regulated substance into the environment, including
without limitation ambient air, surface water, ground water or land, or
otherwise relating to the manufacture, processing, distribution, use,
treatment, storage, disposal, transport or handling of pollutants,
contaminants, hazardous or toxic substances, wastes or any other controlled
or regulated substance or the clean-up or other remediation thereof.

     "ERISA" is defined in Section 5.8 hereof.

     "Eurocurrency Loan" means a Loan bearing interest prior to maturity
at the rate specified in Section 1.4(b) hereof.

     "Eurocurrency Reserve Percentage" is defined in Section 1.4(b)
hereof.

     "Event of Default" means any of the events or circumstances specified
in Section 8.1 hereof.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended.

     "Federal Funds Rate" means the fluctuating interest rate per annum
described in part (x) of clause (ii) of the definition of Domestic Rate in
Section 1.2(a) hereof.

<PAGE>

     "Fixed Charge Coverage Ratio" means, as of the last day of any
calendar quarter, the ratio of Adjusted EBITDA for the four calendar
quarters then ended to, for the same calendar quarters, the sum, for the
Parent and its Restricted Subsidiaries, of (i) Cash Interest Expense, (ii)
capital expenditures (as defined in GAAP), (iii) the component of the
purchase price of any Acquisition paid by cash, including the aggregate
principal amount of all liabilities assumed in connection with any such
Acquisition, (iv) federal, state and local taxes actually paid, (v) that
portion of Indebtedness of the Parent or any of its Restricted Subsidiaries
which is due and payable, (vi) the aggregate amount of cash dividends and
other cash distributions on the capital stock of the Parent including stock
repurchases for cash and (vii) the aggregate principal amount of all
Investments reduced by the amount of proceeds of the disposition of all or
any part of any Investment received by the Parent or any Restricted
Subsidiary.

     "GAAP" means generally accepted accounting principles as in effect on
the Effective Date, applied by the Parent and its Subsidiaries on a basis
consistent with the preparation of the Parent's financial statements
furnished to the Banks as described in Section 5.4 hereof.

     "Guarantor" means (i) the Parent, Jones Lang LaSalle Americas, Inc.,
a Maryland corporation, LaSalle Investment Management, Inc., a Maryland
corporation, Jones Lang LaSalle International, Inc., a Delaware
corporation, Jones Lang LaSalle Co-Investment, Inc., a Maryland
corporation, Jones Lang LaSalle Limited, a company organized under the laws
of England and Wales and (ii) any other Subsidiary of the Borrower
designated by the Borrower as a Guarantor as required by Section 7.23
hereof.

     "Guaranty" by any Person means all obligations (other than
endorsements in the ordinary course of business of negotiable instruments
for deposit or collection) of such Person guaranteeing or in effect
guaranteeing any Indebtedness, dividend or other financial obligation
(including, without limitation, limited or full recourse obligations in
connection with sales of receivables or any other Property) of any other
Person (the "primary obligor") in any manner, whether directly or
indirectly, including, without limitation, all obligations incurred through
an agreement, contingent or otherwise, by such Person:  (i) to purchase
such Indebtedness or obligation or any Property or assets constituting
security therefor, (ii) to advance or supply funds (x) for the purchase or
payment of such Indebtedness or obligation, or (y) to maintain working
capital or other balance sheet condition, or otherwise to advance or make
available funds for the purchase or payment of such Indebtedness or
obligation, or (iii) to lease property or to purchase Securities or other
property or services primarily for the purpose of assuring the owner of
such Indebtedness or obligation of the ability of the primary obligor to
make payment of the Indebtedness or obligation, or (iv) otherwise to assure
the owner of the Indebtedness or obligation of the primary obligor against
loss in respect thereof.  For the purpose of all computations made under
this Agreement, the amount of a Guaranty in respect of any obligation shall
be deemed to be equal to the maximum aggregate amount of such obligation at
the time the amount of the Guaranty is being determined or, if the Guaranty
is limited to less than the full amount of such obligation, the maximum
aggregate potential liability under the terms of the Guaranty at the time
the amount of the Guaranty is being determined.

     "Harris Bank" means Harris Trust and Savings Bank, in its individual
capacity.

     "Hazardous Material" means any substance or material which is
hazardous or toxic, and includes, without limitation, (a) asbestos,
polychlorinated biphenyls, dioxins and petroleum or its by-products or
derivatives (including crude oil or any fraction thereof) and (b) any other
material or substance classified or regulated as "hazardous" or "toxic"
pursuant to any Environmental and Health Law.

<PAGE>

     "Indebtedness" means for any Person, (i) obligations of such Person
for borrowed money, (ii) obligations of such Person representing the
deferred purchase price of property or services other than accounts payable
arising in the ordinary course of business on terms customary in the trade,
(iii) obligations of such Person evidenced by notes, acceptances, or other
instruments of such Person or pursuant to letters of credit issued for such
Person's account, (iv) obligations, whether or not assumed, secured by
Liens or payable out of the proceeds or production from Property now or
hereafter owned or acquired by such Person, (v) Capitalized Lease
Obligations of such Person and (vi) obligations for which such Person is
obligated pursuant to a Guaranty.

     "Indenture" means the Indenture dated as of July 26, 2000 among the
Borrower, the Guarantors and The Bank of New York, as Trustee.

     "Interest Coverage Ratio" means as of the last day of any calendar
quarter the ratio of Adjusted EBIT for the four calendar quarters then
ended to Cash Interest Expense for the same four calendar quarters then
ended.

     "Interest Expense" means, for any period, the sum of all interest
charges of the Parent and its Restricted Subsidiaries for such period
determined on a consolidated basis in accordance with GAAP.

     "Interest Period" is defined in Section 1.7 hereof.

     "Investment" is defined in Section 7.14 hereof.

     "JLW Acquisition" means the transactions contemplated by the Purchase
and Sale Agreements, dated as of October 21, 1998 (the "JLW Purchase
Agreements") providing for the acquisition by Parent and its Subsidiaries
of the entities conducting business worldwide under the name Jones Lang
Wootton (collectively, "JLW").

     "L/C Commitment" means $40,000,000, as reduced pursuant to the terms
hereof.

     "L/C Documents" means the Letters of Credit, any draft or other
document presented in connection with a drawing thereunder, the
Applications and this Agreement.

     "L/C Obligations" means the aggregate U.S. Dollar Equivalent of the
undrawn face amounts of all outstanding Letters of Credit and all unpaid
Reimbursement Obligations.

     "Lending Office" is defined in Section 9.4 hereof.

     "Letter of Credit" is defined in Section 1.3(a) hereof.

     "Level I Status" exists at any date if, at such date, the Total
Funded Debt to Adjusted EBITDA Ratio is less than 1.5 to 1.0.

     "Level II Status" exists at any date if, at such date, Level I Status
does not exist and the Total Funded Debt to Adjusted EBITDA Ratio is less
than 2.0 to 1.0.

     "Level III Status" exists at any date if, at such date, neither Level
I Status nor Level II Status exists and the Total Funded Debt to Adjusted
EBITDA Ratio is less than 2.5 to 1.0.

     "Level IV Status" exists at any date if, at such date, neither Level
I Status, Level II Status nor Level III Status exists.

     "LIBOR" is defined in Section 1.4(b) hereof.

<PAGE>

     "Lien" means any interest in Property securing an obligation owed to
a Person other than the owner of the Property, whether such interest is
based on the common law, statute or contract, including, but not limited
to, the security interest lien arising from a mortgage, encumbrance,
pledge, conditional sale, security agreement or trust receipt, or a lease,
consignment or bailment for security purposes.  The term "Lien" shall also
include survey exceptions or encumbrances, easements or reservations, or
rights of others for rights-of-way, utilities and other similar purposes,
or zoning or other restrictions as to the use of real properties.  For the
purposes of this definition, a Person shall be deemed to be the owner of
any Property which it has acquired or holds subject to a conditional sale
agreement, Capital Lease or other arrangement pursuant to which title to
the Property has been retained by or vested in some other Person for
security purposes, and such retention of title shall constitute a "Lien."

     "Loan" is defined in Section 1.1 hereof and, as so defined, includes
a Domestic Rate Loan or Eurocurrency Loan, each of which is a "type" of
Loan hereunder.

     "Material Adverse Effect" means a material and adverse effect on the
business, operations, Property or financial or other condition of the
Parent and its Subsidiaries, taken as a whole.

     "Net Cash Proceeds" means, as applicable, (a) with respect to any
Disposition by a Person, cash and cash equivalent proceeds received by or
for such Person's account, net of (i) reasonable direct costs relating to
such Disposition and (ii) income, sale, use or other taxes paid or payable
by such Person as a direct result of such Disposition and (b) with respect
to any offering of equity securities of a Person or the issuance of any
indebtedness for borrowed money by a Person, cash and cash equivalent
proceeds received by or for such Person's account, net of reasonable legal,
underwriting, printing and other fees and expenses incurred as a direct
result thereof.

     "Non-Real Estate Restricted Subsidiary" means a Restricted Subsidiary
which is not established solely for the purpose of making investments in
real estate and real estate related assets, including notes and other
securities, as permitted under Section 7.14(j) or Section 7.14(k) hereof.

     "Note" means any promissory note issued at the request of a Bank
pursuant to Section 1.11 in the form of Exhibit A evidencing such Bank's
Loans.

     "Obligations" means all fees payable hereunder, all obligations of
the Borrower to pay principal or interest on Loans and L/C Obligations, and
all other payment obligations of the Borrower or any Guarantor arising
under or in relation to any Credit Document.

     "Original Dollar Amount" means the amount of any Obligation
denominated in U.S. Dollars and, in relation to any Loan denominated in an
Alternative Currency, the U.S. Dollar Equivalent of such Loan on the day it
is advanced or continued for an Interest Period.

     "Parent" means Jones Lang LaSalle Incorporated, a Maryland
corporation.

     "Participating Bank" is defined in Section 1.3(d) hereof.

     "Participating Interest" is defined in Section 1.3(d) hereof.

     "Percentage" means, for each Bank, the percentage of the Commitments
represented by such Bank's Commitment or, if the Commitments have been
terminated, the percentage held by such Bank (including through
participation interests in L/C Obligations and Swingline Loans) of the
aggregate principal amount of all outstanding Obligations.

<PAGE>

     "Permitted Adjustment" means (i) for each four quarter period ending
on or prior to June 30, 2004 up to $5,000,000 of non-recurring non-cash
charges incurred by the Parent or any Restricted Subsidiaries during such
four quarter period relating to the property management accounting system
in Australia and (ii) for each four quarter period ending on or prior to
June 30, 2003, $2,062,000 and for the four quarter period ending
September 30, 2003, $975,000 relating to non-cash charges incurred by the
Parent or any Restricted Subsidiary in connection with the write-off of
land investments.

     "Person" means an individual, partnership, corporation, association,
trust, unincorporated organization or any other entity or organization,
including a government or any agency or political subdivision thereof.

     "Plan" means at any time an employee pension benefit plan covered by
Title IV of ERISA or subject to the minimum funding standards under
Section 412 of the Code that is either (i) maintained by a member of the
Controlled Group or (ii) maintained pursuant to a collective bargaining
agreement or any other arrangement under which more than one employer makes
contributions and to which a member of the Controlled Group is then making
or accruing an obligation to make contributions or has within the preceding
five plan years made contributions.

     "PBGC" is defined in Section 5.8 hereof.

     "Pricing Date" means, for any fiscal quarter of the Parent ended
after the date hereof, the latest date by which the Parent is required to
deliver a Compliance Certificate for such fiscal quarter pursuant to
Section 7.6(b).  The Applicable Margin and Commitment Fee established on a
Pricing Date shall remain in effect until the next Pricing Date.  If the
Parent has not delivered a Compliance Certificate by the date such
Compliance Certificate is required to be delivered under Section 7.6(b),
Level IV Status shall be deemed to exist from such required delivery date
until a Compliance Certificate is delivered before the next Pricing Date.
If the Parent subsequently delivers such a Compliance Certificate before
the next Pricing Date, the Applicable Margin and Commitment Fee established
by such late delivered Compliance Certificate shall take effect from the
date of delivery until the next Pricing Date.  In all other circumstances,
the Applicable Margin and Commitment Fee established by a Compliance
Certificate shall be in effect from the Pricing Date that occurs
immediately after the end of the Parent's fiscal quarter covered by such
Compliance Certificate until the next Pricing Date.

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

     "Reimbursement Obligation" is defined in Section 1.2(c) hereof.

     "Required Banks" means, as of the date of determination thereof,
Banks whose outstanding Loans and interest in Letters of Credit and Unused
Commitments constitute more than 51% of the sum of the total outstanding
Loans, interests in Letters of Credit, and Unused Commitments of the Banks.

     "Restricted Subsidiary" means any Subsidiary of the Parent other than
an Unrestricted Subsidiary.

     "Revolving Credit" means the credit facility for making Loans and
Swingline Loans and issuing Letters of Credit described in Sections 1.1,
1.2 and 1.3 hereof.

     "SEC" means the Securities and Exchange Commission.

     "Security" has the same meaning as in Section 2(l) of the Securities
Act of 1933, as amended.

     "Set-Off" is defined in Section 12.7 hereof.

<PAGE>

     "Subordinated Indebtedness" means any Indebtedness which is
subordinated in right of payment to the prior payment of the Loans and
other Obligations, in a principal amount and pursuant to documentation,
containing interest rates, payment terms, maturities, amortization
schedules, covenants, defaults, remedies and other material terms in form
and substance satisfactory to the Banks.

     "Subsidiary" means a corporation, partnership or other entity that,
under GAAP, is included in the consolidated financial statements of the
Parent.

     "Subsidiary Guarantee Agreement" means a letter to the Administrative
Agent in the form of Exhibit D hereto executed by a Subsidiary whereby it
acknowledges it is party hereto as a Guarantor under Section 11 hereof.

     "Swingline Commitment" means $5,000,000 as the same may be reduced
from time to time pursuant to Section 1.13 hereof.

     "Swingline Loan" is defined in Section 1.2 hereof.

     "TARGET Settlement Day" means any day on which the Trans-European
Automated Real-Time Gross Settlement Express Transfer (TARGET) System is
open.

     "Termination Date" means June 26, 2006.

     "Total Funded Debt" means, at any time the same is to be determined,
the aggregate of all Indebtedness of the Parent and its Restricted
Subsidiaries determined without duplication on a consolidated basis MINUS
(i) up to $15,000,000 in aggregate stated amount of performance letters of
credit issued for the account of the Parent or any Restricted Subsidiary
other than any such Letter of Credit issued hereunder and (ii) up to
$10,000,000 in aggregate principal amount of debt for borrowed money owed
by the Parent or any Restricted Subsidiary under overdraft facilities but
only to the extent of cash held by the Parent and its Restricted
Subsidiaries on a consolidated basis.

     "Unfunded Vested Liabilities" means, with respect to any Plan at any
time, the amount (if any) by which (i) the present value of all vested
nonforfeitable accrued benefits under such Plan exceeds (ii) the fair
market value of all Plan assets allocable to such benefits, all determined
as of the then most recent valuation date for such Plan, but only to the
extent that such excess represents a potential liability of a member of the
Controlled Group to the PBGC or the Plan under Title IV of ERISA.

     "Unrestricted Subsidiary" means any Subsidiary of the Parent (other
than a Guarantor or the Borrower) which (i) is established for the sole
purpose of investing in real estate and real estate related assets
including notes and other securities and (ii) is designated by the Parent
(with prior written notice to the Administrative Agent) to be an
Unrestricted Subsidiary; PROVIDED THAT no Subsidiary may be an Unrestricted
Subsidiary for more than 180 days.

     "Unused Commitments" means, at any time, the difference between the
Commitments then in effect and the aggregate outstanding principal amount
of Loans and L/C Obligations.

     "U.S. Dollars" and "$" each means the lawful currency of the United
States of America.

     "U.S. Dollar Equivalent" means the amount of U.S. Dollars which would
be realized by converting an Alternative Currency into U.S. Dollars at the
exchange rate quoted to the Administrative Agent, at approximately 11:00
a.m. (London time) three Business Days prior to the date on which a
computation thereof is required to be made, by major banks in the interbank
foreign exchange market for the purchase of U.S. Dollars for such
Alternative Currency.

<PAGE>

     "Voting Stock" of any Person means capital stock of any class or
classes or other equity interests (however designated) having ordinary
voting power for the election of directors or similar governing body of
such Person, other than stock or other equity interests having such power
only by reason of the happening of a contingency.

     "Welfare Plan" means a "welfare plan", as defined in Section 3(1) of
ERISA.

     "Wholly-Owned" when used in connection with any Subsidiary of the
Parent means a Subsidiary of which all of the issued and outstanding shares
of stock or other equity interests (other than directors' qualifying shares
as required by law) shall be owned by the Parent and/or one or more of its
Wholly-Owned Subsidiaries.

     SECTION 4.2.  INTERPRETATION.  The foregoing definitions shall be
equally applicable to both the singular and plural forms of the terms
defined.  All references to times of day in this Agreement shall be
references to Chicago, Illinois time unless otherwise specifically
provided.  Where the character or amount of any asset or liability or item
of income or expense is required to be determined or any consolidation or
other accounting computation is required to be made for the purposes of
this Agreement, the same shall be done in accordance with GAAP, to the
extent applicable, except where such principles are inconsistent with the
specific provisions of this Agreement.

SECTION 5.  REPRESENTATIONS AND WARRANTIES.

     Each of the Borrower and the Parent hereby represents and warrants to
each Bank as to itself and, where the following representations and
warranties apply to Subsidiaries, as to each of its Subsidiaries, as
follows:

     SECTION 5.1.  CORPORATE ORGANIZATION AND AUTHORITY.  The Parent is
duly organized and existing in good standing under the laws of the State of
Maryland; has all necessary corporate power to carry on its present
business; and is duly licensed or qualified and in good standing in each
jurisdiction in which the nature of the business transacted by it or the
nature of the Property owned or leased by it makes such licensing,
qualification or good standing necessary and in which the failure to be so
licensed, qualified or in good standing would reasonably be expected to
have a Material Adverse Effect.  The Borrower is duly incorporated and
existing under the laws of The Netherlands as a private company with
limited liability (a besloten vennootschap met beperkte aansprakelijkheid);
has all necessary corporate power to carry on its present business; and is
duly licensed or qualified and in good standing in each jurisdiction in
which the nature of the business transacted by it or the nature of the
Property owned or leased by it makes such licensing, qualification or good
standing necessary and in which the failure to be so licensed, qualified or
in good standing would reasonably be expected to have a Material Adverse
Effect.

     SECTION 5.2.  SUBSIDIARIES.  Schedule 5.2 (as updated from time to
time pursuant to Section 7.1) hereto identifies each Guarantor, the
jurisdiction of its organization, the percentage of issued and outstanding
shares of each class of its capital stock or equity interests, as the case
may be, owned by the Parent and the Subsidiaries and, if such percentage is
not 100% (excluding directors' qualifying shares as required by law), a
description of each class of its authorized capital stock and other equity
interests and the number of shares of each class issued and outstanding.
Except to the extent that would not reasonably be expected to have a
Material Adverse Effect, each Subsidiary is duly incorporated or formed and

<PAGE>

existing in good standing as a corporation, limited partnership, limited
liability company or other entity under the laws of the jurisdiction of its
incorporation or formation, has all necessary corporate or other power to
carry on its present business, and is duly licensed or qualified and in
good standing in each jurisdiction in which the nature of the business
transacted by it or the nature of the Property owned or leased by it makes
such licensing or qualification necessary.  All of the issued and
outstanding shares of capital stock and other equity interests of each
Subsidiary are validly issued and outstanding and fully paid and, if such
Subsidiary is a corporation, nonassessable except as set forth on Schedule
5.2 hereto.  All such shares owned by the Parent are owned beneficially,
and of record, free of any Lien.

     SECTION 5.3.  CORPORATE AUTHORITY AND VALIDITY OF OBLIGATIONS.  The
Borrower has full power and authority to enter into this Agreement and the
other Credit Documents to which it is a party, to make the borrowings
herein provided for, to issue its Notes in evidence thereof, to apply for
the issuance of the Letters of Credit, and to perform all of its
obligations under the Credit Documents to which it is a party.  Each
Guarantor has full power and authority to enter into this Agreement as a
signatory hereto or pursuant to a Subsidiary Guarantee Agreement and to
perform all of its obligations hereunder.  Each Credit Document to which
the Borrower is a party has been duly authorized, executed and delivered by
the Borrower and constitutes valid and binding obligations of the Borrower
in accordance with its terms.  Each Credit Document to which a Guarantor is
a party has been duly authorized, executed and delivered by such Guarantor
and constitutes valid and binding obligations of such Guarantor in
accordance with its terms.  No Credit Document to which the Borrower is a
party, nor the performance or observance by the Borrower of any of the
matters or things therein provided for, contravenes any provision of law or
any provision of the articles of association ("statuten") of the Borrower
or (individually or in the aggregate) any material Contractual Obligation
of or binding upon the Borrower or any of its Properties or results in or
requires the creation or imposition of any Lien on any of the Properties or
revenues of the Borrower.  No Credit Document to which a Guarantor is a
party, nor the performance or observance by such Guarantor of any of the
matters or things therein provided for, contravenes any provision of law or
any charter or by-law provision of such Guarantor or (individually or in
the aggregate) any material Contractual Obligation of or binding upon such
Guarantor or any of its Properties or results in or requires the creation
or imposition of any Lien on any of the Properties or revenues of such
Guarantor.

     SECTION 5.4.  FINANCIAL STATEMENTS.  All financial statements
heretofore delivered to the Banks showing historical performance for each
of the Parent's fiscal years ending on or before December 31, 2002, have
been prepared in accordance with GAAP applied on a basis consistent, except
as otherwise noted therein, with that of the previous fiscal year.  Each of
such financial statements fairly presents on a consolidated basis the
financial condition of the Parent and its Subsidiaries as of the dates
thereof and the results of operations for the periods covered thereby.  The
Parent and its Subsidiaries had, as of the date of the relevant financial
statements no material contingent liabilities other than those disclosed in
such financial statements referred to in this Section 5.4 or in comments or
footnotes thereto, or in any report supplementary thereto, heretofore
furnished to the Banks.  The unaudited interim consolidated balance sheet
of the Parent and its Subsidiaries as at March 31, 2003, and the related
consolidated statements of income, retained earnings and cash flows of the
Parent and its Subsidiaries for the three (3) months then ended, heretofore
furnished to the Banks, fairly present the consolidated financial condition
of the Parent and its Subsidiaries as at said date and the consolidated
results of their operations and cash flows for the periods then ended in
conformity with GAAP applied on a consistent basis.  Neither the Parent nor

<PAGE>

any Subsidiary has contingent liabilities which are material to it other
than as indicated on such financial statements or, with respect to future
periods, on the financial statements furnished pursuant to Section 7.6
hereof.   Since December 31, 2002, there has been no material adverse
change which has not been disclosed to the Banks in the business,
operations, Property or financial or other condition, or business
prospects, of the Parent and its Subsidiaries on a consolidated basis.

     SECTION 5.5.  NO LITIGATION; NO LABOR CONTROVERSIES.

     (a)   Except as disclosed in the Parent's periodic current reports
filed with the SEC prior to the date hereof, there is no litigation or
governmental proceeding pending, or to the knowledge of the Parent or any
Guarantor threatened, against the Parent or any Subsidiary which, if
adversely determined, would reasonably be expected (individually or in the
aggregate) to have a Material Adverse Effect.

     (b)   There are no labor controversies pending or, to the best
knowledge of the Borrower, Parent or any Guarantor, threatened against the
Parent or any Subsidiary which would reasonably be expected (insofar as the
Borrower or Parent may reasonably foresee) to have a Material Adverse
Effect.

     SECTION 5.6.  TAXES.  The Parent and its Subsidiaries have filed all
United States federal tax returns, and all other tax returns, required to
be filed and have paid all taxes due pursuant to such returns or pursuant
to any assessment received by the Parent or any Subsidiary, except such
taxes, if any, as are being contested in good faith and for which adequate
reserves have been provided.  No notices of tax liens have been filed and
no claims are being asserted concerning any such taxes, which liens or
claims are material to the financial condition of the Parent and its
Subsidiaries on a consolidated basis taken as a whole.  The charges,
accruals and reserves on the books of the Parent and its Subsidiaries for
any taxes or other governmental charges are adequate.

     SECTION 5.7.  APPROVALS.  No authorization, consent, license,
exemption, filing or registration with any court or governmental
department, agency or instrumentality, nor any approval or consent of the
stockholders of the Parent or any Subsidiary or from any other Person, is
necessary to the valid execution, delivery or performance by the Parent or
any Subsidiary of any Credit Document to which it is a party except for
such approvals and consents which have been obtained and are in full force
and effect.

     Section 5.8.  ERISA.  With respect to each Plan, the Parent and each
other member of the Controlled Group has fulfilled its obligations under
the minimum funding standards of and is in compliance in all material
respects with the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"), and with the Code to the extent applicable to it and has
not incurred any liability to the Pension Benefit Guaranty Corporation
("PBGC") or a Plan under Title IV of ERISA other than a liability to the
PBGC for premiums under Section 4007 of ERISA.  Neither the Parent nor any
Subsidiary has any contingent liabilities for any post-retirement benefits
under a Welfare Plan, other than liability for continuation coverage
described in Part 6 of Title I of ERISA.

     SECTION 5.9.  GOVERNMENT REGULATION.  Neither the Parent nor any
Subsidiary is an "investment company" within the meaning of the Investment
Company Act of 1940, as amended, or to the extent a Subsidiary is an
"investment company," it is properly registered with the SEC.

     SECTION 5.10.  MARGIN STOCK.  Neither the Parent nor any Subsidiary
is engaged principally, or as one of its primary activities, in the
business of extending credit for the purpose of purchasing or carrying
margin stock ("margin stock" to have the same meaning herein as in
Regulation U of the Board of Governors of the Federal Reserve System).  The
Borrower will not use the proceeds of any Loan or Letter of Credit in a
manner that violates any provision of Regulation U or X of the Board of
Governors of the Federal Reserve System.

<PAGE>

     SECTION 5.11.  LICENSES AND AUTHORIZATIONS; COMPLIANCE WITH ENVIRON-
MENTAL AND HEALTH LAWS.

     (a)   The Parent and each of its Subsidiaries has all necessary
licenses, permits and governmental authorizations to own and operate its
Properties and to carry on its business as currently conducted and
contemplated, except to the extent the failure to have such licenses,
permits or authorizations would not reasonably be expected to have a
Material Adverse Effect.

     (b)   To the best of the Borrower's and each Guarantor's knowledge,
the business and operations of the Parent and each Subsidiary comply in all
respects with all applicable Environmental and Health Laws, except where
the failure to so comply would not (individually or in the aggregate)
reasonably be expected to have a Material Adverse Effect.

     (c)   Neither the Parent nor any Subsidiary has given, nor is it
required to give, nor has it received, any notice, letter, citation, order,
warning, complaint, inquiry, claim or demand to or from any governmental
entity or in connection with any court proceeding with respect to a matter
which would reasonably be expected to have a Material Adverse Effect
claiming that:  (i) the Parent or any Subsidiary has violated, or is about
to violate, any Environmental and Health Law; (ii) there has been a
release, or there is a threat of release, of Hazardous Materials from the
Parent's or any Subsidiary's Property, facilities, equipment or vehicles;
(iii) the Parent or any Subsidiary may be or is liable, in whole or in
part, for the costs of cleaning up, remediating or responding to a release
of Hazardous Materials; or (iv) any of the Parent's or any Subsidiary's
property or assets are subject to a Lien in favor of any governmental
entity for any liability, costs or damages, under any Environmental and
Health Law arising from, or costs incurred by such governmental entity in
response to, a release of a Hazardous Materials.

     SECTION 5.12.  OWNERSHIP OF PROPERTY; LIENS.  The Parent and each
Subsidiary has good record and marketable title in fee simple to, or valid
leasehold interests in, all real property owned or leased by it, and good
title to or valid leasehold interests in all its other Property.  None of
the Parent's real property is subject to any Lien or Capitalized Lease
Obligation except as permitted in Section 7.9, and none of the Parent's or
any Restricted Subsidiary's other Property is subject to any Lien, except
as permitted in Section 7.9.

     SECTION 5.13.  NO BURDENSOME RESTRICTIONS; COMPLIANCE WITH AGREE-
MENTS.  Neither the Parent nor any Subsidiary is (a) party or subject to
any law, regulation, rule or order, or any Contractual Obligation that
(individually or in the aggregate) would reasonably be expected to have a
Material Adverse Effect or (b) in default in the performance, observance or
fulfillment of any of the obligations, covenants or conditions contained in
any agreement to which it is a party, which default would reasonably be
expected to have a Material Adverse Effect.

     SECTION 5.14.  ACCURACY OF INFORMATION.  No information, exhibit or
report furnished by the Parent or Borrower to any Bank or the
Administrative Agent in connection with a Loan or Letter of Credit or the
negotiation of the Credit Documents contained any material misstatement of
fact or omitted to state any fact necessary to make the statements
contained therein not misleading.

     SECTION 5.15.  NOT A TAX SHELTER TRANSACTION.  The Parent does not
intend to treat the Loans and related transactions as being a "reportable
transaction" (within the meaning of Treasury Regulation Section 1.6011-4).
In the event the Parent determines to take any action inconsistent with
such intention, it will promptly notify the Administrative Agent thereof.

<PAGE>

SECTION 6.  CONDITIONS PRECEDENT.

     The obligation of each Bank to advance, continue, or convert any
Loan, or of the Administrative Agent to issue, extend the expiration date
(including by not giving notice of non-renewal) of or increase the amount
of any Letter of Credit, shall be subject to the following conditions
precedent:

     SECTION 6.1.  INITIAL CREDIT EVENT.  Before or concurrently with the
first Credit Event:

     (a)   The Administrative Agent shall have received for each Bank the
favorable written opinion of (i) Mark J. Ohringer, Esquire, Global General
Counsel to the Borrower and Guarantors substantially in the form of
Exhibit C-1 hereto, (ii) Loyens & Loeff, Dutch counsel to the Borrower
substantially in the form of Exhibit C-2 hereto and
(iii) Slaughter and May, English counsel to Jones Lang LaSalle Limited;

     (b)   The Administrative Agent shall have received for each Bank
copies of the notarial deed of incorporation (including the articles of
association) of the Borrower, certified by a Dutch civil law notary to be
true copies and an original extract of the commercial register of the
chamber of commerce of Amsterdam relating to the Borrower;

     (c)   The Administrative Agent shall have received copies of the
Certificate of Incorporation and bylaws (or equivalent) of each Guarantor
that is a corporation, certified in each instance by its secretary or an
assistant secretary (or its equivalent);

     (d)   The Administrative Agent shall have received copies, certified
by the secretary or assistant secretary (or its equivalent) of each
Guarantor, of its board of directors' resolutions (or its equivalent)
authorizing the execution of the Credit Documents to which it is a party;

     (e)   The Administrative Agent shall have received certificates,
executed by the secretary or assistant secretary of each Guarantor, which
shall identify by name and title and bear the signature of the partners or
officers authorized to sign the Credit Documents to which it is a party;

     (f)   The Administrative Agent shall have received to the extent
requested by any Bank, such Bank's duly executed Notes of the Borrower
dated the date hereof and otherwise in compliance with the provisions of
Section 1.11(d) hereof;

     (g)   The Administrative Agent shall have received for each Bank a
list of the Borrower's Authorized Representatives;

     (h)   All legal matters incident to the execution and delivery of the
Credit Documents shall be satisfactory to the Banks;

     (i)   The Administrative Agent shall have received for each fiscal
year of the Parent through the fiscal year ending December 31, 2005, a
business plan showing in reasonable detail projected operating budgets,
consolidated and consolidating revenues, expenses, and balance sheets on a
quarter-by-quarter basis, such business plan to be in form and substance
satisfactory to the Administrative Agent and shall include a summary of all
assumptions made in preparing such business plan; and

     (j)   The Multicurrency Credit Agreement dated as of September 21,
2001 among the Borrower, the Guarantors party thereto, the Banks party
thereto and Harris Trust and Savings Bank, as Administrative Agent shall
have been terminated and all amounts payable thereunder shall have been
paid or shall be paid with the proceeds of such initial Credit Event.

<PAGE>

     SECTION 6.2.  ALL CREDIT EVENTS.  As of the time of each Credit Event
hereunder:

     (a)   In the case of a Borrowing, the Administrative Agent shall have
received the notice required by Section 1.6 hereof (or, in the case of
Swingline Loans, Section 1.2 hereof), in the case of the issuance of any
Letter of Credit the Administrative Agent shall have received a duly
completed Application for a Letter of Credit and, in the case of an
extension or increase in the amount of a Letter of Credit, a written
request therefor, in a form acceptable to the Administrative Agent;

     (b)   In the case of (i) a Borrowing of Loans that would increase the
aggregate principal amount of Loans outstanding (after giving effect to
concurrent repayment of Loans), (ii) a Borrowing of Eurocurrency Loans
denominated in an Alternative Currency or (iii) the increase in or issuance
of a Letter of Credit, each of the representations and warranties set forth
in Section 5 hereof shall be and remain true and correct in all material
respects as of said time, except that if any such representation or
warranty relates solely to an earlier date it need only remain true as of
such date, taking into account any amendments to such Section (including,
without limitation, any amendments to the Schedules referenced therein)
made after the date of this Agreement in accordance with the provision
hereof;

     (c)   In the case of (i) a Borrowing of Loans that would increase the
aggregate principal amount of Loans outstanding (after giving effect to
concurrent repayment of Loans), (ii) a Borrowing of Eurocurrency Loans
denominated in an Alternative Currency or (iii) the increase in or issuance
of a Letter of Credit, no Default or Event of Default shall have occurred
and be continuing or would occur as a result of such Credit Event; and

     (d)   Such Credit Event shall not violate any order, judgment or
decree of any court or other authority or any provision of law or
regulation applicable to any Bank (including, without limitation,
Regulation U of the Board of Governors of the Federal Reserve System).

     Each request for a Borrowing hereunder and each request for the
issuance of, increase in the amount of, or extension of the expiration date
of, a Letter of Credit shall be deemed to be a representation and warranty
by the Borrower on the date of such Credit Event as to the facts specified
in paragraphs (b) and (c) of this Section 6.2.

SECTION 7.  COVENANTS.

     Each of the Borrower and the Parent covenants and agrees that, so
long as any Note or any L/C Obligation is outstanding hereunder, or any
Commitment is available to or in use by the Borrower hereunder, except to
the extent compliance in any case is waived in writing by the Required
Banks:

     SECTION 7.1.  CORPORATE EXISTENCE; SUBSIDIARIES.  The Parent shall,
and shall cause each of its Restricted Subsidiaries to, preserve and
maintain its existence, subject to the provisions of Section 7.12 hereof;
PROVIDED THAT the Parent shall not be required to preserve the existence of
any Restricted Subsidiary if the maintenance or preservation thereof, as
determined by the Board of Directors of the Parent, is no longer desirable
in the conduct of the business of the Parent and its Subsidiaries, taken as
a whole.

     SECTION 7.2.  MAINTENANCE.  The Parent will maintain, preserve and
keep its Property, necessary to the proper conduct of its business in
reasonably good repair, working order and condition and will from time to
time make all reasonably necessary repairs, renewals, replacements,
additions and betterments thereto so that at all times such plants,
properties and equipment shall be reasonably preserved and maintained, and

<PAGE>

the Parent will cause each of its Subsidiaries to do so in respect of
Property owned or used by it; PROVIDED, HOWEVER, that nothing in this
Section 7.2 shall prevent the Parent or a Subsidiary from discontinuing the
operation or maintenance of any such Properties if such discontinuance
would not reasonably be expected to have a Material Adverse Effect.

     SECTION 7.3.  TAXES.  The Parent will duly pay and discharge, and
will cause each of its Subsidiaries duly to pay and discharge, all taxes,
assessments, and governmental charges or levies upon or against it or
against its Properties, in each case before the same becomes delinquent and
before penalties accrue thereon, unless and to the extent that the same is
being contested in good faith by appropriate proceedings and reserves in
conformity with GAAP have been provided therefor on the books of the
Parent.

     SECTION 7.4.  ERISA.  The Parent will, and will cause each of its
Subsidiaries to, promptly pay and discharge all obligations and liabilities
arising under ERISA of a character which if unpaid or unperformed might
result in the imposition of a Lien against any of its properties or assets
and will promptly notify the Administrative Agent of (i) the occurrence of
any reportable event (as defined in ERISA) affecting a Plan, other than any
such event of which the PBGC has waived notice by regulation, (ii) receipt
of any notice from PBGC of its intention to seek termination of any  Plan
or appointment of a trustee therefor, (iii) its or any of its Subsidiaries'
intention to terminate or withdraw from any Plan, and (iv) the occurrence
of any event affecting any Plan which could result in the incurrence by the
Parent or any of its Subsidiaries of any material liability, fine or
penalty, or any material increase in the contingent liability of the Parent
or any of its Subsidiaries under any post-retirement Welfare Plan benefit.
The Administrative Agent will promptly distribute to each Bank any notice
it receives from the Parent pursuant to this Section 7.4.

     SECTION 7.5.  INSURANCE.  The Parent will maintain, and will cause
each of its Subsidiaries to maintain, insurance with good and responsible
insurance companies, covering insurable Property owned by it with respect
to such risks as is consistent with sound business practice.  The Parent
will upon request of any Bank furnish to such Bank a summary setting forth
the nature and extent of the insurance maintained pursuant to this
Section 7.5.

     SECTION 7.6.  FINANCIAL REPORTS AND OTHER INFORMATION.

     (a)   The Parent will maintain a system of accounting in accordance
with GAAP and will furnish to the Banks and their respective duly
authorized representatives such information respecting the business and
financial condition of the Parent and its Subsidiaries as any Bank may
reasonably request; and without any request, the Parent will furnish each
of the following to each Bank:

           (i)   within 60 days after the end of each of the first three
quarterly fiscal periods of the Parent, a copy of the Parent's Form 10-Q
Report filed with the SEC;

           (ii)  within 120 days after the end of each fiscal year of the
Parent, a copy of the Parent's Form 10-K Report filed with the SEC,
prepared by the Parent and containing or including as an exhibit thereto
the Parent's financial statements for such fiscal year as certified by
independent public accountants of recognized national standing selected by
the Parent in accordance with GAAP with such accountants' unqualified
opinion to the effect that the financial statements have been prepared in
accordance with GAAP and present fairly in all material respects in
accordance with GAAP the consolidated financial position of the Parent and
its Subsidiaries as of the close of such fiscal year and the results of
their operations and cash flows for the fiscal year then ended and that an
examination of such accounts in connection with such financial statements
has been made in accordance with generally accepted auditing standards and,
accordingly, such examination included such tests of the accounting records
and such other auditing procedures as were considered necessary in the
circumstances;

<PAGE>

           (iii) within the period provided in subsection (ii) above, the
written statement of the accountants who certified the audit report thereby
required that in the course of their audit they have obtained no knowledge
of any Default or Event of Default with respect to Sections 7.11, 7.15,
7.16, 7.17 and 7.18 or, if such accountants have obtained knowledge of any
such Default or Event of Default, they shall disclose in such statement the
nature and period of the existence thereof;

           (iv)  promptly after the sending or filing thereof, copies of
all proxy statements, financial statements and reports the Parent sends to
its shareholders, and copies of all other regular, periodic and special
reports and all registration statements the Parent files with the SEC or
any successor thereto, or with any national securities exchanges; and

           (v)   within 90 days after the beginning of each fiscal year of
the Parent an operating budget for the Parent and its Subsidiaries for such
fiscal year of the Parent.

     (b)   Each financial statement furnished to the Banks pursuant to
subsection (i) or (ii) of this Section 7.6 shall be accompanied by a
Compliance Certificate in the form of Exhibit B hereto signed by the
Parent's chief financial officer, treasurer or controller showing the
Parent's compliance with the covenants set forth in Sections 7.14(k), 7.15,
7.16, 7.17 and 7.18 hereof.

     (c)   The Parent will promptly (and in any event within three
Business Days after any of the President, chief executive officer, chief
financial officer, chief operating officer, treasurer, assistant treasurer,
or controller of the Parent has knowledge thereof) give notice to the
Administrative Agent:

           (i)   of the occurrence of any Change of Control, Default or
Event of Default;

           (ii)  of any default or event of default under any Contractual
Obligation of the Parent or any of its Subsidiaries, except for a default
or event of default which is not reasonably expected to have a Material
Adverse Effect;

           (iii) of the occurrence of an event or condition which would
reasonably be expected to result in a Material Adverse Effect; and

           (iv)  of any litigation or governmental proceeding of the type
described in Section 5.5 hereof.

     SECTION 7.7.  BANK INSPECTION RIGHTS.  Upon reasonable notice from
any Bank, the Parent will permit such Bank (and such Persons as any Bank
may designate) during normal business hours and under the Parent's
guidance, to visit and inspect any of the properties of the Parent or any
of its Subsidiaries, to examine all of their books of account, records,
reports and other papers, to make copies and extracts therefrom, and to
discuss their respective affairs, finances and accounts with their
respective officers and employees.

     SECTION 7.8.  CONDUCT OF BUSINESS.  Neither the Parent nor any
Subsidiary will engage in any line of business if, as a result, the general
nature of the business of the Parent and its Subsidiaries taken as a whole
would be substantially changed from that conducted on the date hereof.

     SECTION 7.9.  LIENS.  The Parent will not, and will not permit any of
its Restricted Subsidiaries to, create, incur, permit to exist or to be
incurred any Lien of any kind on any Property owned by the Parent or any
Restricted Subsidiary; PROVIDED, HOWEVER, that this Section 7.9 shall not
apply to nor operate to prevent:

<PAGE>

     (a)   Liens arising by operation of law in connection with worker's
compensation, unemployment insurance, social security obligations, taxes,
assessments, statutory obligations or other similar charges, good faith
deposits, pledges or Liens in connection with bids, tenders, contracts or
leases to which the Parent or any Subsidiary is a party (other than
contracts for borrowed money), or other deposits required to be made in the
ordinary course of business; PROVIDED that in each case the obligation
secured is not overdue or, if overdue, is being contested in good faith by
appropriate proceedings and for which reserves in conformity with GAAP have
been provided on the books of the Parent;

     (b)   mechanics', workmen's, materialmen's, landlords', carriers' or
other similar Liens arising in the ordinary course of business (or deposits
to obtain the release of such Liens) securing obligations not due or, if
due, being contested in good faith by appropriate proceedings and for which
reserves in conformity with GAAP have been provided on the books of the
Parent;

     (c)   Liens for taxes or assessments or other government charges or
levies on the Parent or any Subsidiary of the Parent or their respective
Properties, not yet due or delinquent, or which can thereafter be paid
without penalty, or which are being contested in good faith by appropriate
proceedings and for which reserves in conformity with GAAP have been
provided on the books of the Parent;

     (d)   Liens arising out of judgments or awards against the Parent or
any Subsidiary of the Parent, or in connection with surety or appeal bonds
in connection with bonding such judgments or awards, the time for appeal
from which or petition for rehearing of which shall not have expired or
with respect to which the Parent or such Subsidiary shall be prosecuting an
appeal or proceeding for review, and with respect to which it shall have
obtained a stay of execution pending such appeal or proceeding for review;
PROVIDED that the aggregate amount of liabilities (including interest and
penalties, if any) of the Parent and its Subsidiaries secured by such Liens
shall not exceed $1,000,000 at any one time outstanding;

     (e)   Survey exceptions or encumbrances, easements or reservations,
or rights of others for rights-of-way, utilities and other similar
purposes, or zoning or other restrictions as to the use of real properties
which are necessary for the conduct of the activities of the Parent and any
Subsidiary of the Parent or which customarily exist on properties of
corporations engaged in similar activities and similarly situated and which
do not in any event materially impair their use in the operation of the
business of the Parent or any Subsidiary of the Parent;

     (f)   Any extension, renewal or replacement (or successive
extensions, renewals or replacements) in whole or in part of any Lien
referred to in the foregoing paragraphs (a) through (e), inclusive,
PROVIDED, HOWEVER, that the principal amount of Indebtedness secured
thereby shall not exceed the principal amount of Indebtedness so secured at
the time of such extension, renewal or replacement, and that such
extension, renewal or replacement shall be limited to the Property which
was subject to the Lien so extended, renewed or replaced;

     (g)   Liens on property (not constituting Investments) of the Parent
or any of its Subsidiaries created solely for the purpose of securing
Indebtedness permitted by Section 7.20(h) hereof, representing or incurred
to finance, refinance or refund the purchase price of Property, PROVIDED
that no such Lien shall extend to or cover other Property of the Parent or
such Subsidiary other than the respective Property so acquired, and the
principal amount of Indebtedness secured by any such Lien shall at no time
exceed the original purchase price of such Property; and

     (h)   Liens not otherwise permitted under this Section 7.9 on
Property (other than (i) shares of stock in any Wholly-Owned Subsidiary and
(ii) receivables, inventory and similar working capital assets) securing
Indebtedness that, when combined with Capitalized Lease Obligations
permitted under Section 7.11, is in an aggregate principal amount not
exceeding $15,000,000 at any time outstanding.

<PAGE>

     SECTION 7.10.  USE OF PROCEEDS; REGULATION U.  The proceeds of each
Borrowing, and the credit provided by Letters of Credit, will be used by
the Borrower, the Parent and the Parent's Subsidiaries for working capital,
repayment of other Indebtedness, and other general corporate purposes
including acquisitions of businesses and other investments permitted by
Section 7.14.  The Borrower will not use any part of the proceeds of any of
the Borrowings or of the Letters of Credit directly or indirectly to
purchase or carry any margin stock (as defined in Section 5.10 hereof) or
to extend credit to others for the purpose of purchasing or carrying any
such margin stock.

     SECTION 7.11.  SALES AND LEASEBACKS.  The Parent will not, nor will
it permit any Restricted Subsidiary to, enter into any arrangement with any
bank, insurance company or other lender or investor providing for the
leasing by the Parent or any Subsidiary of any Property theretofore owned
by it and which has been or is to be sold or transferred by such owner to
such lender or investor, except to the extent (i) the aggregate principal
amount of Capitalized Lease Obligations under such leases does not exceed
$15,000,000 at any time outstanding, (ii) the aggregate principal amount of
Capitalized Lease Obligations under such leases plus the outstanding
principal amount of Indebtedness secured by Liens permitted by Section
7.9(h) (and not separately permitted by other provisions of Section 7.9)
does not exceed $15,000,000 at any time outstanding; PROVIDED THAT the
foregoing shall not operate to prevent any such transaction between the
Parent and any Restricted Subsidiary or between any two Restricted
Subsidiaries to the extent such transaction would otherwise be permitted by
the terms hereof.

     SECTION 7.12.  MERGERS, CONSOLIDATIONS AND SALES OF ASSETS.

     (a)   The Parent will not, and will not permit any of its Restricted
Subsidiaries to, (i) consolidate with or be a party to a merger with any
other Person or (ii) sell, lease or otherwise dispose of all or a
"substantial part" of the consolidated assets of the Parent and its
Restricted Subsidiaries; PROVIDED, HOWEVER, that:

           (1)   any Restricted Subsidiary of the Parent may merge or
consolidate with or into or sell, lease or otherwise convey its assets to
the Parent or any Restricted Subsidiary of which the Parent directly or
indirectly holds at least the same percentage equity ownership or is
entitled through ownership of interests, contractually or otherwise, to at
least the same economic interest; PROVIDED THAT in any such merger or
consolidation involving the Borrower, the Borrower or the Parent shall be
the surviving or continuing corporation;

           (2)   The Parent and its Subsidiaries may dissolve or liquidate
any Restricted Subsidiary of the Parent (other than the Borrower) or of
such Subsidiary so long as all the assets of such dissolved or liquidated
Restricted Subsidiary (i) were either investments in real estate, or real
estate related assets, including notes and other securities all of which
have been sold or (ii) are concurrently transferred to the Parent or any
Restricted Subsidiary of which the Parent directly or indirectly holds at
least the same percentage equity ownership or is entitled through ownership
of interests, contractually or otherwise, to at least the same economic
interest; PROVIDED THAT if any Guarantor (other than the Parent) is
dissolved or liquidated all of such Guarantor's assets shall be
concurrently transferred to the Borrower or another Guarantor;

           (3)   The Parent or any Restricted Subsidiary of the Parent may
consolidate or merge with any other Person if the Borrower or such
Restricted Subsidiary or, in the case of such a transaction involving the
Borrower, the Parent or the Borrower is the surviving or continuing
corporation and at the time of such consolidation or merger, and after
giving effect thereto, no Default or Event of Default shall have occurred
and be continuing;

           (4)   The Parent and its Subsidiaries may sell or otherwise
dispose of any asset which, in the reasonable judgment of such Person, have
become obsolete or worn out; and

<PAGE>

           (5)   The Parent and its Subsidiaries may in a fair market
value transaction, sell or otherwise dispose of any direct or indirect
Investment in real estate or real estate related assets, including notes
and other securities.

As used in this Section 7.12(a), a sale, lease, transfer or disposition of
assets during any fiscal year shall be deemed to be of a "substantial part"
of the consolidated assets of the Parent and its Restricted Subsidiaries if
the net book value of such assets, when added to the net book value of all
other assets (not including dispositions of stock in Subsidiaries permitted
under Section 7.12(b) hereof) sold, leased, transferred or disposed of by
the Parent and its Restricted Subsidiaries during such fiscal year (other
than inventory in the ordinary course of business) exceeds 5% of the total
assets of the Parent and its Restricted Subsidiaries, determined on a
consolidated basis as of the last day of the immediately preceding fiscal
year.

     (b)   Except with respect to the syndication or other disposition of
Subsidiaries or interests in Subsidiaries through which direct or indirect
Investments in real estate or real estate related assets, including notes
and other securities, are made, the Parent will not sell, transfer or
otherwise dispose of, or permit any Restricted Subsidiary to issue, sell,
transfer or otherwise dispose of, any shares of stock of any class
(including as "stock" for purposes of this Section, any warrants, rights or
options to purchase or otherwise acquire stock or other Securities
exchangeable for or convertible into stock) of any Subsidiary, except to
the Parent or any Restricted Subsidiary of which the Parent directly or
indirectly holds at least the same percentage equity ownership or is
entitled through ownership of interests, contractually or otherwise, to at
least the same economic interest and except for the purpose of qualifying
directors.

     SECTION 7.13.  USE OF PROPERTY AND FACILITIES; ENVIRONMENTAL AND
HEALTH AND SAFETY LAWS.

     (a)   The Parent will, and will cause each of its Subsidiaries to,
comply in all material respects with the requirements of all Environmental
and Health Laws applicable to or pertaining to the Properties or business
operations of the Parent or any Subsidiary of the Parent to the extent
noncompliance would reasonably be expected to have a Material Adverse
Effect.  Without limiting the foregoing, the Parent will not, and will not
permit any Person to, except in accordance with applicable law, dispose of
any Hazardous Material into, onto or upon any real property owned or
operated by the Parent or any of its Subsidiaries if such disposal would
reasonably be expected to have a Material Adverse Effect.

     (b)   The Parent will promptly provide the Banks with copies of any
notice or other instrument of the type described in Section 5.11(c) hereof,
and in no event later than five (5) Business Days after the President,
chief executive officer, chief financial officer, chief operating officer,
treasurer, assistant treasurer or controller of the Parent receives such
notice or instrument.

     SECTION 7.14.  INVESTMENTS, ACQUISITIONS, LOANS, ADVANCES AND
GUARANTIES.  The Parent will not, nor will it permit any Subsidiary to,
directly or indirectly, make, retain or have outstanding any investments
(whether through purchase of stock or obligations or otherwise) in, or
loans or advances to, any other Person (other than the Parent or a
Subsidiary of the Parent), or acquire all or any substantial part of the
assets or business of any other Person (other than the Parent or a
Subsidiary of the Parent) or division thereof, or be or become liable as
endorser, guarantor, surety or otherwise (such as liability as a general
partner) for any debt, obligation or undertaking of any other Person (other
than the Parent or a Subsidiary of the Parent), or otherwise agree to
provide funds for payment of the obligations of another (other than the
Parent or a Subsidiary of the Parent), or supply funds thereto or invest
therein or otherwise assure a creditor of another (other than the Parent or

<PAGE>

a Subsidiary of the Parent) against loss, or apply for or become liable to
the issuer of a letter of credit which supports an obligation of another
(other than the Parent or a Subsidiary of the Parent) (cumulatively, all of
the foregoing, being "Investments"); PROVIDED, HOWEVER, that the foregoing
provisions shall not apply to nor operate to prevent:

           (a)   investments in direct obligations of the United States of
America or of any agency or instrumentality thereof whose obligations
constitute full faith and credit obligations of the United States of
America PROVIDED that any such obligation matures within one year from the
date it is acquired by the Parent or Subsidiary;

           (b)   investments in commercial paper rated at least P-1 by
Moody's Investors Services, Inc. or A-1 by Standard & Poor's Corporation
maturing within one year of its date of issuance;

           (c)   demand deposit accounts maintained in the ordinary course
of business;

           (d)   investments in certificates of deposit issued by and time
deposits with any commercial bank (whether domestic or foreign) having
capital and surplus of not less than $50,000,000 maturing within one year
from the date of issuance thereof or in banker's acceptances endorsed by
any Bank or other such commercial bank and maturing within six months of
the date of acceptance;

           (e)   investments in certificates of deposit issued by and time
deposits with any commercial bank (whether domestic or foreign) having
capital and surplus in excess of $10,000,000 but less than $50,000,000,
which deposits shall not exceed $500,000 in the aggregate;

           (f)   investments in repurchase obligations with a term of not
more than seven (7) days for underlying securities of the types described
in subsection (a) above entered into with any bank meeting the
qualifications specified in subsection (c) above, PROVIDED all such
agreements require physical delivery of the securities securing such
repurchase agreement, except those delivered through the Federal Reserve
Book Entry System;

           (g)   investments in money market funds that invest solely, and
which are restricted by their respective charters to invest solely, in
investments of the type described in the immediately preceding
subsections (a), (b), (c) and (d) above;

           (h)   endorsements of negotiable instruments for collection in
the ordinary course of business;

           (i)   loans and advances to employees and relocation companies
in the ordinary course of business not to exceed $8,000,000 in the
aggregate at any one time outstanding;

           (j)   Investments in existence on the date hereof and described
on Schedule 7.14 hereof;

           (k)   Acquisitions or Investments in a line of business related
to that of the Parent and its Subsidiaries and Investments directly and
indirectly through Subsidiaries and other Persons in real estate and real
estate related assets, including notes and other securities, PROVIDED that
(i) no Default or Event of Default exists or would exist after giving
effect to such Acquisition or Investment, (ii) in the case of an
Acquisition, (I) the Board of Directors or other governing body or the
holders of 100% of the equity interests of such Person whose Property, or
Voting Stock or other interests in which, are being so acquired has
approved the terms of such Acquisition, and (II) the portion of the
purchase price for all such Acquisitions paid by cash, including the
aggregate principal amount of all liabilities assumed in connection with
such Acquisitions, in any calendar year shall not exceed $20,000,000, and

<PAGE>

(iii) in the case of Investments not constituting Acquisitions, such
Investment together with all other Investments not constituting
Acquisitions (excluding up to $20,000,000 of Investments in the aggregate
that are in the form of a Guaranty) permitted under this subsection
(k) since the Effective Date reduced by the amount of proceeds of the
disposition of all or any part of any such Investments does not exceed
$100,000,000 in aggregate purchase price; PROVIDED that  if the aggregate
purchase price for any Investment by the Parent or any Subsidiary in any
one Person exceeds $20,000,000 the Parent shall have received the prior
written consent of the Required Banks;

     In determining the amount of Investments permitted under this Section
7.14, Investments shall always be taken at the original cost thereof
(regardless of any subsequent appreciation or depreciation therein), and
Investments in the form of loans and advances shall be taken at the
principal amount thereof then remaining unpaid, and Investments in the form
of guarantees (including liabilities as a general partner) shall be taken
at the lesser of (i) amount of obligations guaranteed and (ii) the fair
market value of all the assets of such guarantor or general partner.  A
change in the form of an Investment (e.g. from an interest as a limited
partner to making a direct loan to such limited partnership or a change in
the form of an entity from a limited partnership to a corporation) shall
not be regarded as a further Investment except to the extent the Parent or
any of its Subsidiaries invests any further money.

     SECTION 7.15.  CONSOLIDATED NET WORTH.  The Parent will at all times
maintain a Consolidated Net Worth of not less than the Minimum Required
Amount.  For purposes of this section, the "Minimum Required Amount" shall
mean (i) $300,000,000 during the Annual Measurement Period commencing on
December 31, 2002, and (ii) during each Annual Measurement Period
thereafter, an amount equal to the sum of (x) the Minimum Required Amount
for the immediately preceding Annual Measurement Period plus (y) an amount
equal to 50% of the cumulative positive Consolidated Net Income earned in
the fiscal year completed during the immediately preceding Annual
Measurement Period (but without subtraction for any negative Consolidated
Net Income for any such fiscal year); PROVIDED, HOWEVER, in each case such
Minimum Required Amount shall increase on the date of the issuance of
capital securities (other than in connection with the Parent's Stock
Compensation Program, Employee Stock Purchase Plan, Stock Award and
Incentive Plan and any similar programs or plans and the JLW Acquisition)
by the Parent by an amount equal to 100% of the Net Cash Proceeds of such
issuance.  As used herein the term "Annual Measurement Period" shall mean
each period commencing on December 31 of a calendar year and ending on
December 30 of the immediately subsequent calendar year.

     SECTION 7.16.  FUNDED DEBT TO ADJUSTED EBITDA.  The Parent will as of
the last day of each calendar quarter maintain the ratio of Total Funded
Debt as of such day to Adjusted EBITDA for the four calendar quarters then
ended (the "Total Funded Debt to Adjusted EBITDA Ratio") at not more than:

                                                   TOTAL FUNDED
                                                   DEBT TO ADJUSTED
                                                   EBITDA RATIO
     FROM AND               TO AND                 SHALL NOT BE
     INCLUDING              INCLUDING              GREATER THAN

     March 31, 2003         March 31, 2004         3.00 to 1.00
     April 1, 2004          Thereafter             2.75 to 1.00

     SECTION 7.17.  INTEREST COVERAGE RATIO.  The Parent will as of the
last day of each calendar quarter maintain an Interest Coverage Ratio of
not less than 2.50 to 1.00.

     SECTION 7.18.  FIXED CHARGE COVERAGE RATIO.  The Parent will as of
the last day of each calendar quarter maintain a Fixed Charge Coverage
Ratio of not less than 1.10 to 1.00.

<PAGE>

     SECTION 7.19.  DIVIDENDS AND OTHER SHAREHOLDER DISTRIBUTIONS.  The
Parent shall only declare or pay dividends or make a distribution (other
than dividends and distributions payable solely in its capital stock) of
any kind (including by redemption or purchase other than purchases of
outstanding capital stock in connection with the Parent's Stock
Compensation Program, Employee Stock Purchase Plan, Stock Award and
Incentive Plan and any similar programs or plans) on its outstanding
capital stock, if no Default or Event of Default exists prior to or would
result after giving effect to such action.

     SECTION 7.20.  INDEBTEDNESS.  The Parent will not, and will not
permit any of its Restricted Subsidiaries to, have outstanding at any time
any Indebtedness other than:

     (a)   The Obligations of the Borrower and Guarantors owing to the
Banks and Administrative Agent hereunder;

     (b)   Indebtedness of (i) the Borrower to the Parent or any
Subsidiary, (ii) any Subsidiary to the Parent or any other Subsidiary and
(iii) the Parent to any Subsidiary;

     (c)   Capitalized Lease Obligations in an aggregate principal amount
outstanding not to exceed $15,000,000 on any date of determination;

     (d)   Subordinated Indebtedness;

     (e)   Investments (as defined in Section 7.14) permitted pursuant to
Section 7.14 in the form of Indebtedness;

     (f)   Guaranties by the Parent and its Subsidiaries of obligations of
the Parent and its Subsidiaries which obligations are not prohibited under
this Agreement;

     (g)   The obligations of the Borrower and the Guarantors under the
Indenture in an aggregate principal amount not in excess of
Euro 165,000,000 MINUS the aggregate principal amount of all redemptions
thereof; or

     (h)   Indebtedness not otherwise permitted by this Section 7.20 of
not more than $60,000,000 in aggregate principal amount outstanding on any
date of determination for the Parent and its Restricted Subsidiaries.

     SECTION 7.21.  TRANSACTIONS WITH AFFILIATES.  The Parent will not,
and will not permit any of its Subsidiaries to, enter into or be a party to
any material transaction or arrangement (where "material" means material
for the Parent and its Subsidiaries taken as a whole) with any Affiliate of
such Person (other than the Parent or any of its Subsidiaries), including
without limitation, the purchase from, sale to or exchange of Property
with, any merger or consolidation with or into, or the rendering of any
service by or for, any Affiliate, except in the ordinary course of and
pursuant to the reasonable requirements of the Parent's or such
Subsidiary's business and upon fair and reasonable terms no less favorable
to the Parent or such Subsidiary than could be obtained in a comparable
arm's-length transaction with a Person other than an Affiliate.

     SECTION 7.22.  COMPLIANCE WITH LAWS.  Without limiting any of the
other covenants of the Parent in this Section 7, the Parent will, and will
cause each of its Subsidiaries to, conduct its business, and otherwise be,
in compliance with all applicable laws, regulations, ordinances and orders
of any governmental or judicial authorities; PROVIDED, HOWEVER, that
neither the Parent nor any Subsidiary of the Parent shall be required to
comply with any such law, regulation, ordinance or order if (x) it shall be
contesting such law, regulation, ordinance or order in good faith by
appropriate proceedings and reserves in conformity with GAAP have been
provided therefor on the books of the Parent or such Subsidiary, as the
case may be, or (y) the failure to comply therewith is not reasonably
expected to have, in the aggregate, a Material Adverse Effect.

<PAGE>

     SECTION 7.23.  ADDITIONAL GUARANTORS.  If on the last day of the
calendar quarter ending June 30, 2003 and each calendar quarter ending
thereafter the total liabilities of the non-Guarantor Subsidiaries of the
Parent equal or exceed 20% of the book value of the total consolidated
assets of the Parent and its Subsidiaries, then the Parent will, within 15
Business Days of the date on which the balance sheet for such date is
required to be delivered pursuant to Section 7.6(a)(i) or
Section 7.6(a)(ii), cause an additional Subsidiary or additional
Subsidiaries to become a Guarantor or Guarantors hereunder such that the
total liabilities of the non-Guarantor Subsidiaries of the Parent are less
than 20% of the book value of the total consolidated assets of the Parent
and its Subsidiaries.

SECTION 8.  EVENTS OF DEFAULT AND REMEDIES.

     SECTION 8.1.  EVENTS OF DEFAULT.  Any one or more of the following
shall constitute an Event of Default:

     (a)   default (x) in the payment when due of the principal amount of
any Loan or of any Reimbursement Obligation or (y) for a period of three
(3) days in the payment when due of interest or of any other Obligation;

     (b)   default by the Borrower, the Parent or any Subsidiary in the
observance or performance of any covenant set forth in the first sentence
of Section 7.1, Section 7.6(c), 7.9 through 7.12, or 7.14 through 7.20
hereof;

     (c)   default by the Borrower, the Parent or any Subsidiary in the
observance or performance of any provision hereof or of any other Credit
Document not mentioned in (a) or (b) above, which is not remedied within
thirty (30) days after notice thereof to the Parent by the Administrative
Agent (acting at the request of any Bank);

     (d)   (i) failure to pay when due Indebtedness in an aggregate
principal amount of $1,000,000 or more of the Borrower, Parent or any
Subsidiary or (ii) default shall occur under one or more indentures,
agreements or other instruments under which any Indebtedness of the
Borrower, the Parent or any Subsidiary in an aggregate principal amount of
$1,000,000 or more is outstanding and such default shall continue for a
period of time sufficient to permit the holder or beneficiary of such
Indebtedness or a trustee therefor to cause the acceleration of the
maturity of any such Indebtedness or any mandatory unscheduled prepayment,
purchase or funding thereof;

     (e)   any representation or warranty made herein or in any other
Credit Document by the Borrower, the Parent or any Subsidiary, or in any
statement or certificate furnished pursuant hereto or pursuant to any other
Credit Document by the Borrower, the Parent or any Subsidiary, or in
connection with any Credit Document, shall be untrue in any material
respect as of the date of the issuance or making, or deemed making or
issuance, thereof;

     (f)   the Borrower, the Parent or any Subsidiary shall (i) have
entered involuntarily against it an order for relief under the United
States Bankruptcy Code, as amended, or any analogous action is taken under
any other applicable law relating to bankruptcy or insolvency, (ii) fail to
pay, or admit in writing its inability to pay, its debts generally as they
become due, (iii) make an assignment for the benefit of creditors,
(iv) apply for, seek, consent to, or acquiesce in, the appointment of a
receiver, custodian, trustee, examiner, liquidator or similar official for
it or any substantial part of its Property, (v) institute any proceeding
seeking to have entered against it an order for relief under the United
States Bankruptcy Code, as amended, to adjudicate it insolvent, or seeking
dissolution, winding up, liquidation, reorganization, arrangement,
adjustment or composition of it or its debts under any law relating to
bankruptcy, insolvency or reorganization or relief of debtors or fail
within the time allowed therefor to file an answer or other pleading
denying the material allegations of any such proceeding filed against it,

<PAGE>

(vi) take any corporate action (such as the passage by the board of
directors of a resolution) in furtherance of any matter described in
parts (i)-(v) above, or (vii) fail to contest in good faith any appointment
or proceeding described in Section 8.1(g) hereof;

     (g)   a custodian, receiver, trustee, examiner, liquidator or similar
official shall be appointed for the Borrower, the Parent or any Subsidiary
or any substantial part of any of their Property, or a proceeding described
in Section 8.1(f)(v) shall be instituted against the Borrower, the Parent
or any Subsidiary, and such appointment continues undischarged or such
proceeding continues undismissed or unstayed for a period of sixty
(60) days;

     (h)   the Borrower, the Parent or any Subsidiary shall fail within
thirty (30) days to pay, bond or otherwise discharge any judgment or order
for the payment of money in excess of $2,500,000, which is not stayed on
appeal or otherwise being appropriately contested in good faith in a manner
that stays execution thereon;

     (i)   the Parent or any other member of the Controlled Group shall
fail to pay when due an amount or amounts aggregating in excess of $200,000
which it shall have become liable to pay to the PBGC or to a Plan under
Title IV of ERISA; or notice of intent to terminate a Plan or Plans having
aggregate Unfunded Vested Liabilities in excess of $200,000 (collectively,
a "Material Plan") shall be filed under Title IV of ERISA by the Parent or
any Subsidiary or any other member of the Controlled Group, any plan
administrator or any combination of the foregoing; or the PBGC shall
institute proceedings under Title IV of ERISA to terminate or to cause a
trustee to be appointed to administer any Material Plan or a proceeding
shall be instituted by a fiduciary of any Material Plan against the Parent
or any other member of the Controlled Group to enforce Section 515 or
4219(c)(5) of ERISA and such proceeding shall not have been dismissed
within thirty (30) days thereafter; or a condition shall exist by reason of
which the  PBGC would be entitled to obtain a decree adjudicating that any
Material Plan must be terminated;

     (j)   the Borrower, the Parent or any Subsidiary, or any Person
acting on behalf of the Borrower, the Parent or a Subsidiary, or any
governmental authority challenges the validity of any Credit Document or
the Borrower's, the Parent's or a Subsidiary's obligations thereunder or
any Credit Document ceases to be in full force and effect;

     (k)   an "Event of Default" (as defined in the Indenture) shall have
occurred and be continuing; or

     (l)   a Change of Control shall have occurred.

     SECTION 8.2.  NON-BANKRUPTCY DEFAULTS.  When any Event of Default
other than those described in subsections (f) or (g) of Section 8.1 hereof
has occurred and is continuing, the Administrative Agent shall, by written
notice to the Parent: (a) if so directed by the Required Banks, terminate
the remaining Commitments and all other obligations of the Banks hereunder
on the date stated in such notice (which may be the date thereof); (b) if
so directed by the Required Banks, declare the principal of and the accrued
interest on all outstanding Loans and all other amounts due under the
Credit Documents to be forthwith due and payable and thereupon all
outstanding Loans, including both principal and interest thereon, shall be
and become immediately due and payable together with all other amounts
payable under the Credit Documents without further demand, presentment,
protest or notice of any kind; and (c) if so directed by the Required
Banks, demand that the Borrower immediately pay to the Administrative
Agent, subject to Section 8.4, the full amount then available for drawing
under each or any Letter of Credit, and the Borrower agrees to immediately
make such payment and acknowledges and agrees that the Banks would not have

<PAGE>

an adequate remedy at law for failure by the Borrower to honor any such
demand and that the Administrative Agent, for the benefit of the Banks,
shall have the right to require the Borrower to specifically perform such
undertaking whether or not any drawings or other demands for payment have
been made under any Letter of Credit.  The Administrative Agent, after
giving notice to the Borrower pursuant to Section 8.1(c) or this
Section 8.2, shall also promptly send a copy of such notice to the other
Banks, but the failure to do so shall not impair or annul the effect of
such notice.

     SECTION 8.3.  BANKRUPTCY DEFAULTS.  When any Event of Default
described in subsections (f) or (g) of Section 8.1 hereof has occurred and
is continuing, then all outstanding Loans shall immediately become due and
payable together with all other amounts payable under the Credit Documents
without presentment, demand, protest or notice of any kind, the obligation
of the Banks to extend further credit pursuant to any of the terms hereof
shall immediately terminate and the Borrower shall immediately pay to the
Administrative Agent, subject to Section 8.4, the full amount then
available for drawing under all outstanding Letters of Credit, the Borrower
acknowledging that the Banks would not have an adequate remedy at law for
failure by the Borrower to honor any such demand and that the Banks, and
the Administrative Agent on their behalf, shall have the right to require
the Borrower to specifically perform such undertaking whether or not any
draws or other demands for payment have been made under any of the Letters
of Credit.

     SECTION 8.4.  COLLATERAL FOR UNDRAWN LETTERS OF CREDIT.

     (a)   If the payment or prepayment of the amount available for
drawing under any or all outstanding Letters of Credit is required under
Section 8.2 or 8.3 above, the Borrower shall forthwith pay the amount
required to be so prepaid, to be held by the Administrative Agent as
provided in subsection (b) below.

     (b)   All amounts prepaid pursuant to subsection (a) above shall be
held by the Administrative Agent in a separate collateral account (such
account, and the credit balances, properties and any investments from time
to time held therein, and any substitutions for such account, any
certificate of deposit or other instrument evidencing any of the foregoing
and all proceeds of and earnings on any of the foregoing being collectively
called the "Account") as security for, and for application by the
Administrative Agent (to the extent available) to, the reimbursement of any
payment under any Letter of Credit then or thereafter made by the
Administrative Agent, and to the payment of the unpaid balance of any Loans
and all other Obligations.  The Account shall be held in the name of and
subject to the exclusive dominion and control of the Administrative Agent
for the benefit of the Administrative Agent and the Banks.  If and when
requested by the Borrower, the Administrative Agent shall invest funds held
in the Account from time to time in direct obligations of, or obligations
the principal of and interest on which are unconditionally guaranteed by,
the United States of America with a remaining maturity of one year or less,
PROVIDED that the Administrative Agent is irrevocably authorized to sell
investments held in the Account when and as required to make payments out
of the Account for application to amounts due and owing from the Borrower
to the Administrative Agent or Banks; PROVIDED, HOWEVER, that if (i) the
Borrower shall have made payment of all Obligations, (ii) all relevant
preference or other disgorgement periods relating to the receipt of such
payments have passed, and (iii) no Letters of Credit, Commitments, Loans or
other Obligations remain outstanding hereunder, then the Administrative
Agent shall repay to the Borrower any remaining amounts held in the
Account.

     SECTION 8.5.  NOTICE OF DEFAULT.  The Administrative Agent shall give
notice to the Borrower under Section 8.1(c) hereof promptly upon being
requested to do so by any Bank and shall thereupon notify all the Banks
thereof.

<PAGE>

     SECTION 8.6.  EXPENSES.  The Borrower agrees to pay to the
Administrative Agent and each Bank, and any other holder of any Note
outstanding hereunder, all expenses reasonably incurred or paid by the
Administrative Agent and such Bank or any such holder, including reasonable
attorneys' fees and court costs, in connection with any Default or Event of
Default by the Borrower hereunder or in connection with the enforcement of
any of the Credit Documents.

SECTION 9.  CHANGE IN CIRCUMSTANCES.

     SECTION 9.1.  CHANGE OF LAW.  Notwithstanding any other provisions of
this Agreement or any Note, if at any time after the date hereof any change
in applicable law or regulation or in the interpretation thereof makes it
unlawful for any Bank to make or continue to maintain Eurocurrency Loans or
to perform its obligations as contemplated hereby, such Bank shall promptly
give notice thereof to the Borrower and such Bank's obligations to make or
maintain Eurocurrency Loans under this Agreement shall terminate until it
is no longer unlawful for such Bank to make or maintain Eurocurrency Loans.

The Borrower shall prepay on demand the outstanding principal amount of any
such affected Eurocurrency Loans, together with all interest accrued
thereon at a rate per annum equal to the interest rate applicable to such
Loan; PROVIDED, HOWEVER, subject to all of the terms and conditions of this
Agreement, the Borrower may then elect to borrow the principal amount of
the affected Eurocurrency Loans from such Bank by means of Domestic Rate
Loans from such Bank, which Domestic Rate Loans shall not be made ratably
by the Banks but only from such affected Bank.

     SECTION 9.2.  UNAVAILABILITY OF DEPOSITS OR INABILITY TO ASCERTAIN,
OR INADEQUACY OF, LIBOR.  If on or prior to the first day of any Interest
Period for any Borrowing of Eurocurrency Loans:

     (a)   the Administrative Agent determines that deposits in U.S.
Dollars or the applicable Alternative Currency (in the applicable amounts)
are not being offered to it in the eurocurrency interbank market for such
Interest Period, or that by reason of circumstances affecting the interbank
eurocurrency market adequate and reasonable means do not exist for
ascertaining the applicable LIBOR, or

     (b)   Banks having 51% or more of the aggregate amount of the
Commitment reasonably determine and so advise the Administrative Agent that
LIBOR as reasonably determined by the Administrative Agent will not
adequately and fairly reflect the cost to such Banks or Bank of funding
their or its Eurocurrency Loans or Loan for such Interest Period, then the
Administrative Agent shall forthwith give notice thereof to the Borrower
and the Banks, whereupon until the Administrative Agent notifies the
Borrower that the circumstances giving rise to such suspension no longer
exist, the obligations of the Banks or of the relevant Bank to make
Eurocurrency Loans in the currency so affected shall be suspended; PROVIDED
THAT such suspension shall have no effect on any Eurocurrency Loan then
outstanding.

     SECTION 9.3.  INCREASED COST AND REDUCED RETURN.

     (a)   If, on or after the date hereof, the adoption of any applicable
law, rule or regulation, or any change therein, or any change in the
interpretation or administration thereof by any governmental authority,
central bank or comparable agency charged with the interpretation or
administration thereof, or compliance by any Bank (or its Lending Office)
with any request or directive (whether or not having the force of law but,
if not having the force of law, compliance with which is customary in the
relevant jurisdiction) of any such authority, central bank or comparable
agency:

<PAGE>

           (i)   shall subject any Bank (or its Lending Office) to any
tax, duty or other charge with respect to its Eurocurrency Loans, its
Notes, its Letter(s) of Credit, or its participation in any thereof, any
Reimbursement Obligations owed to it or its obligation to make Eurocurrency
Loans, issue a Letter of Credit, or to participate therein, or shall change
the basis of taxation of payments to any Bank (or its Lending Office) of
the principal of or interest on its Eurocurrency Loans, Letter(s) of
Credit, or participations therein or any other amounts due under this
Agreement in respect of its Eurocurrency Loans, Letter(s) of Credit, or
participations therein, any Reimbursement Obligations owed to it, or its
obligation to make Eurocurrency Loans, issue a Letter of Credit, or acquire
participations therein (except for changes in the rate of tax on the
overall net income or profits of such Bank or its Lending Office imposed by
the jurisdiction in which such Bank or its lending office is incorporated
in which such Bank's principal executive office or Lending Office is
located); or

           (ii)  shall impose, modify or deem applicable any reserve,
special deposit, capital or similar requirement (including, without
limitation, any such requirement imposed by the Board of Governors of the
Federal Reserve System, but excluding with respect to any Eurocurrency
Loans any such requirement included in an applicable Eurocurrency Reserve
Percentage) against assets of, deposits with or for the account of, or
credit extended by, any Bank (or its Lending Office) or shall impose on any
Bank (or its Lending Office) or on the interbank market any other condition
affecting its Eurocurrency Loans, its Notes, its Letter(s) of Credit, or
its participation in any thereof, any Reimbursement Obligation owed to it,
or its obligation to make Eurocurrency Loans, to issue a Letter of Credit,
or to participate therein; and the result of any of the foregoing is to
increase the cost to such Bank (or its Lending Office) of making or
maintaining any Eurocurrency Loan, issuing or maintaining a Letter of
Credit, or participating therein, or to reduce the amount of any sum
received or receivable by such Bank (or its Lending Office) under this
Agreement or under its Notes with respect thereto, by an amount deemed by
such Bank to be material, then, within fifteen (15) days after demand by
such Bank (with a copy to the Administrative Agent), the Borrower shall be
obligated to pay to such Bank such additional amount or amounts as will
compensate such Bank for such increased cost or reduction; PROVIDED,
HOWEVER, that such Bank shall promptly notify the Borrower of an event
which might cause it to seek compensation, and the Borrower shall be
obligated to pay only such compensation which is incurred or which arises
after the date ninety (90) days prior to the date such notice is given.  In
the event any law, rule, regulation or interpretation described above is
revoked, declared invalid or inapplicable or is otherwise rescinded, and as
a result thereof a Bank is determined to be entitled to a refund from the
applicable authority for any amount or amounts which were paid or
reimbursed by Borrower to such Bank hereunder, such Bank shall refund such
amount or amounts to Borrower without interest.

     (b)   Each Bank that determines to seek compensation under this
Section 9.3 shall notify the Borrower and the Administrative Agent of the
circumstances that entitle the Bank to such compensation pursuant to this
Section 9.3 and will designate a different Lending Office if such
designation will avoid the need for, or reduce the amount of, such
compensation and will not, in the reasonable judgment of such Bank, be
otherwise disadvantageous to such Bank.  A certificate of any Bank claiming
compensation under this Section 9.3 and setting forth the additional amount
or amounts to be paid to it hereunder shall be conclusive in the absence of
manifest error.  In determining such amount, such Bank may use any
reasonable averaging and attribution methods.

     SECTION 9.4.  LENDING OFFICES.  Each Bank may, at its option, elect
to make its Loans hereunder at the branch, office or affiliate specified on
the appropriate signature page hereof (each a "Lending Office") for each
type of Loan available hereunder or at such other of its branches, offices
or affiliates as it may from time to time elect and  designate in a written
notice to the Borrower and the Administrative Agent.

<PAGE>

     SECTION 9.5.  DISCRETION OF BANK AS TO MANNER OF FUNDING.
Notwithstanding any other provision of this Agreement, each Bank shall be
entitled to fund and maintain its funding of all or any part of its Loans
in any manner it sees fit, it being understood, however, that for the
purposes of this Agreement all determinations hereunder shall be made as if
each Bank had actually funded and maintained each Eurocurrency Loan through
the purchase of deposits of U.S. Dollars or the applicable Alternative
Currency in the eurocurrency interbank market having a maturity
corresponding to such Loan's Interest Period and bearing an interest rate
equal to LIBOR for such Interest Period.

SECTION 10.  THE ADMINISTRATIVE AGENT.

     SECTION 10.1.  APPOINTMENT AND AUTHORIZATION OF ADMINISTRATIVE AGENT.

Each Bank hereby appoints Harris Trust and Savings Bank as the
Administrative Agent under the Credit Documents and hereby authorizes the
Administrative Agent to take such action as Administrative Agent on its
behalf and to exercise such powers under the Credit Documents as are
delegated to the Administrative Agent by the terms thereof, together with
such powers as are reasonably incidental thereto.

     SECTION 10.2.  ADMINISTRATIVE AGENT AND ITS AFFILIATES.  The
Administrative Agent shall have the same rights and powers under this
Agreement and the other Credit Documents as any other Bank and may exercise
or refrain from exercising the same as though it were not the
Administrative Agent, and 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 Affiliate of the Borrower as if it were
not the Administrative Agent under the Credit Documents.  The term "Bank"
as used herein and in all other Credit Documents, unless the context
otherwise clearly requires, includes the Administrative Agent in its
individual capacity as a Bank.  References in Section 1 hereof to the
Administrative Agent's Loans, or to the amount owing to the Administrative
Agent for which an interest rate is being determined, refer to the
Administrative Agent in its individual capacity as a Bank.

     SECTION 10.3.  ACTION BY ADMINISTRATIVE AGENT.  If the Administrative
Agent receives from the Borrower a written notice of an Event of Default
pursuant to Section 7.6(c) hereof, the Administrative Agent shall promptly
give each of the Banks written notice thereof.  The obligations of the
Administrative Agent under the Credit Documents are only those expressly
set forth therein.  Without limiting the generality of the foregoing, the
Administrative Agent shall not be required to take any action hereunder
with respect to any Default or Event of Default, except as expressly
provided in Sections 8.2 and 8.5.  In no event, however, shall the
Administrative Agent be required to take any action in violation of
applicable law or of any provision of any Credit Document, and the
Administrative Agent shall in all cases be fully justified in failing or
refusing to act hereunder or under any other Credit Document unless it
shall be first indemnified to its reasonable satisfaction by the Banks
against any and all costs, expense, and liability which may be incurred by
it by reason of taking or continuing to take any such action.  The
Administrative Agent shall be entitled to assume that no Default or Event
of Default exists unless notified to the contrary by a Bank or the
Borrower.  In all cases in which this Agreement and the other Credit
Documents do not require the Administrative Agent to take certain actions,
the Administrative Agent shall be fully justified in using its discretion
in failing to take or in taking any action hereunder and thereunder.

     SECTION 10.4.  CONSULTATION WITH EXPERTS.  The Administrative Agent
may consult with legal counsel, independent public accountants and other
experts selected by it and shall not be liable for any action taken or
omitted to be taken by it in good faith in accordance with the advice of
such counsel, accountants or experts.

<PAGE>

     SECTION 10.5.  LIABILITY OF ADMINISTRATIVE AGENT; CREDIT DECISION.
Neither the Administrative Agent nor any of its directors, officers,
agents, or employees shall be liable for any action taken or not taken by
it in connection with the Credit Documents (i) with the consent or at the
request of the Required Banks or (ii) in the absence of its own gross
negligence or willful misconduct.  Neither the Administrative Agent nor any
of its directors, officers, agents or employees shall be responsible for or
have any duty to ascertain, inquire into or verify (i) any statement,
warranty or representation made in connection with this Agreement, any
other Credit Document or any Credit Event; (ii) the performance or
observance of any of the covenants or agreements of the Borrower or any
Guarantor contained herein or in any other Credit Document; (iii) the
satisfaction of any condition specified in Section 6 hereof, except receipt
of items required to be delivered to the Administrative Agent; or (iv) the
validity, effectiveness, genuineness, enforceability, perfection, value,
worth or collectibility hereof or of any other Credit Document or of any
other documents or writing furnished in connection with any Credit
Document; and the Administrative Agent makes no representation of any kind
or character with respect to any such matter mentioned in this sentence.
The Administrative Agent may execute any of its duties under any of the
Credit Documents by or through employees, agents, and attorneys-in-fact and
shall not be answerable to the Banks, the Borrower, or any Guarantor or any
other Person for the default or misconduct of any such agents or attorneys-
in-fact selected with reasonable care.  The Administrative Agent shall not
incur any liability by acting in reliance upon any notice, consent,
certificate, other document or statement (whether written or oral)
reasonably believed by it to be genuine or to be sent by the proper party
or parties.  In particular and without limiting any of the foregoing, the
Administrative Agent shall have no responsibility for confirming the
accuracy of any Compliance Certificate or other document or instrument
received by it under the Credit Documents.  The Administrative Agent may
treat the payee of any Note as the holder thereof until written notice of
transfer shall have been filed with the Administrative Agent signed by such
payee in form satisfactory to the Administrative Agent.  Each Bank
acknowledges that it has independently and without reliance on the
Administrative Agent or any other Bank, and based upon such information,
investigations and inquiries as it deems appropriate, made its own credit
analysis and decision to extend credit to the Borrower in the manner set
forth in the Credit Documents.  It shall be the responsibility of each Bank
to keep itself informed as to the creditworthiness of the Borrower and the
Guarantors, and the Administrative Agent shall have no liability to any
Bank with respect thereto.

     SECTION 10.6.  INDEMNITY.  The Banks shall ratably, in accordance
with their respective Percentages, indemnify and hold the Administrative
Agent, and its directors, officers, employees, agents and representatives
harmless from and against any liabilities, losses, costs or expenses
suffered or incurred by it under any Credit Document or in connection with
the transactions contemplated thereby, regardless of when asserted or
arising, except to the extent they are promptly reimbursed for the same by
the Borrower and except to the extent that any event giving rise to a claim
was caused by the gross negligence or willful misconduct of the party
seeking to be indemnified.  The obligations of the Banks under this
Section 10.6 shall survive termination of this Agreement.

     SECTION 10.7.  RESIGNATION OF ADMINISTRATIVE AGENT AND SUCCESSOR
ADMINISTRATIVE AGENT.  The Administrative Agent may resign at any time by
giving written notice thereof to the Banks and the Borrower.  Upon any such
resignation of the Administrative Agent, the Required Banks shall have the
right to appoint a successor Administrative Agent with the consent of the
Borrower.  If no successor Administrative Agent shall have been so
appointed by the Required Banks, and shall have accepted such appointment,
within thirty (30) days after the retiring Administrative Agent's giving of
notice of resignation, then the retiring Administrative Agent may, on
behalf of the Banks and with the consent of the Borrower, appoint a
successor Administrative Agent, which shall be any Bank hereunder or any
commercial bank organized under the laws of the United States of America or

<PAGE>

of any State thereof and having a combined capital and surplus of at least
$200,000,000.  Upon the acceptance of its appointment as the Administrative
Agent hereunder, such successor Administrative Agent shall thereupon
succeed to and become vested with all the rights and duties of the retiring
or removed Administrative Agent under the Credit Documents, and the
retiring Administrative Agent shall be discharged from its duties and
obligations thereunder.  After any retiring Administrative Agent's
resignation hereunder as Administrative Agent, the provisions of this
Section 10 and all protective provisions of the other Credit Documents
shall inure to its benefit as to any actions taken or omitted to be taken
by it while it was Administrative Agent.

SECTION 11.  THE GUARANTEES.

     SECTION 11.1.  THE GUARANTEES.  To induce the Banks to provide the
credits described herein and in consideration of benefits expected to
accrue to each Guarantor by reason of the Commitments and for other good
and valuable consideration, receipt of which is hereby acknowledged, each
Guarantor hereby unconditionally and irrevocably guarantees jointly and
severally to the Administrative Agent, the Banks, and each other holder of
an Obligation, the due and punctual payment of all present and future
indebtedness of the Borrower evidenced by or arising out of the Credit
Documents, including, but not limited to, the due and punctual payment of
principal of and interest on the Notes and the due and punctual payment of
all other Obligations now or hereafter owed by the Borrower under the
Credit Documents as and when the same shall become due and payable, whether
at stated maturity, by acceleration or otherwise, according to the terms
hereof and thereof.  In case of failure by the Borrower punctually to pay
any indebtedness or other Obligations guaranteed hereby, each Guarantor
hereby unconditionally agrees jointly and severally to make such payment or
to cause such payment to be made punctually as and when the same shall
become due and payable, whether at stated maturity, by acceleration or
otherwise, and as if such payment were made by the Borrower.

     SECTION 11.2.  GUARANTEE UNCONDITIONAL.  The obligations of each
Guarantor as a guarantor under this Section 11 shall be unconditional and
absolute and, without limiting the generality of the foregoing, shall not
be released, discharged or otherwise affected by:

     (a)   any extension, renewal, settlement, compromise, waiver or
release in respect of any obligation of the Borrower or of any other
Guarantor under this Agreement or any other Credit Document or by operation
of law or otherwise;

     (b)   any modification or amendment of or supplement to this
Agreement or any other Credit Document;

     (c)   any change in the corporate existence, structure or ownership
of, or any insolvency, bankruptcy, reorganization or other similar
proceeding affecting, the Borrower, any other Guarantor, or any of their
respective assets, or any resulting release or discharge of any obligation
of the Borrower or of any other Guarantor contained in any Credit Document;

     (d)   the existence of any claim, set-off or other rights which the
Guarantor may have at any time against the Administrative Agent, any Bank
or any other Person, whether or not arising in connection herewith;

     (e)   any failure to assert, or any assertion of, any claim or demand
or any exercise of, or failure to exercise, any rights or remedies against
the Borrower, any other Guarantor or any other Person or Property;

     (f)   any application of any sums by whomsoever paid or howsoever
realized to any obligation of the Borrower, regardless of what obligations
of the Borrower remain unpaid;

<PAGE>

     (g)   any invalidity or unenforceability relating to or against the
Borrower or any other Guarantor for any reason of this Agreement or of any
other Credit Document or any provision of applicable law or regulation
purporting to prohibit the payment by the Borrower or any other Guarantor
of the principal of or interest on any Note or any other amount payable by
it under the Credit Documents; or

     (h)   any other act or omission to act or delay of any kind by the
Administrative Agent, any Bank or any other Person or any other
circumstance whatsoever that might, but for the provisions of this
paragraph, constitute a legal or equitable discharge of the obligations of
the Guarantor under this Section 11.

     SECTION 11.3.  DISCHARGE ONLY UPON PAYMENT IN FULL; REINSTATEMENT IN
CERTAIN CIRCUMSTANCES.  Each Guarantor's obligations under this Section 11
shall remain in full force and effect until the Commitments are terminated
and the principal of and interest on the Notes and all other amounts
payable by the Borrower under this Agreement and all other Credit Documents
shall have been paid in full.  If at any time any payment of the principal
of or interest on any Note or any other amount payable by the Borrower
under the Credit Documents is rescinded or must be otherwise restored or
returned upon the insolvency, bankruptcy or reorganization of the Borrower
or of a Guarantor, or otherwise, each Guarantor's obligations under this
Section 11 with respect to such payment shall be reinstated at such time as
though such payment had become due but had not been made at such time.

     SECTION 11.4.  WAIVERS.

     (a)   GENERAL.  Each Guarantor irrevocably waives acceptance hereof,
presentment, demand, protest and any notice not provided for herein, as
well as any requirement that at any time any action be taken by the
Administrative Agent, any Bank or any other Person against the Borrower,
another Guarantor or any other Person.

     (b)   SUBROGATION AND CONTRIBUTION.  Unless and until the Obligations
have been fully paid and satisfied and the Commitments have terminated,
each Guarantor hereby irrevocably waives any claim or other right it may
now or hereafter acquire against the Borrower or any other Guarantor that
arises from the existence, payment, performance or enforcement of such
Guarantor's obligations under this Section 11 or any other Credit Document,
including, without limitation, any right of subrogation, reimbursement,
exoneration, contribution, indemnification, or any right to participate in
any claim or remedy of the Administrative Agent, any Bank or any other
holder of an Obligation against the Borrower or any other Guarantor whether
or not such claim, remedy or right arises in equity or under contract,
statute or common law, including, without limitation, the right to take or
receive from the Borrower or any other Guarantor directly or indirectly, in
cash or other property or by set-off or in any other manner, payment or
security on account of such claim or other right.

     SECTION 11.5.  LIMIT ON RECOVERY.  Notwithstanding any other
provision hereof, the right to recovery of the holders of the Obligations
against each Guarantor under this Section 11 shall not exceed $1.00 less
than the amount which would render such Guarantor's obligations under this
Section 11 void or voidable under applicable law, including without
limitation fraudulent conveyance law.

     SECTION 11.6.  STAY OF ACCELERATION.  If acceleration of the time for
payment of any amount payable by the Borrower under this Agreement or any
other Credit Document is stayed upon the insolvency, bankruptcy or
reorganization of the Borrower, all such amounts otherwise subject to
acceleration under the terms of this Agreement or the other Credit
Documents shall nonetheless be payable jointly and severally by the
Guarantors hereunder forthwith on demand by the Administrative Agent made
at the request of the Required Banks.

<PAGE>

     SECTION 11.7.  JONES LANG LASALLE LIMITED.  Jones Lang LaSalle
Limited shall automatically be released from the guarantee provided by it
on the date hereof upon the delivery by it of a Subsidiary Guarantee
Agreement after compliance by it with the provisions of Sections 155-158 of
the Companies Act 1985 of the United Kingdom.

SECTION 12.  MISCELLANEOUS.

     SECTION 12.1.  PAYMENTS FREE OF WITHHOLDING TAXES.  Except as
otherwise required by law, each payment by the Borrower and each Guarantor
under this Agreement or the other Credit Documents shall be made without
withholding for or on account of any present or future taxes (other than
overall net income taxes on the recipient) imposed by or within the
jurisdiction in which the Borrower or such Guarantor is domiciled, any
jurisdiction from which the Borrower or such Guarantor makes any payment,
or (in each case) any political subdivision or taxing authority thereof or
therein.  If any such withholding is so required, the Borrower or relevant
Guarantor shall make the withholding, pay the amount withheld to the
appropriate governmental authority before penalties attach thereto or
interest accrues thereon and forthwith pay such additional amount as may be
necessary to ensure that the net amount actually received by each Bank and
the Administrative Agent free and clear of such taxes (including such taxes
on such additional amount) is equal to the amount which that Bank or the
Administrative Agent (as the case may be) would have received had such
withholding not been made.  If the Administrative Agent or any Bank pays
any amount in respect of any such taxes, penalties or interest the Borrower
shall reimburse the Administrative Agent or that Bank for that payment on
demand in the currency in which such payment was made.  If the Borrower or
any Guarantor pays any such taxes, penalties or interest, it shall deliver
official tax receipts evidencing that payment or certified copies thereof
to the Bank or Administrative Agent on whose account such withholding was
made (with a copy to the Administrative Agent if not the recipient of the
original) on or before the thirtieth day after payment.  If any Bank or the
Administrative Agent determines it has received or been granted a credit
against or relief or remission for, or repayment of, any taxes paid or
payable by it because of any taxes, penalties or interest paid by the
Borrower or any Guarantor and evidenced by such a tax receipt, such Bank or
Administrative Agent shall, to the extent it can do so without prejudice to
the retention of the amount of such credit, relief, remission or repayment,
pay to the Borrower or such Guarantor as applicable, such amount as such
Bank or Administrative Agent determines is attributable to such deduction
or withholding and which will leave such Bank or Administrative Agent
(after such payment) in no better or worse position than it would have been
in if the Borrower had not been required to make such deduction or
withholding.  Nothing in this Agreement shall interfere with the right of
each Bank and the Administrative Agent to arrange its tax affairs in
whatever manner it thinks fit nor oblige any Bank or the Administrative
Agent to disclose any information relating to its tax affairs or any
computations in connection with  such taxes.

     SECTION 12.2.  NO WAIVER OF RIGHTS.  No delay or failure on the part
of the Administrative Agent or any Bank or on the part of the holder or
holders of any Note in the exercise of any power or right under any Credit
Document shall operate as a waiver thereof, nor as an acquiescence in any
default, nor shall any single or partial exercise thereof preclude any
other or further exercise of any other power or right, and the rights and
remedies hereunder of the Administrative Agent, the Banks and the holder or
holders of any Notes are cumulative to, and not exclusive of, any rights or
remedies which any of them would otherwise have.

     SECTION 12.3.  NON-BUSINESS DAY.  If any payment of principal or
interest on any Loan or of any other Obligation shall fall due on a day
which is not a Business Day, interest or fees (as applicable) at the rate,
if any, such Loan or other Obligation bears for the period prior to
maturity shall continue to accrue on such Obligation from the stated due
date thereof to but not including the next succeeding Business Day, on
which the same shall be payable.

<PAGE>

     SECTION 12.4.  DOCUMENTARY TAXES.  The Borrower agrees that it will
pay any documentary, stamp or similar taxes payable in respect to any
Credit Document, including interest and penalties, in the event any such
taxes are assessed, irrespective of when such assessment is made and
whether or not any credit is then in use or available hereunder.

     SECTION 12.5.  SURVIVAL OF REPRESENTATIONS.  All representations and
warranties made herein or in certificates given pursuant hereto shall
survive the execution and delivery of this Agreement and the other Credit
Documents, and shall continue in full force and effect with respect to the
date as of which they were made as long as any credit is in use or
available hereunder.

     SECTION 12.6.  SURVIVAL OF INDEMNITIES.  All indemnities and all
other provisions relative to reimbursement to the Banks of amounts
sufficient to protect the yield of the Banks with respect to the Loans,
including, but not limited to, Section 1.12, Section 9.3 and Section 12.15
hereof, shall survive the termination of this Agreement and the other
Credit Documents and the payment of the Loans and all other Obligations.

     SECTION 12.7.  SHARING OF SET-OFF.  Each Bank agrees with each other
Bank a party hereto that if such Bank shall receive and retain any payment,
whether by set-off or application of deposit balances or otherwise ("Set-
off"), on any of the Loans or Reimbursement Obligations in excess of its
ratable share of payments on all such obligations then outstanding to the
Banks, then such Bank shall purchase for cash at face value, but without
recourse, ratably from each of the other Banks such amount of the Loans or
Reimbursement Obligations, or participations therein, held by each such
other Banks (or interest therein) as shall be necessary to cause such Bank
to share such excess payment ratably with all the other Banks; PROVIDED,
HOWEVER, that if any such purchase is made by any Bank, and if such excess
payment or part thereof is thereafter recovered from such purchasing Bank,
the related purchases from the other Banks shall be rescinded ratably and
the purchase price restored as to the portion of such excess payment so
recovered, but without interest.  For purposes of this Section 12.7,
amounts owed to or recovered by, the Administrative Agent in connection
with Reimbursement Obligations in which Banks have been required to fund
their participation shall be treated as amounts owed to or recovered by the
Administrative Agent as a Bank hereunder.

     SECTION 12.8.  NOTICES.  Except as otherwise specified herein, all
notices under the Credit Documents shall be in writing (including telecopy
or other electronic communication) and shall be given to a party hereunder
at its address or telecopier number set forth below or such other address
or telecopier number as such party may hereafter specify by notice to the
Administrative Agent and the Borrower, given by courier, by United States
certified or registered mail, or by other telecommunication device capable
of creating a written record of such notice and its receipt.  Notices under
the Credit Documents to the Banks and the Administrative Agent shall be
addressed to their respective addresses, telecopier or telephone numbers
set forth on the signature pages hereof, and to the Borrower and the
Guarantors to:

           Jones Lang LaSalle Finance B.V.
           c/o Jones Lang LaSalle Incorporated
           200 East Randolph Street
           Chicago, Illinois  60601
           Attention:  Brian P. Hake

<PAGE>

     with a copy of notices of Defaults
     and Events of Default to:

           Jones Lang LaSalle Finance B.V.
           c/o Jones Lang LaSalle Incorporated
           200 East Randolph Street
           Chicago, Illinois  60601
           Attention:  Mark J. Ohringer,
           Global General Counsel
           Telecopy:  (312) 228-2277
           Telephone:  (312) 228-2423

     Each such notice, request or other communication shall be effective
(i) if given by telecopier, when such telecopy is transmitted to the
telecopier number specified in this Section 12.8 or on the signature pages
hereof and a confirmation of receipt of such telecopy has been received by
the sender, (ii) if given by courier, when delivered, (iii) if given by
mail, three business days after such communication is deposited in the
mail, registered with return receipt requested, addressed as aforesaid or
(iv) if given by any other means, when delivered at the addresses specified
in this Section 12.8 or on the signature pages hereof; PROVIDED THAT any
notice given pursuant to Section 1 hereof shall be effective only upon
receipt.

     SECTION 12.9.  COUNTERPARTS.  This Agreement may be executed in any
number of counterpart signature pages, and by the different parties on
different counterparts, each of which when executed shall be deemed an
original but all such counterparts taken together shall constitute one and
the same instrument.

     SECTION 12.10.  SUCCESSORS AND ASSIGNS.  This Agreement shall be
binding upon the Borrower and its successors and assigns, and shall inure
to the benefit of each of the Banks and the benefit of their respective
successors and assigns, including any subsequent holder of any Note.  The
Borrower may not assign any of its rights or obligations under any Credit
Document without the written consent of all of the Banks.

     SECTION 12.11.  PARTICIPANTS.  Each Bank shall have the right at its
own cost to grant participations (to be evidenced by one or more agreements
or certificates of participation) in the Loans made and Reimbursement
Obligations and/or Commitments held by such Bank at any time and from time
to time to one or more other Persons; PROVIDED THAT no such participation
shall relieve any Bank of any of its obligations under this Agreement, and,
PROVIDED, FURTHER that no such participant shall have any rights under this
Agreement except as provided in this Section 12.11, and the Administrative
Agent shall have no obligation or responsibility to such participant.  Any
agreement pursuant to which such participation  is granted shall provide
that the granting Bank shall retain the sole right and responsibility to
enforce the obligations of the Borrower and Guarantors under this Agreement
and the other Credit Documents including, without limitation, the right to
approve any amendment, modification or waiver of any provision of the
Credit Documents, except that such agreement may provide that such Bank
will not agree to any modification, amendment or waiver of the Credit
Documents described in clauses (i) and (ii) of Section 12.13 hereof.  Any
party to which such a participation has been granted shall have the
benefits of Section 1.12 and Section 9.3 hereof.

<PAGE>

     SECTION 12.12.  ASSIGNMENT OF COMMITMENTS BY BANKS.

     (a)   Each Bank shall have the right at any time, with the prior
written consent of Harris Bank (so long as Harris Bank is providing the
Swingline Loans under Section 1.2 hereof), the Administrative Agent and, so
long as no Event of Default shall have occurred and be continuing, the
Borrower (which consent of the Borrower shall not be unreasonably withheld
or delayed), to assign, transfer or negotiate all or any part of its rights
and obligations under the Credit Documents (including, without limitation,
the indebtedness evidenced by the Notes then held by such assigning Bank,
together with an equivalent percentage of its obligation to make Loans and
participate in Letters of Credit) to one or more Persons, PROVIDED that,
unless otherwise agreed to by the Administrative Agent, such assignment
shall be of a fixed percentage (and not by its terms of varying percentage)
of the assigning Bank's rights and obligations under the Credit Documents;
PROVIDED that each such assignment is in an amount of at least $5,000,000
or the entire Commitment of such Bank; PROVIDED FURTHER that (i) the
consent of the Borrower to any such assignment shall not be required during
the continuance of an Event of Default and (ii) neither the consent of the
Borrower nor of the Administrative Agent shall be required if the assignee
is an Affiliate of the assigning Bank.  Each such assignment shall set
forth the assignee's address for notices to be given under Section 12.8
hereof hereunder and its designated Lending Office pursuant to Section 9.4
hereof.  Upon any such assignment, delivery to the Administrative Agent and
the Borrower of an executed copy of such assignment agreement and the
payment of a $3,500 recordation fee to the Administrative Agent, the
assignee shall become a Bank hereunder, all Loans, participations in
Letters of Credit and the Commitment it thereby holds shall be governed by
all the terms and conditions hereof and the Bank granting such assignment
shall have its Commitment, and its obligations and rights in connection
therewith, reduced by the amount of such assignment.  At the time of the
assignment the Borrower, if requested, shall execute and deliver to the
assignor and/or assignee new Notes.

     (b)   Any Bank may at any time, without the consent of the Borrower,
Harris Bank or Administrative Agent, assign all or a portion of its rights
under the Credit Documents to a Federal Reserve Bank; PROVIDED, HOWEVER,
that no such assignment shall release the transferor Bank from its
obligations hereunder or cause such Federal Reserve Bank to become a "Bank"
hereunder.

     SECTION 12.13.  AMENDMENTS.  Any provision of the Credit Documents
may be amended or waived if, but only if, such amendment or waiver is in
writing and is signed by (a) the Borrower, (b) the Required Banks, and
(c) if the rights or duties of the Administrative Agent are affected
thereby, the Administrative Agent; PROVIDED that:

           (i)   no amendment or waiver pursuant to this Section 12.13
shall (A) increase or extend any Commitment of any Bank without the consent
of such Bank or (B) reduce the amount of or postpone any fixed date for
payment of any principal of or interest on any Loan or Reimbursement
Obligation or of any fee payable hereunder without the consent of each
Bank;

           (ii)  no amendment or waiver pursuant to this Section 12.13
shall, unless signed by each Bank, change any provision of this Section
12.13, or the definition of Required Banks, or affect the number of Banks
required to take any action under the Credit Documents, or release (other
than pursuant to the terms hereof) any Guarantor (other than pursuant to
the terms hereof) from its guaranty of any Obligations; and

           (iii) no amendment or waiver pursuant to this Section 12.13
shall, unless signed by Harris Bank, change any provision of Section 1.2 or
alter its rights or obligations with respect to Swingline Loans.

     SECTION 12.14.  HEADINGS.  Section headings used in this Agreement
are for reference only and shall not affect the construction of this
Agreement.

<PAGE>

     SECTION 12.15.  LEGAL FEES, OTHER COSTS AND INDEMNIFICATION.  The
Borrower agrees to pay all reasonable costs and expenses of the
Administrative Agent in connection with the preparation and negotiation of
the Credit Documents, including without limitation, the reasonable fees and
disbursements of Chapman and Cutler, counsel to the Administrative Agent,
in connection with the preparation and execution of the Credit Documents,
and any amendment, waiver or consent related hereto, whether or not the
transactions contemplated herein are consummated.  The Borrower further
agrees to indemnify each Bank, the Administrative Agent, and their
respective directors, officers and employees, against all losses, claims,
damages, penalties, judgments, liabilities and expenses (including, without
limitation, all expenses of litigation or preparation therefor, whether or
not the indemnified Person is a party thereto) which any of them may incur
or reasonably pay arising out of or relating to any Credit Document or any
of the transactions contemplated thereby or the direct or indirect
application or proposed application of the proceeds of any Loan or Letter
of Credit, other than those which arise from the gross negligence or
willful misconduct of the party claiming indemnification.  The Borrower,
upon demand by the Administrative Agent or a Bank at any time, shall
reimburse the Administrative Agent or Bank for any reasonable legal or
other expenses incurred in connection with investigating or defending
against any of the foregoing except if the same is directly due to the
gross negligence or willful misconduct of the party to be indemnified.

     SECTION 12.16.  SET OFF.  In addition to any rights now or hereafter
granted under applicable law and not by way of limitation of any such
rights, upon the occurrence and during the continuance of any Event of
Default, each Bank and each subsequent holder of any Note is hereby
authorized by the Borrower and each Guarantor at any time or from time to
time, without notice to the Borrower, to the Guarantors or to any other
Person, any such notice being hereby expressly waived, to set off and to
appropriate and to apply any and all deposits (general or special,
including, but not limited to, indebtedness evidenced by certificates of
deposit, whether matured or unmatured, but not including trust accounts or
other accounts of the Borrower or any Guarantor in a fiduciary capacity,
and in whatever currency denominated) and any other indebtedness at any
time held or owing by that Bank or that subsequent holder to or for the
credit or the account of the Borrower or any Guarantor, whether or not
matured, against and on account of the obligations and liabilities of the
Borrower or any Guarantor to that Bank or that subsequent holder under the
Credit Documents, including, but not limited to, all claims of any nature
or description arising out of or connected with the Credit Documents,
irrespective of whether or not (a) that Bank or that subsequent holder
shall have made any demand hereunder or (b) the principal of or the
interest on the Loans or Notes and other amounts due hereunder shall have
become due and payable pursuant to Section 8 and although said obligations
and liabilities, or any of them, may be contingent or unmatured.

     SECTION 12.17.  CURRENCY.  Each reference in this Agreement to U.S.
Dollars or to an Alternative Currency (the "relevant currency") is of the
essence.  To the fullest extent permitted by law, the obligation of the
Borrower and each Guarantor in respect of any amount due in the relevant
currency under this Agreement shall, notwithstanding any payment in any
other currency (whether pursuant to a judgment or otherwise), be discharged
only to the extent of the amount in the relevant currency that the Person
entitled to receive such payment may, in accordance with normal banking
procedures, purchase with the sum paid in such other currency (after any
premium and costs of exchange) on the Business Day immediately following
the day on which such Person receives such payment.  If the amount of the
relevant currency so purchased is less than the sum originally due to such
Person in the relevant currency, the Borrower or relevant Guarantor agrees,
as a separate obligation and notwithstanding any such judgment, to
indemnify such Person against such loss, and if the amount of the specified
currency so purchased exceeds the sum of (a) the amount originally due to
the relevant Person in the specified currency plus (b) any amounts shared
with other Banks as a result of allocations of such excess as a
disproportionate payment to such Person under Section 12.7 hereof, such
Person agrees to remit such excess to the Borrower.

<PAGE>

     SECTION 12.18.  ENTIRE AGREEMENT.  The Credit Documents constitute
the entire understanding of the parties thereto with respect to the subject
matter thereof and any prior or contemporaneous agreements, whether written
or oral, with respect thereto are superseded thereby.

     SECTION 12.19.  GOVERNING LAW.  This Agreement and the other Credit
Documents, and the rights and duties of the parties hereto, shall be
construed and determined in accordance with the internal laws of the State
of Illinois.

     SECTION 12.20.  SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.
The Borrower and each Guarantor hereby submits to the nonexclusive
jurisdiction of the United States District Court for the Northern District
of Illinois and of any Illinois State court sitting in the City of Chicago
for purposes of all legal proceedings arising out of or relating to this
Agreement, the other Credit Documents or the transactions contemplated
hereby or thereby.  The Borrower and each Guarantor irrevocably waives, to
the fullest extent permitted by law, any objection which it may now or
hereafter have to the laying of the venue of any such proceeding brought in
such a court and any claim that any such proceeding brought in such a court
has been brought in an inconvenient forum.  The Borrower, each Guarantor,
the Administrative Agent, and each Bank hereby irrevocably waives any and
all right to trial by jury in any legal proceeding arising out of or
relating to any Credit Document or the transactions contemplated thereby.
The Borrower and each Guarantor (other than the Parent) hereby irrevocably
designates, appoints and empowers the Parent as its designee, appointee and
agent to receive, accept and acknowledge for and on its behalf, and in
respect of its property, service of any and all legal process, summons,
notices and documents which may be served in any such action or proceeding.

If for any reason the Parent shall cease to be available to act as such,
the Borrower and each Guarantor (other than the Parent) agrees to designate
a new designee, appointee and agent in Chicago, Illinois on the terms and
for the purposes of this provision satisfactory to the Administrative Agent
under this Agreement.  The Borrower and each Guarantor hereby irrevocably
waives any objection to such service of process and further irrevocably
waives and agrees not to plead or claim in any action or proceeding
commenced hereunder or under any other Credit Document that service of
process was in any way invalid or ineffective.  Nothing herein shall affect
the right of the Administrative Agent, any Bank or the holder of any Note
to serve process in any other manner permitted by law or to commence legal
proceedings or otherwise proceed against the Borrower or any Guarantor in
any other jurisdiction.

     SECTION 12.21.  LIMITATION OF LIABILITY.  In addition to, and not in
limitation of, any limitation on liability provided by law or by any
contract, agreement, instrument or document, the liability of each
Guarantor that is a partnership shall be limited to the assets of such
Guarantor, and no present or future partner of any such Guarantor shall
have any personal liability under this Agreement, except if such partner is
itself a Guarantor or the Borrower

<PAGE>

     SECTION 12.22.  CONFIDENTIALITY.  Each Bank agrees to keep
confidential any confidential written information provided to it by or on
behalf of the Borrower or the Parent pursuant to or in connection with this
Agreement; PROVIDED THAT nothing herein shall prevent any Bank from
disclosing any such information (i) to the Administrative Agent or any
other Bank, (ii) to any participant or assignee or prospective participant
or assignee so long as such participant or assignee or prospective
participant or assignee agrees in writing to the requirement that such
information be kept confidential in the manner contemplated by this
Section 12.22, (iii) to its employees involved in the administration of
this Agreement, directors, attorneys, accountants and other professional
advisors (each of which shall be instructed to hold the same in
confidence), (iv) in response to the request or demand of any governmental
authority, (v) in response to any order of any court or other governmental
authority or as may otherwise be required pursuant to any law, regulation
or legal process PROVIDED, HOWEVER, that such Bank, to the extent legally
permitted to do so, will use its best efforts to notify the Parent prior to
any disclosure of information contemplated by this subparagraph (v),
(vi) which has been publicly disclosed other than in breach of this
Agreement, or (vii) in connection with the exercise of any remedy hereunder
or under any Credit Document.  Notwithstanding anything herein to the
contrary, confidential information shall not include, and each Bank (and
each employee, representative or other agent of any Bank) may disclose to
any and all Persons, without limitation of any kind, the "tax treatment"
and "tax structure" (in each case, within the meaning of Treasury
Regulation Section 1.6011-4) of the transactions contemplated hereby and
all materials of any kind (including opinions or other tax analyses) that
are or have been provided to such Bank relating to such tax treatment or
tax structure; PROVIDED that with respect to any document or similar item
that in either case contains information concerning such tax treatment or
tax structure of the transactions contemplated hereby as well as other
information, this sentence shall only apply to such portions of the
document or similar item that relate to such tax treatment or tax
structure.

<PAGE>

     In Witness Whereof, the parties hereto have caused their duly
authorized officers to execute and deliver this Agreement as of the date
first above written.

                            Jones Lang LaSalle Finance B.V.

                            By
                                  -------------------------------
                                  Title
                                       -------------------------

                            Jones Lang LaSalle Incorporated,
                            as Guarantor

                            By
                                  -------------------------------
                                  Title
                                       -------------------------

                            Jones Lang LaSalle Co-Investment, Inc.,
                            as Guarantor

                            By
                                  -------------------------------
                                  Title
                                       -------------------------

                            Jones Lang LaSalle International, Inc.,
                            as Guarantor

                            By
                                  -------------------------------
                                  Title
                                       -------------------------

                            LaSalle Investment Management, Inc.,
                            as Guarantor

                            By
                                  -------------------------------
                                  Title
                                       -------------------------

                            Jones Lang LaSalle Americas, Inc.,
                            as Guarantor

                            By
                                  -------------------------------
                                  Title
                                       -------------------------

                            Jones Lang LaSalle Limited,
                            as Guarantor

                            By
                                  -------------------------------
                                  Title
                                       -------------------------

<PAGE>

                            Harris Trust and Savings Bank,
                            in its individual capacity as a Bank
                            and as Administrative Agent

                            By
                                  -------------------------------
                                  Title
                                       -------------------------
Address:

111 West Monroe Street
Chicago, Illinois  60690
Attn.:  Derek Cook

Telecopy:  (312) 293-4856
Telephone: (312) 461-3593

Lending Offices:

Domestic Rate Loans:

     111 West Monroe Street
     Chicago, Illinois  60690
     Attn.:  Derek Cook

Eurocurrency Loans:

     111 West Monroe Street
     Chicago, Illinois  60690
     Attn.:  Derek Cook

<PAGE>

                            LaSalle Bank National Association

                            By
                                  -------------------------------
                                  Title
                                       -------------------------
Address:

135 South LaSalle Street
Chicago, Illinois 60603
Attn.:  Julie Anne Thick

Telecopy:  (312) 904-5142
Telephone:  (312) 904-2314

Lending Offices:

Domestic Rate Loans:

     135 South LaSalle Street
     Chicago, Illinois 60603
     Attn: Julie Anne Thick

Eurocurrency Loans:

     135 South LaSalle Street
     Chicago, Illinois 60603
     Attn: Julie Anne Thick

<PAGE>

                            Royal Bank of Scotland plc

                            By
                                  -------------------------------
                                  Title
                                       -------------------------
Address:

London Corporate Centre
3rd Floor
2 Waterhouse Square
138-142 Holborn
London EC1N 2TH
Attn.:  Hugh Davies

Telecopy: 44 20 7615 7979
Telephone: 44 20 7615 7050

Lending Offices:

Domestic Rate Loans:

     London Corporate Centre
     3rd Floor
     2 Waterhouse Square
     138-142 Holborn
     London EC1N 2TH
     Attn.:  Hugh Davies

Eurocurrency Loans:

     London Corporate Centre
     3rd Floor
     2 Waterhouse Square
     138-142 Holborn
     London EC1N 2TH
     Attn.:  Hugh Davies

<PAGE>

                            Bank of America, N.A.

                            By
                                  -------------------------------
                                  Title
                                       -------------------------
Address:

231 South LaSalle Street
Chicago, Illinois 60697
Attn.:     Adam M. Goettsche

Telecopy:  (312) 974-2109
Telephone:  (312) 828-5470

Lending Offices:

Domestic Rate Loans:

     231 South LaSalle Street
     Chicago, Illinois 60697
     Attn.:  Adam M. Goettsche

Eurocurrency Loans:

     231 South LaSalle Street
     Chicago, Illinois 60697
     Attn.:  Adam M. Goettsche

<PAGE>

                            JPMorgan Chase Bank

                            By
                                  -------------------------------
                                  Title
                                       -------------------------
Address:

1166 Avenue of the Americas,
14th Floor
New York, New York  10036-2708
Attn.:  Wanda Chin

Telecopy:  (212) 899-2120
Telephone: (212) 899-2107

Lending Offices:

Domestic Rate Loans:

     1166 Avenue of the Americas, 14th Floor
     New York, New York 10036-2708
     Attn.:  Wanda Chin

Eurocurrency Loans:

     1166 Avenue of the Americas, 14th Floor
     New York, New York 10036-2708
     Attn.:  Wanda Chin

<PAGE>

                            US Bank National Association
                            d/b/a Firstar Bank, N.A.

                            By
                                  -------------------------------
                                  Title
                                       -------------------------
Address:

777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202
Attn.:  Brett Justman

Telecopy:  (414) 765-4632
Telephone:  (414) 765-5027

Lending Offices:

Domestic Rate Loans:

     777 East Wisconsin Avenue
     Milwaukee, Wisconsin 53202
     Attn.:  Brett Justman

Eurocurrency Loans:

     777 East Wisconsin Avenue
     Milwaukee, Wisconsin 53202
     Attn.:  Brett Justman

<PAGE>

                            Fifth Third Bank (Chicago),
                            a Michigan Corporation

                            By
                                  -------------------------------
                                  Title
                                       -------------------------
Address:

Attn.: ________________
Telecopy: ______________
Telephone: _____________

Lending Offices:

Domestic Rate Loans:

     _____________________

     _____________________

     Attn.: ________________

Eurocurrency Loans:

     _____________________

     _____________________

     Attn.: ________________

<PAGE>

                            National City Bank

                            By
                                  -------------------------------
                                  Title
                                       -------------------------
Address:

Attn.: ________________
Telecopy: ______________
Telephone: _____________

Lending Offices:

Domestic Rate Loans:

     _____________________

     _____________________

     Attn.: ________________

Eurocurrency Loans:

     _____________________

     _____________________

     Attn.: ________________

<PAGE>

                            PNC Bank, National Association

                            By
                                  -------------------------------
                                  Title
                                       -------------------------
Address:

One PNC Plaza
249 Fifth Avenue, 10th Floor
Pittsburgh, PA 15222-2707
Attn.:  Asset and Liability Management

Telecopy: ______________
Telephone: _____________

Lending Offices:

Domestic Rate Loans:

     One PNC Plaza
     249 Fifth Avenue, 10th Floor
     Pittsburgh, PA 15222-2707
     Attn.:  Asset and Liability Management

Eurocurrency Loans:

     One PNC Plaza
     249 Fifth Avenue, 10th Floor
     Pittsburgh, PA 15222-2707
     Attn.:  Asset and Liability Management

<PAGE>

                            The Bank of New York

                            By
                                  -------------------------------
                                  Title
                                       -------------------------
Address:

One Wall Street, 19th Floor
New York, NY 10286
Attn.:  Mark O'Connor

Telecopy:  (212) 635-1208
Telephone: (212) 635-8131

Lending Offices:

Domestic Rate Loans:

     One Wall Street, 19th Floor
     New York, NY 10286
     Attn.:  Mark O'Connor

Eurocurrency Loans:

     One Wall Street, 19th Floor
     New York, NY 10286
     Attn:  Mark O'Connor

<PAGE>

                            The Northern Trust Company

                            By
                                  -------------------------------
                                  Title
                                       -------------------------
Address:

50 South LaSalle Street
Chicago, Illinois  60675
Attn.:  Kurt H. Prusener

Telecopy:  (312) 444-7028
Telephone:  (312) 630-8944

     Lending Offices:

     Domestic Rate Loans:

     50 South LaSalle Street
     Chicago, Illinois  60675
     Attn.:  Kurt H. Prusener

Eurocurrency Loans:

     50 South LaSalle Street
     Chicago, Illinois  60675
     Attn.: Kurt H. Prusener

<PAGE>

                               EXHIBIT A

                                 NOTE

                                             ________________, _____

     For Value Received, the undersigned, Jones Lang LaSalle Finance B.V.,
a private company with limited liability organized under the laws of The
Netherlands (the "Borrower"), promises to pay to the order of
________________________ (the "Bank") on the Termination Date of the
hereinafter defined Credit Agreement, at the principal office of Harris
Trust and Savings Bank, in Chicago, Illinois, (or in the case of
Eurocurrency Loans denominated in an Alternative Currency, at such office
as the Administrative Agent has previously notified the Borrower) in the
currency of such Loan in accordance with Section 3.1 of the Credit
Agreement, the aggregate unpaid principal amount of all Loans made by the
Bank to the Borrower pursuant to the Credit Agreement, together with
interest on the principal amount of each Loan from time to time outstanding
hereunder at the rates, and payable in the manner and on the dates,
specified in the Credit Agreement.

     The Bank shall record on its books or records or on a schedule
attached to this Note, which is a part hereof, each Loan made by it
pursuant to the Credit Agreement, together with all payments of principal
and interest and the principal balances from time to time outstanding
hereon, whether the Loan is a Domestic Rate Loan or a Eurocurrency Loan,
the currency thereof and the interest rate and Interest Period applicable
thereto, PROVIDED that prior to the transfer of this Note all such amounts
shall be recorded on a schedule attached to this Note.  The record thereof,
whether shown on such books or records or on a schedule to this Note, shall
be PRIMA FACIE evidence of the same, PROVIDED, HOWEVER, that the failure of
the Bank to record any of the foregoing or any error in any such record
shall not limit or otherwise affect the obligation of the Borrower to repay
all Loans made to it pursuant to the Credit Agreement together with accrued
interest thereon.

     This Note is one of the Notes referred to in the Multicurrency Credit
Agreement dated as of June 26, 2003, among the Borrower, the Guarantors
party thereto, Harris Trust and Savings Bank, as Administrative Agent, and
the Banks party thereto (as amended from time to time, the "Credit
Agreement"), and this Note and the holder hereof are entitled to all the
benefits provided for thereby or referred to therein, to which Credit
Agreement reference is hereby made for a statement thereof.  All defined
terms used in this Note, except terms otherwise defined herein, shall have
the same meaning as in the Credit Agreement.  This Note shall be governed
by and construed in accordance with the internal laws of the State of
Illinois.

     Prepayments may be made hereon and this Note may be declared due
prior to the expressed maturity hereof, all in the events, on the terms and
in the manner as provided for in the Credit Agreement.

     The Borrower hereby waives demand, presentment, protest or notice of
any kind hereunder.

                            Jones Lang LaSalle Finance B.V.

                            By
                                  -------------------------------
                                  Title
                                       -------------------------

<PAGE>

                               EXHIBIT B

                        COMPLIANCE CERTIFICATE

     This Compliance Certificate is furnished to Harris Trust and Savings
Bank, as Administrative Agent, pursuant to the Multicurrency Credit
Agreement (the "Credit Agreement") dated as of June 26, 2003, by and among
Jones Lang LaSalle Finance B.V., the Banks signatory thereto and Harris
Trust and Savings Bank as Administrative Agent.  Unless otherwise defined
herein, the terms used in this Compliance Certificate have the meanings
ascribed thereto in the Credit Agreement.

     The undersigned hereby certifies that:

           1.    I am the duly elected or appointed ________________ of
     Jones Lang LaSalle Incorporated;

           2.    I have reviewed the terms of the Credit Agreement and I
     have made, or have caused to be made under my supervision, a detailed
     review of the transactions and conditions of Jones Lang LaSalle
     Incorporated and its Subsidiaries during the accounting period
     covered by the attached financial statements;

           3.    The examinations described in paragraph 2 did not
     disclose, and I have no knowledge of, the existence of any condition
     or event which constitutes a Default or an Event of Default during or
     at the end of the accounting period covered by the attached financial
     statements or as of the date of this Certificate, except as set forth
     below; and

           4.    The representations and warranties contained in Section 5
     of the Credit Agreement are true and correct in all material respects
     as though made on the date hereof (other than those made solely as of
     an earlier date, which need only remain true as of such date), taking
     into account any amendments to such Section (including without
     limitation any amendments to the Schedules referenced therein) made
     after the date of the Credit Agreement in accordance with its
     provisions.

           5.    Schedule 1 attached hereto sets forth financial data and
     computations evidencing compliance with certain covenants of the
     Credit Agreement, all of which data and computations are true,
     complete and correct.  All computations are made in accordance with
     the terms of the Credit Agreement.

     Described below are the exceptions, if any, to paragraph 3 by
listing, in detail, the nature of the condition or event, the period during
which it has existed and the action which the Parent has taken, is taking,
or proposes to take with respect to each such condition or event:

______________________________________________________________________

______________________________________________________________________

______________________________________________________________________

______________________________________________________________________

<PAGE>

     The foregoing certifications, together with the computations set
forth in Schedule 1 hereto and the financial statements delivered with this
Certificate in support hereof, are made and delivered this __________ day
of _____________, _____.

           __________________________________

<PAGE>

               SCHEDULE I TO THE COMPLIANCE CERTIFICATE

     Schedule of Compliance, as of the _________ day of _____________,
_____, with the Sections of the Agreement set forth below:

     1.    Section 7.14(k) (Investments)

           A.    Investments acquired since the Effective
                 Date                                   $____________

                      Name             Amount
                      ----             ------

                      ___________      ___________
                      ___________      ___________
                      ___________      ___________

           B.    The portion of Investments listed in
                 Section 1A that have been disposed of  $____________

                      Name             Amount
                      ----             ------

                      ___________      ___________
                      ___________      ___________
                      ___________      ___________

           C.    Line 1A minus Line 1B                  $____________
                 (must not exceed $100,000,000)

     2.    Section 7.15 (Consolidated Net Worth)

           A.    Total stockholder's equity of the      $____________
                 Parent and its Restricted Subsidiaries

                 (must be equal to or greater than $___________)

     3.    Section 7.16 (Total Funded Debt to Adjusted EBITDA)

           A.    Total Funded Debt of the Parent and its$____________
                 Restricted Subsidiaries

           B.    Net Income                             $____________

           C.    Amounts deducted in arriving at
                 Net Income in respect of

                 (i)  Interest Expense                  $____________

                 (ii) federal, state and local          $____________
                      income taxes

                 (iii)depreciation of fixed assets      $____________
                      and amortization of intangible
                      assets

                 (iv) non-cash contributions and        $____________
                      accruals to deferred profit
                      sharing or compensation plans

                 (v)  Permitted Adjustments             $____________

<PAGE>

           D.    Sum of Lines 3B, 3C(i), 3C(ii),
                 3C(iii), 3C(iv) and 3C(v)              $____________
                 ("Adjusted EBITDA")

           E.    Ratio of Line 3A to Line 3D
                 (not to exceed                         ______ to 1.00
                 ____ to 1.00)

     4.    Section 7.17 (Interest Coverage Ratio)

           A.    Adjusted EBITDA (Line 3D above)        $____________

           B.    Cash Interest Expense                  $____________

           C.    Ratio of Line 4A to Line 4B            ______ to 1.00
                 (must be greater than or
                 equal to 2.50 to 1.00)

     5.    Section 7.18 (Fixed Charge Coverage Ratio)

           A.    Adjusted EBITDA (Line 3D above)        $____________

           B.    Cash Interest Expense                  $____________

           C.    Capital expenditures                   $____________

           D.    Cash purchase price of Acquisitions    $____________

           E.    Federal, state and local income
                 taxes paid                             $____________

           F.    Indebtedness due and payable           $____________

           G.    Cash dividends and distributions
                 on capital stock                       $____________

           H.    Net Investments not constituting
                 Acquisitions                           $____________

           I.    Sum of Lines 5B, 5C, 5D, 5E, 5F,
                 5G and 5H                              $____________

           J.    Ratio of Line 5A to Line 5I (must      ______ to 1.00
                 (not be less than 1.10 to 1.00)

<PAGE>

                               EXHIBIT D

                    SUBSIDIARY GUARANTEE AGREEMENT

                                             _______________, ____

Harris Trust and Savings Bank,
as Administrative Agent for
the Banks party to the
Multicurrency Credit Agreement
dated as of June 26, 2003
among Jones Lang LaSalle
Finance B.V., certain
Guarantors, such Banks and
such Administrative Agent
(the "Credit Agreement")

Dear Sirs:

     Reference is made to the Credit Agreement described above.  Terms not
defined herein which are defined in the Credit Agreement shall have for the
purposes hereof the meaning provided therein.

     The undersigned, [name of Subsidiary Guarantor], a [jurisdiction of
incorporation] corporation, hereby elects to be a "Guarantor" for all
purposes of the Credit Agreement, effective from the date hereof.  The
undersigned confirms that the representations and warranties set forth in
Section 5 of the Credit Agreement are true and correct as to the
undersigned as of the date hereof.

     Without limiting the generality of the foregoing, the undersigned
hereby agrees to perform all the obligations of a Guarantor under, and to
be bound in all respects by the terms of, the Credit Agreement, including
without limitations Section 11 thereof, to the same extent and with the
same force and effect as if the undersigned were a direct signatory
thereto.

     This Agreement shall be construed in accordance with and governed by
the internal laws of the State of Illinois.

                                  Very truly yours,

                                  [Name of Subsidiary Guarantor]

                                  By

                                  Name
                                       ------------------------------

                                  Title
                                       ------------------------------

<PAGE>

                               EXHIBIT E

                  COMMITMENT AMOUNT INCREASE REQUEST

                                       _______________, ____

Harris Trust and Savings Bank,
  as Administrative Agent
  (the "Administrative Agent")
  for the Banks referred to below
111 West Monroe Street
Chicago, Illinois  60603

Attention:  Agency Services

  Re:  Multicurrency Credit Agreement, dated as of June 26, 2003
              among Jones Lang LaSalle Finance B.V., the
        Guarantors party thereto, the Banks party thereto and
        Harris Trust and Savings Bank, as Administrative Agent
              (as amended, modified or supplemented from
                time to time, the "Credit Agreement").
       ---------------------------------------------------------

Ladies and Gentlemen:

     In accordance with the Credit Agreement, the Borrower and Parent
hereby notify the Administrative Agent of an increase in the aggregate
Commitments (the "Commitment Amount Increase"), to be effected by [an
increase in the Commitment of [name of existing Bank] [the addition of
[name of new Bank] (the "New Bank") as a Bank under the terms of the Credit
Agreement].  Capitalized terms used herein without definition shall have
the same meanings herein as such terms have in the Credit Agreement.

     After giving effect to such Commitment Amount Increase, and upon the
effectiveness of the Commitment Amount Increase, the Commitment of [the
Bank increasing its Commitment] [the New Bank] $___________________.

                [Include paragraphs 1-4 for a New Bank]

     1.    The New Bank hereby confirms that it has received a copy of the
Credit Agreement and the exhibits and schedules related thereto, together
with copies of the documents which were required to be delivered under the
Credit Agreement as a condition to the making of the Loans and other
extensions of credit thereunder.  The New Bank acknowledges and agrees that
it has made and will continue to make, independently and without reliance
upon the Administrative Agent or any other Bank and based on such documents
and information as it has deemed appropriate, its own credit analysis and
decisions relating to the Credit Agreement.  The New Bank further
acknowledges and agrees that neither the Administrative Agent nor any Bank
has made any representations or warranties about the credit worthiness of
the Borrower or any other party to the Credit Agreement or with respect to
the legality, validity, sufficiency or enforceability of the Credit
Agreement or the value of any security therefor.

     2.    Except as otherwise provided in the Credit Agreement, effective
as of the date of acceptance hereof by the Administrative Agent, the New
Bank (i) shall be deemed automatically to have become a party to the Credit
Agreement and have all the rights and obligations of a "Bank" under the
Credit Agreement as if it were an original signatory thereto and
(ii) agrees to be bound by the terms and conditions set forth in the Credit
Agreement as if it were an original signatory thereto.

<PAGE>

     3.    The New Bank hereby advises you of the following administrative
details with respect to its Loans and Commitment:

     (A)   Notices:

           Institution Name:_______________________

           Address:         _______________________
                            _______________________
           Telephone:       _______________________
           Facsimile:       _______________________

     (B)   Payment Instructions:

     4.    The Borrower hereby represents and warrants that immediately
after giving effect to the Commitment Amount Increase, the aggregate
principal amount of the Borrower's obligations owing under the Indenture
shall be less than the Euro equivalent of $100,000,000.

     This Agreement shall be deemed to be a contractual obligation under,
and shall be governed by and construed in accordance with, the laws of the
state of Illinois.

     The Commitment Amount Increase shall be effective upon the later of
(i) receipt by the Administrative Agent of a fully executed copy of this
Commitment Amount Increase Request and (ii) ___________________, ____.  It
shall be a condition to the effectiveness of the Commitment Amount Increase
that (i) all fees and expenses referred to in Section 1.14 of the Credit
Agreement shall have been paid and (ii) no Eurocurrency Loans shall be
outstanding on the date of such effectiveness.

     The Borrower hereby certifies that no Default or Event of Default has
occurred and is continuing.

                                  Very truly yours,

                                  Jones Lang LaSalle Finance B.V.

                                  By
                                       ------------------------------

                                       Name:
                                             ------------------------
                                       Title:
                                             ------------------------

                                  Jones Land LaSalle Incorporated, Inc.

                                  By
                                       ------------------------------

                                       Name:
                                             ------------------------
                                       Title:
                                             ------------------------

                                  [New Bank/Bank Increasing Commitments]

                                  By
                                       ------------------------------

                                       Name:
                                             ------------------------
                                       Title:
                                             ------------------------

<PAGE>

                              SCHEDULE 1

                              COMMITMENTS

           NAME OF BANK                      COMMITMENT

     Harris Trust and Savings Bank           $35,000,000

     LaSalle Bank National Association       $30,000,000

     Royal Bank of Scotland                  $30,000,000

     Bank of America                         $25,000,000

     JPMorgan Chase Bank                     $20,000,000

     US Bank National Association,
     d/b/a Firstar Bank, N.A.                $20,000,000

     Fifth Third Bank (Chicago),
     a Michigan Corporation                  $15,000,000

     National City Bank                      $15,000,000

     PNC Bank, National Association          $15,000,000

     Bank of New York                        $10,000,000

     Northern Trust Bank                     $10,000,000

<PAGE>

                             SCHEDULE 1.4

                      EXISTING LETTERS OF CREDIT

NUMBER           BENEFICIARY           AMOUNT           EXPIRY

SPL37058         HSBC Corp. (India)    $ 1,500,000       7/ 6/04

SPL36825         Travelers Indemnity   $ 3,550,000      12/31/03

SPL90006211      HSBC Corp. (Bangkok)  $   250,000       8/ 6/03

SPL 90010710     HSBC Corp (India)     $   250,000       6/ 1/04

SPL 90006506     Lehman Brothers
                 Finance (Japan) Inc.  $   600,000       9/24/03

SPL 90010521     CitiBank Espana SA,
                 Barcelona             2,275,452.51      4/30/05

SPL 90010529     CitiBank Espana SA,
                 Barcelona               464,119.85      4/30/05

SPL 90010530     CitiBank Espana SA,
                 Barcelona               223,354.97      4/30/05

<PAGE>

                             SCHEDULE 5.2

                              GUARANTORS

                                  JURISDICTION OF       PERCENTAGE
NAME                              INCORPORATION         OWNERSHIP

Jones Lang LaSalle Incorporated   Maryland              N/A

Jones Lang LaSalle Americas, Inc. Maryland              100%

LaSalle Investment Management,
Inc.                              Maryland              100%

Jones Lang LaSalle International,
Inc.                              Delaware              100%

Jones Lang LaSalle Co-Investment,
Inc.                              Maryland              100%

Jones Lang LaSalle Limited        England               100%

<PAGE>

                             SCHEDULE 7.14

                         EXISTING INVESTMENTS<PAGE>
                                                                  EXHIBIT 10.1.4

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

                          INTERNET CAPITAL GROUP, INC.
                          1999 EQUITY COMPENSATION PLAN
               (as amended and restated, effective July 25, 2001)

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

      The purpose of the Internet Capital Group, Inc. 1999 Equity Compensation
Plan (as amended and restated, effective July 25, 2001) (the "Plan") is to
provide (i) designated employees of Internet Capital Group, Inc. (the "Company")
and its subsidiaries, (ii) designated employees of entities in which the Company
has a greater than 50% ownership interest, (iii) certain advisors and
consultants who perform services for the Company or its subsidiaries, and (iv)
non-employee members of the Board of Directors of the Company (the "Board") with
the opportunity to receive grants of incentive stock options, nonqualified
options, stock appreciation rights, restricted shares, performance shares,
dividend equivalent rights and cash awards. The Company believes that the Plan
will encourage the participants to contribute materially to the growth of the
Company, thereby benefiting the Company's stockholders, and will align the
economic interests of the participants with those of the stockholders.

      1.    Administration

            (a)   Committee. The Plan shall be administered and interpreted by a
committee appointed by the Board (the "Committee"). The Committee shall consist
of two or more persons appointed by the Board, all of whom shall be "outside
directors" as defined under section 162(m) of the Internal Revenue Code of 1986,
as amended (the "Code"), and related Treasury regulations and shall be
"non-employee directors" as defined under Rule 16b-3 promulgated under the
Securities Exchange Act of 1934, as amended (the "Exchange Act"). However, the
Board may ratify or approve any grants as it or the Committee deems appropriate.

            (b)   Committee Authority. The Committee shall have the sole
authority to (i) determine the individuals to whom grants shall be made under
the Plan, (ii) determine the type, size and terms of the grants to be made to
each such individual, (iii) determine the time when the grants will be made and
the duration of any applicable exercise or restriction period, including the
criteria for exercisability and the acceleration of exercisability, (iv) amend
the terms of any previously issued grant, and (v) make all determinations with
respect to any other matters arising under the Plan.

            (c)   Committee Determinations. The Committee shall have full power
and authority to administer and interpret the Plan, to make factual
determinations, and to adopt or amend such rules, regulations, agreements and
instruments for implementing the Plan and for the conduct of its business as it
deems necessary or advisable, in its sole discretion. The Committee's
interpretations of the Plan and all determinations made by the Committee
pursuant to the powers vested in it hereunder shall be conclusive and binding on
all persons having any interest in the Plan or in any awards granted hereunder.
All powers of the Committee shall be executed in its sole discretion, in the
best interest of the Company, not as a fiduciary, and in keeping with the
objectives of the Plan. Determinations made by the Committee under the Plan need
not be uniform as to similarly situated individuals.
<PAGE>
      2.    Grants

            Awards under the Plan may consist of grants of (i) incentive stock
options as described in Section 5 ("Incentive Stock Options"), (ii) nonqualified
options as described in Section 5 ("Nonqualified Options") (Incentive Stock
Options and Nonqualified Options are collectively referred to as "Options"),
(iii) stock appreciation rights as described in Section 7 ("SARs"), (iv)
restricted shares as described in Section 8 ("Restricted Shares"), (v)
performance shares as described in Section 9 ("Performance Shares"), (vi)
dividend equivalent rights as described in Section 10 ("Dividend Equivalent
Rights") and (vii) cash awards as described in Section 11 ("Cash Awards")
(hereinafter collectively referred to as "Grants"). All Grants shall be subject
to the terms and conditions set forth herein and to such other terms and
conditions consistent with the Plan as the Committee deems appropriate and as
are specified in writing by the Committee to the individual in a grant
instrument (the "Grant Instrument") or an amendment to the Grant Instrument. The
Committee shall approve the form and provisions of each Grant Instrument. Grants
under a particular Section of the Plan need not be uniform as among the grant
recipients (the "Grantees").

      3.    Shares Subject to the Plan

            (a)   Shares Authorized. For purposes of the Plan, a Share means one
or more shares of common stock of the Company, par value $.001, as determined
pursuant to Section 3(b). Subject to the adjustment specified below, the
aggregate number of Shares of the Company that may be issued or transferred
under the Plan is 60,000,000 Shares. The maximum aggregate number of Shares that
shall be subject to Grants made under the Plan to any individual during any
calendar year shall be 6,000,000 Shares, subject to adjustment as described
below. The Shares may be authorized but unissued Shares or reacquired Shares,
including Shares purchased by the Company on the open market for purposes of the
Plan. If and to the extent Options or SARs granted under the Plan terminate,
expire, or are canceled, forfeited, exchanged or surrendered without having been
exercised, or if any Restricted Shares or Performance Shares are forfeited, the
Shares subject to such Grants shall again be available for purposes of the Plan.

            (b)   Adjustments. If there is any change in the number or kind of
Shares outstanding (i) by reason of a dividend, spin-off, recapitalization,
split or combination or exchange of Shares, (ii) by reason of a merger,
reorganization or consolidation in which the Company is the surviving
corporation, (iii) by reason of a reclassification or change in par value, or
(iv) by reason of any other extraordinary or unusual event affecting the
outstanding Shares of the Company as a class without the Company's receipt of
consideration, or if the value of outstanding Shares is substantially reduced as
a result of a spin-off or the Company's payment of an extraordinary dividend or
distribution, the maximum number of Shares available for Grants, the maximum
number of Shares that any individual participating in the Plan may be granted in
any year, the number of Shares covered by outstanding Grants, the kind of Shares
issued under the Plan, and the price per Share or the applicable market value of
such Grants may be appropriately adjusted by the Committee to reflect any
increase or decrease in the number of, or change in the kind or value of, issued
Shares to preclude, to the extent practicable, the enlargement or dilution of
rights and benefits under such Grants; provided, however, that any fractional
Shares resulting from such adjustment shall be eliminated. Any adjustments
determined by the Committee shall be conclusive and binding on all persons
having any interest

                                     - 2 -
<PAGE>
in the Plan or in any awards granted hereunder. Any Shares, other securities or
other property distributed to a Grantee, or which a Grantee is entitled to
receive, in respect of Restricted Shares, which are then subject to restrictions
imposed by Section 8, by reason of any the events described in clauses (i),
(ii), (iii), (iv) or (v) above shall be subject to the restrictions and
requirements imposed on such Restricted Shares, including depositing the
certificates therefor with the Company and bearing a legend as provided in
Section 8(d), unless determined otherwise by the Committee.

      4.    Eligibility for Participation

            (a)   Eligible Persons. All employees of the Company, its parents
and its subsidiaries, and entities in which the Company has a greater than 50%
ownership interest ("Employees"), including persons who have accepted employment
with the Company or any parent or subsidiary, Employees who are officers or
members of the Board, and members of the Board who are not Employees
("Non-Employee Directors") shall be eligible to participate in the Plan.
Advisors and consultants who perform services to the Company or any of its
parents or its subsidiaries ("Key Advisors") shall be eligible to participate in
the Plan if the Key Advisors render bona fide services to the Company or its
parent or subsidiary, the services are not in connection with the offer or sale
of securities in a capital-raising transaction, and the Key Advisors do not
directly or indirectly promote or maintain a market for the Company's
securities.

            (b)   Selection of Grantees. The Committee shall select the
Employees, Non-Employee Directors and Key Advisors to receive Grants and shall
determine the number of Shares subject to a particular Grant in such manner as
the Committee determines.

      5.    Options

            (a)   Number of Shares. Subject to Section 6, the Committee shall
determine the number of Shares that will be subject to each Grant of Options to
Employees, Non-Employee Directors and Key Advisors. Subject to adjustment as
provided in Section 3(b), the maximum aggregate number of Shares that may be
subject to Incentive Stock Options shall be 6,000,000 Shares.

            (b)   Type of Option and Price.

                  (i)   The Committee may grant Incentive Stock Options that are
intended to qualify as "incentive stock options" within the meaning of section
422 of the Code or Nonqualified Options that are not intended so to qualify or
any combination of Incentive Stock Options and Nonqualified Options, all in
accordance with the terms and conditions set forth herein. Incentive Stock
Options may be granted only to Employees who have actually commenced employment
with the Company. Nonqualified Options may be granted to Employees, Non-Employee
Directors and Key Advisors.

                  (ii)  The purchase price (the "Exercise Price") of Shares
subject to an Option shall be determined by the Committee and may be equal to,
greater than, or less than the Fair Market Value (as defined below) of a Share
on the date the Option is granted; provided,

                                     - 3 -
<PAGE>
however, that (x) the Exercise Price of an Incentive Stock Option shall be equal
to, or greater than, the Fair Market Value of a Share on the date the Incentive
Stock Option is granted and (y) an Incentive Stock Option may not be granted to
an Employee who, at the time of grant, owns Shares possessing more than 10
percent of the total combined voting power of all Shares and other classes of
stock of the Company or any parent or subsidiary of the Company, unless the
Exercise Price per Share is not less than 110% of the Fair Market Value of a
Share on the date of grant.

                  (iii) If the Shares are publicly traded, then the Fair Market
Value per Share shall be determined as follows: (x) if the principal trading
market for the Shares is a national securities exchange or the Nasdaq National
Market, the last reported sale price thereof on the preceding date or, if there
were no trades on that date, the latest preceding date upon which a sale was
reported, or (y) if the Shares are not principally traded on such exchange or
market, the mean between the last reported "bid" and "asked" prices of a Share
on the preceding date, as reported on Nasdaq or, if not so reported, as reported
by the National Daily Quotation Bureau, Inc. or as reported in a customary
financial reporting service, as applicable and as the Committee determines. If
the Shares are not publicly traded or, if publicly traded, are not subject to
reported transactions or "bid" or "asked" quotations as set forth above, the
Fair Market Value per Share shall be as determined in good faith by the
Committee; provided that, if the Shares are publicly traded, the Committee may
make such discretionary determinations where the shares have not been traded for
10 trading days.

            (c)   Option Term. The Committee shall determine the term of each
Option. The term of any Option shall not exceed ten years from the date of
grant. However, an Incentive Stock Option that is granted to an Employee who, at
the time of grant, owns Shares possessing more than 10 percent of the total
combined voting power of all Shares and other classes of stock of the Company,
or any parent or subsidiary of the Company, may not have a term that exceeds
five years from the date of grant.

            (d)   Vesting and Exercisability of Options.

                  (i)   Vesting. Options shall vest in accordance with such
terms and conditions as may be determined by the Committee and specified in the
Grant Instrument or an amendment to the Grant Instrument. The Committee may
accelerate the vesting of any or all outstanding Options at any time for any
reason.

                  (ii)  Exercisability. Notwithstanding the foregoing, the
Option may, but need not, include a provision whereby the Grantee may elect at
any time while an Employee, Non-Employee Director or Key Advisor to exercise the
Option as to any part or all of the Shares subject to the Option prior to the
full vesting of the Option. Any unvested Shares so purchased shall be subject to
a repurchase right in favor of the Company, with the repurchase price to be
equal to the lesser of (x) the original purchase price or (y) the Fair Market
Value of the Shares on the date of such repurchase, or to any other restriction
the Committee determines to be appropriate.

                                     - 4 -
<PAGE>
            (e)   Termination of Employment, Retirement, Disability or Death.

                  (i)   Except as provided below and subject to the provisions
of the Grant Instrument, an Option may only be exercised while the Grantee is an
Employee, Key Advisor or member of the Board. In the event that a Grantee has a
Termination of Service (as defined below) for any reason other than Retirement
(as defined below), Disability (as defined below), death or Cause (as defined
below), any Option which is otherwise exercisable by the Grantee shall terminate
unless exercised within 90 days after the date of such termination (or within
such other period of time as may be specified by the Committee), but in any
event no later than the date of expiration of the Option term. Except as
otherwise provided by the Committee, any of the Grantee's Options that are not
otherwise exercisable as of the date on which the Grantee has such a Termination
of Service shall terminate as of such date.

                  (ii)  In the event the Grantee has a Termination of Service on
account of a termination for Cause by the Company, unless otherwise determined
by the Committee (x) any Option held by the Grantee shall terminate as of the
date of such Termination of Service and (y) the Grantee shall automatically
forfeit all Shares underlying any exercised portion of an Option for which the
Company has not yet delivered the certificates, upon refund by the Company of
the lesser of the (i) Exercise Price paid by the Grantee for such Shares, or
(ii) Fair Market Value of the Shares on the date of such Termination of Service.

                  (iii) In the event the Grantee has a Termination of Service on
account of Retirement, any Option which is otherwise exercisable by the Grantee
shall terminate unless exercised within three years after the date of such
Termination of Service (or within such other period of time as may be specified
by the Committee), but in any event no later than the date of expiration of the
Option term. To the extent that the Option is an Incentive Stock Option, any
portion of the Option not exercised within the three month period after the
Grantee has a Termination of Service on account of Retirement shall be a
Nonqualified Stock Option. Except as otherwise provided by the Committee, any of
the Grantee's Options which are not otherwise exercisable as of the date of such
Termination of Service shall terminate as of such date

                  (iv)  In the event the Grantee has a Termination of Service on
account of Disability, any Option which is otherwise exercisable by the Grantee
shall terminate unless exercised within three years after the date of such
Termination of Service (or within such other period of time as may be specified
by the Committee), but in any event no later than the date of expiration of the
Option term. To the extent that the Option is an Incentive Stock Option, any
portion of the Option not exercised within the one year period after the Grantee
has a Termination of Service on account of Disability shall be a Nonqualified
Stock Option. Except as otherwise provided by the Committee, any of the
Grantee's Options which are not otherwise exercisable as of the date of such
Termination of Service shall terminate as of such date.

                  (v)   If the Grantee dies while an Employee, Key Advisor or
member of the Board or within 90 days after the date on which the Grantee has a
Termination of Service specified in Section 5(e)(i) above (or within such other
period of time as may be specified by the Committee), any Option that is
otherwise exercisable by the Grantee shall terminate unless

                                     - 5 -
<PAGE>
exercised within three years after the date of such death or Termination of
Service (or within such other period of time as may be specified by the
Committee), but in any event no later than the date of expiration of the Option
term. Except as otherwise provided by the Committee, any of the Grantee's
Options that are not otherwise exercisable as of the date of such Termination of
Service shall terminate as of such date.

                  (vi)  For purposes of Sections 5(e), 7, 8, and 9 of the Plan:

                  (A)   "Cause" shall mean, except to the extent specified
            otherwise by the Committee, a finding by the Committee that (1) the
            Grantee has breached his or her employment, service, noncompetition,
            nonsolicitation or other similar contract with the Company or its
            parent and subsidiary corporations, (2) has been engaged in
            disloyalty to the Company or its parent and subsidiary corporations,
            including, without limitation, fraud, embezzlement, theft,
            commission of a felony or dishonesty in the course of his or her
            employment or service, (3) has disclosed trade secrets or
            confidential information of the Company or its parent and subsidiary
            corporations to persons not entitled to receive such information or
            (4) has entered into competition with the Company or its parent or
            Subsidiary Corporations. Notwithstanding the foregoing, if the
            Grantee has an employment agreement with the Company defining
            "Cause," then such definition shall supersede the foregoing
            definition.

                  (B)   "Company" shall mean the Company and its parent and
            subsidiary corporations or other entities, as determined by the
            Committee.

                  (C)   "Disability" shall mean a Grantee's becoming disabled
            within the meaning of section 22(e)(3) of the Code.

                  (D)   "Retirement" shall mean a Grantee's Termination of
            Service with the consent of the Company after the attainment of age
            55 and pursuant to the Company's retirement plan.

                  (E)   "Termination of Service" shall mean a Grantee's
            termination of employment or service as an Employee, Key Advisor or
            member of the Board (so that, for purposes of the Plan, cessation of
            service as an Employee, Key Advisor and member of the Board shall
            not be treated as a Termination of Service if the Grantee continues
            without interruption to serve thereafter in another one (or more) of
            such other capacities) unless the Committee determines otherwise.

            (f)   Exercise of Options. A Grantee may exercise an Option that has
become exercisable, in whole or in part, by delivering a notice of exercise to
the Company with payment of the Exercise Price. The Grantee shall pay the
Exercise Price for an Option as specified by the Committee (x) in cash, (y) by
delivering Shares owned by the Grantee for the period necessary to avoid a
charge to the Company's earnings for financial reporting purposes and to avoid
adverse accounting consequences to the Company (including Shares acquired in
connection with the exercise of an Option, subject to such restrictions as the
Committee deems appropriate) and having a Fair Market Value on the date of
exercise equal to the Exercise Price or by attestation

                                     - 6 -
<PAGE>
(on a form prescribed by the Committee) to ownership of Shares having a Fair
Market Value on the date of exercise equal to the Exercise Price, or (z) by such
other method as the Committee may approve, including, payment through a broker
in accordance with procedures permitted by Regulation T of the Federal Reserve
Board; provided, that, for purposes of assisting a Grantee to exercise an
Option, the Company may make loans to the Grantee or guarantee loans made by
third parties to the Grantee, on such terms and conditions as the Committee may
authorize. The Grantee shall pay the Exercise Price at the time of exercise and
shall satisfy the withholding tax requirements of Section 14.

            (g)   Limits on Incentive Stock Options. Each Incentive Stock Option
shall provide that, if the aggregate Fair Market Value of the Shares on the date
of the grant with respect to which Incentive Stock Options are exercisable for
the first time by a Grantee during any calendar year, under the Plan and any
other equity compensation plan of the Company or a parent or subsidiary, exceeds
$100,000, then the Option, as to the excess, shall be treated as a Nonqualified
Option. No Incentive Stock Option shall be granted to any person who is not an
Employee of the Company or a parent or subsidiary of the Company (within the
meaning of section 424(f) of the Code).

      6.    Automatic Option Grants to Non-Employee Directors

            Only Non-Employee Directors shall be eligible to receive the
automatic Option grants described in this Section 6.

            (a)   Initial Grants. On the date that an eligible Non-Employee
Director is first elected to the Board, such Non-Employee Director shall receive
a Nonqualified Option under the Plan to purchase 94,000 Shares (an "Initial
Grant"); provided, however, that any Non-Employee Director who was a member of
the Board of Managers of Internet Capital Group, L.L.C. and who became a member
of the Board immediately following the execution of the Agreement of Merger
dated February 2, 1999 shall not be entitled to receive an Initial Grant. The
Initial Grant shall be subject to the availability and adjustment of Shares
issuable under the Plan pursuant to Section 3 and shall not be subject to the
discretion of any person or persons.

            (b)   Service Grants. Every two (2) years on the anniversary of the
date that an eligible Non-Employee Director was initially elected to the Board
(or, if applicable, the Board of Managers of Internet Capital Group, L.L.C.),
such Non-Employee Director shall be granted a Nonqualified Option for an
additional 40,000 Shares (a "Service Grant").

            (c)   Conversion Grants. In its sole discretion, the Board may grant
a Nonqualified Option to any eligible Non-Employee Director who was a member of
the Board of Managers of Internet Capital Group, L.L.C. and who became a member
of the Board immediately following the execution of the Agreement of Merger
dated February 2, 1999 to compensate such Non-Employee Director for the
cancellation of outstanding options held by such Non-Employee Director
immediately prior to the execution of such Agreement of Merger; provided,
however, that such grant shall be subject to the availability and adjustment of
Shares issuable under the Plan pursuant to Section 3 (a "Conversion Grant").

            (d)   Aggregate Limitation on Grants. Notwithstanding any provision
of this

                                     - 7 -
<PAGE>
Plan to the contrary, the maximum number of Shares subject to Initial Grants,
Service Grants and Conversion Grants which may be awarded to any Non-Employee
Director under the Plan shall not exceed 214,000 Shares.

            (e)   Terms of Initial Grants, Service Grants and Conversion Grants.
Unless otherwise determined by the Committee as reflected in the applicable
Grant Instrument, each Option granted pursuant to this Section 6 shall be
subject to the following terms:

                  (i)   Each such Option shall have a term of eight years from
the date of the applicable Option is granted.

                  (ii)  Each Initial Grant shall vest in four equal installments
of a whole number of Shares on the first, second, third and fourth anniversaries
of the date of grant of such Option. Each Service Grant shall vest in two equal
installments of a whole number of Shares on the first and second anniversaries
of the date of grant of such Option. Each Conversion Grant shall vest as set
forth in the applicable Grant Instrument.

      7.    Stock Appreciation Rights

            (a)   General Requirements. The Committee may grant SARs to an
Employee, Non-Employee Director or Key Advisor separately from or in tandem with
any Option (for all or a portion of the applicable Option). Tandem SARs may be
granted either at the time the Option is granted or at any time thereafter while
the Option remains outstanding; provided, however, that, in the case of an
Incentive Stock Option, SARs may be granted only at the time of the grant of the
Incentive Stock Option. The Committee shall establish the base amount of the SAR
at the time the SAR is granted. Unless the Committee determines otherwise, the
base amount of each SAR shall be equal to the per Share Exercise Price of the
related Option or, if there is no related Option, the Fair Market Value of a
Share as of the date of grant of the SAR.

            (b)   Tandem SARs. In the case of tandem SARs, the number of SARs
granted to a Grantee that shall be exercisable during a specified period shall
not exceed the number of Shares that the Grantee may purchase upon the exercise
of the related Option during such period. Upon the exercise of an Option, the
SARs relating to the Shares purchased pursuant to such Option shall terminate.
Upon the exercise of SARs, the related Option shall terminate to the extent of
an equal number of Shares.

            (c)   Exercisability. An SAR shall be exercisable during the period
specified by the Committee in the Grant Instrument and shall be subject to such
vesting and other restrictions as may be specified in the Grant Instrument. The
Committee may accelerate the exercisability of any or all outstanding SARs at
any time for any reason. SARs may only be exercised while the Grantee is as an
Employee, Key Advisor or member of the Board or during the applicable period
after Termination of Service as described in Section 5(e). A tandem SAR shall be
exercisable only during the period when the Option to which it is related is
also exercisable. No SAR may be exercised for cash by an executive officer or
director of the Company or any of its subsidiaries who is subject to section 16
of the Exchange Act, except in accordance with Rule 16b-3 under the Exchange
Act.

                                     - 8 -
<PAGE>
            (d)   Value of SARs. When a Grantee exercises an SAR, the Grantee
shall receive in settlement of such SAR an amount, payable in cash, Shares or a
combination thereof, as determined by the Committee, equal to the amount by
which the Fair Market Value of a Share on the date of exercise of the SAR
exceeds the base amount of the SAR as described in Section 7(a).

            (e)   Form of Payment. The Committee shall determine whether the
appreciation in an SAR shall be paid in the form of cash, Shares, or a
combination of the two, in such proportion as the Committee deems appropriate.
For purposes of calculating the number of Shares to be received, Shares shall be
valued at their Fair Market Value on the date of exercise of the SAR. If Shares
are to be received upon exercise of a SAR, cash shall be delivered in lieu of
any fractional Share.

      8.    Restricted Shares

            The Committee may issue or transfer Shares to an Employee,
Non-Employee Director or Key Advisor under a Grant of Restricted Shares, upon
such terms as the Committee deems appropriate. The following provisions are
applicable to Restricted Shares:

            (a)   General Requirements. Shares issued or transferred pursuant to
Restricted Share Grants may be issued or transferred for consideration or for no
consideration, as determined by the Committee. The Committee may establish
conditions under which restrictions on Restricted Shares shall lapse over a
period of time or according to such other criteria as the Committee deems
appropriate. The period of time during which the Restricted Shares will remain
subject to restrictions will be designated in the Grant Instrument as the
"Restriction Period."

            (b)   Number of Shares. The Committee shall determine the number of
Restricted Shares to be issued or transferred and the restrictions applicable to
such Grant.

            (c)   Requirement of Employment or Service. If the Grantee has a
Termination of Service during a period designated in the Grant Instrument as the
Restriction Period, or if other specified conditions are not met, the Restricted
Share Grant shall terminate as to all Shares covered by the Grant as to which
the restrictions have not lapsed, and those Shares must be immediately returned
to the Company, and the Company shall refund to the Grantee the lesser of (x)
the consideration, if any, paid by the Grantee for such Shares and (y) the Fair
Market Value of the Shares as of the date of such Termination of Service. The
Committee may, however, provide for complete or partial exceptions to these
requirements as it deems appropriate.

            (d)   Restrictions on Transfer and Legend on Certificate. During the
Restriction Period, a Grantee may not sell, assign, transfer, pledge or
otherwise dispose of the Restricted Shares except as permitted under Section 15.
Each certificate for Restricted Shares shall contain a legend giving appropriate
notice of the restrictions in the Grant. The Grantee shall be entitled to have
the legend removed from the certificate covering the Restricted Shares subject
to restrictions when all restrictions on such Shares have lapsed. The Committee
may determine that the Company will not issue certificates for Restricted Shares
until all restrictions on such Shares have lapsed, or that the Company will
retain possession of certificates for Restricted

                                     - 9 -
<PAGE>
Shares until all restrictions on such Shares have lapsed.

            (e)   Right to Vote and to Receive Dividends. Unless the Committee
determines otherwise, during the Restriction Period, the Grantee shall have the
right to vote Restricted Shares and to receive any dividends or other
distributions paid on such Shares, subject to any restrictions deemed
appropriate by the Committee, including, without limitation, the achievement of
specific performance goals.

            (f)   Lapse of Restrictions. All restrictions imposed on Restricted
Shares shall lapse upon the expiration of the applicable Restriction Period and
the satisfaction of all conditions imposed by the Committee. The Committee may
determine, as to any or all Restricted Share Grants, that the restrictions shall
lapse without regard to any Restriction Period.

      9.    Performance Shares

            (a)   General Requirements. The Committee may grant Performance
Shares ("Performance Shares") to an Employee or Key Advisor. Each Performance
Share shall represent the right of the Grantee to receive an amount based on the
value of the Performance Share, if performance goals established by the
Committee are met. The value of a Performance Share shall be based on the Fair
Market Value of a Share as of the date of payment in respect of such Performance
Share is to be made or on such other measurement base as the Committee deems
appropriate. The Committee shall determine the number of Performance Shares to
be granted and the requirements applicable to such Shares.

            (b)   Performance Period and Performance Goals. When Performance
Shares are granted, the Committee shall establish the performance period during
which performance shall be measured (the "Performance Period"), performance
goals applicable to the Shares ("Performance Goals"), if any, and such other
conditions of the Grant as the Committee deems appropriate. Performance Goals
may relate to the financial performance of the Company or its operating shares,
the performance of Shares, individual performance, or such other criteria as the
Committee deems appropriate.

            (c)   Payment with Respect to Performance Shares. At the end of each
Performance Period, the Committee shall determine to what extent the Performance
Goals and other conditions of the Performance Shares have been met and the
amount, if any, to be paid with respect to the Performance Shares. Payments with
respect to Performance Shares shall be made in cash, in Shares, or in a
combination of the two, as determined by the Committee. Any fractional
Performance Share shall be paid in cash. Unless otherwise determined by the
Committee, any Performance Shares with respect to which the Committee determines
that the applicable Performance Goals or other conditions have not been met
within the Performance Period shall be forfeited.

            (d)   Requirement of Employment or Service. If the Grantee has a
Termination of Service during a Performance Period, or if other conditions
established by the Committee are not met, the Grantee's Performance Shares shall
be forfeited. The Committee may, however, provide for complete or partial
exceptions to this requirement as it deems appropriate.

                                     - 10 -
<PAGE>
            (e)   Restrictions on Transfer. Rights to payments with respect to
Performance Shares granted under the Plan shall not be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
attachment, garnishment, levy, execution, or other legal or equitable process,
either voluntary or involuntary; and any attempt to anticipate, alienate, sell,
transfer, assign, pledge, encumber, attach or garnish, or levy or execute on any
right to benefits payable hereunder, shall be void.

            (f)   Limited Rights. Performance Shares are solely a device for the
measurement and determination of the amounts to be paid to a Grantee under the
Plan. Each Grantee's right in the Performance Shares is limited to the right to
receive payment, if any, as may herein be provided. The Performance Shares do
not constitute Shares and shall not be treated as (or as giving rise to)
property or as a trust fund of any kind; provided, however, that the Company may
establish a mere bookkeeping reserve to meet its obligations hereunder or a
trust or other funding vehicle that would not cause the Plan to be deemed to be
funded for tax purposes or for purposes of Title I of the Employee Retirement
Income Security Act of 1974, as amended. The right of any Grantee of Performance
Shares to receive payments by virtue of participation in the Plan shall be no
greater than the right of any unsecured general creditor of the Company. Nothing
contained in the Plan shall be construed to give any Grantee any rights with
respect to Shares or any ownership interest in the Company. Except as may be
provided in accordance with Section 10, no provision of the Plan shall be
interpreted to confer upon any Grantee any voting, dividend or derivative or
other similar rights with respect to any Performance Share.

      10.   Dividend Equivalent Rights

            (a)   General Requirements. The Committee may grant Dividend
Equivalent Rights to Employees Non-Employee Directors and Key Advisors. Each
Dividend Equivalent Right shall represent the right to receive, either credits
for or payments of, amounts based on the dividends declared on Shares, to be
credited or paid as of the dividend payment dates, during the term of the
Dividend Equivalent Right as determined by the Committee. With respect to
Dividend Equivalent Rights granted with respect to Options intended to be
qualified performance-based compensation for purposes of section 162(m) of the
Code, such Dividend Equivalent Rights shall be payable regardless of whether
such Option is exercised.

            (b)   Certain Terms. Unless otherwise determined by the Committee, a
Dividend Equivalent Right is exercisable or payable only while the Grantee is an
Employee, member of the Board or Key Advisor. Payment of the amount determined
in accordance with Section 10(a) shall be in cash, in Shares or a combination of
the two, as determined by the Committee. The Committee may impose such other
terms conditions on the grant of a Dividend Equivalent Right as it deems
appropriate in its discretion as reflected by the terms of the Grant Instrument.

            (c)   Dividend Equivalent Right with Other Grants. The Committee may
establish a program under which Dividend Equivalent Rights may be granted in
conjunction with other Grants. For example, and without limitation, the
Committee may grant a Dividend Equivalent Right in respect of each Share subject
to an Option or with respect to a Performance Share, which right would consist
of the right to receive a cash payment in an amount equal to the

                                     - 11 -
<PAGE>
dividend distributions paid on a Share from time to time.

            (d)   Deferral. The Committee may establish a program under which
the payments with respect to Dividend Equivalent Rights may be deferred. Such
program may include, without limitation, provisions for the crediting of
earnings and losses on unpaid amounts, and, if permitted by the Committee,
provisions under which Grantees may select from among hypothetical investment
alternatives for such deferred amounts in accordance with procedures established
by the Committee.

      11.   Cash Awards

            The Committee may grant Cash Awards to Employees, Non-Employee
Directors and Key Advisors. The cash payment due upon settlement of a Cash Award
shall be based on the attainment of performance goals and shall be subject to
such other conditions, restrictions and contingencies as the Committee shall
determine as reflected by the terms of the Grant Instrument.

      12.   Qualified Performance-Based Compensation

            (a)   Designation as Qualified Performance-Based Compensation. The
Committee may determine that Restricted Shares, Performance Shares and Cash
Awards granted to an Employee shall be considered "qualified performance-based
compensation" under section 162(m) of the Code. The provisions of this Section
12 shall apply to Grants of Restricted Shares Performance Shares and Cash Awards
that are intended to be "qualified performance-based compensation" under section
162(m) of the Code.

            (b)   Performance Goals. When Restricted Shares, Performance Shares
or Cash Awards that are intended to be "qualified performance-based
compensation" are granted, the Committee shall establish in writing (i) the
objective performance goals that must be met in order for restrictions on the
Restricted Shares to lapse or amounts to be paid under the Performance Shares or
Cash Awards as applicable, (ii) the Performance Period during which the
performance goals must be met, (iii) the threshold, target and maximum amounts
that may be paid if the performance goals are met, and (iv) any other
conditions, including without limitation provisions relating to death,
Disability, other Termination of Service or Reorganization, that the Committee
deems appropriate and consistent with the Plan and section 162(m) of the Code
and the Treasury regulations thereunder. The performance goals may relate to the
Employee's individual performance or the performance of the Company and its
subsidiaries as a whole, or any combination of the foregoing. The Committee
shall use objectively determinable performance goals based on one or more of the
following criteria: Share price, earnings per Share, net earnings, operating
earnings, return on assets, stockholder return, return on equity, growth in
assets, share volume, sales, market share, or strategic business criteria
consisting of one or more objectives based on meeting specific revenue goals,
market penetration goals, geographic business expansion goals, cost targets or
goals relating to acquisitions or divestitures.

            (c)   Establishment of Goals. The Committee shall establish the
performance goals in accordance with Section 12(b) in writing either before the
beginning of the Performance Period or during a period ending no later than the
earlier of (i) 90 days after the beginning of the

                                     - 12 -
<PAGE>
Performance Period or (ii) the date on which 25% of the Performance Period has
been completed, or such other date as may be required or permitted under
applicable regulations under section 162(m) of the Code. The performance goals
shall satisfy the requirements for "qualified performance-based compensation,"
including the requirement that the achievement of the goals be substantially
uncertain at the time they are established and that the goals be established in
such a way that a third party with knowledge of the relevant facts could
determine whether and to what extent the performance goals had been met. The
Committee shall not have discretion to increase the amount of compensation that
is payable upon achievement of the designated performance goals.

            (d)   Maximum Payment. If Restricted Shares, or Performance Shares
measured with respect to the Fair Market Value of Shares, are granted pursuant
to this Section 12, not more than 25,000 Shares may be granted to an Employee
under such Restricted Shares or Performance Shares for any Performance Period.
If Cash Awards, or Performance Shares measured with respect to criteria other
than the Fair Market Value of Shares, are granted pursuant to this Section 12,
the maximum amount that may be paid to an Employee under such Cash Awards or
Performance Shares with respect to a Performance Period is $2,000,000.

            (e)   Performance Certification. The Committee shall certify and
announce the results for each Performance Period to all Grantees immediately
following the announcement of the Company's financial results for the
Performance Period. If and to the extent that the Committee does not certify
that the performance goals have been met, the grants of Restricted Shares,
Performance Shares, or Cash Awards made pursuant to this Section 12 for the
Performance Period shall be forfeited.

            (f)   Death, Disability, or Other Circumstances. The Committee may
provide that Performance Shares, Cash Awards, or Restricted Shares shall be
payable, or restrictions on Restricted Shares shall lapse, in whole or in part,
in the event of the Employee's death or Disability during the Performance
Period, or under other circumstances consistent with the Treasury regulations
and rulings under section 162(m) of the Code.

      13.   Deferrals

            The Committee may permit or require a Grantee to defer receipt of
the payment of cash or the delivery of shares that would otherwise be due to
such Grantee in connection with any Option or SAR, the lapse or waiver of
restrictions applicable to Restricted Shares, the satisfaction of any
requirements or objectives with respect to Performance Shares, or the payment of
cash with respect to Cash Awards. If any such deferral election is permitted or
required, the Committee shall, in its sole discretion, establish rules and
procedures for such deferrals.

      14.   Withholding of Taxes

            (a)   Required Withholding. The Company shall be entitled to
withhold from any payments or deemed payments any amount of tax withholding
(including all federal, state and local taxes) determined by the Committee to be
required by law. Without limiting the generality of the foregoing, the Committee
may, in its discretion, require the Grantee to pay to

                                     - 13 -
<PAGE>
the Company at such time as the Committee determines the amount that the
Committee deems necessary to satisfy the Company's obligation to withhold
federal, state or local income or other taxes incurred by reason of (i) the
exercise of any Option or SAR, (ii) the lapsing of any restrictions applicable
to any Restricted Shares, (iii) the receipt of a payment in respect of
Performance Shares, Dividend Equivalent Rights or Cash Awards or (iv) any other
applicable income recognition event (for example, an election under section
83(b) of the Code). Notwithstanding anything contained in the Plan to the
contrary, the Grantee's satisfaction of any tax-withholding requirements imposed
by the Committee shall be a condition precedent to the Company's obligation as
may otherwise be provided hereunder to provide Shares to the Grantee and to the
release of any restrictions as may otherwise be provided hereunder, as
applicable; and the applicable options, SARs, Restricted Shares, Performance
Shares or Dividend Equivalent Rights shall be forfeited upon the failure of the
Grantee to satisfy such requirements with respect to, as applicable, (i) the
exercise of the option or SAR, (ii) the lapsing of restrictions on the
Restricted Share (or other income recognition event) or (iii) payments in
respect of any Performance Share or Dividend Equivalent Right.

            (b)   Election to Withhold Shares. If the Committee so permits, a
Grantee may make a written election to satisfy the Company's income tax
withholding obligation with respect to an Option, an SAR, Restricted Shares,
Performance Shares or Dividend Equivalent Rights paid in Shares by having Shares
withheld by the Company from the Shares otherwise to be received, or to deliver
previously owned Shares (not subject to restrictions hereunder). In the event
that the Committee permits and Grantee makes such an election, the number of
Shares so withheld or delivered shall have an aggregate Fair Market Value on the
date of exercise that does not exceed the Grantee's minimum withholding tax rate
for federal (including FICA), state and local tax liabilities. Where the
exercise of an Incentive Stock Option does not give rise to an obligation by the
Company to withhold federal, state or local income or other taxes on the date of
exercise, but may give rise to such an obligation in the future, the Committee
may, in its discretion, make such arrangements and impose such restrictions as
it deems necessary or appropriate. The election must be in a form and manner
prescribed by the Committee and shall be subject to the prior approval of the
Committee.

      15.   Transferability of Grants

            (a)   In General. Except as provided in Section 15(b), only the
Grantee may exercise rights under a Grant during the Grantee's lifetime. A
Grantee may not transfer those rights except by will or by the laws of descent
and distribution, or, with respect to Grants other than Incentive Stock Options,
if permitted in any specific case by the Committee, pursuant to a domestic
relations order. When a Grantee dies, the personal representative or other
person entitled to succeed to the rights of the Grantee ("Successor Grantee")
may exercise such rights in accordance with the terms of the Plan. A Successor
Grantee must furnish proof satisfactory to the Company of his or her right to
receive the Grant under the Grantee's will or under the applicable laws of
descent and distribution.

            (b)   Transfer of Nonqualified Options. Notwithstanding the
foregoing, the Committee may provide in a Grant Instrument that a Grantee may
transfer Nonqualified Options to family members or other persons or entities,
consistent with applicable securities laws, according to such terms as the
Committee may determine where the Committee determines that

                                     - 14 -
<PAGE>
such transferability does not result in accelerated federal income taxation;
provided that the Grantee receives no consideration for the transfer of an
Option and the transferred Option shall continue to be subject to the same terms
and conditions as were applicable to the Option immediately before the transfer.

                                     - 15 -
<PAGE>
      16.   Reorganization of the Company

            (a)   Reorganization. As used herein, a "Reorganization" shall be
deemed to have occurred if the stockholders of the Company approve (or, if
stockholder approval is not required, the Board approves) an agreement providing
for (i) the merger or consolidation of the Company with another corporation
where the stockholders of the Company, immediately prior to the merger or
consolidation, will not beneficially own, immediately after the merger or
consolidation, Shares entitling such stockholders to more than 50% of all votes
to which all stockholders of the surviving corporation would be entitled in the
election of directors (without consideration of the rights of any class of stock
to elect directors by a separate class vote), (ii) the sale or other disposition
of all or substantially all of the assets of the Company, or (iii) a liquidation
or dissolution of the Company.

            (b)   Assumption of Grants. Upon a Reorganization where the Company
is not the surviving corporation (or survives only as a subsidiary of another
corporation), unless the Committee determines otherwise, all outstanding Options
and SARs that are not exercised shall be assumed by, or replaced with comparable
options or rights by, the surviving corporation.

            (c)   Other Alternatives. Notwithstanding the foregoing, in the
event of a Reorganization, the Committee may take one or both of the following
actions: the Committee may (i) require that Grantees surrender their outstanding
Options and SARs in exchange for a payment by the Company, in cash or Shares as
determined by the Committee, in an amount equal to the amount by which the then
Fair Market Value of the Shares subject to the Grantee's unexercised Options and
SARs exceeds the Exercise Price of the Options or the base amount of the SARs,
as applicable, or (ii) after accelerating all vesting and giving Grantees an
opportunity to exercise their outstanding Options and SARs, terminate any or all
unexercised Options and SARs at such time as the Committee deems appropriate.
Such surrender or termination shall take place as of the date of the
Reorganization or such other date as the Committee may specify.

            (d)   Limitations. Notwithstanding anything in the Plan to the
contrary, in the event of a Reorganization, the Committee shall not have the
right to take any actions described in the Plan (including without limitation
actions described in Section 17(c)) that would make the Reorganization
ineligible for pooling of interests accounting treatment or that would make the
Reorganization ineligible for desired tax treatment if, in the absence of such
right, the Reorganization would qualify for such treatment and the Company
intends to use such treatment with respect to the Reorganization.

      17.   Change of Control of the Company

            (a)   Definition. As used herein, a "Change of Control" shall be
deemed to have occurred if:

                  (i)   Any "person" (as such term is used in sections 13(d) and
14(d) of the Exchange Act) other than Safeguard Scientifics, Inc. or any of its
subsidiaries or affiliates becomes a "beneficial owner" (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of securities of the
Company representing a majority of the voting power of the then outstanding
securities of the Company except where the acquisition is approved by the Board;
or

                                     - 16 -
<PAGE>
                  (ii)  Any person has commenced a tender offer or exchange
offer for a majority of the voting power of the then outstanding Shares of the
Company.

            (b)   Notice and Acceleration. Upon a Change of Control the Company
shall provide each Grantee with outstanding Grants written notice of such Change
of Control, and the Committee may, in its sole discretion, provide for any of
the following: (i) all outstanding Options and SARs shall automatically
accelerate and become fully exercisable, (ii) the restrictions and conditions on
all outstanding Restricted Shares shall immediately lapse, and (iii) Grantees
holding Performance Shares shall receive a payment in settlement of such
Performance Shares, in an amount determined by the Committee, based on the
Grantee's target payment for the Performance Period and the portion of the
Performance Period that precedes the Change of Control.

            (c)   Acceleration on Account of a Termination of Service. In the
event of a Change of Control, if a Grantee incurs a Termination of Service (as
defined in Section 5(e)(vi)(E)) on account of an involuntary termination by the
Company without Cause (as defined in Section 5(e)(vi)(A)) within 1 year after
the Change of Control, (i) all outstanding Options and SARs held by the Grantee
shall automatically accelerate and become fully exercisable, (ii) the
restrictions and conditions on all outstanding Restricted Shares shall
immediately lapse, and (iii) Grantees holding Performance Shares shall receive a
payment in settlement of such Performance Shares, in an amount determined by the
Committee, based on the Grantee's target payment for the Performance Period and
the portion of the Performance Period that precedes the Change of Control.

            (d)   Other Alternatives. Notwithstanding the foregoing, subject to
Subsection (e) below, in the event of a Change of Control, the Committee may
also take one or both of the following actions: the Committee may (i) require
that Grantees surrender their outstanding Options and SARs in exchange for a
payment by the Company, in cash or Shares as determined by the Committee, in an
amount equal to the amount by which the then Fair Market Value of the Shares
subject to the Grantee's unexercised Options and SARs exceeds the Exercise Price
of the Options or the base amount of the SARs, as applicable, or (ii) after
giving Grantees an opportunity to exercise their outstanding Options and SARs,
terminate any or all unexercised Options and SARs at such time as the Committee
deems appropriate. Such surrender or termination shall take place as of the date
of the Change of Control or such other date as the Committee may specify.

            (e)   Committee. The Committee making the determinations under this
Section 17 following a Change of Control must be comprised of the same members
as those on the Committee immediately before the Change of Control. If the
Committee members do not meet this requirement, the automatic provisions of
Section 17(b) and (c) above shall apply in the case of such a Change of Control,
and the Committee shall not have discretion to vary them.

            (f)   Limitations. Notwithstanding anything in the Plan to the
contrary, in the event of a Change of Control, the Committee shall not have the
right to take any actions described in the Plan (including without limitation
actions described in Section 17(d) above) that would make the Change of Control
ineligible for pooling of interests accounting treatment or that would make the
Change of Control ineligible for desired tax treatment if, in the absence of
such

                                     - 17 -
<PAGE>
right, the Change of Control would qualify for such treatment and the Company
intends to use such treatment with respect to the Change of Control.

      18.   Requirements for Issuance or Transfer of Shares

      No Shares shall be issued or transferred in connection with any Grant
hereunder unless and until all legal requirements applicable to the issuance or
transfer of such Shares have been complied with to the satisfaction of the
Committee. The Committee shall have the right to condition any Grant made to any
Grantee hereunder on such Grantee's undertaking in writing to comply with such
restrictions on his or her subsequent disposition of such Shares as the
Committee shall deem necessary or advisable as a result of any applicable law,
regulation or official interpretation thereof, and certificates representing
such Shares may be legended to reflect any such restrictions. Certificates
representing Shares issued or transferred under the Plan will be subject to such
stop-transfer orders, registration and other restrictions as may be required by
applicable laws, regulations and interpretations, including any requirement that
a legend be placed thereon.

      19.   Amendment and Termination of the Plan

            (a)   Amendment. The Board may amend or terminate the Plan at any
time; provided that the Board may not make any amendment to the Plan that would,
if such amendment were not approved by the stockholders of the Company, cause
the Plan to fail to comply with any requirement of applicable law or regulation,
unless and until the approval of the stockholders is obtained.

            (b)   Termination of Plan. The Plan shall terminate on the day
immediately preceding the tenth anniversary of its effective date, unless the
Plan is terminated earlier by the Board or is extended by the Board with the
approval of the stockholders.

            (c)   Termination and Amendment of Outstanding Grants. A termination
or amendment of the Plan that occurs after a Grant is made shall not materially
impair the rights of a Grantee unless the Grantee consents or unless the
amendment is required in order to comply with applicable law. The termination of
the Plan shall not impair the power and authority of the Committee with respect
to an outstanding Grant. Whether or not the Plan has terminated, an outstanding
Grant may be terminated or amended in accordance with the Plan or may be amended
by agreement of the Company and the Grantee consistent with the Plan.

            (d)   Governing Document. The Plan shall be the controlling
document. No other statements, representations, explanatory materials or
examples, oral or written, may amend the Plan in any manner. The Plan shall be
binding upon and enforceable against the Company and its successors and assigns.

      20.   Funding of the Plan

            The Plan shall be unfunded. The Company shall not be required to
establish any special or separate fund or to make any other segregation of
assets to assure the payment of any Grants under the Plan. In no event shall
interest be paid or accrued on any Grant, including unpaid installments of
Grants.

                                     - 18 -
<PAGE>
      21.   Rights of Participants

            Nothing in the Plan shall entitle any Employee, Non-Employee
Director, Key Advisor or other person to any claim or right to be granted a
Grant under the Plan. Neither the Plan nor any action taken hereunder shall be
construed as giving any individual any rights to be retained by or in the employ
of the Company or any other employment rights.

      22.   No Fractional Shares

            No fractional Shares shall be issued or delivered pursuant to the
Plan or any Grant. The Committee shall determine whether cash, other awards or
other property shall be issued or paid in lieu of such fractional Shares or
whether such fractional Shares or any rights thereto shall be forfeited or
otherwise eliminated.

      23.   Headings

            Section headings are for reference only. In the event of a conflict
between a title and the content of a Section, the content of the Section shall
control.

      24.   Effective Date of the Amended and Restated Plan

            The Plan initially became effective on February 2, 1999, and was
amended and restated effective on May 1, 1999. This amendment and restatement of
the Plan is effective July 25, 2001.

      25.   Miscellaneous

            (a)   Grants in Connection with Corporate Transactions and
Otherwise. Nothing contained in the Plan shall be construed to (i) limit the
right of the Committee to make Grants under the Plan in connection with the
acquisition, by purchase, lease, merger, consolidation or otherwise, of the
business or assets of any corporation, firm or association, including Grants to
employees thereof who become Employees or for other proper corporate purposes,
or (ii) limit the right of the Company to grant stock options or make other
awards outside of the Plan; provided, that the total number of Shares issuable
upon exercise of all outstanding options shall not exceed 30% of the then
outstanding Shares of the Company unless approved by a two-thirds vote of the
stockholders. Without limiting the foregoing, the Committee may make a Grant to
an employee of another corporation who becomes an Employee by reason of a
corporate merger, consolidation, acquisition of stock or property,
reorganization or liquidation involving the Company or any of its subsidiaries
in substitution for a stock option or restricted share grant made to such
employee by such corporation. The terms and conditions of the substitute grants
may vary from the terms and conditions required by the Plan and from those of
the substituted stock incentives. The Committee shall prescribe the provisions
of the substitute grants.

            (b)   Compliance with Law. The Plan, the exercise of Options and
SARs and the obligations of the Company to issue or transfer Shares under Grants
shall be subject to all applicable laws and to approvals by any governmental or
regulatory agency as may be required. With respect to persons subject to section
16 of the Exchange Act, it is the intent of the Company

                                     - 19 -
<PAGE>
that the Plan and all transactions under the Plan comply with all applicable
provisions of Rule 16b-3 or its successors under the Exchange Act. In addition,
it is the intent of the Company that the Plan and applicable Grants under the
Plan comply with the applicable provisions of section 162(m) of the Code and
section 422 of the Code. To the extent that any legal requirement of section 16
of the Exchange Act or sections 162(m) or 422 of the Code as set forth in the
Plan ceases to be required under section 16 of the Exchange Act or sections
162(m) or 422 of the Code, that Plan provision shall cease to apply. The
Committee may revoke any Grant if it is contrary to law or modify a Grant to
bring it into compliance with any valid and mandatory government regulation. The
Committee may, in its sole discretion, agree to limit its authority under this
Section 25(b).

            (c)   Governing Law. The validity, construction, interpretation and
effect of the Plan and Grant Instruments issued under the Plan shall exclusively
be governed by and determined in accordance with the law of the State of
Delaware.

                                   * * * * * *

                                     - 20 -
<PAGE>
Date:                               INTERNET CAPITAL GROUP, INC.
     ------------

                                    By: /s/
                                        ---------------------------
                                         Walter W. Buckley, III
                                         President and Chief Executive Officer

Attest:

By: /s/
   -------------------------

                                     - 21 -

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