Document:

Exhibit 4.7

                                 AMENDMENT NO. 2
                                     to the
                            INVACARE CORPORATION 1994
                                PERFORMANCE PLAN

     Invacare  Corporation  hereby  adopts  Amendment  No.  2  to  the  Invacare
Corporation  1994  Performance Plan (the "Plan") pursuant to the following terms
and provisions:

                  1. Section 4(a) of the Plan is hereby  deleted and restated in
its  entirety to read as follows,  subject to  shareholder  approval at the 2000
Annual Meeting of Shareholders:

                  "(a) Number of Common Shares.  The aggregate  number of Common
                  Shares that may be subject to Awards, including Stock Options,
                  granted  under this Plan  during the term of this Plan will be
                  equal  to Five  Million,  Five  Hundred  Thousand  (5,500,000)
                  Common Shares,  subject to any adjustments  made in accordance
                  with the terms of this Section 4.

                           The  assumption of  obligations  in respect of awards
                  granted by an  organization  acquired by the  Company,  or the
                  grant of Awards under this Plan in  substitution  for any such
                  awards,  will not reduce the number of Common Shares available
                  in any fiscal year for the grant of Awards under this Plan.

                           Common Shares  subject to an Award that is forfeited,
                  terminated,  or canceled  without having been exercised (other
                  than Common Shares  subject to a Stock Option that is canceled
                  upon the exercise of a related Stock Appreciation  Right) will
                  again be available for grant under this Plan, without reducing
                  the number of Common  Shares  available in any fiscal year for
                  grant of Awards under this Plan, except to the extent that the
                  availability  of those Common  Shares would cause this Plan or
                  any Awards  granted under this Plan to fail to qualify for the
                  exemption  provided by Rule  16b-3.  In  addition,  any Common
                  Shares   which  are   retained  to  satisfy  a   Participant's
                  withholding  tax  obligations or which are  transferred to the
                  Company by a Participant to satisfy such obligations or to pay
                  all or any  portion  of the  exercise  price  of the  Award in
                  accordance with the terms

                                      E-2
<PAGE>

                  of the Plan, the Award  Agreement or the Notice of Award,  may
                  be  made  available  for  reoffering  under  the  Plan  to any
                  Participant,  except to the extent  that the  availability  of
                  those  Common  Shares  would  cause  this  Plan or any  Awards
                  granted  under this Plan to fail to qualify for the  exemption
                  provided by Rule 16b-3."

         IN WITNESS WHEREOF,  Invacare Corporation,  by its appropriate officers
duly  authorized,  has executed  this  instrument as of the 3rd day of February,
2000.

                                   INVACARE CORPORATION

                             By:   /S/ A. Malachi Mixon, III
                                   -------------------------
                                   A. Malachi Mixon, III, Chairman of the Board,
                                   President and Chief Executive Officer

                             By:   /S/ Thomas R. Miklich
                                   ---------------------
                                   Thomas  R.   Miklich,   Chief Financial
                                   Officer,   General   Counsel, Treasurer
                                   and Corporate Secretary

                                      E-3SECOND AMENDED AND RESTATED CREDIT
                                    AGREEMENT
                                      among
                               WESTWOOD ONE, INC.,
                               The Several Lenders
                        from Time to Time Parties Hereto,
                                       and
                            THE CHASE MANHATTAN BANK,
                            as Administrative Agent,
                              FLEET NATIONAL BANK,
                                  as Co-Agent,
                         BANK OF MONTREAL, as Co-Agent,
                       BANK OF AMERICA, N.A., as Co-Agent.
                          Dated as of November 17, 2000

<PAGE>

                               TABLE OF CONTENTS

SECTION 1.  DEFINITIONS........................................................1

         1.1    Defined Terms..................................................1
         1.2    Other Definitional Provisions.................................20

SECTION 2.  AMOUNT AND TERMS OF COMMITMENTS...................................20

         2.1    Revolving Credit and Additional Revolving Credit Commitments..20
         2.3    Commitment Fee................................................22
         2.4    Termination or Reduction of Revolving Credit Commitments or
                 Additional Revolving Credit Commitments......................22
         2.5    Term Loans....................................................23
         2.6    Intentionally Left Blank......................................24
         2.7    Repayment of Loans; Evidence of Debt..........................24
         2.8    Optional Prepayments..........................................26
         2.9    Mandatory Prepayments and Commitment Reductions...............26
         2.10   Conversion and Continuation Options...........................28
         2.11   Minimum Amounts and Maximum Number of Tranches................28
         2.12   Interest Rates and Payment Dates..............................29
         2.13   Computation of Interest and Fees..............................29
         2.14   Inability to Determine Interest Rate..........................30
         2.15   Pro Rata Treatment and Payments...............................30
         2.16   Illegality....................................................31
         2.17   Requirements of Law...........................................32
         2.18   Taxes.........................................................33
         2.19   Indemnity.....................................................34
         2.20   Change of Lending Office; Replacement or Prepayment of
                Lenders.......................................................35

SECTION 3.  REPRESENTATIONS AND WARRANTIES....................................36

         3.1    Financial Condition...........................................36
         3.2    No Change.....................................................37
         3.3    Corporate Existence; Compliance with Law......................37
         3.4    Corporate Power; Authorization; Enforceable Obligations.......37
         3.5    No Legal Bar..................................................37
         3.6    No Material Litigation........................................38
         3.7    No Default....................................................38
         3.8    Ownership of Property; Liens..................................38
         3.9    Intellectual Property.........................................38

<PAGE>
         3.10   Taxes.........................................................39
         3.11   Federal Regulations...........................................39
         3.12   ERISA.........................................................39
         3.13   Investment Company Act; Other Regulations.....................39
         3.14   Subsidiaries..................................................40
         3.15   Purpose of Loans..............................................40
         3.16   Environmental Matters.........................................40
         3.17   Certain Documents.............................................40

SECTION 4.  CONDITIONS PRECEDENT..............................................41

         4.1    Conditions to Effectiveness...................................41
         4.2    Conditions to Each Loan.......................................43

SECTION 5.  AFFIRMATIVE COVENANTS.............................................43

         5.1    Financial Statements..........................................43
         5.2    Certificates; Other Information...............................44
         5.3    Payment of Obligations........................................45
         5.4    Conduct of Business and Maintenance of Existence..............45
         5.5    Maintenance of Property; Insurance............................45
         5.6    Inspection of Property; Books and Records; Discussions........45
         5.7    Notices.......................................................46
         5.8    Additional Guarantors.........................................46
         5.9    Unrestricted Subsidiaries; Maintenance of Separate Corporate
                 Identity.....................................................47

SECTION 6.  NEGATIVE COVENANTS................................................48

         6.1    Financial Condition Covenants.................................48
         6.2    Limitation on Indebtedness....................................48
         6.3    Limitation on Liens...........................................49
         6.4    Limitation on Guarantee Obligations...........................51
         6.5    Limitation on Fundamental Changes.............................51
         6.6    Limitation on Sale of Assets..................................52
         6.7    Limitation on Restricted Payments.............................52
         6.8    Limitation on Investments, Loans and Advances.................53
         6.9    Limitation on Optional Payments and Modifications of Debt
                 Instruments..................................................54
         6.10   Limitation on Capital Expenditures............................54
         6.11   Limitation on Sale or Discount of Receivables.................54
         6.12   Limitation on Transactions with Affiliates....................55
         6.13   Limitation on Changes in Fiscal Year..........................55
         6.14   Limitation on Negative Pledge Clauses.........................55

<PAGE>
         6.15   Limitation on Lines of Business...............................55

SECTION 7.  EVENTS OF DEFAULT.................................................55

SECTION 8.  THE ADMINISTRATIVE AGENT..........................................59

         8.1    Appointment...................................................59
         8.2    Delegation of Duties..........................................59
         8.3    Exculpatory Provisions........................................60
         8.4    Reliance by Administrative Agent..............................60
         8.5    Notice of Default.............................................60
         8.6    Non-Reliance on Administrative Agent and Other Lenders; Lender
                 Representations..............................................61
         8.7    Indemnification...............................................62
         8.8    Administrative Agent in Its Individual Capacity...............62
         8.9    Successor Agents..............................................62

SECTION 9.  MISCELLANEOUS.....................................................63

         9.1    Amendments and Waivers........................................63
         9.2    Notices.......................................................64
         9.3    No Waiver; Cumulative Remedies................................64
         9.4    Survival of Representations and Warranties....................65
         9.5    Payment of Expenses and Taxes.................................65
         9.6    Successors and Assigns; Participations and Assignments........66
         9.7    Adjustments; Set-off..........................................69
         9.8    Counterparts..................................................69
         9.9    Severability..................................................69
         9.1    Integration...................................................70
         9.11   GOVERNING LAW.................................................70
         9.12   Submission to Jurisdiction; Waivers...........................70
         9.13   Acknowledgements..............................................71
         9.14   WAIVERS OF JURY TRIAL.........................................71
         9.15   Treatment of Certain Information; Confidentiality.............71

<PAGE>

SCHEDULES
I.       Commitments
3.1      Dispositions
3.14     Subsidiaries
6.2      Permitted Indebtedness
6.3      Permitted Liens
6.4      Permitted Guarantees
6.8      Permitted Investments
6.12     Permitted Transactions with Affiliates

EXHIBITS
A-1      Form of Revolving Credit Note
A-2      Form of Term Note
B        Form of Amended and Restated Management Services Subordination
          Agreement
C        Form of Guarantee
D        Form of Opinion of Counsel to the Loan Parties
E        Form of Assignment and Acceptance
F        Form of Borrowing Certificate
G        Form of Tax Allocation Agreement

<PAGE>

     SECOND  AMENDED AND  RESTATED  CREDIT  AGREEMENT,  dated as of November 17,
2000,  among WESTWOOD ONE, INC., a Delaware  corporation (the  "Borrower"),  the
several banks and other financial institutions from time to time parties to this
Agreement (the  "Lenders"),  FLEET  NATIONAL BANK,  BANK OF MONTREAL and BANK OF
AMERICA,  N.A., as co-agents for the Lenders  hereunder (in such  capacity,  the
"Co-Agents")  and THE CHASE  MANHATTAN  BANK,  as  Administrative  Agent for the
Lenders hereunder.
                              W I T N E S S E T H:

     WHEREAS, the Borrower, the Administrative Agent and certain banks and other
financial  institutions are parties to an Amended and Restated Credit Agreement,
dated as of September 30, 1996 (as amended,  supplemented or otherwise  modified
prior to the date hereof,  the "Existing Credit  Agreement"),  pursuant to which
the lenders  thereunder  made loans to the Borrower under the terms provided for
therein;

     WHEREAS,  the Borrower has requested that the Existing Credit  Agreement be
amended and restated to, inter alia, provide for an additional  revolving credit
facility  in the  amount of  $175,000,000,  which  additional  facility  will be
utilized by the Borrower to make  acquisitions and to provide  financing for the
working  capital  needs and general  corporate  purposes of the Borrower and its
Subsidiaries,  including  the  repurchase  of  shares of its  Capital  Stock and
capital expenditures; and

     WHEREAS,  the Administrative  Agent and the Lenders are willing so to amend
and restate the Existing Credit Agreement,  but only on the terms and conditions
hereof;

     NOW,  THEREFORE,  in  consideration  of the mutual  covenants  and premises
hereinafter set forth,  effective as of the Second  Restatement  Effective Date,
the parties  hereto  hereby amend and restate the Existing  Credit  Agreement as
follows:

                             SECTION 1. DEFINITIONS

     1.1......Defined  Terms.  As used in this  Agreement,  the following  terms
shall have the following meanings:

     "ABR":  for any day, a rate per annum equal to the greater of (a) the Prime
Rate in effect on such day and (b)~the Federal Funds Effective Rate in effect on
such day plus 1/2 of 1%. For purposes  hereof:  "Prime Rate" shall mean the rate
of interest per annum publicly announced from time to time by the Administrative
Agent as its prime rate in effect at its principal  office in New York City (the
Prime Rate not being intended to be the lowest rate of interest charged by Chase
in  connection  with  extensions  of  credit to  debtors);  and  "Federal  Funds
Effective  Rate" shall mean,  for any day, the weighted  average of the rates on
overnight federal funds  transactions with members of the Federal Reserve System

<PAGE>

arranged by federal funds brokers,  as published on the next succeeding Business
Day by the  Federal  Reserve  Bank  of New  York,  or,  if  such  rate is not so
published for any day which is a Business Day, the average of the quotations for
the day of such  transactions  received by the  Administrative  Agent from three
federal funds brokers of recognized  standing  selected by it. Any change in the
ABR due to a change in the Prime Rate or the Federal Funds  Effective Rate shall
be effective as of the opening of business on the effective  (day of such change
in the Prime Rate or the Federal Funds Effective Rat, respectively.

     "ABR Loans":  loans the rate of interest  applicable to which is based upon
the ABR.

     "Additional Revolving Credit Commitment":  as to any Lender, the obligation
of such  Lender  to make  Additional  Revolving  Credit  Loans  to the  Borrower
hereunder in an aggregate  principal  amount at any one time  outstanding not to
exceed the amount set forth  opposite such Lender's name on Schedule I under the
heading "Additional Revolving Credit Commitment",  as such amount may be changed
from time to time in accordance with the provisions of this Agreement.

     "Additional Revolving Credit Loans": all loans made or deemed made pursuant
to subsection~2.1(b).

     "Additional Revolving Credit Note": as defined in subsection~2.7(e).

     "Adjustment  Date":  each  date on or after  the  Closing  Date that is the
second Business Day following  receipt by the Lenders of both (i)~the  financial
statements required to be delivered pursuant to  subsection~5.1(a) or 5.1(b), as
applicable,  for the most recently  completed fiscal period and (ii)~the related
compliance  certificate  required to be delivered pursuant to  subsection~5.2(b)
with respect to such fiscal period.

     "Administrative  Agent":  Chase,  together  with  its  affiliates,  as  the
arranger  of the  Commitments  and as the  administrative  agent for the Lenders
under this Agreement and the other Loan Documents.

     "Affiliate":  as to any Person,  any other Person (other than a Subsidiary)
which,  directly or indirectly,  is in control of, is controlled by, or is under
common control with, such Person.

     "Agreement": this Second Amended and Restated Credit Agreement, as amended,
supplemented or otherwise modified from time to time.

     "Annualized  Consolidated  Corporate Overhead":  for any period,  corporate
general  and  administrative   expenses  of  the  Borrower  and  its  Restricted

<PAGE>

Subsidiaries for such period as shown on the consolidated  financial  statements
of the Borrower and its Restricted Subsidiaries for such period delivered to the
Administrative  Agent  pursuant to  subsection~5.1(a)  or 5.1(b);  provided that
there  shall be  excluded  from  "Annualized  Consolidated  Corporate  Overhead"
(a)~all  non-cash  charges and  (b)~all  corporate  general  and  administrative
expenses of the Borrower  incurred on behalf of, or otherwise  attributable  to,
Unrestricted  Subsidiaries  or in connection  with management and other services
and activities performed by the Borrower for Unrestricted Subsidiaries.

     'Annualized  Consolidated  Operating Cash Flow" or "ACOCF": for any period,
the aggregate amount (determined on a consolidated basis without  duplication in
accordance  with GAAP),  for the Borrower and its  Restricted  Subsidiaries,  of
(a)~the sum of (i)~net revenues of the Borrower and its Restricted  Subsidiaries
for such period  (calculated before taxes and excluding (A)~any net gain or loss
arising from the sale of capital assets during such period; (B)~any gain arising
from any write-up of assets during such period; (C~net earnings for such period
of any Person in which the Borrower or any of its Restricted Subsidiaries has an
ownership interest unless such net earnings shall have actually been received by
the Borrower or such  Restricted  Subsidiary  in the form of cash  distributions
(other than cash  distributions  received by the Borrower  from an  Unrestricted
Subsidiary); (D)~any portion of the net earnings of any Restricted Subsidiary of
the Borrower or any of its Restricted Subsidiaries for such period which for any
reason is unavailable for payment of dividends to the Borrower or any other such
Restricted Subsidiary; (E)~any gain realized during such period arising from the
acquisition  of any  securities  of  the  Borrower  or  any  of  its  Restricted
Subsidiaries; (F)~any "extraordinary",  "unusual" or "non-recurring" earnings or
"extraordinary",  "unusual"  or  "non-recurring"  losses for such period as such
terms are  interpreted  under GAAP; and (G) any interest  income of the Borrower
and   its   Restricted   Subsidiaries   realized   during   such   period)~minus
(ii)~operating expenses of the Borrower and its Restricted Subsidiaries for such
period  (excluding  depreciation,   amortization,  interest  expense  and  other
non-cash charges accrued,  and income taxes paid or accrued (other than any such
taxes  attributable to the revenues of Unrestricted  Subsidiaries  for which the
Borrower  has not been or is not  entitled  to be  reimbursed,  or in respect of
which the  Borrower  has not  received  or is not  entitled to receive a credit,
pursuant to the terms of any Tax Allocation  Agreement),  for such period by the
Borrower and its  Restricted  Subsidiaries)  minus  (b)~Annualized  Consolidated
Corporate  Overhead for such period;  provided that for purposes of  calculating
Annualized   Consolidated  Operating  Cash  Flow  when  such  term  is  used  in
determining  the Total Debt  Ratio,  if the  Borrower  or any of its  Restricted
Subsidiaries  shall have acquired or disposed of one or more  businesses (or any
part thereof) during such period,  Annualized  Consolidated  Operating Cash Flow
for such period  shall be computed  as if (in the case of an  acquisition)  such
business (or part  thereof)  had been owned by the  Borrower or such  Restricted
Subsidiary for the whole of such period or (in the case of a  disposition)  such
business (or part  thereof) had been  disposed of prior to the first day of such
period.

<PAGE>

     "Applicable  Margin":   during  the  period  from  the  Second  Restatement
Effective Date until the first  Adjustment  Date,  the  Applicable  Margin shall
equal  (i)~with  respect to ABR  Loans,  0% per annum and  (ii)~with  respect to
Eurodollar  Loans,  0.500% per annum,  in the case of Revolving  Credit and Term
Loans,  and 0.625%,  in the case of  Additional  Revolving  Credit  Loans;  such
Applicable  Margin will be adjusted on each  Adjustment  Date to the  applicable
rate per annum set forth under the column heading "Alternate Base Rate Loans" or
"Eurodollar  Loans" on the applicable table set forth below which corresponds to
the Total Debt Ratio  determined  from the financial  statements  and compliance
certificate relating to the end of the fiscal quarter immediately preceding such
Adjustment Date;

     (i) for Revolving Credit and Term Loans:

<TABLE>
<CAPTION>

         <S>                                 <C>                                 <C>

         ----------------------------------- ----------------------------------- -----------------------------------
                     Total Debt                        Alternate Base                         Eurodollar
                       Ratio                             Rate Loans                             Loans
         ----------------------------------- ----------------------------------- -----------------------------------
         ----------------------------------- ----------------------------------- -----------------------------------
         Greater than or equal to 5.00:1                   0.250%                               1.250%
         ----------------------------------- ----------------------------------- -----------------------------------
         ----------------------------------- ----------------------------------- -----------------------------------
         less than 5.00:1 and greater than
         or equal to 4.25:1                                0.000%                               1.000%
         ----------------------------------- ----------------------------------- -----------------------------------
         ----------------------------------- ----------------------------------- -----------------------------------
         less than 4.25:1 and greater than                 0.000%                               0.750%
         ----------------------------------- ----------------------------------- -----------------------------------
         ----------------------------------- ----------------------------------- -----------------------------------
         less than 3.25:1 and greater than                 0.000%                               0.500%
         or equal to 3.00:1
         ----------------------------------- ----------------------------------- -----------------------------------
         ----------------------------------- ----------------------------------- -----------------------------------
         less than 3.00:1 and greater than                 0.000%                               0.500%
         ----------------------------------- ----------------------------------- -----------------------------------
         ----------------------------------- ----------------------------------- -----------------------------------
         less than 2.00:1                                  0.000%                               0.500%
         ----------------------------------- ----------------------------------- -----------------------------------

</TABLE>
<TABLE>
<CAPTION>

     (ii) for Additional Revolving Credit Loans:

         <S>                                 <C>                                 <C>

         --------------------------------    ----------------------------------- ---------------------------------------
                   Total Debt                       Alternate Base                          Eurodollar
                      Ratio                           Rate Loans                              Loans
         --------------------------------    ----------------------------------- ---------------------------------------
         --------------------------------    ----------------------------------- ---------------------------------------
         greater than or equal to 5.00:1                0.125%                                1.125%
         --------------------------------    ----------------------------------- ---------------------------------------
         --------------------------------    ----------------------------------- ---------------------------------------
         less than 5.00:1 and greater
         than or equal to 4.25:1                        0.125%                                1.125%
         --------------------------------    ----------------------------------- ---------------------------------------
         --------------------------------    ----------------------------------- ---------------------------------------
         less than 4.25:1 and greater                   0.125%                                1.125%
         --------------------------------    ----------------------------------- ---------------------------------------
         --------------------------------    ----------------------------------- ---------------------------------------
         less than 3.25:1 and greater                   0.125%                                1.125%
         than or equal to 3.00:1
         --------------------------------    ----------------------------------- ---------------------------------------
         --------------------------------    ----------------------------------- ---------------------------------------
         less than 3.00:1 and greater                   0.000%                                0.875%
         --------------------------------    ----------------------------------- ---------------------------------------
         --------------------------------    ----------------------------------- ---------------------------------------
         less than 2.00:1                               0.000%                                0.625%
         --------------------------------    ----------------------------------- ---------------------------------------
</TABLE>

<PAGE>

provided  that  in the  event  that  the  financial  statements  required  to be
delivered  pursuant  to  subsection~5.1(a)  or 5.1(b),  as  applicable,  and the
related   compliance   certificate   required  to  be   delivered   pursuant  to
subsection~5.2(b), are not delivered when due, then

          (a) if such financial  statements and  certificate are delivered after
     the date such  financial  statements  and  certificate  were required to be
     delivered  (without  giving effect to any  applicable  cure period) and the
     Applicable  Margin  increases from that previously in effect as a result of
     the  delivery of such  financial  statements,  then the  Applicable  Margin
     during the period from the date upon which such financial  statements  were
     required to be delivered  (without  giving  effect to any  applicable  cure
     period) until the date upon which they actually are delivered shall, except
     as otherwise  provided in clause~(c)  below, be the Applicable Margin as so
     increased;

          (b)  if  such  financial  statements  and  certificate  are  delivered
     (without  giving effect to any cure period)  after the date such  financial
     statements and certificate were required to be delivered and the Applicable
     Margin decreases from that previously in effect as a result of the delivery
     of such financial  statements,  then such decrease in the Applicable Margin
     shall  not  become  applicable  until the date  upon  which  the  financial
     statements and certificate actually are delivered; and

          (c) if such  financial  statements and  certificate  are not delivered
     prior to the expiration of the applicable cure period, then, effective upon
     such  expiration,  for the period  from the date upon which such  financial
     statements  and  certificate  were  required  to be  delivered  (after  the
     expiration of the applicable cure period) until two Business Days following
     the date upon which they actually are delivered,  the Applicable Margin for
     any class of Loans (i.e.  Revolving Credit,  Additional Revolving Credit or
     Term)  shall be the  highest  applicable  margins  for such  class of Loans
     provided for in the schedule above (it being  understood that the foregoing
     shall not limit the rights of the Administrative  Agent and the Lenders set
     forth in subsection~2.12(c) or Section~7).

     ~Applicable  Percentage~:  with  respect to any Lender,  (a) in the case of
Revolving  Credit  Loans  and  Commitments,  the  percentage  of  the  aggregate
Revolving  Credit  Commitments  represented  by such Lender's  Revolving  Credit
Commitment  and  (b) in the  case  of  Additional  Revolving  Credit  Loans  and
Commitments,  the  percentage  of  the  aggregate  Additional  Revolving  Credit
Commitments represented by such Lender's Additional Revolving Credit Commitment.
If the Revolving Credit  Commitments or Additional  Revolving Credit Commitments
have terminated or expired, the Applicable  Percentage shall be determined based
upon  the  Revolving   Credit   Commitments  or  Additional   Revolving   Credit

<PAGE>

Commitments,  as  applicable,  most  recently  in effect,  giving  effect to any
assignments.

     "Assignee": as defined in subsection~9.6(c).

     "Available Additional Revolving Credit Commitments": at any time, an amount
equal to the excess,  if any, of (a)~the amount of Additional  Revolving  Credit
Commitments  then  in  effect  over (b the  aggregate  principal  amount  of all
Additional Revolving Credit Loans then outstanding.

     "Available Revolving Credit  Commitments":  at any time, an amount equal to
the excess,  if any, of (a)~the amount of Revolving  Credit  Commitments then in
effect over (b the aggregate principal amount of all Revolving Credit Loans then
outstanding.

     "BOA": Bank of America, N.A.

     "FNB": Fleet National Bank.

     "BOM": Bank of Montreal.

     "Borrowing  Date":  any  Business  Day  specified  in a notice  pursuant to
subsection~2.2  as a date on which the  Borrower  requests  the  Lenders to make
Loans hereunder.

     "Business  Day": a day other than a Saturday,  Sunday or other day on which
commercial  banks in New York City are  authorized  or required by law to close;
provided,  that when such term is used to  describe a day on which a  borrowing,
payment or interest rate  determination is to be made in respect of a Eurodollar
Loan,  such day shall also be a day on which dealings in foreign  currencies and
exchange between banks may be carried on in London, England.

    "Capital  Expenditures":   for  any  period,  expenditures  (including  the
aggregate  amount of Capital  Lease  Obligations  (excluding  Capitalized  Lease
Obligations  relating to the  acquisition  of  satellite  time or capacity in an
aggregate amount not to exceed $20,000,000) incurred during such period) made by
the Borrower or any of its Restricted Subsidiaries to acquire or construct fixed
assets, plant and equipment (including renewals,  improvements and replacements,
but excluding repairs) during such period computed in accordance with GAAP.

     "Capital Stock":  any and all shares,  interests,  participations  or other
equivalents (however designated) of capital stock of a corporation,  any and all
equivalent  ownership  interests in a Person (other than a corporation)  and any
and all warrants or options to purchase any of the foregoing.

<PAGE>

     "Cash Equivalents": (a)~securities with maturities of one year or less from
the date of  acquisition  issued or fully  guaranteed  or  insured by the United
States  Government  or  any  agency  thereof,  (b~certificates  of  deposit  and
eurodollar  time deposits  with  maturities of one year or less from the date of
acquisition  and overnight bank deposits of any Lender or of any commercial bank
having capital and surplus in excess of $500,000,000, (c)~repurchase obligations
of any Lender or of any commercial  bank having capital and surplus in excess of
$500,000,000,  having a term of not more than 30 days with respect to securities
issued  or  fully  guaranteed  or  insured  by  the  United  States  Government,
(d)~commercial  paper of a domestic  issuer  rated at least A-2 by Standard  and
Poor's  Ratings  Services  ("S&P") or P-2 by  Moody's  Investors  Service,  Inc.
("Moody's"),  (e)~debt  securities  with maturities of one year or less from the
date of acquisition  issued or fully  guaranteed by any state,  commonwealth  or
territory of the United States, by any political subdivision or taxing authority
of any such state, commonwealth or territory or by any Person which are rated at
least A by S&P or A by Moody's,  (f) debt securities with maturities of one year
or less from the date of acquisition  backed by standby letters of credit issued
by any Lender or any commercial bank  satisfying the  requirements of clause~(b)
of this  definition,  (g)~shares  of money market  mutual or similar funds which
invest exclusively in assets satisfying the requirements of clauses~(a)  through
(f) of this definition or (h) securities similar in nature and maturity to those
described  in the  foregoing  clauses  (a) through  (g)  denominated  in foreign
currencies and owned by a Foreign Subsidiary.

     "Chase": The Chase Manhattan Bank.

     "Closing  Date":  the date on which the  conditions  precedent set forth in
subsection~4.1 of the Existing Credit Agreement were satisfied.

     "Co-Agents": as defined in the preamble hereto.

     "Code": the Internal Revenue Code of 1986, as amended from time to time.

     "Commitment  Period": in respect of the Revolving Credit  Commitments,  the
period from and including the Closing Date to but not including the  Termination
Date or such  earlier  date on which  the  Revolving  Credit  Commitments  shall
terminate as provided herein and, in respect of the Additional  Revolving Credit
Commitments, the period from and including the Second Restatement Effective Date
to but not  including  the  Termination  Date or such  earlier date on which the
Additional Revolving Credit Commitments shall terminate as provided herein.

     "Commitments":  collectively,  the Term  Loan  Commitments,  the  Revolving
Credit Commitments and the Additional Revolving Credit Commitments.

     "Commonly Controlled Entity": an entity, whether or not incorporated, which
is under common control with the Borrower  within the meaning of Section 4001 of

<PAGE>

ERISA or is part of a group which  includes the Borrower and which is treated as
a single employer under Section 414 of the Code.

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

     "Default":  any of the events  specified in  Section~7,  whether or not any
requirement  for the giving of notice,  the lapse of time, or both, or any other
condition, has been satisfied.

     "Dollars" and "$": dollars in lawful currency of the United States.

     "Domestic  Subsidiary":  any Subsidiary of the Borrower organized under the
laws of any jurisdiction within the United States.

     "Environmental  Laws":  any and  all  foreign,  Federal,  state,  local  or
municipal  laws,  rules,  orders,  regulations,   statutes,  ordinances,  codes,
decrees, requirements of any Governmental Authority or other Requirements of Law
(including  common  law)  regulating,  relating  to  or  imposing  liability  or
standards of conduct  concerning  protection of human health or the environment,
as now or may at any time hereafter be in effect.

     "Environmental  Permits":  any and all  permits,  licenses,  registrations,
notifications,  exemptions  and  any  other  authorization  required  under  any
Environmental Law.

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

     "Eurocurrency Reserve Requirements": for any day as applied to a Eurodollar
Loan, the aggregate  (without  duplication) of the rates (expressed as a decimal
fraction)  of reserve  requirements  in effect on such day  (including,  without
limitation,  basic,  supplemental,  marginal and  emergency  reserves  under any
regulations  of the Board of  Governors of the Federal  Reserve  System or other
Governmental  Authority having  jurisdiction  with respect thereto) dealing with
reserve requirements  prescribed for eurocurrency funding (currently referred to
as  "Eurocurrency  Liabilities" in  Regulation~D of such Board)  maintained by a
member bank of such System.

     "Eurodollar  Base  Rate":  with  respect to each day during  each  Interest
Period  pertaining to a Eurodollar Loan, the rate (rounded upward to the nearest
1/100th  of 1%)  appearing  on Page  3750  of the  Telerate  Service  (or on any
successor or substitute page of such Service,  or any successor to or substitute
for such  Service,  providing  rate  quotations  comparable  to those  currently
provided on such page of such Service, as determined by the Administrative Agent
from  time to time for  purposes  of  providing  quotations  of  interest  rates

<PAGE>

applicable to Dollar deposits in the London  interbank  market) at approximately
11:00 a.m.,  London time,  two Business Days prior to the  commencement  of such
Interest Period, as the rate for the offering of Dollar deposits with a maturity
comparable to such Interest Period. In the event that such rate is not available
at such time for any reason,  then the  Eurodollar  Base Rate for such  Interest
Period  shall be the rate at  which  Dollar  deposits  of  $5,000,000  and for a
maturity  comparable to such Interest Period are offered by the principal London
office of the Administrative Agent in immediately  available funds in the London
interbank  market at  approximately  11:00 a.m.,  London time, two Business Days
prior to the commencement of such Interest Period.

     "Eurodollar Loans": Loans the rate of interest applicable to which is based
upon the Eurodollar Rate.

     "Eurodollar  Rate":  with respect to each day during each  Interest  Period
pertaining  to a Eurodollar  Loan, a rate per annum  determined  for such day in
accordance with the following  formula (rounded upward to the nearest 1/100th of
1%):

                              Eurodollar Base Rate
                    1.00 - Eurocurrency Reserve Requirements

     "Event of Default": any of the events specified in Section~7, provided that
any  requirement  for the giving of notice,  the lapse of time,  or both, or any
other condition, has been satisfied.

     "Excess  Cash  Flow":  for any  fiscal  year,  the amount (if any) by which
(a)~the sum of (i)~Annualized  Consolidated  Operating Cash Flow for such fiscal
year plus  (ii)~any  interest  income  realized in cash of the  Borrower and its
Restricted Subsidiaries during such fiscal year exceeds (b) the sum of (i) Total
Debt  Service  for such fiscal year plus  (ii)~the  aggregate  amount of Capital
Expenditures  made by the Borrower and its Restricted  Subsidiaries  during such
fiscal year (net of long-term Indebtedness, if any, incurred by the Borrower and
its Restricted  Subsidiaries  during such fiscal year) plus (iii)~the  aggregate
amount of income taxes paid or payable by the Borrower (excluding any such taxes
attributable to the revenues of Unrestricted Subsidiaries for which the Borrower
has been or is  entitled  to be  reimbursed,  or has  received or is entitled to
receive a credit, pursuant to the terms of any Tax Allocation Agreement) and its
Restricted Subsidiaries during such fiscal year.

     "Existing Credit Agreement": as defined in the recitals hereto.

     "Financing Lease": any lease of property, real or personal, the obligations
of the lessee in respect of which are  required  in  accordance  with GAAP to be
capitalized on a balance sheet of the lessee.

<PAGE>

     "Foreign  Subsidiary":  any Subsidiary of the Borrower  organized under the
laws of any jurisdiction outside the United States.

     "GAAP":  generally  accepted  accounting  principles  in the United  States
consistent  with those  utilized in preparing the audited  financial  statements
referred to in subsection~4.1.

     "Governmental  Authority":  any  nation or  government,  any state or other
political subdivision thereof and any entity exercising executive,  legislative,
judicial, regulatory or administrative functions of or pertaining to government.

     "Guarantee":  the guarantee to be executed and delivered by each Restricted
Subsidiary  other  than a  Foreign  Subsidiary,  substantially  in the  form  of
Exhibit~C,  as the same may be amended,  supplemented or otherwise modified from
time to time.

     "Guarantee  Obligation":  as to any Person (the "guaranteeing person"), any
obligation of (a)~the  guaranteeing  person or (b)~another  Person to induce the
creation  of  which  the   guaranteeing   person  has  issued  a  reimbursement,
counterindemnity or similar obligation, in either case guaranteeing or in effect
guaranteeing  any  Indebtedness,  leases,  dividends or other  obligations  (the
"primary  obligations") of any other third Person (the "primary obligor") in any
manner,  whether  directly or indirectly,  including,  without  limitation,  any
obligation  of  the  guaranteeing  person,  whether  or not  contingent,  (i)~to
purchase any such primary  obligation  or any  property  constituting  direct or
indirect security therefor, (ii)~to advance or supply funds (1)~for the purchase
or payment of any such primary  obligation or (2)~to maintain working capital or
equity capital of the primary  obligor or otherwise to maintain the net worth or
solvency of the primary  obligor,  (iii)~to  purchase  property,  securities  or
services  primarily  for the purpose of assuring  the owner of any such  primary
obligation of the ability of the primary obligor to make payment of such primary
obligation  or  (iv)~otherwise  to assure or hold harmless the owner of any such
primary obligation against loss in respect thereof;  provided however,  that the
term Guarantee  Obligation  shall not include  endorsements  of instruments  for
deposit or collection in the ordinary course of business.

     The amount of any Guarantee  Obligation of any guaranteeing person shall be
deemed to be the  lower of (a)~an  amount  equal to the  stated or  determinable
amount of the primary  obligation in respect of which such Guarantee  Obligation
is made and (b)~the  maximum  amount for which such  guaranteeing  person may be
liable  pursuant  to  the  terms  of the  instrument  embodying  such  Guarantee
Obligation, unless such primary obligation and the maximum amount for which such
guaranteeing person may be liable are not stated or determinable,  in which case
the amount of such  Guarantee  Obligation  shall be such  guaranteeing  person's
maximum reasonably anticipated liability in respect thereof as determined by the
Borrower in good faith.

     "Guarantor": any Person party to the Guarantee.

<PAGE>

     "Incentive  Warrants":  shall mean the Stock Incentive Option as defined in
the Management  Agreement  (comprising two warrants each for 1,000,000 shares of
the  Borrower's  common  stock to be issued to INI  pursuant  to the  Management
Agreement).

     "Indebtedness":  of any Person at any date,  without  duplication,  (a)~all
indebtedness  of such Person for  borrowed  money or for the  deferred  purchase
price of  property or services  (other  than trade  liabilities  incurred in the
ordinary course of business and payable in accordance with customary practices),
(b)~any other  indebtedness  of such Person which is evidenced by a note,  bond,
debenture  or similar  instrument,  (c)~all  obligations  of such  Person  under
Financing Leases,  (d)~all obligations of such Person contingent or otherwise in
respect of banker's acceptances or similar instruments issued or created for the
account of such Person,  (e)~all obligations,  contingent or otherwise,  of such
Person as an  account  party  under  acceptance,  letter  of  credit or  similar
facilities and (f)~all  liabilities of the type described in clauses (a)~through
(e)~above  secured  by any Lien on any  property  owned by such  Person  (not to
exceed the value of such  property)  even  though such Person has not assumed or
otherwise become liable for the payment thereof.

     "Infinity": Infinity Broadcasting Corporation, a Delaware corporation.

     "INI":  (a)~Infinity Network Inc., a Delaware corporation that, on the date
hereof, is a wholly owned Subsidiary of Infinity,  or (b)~any other wholly owned
Subsidiary of Infinity that owns Capital Stock or other  ownership  interests of
the  Borrower;  provided that  Infinity  shall have notified the  Administrative
Agent of the name of such  other  Subsidiary  and the  amount of such  ownership
interests owned by such Subsidiary.

     "Insolvency":  with respect to any  Multiemployer  Plan, the condition that
such Plan is insolvent within the meaning of Section~4245 of ERISA.

     "Insolvent": pertaining to a condition of Insolvency.

     "Installment Date": as defined in subsection 2.7(a).

     "Interest  Payment  Date":  (a)~as  to any ABR  Loan,  the last day of each
March,  June,  September and December,  (b)~as to any Eurodollar  Loan having an
Interest  Period of three months or less, the last day of such Interest  Period,
and (c)~as to any  Eurodollar  Loan having an Interest  Period longer than three
months,  each day which is three months, or a whole multiple thereof,  after the
first day of such Interest Period and the last day of such Interest Period.

     "Interest Period": with respect to any Eurodollar Loan:

          (a)  initially,  the period  commencing on the borrowing or conversion
     date, as the case may be, with respect to such  Eurodollar  Loan and ending
     one, two, three or six months thereafter, as selected by the Borrower

<PAGE>

     in its notice of  borrowing  or notice of  conversion,  as the case may be,
     given with respect thereto; and

          (b)  thereafter,  each period  commencing  on the last day of the next
     preceding  Interest  Period  applicable to such  Eurodollar Loan and ending
     one, two,  three or six months  thereafter,  as selected by the Borrower by
     irrevocable notice to the Administrative Agent not less than three Business
     Days prior to the last day of the then current Interest Period with respect
     thereto;

provided that, all of the foregoing  provisions relating to Interest Periods are
subject to the following:

          (i) if any  Interest  Period  pertaining  to a  Eurodollar  Loan would
     otherwise end on a day that is not a Business  Day,  such  Interest  Period
     shall be extended to the next succeeding  Business Day unless the result of
     such extension would be to carry such Interest Period into another calendar
     month in which  event such  Interest  Period  shall end on the  immediately
     preceding Business Day;

          (ii) any  Interest  Period  that  would  otherwise  extend  beyond the
     Termination  Date or beyond the date final payment is due on the Term Loans
     shall end on the  Termination  Date or such date of final  payment,  as the
     case may be;

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

          (iv) the Borrower shall select Interest Periods so as not to require a
     payment or prepayment of any Eurodollar  Loan during an Interest Period for
     such Loan.

     "Interest  Rate  Protection  Agreement":  for any Person,  an interest rate
swap, cap or collar agreement or similar  arrangement  between such Person and a
financial institution providing for the transfer or mitigation of interest risks
either generally or under specific contingencies.

     "Investment": as defined in subsection~6.8.

     "Lien":   any  mortgage,   pledge,   hypothecation,   assignment,   deposit
arrangement,  encumbrance,  lien (statutory or other),  charge or other security
interest or any preference, priority or other security agreement or preferential
arrangement of any kind or nature whatsoever (including, without limitation, any
conditional  sale or other title  retention  agreement and any  Financing  Lease
having substantially the same economic effect as any of the foregoing).

<PAGE>

     "Loan": any loan or advance made by any Lender pursuant to this Agreement.

     "Loan  Documents":  this  Agreement,  any Notes,  the  Management  Services
Subordination Agreement and the Guarantee.

     "Loan Parties": the Borrower and each Subsidiary of the Borrower which is a
party to a Loan Document.

     "Majority  Additional  Revolving Credit Lenders":  at any time prior to the
expiration  or  termination  of the  Additional  Revolving  Credit  Commitments,
Lenders  having an aggregate  Applicable  Percentage of at least 51%; or, at any
time after the  expiration or termination  of the  Additional  Revolving  Credit
Commitments,  Lenders having total exposure of Additional Revolving Credit Loans
in an amount of at least 51% of the aggregate  Additional Revolving Credit Loans
then outstanding.

     "Majority Lenders": at any time prior to the satisfaction of the conditions
precedent set forth in subsection~4.1 on the Second Restatement  Effective Date,
Lenders  having  at least 51% of the  aggregate  Commitments;  and,  at any time
thereafter,  Lenders having total exposure  consisting of Term Loans,  Revolving
Credit  Commitments and Additional  Revolving Credit Commitments in an aggregate
amount of at least 51% of an amount equal to the sum of (a) the  aggregate  Term
Loans then outstanding plus (b) the aggregate  Revolving Credit Commitments plus
(c) the aggregate  Additional Revolving Credit Commitments or, at any time after
the termination or expiration of the Revolving Credit Commitments and Additional
Revolving Credit  Commitments,  Lenders having total exposure consisting of Term
Loans,  Revolving  Credit  Loans and  Additional  Revolving  Credit  Loans in an
aggregate  amount  of at  least  51% of an  amount  equal  to the sum of (x) the
aggregate Term Loans then  outstanding  plus (y) the aggregate  Revolving Credit
Loans then outstanding plus (z) the aggregate  Additional Revolving Credit Loans
then outstanding.

     "Majority Revolving Credit Lenders": at any time prior to the expiration or
termination  of the Revolving  Credit  Commitments,  Lenders having an aggregate
Applicable  Percentage of at least 51%; or, at any time after the  expiration or
termination of the Revolving Credit  Commitments,  Lenders having total exposure
of  Revolving  Credit  Loans  in an  amount  of at  least  51% of the  aggregate
Revolving Credit Loans then outstanding.

     "Majority  Term  Lenders":  at any time  prior to the  satisfaction  of the
conditions  precedent  set forth in  subsection~4.1  on the  Second  Restatement
Effective  Date,  Lenders  having  at  least  51% of  the  aggregate  Term  Loan
Commitments;  and at any time  thereafter,  Lenders  holding at least 51% of the
aggregate Term Loans then outstanding.

<PAGE>

     "Management  Agreement":  shall mean a  Management  Agreement  between  the
Borrower  and  Infinity  in  substantially  the form of  Exhibit  A to the Stock
Purchase Agreement, as the same shall be modified and supplemented and in effect
from time to time.

     "Management  Fees":  shall mean,  for any period,  fees and cash  incentive
bonuses  payable to Infinity under the Management  Agreement  during such period
for administrative, management and other services performed for the Borrower and
its Subsidiaries.

     "Management  Services  Subordination  Agreement":  the Second  Amended  and
Restated Management Services Subordination  Agreement  substantially in the form
of Exhibit B, as the same may be amended,  supplemented  or  otherwise  modified
from time to time.

     "Mandatory Reduction Date": as defined in subsection 2.4(b).

     "Material  Adverse Effect":  a material adverse effect on (a)~the business,
operations,  property, assets, liabilities or condition (financial or otherwise)
of the  Borrower  and its  Restricted  Subsidiaries  taken as a whole or (b) the
validity or  enforceability  of this or any of the other Loan  Documents  or the
rights or  remedies of the  Administrative  Agent or the  Lenders  hereunder  or
thereunder.

     "Material Environmental Amount": an amount finally determined to be payable
by the Borrower  and/or its  Subsidiaries  in excess of $1,000,000  for remedial
costs,  compliance  costs,   compensatory  damages,   punitive  damages,  fines,
penalties or any combination thereof.

     "Materials of Environmental Concern": any gasoline or petroleum (including,
without limitation,  crude oil or any fraction thereof) or petroleum products or
any hazardous or toxic  substances,  materials or wastes defined or regulated as
such in or under any Environmental Law, including, without limitation, asbestos,
polychlorinated biphenyls and urea-formaldehyde insulation.

     "Multiemplover  Plan": a Plan which is a  multiemployer  plan as defined in
Section~400 l(a)(3) of ERISA.

     "Non-Excluded Taxes": as defined in subsection 2.18(a).

     "Notes":  the  collective  reference to the  Revolving  Credit  Notes,  the
Additional Revolving Credit Notes and the Term Notes.

     "Participant": as defined in subsection~9.6(b).

     "PBGC": the Pension Benefit Guaranty  Corporation  established  pursuant to
Subtitle~A of Title IV of ERISA.

<PAGE>

     "Permitted Additional Indebtedness":  Indebtedness incurred by the Borrower
which is (i~unsecured, (ii)~no portion of the principal of which is required to
be repaid,  repurchased  or retired prior to October 31, 2004 (other than upon a
change of control of the  Borrower)  and  (iii)~has  other terms and  conditions
(other than those relating to interest rate, fees and premiums) which,  taken as
a whole, are no more restrictive on the Borrower (as determined in good faith by
the  Board of  Directors  of the  Borrower  in the  exercise  of its  reasonable
discretion) than the terms and conditions of this Agreement, as in effect on the
date of incurrence of such  Indebtedness,  provided,  that the Total Debt Ratio,
both prior to and after giving effect to the incurrence of such Indebtedness, is
less than 4.00:1.00.

     "Person": an individual,  partnership,  corporation,  business trust, joint
stock company, trust,  unincorporated association,  joint venture,  Governmental
Authority or other entity of whatever nature.

     "Plan": at a particular time, any employee benefit plan which is covered by
ERISA and in respect of which the  Borrower or a Commonly  Controlled  Entity is
(or, if such plan were  terminated  at such time,  would under  Section 4069  of
ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA.

     "Properties":  the facilities and properties  owned,  leased or operated by
the Borrower or any of its Subsidiaries.

     "Register" as defined in subsection 9.6(d).

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

     "Reorganization":  with respect to any  Multiemployer  Plan,  the condition
that such plan is in reorganization within the meaning of Section 4241 of ERISA.

     "Reportable  Event":  any of the  events  set  forth in  Section~4043(b)~of
ERISA,  other  than those  events as to which the  thirty  day notice  period is
waived under  subsections  .13, .14,  .16, .18, .19 or .20 of PBGC Reg.  Section
2615.

     "Requirement of Law": as to any Person,  the  Certificate of  Incorporation
and By-Laws or other  organizational or governing  documents of such Person, and
any law, treaty, rule or regulation or determination of an arbitrator or a court
or other Governmental Authority, in each case applicable to or binding upon such
Person or any of its  property or to which such Person or any of its property is
subject.

<PAGE>

     "Responsible  Officer":  the Chairman of the Board,  the Co-Chairman of the
Board, the chief executive officer,  the president,  the chief financial officer
or the senior vice president of financial operations of the Borrower.

     "Restricted  Subsidiary":  each  Subsidiary  of the Borrower  other than an
Unrestricted Subsidiary.

     "Revolving  Credit  Commitment":  as to any Lender,  the obligation of such
Lender to make Revolving Credit Loans to the Borrower  hereunder in an aggregate
principal  amount at any one time outstanding not to exceed the amount set forth
opposite such Lender's  name on Schedule I under the heading  "Revolving  Credit
Commitment",  as such amount may be changed from time to time in accordance with
the provisions of this Agreement

     "Revolving  Credit  Loans":  all loans  made or  deemed  made  pursuant  to
subsection~2.1(a).

     "Revolving Credit Note": as defined in subsection~2.7(e)

     "Second  Restatement  Effective  Date":  the date upon which the conditions
precedent set forth in subsection 4.1 shall be satisfied.

     "Single Employer Plan": any Plan which is covered by Title IV of ERISA, but
which is not a Multiemployer Plan.

     "Stock  Purchase  Agreement":  the  Stock  Purchase  Agreement  dated as of
November  4, 1993  among  Unistar  Communications  Group,  Inc.,  Unistar  Radio
Networks,  Inc.,  Infinity and the  Borrower,  as the same shall be modified and
supplemented and in effect from time to time.

     "Subsidiary": as to any Person, a corporation,  partnership or other entity
of which shares of stock or other  ownership  interests  having  ordinary voting
power (other than stock or such other ownership interests having such power only
by reason of the happening of a contingency) to elect a majority of the board of
directors or other managers of such corporation, partnership or other entity are
at the time owned, or the management of which is otherwise controlled,  directly
or  indirectly  through one or more  intermediaries,  or both,  by such  Person.
Unless   otherwise   qualified,   all  references  to  a   "Subsidiary"   or  to
"Subsidiaries"  in this Agreement shall refer to a Subsidiary or Subsidiaries of
the Borrower.

     "Tax Allocation Agreements": each Tax Allocation Agreement substantially in
the form of Exhibit G hereto,  each  between the  Borrower  and an  Unrestricted
Subsidiary, as the same may be amended,  supplemented or otherwise modified from
time to time.

<PAGE>

     "Term Loans": all loans made pursuant to subsection~2.5.

     "Term Loan Commitments": as to any Lender, the obligation of such Lender to
make Term Loans to the Borrower  hereunder in aggregate  principal amount not to
exceed the amount set forth  opposite such Lender's name on Schedule I under the
heading "Total Term Loan Commitment".

     "Term Note": as defined in subsection~2.7(e).

     "Termination Date": September~30, 2004.

     "Total Debt": the sum of, without duplication,  (a)~all Indebtedness (other
than  Indebtedness in respect of the undrawn amount of any letters of credit) of
the Borrower and its Restricted Subsidiaries, determined on a consolidated basis
and  (b)~all  Indebtedness  (other than  Indebtedness  in respect of the undrawn
amount of any letters of credit) of others for which a Guarantee  Obligation has
been given by the Borrower or any Restricted Subsidiary.

     "Total Debt Ratio": as of any date of determination  thereof,  the ratio of
(a)~Total  Debt  outstanding  as of  such  date to  (b)~Annualized  Consolidated
Operating  Cash Flow for the period of the four fiscal  quarters of the Borrower
ended on,  or most  recently  ended  prior  to,  such  date for which  financial
statements  have been,  or are  required  to have been,  provided to the Lenders
pursuant to subsection~5.1.

     "Total  Debt  Service":  as at  the  last  day of any  fiscal  year  of the
Borrower,  the sum (calculated without duplication) of all payments of principal
of and interest on Indebtedness of the Borrower and its Restricted  Subsidiaries
made or  scheduled  to be made during  such fiscal year (other than  payments of
principal which may be reborrowed), provided that, for any fiscal year ending on
or prior to the  Termination  Date,  "Total  Debt  Service"  shall  include  all
mandatory   reductions  of  the  Revolving  Credit  Commitments  and  Additional
Revolving  Credit   Commitments   pursuant  to   subsection~2.4(b)   or  2.4(c),
respectively, effected during such fiscal year.

     "Total  Fixed  Charge  Coverage  Ratio":  as of any  date of  determination
thereof,  the ratio of (a)~Annualized  Consolidated  Operating Cash Flow for the
period of four fiscal  quarters of the Borrower ended on, or most recently ended
prior to, such date to (b)~Total Fixed Charges for such period.

     "Total Fixed Charges":  for any period,  the sum of (a)~Total  Interest for
such period plus (b)~all  payments of principal of  Indebtedness of the Borrower
and its Restricted  Subsidiaries made or scheduled to be made during such period
(other than  payments  of  principal  which may be  reborrowed),  including  all
mandatory   reductions  of  the  Revolving  Credit  Commitments  and  Additional
Revolving  Credit   Commitments   pursuant  to   subsection~2.4(b)   or  2.4(c),
<PAGE>

respectively,  effected during such period plus  (c)~Capital  Expenditures  made
during such period plus (d)~the aggregate amount of income taxes paid or payable
by the  Borrower  (excluding  any such taxes  attributable  to the  revenues  of
Unrestricted  Subsidiaries  for which the Borrower has been or is entitled to be
reimbursed,  or has received or is entitled to receive a credit, pursuant to the
terms of any Tax Allocation  Agreement) and its Restricted  Subsidiaries  during
such fiscal year.

     "Total  Interest":  for any period,  all interest,  whether paid in cash or
accrued as a  liability,  on all  Indebtedness  (including  imputed  interest on
Financing Leases) of the Borrower and its Restricted Subsidiaries, determined on
a consolidated basis, during such period.

     "Total Interest Coverage Ratio":  as of any date of determination  thereof,
the ratio of (a)~Annualized  Consolidated  Operating Cash Flow for the period of
four fiscal  quarters of the Borrower ended on, or most recently ended prior to,
such date to (b)~Total Interest for such period.

     "Tranche":  the collective  reference to Eurodollar  Loans the then current
Interest  Periods with respect to all of which begin on the same date and end on
the same later date (whether or not such Loans shall  originally  have been made
on the same day).

     "Transferee": as defined in subsection~9.6(f).

     "Type": as to any Loan, its nature as an ABR Loan or a Eurodollar Loan

     "United States": the United States of America.

     "Unrestricted  Investment  Basket": at any time, an amount equal to the sum
of the following:

          (a)   any  Excess  Cash  Flow  of  the  Borrower  and  its  Restricted
     Subsidiaries  for any fiscal year commencing with the fiscal year ending on
     December~31, 1999 plus

          (b)   the  aggregate  net  cash  proceeds  received  by  the  Borrower
     subsequent to the Second  Restatement  Effective  Date from the issuance of
     shares of its Capital Stock.

     "Unrestricted  Subsidiary":  any  Subsidiary of the Borrower which has been
organized  or  acquired  after the date  hereof and  designated  by the Board of
Directors of the Borrower as an  "Unrestricted  Subsidiary",  provided,  in each
case, that at the time any such other Subsidiary is so organized or acquired and
at all times thereafter:

          (a)  none  of  the  issued  and  outstanding  capital  stock  of  such
     Subsidiary  (or  any  Subsidiary  of  such  Subsidiary)  is  owned  by  any
     Restricted Subsidiary;

<PAGE>
          (b) except as permitted by subsection~6.8(g),  no proceeds of any Loan
     hereunder  are used to finance  or pay any cost or  expense  related to the
     organization  of, or  acquisition  of the  assets or  properties  of,  such
     Subsidiary (or any Subsidiary of such Subsidiary);

          (c) except as permitted by subsection~6.8(g), neither the Borrower nor
     any Restricted Subsidiary is at the time such Subsidiary (or any Subsidiary
     of such  Subsidiary) is organized or acquired or at any time thereafter (x)
     directly or indirectly liable  (contingently or otherwise),  or provides or
     is  obligated  to  provide  any  credit  support,   for  any   Indebtedness
     (including,  without limitation,  any undertaking,  agreement or instrument
     evidencing such  Indebtedness)  or other  obligation of such Subsidiary (or
     any Subsidiary of such  Subsidiary),  (y)~obligated to contribute any funds
     or other property to such Subsidiary (or any Subsidiary of such Subsidiary)
     or (z) otherwise  directly or  indirectly  obligated to any other Person on
     account of the Indebtedness,  other  obligations or financial  condition of
     such Subsidiary (or any Subsidiary of such Subsidiary) except to the extent
     of a pledge or security interest in the Capital Stock owned by the Borrower
     of  such  Subsidiary  as  collateral   security  for  obligations  of  such
     Subsidiary (or any Subsidiary of such Subsidiary);

          (d)  no  agreements,  instruments  or  other  documents  governing  or
     evidencing any  Indebtedness  of such Subsidiary (or any Subsidiary of such
     Subsidiary) contains a cross-default or cross-acceleration  clause or other
     "event of  default"  or  similar  event the  occurrence  of which  (with or
     without  notice  or lapse  of time or both)  causes  or  would  permit  the
     holder(s)  thereof  to  cause  such  Indebtedness  to  become  due or to be
     required  to be  purchased  or redeemed  by such  Subsidiary  or any of its
     Affiliates  prior to its  stated  maturity  or to take  enforcement  action
     against such  Subsidiary (or any Subsidiary of such  Subsidiary)  solely by
     reason of (x) the  occurrence  of a Default or Event of Default  hereunder,
     (y) the occurrence of any default or other event or condition in respect of
     any  other   Indebtedness   of  the  Borrower  or  any  of  its  Restricted
     Subsidiaries (including, without limitation,  subordinated debt) or (z) the
     occurrence of any event or condition with respect to the Borrower or any of
     its Restricted  Subsidiaries other than any event or condition described in
     Section~7(f) with respect to the Borrower;

          (e)  the  Borrower  and  such  Subsidiary  (or  another   Unrestricted
     Subsidiary  of which such  Subsidiary is a  Subsidiary),  acting on its own
     behalf  and  on  behalf  of  its  Subsidiaries,  have  entered  into  a Tax
     Allocation Agreement,  which Agreement shall be in full force and effect at
     the  time  such  Subsidiary  is  organized  or  acquired  and at all  times
     thereafter, and

          (f) the Borrower has  notified the Lenders as to the  organization  or
     acquisition  of such  Subsidiary  as  required  by  subsection~5.9  and the
     Borrower  is  in  compliance  with  its  other  obligations  set  forth  in
     subsection~5.9.

<PAGE>

     1.2......Other Definitional Provisions.

     (a) Definitions  Apply to Notes, Etc. Unless otherwise  specified  therein,
all terms defined in this Agreement shall have the defined meanings when used in
any  Notes or any  certificate  or other  document  made or  delivered  pursuant
hereto.

     (b) Accounting  Terms. As used herein and in any Notes, and any certificate
or other document made or delivered  pursuant hereto,  accounting terms relating
to  the  Borrower  and  its  Subsidiaries  not  defined  in  subsection~1.1  and
accounting  terms partly defined in  subsection 1.1,  to the extent not defined,
shall have the respective meanings given to them under GAAP.

     (c)  Certain  General   References.   The  words  "hereof,"   "herein"  and
"hereunder"  and words of similar import when used in this Agreement shall refer
to  this  Agreement  as a  whole  and not to any  particular  provision  of this
Agreement, and Section, subsection,  Schedule and Exhibit references are to this
Agreement unless otherwise specified.

     (d) Singular and Plural.  The meanings  given to terms defined herein shall
be equally applicable to both the singular and plural forms of such terms.

                   SECTION 2. AMOUNT AND TERMS OF COMMITMENTS

     2.1......Revolving  Credit  Commitments  and  Additional  Revolving  Credit
Commitments.

     (a) Revolving  Credit Loans.  Subject to the terms and  conditions  hereof,
each Lender severally agrees to make revolving credit loans  ("Revolving  Credit
Loans") to the Borrower from time to time during the  Commitment  Period for the
Revolving  Credit  Commitments in an aggregate  principal amount at any one time
outstanding  which does not exceed the amount of such Lender's  Revolving Credit
Commitment,  provided  that at no time shall the aggregate  principal  amount of
Revolving  Credit  Loans exceed the  aggregate  amount of the  Revolving  Credit
Commitments as then in effect.  During such  Commitment  Period the Borrower may
use the  Revolving  Credit  Commitments  by  borrowing,  prepaying the Revolving
Credit Loans in whole or in part, and  reborrowing,  all in accordance  with the
terms and  conditions  hereof.  Revolving  Credit  Loans  outstanding  under the
Existing  Credit  Agreement on the Second  Restatement  Effective  Date shall be
automatically  continued  as  Revolving  Credit  Loans  hereunder  on the Second
Restatement Effective Date.

     (b) Additional  Revolving Credit Loans. Subject to the terms and conditions
hereof, each Lender severally agrees to make revolving credit loans ("Additional
Revolving Credit Loans") to the Borrower from time to time during the Commitment
Period for the Additional Revolving Credit Commitments in an aggregate principal

<PAGE>

amount at any one time  outstanding  which  does not  exceed  the amount of such
Lender's Additional Revolving Credit Commitment,  provided that at no time shall
the aggregate  principal amount of Additional  Revolving Credit Loans exceed the
aggregate  amount of the  Additional  Revolving  Credit  Commitments  as then in
effect.  During  such  Commitment  Period the  Borrower  may use the  Additional
Revolving Credit  Commitments by borrowing,  prepaying the Additional  Revolving
Credit Loans in whole or in part, and  reborrowing,  all in accordance  with the
terms and conditions hereof.

     (c) Types of Loans.  The Revolving  Credit Loans and  Additional  Revolving
Credit Loans may from time to time be  (i)~Eurodollar  Loans,  (ii)~ABR Loans or
(iii) a  combination  thereof, as determined by the Borrower and notified to the
Administrative  Agent in accordance with subsections~2.2 and 2.10, provided that
no Revolving Credit Loan or Additional Revolving Credit Loans shall be made as a
Eurodollar Loan after the day that is one month prior to the Termination Date.

     2.2......Procedure for Revolving Credit Borrowing.  The Borrower may borrow
under  the  Revolving  Credit   Commitments  and  Additional   Revolving  Credit
Commitments  during  the  applicable  Commitment  Period  on any  Business  Day,
provided  that the  Borrower  shall give the  Administrative  Agent  irrevocable
notice  (which  notice  must be received  by the  Administrative  Agent prior to
11:30~a.m.,  New York City time,  (a) three Business Days prior to the requested
Borrowing  Date, if all or any part of the requested  Revolving  Credit Loans or
Additional  Revolving  Credit Loans are to be  initially  Eurodollar  Loans,  or
(b)~one  Business  Day  prior  to  the  requested  Borrowing  Date,   otherwise,
specifying  (i)~the amount to be borrowed,  (ii)~the  requested  Borrowing Date,
(iii)~whether  the  borrowing  is to be of  Eurodollar  Loans,  ABR  Loans  or a
combination  thereof and (iv)~if  the  borrowing  is to be entirely or partly of
Eurodollar  Loans,  the  respective  amounts  of each  such Type of Loan and the
respective lengths of the initial interest Periods therefore.  Each borrowing by
the Borrower  under the Revolving  Credit  Commitments  or Additional  Revolving
Credit  Commitments shall be in an amount equal to (x) in the case of ABR Loans,
$500,000 or a whole  multiple of  $100,000  in excess  thereof  (or, if the then
Available Revolving Credit Commitments or Available  Additional Revolving Credit
Commitments  are less than $500,000,  such lesser amount) and (y) in the case of
Eurodollar  Loans,  $3,000,000  or a whole  multiple  of  $1,000,000  in  excess
thereof.  Upon receipt of any such notice from the Borrower,  the Administrative
Agent  shall  promptly  notify each  Lender  thereof.  Each Lender will make the
amount of its pro rata share of each borrowing  available to the  Administrative
Agent for the account of the Borrower at the office of the Administrative  Agent
specified  in  subsection 9.2  prior to 11:00 a.m.,  New York City time,  on the
Borrowing Date requested by the Borrower in funds  immediately  available to the
Administrative Agent. Such borrowing will then be made available to the Borrower
by the  Administrative  Agent crediting the account of the Borrower on the books
of  such  office  with  the  aggregate  of the  amounts  made  available  to the
Administrative  Agent  by the  Lenders  and in like  funds  as  received  by the
Administrative Agent.

<PAGE>

     2.3......Commitment  Fee. The Borrower agrees to pay to the  Administrative
Agent for the  account of each Lender a  commitment  fee for the period from and
including the first day of the Commitment  Period for Revolving  Credit Loans to
the Termination  Date,  computed at the rate of 1/4 of 1% per annum on an amount
equal to the sum of (i) such Lender's Applicable Percentage of the average daily
amount of the  Available  Revolving  Credit  Commitments  and (ii) such Lender's
Applicable  Percentage of the average  daily amount of the Available  Additional
Revolving Credit  Commitments and (iii) such  Lender's ratable share of the then
undrawn and available Term Loan Commitments, during the period for which payment
is made. Such  commitment fee shall be payable  quarterly in arrears on the last
day of each March,  June,  September and December and on the Termination Date or
such earlier date as the Revolving  Credit  Commitments or Additional  Revolving
Credit  Commitments,   as  applicable,   shall  terminate  as  provided  herein,
commencing on the first of such dates to occur after the date hereof.

     2.4......Termination  or  Reduction  of  Revolving  Credit  Commitments  or
Additional Revolving Credit Commitments.

     (a) Voluntary Termination or Reduction.  The Borrower shall have the right,
upon not less than one Business  Day's notice to the  Administrative  Agent,  to
terminate the  Revolving  Credit  Commitments  or  Additional  Revolving  Credit
Commitments,  or from time to time to reduce the amount of the Revolving  Credit
Commitments  or Additional  Revolving  Credit  Commitments to an amount not less
than the  aggregate  principal  amount of Revolving  Credit Loans or  Additional
Revolving  Credit Loans, as applicable,  outstanding  after giving effect to any
prepayments of the Revolving  Credit Loans or Additional  Revolving Credit Loans
being  made on the date of such  reduction.  Any such  reduction  shall be in an
amount equal to $500,000 or a whole  multiple of $100,000 in excess  thereof and
shall  reduce   permanently  the  Revolving  Credit  Commitments  or  Additional
Revolving Credit Commitments,  as applicable, then in effect. Any such reduction
of Revolving  Credit  Commitments  shall also reduce pro rata the amounts of the
then remaining mandatory reductions specified in subsection 2.4(b).

     (b) Mandatory Termination or Reduction of Revolving Credit Commitments. The
Revolving  Credit  Commitments in effect on the date hereof (i.e.  $105,000,000)
shall be  automatically  reduced on each of the dates  specified  below (each, a
"Mandatory  Reduction  Date"),  commencing on December 31, 2000, by an aggregate
amount equal to the amount set forth opposite such date:

 <PAGE>

<TABLE>
<CAPTION>
                                                                   Commitment
                               Mandatory                           Reduction
                             Reduction Date                          Amount
                           <S>                                     <C>

                           December 31, 2000                       $3,000,000

                           March 31, 2001                          $4,500,000
                           June 30, 2001                           $4,500,000
                           September 30, 2001                      $4,500,000

                           March 31, 2002                          $6,000,000
                           June 30, 2002                           $6,000,000
                           September 30, 2002                      $6,000,000
                           December 31, 2002                       $6,000,000

                           March 31, 2003                          $7,500,000
                           June 30, 2003                           $7,500,000
                           September 30, 2003                      $7,500,000
                           December 31, 2003                       $7,500,000

                           March 31, 2004                          $9,996,000
                           June 30, 2004                           $9,996,000
                           September 30, 2004                     $10,008,000

</TABLE>

     (c) Mandatory  Reduction of Additional  Revolving Credit  Commitments.  The
Additional  Revolving Credit Commitments shall be automatically  reduced to zero
on the Termination Date.

     (d) Outstandings Exceeding  Commitments.  If the aggregate then outstanding
principal amounts of Revolving Credit Loans or Additional Revolving Credit Loans
shall  exceed  the  aggregate  amount of the  Revolving  Credit  Commitments  or
Additional Revolving Credit Commitments,  as applicable,  as reduced at any time
pursuant to  subsection 2.4(b)  or 2.9(d),  the Borrower shall prepay  Revolving
Credit Loans or Additional Revolving Credit Loans, as applicable,  to the extent
outstanding  in an amount equal to such excess.  Each such  prepayment  shall be
accompanied  by payment  of accrued  interest  on the  amount  prepaid  plus any
amounts payable pursuant to subsection 2.19.

     2.5 Term Loans.  Set forth opposite each Lender's name in Schedule I is the
aggregate  amount of term loans (each,  a "Term Loan") made by such Lender under
the Existing Credit Agreement and outstanding on the date hereof. The Term Loans
may  from  time to time be  (i) Eurodollar  Loans,  (ii) ABR  Loans  or  (iii) a

<PAGE>

combination  thereof,  as  determined  by  the  Borrower  and  notified  to  the
Administrative  Agent in accordance  with  subsections  2.6 and 2.10. Term Loans
outstanding  under the  Existing  Credit  Agreement  on the  Second  Restatement
Effective Date shall be  automatically  continued as Term Loans hereunder on the
Second Restatement Effective Date.

     2.6 Intentionally  Left Blank.  This subsection 2.6 has been  intentionally
left blank.

     2.7 Repayment of Loans; Evidence of Debt.

     (a) Repayment.  The Borrower hereby unconditionally  promises to pay to the
Administrative  Agent  for  the  account  of each  Lender  (i) the  then  unpaid
principal amount of each Revolving  Credit Loan and Additional  Revolving Credit
Loan of such Lender on the  Termination  Date (or such earlier date on which the
Revolving  Credit Loans or Additional  Revolving  Credit Loans,  as  applicable,
become due and payable pursuant to Section 7) and (ii) the  aggregate  principal
amount  of  the  Term  Loans  of  such  Lender,  in  16  consecutive   quarterly
installments,   payable  on  each  of  the  dates   specified  below  (each,  an
"Installment  Date") in an amount equal to such Lender's ratable share (based on
the then  outstanding  principal  amount  of the  Term  Loans  then  held by the
Lenders) of the amount set forth opposite such date:

<TABLE>
<CAPTION>

            Installment Date                                     Amount
            <S>                                               <C>

            December 31, 2000                                 $2,500,000

            March 31, 2001                                    $2,500,000
            June 30, 2001                                     $2,500,000
            September 30, 2001                                $2,500,000
            December 31, 2001                                 $2,500,000

            March 31, 2002                                    $3,750,000
            June 30, 2002                                     $3,750,000
            September 30, 2002                                $3,750,000
            December 31, 2002                                 $3,750,000

            March 31, 2003                                    $5,000,000
            June 30, 2003                                     $5,000,000
            September 30, 2003                                $5,000,000
            December 31, 2003                                 $5,000,000

            March 31, 2004                                    $6,666,666
            June 30, 2004                                     $6,666,666
            September 30, 1994                                $6,666,668

</TABLE>

<PAGE>

(or the then unpaid  principal  amount of such Term Loans,  on the date that the
Term Loans become due and payable  pursuant to Section 7).  The Borrower  hereby
further agrees to pay interest on the unpaid  principal amount of the Loans from
time to time  outstanding  from the date hereof until payment in full thereof at
the rates per annum, and on the dates, set forth in subsection 2.12.

     (b) Maintenance of Accounts.  Each Lender shall maintain in accordance with
its usual  practice  an  account  or  accounts  evidencing  indebtedness  of the
Borrower  to such  Lender  resulting  from each Loan of such Lender from time to
time,  including the amounts of principal and interest  payable and paid to such
Lender from time to time under this Agreement.

     (c) Register. The Administrative Agent shall maintain the Register pursuant
to  subsection 9.6(d),  and a subaccount therein for each Lender, in which shall
be recorded (i) the amount of each Revolving Credit Loan,  Additional  Revolving
Credit Loan and Term Loan made hereunder, the Type thereof, each Interest Period
applicable thereto, (ii) the amount of any principal or interest due and payable
or to become due and payable  from the  Borrower to each  Lender  hereunder  and
(iii) both the amount of any sum received by the Administrative  Agent hereunder
from the Borrower and each Lender's share thereof.

     (d)  Treatment  of Account and  Register  Entries.  The entries made in the
Register   and   the   accounts   of  each   Lender   maintained   pursuant   to
subsection 2.7(b)  shall,  to the extent  permitted by applicable  law, be prima
facie  evidence of the existence and amounts of the  obligations of the Borrower
therein  recorded;  provided,  however,  that the  failure  of any Lender or the
Administrative  Agent to maintain the Register or any such account, or any error
therein,  shall not in any manner affect the obligation of the Borrower to repay
(with  applicable  interest)  the Loans made to such  Borrower by such Lender in
accordance with the terms of this Agreement.

     (e) Notes. The Borrower agrees that, upon the request to the Administrative
Agent by any Lender,  the Borrower will execute and deliver to such Lender (i) a
promissory  note of the Borrower  evidencing the Revolving  Credit Loans of such
Lender,  substantially in the form of Exhibit A-1 with appropriate insertions as
to date  and  principal  amount  (a  "Revolving  Credit  Note"),  and/or  (ii) a
promissory note of the Borrower evidencing the Additional Revolving Credit Loans
of such  Lender,  substantially  in the form of  Exhibit  A-1  with  appropriate
insertions  as to date and principal  amount (an  "Additional  Revolving  Credit
Note"),  and/or (iii) a promissory note of the Borrower evidencing the Term Loan
of such  Lender,  substantially  in the form of  Exhibit  A-2  with  appropriate
insertions as to date and principal amount (a "Term Note").

<PAGE>

     2.8 Optional Prepayments. The Borrower may, on the last day of any Interest
Period with respect thereto, in the case of Eurodollar Loans, or at any time and
from time to time,  in the case of ABR Loans,  prepay the Loans,  in whole or in
part,  without  premium  or  penalty,  upon at least  (i) three  Business  Days'
irrevocable notice to the Administrative  Agent, in the case of Eurodollar Loans
or (ii) one Business Day's irrevocable  notice to the  Administrative  Agent, in
the case of ABR Loans,  specifying the date and amount of prepayment and whether
the prepayment is of Eurodollar Loans, ABR Loans or a combination thereof,  and,
if of a combination  thereof,  the amount  allocable to each and  specifying the
type of Loans to be prepaid.  Upon receipt of any such notice the Administrative
Agent shall promptly notify each Lender  thereof.  In the case of prepayments of
the Term Loans only, such prepayments shall be accompanied by payment of accrued
interest to such date on the amount  prepaid.  Partial  prepayments  of the Term
Loans shall be applied to the  installments of principal  thereof in the inverse
order of their scheduled maturities,  provided that if the Borrower so elects by
notice to the Administrative Agent, all or any portion of an optional prepayment
of any amount  otherwise  required to be applied to the installments of the Term
Loans in the inverse order of their  maturities  shall instead be applied to the
installments of the Term Loans,  first in the direct order of their  maturities,
so long  as the  installments  to  which  such  application  is to be  made  are
scheduled to be paid within 270 days of such optional  prepayment  and second in
inverse order of their maturities.  Amounts prepaid on account of the Term Loans
may not be reborrowed.  Each partial  prepayment  shall be in an amount equal to
(i) in the case of ABR Loans, $500,000 or a whole multiple of $100,000 in excess
thereof and (ii) in the case of Eurodollar Loans, $1,000,000 or a whole multiple
of $1,000,000 in excess thereof.

     2.9 Mandatory Prepayments and Commitment Reductions.

     (a) Intentionally Left Blank. This subsection 2.9(a) has been intentionally
left blank.

     (b)  Dispositions.  If the Borrower or any of its  Restricted  Subsidiaries
shall  receive  any net cash  proceeds  from the  sale or other  disposition  of
property,  businesses or assets (except for (i) sales or other  dispositions  of
obsolete or worn out property and  (ii) sales of inventory or other  property in
the  ordinary  course of  business)  and such  proceeds are not used to purchase
other assets within 12 months of receipt  thereof,  the Borrower  shall apply an
amount equal to 100% of the portion of such net cash proceeds not so used to the
prepayment of the Loans and to the permanent  reduction of the Revolving  Credit
Commitments  and Additional  Revolving  Credit  Commitments  in accordance  with
subsection 2.9(d).

     (c) Casualty Events. If the Borrower or any of its Restricted  Subsidiaries
shall receive any proceeds from any insurance on the property of the Borrower or
its Restricted Subsidiaries (other than business interruption  insurance),  then
the  Borrower  shall  apply 100% of such  proceeds,  to the extent  they are not
reasonably  promptly  applied  to the  repair  or  replacement  of the  affected

<PAGE>

property  to which such  proceeds  relate  (or to the  payment of taxes or other
expenses related to such property or the repayment of any  Indebtedness  secured
thereby),  to the prepayment of the Loans and to the permanent  reduction of the
Revolving  Credit  Commitments and Additional  Revolving  Credit  Commitments in
accordance with subsection 2.9(d).

     (d)  Application.  Each prepayment of the Loans and permanent  reduction of
the Revolving Credit  Commitments and Additional  Revolving  Credit  Commitments
pursuant to this subsection  shall be applied first, to the permanent  repayment
of the  Term  Loans  (ratably  among  them in  accordance  with  the  respective
aggregate then  outstanding  principal  amounts thereof) in the inverse order of
their   scheduled   maturities   (except   that  any   prepayment   pursuant  to
subsection 2.9(b)   shall  be  applied  ratably  to  such  remaining   scheduled
installments)  and second,  to the permanent  reduction of the Revolving  Credit
Commitments and Additional  Revolving Credit Commitments  (ratably among them in
accordance  with the then respective  aggregate  outstanding  principal  amounts
thereof) and, to the extent required by subsection 2.4(c),  to the prepayment of
Revolving  Credit  Loans  and  Additional  Revolving  Credit  Loans.  Each  such
reduction of the Revolving Credit  Commitments  shall reduce,  in inverse order,
the mandatory  reductions  required on each Mandatory Reduction Date except that
any such reduction of Revolving Credit Commitments pursuant to subsection 2.9(b)
shall reduce pro rata the mandatory  reductions  then required on each remaining
Mandatory  Reduction Date. Each such prepayment  shall be accompanied by payment
of accrued  interest on the amount prepaid plus any amounts payable  pursuant to
subsection 2.19.

     (e) Certain  Deferrals  of  Prepayments.  Notwithstanding  anything in this
subsection to the contrary: (i) no prepayment of Loans or reduction of Revolving
Credit Commitments or Additional Revolving Credit Commitments pursuant to either
paragraph (b)  or (c) above shall be required to be made until the last Business
Day of December of the then current  fiscal year of the Borrower or, if earlier,
the date on which the aggregate of the amounts to be applied to such  prepayment
and/or reduction in such fiscal year as provided in such  paragraphs (b) and (c)
equals or exceeds $1,000,000,  after which date all such amounts received during
such fiscal year shall be applied to such prepayment and/or reduction as therein
provided;  and  (ii) if the  Borrower so elects by notice to the  Administrative
Agent no later  than 15  Business  Days prior to any date that a  prepayment  of
Eurodollar  Loans  would be required  to be made but for this  clause  (ii),  no
prepayment of Eurodollar Loans pursuant to this  subsection shall be required to
be made except on the last day(s) of the respective  Interest Period(s) therefor
in effect at the time such  prepayments  would  otherwise be required to be made
provided,  that on any date  that a  prepayment  of  Eurodollar  Loans  would be
required   to   be   made   but   for   this   subsection the   Borrower   shall
cash-collateralize  such  payment  in a manner  reasonably  satisfactory  to the
Administrative Agent.

<PAGE>

     2.10 Conversion and Continuation Options.

     (a)  Conversion  of Loans.  The  Borrower  may  elect  from time to time to
convert  Eurodollar  Loans to ABR Loans, by giving the  Administrative  Agent at
least one Business Day's prior  irrevocable  notice of such  election,  provided
that any such conversion of Eurodollar Loans may only be made on the last day of
an Interest  Period with  respect  thereto.  The Borrower may elect from time to
time to convert ABR Loans to Eurodollar Loans by giving the Administrative Agent
at least three Business  Days' prior  irrevocable  notice of such election.  Any
such notice of conversion  to  Eurodollar  Loans shall specify the length of the
initial Interest Period or Interest Periods  therefor.  Upon receipt of any such
notice the Administrative  Agent shall promptly notify each Lender thereof.  All
or any part of  outstanding  Eurodollar  Loans and ABR Loans may be converted as
provided  herein,  provided that (i) no Loan may be converted  into a Eurodollar
Loan  when  any  Event  of  Default  has  occurred  and is  continuing  and  the
Administrative  Agent has or the Majority  Lenders have  determined  that such a
conversion  is  not  appropriate  and  (ii) no  Loan  may  be  converted  into a
Eurodollar Loan after the date that is one month prior to the  Termination  Date
(in the case of Revolving Credit Loans or Additional  Revolving Credit Loans) or
the date of the final installment of principal of the Term Loans (in the case of
Term Loans).

     (b)  Continuation  of Loans.  Any Eurodollar  Loan may be continued as such
upon the expiration of the then current  Interest Period with respect thereto by
the Borrower giving notice to the  Administrative  Agent, in accordance with the
applicable provisions of the term "Interest Period" set forth in subsection 1.1,
of the  length of the next  Interest  Period  to be  applicable  to such  Loans,
provided that no Eurodollar  Loan may be continued as such (i) when any Event of
Default has occurred and is continuing and the  Administrative  Agent has or the
Majority  Lenders have determined that such a continuation is not appropriate or
(ii) after the date that is one month prior to the Termination Date (in the case
of Revolving  Credit Loans or Additional  Revolving Credit Loans) or the date of
the final installment of principal of the Term Loans (in the case of Term Loans)
and provided, further, that if the Borrower shall fail to give such notice or if
such  continuation is not permitted such Loans shall be automatically  converted
to ABR Loans on the last day of such then expiring Interest Period.

     2.11  Minimum  Amounts  and Maximum  Number of  Tranches.  All  borrowings,
conversions and  continuations of Loans hereunder and all selections of Interest
Periods  hereunder  shall  be in  such  amounts  and be  made  pursuant  to such
elections so that, after giving effect thereto,  the aggregate  principal amount
of the Loans  comprising  each Tranche  shall be equal to  $3,000,000 or a whole
multiple of $1,000,000 in excess  thereof.  In no event shall there be more than
ten Tranches outstanding at any time.

<PAGE>

     2.12 Interest Rates and Payment Dates.

     (a) Eurodollar Loans. Each Eurodollar Loan shall bear interest for each day
during each  Interest  Period with respect  thereto at a rate per annum equal to
the Eurodollar Rate determined for such day plus the Applicable Margin.

     (b) ABR Loans.  Each ABR Loan shall bear interest at a rate per annum equal
to the ABR plus the Applicable Margin.

     (c) Default Interest. If all or a portion of (i) any principal of any Loan,
(ii) any  interest payable thereon,  (iii) any  commitment fee or (iv) any other
amount  payable  hereunder  shall not be paid when due  (whether  at the  stated
maturity, by acceleration or otherwise), the principal of the Loans and any such
overdue interest,  commitment fee or other amount shall, to the extent permitted
by applicable law, bear interest at a rate per annum which is (x) in the case of
principal,  the rate that would otherwise be applicable  thereto pursuant to the
foregoing  provisions of this  subsection plus 2% or (y) in the case of any such
overdue  interest,  commitment  fee or  other  amount,  the  rate  described  in
paragraph (b)  of this  subsection  plus 2%,  in each case from the date of such
non-payment  until such overdue  principal,  interest,  commitment  fee or other
amount is paid in full (as well after as before judgment).

     (d) Interest  Payment  Dates.  Interest shall be payable in arrears on each
Interest Payment Date, provided that interest accruing pursuant to paragraph (c)
of this  subsection  shall be payable  from time to time on demand.  Interest on
Revolving  Credit  Loans  and Term  Loans  accrued  under  the  Existing  Credit
Agreement prior to the Second Restatement Effective Date shall be payable on the
respective  Interest  Payment  Dates for such Loans  occurring  after the Second
Restatement Effective Date.

     2.13 Computation of Interest and Fees.

     (a) Computation.  Whenever it is calculated on the basis of the Prime Rate,
interest  shall be  calculated  on the basis of a 365- (or 366-, as the case may
be) day  year  for  the  actual  days  elapsed,  and,  otherwise,  interest  and
commitment  fees  shall be  calculated  on the basis of a  360-day  year for the
actual days  elapsed.  The  Administrative  Agent  shall as soon as  practicable
notify the Borrower and the Lenders of each  determination of a Eurodollar Rate.
Any change in the interest rate on a Loan  resulting from a change in the ABR or
the Eurocurrency  Reserve  Requirements shall become effective as of the opening
of  business  on  the  day  on  which  such  change   becomes   effective.   The
Administrative  Agent shall as soon as  practicable  notify the Borrower and the
Lenders of the  effective  date and the amount of each such  change in  interest
rate.

     (b)  Determinations  of  Interest  Conclusive.  Each  determination  of  an
interest  rate by the  Administrative  Agent  pursuant to any  provision of this

<PAGE>

Agreement shall be conclusive and binding on the Borrower and the Lenders in the
absence of manifest error. The Administrative Agent shall, at the request of the
Borrower, deliver to the Borrower a statement showing the quotations used by the
Administrative   Agent  in   determining   any   interest   rate   pursuant   to
subsection 2.12(a) or (c).

     2.14 Inability to Determine Interest Rate. If prior to the first day of any
Interest Period:

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

          (b) the  Administrative  Agent  shall have  received  notice  from the
     Majority  Lenders that the Eurodollar  Rate  determined or to be determined
     for such Interest Period will not adequately and fairly reflect the cost to
     such  Lenders  (as  conclusively  certified  by such  Lenders) of making or
     maintaining   their  affected  Loans  during  such  Interest  Period,

the Administrative Agent shall give telecopy or telephonic notice thereof to the
Borrower and the Lenders as soon as  practicable  thereafter.  If such notice is
given (x) any  Eurodollar  Loans  requested  to be made on the first day of such
Interest Period shall be made as ABR Loans, (y) any Loans that were to have been
converted on the first day of such Interest Period to Eurodollar  Loans shall be
converted to or continued as ABR Loans and (z) any outstanding  Eurodollar Loans
shall be  converted,  on the first day of such  Interest  Period,  to ABR Loans.
Until such notice has been  withdrawn by the  Administrative  Agent,  no further
Eurodollar Loans shall be made or continued as such, nor shall the Borrower have
the right to convert Loans to Eurodollar Loans.

     2.15 Pro Rata Treatment and Payments.

     (a) Pro Rata  Treatment.  Each  borrowing by the Borrower  from the Lenders
hereunder and any reduction of the Revolving  Credit  Commitments  or Additional
Revolving Credit  Commitments shall be made pro rata according to the respective
Applicable Percentages of the Lenders. Except as provided in subsection 2.20(b),
each payment (including each prepayment) by the Borrower on account of principal
of and  interest  on  (i) the  Revolving  Credit  Loans  shall  be made pro rata
according  to the  respective  outstanding  principal  amounts of the  Revolving
Credit  Loans then held by the Lenders,  (ii) the  Additional  Revolving  Credit
Loans shall be made pro rata according to the respective  outstanding  principal
amounts of the  Additional  Revolving  Credit Loans then held by the Lenders and
(iii)  the  Term  Loans  shall  be made pro  rata  according  to the  respective

<PAGE>

outstanding  principal  amounts of the Term Loans then held by the Lenders.  All
payments (including  prepayments) to be made by the Borrower hereunder,  whether
on account of principal,  interest, fees or otherwise, shall be made without set
off or counterclaim  and shall be made prior to 12:00 noon,  New York City time,
on the due date  thereof to the  Administrative  Agent,  for the  account of the
Lenders,  at the Administrative  Agent's office specified in subsection 9.2,  in
Dollars and in  immediately  available  funds.  The  Administrative  Agent shall
distribute  such payments to the Lenders  promptly upon receipt in like funds as
received. If any payment hereunder becomes due and payable on a day other than a
Business Day such payment shall be extended to the next succeeding Business Day,
and, with respect to payments of principal, interest thereon shall be payable at
the then applicable rate during such extension.

     (b) Presumption by Administrative  Agent.  Unless the Administrative  Agent
shall have been notified in writing by any Lender prior to a borrowing that such
Lender will not make the amount that would constitute its Applicable  Percentage
of such borrowing  available to the  Administrative  Agent,  the  Administrative
Agent may  assume  that  such  Lender is making  such  amount  available  to the
Administrative  Agent, and the  Administrative  Agent may, in reliance upon such
assumption,  make  available to the  Borrower a  corresponding  amount.  If such
amount is not made available to the Administrative Agent by the required time on
the Borrowing Date therefor,  such Lender shall pay to the Administrative Agent,
on  demand,  such  amount  with  interest  thereon  at a rate equal to the daily
average Federal Funds Effective Rate for the period until such Lender makes such
amount immediately  available to the Administrative  Agent. A certificate of the
Administrative  Agent  submitted to any Lender with respect to any amounts owing
under this  subsection  shall be conclusive in the absence of manifest error. If
such Lender's  Applicable  Percentage of such borrowing is not made available to
the  Administrative  Agent by such Lender  within  three  Business  Days of such
Borrowing Date, the Administrative  Agent shall also be entitled to recover such
amount  with  interest  thereon  at the rate per annum  applicable  to ABR Loans
hereunder, on demand, from the Borrower.

     2.16  Illegality.  Notwithstanding  any  other  provision  herein,  if  the
adoption of or any change in any Requirement of Law or in the  interpretation or
application  thereof  shall make it unlawful  for any Lender to make or maintain
Eurodollar Loans as contemplated by this Agreement,  (a) the  commitment of such
Lender hereunder to make Eurodollar Loans, continue Eurodollar Loans as such and
convert ABR Loans to Eurodollar  Loans shall forthwith be cancelled and (b) such
Lender's Loans then outstanding as Eurodollar  Loans, if any, shall be converted
automatically  to ABR  Loans on the  respective  last  days of the then  current
Interest  Periods with  respect to such Loans or within such  earlier  period as
required by law. If any such  conversion  of a  Eurodollar  Loan occurs on a day
which is not the  last day of the then  current  Interest  Period  with  respect
thereto,  the Borrower shall pay to such Lender such amounts,  if any, as may be
required pursuant to subsection 2.19.

<PAGE>
     2.17 Requirements of Law.

     (a) Increases in Costs. If the adoption of or any change in any Requirement
of Law or in the  interpretation  or  application  thereof or  compliance by any
Lender  with any request or  directive  (whether or not having the force of law)
from any central bank or other  Governmental  Authority  made  subsequent to the
date hereof:

          (i) shall  subject any Lender to any tax of any kind  whatsoever  with
     respect to this  Agreement,  any Note or any Eurodollar Loan made by it, or
     change the basis of taxation of payments to such Lender in respect  thereof
     (except for Non-Excluded  Taxes covered by  subsection 2.18  and changes in
     taxes on or  measured  by the  overall  net  income  of such  Lender or its
     lending office for such Loan);

          (ii) shall  impose,  modify or hold  applicable  any reserve,  special
     deposit,  compulsory  loan or similar  requirement  against assets held by,
     deposits or other liabilities in or for the account of, advances,  loans or
     other  extensions of credit by, or any other  acquisition  of funds by, any
     office of such Lender which is not otherwise  included in the determination
     of the Eurodollar Rate hereunder; or

          (iii) shall impose on such Lender any other condition;

and the result of any of the  foregoing  is to increase the cost to such Lender,
by an amount which such Lender deems to be material, of making, converting into,
continuing or maintaining  Eurodollar  Loans or to reduce any amount  receivable
hereunder  in respect  thereof,  then,  in any such  case,  the  Borrower  shall
promptly pay such Lender such  additional  amount or amounts as will  compensate
such Lender for such increased cost or reduced amount receivable.

     (b) Capital  Requirements.  If any Lender  shall have  determined  that the
adoption of or any change in any Requirement of Law regarding  capital  adequacy
or in the interpretation or application  thereof or compliance by such Lender or
any corporation  controlling such Lender with any request or directive regarding
capital adequacy  (whether or not having the force of law) from any Governmental
Authority  made  subsequent to the date hereof shall have the effect of reducing
the  rate  of  return  on  such  Lender's  or such  corporation's  capital  as a
consequence of its obligations hereunder to a level below that which such Lender
or such  corporation  could  have  achieved  but for such  adoption,  change  or
compliance  (taking  into  consideration  such  Lender's  or such  corporation's
policies with respect to capital adequacy) by an amount deemed by such Lender to
be material,  then from time to time,  the Borrower  shall  promptly pay to such
Lender such additional amount or amounts as will compensate such Lender for such
reduction.

     (c)  Notification to Borrower.  If any Lender becomes entitled to claim any
additional  amounts  pursuant to this  subsection,  it shall promptly notify the
Borrower  (with a copy to the  Administrative  Agent)  of the event by reason of

<PAGE>

which it has become so entitled.  Each Lender will  furnish the Borrower  with a
certificate (with a copy to the Administrative Agent) setting forth the basis of
the  claim  and the  additional  amounts  due,  and  such  certificate  shall be
conclusive, provided that the determination of such amounts as set forth on such
certificate  is made on a  reasonable  basis.  No Lender  shall be  entitled  to
compensation  under this  subsection for any costs incurred more than six months
prior  to the  date  such  Lender  delivers  such  certificate  to the  Borrower
requesting  compensation.  The agreements in this  subsection shall  survive the
termination of this Agreement and the payment of the Loans and all other amounts
payable hereunder.

     2.18 Taxes.

     (a) Payments To Be Made Free and Clear.  All payments  made by the Borrower
under this  Agreement and any Notes shall be made free and clear of, and without
deduction  or  withholding  for or on account of, any present or future  income,
stamp or other taxes, levies,  imposts,  duties,  charges,  fees,  deductions or
withholdings,  now or hereafter imposed, levied, collected, withheld or assessed
by any  Governmental  Authority,  excluding net income taxes and franchise taxes
(imposed in lieu of net income taxes) imposed on the Administrative Agent or any
Lender as a result of a present or former connection  between the Administrative
Agent or such Lender and the jurisdiction of the Governmental Authority imposing
such tax or any political  subdivision  or taxing  authority  thereof or therein
(other than any such connection arising solely from the Administrative  Agent or
such Lender having executed,  delivered or performed its obligations or received
a  payment  under,  or  enforced,  this  Agreement  or any  Note).  If any  such
non-excluded  taxes,  levies,  imposts,  duties,  charges,  fees  deductions  or
withholdings ("Non-Excluded Taxes") are required to be withheld from any amounts
payable to the  Administrative  Agent or any Lender hereunder or under any Note,
the  amounts so  payable to the  Administrative  Agent or such  Lender  shall be
increased to the extent necessary to yield to the  Administrative  Agent or such
Lender  (after  payment of all  Non-Excluded  Taxes)  interest or any such other
amounts  payable  hereunder  at the rates or in the  amounts  specified  in this
Agreement,  provided,  however,  that the  Borrower  shall  not be  required  to
increase any such amounts  payable to any Lender that is not organized under the
laws of the United States or a state thereof if such Lender fails to comply with
the requirements of paragraph (b) of this subsection.  Whenever any Non-Excluded
Taxes are payable by the Borrower, the Borrower shall pay to or deposit with the
appropriate  taxing  authority  in a timely  manner the full  amount of any such
Non-Excluded  Taxes payable and as promptly as possible  thereafter the Borrower
shall send to the Administrative Agent for its own account or for the account of
such  Lender,  as the case  may be, a  certified  copy of an  original  official
receipt received by the Borrower showing payment thereof (or other documentation
reasonably  acceptable to the Administrative  Agent or Lender).  If the Borrower
fails to pay any Non-Excluded Taxes when due to the appropriate taxing authority
or fails to remit to the  Administrative  Agent the  required  receipts or other
required documentary  evidence,  the Borrower shall indemnify the Administrative
Agent and the Lenders for any incremental taxes,  interest or penalties that may
become payable by the Administrative Agent or any Lender as a result of any such

<PAGE>

failure. The agreements in this subsection shall survive the termination of this
Agreement and the payment of the Loans and all other amounts payable hereunder.

     (b) Non-U.S.  Lenders.  Each Lender that is not incorporated under the laws
of the United States or a state thereof shall:

          (i) deliver to the Borrower and the Administrative Agent, on or before
     the date of any  payment by the  Borrower  hereunder  or under any Notes to
     such Lender with respect to which such Lender requests  increased  payments
     pursuant to  subsection 2.18(a),  (A) two duly  completed  copies of United
     States Internal Revenue Service Form 1001 or 4224, or successor  applicable
     form, as the case may be, and (B) an Internal Revenue Service Form W-BEN or
     W-ECI, or successor applicable form, as the case may be;

          (ii) deliver to the Borrower and the Administrative  Agent two further
     copies of any such  form or  certification  on or before  the date that any
     such  form or  certification  expires  or  becomes  obsolete  and after the
     occurrence  of any  event  requiring  a  change  in the  most  recent  form
     previously delivered by it to the Borrower; and

          (iii)obtain such extensions of time for filing and complete such forms
     or  certifications  as may  reasonably  be requested by the Borrower or the
     Administrative Agent;

unless in any such case an event (including,  without limitation,  any change in
treaty,  law or  regulation)  has  occurred  prior to the date on which any such
delivery would  otherwise be required which renders all such forms  inapplicable
or which would prevent such Lender from duly  completing and delivering any such
form  with  respect  to it and such  Lender  so  advises  the  Borrower  and the
Administrative  Agent.  Such Lender shall certify (i) in the case of a Form 1001
or 4224,  that it is entitled to receive  payments under this Agreement  without
deduction or  withholding  of any United States federal income taxes and (ii) in
the case of a Form W-8 or W-9,  that it is entitled to an exemption  from United
States  backup  withholding  tax.  Each Person  that shall  become a Lender or a
Participant  pursuant to  subsection 9.6  shall,  upon the  effectiveness of the
related  transfer,  be  required  to  provide  all of the forms  and  statements
required pursuant to this subsection, provided that in the case of a Participant
such  Participant  shall furnish all such required  forms and  statements to the
Lender from which the related participation shall have been purchased.

     (c)  Additional  Forms  by  Non-U.S.  Lenders.  Each  Lender  that  is  not
incorporated  under  the laws of the  United  States  or a State  thereof  shall
deliver  to the  Borrower  and the  Administrative  Agent  additional  forms  or
certifications relating to the matters provided for in this subsection as may be
reasonably requested by the Borrower.

<PAGE>

     2.19  Indemnity.  The Borrower  agrees to indemnify each Lender and to hold
each Lender  harmless  from any loss or expense which such Lender may sustain or
incur as a consequence  of (a) default by the Borrower in making a borrowing of,
conversion into or continuation of Eurodollar Loans after the Borrower has given
a  notice  requesting  the  same  in  accordance  with  the  provisions  of this
Agreement,  (b) default by the Borrower in making any prepayment of a Eurodollar
Loan  after the  Borrower  has given a notice  thereof  in  accordance  with the
provisions  of this  Agreement or (c) the  making of a prepayment  of Eurodollar
Loans on a day  which is not the last day of an  Interest  Period  with  respect
thereto. Such indemnification may include an amount equal to the excess, if any,
of (i) the amount of interest which would have accrued on the amount so prepaid,
or not so borrowed, converted or continued, for the period from the date of such
prepayment or of such failure to borrow,  convert or continue to the last day of
such  Interest  Period  (or,  in the case of a failure  to  borrow,  convert  or
continue,  the  Interest  Period that would have  commenced  on the date of such
failure) in each case at the applicable rate of interest for such Loans provided
for herein (excluding,  however, the Applicable Margin included therein, if any)
over (ii) the amount of interest (as reasonably determined by such Lender) which
would have accrued to such Bank on such amount by placing such amount on deposit
for a comparable period with leading banks in the interbank  eurodollar  market.
This covenant shall survive the termination of this Agreement and the payment of
the Loans and all other amounts payable hereunder.

     2.20 Change of Lending Office; Replacement or Prepayment of Lenders.

     (a) Change of  Lending  Office.  Each  Lender  agrees  that if it makes any
demand for  payment  under  subsection 2.17  or 2.18(a),  or if any  adoption or
change of the type described in subsection 2.16  shall occur with respect to it,
it will use reasonable  efforts  (consistent  with its internal policy and legal
and  regulatory   restrictions  and  so  long  as  such  efforts  would  not  be
disadvantageous  to it, as  determined  in its sole  discretion)  to designate a
different  lending  office if the making of such a  designation  would reduce or
obviate the need for the  Borrower to make  payments  under  subsection 2.17  or
2.18(a),  or would  eliminate  or reduce  the effect of any  adoption  or change
described in subsection 2.16.

     (b) Replacement or Prepayment of Lenders. If the Borrower shall be required
to  pay  any   additional   amounts  or  other   payments  in  accordance   with
subsection 2.17   or  2.18(a) or  if  any  Lender  shall,   in  accordance  with
subsection 2.16,  no longer be  obligated to make or maintain  Eurodollar  Loans
hereunder,  the  Borrower  may, at its own  expense and in its sole  discretion,
(i) require  such  Lender to transfer  or assign,  in whole or in part,  without
recourse (in  accordance  with  subsection 9.6),  all or part of its  interests,
rights and obligations under this Agreement to another Person (provided that the
Borrower,  with the full cooperation of such Lender, can identify a Person which
is ready,  willing and able to be an Assignee with respect  thereto) which shall
assume such assigned  obligations (which Assignee may be another Lender, if such
Assignee Lender accepts such  assignment) or (ii) so long as no Default or Event
of Default shall have occurred and be continuing, terminate the Revolving Credit

<PAGE>

Commitment  of such  Lender  and prepay all  outstanding  Loans of such  Lender;
provided that (A) the  Assignee or the Borrower,  as the case may be, shall have
paid to such Lender in immediately available funds the principal of and interest
accrued to the date of such  payment on the Loans made by it  hereunder  and all
other amounts owed to it hereunder,  including,  without limitation, any amounts
owing pursuant to subsection 2.19  and, in the case of any such assignment,  any
amounts that would be owing under said  subsection if such Loans were prepaid on
the date of such  assignment,  and (B) such  assignment  or  termination  of the
Revolving Credit Commitment, if any, of such Lender and prepayment of Loans does
not  conflict  with any law,  rule or  regulation  or order of any  Governmental
Authority.

                    SECTION 3. REPRESENTATIONS AND WARRANTIES

     To induce  the  Administrative  Agent and the  Lenders  to enter  into this
Agreement and to make the Loans, the Borrower hereby  represents and warrants to
the Administrative Agent and each Lender that:

     3.1 Financial Condition. The consolidated balance sheet of the Borrower and
its  consolidated   Subsidiaries  as  at  December 31,   1999  and  the  related
consolidated statements of income and of cash flows for the fiscal year ended on
such  date,  reported  on by  PricewaterhouseCoopers  LLP,  copies of which have
heretofore  been  furnished  to each  Lender,  present  fairly  in all  material
respects  the  consolidated   financial   condition  of  the  Borrower  and  its
consolidated Subsidiaries as at such date, and the consolidated results of their
operations and their consolidated cash flows for the fiscal year then ended. The
unaudited  consolidated  balance  sheet  of the  Borrower  and its  consolidated
Subsidiaries  as at  June  30,  2000  and  the  related  unaudited  consolidated
statements  of income and of cash flows for the  six-month  period ended on such
date, certified by a Responsible  Officer,  copies of which have heretofore been
furnished  to  each  Lender,   present  fairly  in  all  material  respects  the
consolidated   financial   condition  of  the  Borrower  and  its   consolidated
Subsidiaries as at such date, and the  consolidated  results of their operations
and their  consolidated  cash flows for the six-month period then ended (subject
to  normal  year-end  audit  adjustments  and  footnote  disclosure).  All  such
financial  statements,  including the related schedules and notes thereto,  have
been  prepared in  accordance  with GAAP  applied  consistently  throughout  the
periods involved (except as approved by such accountants or Responsible Officer,
as the case may be, and as disclosed  therein).  Neither the Borrower nor any of
its consolidated  Subsidiaries had, at the date of the most recent balance sheet
referred to above, any material Guarantee  Obligation,  contingent  liability or
liability  for taxes,  or any  long-term  lease or unusual  forward or long-term
commitment, including, without limitation, any interest rate or foreign currency
swap or exchange transaction, which is not reflected in the foregoing statements
or in the notes thereto. Except as set forth on Schedule 3.1,  during the period
from June 30,  2000 to and  including  the date  hereof  there has been no sale,
transfer  or  other  disposition  by the  Borrower  or  any of its  consolidated
Subsidiaries of any material part of its business or property and no purchase or
other  acquisition  of any business or property  (including any capital stock of

<PAGE>

any other Person) material in relation to the consolidated  financial  condition
of the Borrower and its consolidated Subsidiaries at June 30, 2000.

     3.2 No Change.  Since  December 31,  1999 there has been no  development or
event which has had or could  reasonably be expected to have a Material  Adverse
Effect.

     3.3 Corporate Existence;  Compliance with Law. Each of the Borrower and its
Restricted  Subsidiaries  (a) is duly  organized and validly  existing under the
laws of the jurisdiction of its organization, (b) has the requisite corporate or
other power and  authority  and the legal right to own and operate its property,
to lease the property it operates as lessee and to conduct the business in which
it is currently  engaged,  (c) is duly qualified as a foreign  corporation under
the  laws of each  jurisdiction  where  its  ownership,  lease or  operation  of
property or the conduct of its business  requires such  qualification and (d) is
in  compliance  with all  Requirements  of Law,  except to the  extent  that the
inaccuracy of any of the statements set forth in this  subsection  could not, in
the aggregate, reasonably be expected to have a Material Adverse Effect.

     3.4 Corporate Power; Authorization;  Enforceable Obligations.  The Borrower
has the corporate  power and authority and the legal right to make,  deliver and
perform the Loan  Documents to which it is a party and to borrow  hereunder  and
has taken all  necessary  corporate  action to authorize  the  borrowings on the
terms  and  conditions  of  this  Agreement,  any  Notes  and to  authorize  the
execution,  delivery  and  performance  of the Loan  Documents  to which it is a
party. No consent or authorization of, filing with, notice to or other act by or
in  respect  of,  any  Person is  required  in  connection  with the  borrowings
hereunder   or  with  the   execution,   delivery,   performance,   validity  or
enforceability  of the Loan  Documents to which the Borrower is a party,  except
for filings of appropriate  counterparts of this Agreement and other information
with the Securities and Exchange  Commission as required by applicable law. This
Agreement has been, and each other Loan Document to which it is a party will be,
duly  executed  and  delivered  on  behalf  of  the  Borrower.   This  Agreement
constitutes,  and each other Loan  Document to which it is a party when executed
and delivered  will  constitute,  a legal,  valid and binding  obligation of the
Borrower  enforceable against the Borrower in accordance with its terms, subject
to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium  and other  similar laws relating to or affecting  creditors'  rights
generally,  general equitable  principles (whether considered in a proceeding in
equity or at law) and an implied covenant of good faith and fair dealing.

     3.5 No Legal Bar.  The  execution,  delivery  and  performance  of the Loan
Documents to which the Borrower is a party, the borrowings hereunder and the use
of the proceeds  thereof will not violate any  Requirement of Law or Contractual
Obligation of the Borrower or of any of its Restricted Subsidiaries,  except for
any such  violation  that could not  reasonably  be  expected to have a Material
Adverse Effect,  and will not result in, or require,  the creation or imposition

<PAGE>

of any Lien on any of its or their respective properties or revenues pursuant to
any such Requirement of Law or Contractual Obligation.

     3.6 No Material Litigation.  No litigation,  investigation or proceeding of
or before  any  arbitrator  or  Governmental  Authority  is  pending  or, to the
knowledge of the  Borrower,  threatened by or against the Borrower or any of its
Restricted  Subsidiaries or against any of its or their respective properties or
revenues  (a) which is so pending or threatened prior to the Second  Restatement
Effective  Date  with  respect  to  any  of  the  Loan  Documents  or any of the
transactions  contemplated  hereby or thereby,  or (b) which could reasonably be
expected to have a Material Adverse Effect.

     3.7 No Default. Neither the Borrower nor any of its Restricted Subsidiaries
is in default under or with respect to any of its Contractual Obligations in any
respect which could reasonably be expected to have a Material Adverse Effect. No
Default or Event of Default has occurred and is continuing.

     3.8 Ownership of Property;  Liens.  Each of the Borrower and its Restricted
Subsidiaries  has good record and marketable  title in fee simple to, or a valid
leasehold  interest  in,  all its real  property,  and good title to, or a valid
leasehold  interest  in, all its other  property,  and none of such  property is
subject to any Lien except as permitted by subsection 6.3.

     3.9  Intellectual  Property.  The  Borrower  and  each  of  its  Restricted
Subsidiaries   owns,  or  is  licensed  to  use,  all  trademarks,   tradenames,
copyrights,  technology, know-how and processes necessary for the conduct of its
business as currently  conducted  except for those the failure to own or license
which could not  reasonably be expected to have a Material  Adverse  Effect (the
"Intellectual  Property").  No claim has been  asserted  and is  pending  by any
Person  challenging or questioning the use of any such Intellectual  Property or
the validity or  effectiveness  of any such  Intellectual  Property  which could
reasonably be expected to have a Material  Adverse  Effect.  To the knowledge of
the  Borrower,  the use of such  Intellectual  Property by the  Borrower and its
Restricted  Subsidiaries  does not infringe on the rights of any Person,  except
for such claims and infringements  that, in the aggregate,  could not reasonably
be expected to have a Material Adverse Effect.

     3.10 Taxes. Each of the Borrower and its Restricted  Subsidiaries has filed
or caused to be filed all tax returns  which,  to the knowledge of the Borrower,
are  required  to be filed and has paid all taxes shown to be due and payable on
said  returns or on any  assessments  made against it or any of its property and
all other taxes,  fees or other charges  imposed on it or any of its property by
any  Governmental  Authority  (other than any taxes,  fees or other  charges the
amount or  validity  of which are  currently  being  contested  in good faith by
appropriate  proceedings  and with respect to which reserves in conformity  with
GAAP  have  been  provided  on the  books  of  the  Borrower  or its  Restricted
Subsidiaries,  as the case may be);  no tax  Lien has been  filed,  and,  to the

<PAGE>

knowledge of the Borrower, no claim is being asserted,  with respect to any such
tax, fee or other charge.

     3.11 Federal Regulations. No part of the proceeds of any Loans will be used
for any purpose that would result in a violation of Regulation U of the Board of
Governors of the Federal  Reserve  System as now and from time to time hereafter
in effect.

     3.12 ERISA.  (i)  During  the  five-year  period prior to the date on which
this  representation  is made or deemed made,  neither a Reportable Event nor an
"accumulated  funding deficiency" (within the meaning of Section 412 of the Code
or Section 302 of ERISA) has occurred with respect to any Single  Employer Plan,
(ii) each  Plan has  complied  in all  material  respects  with  the  applicable
provisions of ERISA and the Code (except that, with respect to any Multiemployer
Plan, such  representation is only made to the Borrower's  knowledge),  (iii) no
termination of a Single  Employer Plan has occurred,  (iv) no Lien on the assets
of the Borrower or any Commonly Controlled Entity in favor of the PBGC or a Plan
has arisen,  (v) neither the Borrower nor any Commonly Controlled Entity has had
nor,  to the  Borrower's  knowledge,  expects  to  have a  complete  or  partial
withdrawal from any Multiemployer  Plan, and (vi) no such  Multiemployer Plan is
in Reorganization or Insolvent,  except for the occurrence of any such event or,
in the case of clause (ii),  any failure so to comply,  that could reasonably be
expected  to result in a  Material  Adverse  Effect.  The  present  value of all
accrued  benefits  under each Single  Employer Plan (based on those  assumptions
used to fund such Plans) did not, as of the last annual  valuation date prior to
the date on which this  representation  is made or deemed made, exceed the value
of the assets of such Plan allocable to such accrued benefits by an amount which
could be reasonably expected to result in a Material Adverse Effect.

     3.13  Investment  Company Act;  Other  Regulations.  The Borrower is not an
"investment  company",  or a company  "controlled"  by an "investment  company,"
within the  meaning of the  Investment  Company  Act of 1940,  as  amended.  The
Borrower is not  subject to  regulation  under any  Federal or State  statute or
regulation  (other than  Regulation X  of the Board of  Governors of the Federal
Reserve System) which limits its ability to incur Indebtedness.

     3.14  Subsidiaries.  All of the Restricted  Subsidiaries of the Borrower in
existence on the date hereof are listed on Part I of  Schedule 3.14,  and all of
the  Unrestricted  Subsidiaries  of the Borrower in existence on the date hereof
are listed on Part H of Schedule 3.14.

     3.15  Purpose  of Loans.  The  proceeds  of the Term Loans were used by the
Borrower to refinance  Indebtedness  under the Existing  Credit  Agreement.  The
proceeds  of the initial  Revolving  Credit  Loans were used by the  Borrower to
refinance  Indebtedness  under the Existing Credit Agreement and the proceeds of
the initial  Revolving Credit Loans, as well as other Revolving Credit Loans and
Additional  Revolving  Credit Loans,  shall be used by the Borrower  (i) to make
acquisitions and (ii) for general corporate  purposes,  including the repurchase

<PAGE>

of shares of Capital Stock and/or evidences of Indebtedness, working capital and
capital expenditures.

     3.16 Environmental  Matters.  Other than exceptions to any of the following
that could not,  individually or in any  aggregation,  reasonably be expected to
give  rise to a  Material  Adverse  Effect:  the  Borrower  and  its  Restricted
Subsidiaries  comply and have complied with all applicable  Environmental  Laws,
and  possess  and  comply  with  and  have   possessed  and  complied  with  all
Environmental  Permits required under such laws;  there are no past,  present or
anticipated future events, conditions, circumstances,  practices, plans or legal
requirements  that, to its knowledge,  could prevent or materially  increase the
burden on the  Borrower  and its  Restricted  Subsidiaries  of  compliance  with
applicable  Environmental  Laws or of obtaining,  renewing or complying with all
Environmental  Permits required under such laws; the Borrower and its Restricted
Subsidiaries have received no notice of any violation of, or potential liability
under,  any  Environmental  Law;  and there are and have  been no  Materials  of
Environmental  Concern or other conditions at any property owned,  operated,  or
otherwise used by the Borrower or any of its Restricted  Subsidiaries now or, to
its knowledge,  in the past, or at any other  location,  that could give rise to
liability  of the  Borrower  or any of its  Restricted  Subsidiaries  under  any
Environmental Law.

     3.17  Certain  Documents.  The  Borrower  has  delivered  to each  Lender a
complete,  correct and current copy of the  Management  Agreement  and any other
document the Administrative Agent shall reasonably request.

                         SECTION 4. CONDITIONS PRECEDENT

     4.1 Conditions to  Effectiveness.  The  effectiveness of this Agreement and
the agreement of each Lender to make the  extensions  of credit  requested to be
made by it are subject to the satisfaction, immediately prior to or concurrently
with the foregoing on the Second  Restatement  Effective  Date, of the following
conditions  precedent:

          (a) Loan  Documents.  The  Administrative  Agent  shall have  received
     (i) this Agreement,  executed and delivered by a duly authorized officer of
     the Borrower,  with a counterpart for each Lender, by Lenders  constituting
     the Majority Revolving Credit Lenders, by Lenders constituting the Majority
     Term  Lenders  and by each  Lender  with  an  Additional  Revolving  Credit
     Commitment,  and (ii) the other Loan Documents, each executed and delivered
     by a duly authorized officer of the parties thereto,  with a counterpart or
     a conformed copy for each Lender.

          (b) Other  Documents.  The  Administrative  Agent shall have received,
     with a copy for each  Lender,  true and  correct  copies,  certified  as to
     authenticity  by the Borrower,  of such  documents or instruments as may be
     reasonably  requested  by  the  Administrative  Agent,  including,  without
     limitation,  any debt  instrument,  security  agreement  or other  material
     contract to which the Borrower or its Subsidiaries may be a party.

<PAGE>

          (c)  Borrowing  Certificate.   The  Administrative  Agent  shall  have
     received, with a copy for each Lender, a certificate of the Borrower, dated
     the Second Restatement Effective Date, substantially in the form of Exhibit
     F, with appropriate  insertions and  attachments,  satisfactory in form and
     substance to the  Administrative  Agent,  executed by the  President or any
     Vice  President  and  the  Secretary  or  any  Assistant  Secretary  of the
     Borrower.

          (d) Corporate  Proceedings of the Borrower.  The Administrative  Agent
     shall  have  received,  with  a  copy  for  each  Lender,  a  copy  of  the
     resolutions,  in form  and  substance  satisfactory  to the  Administrative
     Agent,  of the  Board of  Directors  of the  Borrower  authorizing  (i) the
     execution,  delivery and  performance  of this Agreement and the other Loan
     Documents  to  which it is a party  and  (ii) the  borrowings  contemplated
     hereunder  certified  by the  Secretary  or an  Assistant  Secretary of the
     Borrower as of the Second  Restatement  Effective Date,  which  certificate
     shall be in form and substance satisfactory to the Administrative Agent and
     shall state that the resolutions  thereby  certified have not been amended,
     modified, revoked or rescinded.

          (e) Borrower Incumbency  Certificate.  The Administrative  Agent shall
     have received,  with a copy for each Lender, a Certificate of the Borrower,
     dated the Second  Restatement  Effective  Date,  as to the  incumbency  and
     signature  of the  officers of the  Borrower  executing  any Loan  Document
     satisfactory in form and substance to the Administrative Agent, executed by
     the  President or any Vice  President  and the  Secretary or any  Assistant
     Secretary of the Borrower.

          (f) Corporate  Proceedings of Subsidiaries.  The Administrative  Agent
     shall  have  received,  with  a  copy  for  each  Lender,  a  copy  of  the
     resolutions,  in form  and  substance  satisfactory  to the  Administrative
     Agent,  of the Board of Directors of each  Subsidiary of the Borrower which
     is a party to a Loan  Document  authorizing  the  execution,  delivery  and
     performance  of the Loan  Documents to which it is a party and certified by
     the Secretary or an Assistant  Secretary of each such  Subsidiary as of the
     Second  Restatement  Effective Date, which certificate shall be in form and
     substance satisfactory to the Administrative Agent and shall state that the
     resolutions thereby certified have not been amended,  modified,  revoked or
     rescinded.

          (g) Subsidiary Incumbency Certificates. The Administrative Agent shall
     have  received,  with a  copy  for  each  Lender,  a  certificate  of  each
     Subsidiary  of  the  Borrower  which  is a Loan  Party,  dated  the  Second
     Restatement  Effective  Date,  as to the  incumbency  and  signature of the
     officers of such Subsidiaries executing any Loan Document,  satisfactory in
     form and substance to the Administrative Agent,

<PAGE>

     executed by the  President or any Vice  President  and the Secretary or any
     Assistant Secretary of each such Subsidiary.

          (h) Corporate Documents. The Administrative Agent shall have received,
     with a copy for each Lender, true and complete copies of the certificate of
     incorporation  and  by-laws  of the  Borrower,  certified  as of the Second
     Restatement  Effective  Date as complete and correct  copies thereof by the
     Secretary or an Assistant Secretary of the Borrower.

          (i) Legal Opinion. The Administrative Agent shall have received,  with
     a counterpart for each Lender,  the executed legal opinion of Weil, Gotshal
     & Manges LLP,  counsel to the  Borrower  and its  Restricted  Subsidiaries,
     substantially in the form of Exhibit D. Such legal opinion shall cover such
     other matters incident to the  transactions  contemplated by this Agreement
     as the Administrative Agent may reasonably require.

          (j) Additional Matters.  All corporate and other proceedings,  and all
     documents,  instruments  and other  legal  matters in  connection  with the
     transactions  contemplated  by this  Agreement and the other Loan Documents
     shall be  satisfactory in form and substance to the  Administrative  Agent,
     and the  Administrative  Agent shall have received such other documents and
     legal opinions in respect of any aspect or consequence of the  transactions
     contemplated hereby or thereby as it shall reasonably request.

     In addition,  the  effectiveness  of this Agreement shall be subject to the
payment by the Borrower of such fees as the Borrower shall have agreed to pay to
any  Lender  or the  Administrative  Agent in  connection  herewith,  including,
without limitation, the reasonable fees and expenses of Milbank, Tweed, Hadley &
McCloy,  special New York counsel to Chase, in connection with the  negotiation,
preparation,  execution  and  delivery  of this  Agreement  and the  other  Loan
Documents and the extensions of credit  hereunder (to the extent that statements
for such fees and expenses have been delivered to the Borrower).

     4.2  Conditions  to Each Loan.  The  agreement  of each  Lender to make any
extension of credit requested to be made by it on any date  (including,  without
limitation,  its initial  extension of credit) is subject to the satisfaction of
the following conditions precedent:

          (a)  Representations  and Warranties.  Each of the representations and
     warranties  made by the  Borrower or any other Loan Party in or pursuant to
     the Loan  Documents  shall be true and correct in all material  respects on
     and as of such date as if made on and as of such date.

          (b) No Default. No Default or Event of Default shall have occurred and
     be  continuing  on such date or after  giving  effect to the  extension  of
     credit requested to be made on such date.

<PAGE>
Each borrowing by the Borrower  hereunder shall constitute a representation  and
warranty by the Borrower as of the date thereof that the conditions contained in
this subsection have been satisfied.

                        SECTION 5. AFFiRMATIVE COVENANTS

     The  Borrower  hereby  agrees  that,  so  long  as  the  Revolving   Credit
Commitments or Additional  Revolving Credit  Commitments remain in effect or any
amount is owing to any Lender or the Administrative Agent hereunder or under any
other Loan  Document,  the Borrower shall and (except in the case of delivery of
financial  information,  reports and notices) shall cause each of its Restricted
Subsidiaries to:

     5.1 Financial Statements. Furnish to each Lender:

          (a) as soon as  available,  but in any event within 120 days after the
     end of each fiscal year of the Borrower, a copy of the consolidated balance
     sheet of the Borrower and its Restricted Subsidiaries as at the end of such
     year  and the  related  consolidated  statements  of  income  and  retained
     earnings  and of cash  flows for such year,  setting  forth in each case in
     comparative  form the figures for the previous year,  reported on without a
     "going  concern"  or like  qualification  or  exception,  or  qualification
     arising  out of the scope of the audit,  by  PricewaterhouseCoopers  LLP or
     other  independent  certified public  accountants of nationally  recognized
     standing; and

          (b) as soon as  available,  but in any event  not  later  than 60 days
     after the end of each of the  quarterly  periods of each fiscal year of the
     Borrower,  the unaudited consolidated balance sheet of the Borrower and its
     Restricted  Subsidiaries  as at the end of  such  quarter  and the  related
     unaudited  consolidated  statements of income and retained  earnings and of
     cash flows of the Borrower and its Restricted Subsidiaries for such quarter
     and the portion of the fiscal year through the end of such quarter, setting
     forth in each case in  comparative  form the figures for the previous year,
     certified by a  Responsible  Officer as being fairly stated in all material
     respects  (subject to normal year-end audit  adjustments and the absence of
     footnote disclosure);

all such  financial  statements  shall be prepared in  reasonable  detail and in
accordance  with GAAP  applied  consistently  throughout  the periods  reflected
therein  and with prior  periods  (except as  approved  by such  accountants  or
officer, as the case may be, and disclosed therein).

     5.2 Certificates; Other Information. Furnish to each Lender:

          (a)  concurrently  with  the  delivery  of  the  financial  statements
     referred  to  in  subsection 5.1(a),   a  certificate  of  the  independent
     certified public accountants reporting on such financial statements stating
     that in making the examination necessary therefor no knowledge was obtained
     of  any  Default  or  Event  of  Default,   except  as  specified  in  such
     certificate;

<PAGE>

          (b)  concurrently  with  the  delivery  of  the  financial  statements
     referred to in subsections  5.1(a) and  (b), a certificate of a Responsible
     Officer stating that, to the best of such Officer's knowledge,  during such
     period no Default or Event of Default has occurred and is continuing except
     as specified in such  certificate  and  demonstrating  compliance  with the
     financial   covenants   in  a  manner   reasonably   satisfactory   to  the
     Administrative Agent;

          (c) not later than  fifteen  days prior to the end of each fiscal year
     of the Borrower, a copy of the operating budget and cash flow budget of the
     Borrower and its Restricted Subsidiaries for the succeeding fiscal year;

          (d)  promptly  after  the  same  are  sent,  copies  of all  financial
     statements,  reports and proxy  statements  which the Borrower sends to its
     stockholders,  and  promptly  after  the  same  are  filed,  copies  of all
     financial  statements,   registration  statements  and  publicly  available
     reports  which the Borrower  has filed with,  the  Securities  and Exchange
     Commission or any successor or analogous Governmental Authority; and

          (e) promptly,  such additional  financial and other information as any
     Lender may from time to time reasonably request.

     5.3 Payment of  Obligations.  Pay,  discharge  or  otherwise  satisfy at or
before  maturity or before they become  delinquent,  as the case may be, all its
obligations of whatever  nature,  except where the amount or validity thereof is
currently being contested in good faith by appropriate  proceedings and reserves
in conformity  with GAAP with respect thereto have been provided on the books of
the  Borrower  or its  Subsidiaries,  as the case may be,  or  except  where the
failure to pay,  discharge or otherwise  satisfy such  obligations  could not be
reasonably expected to have a Material Adverse Effect.

     5.4 Conduct of Business and Maintenance of Existence. Continue to engage in
business of the same  general  type as now  conducted  by the  Borrower  and its
Restricted  Subsidiaries  and preserve,  renew and keep in full force and effect
its corporate  existence and take all reasonable action to maintain all material
rights,  privileges and franchises  necessary or desirable in the normal conduct
of its business except as otherwise permitted pursuant to subsection 6.5; comply
with all Contractual  Obligations  and  Requirements of Law except to the extent
that failure to comply  therewith  could not, in the  aggregate,  be  reasonably
expected to have a Material Adverse Effect.

     5.5  Maintenance  of  Property;  Insurance.  Keep all  property  useful and
necessary in its business in good working order and condition (ordinary wear and

<PAGE>

tear  expected);   maintain  with  financially  sound  and  reputable  insurance
companies  insurance on all its property in at least such amounts and against at
least such risks as are  usually  insured  against in the same  general  area by
companies engaged in the same or a similar business; and furnish to each Lender,
upon written request, full information as to the insurance carried.

     5.6  Inspection of Property;  Books and Records;  Discussions.  Keep proper
books of  records  and  account  in which  full,  true and  correct  entries  in
conformity  with GAAP and all  Requirements of Law shall be made of all dealings
and  transactions  in  relation  to its  business  and  activities;  and  permit
representatives  of any Lender to visit and  inspect any of its  properties  and
examine and make  abstracts  from any of its books and records at any reasonable
time and upon  reasonable  advance  notice  and as  often as may  reasonably  be
desired and to discuss the business,  operations,  properties  and financial and
other condition of the Borrower and its Subsidiaries.

     5.7  Notices.  Promptly  give notice to the  Administrative  Agent and each
Lender of:

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

          (b)  any  (i) default  or  event  of  default  under  any  Contractual
     Obligation of the Borrower or any of its Subsidiaries of which the Borrower
     or such  Subsidiary  has  knowledge or  (ii) litigation,  investigation  or
     proceeding  which may exist at any time  between the Borrower or any of its
     Subsidiaries and any Governmental  Authority,  which in either case, if not
     cured or if adversely  determined,  as the case may be, could reasonably be
     expected to have a Material Adverse Effect;

          (c) any litigation or proceeding  affecting the Borrower or any of its
     Subsidiaries  which could reasonably be expected to have a Material Adverse
     Effect;

          (d) the following  events, as soon as possible and in any event within
     30 days after the Borrower  knows thereof:  (i) the  occurrence or expected
     occurrence  of any  Reportable  Event with  respect to any Single  Employer
     Plan, a failure to make any required  contribution  to a Plan, the creation
     of any Lien on the assets of the Borrower or any Commonly Controlled Entity
     in favor of the PBGC or a Plan or any withdrawal  from, or the termination,
     Reorganization or Insolvency of, any Multiemployer  Plan if, as a result of
     any such  event,  the  Borrower  would be  reasonably  expected  to incur a
     liability in excess of $1,000,000 or (ii) the institution of proceedings or
     the taking of any other  action by the PBGC or the Borrower or any Commonly
     Controlled Entity or any Multiemployer  Plan with respect to the withdrawal
     from, or the terminating,  Reorganization or Insolvency of, any Plan if, as
     a result of any such event,  the Borrower  would be reasonably  expected to
     incur a liability in excess of $1,000,000; and

<PAGE>

          (e) any Person becoming a Restricted Subsidiary; and

          (f) any  development  or event  which has had or could  reasonably  be
     expected to have a Material Adverse Effect.

Each notice pursuant to this subsection shall be accompanied by a statement of a
Responsible  Officer setting forth details of the occurrence referred to therein
and stating what action the Borrower proposes to take with respect thereto.

     5.8 Additional  Guarantors.  With respect to any Person that, subsequent to
the Second Restatement  Effective Date, becomes a Restricted  Subsidiary,  cause
such new Restricted  Subsidiary which is a Domestic Subsidiary to become a party
to the  Guarantee  pursuant  to  documentation  which is in form  and  substance
satisfactory to the Administrative Agent and, if requested by the Administrative
Agent,  deliver to the  Administrative  Agent  legal  opinions  relating to such
documentation,  which opinions shall be in form and substance, and from counsel,
reasonably satisfactory to the Administrative Agent.

     5.9 Unrestricted Subsidiaries; Maintenance of Separate Corporate Identity.

     (a)  Acquisition or Formation of  Unrestricted  Subsidiaries.  The Borrower
will deliver to the Administrative Agent (with sufficient copies for each of the
Lenders) a notice as to the  organization  or acquisition  of each  Unrestricted
Subsidiary  promptly following such organization or acquisition  together with a
certificate of a Responsible  Officer of the Borrower  certifying  that attached
thereto  are true  copies of (i) the  resolutions  duly  adopted by the Board of
Directors  of  the  Borrower  designating  such  Subsidiary  as an  Unrestricted
Subsidiary and (ii) all agreements,  instruments and other documents relating to
the organization or acquisition of such Unrestricted Subsidiary.

     (b) Indebtedness of Unrestricted Subsidiaries.  The Borrower will, promptly
upon receipt thereof by the Borrower or any of its Subsidiaries,  deliver to the
Administrative Agent (with sufficient copies for each of the Lenders) a true and
complete  copy  of each  agreement,  instrument  or  other  document  evidencing
Indebtedness or other material  obligations of each Unrestricted  Subsidiary and
each other material agreement,  instrument or other document (including, without
limitation,   agreements,   instruments   and  other  documents  in  respect  of
acquisitions) entered into by each Unrestricted Subsidiary.

     (c) Transactions  with Unrestricted  Subsidiaries.  The Borrower will cause
the  management,   business  and  affairs  of  each  of  the  Borrower  and  its
Subsidiaries  to be  conducted in such a manner so that each of the Borrower and
its  Subsidiaries  will be perceived and treated as a legal entity  separate and
distinct  from each other.  Without in any way limiting the other  provisions of
this  subsection,  the Borrower will not permit any  Restricted  Subsidiary  to,
directly or indirectly:  (i) make any Investment in an Unrestricted  Subsidiary,
(ii) dispose of any of its Properties to an Unrestricted Subsidiary, (iii) merge
into  or  consolidate  with  or  purchase  or  acquire  any  Properties  from an
Unrestricted  Subsidiary or (iv) enter  into any other  transaction  directly or
indirectly with or for the benefit of an Unrestricted Subsidiary

<PAGE>

(including,  without  limitation,guarantees and assumptions of obligations of an
Unrestricted Subsidiary); provided that it is understood that the Borrower as he
"common parent" of its Restricted Subsidiaries and Unrestricted Subsidiaries may
file a consolidated tax return on behalf of itself and its Subsidiaries and such
filing shall not be deemed to violate the provisions of this subsection.

     (d) Treatment of Certain Overhead Expenses, Etc. The Borrower will allocate
corporate  general  and  administrative  expenses  between  it,  the  Restricted
Subsidiaries and the Unrestricted  Subsidiaries in accordance with customary and
reasonable business practices and GAAP consistently applied.  Without in any way
limiting the other provisions of this  subsection,  the Borrower will not permit
any Restricted Subsidiary to, directly or indirectly, pay or incur any corporate
general and administrative expenses on behalf of any Unrestricted Subsidiary.

                          SECTION 6. NEGATIVE COVENANTS

     The  Borrower  hereby  agrees  that,  so  long  as  the  Revolving   Credit
Commitments or Additional  Revolving Credit  Commitments remain in effect or any
amount is owing to any Lender or the Administrative Agent hereunder or under any
other Loan  Document,  the  Borrower  shall not,  and  (except  with  respect to
subsection 6.1) shall not permit any of its Restricted Subsidiaries to, directly
or indirectly:

     6.1 Financial Condition Covenants.

     (a)  Maintenance  of Total Debt  Ratio.  Permit the Total Debt Ratio at any
time to be greater than 4.00:1.

     (b) Maintenance of Total Interest Coverage Ratio. Permit the Total Interest
Coverage Ratio at any time to be less than 2.00:1.

     (c)  Maintenance  of Total Fixed Charge  Coverage  Ratio.  Permit the Total
Fixed Charge Coverage Ratio at any time to be less than 1.10:1.

     6.2 Limitation on Indebtedness.  Create,  incur,  assume or suffer to exist
any Indebtedness, except:

          (a) Indebtedness of the Borrower under this Agreement;

          (b)  Indebtedness of the Borrower to any Restricted  Subsidiary and of
     any  Restricted   Subsidiary  to  the  Borrower  or  any  other  Restricted
     Subsidiary;

<PAGE>

          (c)   Indebtedness   of  the  Borrower  and  any  of  its   Restricted
     Subsidiaries incurred to finance the acquisition of fixed or capital assets
     (whether pursuant to a loan, a Financing Lease or otherwise) not  exceeding
     $15,000,000 in aggregate  principal  amount at any one time outstanding and
     any refinancings, refundings, renewals or extensions thereof (provided that
     the principal amount of such  Indebtedness  shall at no time exceed 100% of
     the original acquisition cost of such assets plus any costs associated with
     the financing or refinancing thereof);

          (d)  Indebtedness  outstanding  on  the  date  hereof  and  listed  on
     Schedule 6.2  and any  refinancings,  refundings,  renewals  or  extensions
     thereof  (provided that the principal  amount of such  Indebtedness  is not
     increased  by an  amount  greater  than  costs  associated  with  any  such
     refinancing, refundings, renewals or extensions);

          (e)  Indebtedness  of a Person which  becomes a Restricted  Subsidiary
     after  the  date  hereof  and any  refinancings,  refundings,  renewals  or
     extensions thereof, provided that (i) such Indebtedness existed at the time
     such Person became a Restricted  Subsidiary  (or, if later,  at the time it
     acquired the assets of a business  pursuant to  subsection 6.8(c))  and was
     not created in  anticipation  thereof  and  (ii) immediately  after  giving
     effect to the  acquisition  of such  Person by the  Borrower  no Default or
     Event of Default shall have occurred and be continuing;

          (f) Permitted Additional Indebtedness; and

          (g)  additional  Indebtedness  not exceeding  $25,000,000 in aggregate
     principal amount at any one time outstanding.

     6.3 Limitation on Liens. Create,  incur, assume or suffer to exist any Lien
upon any of its  property,  assets or  revenues,  whether now owned or hereafter
acquired, except for:

          (a) Liens for taxes not yet subject to penalties  for  non-payment  or
     which  are  being  contested  in good  faith  by  appropriate  proceedings,
     provided  that, if contested,  adequate  reserves with respect  thereto are
     maintained on the books of the Borrower or its Restricted Subsidiaries,  as
     the case may be,  in  conformity  with  GAAP  (or,  in the case of  Foreign
     Subsidiaries,  generally accepted accounting principles in effect from time
     to time in their respective jurisdictions of incorporation);

          (b)   Liens   imposed   by  law,   such  as   landlords',   carriers',
     warehousemen's, materialmen's and mechanics' liens, or Liens arising out of
     judgments  or  awards  against  the  Borrower  or  any  of  its  Restricted
     Subsidiaries  with  respect  to  which  the  Borrower  or  such  Restricted
     Subsidiary  at the  time  shall  currently  be  prosecuting  an  appeal  or
     proceedings for review in good faith and by proper proceedings;
<PAGE>

          (c) pledges or  deposits in  connection  with  workers'  compensation,
     unemployment  insurance and other social security  legislation and deposits
     securing  liability to insurance carriers under insurance or self-insurance
     arrangements;

          (d) deposits to secure the performance of bids, trade contracts (other
     than for borrowed money), leases, statutory obligations,  surety and appeal
     bonds, performance bonds and other obligations of a like nature incurred in
     the ordinary course of business;

          (e)   easements,   rights-of-way,   restrictions   and  other  similar
     encumbrances  incurred in the  ordinary  course of business  which,  in the
     aggregate,  are not  substantial  in  amount  and  which do not in any case
     materially  detract  from the  value of the  property  subject  thereto  or
     materially  interfere with the ordinary  conduct of the business taken as a
     whole of the Borrower or such Restricted Subsidiary;

          (f) Liens  securing  Indebtedness  of the Borrower and its  Restricted
     Subsidiaries  permitted  by  subsection 6.2(c)   incurred  to  finance  the
     acquisition of fixed or capital assets,  provided that (i) such Liens shall
     be created substantially  simultaneously with the acquisition of such fixed
     or capital assets, (ii) such Liens do not at any time encumber any property
     other than the property financed by such Indebtedness,  (iii) the amount of
     Indebtedness secured thereby is not increased and (iv) the principal amount
     of  Indebtedness  secured by any such Lien shall at no time  exceed 100% of
     the original  purchase  price of such  property at the time it was acquired
     plus any financing or refinancing costs;

          (g) Liens in  existence  on the date hereof  listed on  Schedule  6.3,
     securing Indebtedness permitted by subsection 6.2(d), provided that no such
     Lien  is  spread  to  cover  any  additional   property  after  the  Second
     Restatement  Effective  Date and that the  amount of  Indebtedness  secured
     thereby is not increased except as permitted by subsection 6.2(d);

          (h) Liens on assets acquired by a Restricted Subsidiary after the date
     hereof or on the property or assets of a Person which  becomes a Restricted
     Subsidiary  after  the  date  hereof  securing  Indebtedness  permitted  by
     subsection 6.2(c) or  6.2(e),  respectively,  provided that (i) such  Liens
     exist at the time such  assets  are  acquired  or at the time  such  Person
     becomes a Restricted Subsidiary, as the case may be, and are not created in
     anticipation  thereof,  (ii) any  such  Lien is not  spread  to  cover  any
     property  or assets of such  Person  after the time such  Person  becomes a
     Restricted Subsidiary or such assets are acquired,  and (iii) the amount of
     Indebtedness secured thereby is not increased;

          (i) Liens on the Capital Stock of Unrestricted  Subsidiaries  securing
     obligations of Unrestricted Subsidiaries; and

<PAGE>

          (j) Liens (not otherwise  permitted  hereunder) so long as the greater
     of  (i) the  aggregate  outstanding  principal  amount  of the  obligations
     secured  thereby and  (ii) the  aggregate  fair market  value of the assets
     subject thereto does not exceed $5,000,000 at any one time.

     6.4 Limitation on Guarantee Obligations. Create, incur, assume or suffer to
exist any Guarantee Obligation except:

          (a) Guarantee  Obligations  in existence on the date hereof and listed
     on Schedule 6.4;

          (b)  Guarantee  Obligations  of a Person  which  becomes a  Restricted
     Subsidiary after the date hereof,  provided that such Guarantee Obligations
     exist at the time such  Person  becomes a  Restricted  Subsidiary  (or,  if
     later,  at the time it  acquired  the  assets  of a  business  pursuant  to
     subsection 6.8(c)) and are not created in anticipation thereof,

          (c) Guarantee  Obligations  entered into in the ordinary course of its
     business by the Borrower or any Restricted Subsidiary of obligations of any
     of the Borrower or its Restricted  Subsidiaries,  which obligations are not
     prohibited by this Agreement;

          (d) the Guarantee; and

          (e) additional  Guarantee  Obligations  in respect of obligations  not
     exceeding  $10,000,000  in  aggregate  principal  amount  at any  one  time
     outstanding.

     6.5 Limitation on Fundamental Changes. Enter into any merger, consolidation
or  amalgamation,  or  liquidate,  wind up or  dissolve  itself  (or  suffer any
liquidation  or  dissolution),  or convey,  sell,  lease,  assign,  transfer  or
otherwise  dispose of, all or  substantially  all of its  property,  business or
assets, except:

          (a)  any  Restricted  Subsidiary  of the  Borrower  may be  merged  or
     consolidated with or into the Borrower (provided that the Borrower shall be
     the  continuing or surviving  corporation)  or with or into any one or more
     wholly owned  Restricted  Subsidiaries  of the Borrower  (provided that the
     wholly owned Restricted Subsidiary or Restricted  Subsidiaries shall be the
     continuing or surviving Person);

          (b) any Restricted  Subsidiary may sell, lease,  transfer or otherwise
     dispose  of  any  or  all of its  assets  (upon  voluntary  liquidation  or
     otherwise) to the Borrower or any wholly owned Restricted Subsidiary of the
     Borrower;

          c) the Borrower or any of its Restricted Subsidiaries may enter into a
     merger with any Person  engaged in the  commercial  radio  business  (which
     shall be
<PAGE>

     deemed  to  include,   without   limitation,programming,   production   and
     distribution) or any other business related to the foregoing, provided that
     the Borrower or a Restricted  Subsidiary,  as the case may be, shall be the
     surviving  corporation  and that both prior to and after  giving  effect to
     such merger there shall exist no Default or Event of Default  hereunder and
     the  Borrower  shall have  delivered a  certificate  (with such  supporting
     detail  and   calculations   as  may  be   reasonably   requested   by  the
     Administrative  Agent)  from  a  Responsible  Officer  so  stating  to  the
     Administrative Agent; and

          (d) as permitted by subsection 6.6.

     6.6 Limitation on Sale of Assets. Convey, sell, lease, assign,  transfer or
otherwise dispose of any of its property, business or assets (including, without
limitation, receivables and leasehold interests), whether now owned or hereafter
acquired, or, in the case of any Restricted Subsidiary, issue or sell any shares
of such  Restricted  Subsidiary's  Capital  Stock to any  Person  other than the
Borrower or any wholly owned Restricted Subsidiary, except:

          (a) the sale or other  disposition  of any  property  in the  ordinary
     course of business;

          (b) any sale,  assignment,  transfer or other  disposition  of Capital
     Stock of any Unrestricted Subsidiary;

          (c) the sale or other  disposition of any other property,  business or
     asset with an aggregate fair market value not to exceed  $5,000,000 so long
     as (i) the consideration  received shall be an amount at least equal to the
     fair market value thereof;  (ii) at least 90% of the consideration received
     shall be cash;  (iii) the  proceeds of such sale or other  disposition  are
     applied as required by  subsection 2.9(b);  and (iv) no Default or Event of
     Default shall have  occurred and be  continuing or would result  therefrom;
     and

          (d) as permitted by subsection 6.5(b).

     6.7 Limitation on Restricted  Payments.  Declare or pay any dividend (other
than dividends  payable solely in Capital Stock of the Borrower) on, or make any
payment or  prepayment on account of, or set apart assets for a sinking or other
analogous fund for, the purchase,  redemption,  defeasance,  retirement or other
acquisition  of, any shares of any class of Capital Stock of the Borrower or any
Restricted  Subsidiary  or any  warrants or options to purchase any such Capital
Stock,  or make any payment of  management or similar fees  (including,  without
limitation,  Management Fees, but excluding all expenses payable to Infinity, in
its capacity as "Manager",  under  Section 1.6 of the  Management  Agreement) to
Infinity or any other  Affiliate  of the Borrower  (other than to any  employee,
officer or director of the Borrower or its  Subsidiaries  in connection with the

<PAGE>

performance  of  such  employee's,   officer's  or  director's  duties  in  such
capacity),  whether now or hereafter outstanding, or make any other distribution
in respect thereof,  either directly or indirectly,  whether in cash or property
or  in  obligations  of  the  Borrower  or  any  Restricted   Subsidiary   (such
declarations,  payments,  setting apart,  purchases,  redemptions,  defeasances,
retirements,  acquisitions  and  distributions  being herein called  "Restricted
Payments"), except that:

          (a)  any  Restricted  Subsidiary may make  Restricted  Payments to the
     Borrower,

          (b)  the  Borrower  may make  Restricted  Payments  for the purpose of
     cashing out any fractional shares of Capital Stock following the payment of
     a dividend payable in Capital Stock of the Borrower,

          (c)  (i) the Borrower may issue and deliver to INI Incentive  Warrants
     pursuant to  Section 2.3 of the Management  Agreement and  (ii) subject  in
     each case to the terms of the Management Services  Subordination  Agreement
     and  provided  that,  both  prior to and after  giving  effect to each such
     payment, no Event of Default pursuant to Sections 7(a),  (c) (solely in the
     case of an Event of Default pursuant to subsection 6.1,  and, in such case,
     only if the  Majority  Lenders  following  such an Event of  Default  shall
     determine in their sole discretion to prohibit any payment  provided for in
     clause (x) or (y) below) or (f) shall have occurred and be continuing,  the
     Borrower may (x) make cash payments of  Management  Fees to Infinity at the
     times and in the amounts  provided  for by  Section 2.1  of the  Management
     Agreement  in respect of each  fiscal  year and (y) make a cash  payment of
     Management Fees to Infinity at the times and in the amounts provided for by
     Section 2.2 of the Management Agreement and

          (d)  the Borrower and its Restricted  Subsidiaries may make Restricted
     Payments in addition to those  permitted in the foregoing  clauses (a), (b)
     and (c);  provided  that,  prior to and  after  giving  effect to each such
     Restricted  Payment,  there  shall  exist no  Default  or Event of  Default
     hereunder.

     6.8 Limitation on Investments,  Loans and Advances. Make any advance, loan,
extension of credit or capital  contribution  to, or purchase any stock,  bonds,
notes,  debentures or other securities of or any assets  constituting a business
unit of, or make any other  investment in (each,  an  "Investment")  any Person,
except:

          (a) extensions of trade credit in the ordinary course of business;

          (b) investments in Cash Equivalents;

          (c) purchases of shares of the Capital Stock of any Person  engaged in
     the commercial  radio business  (which shall be deemed to include,  without
     limitation, programming, production and distribution) or any other business
     related to the foregoing or purchases of the assets constituting all or any
     portion of any such

<PAGE>

     business  owned by any  other  Person,  provided  that,  prior to and after
     giving  effect to such  purchase,  there shall exist no Default or Event of
     Default and the  Borrower  shall have  delivered a  certificate  (with such
     supporting  detail and  calculations as may be reasonably  requested by the
     Administrative  Agent) from a  Responsible  Officer so stating and provided
     further, that any such Person which shall constitute a Subsidiary following
     such  Investment  shall be a Restricted  Subsidiary or, as the case may be,
     the assets so purchased shall be owned by a Restricted Subsidiary;

          (d) loans and  advances to officers  and  employees of the Borrower or
     its  Restricted  Subsidiaries  for  travel,  entertainment  and  relocation
     expenses and other purposes in the ordinary course of business;

          (e)  Investments  by the Borrower in its Restricted  Subsidiaries  and
     Investments by such  Restricted  Subsidiaries  in the Borrower and in other
     Restricted Subsidiaries;

          (f) Investments set forth on Schedule 6.8; and

          (g)  (i) Investments  in  Unrestricted  Subsidiaries  as of the Second
     Restatement Effective Date,  (ii) Investments in Unrestricted  Subsidiaries
     the  consideration  for which shall consist solely of shares of the Capital
     Stock of the  Borrower and  (iii) additional  Investments  in  Unrestricted
     Subsidiaries during the period from and including September 30, 1999 to and
     including  the  Termination  Date in an  aggregate  amount  which is not in
     excess of the Unrestricted Investment Basket.

     6.9 Limitation on Modifications of the Management Agreement.  Amend, modify
or change,  or consent or agree to any amendment,  modification or change to any
of the terms of the  Management  Agreement  (in any  manner  that  could  have a
material adverse effect on the Lenders,  provided that the Borrower shall inform
the Lenders of any material amendment,  modification or change to the Management
Agreement   within  30  days  after  the  Borrower  agrees  to  such  amendment,
modification or change).

     6.10  Limitation on Capital  Expenditures.  Permit the aggregate  amount of
Capital  Expenditures  in any fiscal  year to exceed the sum of  (a) $12,000,000
plus  (b) for  each fiscal year  commencing  on and after  January 1, 2000,  the
excess, if any, of the aggregate amount of Capital Expenditures permitted in the
immediately preceding fiscal year over the actual amount of Capital Expenditures
made  by the  Borrower  and its  Restricted  Subsidiaries  in  such  immediately
preceding  fiscal  year  (provided  that  the  amount  of such  excess  for such
immediately preceding fiscal year shall not exceed $6,000,000).

     6.11 Limitation on Sale or Discount of Receivables.  The Borrower shall not
and shall not permit any of its  Restricted  Subsidiaries  to,  discount or sell
with  recourse,  or sell for less than the  greater  of the face value or market
value thereof, any of its notes receivable or accounts receivable.

     6.12 Limitation on  Transactions  with  Affiliates.  Except as set forth on
Schedule 6.12,  enter into any transaction,  including,  without limitation, any

<PAGE>

purchase,  sale,  lease or exchange of property or the rendering of any service,
with any Affiliate  unless such  transaction is  (a) otherwise  permitted or not
prohibited  under this Agreement and (b) upon fair and reasonable  terms no less
favorable to the  Borrower or such  Restricted  Subsidiary,  as the case may be,
than it would  obtain in a  comparable  arm's-length  transaction  with a Person
which is not an Affiliate.

     6.13  Limitation  on Changes in Fiscal Year.  Permit the fiscal year of the
Borrower to end on a day other than December 31.

     6.14 Limitation on Negative Pledge Clauses.  Enter into with any Person any
agreement,  other than (a) this  Agreement and (b) any industrial revenue bonds,
purchase  money  mortgages or Financing  Leases  permitted by this Agreement (in
which cases, any prohibition or limitation  shall only be effective  against the
assets financed thereby),  which prohibits or limits the ability of the Borrower
or any of its  Restricted  Subsidiaries  to create,  incur,  assume or suffer to
exist any Lien upon any of its property,  assets or revenues,  whether now owned
or hereafter  acquired unless the prohibitions or limitations  contained in such
agreement  would only  restrict  such Liens if they were not also made to secure
the obligations of the Borrower or a Restricted  Subsidiary under such agreement
or a related agreement equally and ratably with the obligations which such Liens
were created to secure.

     6.15  Limitation  on Lines of  Business.  Enter into any  business,  either
directly or through any Restricted  Subsidiary,  except for the commercial radio
business  (which shall be deemed to include,  without  limitation,  programming,
production and distribution) and businesses related thereto.

                          SECTION 7. EVENTS OF DEFAULT

     If any of the following events shall occur and be continuing:

          (a) The Borrower  shall fail to pay any principal of any Loan when due
     in accordance with the terms hereof;  or the Borrower shall fail to pay any
     interest on any Loan, or any other amount  payable  hereunder,  within five
     days after any such interest or other amount becomes due in accordance with
     the terms hereof; or

          (b) Any representation or warranty made or deemed made by the Borrower
     or any other Loan Party  herein or in any other Loan  Document  or which is
     contained  in any  certificate  furnished  by it at any  time  under  or in
     connection  with this Agreement or any such other Loan Document shall prove
     to have been incorrect in any material respect on or as of the date made or
     deemed made; or

<PAGE>

          (c) The Borrower shall default in the observance or performance of any
     agreement  contained in Section 6  (except that defaults under  subsections
     6.3 and 6.10  shall not  become  Events of  Default  unless  they have been
     unremedied for a period of 15 days); or

          (d)  The  Borrower  or any  other  Loan  Party  shall  default  in the
     observance  or  performance  of  any  other  agreement  contained  in  this
     Agreement or any other Loan Document  (other than as provided in paragraphs
     (a) through   (c) of  this  Section),   and  such  default  shall  continue
     unremedied  for a period of 30 days after the  Borrower or such Loan Party,
     as the  case may be,  obtains  actual  knowledge  thereof  or after  notice
     thereof to the Borrower by the Administrative  Agent or any Lender (through
     the Administrative Agent); or

          (e)  The  Borrower  or  any  of  its  Restricted   Subsidiaries  shall
     (i) default in any payment of principal of or interest on any  Indebtedness
     (other  than the  Loans) or in the  payment  of any  Guarantee  Obligation,
     beyond the period of grace, if any, provided in the instrument or agreement
     under which such  Indebtedness or the  obligations  that are the subject of
     such Guarantee Obligation was created; or (ii) default in the observance or
     performance  of any  other  agreement  or  condition  relating  to any such
     Indebtedness  or Guarantee  Obligation  or contained in any  instrument  or
     agreement  evidencing,  securing  or relating  thereto,  or any other event
     shall occur or condition  exist, the effect of which default or other event
     or  condition  is to cause,  or to permit  the  holder or  holders  of such
     Indebtedness or beneficiary or beneficiaries  of such Guarantee  Obligation
     (or a trustee or agent on behalf of such  holder or holders or  beneficiary
     or  beneficiaries)  to cause,  with the giving of notice if required,  such
     Indebtedness  to become due prior to its stated  maturity or such Guarantee
     Obligation to become payable;  provided,  however, that no Default or Event
     of Default shall exist under this paragraph  unless the aggregate amount of
     Indebtedness  and/or Guarantee  Obligations in respect of which any default
     or other  event or  condition  referred  to in this  paragraph  shall  have
     occurred shall be equal to at least $1,000,000; or

          (f) (i)  The  Borrower  or any of its  Restricted  Subsidiaries  shall
     commence any case,  proceeding  or other action  (A) under  any existing or
     future  law  of  any  jurisdiction,   domestic  or  foreign,   relating  to
     bankruptcy,  insolvency,  reorganization  or relief of debtors,  seeking to
     have an order  for  relief  entered  with  respect  to it,  or  seeking  to
     adjudicate  it  a  bankrupt  or  insolvent,   or  seeking   reorganization,
     arrangement, adjustment, winding-up, liquidation,  dissolution, composition
     or other relief with respect to it or its debts, or (B) seeking appointment
     of a receiver,  trustee,  custodian,  conservator or other similar official
     for it or for all or any substantial part of its assets, or the Borrower or
     any of its Restricted Subsidiaries shall make a general assignment

<PAGE>

     for the benefit of its creditors;  or (ii) there shall be commenced against
     the Borrower or any of its Restricted  Subsidiaries any case, proceeding or
     other action of a nature referred to in clause (i) above which  (A) results
     in the entry of an order for relief or any such adjudication or appointment
     or  (B) remains  undismissed,  undischarged  or unbonded for a period of 60
     days; or (iii) there  shall be commenced against the Borrower or any of its
     Restricted  Subsidiaries  any  case,  proceeding  or other  action  seeking
     issuance  of a warrant  of  attachment,  execution,  distraint  or  similar
     process against all or any substantial  part of its assets which results in
     the  entry of an order  for any  such  relief  which  shall  not have  been
     vacated, discharged, or stayed or bonded pending appeal within 60 days from
     the  entry  thereof;   or  (iv) the  Borrower  or  any  of  its  Restricted
     Subsidiaries  shall take any action in  furtherance  of, or indicating  its
     consent to, approval of, or  acquiescence  in, any of the acts set forth in
     clause  (i),  (ii)  or  (iii)  above;  or  (v) the  Borrower  or any of its
     Restricted  Subsidiaries  shall  generally  not,  or shall be unable to, or
     shall admit in writing its  inability to, pay its debts as they become due;
     or

          (g) (i) Any Person shall engage in any  "prohibited  transaction"  (as
     defined in Section 406 of ERISA or Section 4975 of the  Code) involving any
     Plan, (ii) any  "accumulated funding deficiency" (as defined in Section 302
     of ERISA),  whether or not waived,  shall exist with  respect to any Single
     Employer Plan or any Lien in favor of the PBGC or a Plan shall arise on the
     assets  of  the  Borrower  or  any  Commonly  Controlled  Entity,   (iii) a
     Reportable Event shall occur with respect to, or proceedings shall commence
     to have a trustee appointed, or a trustee shall be appointed, to administer
     or to  terminate,  any Single  Employer  Plan,  which  Reportable  Event or
     commencement  of  proceedings  or  appointment  of a  trustee  is,  in  the
     reasonable  opinion  of the  Majority  Lenders,  likely  to  result  in the
     termination of such Plan for purposes of Title IV of ERISA, (iv) any Single
     Employer Plan shall  terminate  for purposes of Title IV of ERISA,  (v) the
     Borrower or any Commonly  Controlled  Entity  shall,  or in the  reasonable
     opinion  of the  Majority  Lenders  is likely to,  incur any  liability  in
     connection with a withdrawal from, or the Insolvency or Reorganization  of,
     a  Multiemployer  Plan or (vi) any other event or condition  shall occur or
     exist  with  respect  to a Plan;  and in each case in  clauses  (i) through
     (vi) above, such event or condition, together with all other such events or
     conditions, if any, could reasonably be expected to have a Material Adverse
     Effect; or

          (h) One or more  judgments  or decrees  shall be entered  against  the
     Borrower or any of its Restricted Subsidiaries involving in the aggregate a
     liability (to the extent not paid or covered by insurance) of $1,000,000 or
     more,  and all such  judgments  or  decrees  shall not have  been  vacated,
     discharged,  stayed or bonded  pending appeal within 60 days from the entry
     thereof; or

          (i) The Guarantee shall cease, for any reason, to be in full force and
     effect with respect to any Guarantor or any Guarantor shall so assert; or

<PAGE>

          (j) The Management Agreement shall be terminated or otherwise cease to
     be in full force and  effect,  or the  Borrower  is or becomes  entitled to
     terminate the Management Agreement under Section 3.2(b)(ii) thereof; or

          (k) (i) fewer than  three  members  of the Board of  Directors  of the
     Borrower shall be persons designated by INI or by the Nominating  Committee
     of the Board of Directors of the Borrower (the "Nominating Committee"),  so
     long as, in the case of a person  designated by the  Nominating  Committee,
     such  person  shall  have been  selected  by a majority  of the  Nominating
     Committee  of which at least one member of such  majority  shall be a board
     member designated by INI (and if there is more than one board member on the
     Nominating  Committee  designated  by INI, then each such board member must
     have  voted in favor of such  person);  or (ii) any  member of the Board of
     Directors of the Borrower  designated  after the date hereof shall not have
     been selected by a majority of the  Nominating  Committee of which at least
     one member of such majority shall be a board member  designated by INI (and
     if  there  is more  than  one  board  member  on the  Nominating  Committee
     designated  by INI, then each such board member must have voted in favor of
     such member); or

          (l) A Default of the type described in paragraph (e)  above shall have
     occurred  and  be  continuing  with  respect  to  the  Indebtedness  of  an
     Unrestricted  Subsidiary and as a result thereof the Borrower or any of its
     Restricted Subsidiaries shall become liable for such Indebtedness,  in each
     case,  whether by operation of law,  pursuant to contract or otherwise,  or
     any holder or holders  of such  Indebtedness  shall so assert in writing in
     any  proceeding  before  a court or other  adjudicatory  body of  competent
     jurisdiction and the Majority  Lenders shall determine,  in the exercise of
     their reasonable  judgment,  that the Borrower and/or any of its Restricted
     Subsidiaries is reasonably  likely to incur a liability as a result thereof
     which would constitute a Material Adverse Effect; or

          (m) The Borrower or any of its Restricted Subsidiaries shall incur any
     liability (not paid or fully covered by insurance) under  any Environmental
     Law in an amount which constitutes a Material Environmental Amount;

then, and in any such event,  (A) if such event is an Event of Default specified
in clause  (i) or  (ii) of  paragraph  (f) of this  Section with  respect to the
Borrower,  automatically  the Commitments  shall  immediately  terminate and the
Loans  hereunder  (with  accrued  interest  thereon) and all other amounts owing
under this Agreement shall immediately  become due and payable,  and (B) if such
event is any other Event of Default, either or both of the following actions may
be taken: (i) with the consent of the Majority Lenders, the Administrative Agent
may, or upon the  request of the  Majority  Lenders,  the  Administrative  Agent
shall,  by notice to the  Borrower  declare  the  Commitments  to be  terminated
forthwith,  whereupon the Commitments shall immediately terminate; and (ii) with
the consent of the Majority Lenders,  the Administrative  Agent may, or upon the
request of the Majority Lenders,  the  Administrative  Agent shall, by notice to
<PAGE>

the Borrower,  declare the Loans hereunder (with accrued  interest  thereon) and
all other  amounts owing under this  Agreement to be due and payable  forthwith,
whereupon the same shall immediately become due and payable.

     Except as expressly provided above in this Section, to the extent permitted
by applicable  law,  presentment,  demand,  protest and all other notices of any
kind are hereby expressly waived.

                       SECTION 8. THE ADMINISTRATIVE AGENT

     8.1 Appointment. Each Lender hereby irrevocably designates and appoints the
Administrative  Agent as the  administrative  agent and BOA,  FNB and BOM as the
Co-Agents of such Lender under this Agreement and the other Loan Documents,  and
each such Lender irrevocably  authorizes the  Administrative  Agent and BOA, FNB
and BOM as the Co-Agents to take such action on its behalf under the  provisions
of this  Agreement and the other Loan  Documents and to exercise such powers and
perform such duties as are expressly  delegated to the Administrative  Agent and
the Co-Agents,  as the case may be, by the terms of this Agreement and the other
Loan  Documents,  together with such other powers as are  reasonably  incidental
thereto.  Notwithstanding  any  provision  to the  contrary  elsewhere  in  this
Agreement,   the   Administrative   Agent   shall   not  have  any   duties   or
responsibilities,  except those  expressly  set forth  herein,  or any fiduciary
relationship   with  any   Lender,   and  no   implied   covenants,   functions,
responsibilities,  duties,  obligations or  liabilities  shall be read into this
Agreement  or  any  other  Loan   Document  or  otherwise   exist   against  the
Administrative  Agent. The Co-Agents,  in their capacity as such, shall not have
any duties or responsibilities hereunder nor any fiduciary relationship with any
Lender,  and  no  implied  covenants,   functions,   responsibilities,   duties,
obligations or  liabilities  shall be read into this Agreement or any other Loan
Document or otherwise exist against the Co-Agents in their capacity as such.

     8.2 Delegation of Duties. The  Administrative  Agent may execute any of its
duties under this Agreement and the other Loan Documents by or through agents or
attorneys-in-fact  and shall be  entitled  to advice of counsel  concerning  all
matters  pertaining  to such  duties.  The  Administrative  Agent  shall  not be
responsible for the negligence or misconduct of any agents or  attorneys-in-fact
or counsel selected by it with reasonable care.

     8.3 Exculpatory Provisions. Neither the Administrative Agent nor any of its
officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be
(i) liable  for any action  lawfully  taken or omitted to be taken by it or such
Person under or in  connection  with this  Agreement or any other Loan  Document
(except for its or such Person's own gross negligence or willful  misconduct) or
(ii) responsible  in  any  manner  to  any  of the  Lenders  for  any  recitals,
statements,  representations  or warranties  made by the Borrower or any officer
thereof  contained  in this  Agreement  or any  other  Loan  Document  or in any
certificate, report, statement or other document referred to or provided for in,

<PAGE>

or  received  by the  Administrative  Agent under or in  connection  with,  this
Agreement or any other Loan Document or for the value, validity,  effectiveness,
genuineness,  enforceability  or sufficiency of this Agreement or any other Loan
Document or for any failure of the Borrower to perform its obligations hereunder
or thereunder. The Administrative Agent shall not be under any obligation to any
Lender to ascertain or to inquire as to the  observance or performance of any of
the agreements  contained in, or conditions of, this Agreement or any other Loan
Document, or to inspect the properties, books or records of the Borrower.

     8.4 Reliance by  Administrative  Agent. The  Administrative  Agent shall be
entitled  to rely,  and  shall be fully  protected  in  relying,  upon any Note,
writing, resolution, notice, consent, certificate,  affidavit, letter, telecopy,
telex or teletype  message,  statement,  order or other document or conversation
believed by it in good faith to be genuine and correct and to have been  signed,
sent or made by the proper  Person or Persons and upon advice and  statements of
legal  counsel  (including,   without  limitation,  counsel  to  the  Borrower),
independent  accountants and other experts selected by the Administrative Agent.
The  Administrative  Agent may deem and treat the payee of any Note as the owner
thereof for all purposes  unless a written notice of assignment,  negotiation or
transfer  thereof  shall  have been  filed with the  Administrative  Agent.  The
Administrative Agent shall be fully justified in failing or refusing to take any
action  under this  Agreement or any other Loan  Document  unless it shall first
receive  such  advice  or  concurrence  of  the  Majority  Lenders  as it  deems
appropriate or it shall first be indemnified to its  satisfaction by the Lenders
against any and all  liability and expense which may be incurred by it by reason
of taking or continuing to take any such action. The Administrative  Agent shall
in all cases be fully protected in acting,  or in refraining from acting,  under
this Agreement and the other Loan Documents in accordance  with a request of the
Majority  Lenders,  and such  request  and any  action  taken or  failure to act
pursuant thereto shall be binding upon all the Lenders and all future holders of
the Loans.

     8.5 Notice of Default. The Administrative Agent shall not be deemed to have
knowledge  or  notice  of the  occurrence  of any  Default  or Event of  Default
hereunder unless the  Administrative  Agent has received notice from a Lender or
the Borrower  referring to this  Agreement,  describing such Default or Event of
Default and stating that such notice is a "notice of default." In the event that
the Administrative  Agent receives such a notice, the Administrative Agent shall
give notice  thereof to the Lenders.  The  Administrative  Agent shall take such
action with respect to such  Default or Event of Default as shall be  reasonably
directed  by  the  Majority   Lenders;   provided  that  unless  and  until  the
Administrative  Agent shall have received such  directions,  the  Administrative
Agent may (but shall not be  obligated  to) take such  action,  or refrain  from
taking such action, with respect to such Default or Event of Default as it shall
deem advisable in the best interests of the Lenders.

     8.6  Non-Reliance  on  Administrative  Agent  and  Other  Lenders;   Lender
Representations.   Each  Lender   expressly   acknowledges   that   neither  the

<PAGE>

Administrative  Agent nor any of its  officers,  directors,  employees,  agents,
attorneys-in-fact or Affiliates has made any representations or warranties to it
and that no act by the  Administrative  Agent hereinafter  taken,  including any
review  of the  affairs  of the  Borrower,  shall be deemed  to  constitute  any
representation  or warranty  by the  Administrative  Agent to any  Lender.  Each
Lender  represents to the  Administrative  Agent that it has,  independently and
without reliance upon the Administrative Agent or any other Lender, and based on
such  documents  and  information  as it has  deemed  appropriate,  made its own
appraisal  of  and  investigation  into  the  business,  operations,   property,
financial and other condition and  creditworthiness of the Borrower and made its
own decision to make its Loans  hereunder  and enter into this  Agreement.  Each
Lender also represents that it will, independently and without reliance upon the
Administrative  Agent or any  other  Lender,  and  based on such  documents  and
information as it shall deem  appropriate at the time,  continue to make its own
credit  analysis,  appraisals and decisions in taking or not taking action under
this Agreement and the other Loan Documents,  and to make such  investigation as
it deems  necessary to inform itself as to the business,  operations,  property,
financial and other condition and  creditworthiness of the Borrower.  Except for
notices,  reports and other documents  expressly required to be furnished to the
Lenders by the Administrative  Agent hereunder,  the Administrative  Agent shall
not have any duty or  responsibility  to provide  any Lender  with any credit or
other  information  concerning  the business,  operations,  property,  condition
(financial or otherwise),  prospects or  creditworthiness  of the Borrower which
may come into the possession of the Administrative Agent or any of its officers,
directors,  employees,  agents,  attorneys-in-fact  or  Affiliates.  Each Lender
represents  to each  other  party  hereto  that it is a bank,  savings  and loan
association or other similar savings institution,  insurance company, investment
fund  or  company  or  other  financial  institution  which  makes  or  acquires
commercial   loans  in  the  ordinary  course  of  its  business,   that  it  is
participating  hereunder as a Lender for such commercial  purposes,  and that it
has the knowledge and  experience to be and is capable of evaluating  the merits
and risks of being a Lender  hereunder.  Each Lender  acknowledges and agrees to
comply with the provision of subsection 9.6 applicable to the Lenders hereunder.

     8.7  Indemnification.  The Lenders  agree to indemnify  the  Administrative
Agent in its capacity as such (to the extent not  reimbursed by the Borrower and
without limiting the obligation of the Borrower to do so), ratably  according to
their  respective  Applicable  Percentages  in  effect  on  the  date  on  which
indemnification   is  sought,   from  and  against  any  and  all   liabilities,
obligations,  losses,  damages,  penalties,  actions,  judgments,  suits, costs,
expenses  or  disbursements  of any  kind  whatsoever  which  may  at  any  time
(including,  without limitation, at any time following the payment of the Loans)
be imposed on, incurred by or asserted against the  Administrative  Agent in any
way relating to or arising out of, the Commitments,  this Agreement,  any of the
other Loan Documents or any documents  contemplated  by or referred to herein or
therein or the transactions  contemplated  hereby or thereby or any action taken
or omitted by the  Administrative  Agent under or in connection  with any of the
foregoing,  provided  that no Lender  shall be  liable  for the  payment  of any
portion of such liabilities,  obligations,  losses, damages, penalties, actions,
judgments,  suits,  costs,  expenses or disbursements  resulting solely from the
Administrative Agent's gross negligence or willful misconduct.  In the event any

<PAGE>

such  amounts  are  subsequently  paid  by or on  behalf  of the  Borrower,  the
Administrative  Agent shall  promptly  forward such amounts to the  indemnifying
Lenders.  The  agreements  in this  subsection shall  survive the payment of the
Loans and all other amounts payable hereunder.

     8.8  Administrative  Agent in Its Individual  Capacity.  The Administrative
Agent and its Affiliates  may make loans to, accept  deposits from and generally
engage in any kind of business  with the  Borrower as though the  Administrative
Agent  were not the  Administrative  Agent  hereunder  and under the other  Loan
Documents.  With respect to the Loans made by it, the Administrative Agent shall
have the same  rights  and  powers  under  this  Agreement  and the  other  Loan
Documents  as any  Lender  and may  exercise  the same as though it were not the
Administrative  Agent,  and the terms  "Lender" and "Lenders"  shall include the
Administrative Agent in its individual capacity.

     8.9 Successor Agents.  The  Administrative  Agent and each of the Co-Agents
may resign as Administrative Agent and as Co-Agent,  as the case may be, upon 10
days'  notice  to the  Lenders.  If the  Administrative  Agent  shall  resign as
Administrative Agent under this Agreement and the other Loan Documents, then the
Majority  Lenders shall appoint from among the Lenders a successor agent for the
Lenders, which successor agent (provided that it shall have been approved by the
Borrower),  shall succeed to the rights, powers and duties of the Administrative
Agent  hereunder.  Effective  upon  such  appointment  and  approval,  the  term
"Administrative   Agent"  shall  mean  such  successor  agent,  and  the  former
Administrative  Agent's rights,  powers and duties as Administrative Agent shall
be  terminated,  without  any other or  further  act or deed on the part of such
former  Administrative  Agent or any of the  parties  to this  Agreement  or any
holders of the Loans.  After any retiring  Administrative  Agent's or Co-Agent's
resignation  as  Administrative  Agent or  Co-Agent,  as the  ease  may be,  the
provisions of this Section 8  shall inure to its benefit as to any actions taken
or omitted to be taken by it while it was Administrative  Agent or Co-Agent,  as
the case may be, under this Agreement and the other Loan Documents.

                            SECTION 9. MISCELLANEOUS

     9.1  Amendments  and  Waivers.  Neither this  Agreement  nor any other Loan
Document,  nor any terms  hereof or  thereof  may be  amended,  supplemented  or
modified  except in  accordance  with the  provisions  of this  subsection.  The
Majority Lenders may, or, with the written consent of the Majority Lenders,  the
Administrative  Agent may, from time to time,  (a) enter  into with the Borrower
written  amendments,  supplements or modifications  hereto and to the other Loan
Documents  for the purpose of adding any  provisions  to this  Agreement  or the
other Loan  Documents  or changing in any manner the rights of the Lenders or of
the Borrower hereunder or thereunder or (b) waive,  on such terms and conditions
as the Majority  Lenders or the  Administrative  Agent,  as the case may be, may
specify in such  instrument,  any of the  requirements  of this Agreement or the

<PAGE>

other Loan  Documents  or any Default or Event of Default and its  consequences;
provided,  however  that no such  waiver and no such  amendment,  supplement  or
modification shall

          (i)  reduce the amount or extend the scheduled date of maturity of any
     Loan or of any  installment  thereof or of any  reduction of the  Revolving
     Credit Commitments required pursuant to subsection 2.4(b) to be made on any
     Mandatory Reduction Date, or reduce the rate of any interest or fee payable
     hereunder or extend the scheduled  date of any payment  thereof or increase
     the amount or extend the expiration  date of any Lender's  Commitments,  in
     each case  without  the  prior  written  consent  of each  Lender  affected
     thereby,

          (ii) amend, modify or waive any provision of this subsection or reduce
     any of the percentages  specified in the definition of Majority Lenders, or
     consent to the  assignment or transfer by the Borrower of any of its rights
     and obligations under this Agreement and the other Loan Documents,  in each
     case without the prior written consent of all the Lenders,

          (iii)   amend,  modify  or  waive  any  provision  of  subsections 2.1
     through 2.4,  and subsections  2.8 and 2.9 (to the extent such  subsections
     relate to the Revolving Credit  Commitments or Additional  Revolving Credit
     Commitment) or reduce any of the percentages specified in the definition of
     Majority Revolving Credit Lenders or Majority  Additional  Revolving Credit
     Lenders without the prior written consent of the Majority  Revolving Credit
     Lenders and Majority Additional Revolving Credit Lenders, as applicable,

          (iv) amend,  modify or waive any provision of subsections  2.5 through
     2.9 (to the extent such subsections relate to the Term Loans) or reduce any
     of the  percentages  specified in the  definition  of Majority Term Lenders
     without the written consent of the Majority Term Lenders, or

          (v)  amend,  modify or waive any  provision of  Section 8  without the
     written  consent  of the then  Administrative  Agent or the  Co-Agents,  as
     applicable.

Any such waiver and any such amendment,  supplement or modification  shall apply
equally to each of the  Lenders  and shall be  binding  upon the  Borrower,  the
Lenders,  the  Administrative  Agent and all future holders of the Loans. In the
case of any waiver, the Borrower, the Lenders and the Administrative Agent shall
be restored to their former  positions and rights  hereunder and under the other
Loan Documents, and any Default or Event of Default waived shall be deemed to be
cured and not continuing; no such waiver shall extend to any subsequent or other
Default or Event of Default or impair any right consequent thereon.

<PAGE>

     9.2 Notices.  All notices,  requests and demands to or upon the  respective
parties  hereto to be  effective  shall be in writing  (including  by  facsimile
transmission) and, unless otherwise  expressly provided herein,  shall be deemed
to have  been duly  given or made  (a) in  the case of  delivery  by hand,  when
delivered, (b) in the case of delivery by mail, three days after being deposited
in the mails,  postage  prepaid,  or (c) in the case of  delivery  by  facsimile
transmission,  when sent and receipt has been confirmed,  addressed as specified
under the caption  "Address for Notices"  below its name on the signature  pages
hereof or to such other address as may be hereafter  notified by the  respective
parties  hereto;  provided  that any  notice,  request  or demand to or upon the
Administrative Agent or the Lenders pursuant to subsection 2.2, 2.4, 2.6, 2.8 or
2.10 shall not be effective until received.

     9.3 No Waiver;  Cumulative Remedies. No failure to exercise and no delay in
exercising,  on the part of the  Administrative  Agent or any Lender, any right,
remedy,  power or privilege  hereunder or under the other Loan  Documents  shall
operate as a waiver  thereof;  nor shall any single or partial  exercise  of any
right,  remedy,  power or  privilege  hereunder  preclude  any other or  further
exercise thereof or the exercise of any other right, remedy, power or privilege.
The rights,  remedies,  powers and privileges herein provided are cumulative and
not exclusive of any rights, remedies, powers and privileges provided by law.

     9.4 Survival of Representations  and Warranties.  All  representations  and
warranties  made  hereunder,  in the other Loan  Documents  and in any document,
certificate or statement  delivered  pursuant  hereto or in connection  herewith
shall survive the execution and delivery of this Agreement and the making of the
Loans hereunder.

     9.5  Payment of  Expenses  and Taxes.  The  Borrower  agrees  (a) to pay or
reimburse the Administrative  Agent for all its reasonable  out-of-pocket  costs
and  expenses  incurred in  connection  with the  development,  preparation  and
execution of, and any amendment,  supplement or modification  to, this Agreement
and the other Loan  Documents  and any other  documents  prepared in  connection
herewith  or  therewith,   and  the  consummation  and   administration  of  the
transactions contemplated hereby and thereby, including, without limitation, the
reasonable fees and disbursements of counsel to the Administrative Agent, (b) to
pay or reimburse each Lender and the Administrative Agent for all its reasonable
costs and expenses  incurred in connection  with the enforcement or preservation
of any rights under this Agreement,  the other Loan Documents and any such other
documents,  including, without limitation, the reasonable fees and disbursements
of counsel to each  Lender and of counsel to the  Administrative  Agent,  (c) to
pay, indemnify, and hold each Lender and the Administrative Agent harmless from,
any and all recording and filing fees and any and all  liabilities  with respect
to, or  resulting  from any delay in paying,  stamp,  excise  and other  similar
taxes,  if any,  which may be payable or  determined to be payable in connection
with the execution and delivery of, or any amendment, supplement or modification
of, or any waiver or consent under or in respect of, this  Agreement,  the other
Loan Documents and any such other documents, and (d) to pay, indemnify, and hold
each Lender and the  Administrative  Agent harmless from and against any and all
other liabilities,  obligations, losses, damages, penalties, actions, judgments,
suits,  costs,  expenses or disbursements of any kind or nature  whatsoever with
respect  to  the  actual  or  proposed  use  of the  Loans,  including,  without

<PAGE>

limitation,  any of the foregoing  relating to the  violation of,  noncompliance
with or liability under, any  Environmental  Law applicable to the operations of
the  Borrower,  any of its  Subsidiaries  or any  of  the  Properties  (all  the
foregoing  in this clause (d),  collectively,  the  "indemnified  liabilities"),
provided  that  the  Borrower   shall  have  no  obligation   hereunder  to  the
Administrative  Agent or any  Lender  with  respect to  indemnified  liabilities
arising  from  (i) the   gross   negligence   or  willful   misconduct   of  the
Administrative  Agent or any such  Lender or  (ii) legal  proceedings  commenced
against the  Administrative  Agent or any such Lender by any security  holder or
creditor thereof arising out of and based upon rights afforded any such security
holder or  creditor  solely in its  capacity  as such.  The  agreements  in this
subsection shall  survive  repayment of the Loans and all other amounts  payable
hereunder.

     9.6 Successors and Assigns; Participations and Assignments.

     (a) Successors Generally. This Agreement shall be binding upon and inure to
the benefit of the Borrower,  the Lenders,  the  Administrative  Agent and their
respective  successors  and assigns,  except that the Borrower may not assign or
transfer any of its rights or obligations under this Agreement without the prior
written consent of each Lender.

     (b)  Participations.  Any  Lender  may,  in  the  ordinary  course  of  its
commercial  banking  business and in accordance with applicable law, at any time
sell to one or more  banks  or  other  entities  ("Participants")  participating
interests in any Loan owing to such Lender, any Commitment of such Lender or any
other interest of such Lender  hereunder and under the other Loan Documents.  In
the  event  of any  such  sale by a  Lender  of a  participating  interest  to a
Participant, such Lender's obligations under this Agreement to the other parties
to this  Agreement  shall remain  unchanged,  such Lender  shall  remain  solely
responsible for the performance thereof,  such Lender shall remain the holder of
any  such  Loan  for all  purposes  under  this  Agreement  and the  other  Loan
Documents,  such Lender shall be solely responsible for any withholding taxes or
any filing or  reporting  requirements  relating to such  Participant  and shall
indemnify and hold harmless the Borrower and the Administrative  Agent and their
respective successors, permitted assigns, officers, directors, employees, agents
and  representatives  for and against any Non-Excluded Taxes (including interest
and  penalties  thereon  and  additions  thereto),  losses,  costs and  expenses
incurred  in  connection  with such  withholding  taxes or  filing or  reporting
requirement,  and the Borrower and the  Administrative  Agent shall  continue to
deal solely and  directly  with such  Lender in  connection  with such  Lender's
rights and obligations under this Agreement and the other Loan Documents.

     No Lender shall be entitled to create in favor of any  Participant,  in the
participation  agreement  pursuant  to which  such  Participant's  participating
interest  shall be created  or  otherwise,  any right to vote on,  consent to or
approve any matter  relating to this Agreement or any other Loan Document except
for  those  specified  in  clauses (i)  and (ii) of the  proviso  to the  second
sentence of  subsection 9.1.  The  Borrower  agrees that if amounts  outstanding
under this  Agreement  are due or unpaid,  or shall have been  declared or shall

<PAGE>

have become due and payable  upon the  occurrence  of an Event of Default,  each
Participant  shall, to the maximum extent permitted by applicable law, be deemed
to have the right of set-off in respect of its participating interest in amounts
owing  under  this  Agreement  to  the  same  extent  as if  the  amount  of its
participating  interest  were  owing  directly  to it  as a  Lender  under  this
Agreement,  provided  that,  in purchasing  such  participating  interest,  such
Participant  shall be  deemed  to have  agreed  to share  with the  Lenders  the
proceeds  thereof  as  provided  in  subsection 9.7(a) as  fully as if it were a
Lender hereunder.

     All amounts  payable by the Borrower to any Lender under  subsections 2.17,
2.18 and 2.19 in respect of the Loans held by it, and its Commitments,  shall be
determined  as if such Lender had not sold or agreed to sell any  participations
in  such  Loans  and  Commitments,  and  as if  such  Lender  were  funding  and
maintaining  each of such  Loans  and  Commitments  in the  same  way that it is
funding  and  maintaining  the portion of such Loan and  Commitment  in which no
participations have been sold.

     (c)  Assignments.  Any Lender may, in the ordinary course of its commercial
banking  business and in accordance  with  applicable  law, at any time and from
time to time assign to any Lender or any affiliate  thereof or, with the consent
of the  Administrative  Agent and, if no Default or Event of Default  shall have
occurred  and be  continuing,  the consent of the  Borrower  (which in each case
shall  not  be  unreasonably  withheld),  to an  additional  bank  or  financial
institution (an "Assignee") all or any part of its rights and obligations under"
this  Agreement  and the other Loan  Documents  pursuant  to an  Assignment  and
Acceptance,  substantially in the form of Exhibit E,  executed by such Assignee,
such assigning Lender (and, in the case of an Assignee that is not then a Lender
or an  affiliate  thereof,  by the Borrower  and the  Administrative  Agent) and
delivered to the  Administrative  Agent for its  acceptance and recording in the
Register, provided that, in the case of any such assignment by a Lender which is
not  assigning  all of its  Loans  and  Commitments,  the  sum of the  aggregate
principal  amount  of the  Loans  and the  aggregate  amount  of the  Term  Loan
Commitment,  Available  Revolving  Credit  Commitments and Available  Additional
Revolving Credit Commitments being assigned is not less than $5,000,000 (or such
lesser amount as may be agreed to by the Borrower and the Administrative Agent).

     Upon such execution, delivery, acceptance and recording, from and after the
effective date determined  pursuant to such  Assignment and Acceptance,  (x) the
Assignee  thereunder shall be a party hereto and, to the extent provided in such
Assignment and Acceptance, have the rights and obligations of a Lender hereunder
with a Commitment as set forth therein,  and (y) the assigning Lender thereunder
shall, to the extent  provided in such  Assignment and  Acceptance,  be released
from its obligations under this Agreement (and, in the case of an Assignment and
Acceptance covering all or the remaining portion of an assigning Lender's rights
and obligations under this Agreement,  such assigning Lender shall cease to be a
party  hereto).   Notwithstanding   any  provision  of  this  paragraph (c)  and

<PAGE>

paragraph (e)  of this  subsection,  the  consent of the  Borrower  shall not be
required, and, unless requested by the Assignee and/or the assigning Lender, new
Notes shall not be required to be executed and  delivered by the  Borrower,  for
any  assignment  which  occurs at any time when any of the events  described  in
Section 7(f) shall have occurred and be continuing.

     (d) Register.  The Administrative  Agent, on behalf of the Borrower,  shall
maintain  at the  Administrative  Agent's  Address  for  Notices  referred to in
subsection 9.2  a copy of each  Assignment and Acceptance  delivered to it and a
register (the  "Register") for the recordation of the names and addresses of the
Lenders and the  Commitments  of, and  principal  amounts of the Loans owing to,
each Lender from time to time.  The entries in the Register shall be conclusive,
in the absence of manifest error, and the Borrower, the Administrative Agent and
the Lenders may (and, in the case of any Loan or other obligation  hereunder not
evidenced  by a Note,  shall)  treat each  Person  whose name is recorded in the
Register  as the  owner of a Loan or other  obligation  hereunder  as the  owner
thereof  for all  purposes  of this  Agreement  and the  other  Loan  Documents,
notwithstanding any notice to the contrary.  Any assignment of any Loan or other
obligation  hereunder  not  evidenced  by a Note  shall be  effective  only upon
appropriate  entries  with  respect  thereto  being  made in the  Register.  The
Register  shall be available for inspection by the Borrower or any Lender at any
reasonable time and from time to time upon reasonable prior notice.

     (e)  Effectiveness  of  Assignments.  Upon its receipt of an Assignment and
Acceptance  executed by an assigning Lender and an Assignee (and, in the case of
an Assignee that is not then a Lender or an affiliate  thereof,  by the Borrower
and the  Administrative  Agent)  together  with  payment by the  Assignee or the
Lenders to the  Administrative  Agent of a  registration  and  processing fee of
$5,000, the Administrative  Agent shall (i) promptly  accept such Assignment and
Acceptance and (ii) on the effective date determined pursuant thereto record the
information contained therein in the Register and give notice of such acceptance
and recordation to the Lenders and the Borrower.

     (f) Certain Disclosures of Information. The Borrower authorizes each Lender
to disclose  to any  Participant  or Assignee  (each,  a  "Transferee")  and any
prospective  Transferee,  subject to the provisions of subsection 9.15,  any and
all financial  information in such Lender's  possession  concerning the Borrower
and its  Affiliates  which has been  delivered to such Lender by or on behalf of
the  Borrower  pursuant to this  Agreement  or which has been  delivered to such
Lender by or on behalf of the Borrower in connection  with such Lender's  credit
evaluation of the Borrower and its Affiliates  prior to becoming a party to this
Agreement.  No assignment or  participation  made or purported to be made to any
Transferee shall be effective  without the prior written consent of the Borrower
if it would  require  the  Borrower  to make any  filing  with any  Governmental
Authority  or qualify any Loan or Note under the laws of any  jurisdiction,  and
the  Borrower  shall be entitled to request and  receive  such  information  and
assurances  as it may  reasonably  request from any Lender or any  Transferee to

<PAGE>

determine  whether any such filing or  participation  is otherwise in accordance
with the Requirements of Law.

     (g) Assignments by Way of Security.  For avoidance of doubt, the parties to
this Agreement  acknowledge  that the provisions of this  subsection  concerning
assignments of Loans and Notes relate only to absolute assignments and that such
provisions do not prohibit assignments  creating security interests,  including,
without limitation,  any pledge or assignment by a Lender of any Loan or Note to
any Federal Reserve Bank in accordance  with  applicable law;  provided that any
transfer to an assignee upon the enforcement of any such security interest shall
be subject to the consent of the Borrower as provided herein.

     9.7 Adjustments; Set-off.

     (a) Sharing of Set-Offs, Etc. If any Lender (a "benefited Lender") shall at
any time  receive  any  payment  of all or part of its  Loans  owing  to it,  or
interest  thereon,  or  receive  any  collateral  in  respect  thereof  (whether
voluntarily or involuntarily,  by set-off,  pursuant to events or proceedings of
the nature referred to in Section 7(f),  or otherwise),  in a greater proportion
than any such payment to or collateral  received by any other Lender, if any, in
respect of such other  Lender's  Loans  owing to it, or interest  thereon,  such
benefited  Lender shall purchase for cash from the other Lenders a participating
interest in such portion of each such other  Lender's Loan owing to it, or shall
provide  such other  Lenders with the  benefits of any such  collateral,  or the
proceeds thereof,  as shall be necessary to cause such benefited Lender to share
the excess payment or benefits of such collateral or proceeds  ratably with each
of the  Lenders;  provided,  however,  that if all or any portion of such excess
payment or benefits is thereafter  recovered  from such benefited  Lender,  such
purchase shall be rescinded,  and the purchase price and benefits  returned,  to
the extent of such recovery, but without interest.

     (b) Right of Off-Set. In addition to any rights and remedies of the Lenders
provided by law,  each Lender shall have the right,  without prior notice to the
Borrower,  any such notice being expressly  waived by the Borrower to the extent
permitted by  applicable  law,  upon any amount  becoming due and payable by the
Borrower  hereunder  (whether  at  the  stated  maturity,   by  acceleration  or
otherwise) to  set-off and appropriate and apply against such amount any and all
deposits  (general or special,  time or demand,  provisional  or final),  in any
currency,  and any other credits,  indebtedness or claims,  in any currency,  in
each case  whether  direct or  indirect,  absolute  or  contingent,  matured  or
unmatured,  at any time  held or owing by such  Lender  or any  branch or agency
thereof to or for the credit or the account of the Borrower.  Each Lender agrees
promptly  to notify the  Borrower  and the  Administrative  Agent after any such
set-off and application  made by such Lender,  provided that the failure to give
such notice shall not affect the validity of such set-off and application.

     9.8  Counterparts.  This  Agreement  may be  executed by one or more of the
parties to this Agreement on any number of separate  counterparts  (including by

<PAGE>

facsimile  transmission),  and all of said counterparts  taken together shall be
deemed to constitute  one and the same  instrument.  A set of the copies of this
Agreement  signed by all the parties  shall be lodged with the  Borrower and the
Administrative Agent.

     9.9  Severability.  Any provision of this Agreement  which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability  without  invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render  unenforceable such provision in any
other jurisdiction.

     9.10 Integration. This Agreement and the other Loan Documents represent the
agreement of the Borrower, the Administrative Agent and the Lenders with respect
to  the  subject  matter  hereof,  and  there  are  no  promises,  undertakings,
representations or warranties by the Borrower,  the Administrative  Agent or any
Lender relative to the subject matter hereof not expressly set forth or referred
to herein or in the other Loan Documents.

     9.11 GOVERNING  LAW. THIS  AGREEMENT AND THE RIGHTS AND  OBLIGATIONS OF THE
PARTIES  HEREUNDER  SHALL BE  GOVERNED  BY, AND  CONSTRUED  AND  INTERPRETED  IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

     9.12  Submission  to  Jurisdiction;  Waivers.  To the extent  permitted  by
applicable law, the Borrower hereby irrevocably and unconditionally:

          (a)  submits  for  itself  and its  property  in any  legal  action or
     proceeding relating to this Agreement and the other Loan Documents to which
     it is a party,  or for  recognition  and  enforcement  of any  judgment  in
     respect thereof, to the non-exclusive general jurisdiction of the Courts of
     the State of New York,  the  courts of the United  States for the  Southern
     District of New York, and appellate courts from any thereof;

          (b) consents that any such action or proceeding may be brought in such
     courts and waives any  objection  that it may now or hereafter  have to the
     venue of any such  action  or  proceeding  in any such  court or that  such
     action or proceeding was brought in an inconvenient court and agrees not to
     plead or claim the same;

          (c) agrees that  service of process in any such  action or  proceeding
     may be effected by mailing a copy thereof by registered  or certified  mail
     (or any  substantially  similar  form of  mail),  postage  prepaid,  to the
     Borrower  at its  address  set  forth in  subsection 9.2  or at such  other
     address of which the Administrative Agent shall have been notified pursuant
     thereto;

<PAGE>

          (d)  agrees  that  nothing  herein  shall  affect  the right to effect
     service of process in any other manner  permitted by law or shall limit the
     right to sue in any other jurisdiction; and

          (e) waives,  to the maximum extent not prohibited by law, any right it
     may have to claim or recover in any legal action or proceeding  referred to
     in this subsection any punitive damages.

     9.13 Acknowledgements. The Borrower hereby acknowledges that:

          (a) it has been advised by counsel in the  negotiation,  execution and
     delivery of this Agreement and the other Loan Documents;

          (b) neither the Administrative  Agent nor any Lender has any fiduciary
     relationship  with or duty to the Borrower  arising out of or in connection
     with  this  Agreement  or  any  of  the  other  Loan  Documents,   and  the
     relationship between the Administrative Agent and Lenders, on one hand, and
     the Borrower,  on the other hand,  in  connection  herewith or therewith is
     solely that of debtor and creditor; and

          (c) no joint venture is created  hereby or by the other Loan Documents
     or otherwise exists by virtue of the transactions contemplated hereby among
     the Lenders or among the Borrower and the Lenders.

     9.14 WAIVERS OF JURY TRIAL. THE BORROWER,  THE ADMINISTRATIVE AGENT AND THE
LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY  WAIVE TRIAL BY JURY IN ANY LEGAL
ACTION OR PROCEEDING  RELATING TO THIS  AGREEMENT OR ANY OTHER LOAN DOCUMENT AND
FOR ANY COUNTERCLAIM THEREIN.

     9.15 Treatment of Certain Information; Confidentiality.

     (a) Delivery of  Information  to Certain  Lender  Affiliates.  The Borrower
acknowledges  that  (i) services may be offered or provided to it (in connection
with this Agreement or otherwise) by  each Lender or by one or more subsidiaries
or  affiliates of such Lender and  (ii) information  delivered to each Lender by
the Borrower and its  Subsidiaries  may be provided to each such  subsidiary and
affiliate,  it being understood that any such subsidiary or affiliate  receiving
such  information  shall be bound by the provisions of clause (b) below as if it
were a Lender hereunder.

     (b)  Confidentiality  Generally.  Each Lender and the Administrative  Agent
agrees  (on behalf of itself and each of its  affiliates,  directors,  officers,
employees  and   representatives)   to  use   reasonable   precautions  to  keep

<PAGE>

confidential,   in  accordance  with  its  customary   procedures  for  handling
confidential  information  of this nature and in accordance  with safe and sound
banking  practices,  any non-public  information  supplied to it by the Borrower
pursuant  to this  Agreement  which  is  identified  by the  Borrower  as  being
confidential  at  the  time  the  same  is  delivered  to  the  Lenders  or  the
Administrative  Agent and which is not already in such Lender's  possession on a
nonconfidential  basis and is not  subsequently  delivered  to such  Lender on a
nonconfidential  basis by a Person  who in so doing has not  violated  a duty of
confidentiality owing to the Borrower,  provided that nothing herein shall limit
the disclosure of any such  information  (i) to the extent  required by statute,
rule, regulation or judicial process,  (ii) to counsel for any of the Lenders or
of the Administrative  Agent, (iii) at their request, to bank examiners or other
regulators having analogous  responsibilities,  (iv) to auditors or accountants,
(v) to the  Administrative  Agent or any other  Lender  (or to Chase  Securities
Inc.),  (vi) in  connection  with any litigation  arising under or in connection
with the  transactions  contemplated  by this Agreement or any of the other Loan
Documents,  (vii) to a  subsidiary  or  affiliate  of such Lender as provided in
clause  (a) above  or  (viii) to  any assignee or  participant  (or  prospective
assignee or participant) so long as such assignee or participant (or prospective
assignee  or  participant)  agrees  to  be  bound  by  the  provisions  of  this
subsection.  In no  event  shall  any  Lender  or the  Administrative  Agent  be
obligated or required to return any materials furnished by the Borrower.

     IN WITNESS  WHEREOF,  the parties  hereto have caused this  Agreement to be
duly executed and delivered by their proper and duly  authorized  officers as of
the day and year first above written.

                               WESTWOOD ONE, INC.

                               By:  ____________________________________
                                    Title:
                               Address for Notices:
                               Westwood One, Inc.
                               c/o Infinity Broadcasting Corporation
                               40 West 57th Street, 14th Floor
                               New York, New York  10019
                               Attention:        Farid Suleman
                               Telecopier:       (212) 314-9336
                               Telephone:        (212) 314-9215

<PAGE>

                                THE CHASE MANHATTAN BANK,
                                 as Administrative Agent
                                 and as a Lender

                                By:  ___________________________________
                                     Title:
                                     Address for Notices:
                                     The Chase Manhattan Bank
                                     1 Chase Manhattan Plaza, 8th Floor
                                     Loan and Agency Services Group
                                     New York, New York  10005
                                     Attention:        Steve McArdle
                                     Telecopier:       (212) 552-5700
                                     Telephone:        (212) 552-7483 with a
                                                       copy to:
                                     The Chase Manhattan Bank
                                     270 Park Avenue
                                     New York, New York  10017
                                     Attention:        Bruce Langenkamp
                                     Telecopier:       (212) 270-7340
                                     Telephone:        (212) 270-9029

<PAGE>

                                     BANK OF MONTREAL,
                                     as a Co-Agent and as a Lender

                                     By:  ________________________________
                                          Title:
                                          Address for Notices:
                                          Bank of Montreal
                                          430 Park Avenue
                                          New York, New York  10022
                                          Attention:        Karen Klapper
                                          Telecopier:       (212) 605-1559
                                          Telephone:        (212) 605-1648

<PAGE>

                                     THE BANK OF NEW YORK
                                     By:  ___________________________________
                                          Title:  Vice President
                                          Address for Notices:
                                          The Bank of New York
                                          One Wall Street
                                          16th Floor
                                          New York, New York  10286
                                          Attention:        John Ciulla
                                          Telecopier:       (212) 635-8595
                                          Telephone:        (212) 635-8609

<PAGE>

                                      FLEET NATIONAL BANK,
                                      as a Co-Agent and as a Lender
                                      By:  __________________________________
                                           Title:
                                           Address for Notices:
                                           Fleet National Bank
                                           100 Federal Street
                                           MA/DE130009d
                                           Boston, MA  02110
                                           Attention:        Lisa Pellow
                                           Telecopier:       (617) 434-8426
                                           Telephone:        (617) 434-6193

<PAGE>
                                      KEYBANK CORPORATE CAPITAL INC.
                                      By:  _____________________________________
                                           Title:
                                           Address for Notices:
                                           127 Public Square
                                           Mail Code:  OH  127-0602
                                           Cleveland, OH  44114
                                           Attention:        Amy Ciano
                                           Telecopier:       (216) 689-4666
                                           Telephone:        (216) 689-4457

<PAGE>

                                      BANK OF AMERICA, N.A.,
                                      as a Co-Agent and as a Lender
                                      By:  _____________________________________
                                           Title:
                                      Address for Notices:
                                      Bank of America, N.A.
                                      Credit Services
                                      1850 Gateway Blvd.
                                      Concord, CA 94520-3282
                                      Attention:        Curtis A. Laney
                                      Telecopier:       (925) 969-2851
                                      Telephone:        (925) 675-8398

                                      With a copy to:

                                      Bank of America, N.A.
                                      335 Madison Avenue
                                      New York, NY  10017
                                      Attention:        Thomas J. Kane
                                      Telecopier:       (212) 503-7173
                                      Telephone:        (212) 503-7980

<PAGE>

                                      BANK OF TOKYO - MITSUBISHI TRUST COMPANY
                                      By: ______________________________________
                                          Title:
                                      Address for Notices:
                                      1251 Avenue of the Americas
                                      New York, New York 10020
                                      Attention:        Michael Wiskind
                                      Telecopier:       (212) 782-4935
                                      Telephone:        (212) 782-4310
<PAGE>

                                      BARCLAYS BANK PLC
                                      By: ______________________________________
                                          Title:
                                      Address for Notices:
                                      388 Market Street, Suite 1700
                                      San Francisco, CA 94111
                                      Attention:        Tim Harrington
                                      Telecopier:       (415) 765-4760
                                      Telephone:        (415) 765-4714

<PAGE>

                                      DEUTSCHE BANK AG NEW YORK BRANCH AND/OR
                                           CAYMAN ISLANDS BRANCH
                                      By:  _____________________________________
                                           Title:

                                      By:  _____________________________________
                                           Title:
                                      Address for Notices:
                                      31 West 52nd Street
                                      New York, New York 10019
                                      Attention:        Irene Egues
                                      Telecopier:       (212) 469-7070
                                      Telephone:        (212) 469-7219

<PAGE>
                                      INDUSTRIAL BANK OF JAPAN, LIMITED
                                      By: ______________________________________
                                          Title:
                                      Address for Notices:
                                      1251 Avenue of the Americas
                                      New York, New York 10020
                                      Attention:        R. William Kennedy
                                      Telecopier:       (212) 282-4486
                                      Telephone:        (212) 282-3516

<PAGE>

                                      NATIONAL AUSTRALIA BANK LIMITED
                                       ACN004044937
                                      By:  _____________________________________
                                           Title:
                                      Address for Notices:
                                      200 Park Avenue, 34th Floor
                                      New York, New York 10166
                                      Attention:        Eduardo Salazar
                                      Telecopier:       (212) 983-1969
                                      Telephone:        (212) 916-9515

<PAGE>

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