Document:

EXECUTION
		  VERSION

		AMENDED
		  AND RESTATED CREDIT AGREEMENT

		 

		among

		 

		ENDURANCE
		  SPECIALTY HOLDINGS LTD.,

		 

		VARIOUS
		  DESIGNATED SUBSIDIARY BORROWERS,

		 

		VARIOUS
		  LENDING INSTITUTIONS,

		 

		and

		 

		JPMORGAN
		  CHASE BANK, N.A.

		 

		as
		  ADMINISTRATIVE AGENT

		 
		  
			 

			 
 

		 

		Dated as
		  of May 8, 2007

		 

		
		  
 

		$1,175,000,000

		 

		
		  
 

		
		  

		  

		 

		J.P.
		  MORGAN SECURITIES INC.,

		 

		and

		 

		WACHOVIA
		  CAPITAL MARKETS, LLC

		as JOINT
		  LEAD ARRANGERS AND JOINT BOOKRUNNERS,

		 

		and

		 

		WACHOVIA
		  BANK, NATIONAL ASSOCIATION,

		as
		  SYNDICATION AGENT

		 

		 

		and

		 

		ING BANK
		  N.V., LONDON BRANCH,
 BANK OF AMERICA, N.A.,
 BARCLAYS BANK PLC,

		  LLOYDS TSB BANK PLC,
 THE BANK OF NEW YORK,
 CALYON NEW YORK
		  BRANCH,

		as
		  DOCUMENTATION AGENTS

		 

		
		  

		  

		  

		 

		
		   
		

		
		   
		

		
		  
		

		
		   
		

		
		

		

		TABLE
		  OF CONTENTS

		

		
		  	 	 	 	
				  Page

				  
	 	 	 
	
				  SECTION
					 1.   Amount
					 and Terms of Credit
 	 	
				  1

				  
	 	 	 
	
				  1.01

				  	
				  Revolving
					 Loans
 	 	
				  1

				  
	
				  1.02

				  	
				  Minimum
					 Amount of Each Borrowing; Maximum Number of Borrowings
 	 	
				  2

				  
	
				  1.03

				  	
				  Notice
					 of Borrowing
 	 	
				  2

				  
	
				  1.04

				  	
				  Disbursement
					 of Funds
 	 	
				  3

				  
	
				  1.05

				  	
				  Notes

				  	 	
				  4

				  
	
				  1.06

				  	
				  Conversions

				  	 	
				  5

				  
	
				  1.07

				  	
				  Pro Rata
					 Borrowings
 	 	
				  5

				  
	
				  1.08

				  	
				  Interest

				  	 	
				  6

				  
	
				  1.09

				  	
				  Interest
					 Periods
 	 	
				  6

				  
	
				  1.10

				  	
				  Increased
					 Costs, Illegality, etc
 	 	
				  7

				  
	
				  1.11

				  	
				  Compensation

				  	 	
				  9

				  
	
				  1.12

				  	
				  Change
					 of Lending Office
 	 	
				  10

				  
	
				  1.13

				  	
				  Replacement
					 of Lenders
 	 	
				  10

				  
	
				  1.14

				  	
				  Designated
					 Subsidiary Borrowers
 	 	
				  11

				  
	
				  1.15

				  	
				  Additional
					 Tranche 1 Commitments
 	 	
				  12

				  
	
				  1.16

				  	
				  Additional
					 Tranche 2 Commitments
 	 	
				  14

				  
	 	 	 
	
				  SECTION
					 2.  
 	 	
				  16

				  
	 	 	 
	
				  SECTION
					 2A.   Tranche
					 1 Letters of Credit
 	 	
				  16

				  
	 	 	 
	
				  2A.01

				  	
				  Tranche
					 1 Letters of Credit
 	 	
				  16

				  
	
				  2A.02

				  	
				  Tranche
					 1 Letter of Credit Requests
 	 	
				  19

				  
	
				  2A.03

				  	
				  Agreement
					 to Repay Tranche 1 Letter of Credit Drawings
 	 	
				  20

				  
	
				  2A.04

				  	
				  Increased
					 Costs
 	 	
				  21

				  
	
				  2A.05

				  	
				  Tranche
					 1 Letter of Credit Expiration Extensions
 	 	
				  22

				  
	
				  2A.06

				  	
				  Changes
					 to Stated Amount
 	 	
				  22

				  
	
				  2A.07

				  	
				  Representations
					 and Warranties of Tranche 1 Lenders
 	 	
				  23

				  
	
				  2A.08

				  	
				  Existing
					 Tranche 1 Letters of Credit
 	 	
				  23

				  
	
				  2A.09

				  	
				  Tranche
					 1 Fronted Letter of Credit Participations
 	 	
				  25

				  
	 	 	 
	
				  SECTION
					 2B.   Tranche
					 2 Letters of Credit
 	 	
				  27

				  
	 	 	 
	
				  2B.01

				  	
				  Tranche
					 2 Letters of Credit
 	 	
				  27

				  
	
				  2B.02

				  	
				  Tranche
					 2 Letter of Credit Requests
 	 	
				  31

				  
	
				  2B.03

				  	
				  Agreement
					 to Repay Tranche 2 Letter of Credit Drawings
 	 	
				  31

				  
	
				  2B.04

				  	
				  Increased
					 Costs
 	 	
				  32

				  
	
				  2B.05

				  	
				  Tranche
					 2 Letter of Credit Expiration Extensions
 	 	
				  33

				  
	
				  2B.06

				  	
				  Changes
					 to Stated Amount
 	 	
				  33

				  
	
				  2B.07

				  	
				  Representations
					 and Warranties of Tranche 2 Lenders
 	 	
				  34

				  
	
				  2B.08

				  	
				  Existing
					 Tranche 2 Letters of Credit
 	 	
				  34

				  
	
				  2B.09

				  	
				  Tranche
					 2 Fronted Letter of Credit Participations
 	 	
				  36

				  

 

		
		  
			  

			 
				 
			 

			 
				 
			 

			 
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					 Page

					 

 
 

		
		  	 	 	 
	
				  SECTION
					 3.   Fees;
					 Commitments
 	 	
				  39

				  
	 	 	 
	
				  3.01

				  	
				  Fees

				  	 	
				  39

				  
	
				  3.02

				  	
				  Voluntary
					 Reduction of Commitments
 	 	
				  41

				  
	
				  3.03

				  	
				  Mandatory
					 Reduction of Commitments
 	 	
				  42

				  
	 	 	 
	
				  SECTION
					 4.  
					 Payments
 	 	
				  42

				  
	 	 	 
	
				  4.01

				  	
				  Voluntary
					 Prepayments
 	 	
				  42

				  
	
				  4.02

				  	
				  Mandatory
					 Repayments
 	 	
				  42

				  
	
				  4.03

				  	
				  Method
					 and Place of Payment
 	 	
				  45

				  
	
				  4.04

				  	
				  Net
					 Payments
 	 	
				  45

				  
	 	 	 
	
				  SECTION
					 5.  
					 Conditions Precedent
 	 	
				  48

				  
	 	 	 
	
				  5.01

				  	
				  Conditions
					 Precedent to the Effective Date
 	 	
				  48

				  
	
				  5.02

				  	
				  Conditions
					 Precedent to All Revolving Loans and Letters of Credit
 	 	
				  50

				  
	 	 	 
	
				  SECTION
					 6.  
					 Representations, Warranties and Agreements
 	 	
				  51

				  
	 	 	 
	
				  6.01

				  	
				  Corporate
					 Status
 	 	
				  51

				  
	
				  6.02

				  	
				  Corporate
					 Power and Authority
 	 	
				  52

				  
	
				  6.03

				  	
				  No
					 Contravention of Laws, Agreements or Organizational Documents

				  	 	
				  52

				  
	
				  6.04

				  	
				  Litigation
					 and Contingent Liabilities
 	 	
				  52

				  
	
				  6.05

				  	
				  Use of
					 Proceeds; Margin Regulations
 	 	
				  52

				  
	
				  6.06

				  	
				  Approvals

				  	 	
				  53

				  
	
				  6.07

				  	
				  Investment
					 Company Act
 	 	
				  53

				  
	
				  6.08

				  	
				  True and
					 Complete Disclosure; Projections and Assumptions
 	 	
				  53

				  
	
				  6.09

				  	
				  Financial
					 Condition; Financial Statements
 	 	
				  53

				  
	
				  6.10

				  	
				  Tax
					 Returns and Payments
 	 	
				  54

				  
	
				  6.11

				  	
				  Compliance
					 with ERISA
 	 	
				  54

				  
	
				  6.12

				  	
				  Subsidiaries

				  	 	
				  54

				  
	
				  6.13

				  	
				  Capitalization

				  	 	
				  55

				  
	
				  6.14

				  	
				  Indebtedness

				  	 	
				  55

				  
	
				  6.15

				  	
				  Compliance
					 with Statutes, etc
 	 	
				  55

				  
	
				  6.16

				  	
				  Insurance
					 Licenses
 	 	
				  55

				  
	
				  6.17

				  	
				  Security
					 Documents
 	 	
				  56

				  
	 	 	 
	
				  SECTION
					 7.  
					 Affirmative Covenants
 	 	
				  56

				  
	 	 	 
	
				  7.01

				  	
				  Information
					 Covenants
 	 	
				  56

				  
	
				  7.02

				  	
				  Books,
					 Records and Inspections
 	 	
				  58

				  
	
				  7.03

				  	
				  Insurance

				  	 	
				  58

				  
	
				  7.04

				  	
				  Payment
					 of Taxes
 	 	
				  59

				  
	
				  7.05

				  	
				  Maintenance
					 of Existence
 	 	
				  59

				  
	
				  7.06

				  	
				  Compliance
					 with Statutes, etc
 	 	
				  59

				  
	
				  7.07

				  	
				  ERISA

				  	 	
				  59

				  
	
				  7.08

				  	
				  Maintenance
					 of Property
 	 	
				  60

				  
	
				  7.09

				  	
				  Maintenance
					 of Licenses and Permits
 	 	
				  60

				  
	
				  7.10

				  	
				  Claims
					 Paying Ratings
 	 	
				  60

				  
	
				  7.11

				  	
				  End of
					 Fiscal Years; Fiscal Quarters
 	 	
				  60

				  

 

		
		  
			  

			 
				 
			 

			 
				 
			 

			 
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				  7.12

				  	
				  Borrowing
					 Base Requirement
 	 	
				  61

				  
	
				  7.13

				  	
				  Further
					 Assurances
 	 	
				  61

				  
	 	 	 
	
				  SECTION
					 8.  
					 Negative Covenants
 	 	
				  61

				  
	 	 	 
	
				  8.01

				  	
				  Changes
					 in Business
 	 	
				  61

				  
	
				  8.02

				  	
				  Consolidations,
					 Amalgamations, Mergers, Sales of Assets and Acquisitions
 	 	
				  61

				  
	
				  8.03

				  	
				  Liens

				  	 	
				  62

				  
	
				  8.04

				  	
				  Indebtedness

				  	 	
				  63

				  
	
				  8.05

				  	
				  Issuance
					 of Stock
 	 	
				  64

				  
	
				  8.06

				  	
				  Dissolution

				  	 	
				  64

				  
	
				  8.07

				  	
				  Restricted
					 Payments
 	 	
				  64

				  
	
				  8.08

				  	
				  Transactions
					 with Affiliates
 	 	
				  64

				  
	
				  8.09

				  	
				  Maximum
					 Leverage Ratio
 	 	
				  64

				  
	
				  8.10

				  	
				  Minimum
					 Consolidated Tangible Net Worth
 	 	
				  64

				  
	
				  8.11

				  	
				  Private
					 Act
 	 	
				  65

				  
	
				  8.12

				  	
				  Restrictions
					 on Transfers
 	 	
				  65

				  
	 	 	 
	
				  SECTION
					 9.   Events
					 of Default
 	 	
				  65

				  
	 	 	 
	
				  9.01

				  	
				  Payments

				  	 	
				  65

				  
	
				  9.02

				  	
				  Representations,
					 etc
 	 	
				  65

				  
	
				  9.03

				  	
				  Covenants

				  	 	
				  65

				  
	
				  9.04

				  	
				  Default
					 Under Other Agreements
 	 	
				  65

				  
	
				  9.05

				  	
				  Bankruptcy,
					 etc
 	 	
				  66

				  
	
				  9.06

				  	
				  ERISA

				  	 	
				  66

				  
	
				  9.07

				  	
				  Judgments

				  	 	
				  67

				  
	
				  9.08

				  	
				  Insurance
					 Licenses
 	 	
				  67

				  
	
				  9.09

				  	
				  Parent
					 Borrower Guaranty
 	 	
				  67

				  
	
				  9.10

				  	
				  Security
					 Documents
 	 	
				  67

				  
	
				  9.11

				  	
				  Ownership

				  	 	
				  67

				  
	 	 	 
	
				  SECTION
					 10.  
					 Definitions
 	 	
				  68

				  
	 	 	 
	
				  SECTION
					 11.   The
					 Agents
 	 	
				  92

				  
	 	 	 
	
				  11.01

				  	
				  Appointment

				  	 	
				  92

				  
	
				  11.02

				  	
				  Delegation
					 of Duties
 	 	
				  92

				  
	
				  11.03

				  	
				  Exculpatory
					 Provisions
 	 	
				  92

				  
	
				  11.04

				  	
				  Reliance
					 by Agents
 	 	
				  93

				  
	
				  11.05

				  	
				  Notice
					 of Default
 	 	
				  93

				  
	
				  11.06

				  	
				  Non-Reliance

				  	 	
				  94

				  
	
				  11.07

				  	
				  Indemnification

				  	 	
				  94

				  
	
				  11.08

				  	
				  The
					 Agents in Their Individual Capacities
 	 	
				  95

				  
	
				  11.09

				  	
				  Successor
					 Agents
 	 	
				  95

				  
	 	 	 
	
				  SECTION
					 12.  
					 Miscellaneous
 	 	
				  95

				  
	 	 	 
	
				  12.01

				  	
				  Payment
					 of Expenses, etc
 	 	
				  95

				  
	
				  12.02

				  	
				  Right of
					 Setoff
 	 	
				  96

				  

 

		
		   

		  
			  
		  

		  
			  
		  

		  
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				  12.03

				  	
				  Notices

				  	 	
				  96

				  
	
				  12.04

				  	
				  Benefit
					 of Agreement
 	 	
				  97

				  
	
				  12.05

				  	
				  No
					 Waiver; Remedies Cumulative
 	 	
				  99

				  
	
				  12.06

				  	
				  Payments
					 Pro Rata
 	 	
				  99

				  
	
				  12.07

				  	
				  Calculations;
					 Computations
 	 	
				  100

				  
	
				  12.08

				  	
				  GOVERNING
					 LAW; SUBMISSION TO JURISDICTION; VENUE
 	 	
				  100

				  
	
				  12.09

				  	
				  Counterparts

				  	 	
				  101

				  
	
				  12.10

				  	
				  Headings
					 Descriptive
 	 	
				  102

				  
	
				  12.11

				  	
				  Amendment
					 or Waiver
 	 	
				  102

				  
	
				  12.12

				  	
				  Survival

				  	 	
				  103

				  
	
				  12.13

				  	
				  Domicile
					 of Revolving Loans
 	 	
				  103

				  
	
				  12.14

				  	
				  Confidentiality

				  	 	
				  103

				  
	
				  12.15

				  	
				  WAIVER
					 OF JURY TRIAL
 	 	
				  104

				  
	
				  12.16

				  	
				  Register

				  	 	
				  104

				  
	
				  12.17

				  	
				  USA
					 Patriot Act
 	 	
				  105

				  
	 	 	 
	
				  SECTION
					 13.   Parent
					 Borrower Guaranty
 	 	
				  105

				  
	 	 	 
	
				  13.01

				  	
				  The
					 Guaranty
 	 	
				  105

				  
	
				  13.02

				  	
				  Bankruptcy

				  	 	
				  105

				  
	
				  13.03

				  	
				  Nature
					 of Liability
 	 	
				  105

				  
	
				  13.04

				  	
				  Independent
					 Obligation
 	 	
				  106

				  
	
				  13.05

				  	
				  Authorization

				  	 	
				  106

				  
	
				  13.06

				  	
				  Reliance

				  	 	
				  107

				  
	
				  13.07

				  	
				  Subordination

				  	 	
				  107

				  
	
				  13.08

				  	
				  Waiver

				  	 	
				  108

				  

 

		
		  
			  

			 
				 
			 

			 
				 
			 

			 
				iv
			 

			 
				 
			 

			 
			 

			 

			  
 
 

		
		  	 	 
	
				  ANNEX
					 I
 	
				  List of
					 Lenders and Commitments
 
	
				  ANNEX
					 II
 	
				  Lender
					 Addresses
 
	
				  ANNEX
					 III
 	
				  Subsidiaries

				  
	
				  ANNEX
					 IV
 	
				  Capitalization

				  
	
				  ANNEX
					 V
 	
				  Indebtedness

				  
	
				  ANNEX
					 VI
 	
				  [Intentionally
					 Deleted]
 
	
				  ANNEX
					 VII
 	
				  Liens

				  
	
				  ANNEX
					 VIII
 	
				  Existing
					 Letters of Credit
 
	 	 
	
				  EXHIBIT
					 A
 	
				  Form of
					 Notice of Borrowing
 
	
				  EXHIBIT
					 B-1
 	
				  Form of
					 Tranche 1 Note
 
	
				  EXHIBIT
					 B-2
 	
				  Form of
					 Tranche 2 Note
 
	
				  EXHIBIT
					 C-1
 	
				  Form of
					 Tranche 1 Letter of Credit Request
 
	
				  EXHIBIT
					 C-2
 	
				  Form of
					 Tranche 2 Letter of Credit Request
 
	
				  EXHIBIT
					 D
 	
				  Form of
					 Section 4.04(b)(ii) Certificate
 
	
				  EXHIBIT
					 E-1
 	
				  Form of
					 Opinion of Skadden, Arps, Slate, Meagher & Flom LLP
 
	
				  EXHIBIT
					 E-2
 	
				  Form of
					 Opinion of Appleby Spurling Hunter
 
	
				  EXHIBIT
					 E-3
 	
				  Form of
					 Opinion of Ashurst
 
	
				  EXHIBIT
					 F
 	
				  Form of
					 Officer’s Certificate
 
	
				  EXHIBIT
					 G
 	
				  Form of
					 Assignment Agreement
 
	
				  EXHIBIT
					 H
 	
				  Form of
					 DSB Assumption Agreement
 
	
				  EXHIBIT
					 I-1
 	
				  Form of
					 Additional Tranche 1 Commitment Agreement
 
	
				  EXHIBIT
					 I-2
 	
				  Form of
					 Additional Tranche 2 Commitment Agreement
 
	
				  EXHIBIT
					 J
 	
				  Form of
					 Borrowing Base Certificate
 
	
				  EXHIBIT
					 K
 	
				  Form of
					 Amended and Restated Pledge and Security Agreement
 
	
				  EXHIBIT
					 L
 	
				  Form of
					 Existing Lender Agreement
 
	
				  EXHIBIT
					 M
 	
				  Form of
					 Account Control Agreement
 

 

		
		  
			  

			 
				 
			 

			 
				 
			 

			 
				v
			 

			 
				 
			 

			 
			 

			 

			  
 
 
 

	 This
		AMENDED AND RESTATED CREDIT AGREEMENT, dated as of May 8, 2007, among ENDURANCE
		SPECIALTY HOLDINGS LTD., a company organized under the laws of Bermuda (the
		“Parent Borrower”), the Designated Subsidiary Borrowers (as
		hereinafter defined) from time to time party hereto, the lending institutions
		listed from time to time on Schedule I hereto under the captions
		“Continuing Lenders” (the “Continuing Lenders”) and
		“Additional Lenders” (the “Additional Lenders”, and
		together with the Continuing Lenders, (each a “Lender” and,
		collectively, the “Lenders”), and JPMORGAN CHASE BANK, N.A., as
		Administrative Agent (the “Administrative Agent”) amends and restates
		in full the Credit Agreement dated as of August 6, 2004, as amended on April
		18, 2005, among the Parent Borrower, certain affiliates of the Parent Borrower,
		each lender party from time to time party thereto (“Original
		Lenders”) and JPMorgan Chase Bank, N.A., as administrative agent (as
		amended, restated supplemented or otherwise modified from time to time, the
		“Existing Credit Agreement”). Unless otherwise defined herein, all
		capitalized terms used herein and defined in Section 10 are used herein as so
		defined.

	  

	 WITNESSETH:

	  

	 WHEREAS,
		the Existing Credit Agreement is to be amended and restated as provided herein
		(the “Amended and Restated Credit Agreement”); 

	  

	 WHEREAS,
		each of the lenders to the Existing Credit Agreement that is not a Continuing
		Lender (collectively, the “Retiring Lenders”) will cease being a
		“Lender” under the Existing Credit Agreement, and each of the
		Additional Lenders will become a “Lender” under the Amended and
		Restated Credit Agreement, in each case as of the effectiveness of this
		Agreement; and

	  

	 WHEREAS,
		the Continuing Lenders and the Additional Lenders are willing, subject to the
		terms and conditions of this Amendment Agreement, to amend the Existing Credit
		Agreement as provided herein.

	  

	 NOW,
		THEREFORE, in consideration of the mutual agreements contained in this
		Agreement and other good and valuable consideration, the sufficiency and
		receipt of which are hereby acknowledged, the parties hereto hereby agree as
		follows:

	  

	 SECTION
		1.  Amount
		and Terms of Credit.

	  

	 1.01 Revolving
		Loans. (a) Subject
		to and upon the terms and conditions set forth herein (including, on and after
		the initial Additional Tranche 1 Commitment Date, Section 1.15), each Tranche 1
		Lender severally agrees, at any time and from time to time after the Effective
		Date and prior to the Commitment Expiration Date, to make a loan or loans
		(each, a “Tranche 1 Revolving Loan” and, collectively, the
		“Tranche 1 Revolving Loans”) to one or more of the Borrowers (on a
		several basis), which Tranche 1 Revolving Loans (i) shall be denominated in
		Dollars, (ii) shall, at the option of the respective Borrower, be incurred and
		maintained as and/or converted into Base Rate Loans or Eurodollar Loans,
		provided that,
		except as otherwise specifically provided in Section 1.10(b), all Tranche 1
		Revolving Loans comprising the same Borrowing shall at all times be of the same
		Type, (iii) may be repaid and reborrowed at any time in accordance with the
		provisions hereof, (iv) shall not exceed for any Tranche 1 Lender at any
		

	 
		
		   

		  
			  
		  

		  
			  
		  

		  
			 
		  

		  
			  
		  

		  
		  

		  

		   
 

		time
		  outstanding that aggregate principal amount which, when added to such Tranche 1
		  Lender’s Tranche 1 Percentage of the aggregate amount of all Tranche 1
		  Letter of Credit Outstandings (if any) (exclusive of Tranche 1 Unpaid Drawings
		  which are repaid with the proceeds of, and simultaneously with the incurrence
		  of, the respective incurrence of Tranche 1 Revolving Loans) at such time,
		  equals the Tranche 1 Commitment of such Tranche 1 Lender at such time, (v)
		  shall not exceed for any Borrower at any time outstanding that aggregate amount
		  which, when added to all Tranche 1 Letter of Credit Outstandings (if any)
		  (exclusive of Tranche 1 Unpaid Drawings which are repaid with the proceeds of,
		  and simultaneously with the incurrence of, Tranche 1 Revolving Loans)
		  attributable to such Borrower at such time, equals such Borrower’s
		  Borrowing Base at such time, and (vi) shall not exceed at any time outstanding
		  that aggregate principal amount which, when added to all Tranche 1 Letter of
		  Credit Outstandings at such time, equals the Total Tranche 1 Commitment at such
		  time.

		 

		(b) Subject
		  to and upon the terms and conditions set forth herein, each Tranche 2 Lender
		  severally agrees, at any time and from time to time after the Effective Date
		  and prior to the Commitment Expiration Date, to make a loan or loans (each, a
		  “Tranche 2 Revolving Loan” and, collectively, the “Tranche 2
		  Revolving Loans”) to one or more of the Borrowers (on a several basis),
		  which Tranche 2 Revolving Loans (i) shall be denominated in Dollars, (ii)
		  shall, at the option of the respective Borrower, be incurred and maintained as
		  and/or converted into Base Rate Loans or Eurodollar Loans, provided that,
		  except as otherwise specifically provided in Section 1.10(b), all Tranche 2
		  Revolving Loans comprising the same Borrowing shall at all times be of the same
		  Type, (iii) may be repaid and reborrowed at any time in accordance with the
		  provisions hereof, (iv) shall not exceed for any Tranche 2 Lender at any time
		  outstanding that aggregate principal amount which, when added to such Tranche 2
		  Lender’s Tranche 2 Percentage of the aggregate amount of all Tranche 2
		  Letter of Credit Outstandings (if any) (exclusive of Tranche 2 Unpaid Drawings
		  which are repaid with the proceeds of, and simultaneously with the incurrence
		  of, the respective incurrence of Tranche 2 Revolving Loans) at such time,
		  equals the Tranche 2 Commitment of such Tranche 2 Lender at such time and (v)
		  shall not exceed at any time outstanding that aggregate principal amount which,
		  when added to all Tranche 2 Letter of Credit Outstandings at such time, equals
		  the Total Tranche 2 Commitment as such time.

		 

		1.02 Minimum
		  Amount of Each Borrowing; Maximum Number of Borrowings. The
		  aggregate principal amount of each Borrowing hereunder shall not be less than
		  $5,000,000. More than one Borrowing may be incurred on any day; provided that at
		  no time shall there be outstanding more than ten Borrowings of Eurodollar Loans
		  in the aggregate for all Tranches.

		 

		1.03 Notice
		  of Borrowing. (a)
		  Whenever a Borrower desires to incur Revolving Loans, it shall give the
		  Administrative Agent at its Notice Office, (x) prior to 11:00 A.M. (New York
		  time), at least three Business Days’ prior written notice (or telephonic
		  notice promptly confirmed in writing) of each Borrowing of Eurodollar Loans or
		  (y) prior to 10:00 A.M. (New York time) on the day of each Borrowing of Base
		  Rate Loans, prior written notice (or telephonic notice promptly confirmed in
		  writing). Each such notice (a “Notice of Borrowing”), except as
		  otherwise expressly provided in Section 1.10, shall be irrevocable, and, in the
		  case of a written notice and a confirmation of telephonic notice, shall be in
		  the form of Exhibit A hereto, appropriately completed to specify (i) the
		  aggregate principal amount of the Revolving Loans to be made pursuant to such
		  Borrowing, (ii) the date of such Borrowing (which 

		
		  
			  

			 
				 
			 

			 
				 
			 

			 
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		  shall be
			 a Business Day), (iii) whether the respective Borrowing shall consist of
			 Tranche 1 Revolving Loans or Tranche 2 Revolving Loans, and (iv) whether the
			 respective Borrowings shall consist of Base Rate Loans or Eurodollar Loans and,
			 if Eurodollar Loans, the Interest Period to be initially applicable thereto.
			 The Administrative Agent shall promptly give each Lender written notice (or
			 telephonic notice promptly confirmed in writing) of each proposed Borrowing, of
			 such Lender’s proportionate share thereof and of the other matters covered
			 by the Notice of Borrowing.
 

		 

		(b) Without
		  in any way limiting the obligation of each Borrower to confirm in writing any
		  notice it may give hereunder by telephone, the Administrative Agent may act
		  prior to receipt of written confirmation without liability upon the basis of
		  such telephonic notice, believed by the Administrative Agent in good faith to
		  be from an Authorized Officer of such Borrower. In each such case, the
		  Administrative Agent’s record of the terms of any such telephonic notice
		  shall be conclusive absent manifest error.

		 

		1.04 Disbursement
		  of Funds. (a)
		  Subject to the terms and conditions herein set forth, no later than 11:00 A.M.
		  (New York time) on the date of each incurrence of Revolving Loans, each Lender
		  with a Commitment of the respective Tranche will make available to the
		  Administrative Agent its pro rata share
		  of each Borrowing requested to be made on such date in the manner provided
		  below.

		 

		(b) Each
		  Lender with a Commitment of the respective Tranche shall make available all
		  amounts it is to fund under any Borrowing in Dollars and immediately available
		  funds to the Administrative Agent at the Payment Office and the Administrative
		  Agent will make available to the respective Borrower as promptly as practicable
		  by depositing to its account at the Payment Office the aggregate of the amounts
		  so made available in the type of funds received. Unless the Administrative
		  Agent shall have been notified by any Lender prior to the date of any such
		  Borrowing that such Lender does not intend to make available to the
		  Administrative Agent its portion of the Borrowing or Borrowings to be made on
		  such date, the Administrative Agent may assume that such Lender has made such
		  amount available to the Administrative Agent on the date of such Borrowing, and
		  the Administrative Agent, in reliance upon such assumption, may (in its sole
		  discretion and without any obligation to do so) make available to the
		  respective Borrower a corresponding amount. If such corresponding amount is not
		  in fact made available to the Administrative Agent by such Lender and the
		  Administrative Agent has made available same to the respective Borrower, the
		  Administrative Agent shall be entitled to recover such corresponding amount
		  from such Lender. If such Lender does not pay such corresponding amount
		  forthwith upon the Administrative Agent’s demand therefor, the
		  Administrative Agent shall promptly notify the respective Borrower, and such
		  Borrower shall pay such corresponding amount to the Administrative Agent within
		  two Business Days. The Administrative Agent shall also be entitled to recover
		  from the Lender or the applicable Borrower, as the case may be, interest on
		  such corresponding amount in respect of each day from the date such
		  corresponding amount was made available by the Administrative Agent to such
		  Borrower to the date such corresponding amount is recovered by the
		  Administrative Agent, at a rate per annum equal to (x) if paid by such Lender,
		  the overnight Federal Funds Effective Rate or (y) if paid by such Borrower, the
		  then applicable rate of interest, calculated in accordance with Section 1.08(a)
		  or (b), as the case may be, for the respective Revolving Loans.

		
		   

		  
			  
		  

		  
			  
		  

		  
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		(c) Nothing
		  in this Section 1.04 shall be deemed to relieve any Lender from its obligation
		  to fulfill its commitments hereunder or to prejudice any rights which any
		  Borrower may have against any Lender as a result of any default by such Lender
		  hereunder.

		 

		1.05 Notes. (a)
		  Each Borrower’s obligation to pay the principal of, and interest on, all
		  of the Revolving Loans made to it by each Lender shall be evidenced in the
		  Register maintained by the Administrative Agent pursuant to Section 12.16 and
		  shall, if requested by such Lender, also be evidenced by (i) in the case of
		  Tranche 1 Revolving Loans, a promissory note substantially in the form of
		  Exhibit B-1 with blanks appropriately completed in conformity herewith (each, a
		  “Tranche 1 Note” and collectively, the “Tranche 1 Notes”)
		  and (ii) in the case of Tranche 2 Revolving Loans, a promissory note
		  substantially in the form of Exhibit B-2 with blanks appropriately completed in
		  conformity herewith (each, a “Tranche 2 Note” and collectively, the
		  “Tranche 2 Notes”).

		 

		(b) The
		  Tranche 1 Note issued to each Tranche 1 Lender that has requested same shall
		  (i) be executed by the respective Borrower, (ii) be payable to the order
		  of such Tranche 1 Lender and be dated the Effective Date (or if issued after
		  the Effective Date, be dated the date of the issuance thereof), (iii) be in a
		  stated principal amount equal to the Tranche 1 Commitment of such Tranche 1
		  Lender and be payable in a principal amount equal to the amount of the Tranche
		  1 Revolving Loans made by such Tranche 1 Lender and which are outstanding from
		  time to time, (iv) mature on the Commitment Expiration Date, (v) bear
		  interest as provided in the appropriate clause of Section 1.08 in respect of
		  the Base Rate Loans and Eurodollar Loans, as the case may be, evidenced
		  thereby, (vi) be subject to voluntary prepayment as provided in Section 4.01
		  and mandatory repayment as provided in Section 4.02 and (vii) be entitled to
		  the benefits of this Agreement and the other Credit Documents. Upon receipt of
		  an affidavit of an officer of a Tranche 1 Lender (together with a customary
		  indemnity from such Tranche 1 Lender in form and substance satisfactory to the
		  respective Borrower) that a Tranche 1 Note has been lost, stolen, destroyed or
		  mutilated, such Borrower will issue a replacement Tranche 1 Note in the same
		  principal amount thereof and otherwise of like tender.

		 

		(c) The
		  Tranche 2 Note issued to each Tranche 2 Lender that has requested same shall
		  (i) be executed by the respective Borrower, (ii) be payable to the order
		  of such Tranche 2 Lender and be dated the Effective Date (or if issued after
		  the Effective Date, be dated the date of the issuance thereof), (iii) be in a
		  stated principal amount equal to the Tranche 2 Commitment of such Tranche 2
		  Lender and be payable in a principal amount equal to the amount of the Tranche
		  2 Revolving Loans made by such Tranche 2 Lender and which are outstanding from
		  time to time, (iv) mature on the Commitment Expiration Date, (v) bear
		  interest as provided in the appropriate clause of Section 1.08 in respect of
		  the Base Rate Loans and Eurodollar Loans, as the case may be, evidenced
		  thereby, (vi) be subject to voluntary prepayment as provided in Section 4.01
		  and mandatory repayment as provided in Section 4.02 and (vii) be entitled to
		  the benefits of this Agreement and the other Credit Documents (other than the
		  Security Documents). Upon receipt of an affidavit of an officer of a Tranche 2
		  Lender (together with a customary indemnity from such Tranche 2 Lender in form
		  and substance satisfactory to the respective Borrower) that a Tranche 2 Note
		  has been lost, stolen, destroyed or mutilated, such Borrower will issue a
		  replacement Tranche 2 Note in the same principal amount thereof and otherwise
		  of like tender.

		
		   

		  
			  
		  

		  
			  
		  

		  
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		(d) Each
		  Lender will record on its internal records the amount of each Revolving Loan
		  made by it and each payment in respect thereof and will prior to any transfer
		  of its Note endorse on the reverse side thereof the outstanding principal
		  amount of Revolving Loans evidenced thereby. Failure to make any such notation
		  or any error in any such notation shall not affect the respective
		  Borrower’s obligations in respect of such Revolving Loans.

		 

		(e) Notwithstanding
		  anything to the contrary contained above in this Section 1.05 or elsewhere in
		  this Agreement, Notes shall only be delivered to Lenders which at any time
		  specifically request the delivery of such Notes. No failure of any Lender to
		  request or obtain a Note evidencing its Revolving Loans to the respective
		  Borrower shall affect or in any manner impair the obligations of such Borrower
		  to pay the Revolving Loans (and all related Obligations) incurred by such
		  Borrower which would otherwise be evidenced thereby in accordance with the
		  requirements of this Agreement. Any Lender which does not have a Note
		  evidencing its outstanding Revolving Loans shall in no event be required to
		  make the notations otherwise described in preceding clause (e). At any time
		  when any Lender requests the delivery of a Note to evidence any of its
		  Revolving Loans, each Borrower shall promptly execute and deliver to the
		  respective Lender the requested Note in the appropriate amount or amounts to
		  evidence such Revolving Loans.

		 

		1.06 Conversions. Each
		  Borrower shall have the option to convert on any Business Day all or a portion
		  at least equal to $1,000,000 of the outstanding principal amount of its
		  Revolving Loans of one Type and Tranche into a Borrowing or Borrowings of the
		  same Tranche but other Type of Revolving Loans; provided that
		  (i) no partial conversion of a Borrowing of Eurodollar Loans shall reduce the
		  outstanding principal amount of the Eurodollar Loans pursuant to such Borrowing
		  to less than $1,000,000, (ii) Base Rate Loans may not be converted into
		  Eurodollar Loans if any Default or Event of Default is in existence on the date
		  of the conversion if the Administrative Agent or the Required Lenders have
		  previously advised the Borrowers that conversions will not be permitted while
		  such Default or Event of Default, as the case may be, remains in existence,
		  (iii) Borrowings of Eurodollar Loans resulting from this Section 1.06
		  shall be limited in number as provided in Section 1.02, (iv) Eurodollar Loans
		  may only be converted into Base Rate Loans on the last day of the Interest
		  Period applicable thereto, and (v) each such conversion shall be made
		  pro rata among
		  the Revolving Loans of each Lender of the Type and Tranche being converted.
		  Each such conversion shall be effected by the respective Borrower by giving the
		  Administrative Agent at its Notice Office, prior to 11:00 A.M. (New York
		  time), at least three Business Days’ (or one Business Day’s in the
		  case of a conversion into Base Rate Loans) prior written notice (or telephonic
		  notice promptly confirmed in writing) (each a “Notice of Conversion”)
		  specifying the Revolving Loans to be so converted, the Type and Tranche of
		  Revolving Loans to be converted into and, if to be converted into a Borrowing
		  of Eurodollar Loans, the Interest Period to be initially applicable thereto.
		  The Administrative Agent shall give each Lender prompt notice of any such
		  proposed conversion affecting any of its Revolving Loans.

		 

		1.07 Pro
		  Rata Borrowings. All
		  Borrowings of Revolving Loans under this Agreement shall be incurred by the
		  respective Borrower from the Lenders pro rata on the
		  basis of their Tranche 1 Commitments or Tranche 2 Commitments, as the case may
		  be. It is understood that no Lender shall be responsible for any default by any
		  other Lender in its obligation to make Revolving Loans hereunder and that each
		  Lender shall be obligated to make the Revolving

		
		   

		  
			  
		  

		  
			  
		  

		  
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		 Loans
		  provided to be made by it hereunder, regardless of the failure of any other
		  Lender to fulfill its commitments hereunder.

		 

		1.08 Interest. (a)
		  The unpaid principal amount of each Base Rate Loan shall bear interest from the
		  date of the Borrowing thereof until the earlier of (i) the maturity (whether by
		  acceleration or otherwise) of such Base Rate Loan and (ii) the conversion of
		  such Base Rate Loan to a Eurodollar Loan pursuant to Section 1.06, at a rate
		  per
		  annum which
		  shall at all times be the Applicable Margin then in effect for Base Rate Loans
		  plus the Base Rate in effect from time to time.

		 

		(b) The
		  unpaid principal amount of each Eurodollar Loan shall bear interest from the
		  date of the Borrowing thereof until the earlier of (i) the maturity (whether by
		  acceleration or otherwise) of such Eurodollar Loan or (ii) the conversion of
		  such Eurodollar Loan to a Base Rate Loan pursuant to Sections 1.06, 1.09 or
		  1.10(b), as applicable, at a rate per
		  annum which
		  shall at all times be the Applicable Margin then in effect for Eurodollar Loans
		  plus the relevant Eurodollar Rate for the Interest Period applicable to such
		  Eurodollar Loan.

		 

		(c) Overdue
		  principal and, to the extent permitted by law, overdue interest in respect of
		  each Revolving Loan and any other overdue amount payable hereunder shall be
		  payable on demand and shall bear interest at a rate per annum equal
		  to the Applicable Margin then in effect for Base Rate Loans of the respective
		  Tranche plus the Base Rate in effect from time to time plus 2%, provided that
		  overdue principal in respect of Eurodollar Loans shall bear interest until the
		  end of the Interest Period applicable to such Eurodollar Loans at a rate
		  per
		  annum equal
		  to 2% in excess of the rate otherwise applicable to such Eurodollar
		  Loans.

		 

		(d) Interest
		  shall accrue from and including the date of any Borrowing to but excluding the
		  date of any repayment thereof and shall be payable (i) in respect of each Base
		  Rate Loan, quarterly in arrears on the last Business Day of each calendar
		  quarter, (ii) in respect of each Eurodollar Loan, on the last day of each
		  Interest Period applicable thereto and, in the case of an Interest Period of
		  six months, on the date occurring three months after the first day of such
		  Interest Period and (iii) in respect of each Revolving Loan, on any conversion
		  or prepayment (on the amount so converted or prepaid), at maturity (whether by
		  acceleration or otherwise) and, after such maturity, on demand.

		 

		(e) All
		  computations of interest on Revolving Loans hereunder shall be made in
		  accordance with Section 12.07(b).

		 

		(f) The
		  Administrative Agent, upon determining the interest rate for any Borrowing of
		  Eurodollar Loans for any Interest Period, shall promptly notify the respective
		  Borrower and the Lenders thereof.

		 

		1.09 Interest
		  Periods. At the
		  time a Borrower gives a Notice of Borrowing or Notice of Conversion in respect
		  of the making of, or conversion into, a Borrowing of Eurodollar Loans (in the
		  case of the initial Interest Period applicable thereto) or prior to 11:00 A.M.
		  (New York time) on the third Business Day prior to the expiration of an
		  Interest Period applicable to a Borrowing of Eurodollar Loans, it shall have
		  the right to elect by giving the Administrative Agent written notice (or
		  telephonic notice promptly confirmed in writing) of the 

		
		   

		  
			  
		  

		  
			  
		  

		  
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		  Interest
			 Period to be applicable to such Borrowing, which Interest Period shall, at the
			 option of the respective Borrower, be a one, two, three or six month period.
			 Notwithstanding anything to the contrary contained above:
 

		 

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

		 

		(ii) if any
		  Interest Period begins on a day for which there is no numerically corresponding
		  day in the calendar month at the end of such Interest Period, such Interest
		  Period shall end on the last Business Day of such calendar month;

		 

		(iii) if any
		  Interest Period would otherwise expire on a day which is not a Business Day,
		  such Interest Period shall expire on the next succeeding Business Day,
		  provided that if
		  any Interest Period would otherwise expire on a day which is not a Business Day
		  but is a day of the month after which no further Business Day occurs in such
		  month, such Interest Period shall expire on the next preceding Business
		  Day;

		 

		(iv) no
		  Interest Period may be elected if it would extend beyond the Commitment
		  Expiration Date; and

		 

		(v) no
		  Interest Period may be selected at any time when a Default or Event of Default
		  is then in existence if the Administrative Agent or the Required Lenders have
		  previously advised the Borrowers that the selection of Interest Periods will
		  not be permitted while such Default or Event of Default, as the case may be,
		  remains in existence.

		 

		If upon
		  the expiration of any Interest Period, the respective Borrower has failed, or
		  is not permitted, to elect a new Interest Period to be applicable to the
		  respective Borrowing of Eurodollar Loans as provided above, such Borrower shall
		  be deemed to have elected to convert such Borrowing into a Borrowing of Base
		  Rate Loans effective as of the expiration date of such current Interest
		  Period.

		 

		1.10 Increased
		  Costs, Illegality, etc. (a) In
		  the event that (x) in the case of clause (i) below, the Administrative Agent,
		  or (y) in the case of clauses (ii) and (iii) below, any Lender, shall have
		  determined in good faith (which determination shall, absent manifest error, be
		  final and conclusive and binding upon all parties hereto):

		 

		(i) on any
		  date for determining the Eurodollar Rate for any Interest Period, that, by
		  reason of any changes arising after the Effective Date affecting the interbank
		  Eurodollar market, adequate and fair means do not exist for ascertaining the
		  applicable interest rate on the basis provided for in the definition of
		  Eurodollar Rate; or

		 

		(ii) at any
		  time, that such Lender shall incur increased costs or reductions in the amounts
		  received or receivable hereunder with respect to any Eurodollar Loans (other
		  than any increased cost or reduction in the amount received or receivable
		  resulting from a 

		
		   

		  
			  
		  

		  
			  
		  

		  
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		change
		  in the rate of taxes or similar charges) because of (x) any change since the
		  Effective Date in any applicable law, governmental rule, regulation, guideline,
		  order or request (whether or not having the force of law), or in the
		  interpretation or administration thereof and including the introduction of any
		  new law or governmental rule, regulation, guideline, order or request (such as,
		  for example, but not limited to, (A) a change in the basis of taxation of
		  payment to any Lender of the principal of, or interest on, the Revolving Loans
		  or any other amounts payable hereunder (except for changes in the rate of tax
		  on, or determined by reference to, the net income or net profits of such Lender
		  pursuant to the laws of the jurisdiction in which it is organized or in which
		  its principal office or applicable lending office is located or any subdivision
		  thereof or therein), but without duplication of any amounts owed to such Lender
		  under Section 4.04(a), or (B) a change in official reserve requirements, but,
		  in all events, excluding reserves required under Regulation D to the extent
		  included in the computation of the Eurodollar Rate) and/or (y) other
		  circumstances affecting the interbank Eurodollar market or the position of such
		  Lender in such market; or

		 

		(iii) at any
		  time, that the making or continuance of any Eurodollar Loan has become unlawful
		  by compliance by such Lender in good faith with any change since the Effective
		  Date in any law, governmental rule, regulation, guideline or order, or the
		  interpretation or application thereof, or would conflict with any thereof not
		  having the force of law but with which such Lender customarily complies, or has
		  become impracticable as a result of a contingency occurring after the Effective
		  Date which materially adversely affects the interbank Eurodollar
		  market;

		 

		then,
		  and in any such event, such Lender (or the Administrative Agent in the case of
		  clause (i) above) shall (x) on such date and (y) within 10 Business Days of the
		  date on which such event no longer exists give notice (by telephone confirmed
		  in writing) to the Parent Borrower and to the Administrative Agent of such
		  determination and the reason therefor (which notice the Administrative Agent
		  shall promptly transmit to each of the other Lenders). Thereafter (x) in the
		  case of clause (i) above, Eurodollar Loans shall no longer be available until
		  such time as the Administrative Agent notifies the Parent Borrower and the
		  Lenders that the circumstances giving rise to such notice by the Administrative
		  Agent no longer exist, and any Notice of Borrowing or Notice of Conversion
		  given by a Borrower with respect to Eurodollar Loans which have not yet been
		  incurred shall be deemed rescinded by such Borrower or, in the case of a Notice
		  of Borrowing, shall, at the option of such Borrower, be deemed converted into a
		  Notice of Borrowing for Base Rate Loans to be made on the date of Borrowing
		  contained in such Notice of Borrowing, (y) in the case of clause (ii) above,
		  the Parent Borrower agrees to pay to such Lender, within 10 Business Days
		  following receipt of written demand therefor, such additional amounts (in the
		  form of an increased rate of, or a different method of calculating, interest or
		  otherwise as such Lender shall determine in good faith) as shall be required to
		  compensate such Lender for such increased costs or reductions in amounts
		  receivable hereunder (a written notice as to the additional amounts owed to
		  such Lender, showing the basis for the calculation thereof, which basis shall
		  be reasonable and consistently applied, submitted to the Parent Borrower by
		  such Lender shall, absent manifest error, be final and conclusive and binding
		  upon all parties hereto) and (z) in the case of clause (iii) above, the
		  respective Borrower or Borrowers shall take one of the actions specified in
		  Section 1.10(b) as promptly as possible and, in any event, within the time
		  period required by law.

		
		   

		  
			  
		  

		  
			  
		  

		  
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		(b) At any
		  time that any Eurodollar Loan is affected by the circumstances described in
		  Section 1.10(a)(ii) or (iii), the respective Borrower may (and, in the case of
		  a Eurodollar Loan affected pursuant to Section 1.10(a)(iii), the respective
		  Borrower shall) either (i) if the affected Eurodollar Loan is then being made
		  pursuant to a Borrowing, by giving the Administrative Agent telephonic notice
		  (confirmed promptly in writing) thereof on the same date that the applicable
		  Borrower was notified by a Lender (or on the next Business Day if the
		  applicable Borrower received such notice after 3:00 p.m. (New York time))
		  pursuant to Section 1.10(a)(ii) or (iii), cancel said Borrowing, convert the
		  related Notice of Borrowing into one requesting a Borrowing of Base Rate Loans
		  or require the affected Lender to make its requested Revolving Loan as a Base
		  Rate Loan, or (ii) if the affected Eurodollar Loan is then outstanding, upon at
		  least one Business Day’s notice to the Administrative Agent, require the
		  affected Lender to convert each such affected Eurodollar Loan into a Base Rate
		  Loan, provided that if
		  more than one Lender is affected at any time, then all affected Lenders must be
		  treated the same pursuant to this Section 1.10(b).

		 

		(c) If any
		  Lender shall have determined in good faith that after the Effective Date the
		  adoption or effectiveness of any applicable law, rule or regulation regarding
		  capital adequacy, or any change therein, or any change in the interpretation or
		  administration thereof by any Governmental Authority, central bank or
		  comparable agency charged by law with the interpretation or administration
		  thereof, or compliance by such Lender or its parent corporation with any
		  request or directive regarding capital adequacy (whether or not having the
		  force of law) of any such authority, central bank or comparable agency, in each
		  case made subsequent to the Effective Date, has or would have the effect of
		  reducing the rate of return on such Lender’s or its parent
		  corporation’s capital or assets as a consequence of such Lender’s
		  commitments or obligations hereunder to a level below that which such Lender or
		  its parent corporation could have achieved but for such adoption,
		  effectiveness, change or compliance (taking into consideration such
		  Lender’s or its parent corporation’s policies with respect to capital
		  adequacy), then from time to time, upon demand by such Lender (with a copy to
		  the Administrative Agent), the Parent Borrower agrees to pay such Lender such
		  additional amount or amounts as will compensate such Lender or its parent
		  corporation for such reduction. Each Lender, upon determining in good faith
		  that any additional amounts will be payable pursuant to this Section 1.10(c),
		  will give prompt written notice thereof to the Parent Borrower, which notice
		  shall set forth the basis of the calculation of such additional amounts, which
		  basis must be reasonable and consistently applied, although the failure to give
		  any such notice shall not release or diminish the Parent Borrower’s
		  obligations to pay additional amounts pursuant to this Section 1.10(c) upon the
		  subsequent receipt of such notice.

		 

		1.11 Compensation. The
		  Parent Borrower agrees to compensate each Lender, upon its written request
		  (which request shall set forth the basis for requesting such compensation), for
		  all reasonable losses, expenses and liabilities (including, without limitation,
		  any loss, expense or liability incurred by reason of the liquidation or
		  reemployment of deposits or other funds required by such Lender to fund its
		  Eurodollar Loans but excluding any loss of anticipated profit with respect to
		  such Revolving Loans) which such Lender may sustain: (i) if for any reason
		  (other than a default by such Lender or the Administrative Agent) a Borrowing
		  of Eurodollar Loans does not occur on a date specified therefor in a Notice of
		  Borrowing or Notice of Conversion (whether or not withdrawn by the respective
		  Borrower or deemed withdrawn pursuant to Section 1.10(a)); (ii) if any
		  repayment, prepayment, assignment or conversion of any 

		
		   

		  
			  
		  

		  
			  
		  

		  
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		of its
		  Eurodollar Loans occurs on a date which is not the last day of an Interest
		  Period applicable thereto; (iii) if any prepayment of any of its Eurodollar
		  Loans is not made on any date specified in a notice of prepayment given by the
		  respective Borrower; or (iv) as a consequence of (x) any other failure by
		  the respective Borrower to repay its Revolving Loans when required by the terms
		  of this Agreement or (y) an election made pursuant to Section
		  1.10(b).

		 

		1.12 Change
		  of Lending Office. Each
		  Lender agrees that, upon the occurrence of any event giving rise to the
		  operation of Section 1.10(a)(ii) or (iii) or Section 4.04 with respect to such
		  Lender, or if any Lender that is currently an NAIC approved lender ceases to be
		  an NAIC approved lender, it will, if requested by the respective Borrower, use
		  reasonable efforts (subject to overall policy considerations of such Lender) to
		  designate another lending office for any Revolving Loans or Letters of Credit
		  affected by such event; provided that
		  such designation is made on such terms that, in the opinion of such Lender,
		  such Lender and its lending office suffer no economic, legal or regulatory
		  disadvantage, with the object of avoiding the consequence of the event giving
		  rise to the operation of any such Section. Nothing in this Section 1.12 shall
		  affect or postpone any of the obligations of the Borrowers or the right of any
		  Lender provided in Section 1.10 or Section 4.04.

		 

		1.13 Replacement
		  of Lenders. (a)
		  Upon the occurrence of any event giving rise to the operation of
		  Section 1.10(a)(ii) or (iii) or Section 4.04 with respect to any Lender
		  which results in such Lender charging to one or more Borrowers increased costs
		  in excess of those being generally charged by the other Lenders, (b) if a
		  Lender becomes a Defaulting Lender, (c) in the case of a refusal by a Lender to
		  consent to a proposed change, waiver, discharge or termination with respect to
		  this Agreement which has been approved by the Required Lenders and/or
		  (d) if any Lender that is currently an NAIC approved lender ceases to be
		  an NAIC approved lender, the Parent Borrower shall have the right, if no
		  Default or Event of Default then exists and in accordance with the requirements
		  of Section 12.04(b), to replace such Lender (the “Replaced Lender”),
		  upon prior written notice to the Administrative Agent and such Replaced Lender,
		  with one or more NAIC approved banks or other financial institutions (unless
		  otherwise agreed by the Parent Borrower and the Administrative Agent) (none of
		  whom shall constitute a Defaulting Lender at the time of such replacement)
		  reasonably acceptable to the Administrative Agent (collectively, the
		  “Replacement Lender”) or, in the case of a replacement as provided in
		  the immediately preceding clause (c) of this Section 1.13 where the consent of
		  the respective Lender is required with respect to less than all Tranches of its
		  Revolving Loans, Letters of Credit or Commitments, at the option of the Parent
		  Borrower, to replace only the Commitments, outstanding Letters of Credit and/or
		  outstanding Revolving Loans of such Lender in respect of each Tranche where the
		  consent of such Lender would otherwise be individually required, with identical
		  Commitments, Letters of Credit and/or Revolving Loans of the respective Tranche
		  provided by the Replacement Lender, provided that
		  (i) at the time of any replacement pursuant to this Section 1.13, the
		  Replacement Lender and the Replaced Lender shall enter into one or more
		  Assignment Agreements pursuant to Section 12.04(b) (and with all fees payable
		  pursuant to said Section 12.04(b) to be paid by the Replacement Lender)
		  pursuant to which the Replacement Lender shall acquire all of the Commitments
		  and outstanding Revolving Loans (or, in the case of the replacement of less
		  than all the Tranches of Commitments, outstanding Letters of Credit and
		  outstanding Revolving Loans of the respective Replaced Lender, all of the
		  Commitments and all then outstanding Letters of Credit and Revolving Loans
		  relating to the Tranche or Tranches with respect to which such Lender is being
		  replaced) of the

		
		   

		  
			  
		  

		  
			  
		  

		  
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		Replaced
		  Lender and, in connection therewith, shall pay to the Replaced Lender in
		  respect thereof an amount equal to the sum of (A) an amount equal to the
		  principal amount of, and all accrued but unpaid interest on, all outstanding
		  Revolving Loans of the Replaced Lender under each Tranche with respect to which
		  such Replaced Lender is being replaced, (B) an amount equal to all Unpaid
		  Drawings that have been funded by (and not reimbursed to) such Replaced Lender,
		  together with all then unpaid interest with respect thereto at such time and
		  (C) an amount equal to all accrued, but theretofore unpaid, Fees owing to the
		  Replaced Lender (but only with respect to the relevant Tranche or Tranches, in
		  the case of the replacement of less than all Tranches of Revolving Loans,
		  Letters of Credit and/or Commitments then held by the respective Replaced
		  Lender pursuant to Section 3.01; (ii) all obligations of the Borrowers under
		  the Credit Documents owing to the Replaced Lender (other than those
		  specifically described in clause (i) above in respect of which the assignment
		  purchase price has been, or is concurrently being, paid), including, without
		  limitation, all amounts owing to the Replaced Lender under Section 1.11 as a
		  result of the assignment of its Revolving Loans under clause (i) above, shall
		  be paid in full to such Replaced Lender concurrently with such replacement; and
		  (iii) no assignment pursuant to this Section 1.13 shall be effective until all
		  of the then outstanding Letters of Credit are returned by each respective
		  beneficiary to the Issuing Agent and either cancelled and/or exchanged for new
		  or amended Letters of Credit which give effect to such assignment (it being
		  understood that to the extent the respective beneficiaries do not consent to
		  such assignment, such assignment cannot occur). Upon the execution of the
		  respective Assignment Agreements, the payment of amounts referred to in clauses
		  (i) and (ii) above and the return and cancellation and/or exchange of each then
		  outstanding Letter of Credit as provided above, if so requested by the
		  Replacement Lender, delivery to the Replacement Lender of the appropriate Note
		  or Notes executed by each Borrower, the Replacement Lender shall become a
		  Lender hereunder and the Replaced Lender shall cease to constitute a Lender
		  hereunder, except with respect to indemnification provisions applicable to the
		  Replaced Lender under this Agreement, which shall survive as to such Replaced
		  Lender.

		 

		1.14 Designated
		  Subsidiary Borrowers. The
		  Parent Borrower may from time to time after the Effective Date designate one or
		  more Persons as an additional Designated Subsidiary Borrower, subject to the
		  following terms and conditions:

		 

		(a) each
		  such Person shall be a Wholly-Owned Subsidiary of the Parent
		  Borrower;

		 

		(b) each
		  such Person shall be a Material Subsidiary;

		 

		(c) on or
		  prior to the date of designation, each such Person shall enter into an
		  appropriately completed DSB Assumption Agreement;

		 

		(d) on or
		  prior to the date of designation, the Administrative Agent shall have received
		  from such Person a certificate, signed by an Authorized Officer of such Person
		  in the form of Exhibit F with appropriate insertions or deletions, together
		  with (x) copies of its certificate of incorporation, by-laws or other
		  equivalent organizational documents and (y) resolutions relating to the Credit
		  Documents which shall be satisfactory to the Administrative Agent;

		
		   

		  
			  
		  

		  
			  
		  

		  
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		(e) on or
		  prior to the date of designation, the Administrative Agent shall have received
		  an opinion, addressed to the Administrative Agent and each of the Lenders and
		  dated the date of designation, from counsel to such Person, which opinion shall
		  be in form and substance reasonably satisfactory to the Administrative Agent;
		  and

		 

		(f) on or
		  prior to the date of designation, the Administrative Agent shall have received
		  such other documentation and/or certificates (including, without limitation,
		  certificates of existence and/or good standing certificates in the case of
		  additional Designated Subsidiary Borrowers organized under the laws of the
		  United States or any State thereof, or any other jurisdiction where the concept
		  of “good standing” is applicable) as the Administrative Agent may
		  reasonably request.

		 

		1.15 Additional
		  Tranche 1 Commitments. (a)
		  The Parent Borrower shall have the right at any time and from time to time
		  after the Effective Date and prior to the Commitment Expiration Date to request
		  (so long as no Default or Event of Default is then in existence or would result
		  therefrom) on one or more occasions that one or more Tranche 1 Lenders (and/or
		  one or more other Persons which will become Tranche 1 Lenders as provided
		  pursuant to clause (vi) below) provide Additional Tranche 1 Commitments (and,
		  in connection therewith, to increase the Aggregate Multicurrency Letter of
		  Credit Limit and the Fronted Letter of Credit Limit by, in each case, a ratable
		  amount with respect thereto) and, subject to the applicable terms and
		  conditions contained in this Agreement and the relevant Additional Tranche 1
		  Commitment Agreement, make Tranche 1 Revolving Loans and issue Tranche 1
		  Letters of Credit; it being understood and agreed, however, that (i) no Tranche
		  1 Lender shall be obligated to provide an Additional Tranche 1 Commitment as a
		  result of any request by the Parent Borrower, (ii) until such time, if any, as
		  (x) such Tranche 1 Lender has agreed in its sole discretion to provide an
		  Additional Tranche 1 Commitment and executed and delivered to the
		  Administrative Agent an Additional Tranche 1 Commitment Agreement in respect
		  thereof as provided in Section 1.15(b) and (y) such other conditions set forth
		  in Section 1.15(b) shall have been satisfied, such Tranche 1 Lender shall not
		  be obligated to fund any Tranche 1 Revolving Loans, or issue any Tranche 1
		  Letters of Credit, in excess of the amounts provided for in Section 1.01(a) or
		  2A.01, as the case may be, before giving effect to such Additional Tranche 1
		  Commitments provided pursuant to this Section 1.15, (iii) any Tranche 1 Lender
		  (and/or one or more other Persons which will become Tranche 1 Lenders as
		  provided pursuant to clause (vi) below) may so provide an Additional Tranche 1
		  Commitment without the consent of any other Tranche 1 Lender (it being
		  understood and agreed that the consent of the Administrative Agent and the
		  Issuing Agent (such consent, in either case, not to be unreasonably withheld or
		  delayed) shall be required if any such Additional Tranche 1 Commitments are to
		  be provided by a Person which is not already a Tranche 1 Lender or if any such
		  Additional Tranche 1 Commitments increase the Fronted Letter of Credit Limit),
		  (iv) (x) each provision of Additional Tranche 1 Commitments on a given date
		  pursuant to this Section 1.15 shall be in a minimum aggregate amount (for all
		  Tranche 1 Lenders (including, in the circumstances contemplated by clause (vi)
		  below, banks or other financial institutions who will become Tranche 1
		  Lenders)) of at least $1,000,000 and (y) the aggregate amount of Additional
		  Tranche 1 Commitments provided pursuant to this Section 1.15 shall not exceed
		  $500,000,000, less any Additional Tranche 2 Commitments, (v) the up-front fees
		  payable to any Person providing an Additional Tranche 1 Commitment in
		  accordance with this Section 1.15 shall be as set forth in the relevant
		  Additional Tranche 1 Commitment Agreement, (vi) if, on or after the tenth
		  Business Day following the request by the Parent Borrower of the then
		  

		
		   

		  
			  
		  

		  
			  
		  

		  
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		existing
		  Tranche 1 Lenders (other than Defaulting Lenders) to provide Additional Tranche
		  1 Commitments pursuant to this Section 1.15 on the terms to be applicable
		  thereto, the Parent Borrower has not received Additional Tranche 1 Commitments
		  in an aggregate amount equal to that amount of the Additional Tranche 1
		  Commitments which the Parent Borrower desires to obtain pursuant to such
		  request (as set forth in the notice provided by the Parent Borrower to the
		  Administrative Agent as provided above), then the Parent Borrower may request
		  Additional Tranche 1 Commitments from other Lenders and/or other NAIC approved
		  banks or financial institutions (unless otherwise agreed by the Parent Borrower
		  and the Administrative Agent) in aggregate amount equal to such deficiency on
		  terms which are no more favorable to such other bank or financial institution
		  in any respect than the terms offered to the existing Tranche 1 Lenders, and
		  (vii) all actions taken by the Parent Borrower pursuant to this Section 1.15
		  shall be done in coordination with the Administrative Agent.

		 

		(b) At the
		  time of any provision of Additional Tranche 1 Commitments pursuant to this
		  Section 1.15, (i) the Parent Borrower, each Designated Subsidiary Borrower, the
		  Administrative Agent and each such Tranche 1 Lender or other bank or financial
		  institution which agrees to provide an Additional Tranche 1 Commitment (each,
		  an “Additional Tranche 1 Lender”) shall execute and deliver to the
		  Administrative Agent an Additional Tranche 1 Commitment Agreement substantially
		  in the form of Exhibit J-1, subject to such modifications in form and substance
		  reasonably satisfactory to the Administrative Agent as may be necessary or
		  appropriate (with the effectiveness of such Additional Tranche 1 Lender’s
		  Additional Tranche 1 Commitment to occur upon delivery of such Additional
		  Tranche 1 Commitment Agreement to the Administrative Agent, the payment of any
		  fees required in connection therewith and the satisfaction of the other
		  conditions in this Section 1.15 to the reasonable satisfaction of the
		  Administrative Agent), (ii) the Parent Borrower shall, in coordination with the
		  Administrative Agent, repay all outstanding Tranche 1 Revolving Loans of the
		  Lenders, and incur additional Tranche 1 Revolving Loans from other Tranche 1
		  Lenders in each case so that the Tranche 1 Lenders participate in each
		  Borrowing pro rata on the
		  basis of their respective Tranche 1 Commitments (after giving effect to any
		  increase in the Total Tranche 1 Commitment pursuant to this Section 1.15) and
		  with the Parent Borrower being obligated to pay the respective Tranche 1
		  Lenders the costs of the type referred to in Section 1.11 in connection with
		  any such repayment and/or Borrowing, (iii) all of the outstanding Tranche
		  1 Letters of Credit shall have been returned by each respective beneficiary to
		  the Issuing Agent and shall either have been cancelled and/or exchanged for new
		  or amended Tranche 1 Letters of Credit which give effect to such Additional
		  Tranche 1 Commitment, (iv) if such Additional Tranche 1 Lender is not a United
		  States person (as such term is defined in Section 7701(a)(3) of the Code) for
		  U.S. Federal income tax purposes and such Additional Tranche 1 Lender is
		  issuing Letters of Credit for the account of a U.S. Borrower or U.S. Borrowers,
		  such Additional Tranche 1 Lender shall provide to such U.S. Borrower or U.S.
		  Borrowers the appropriate Internal Revenue Service forms (and, if applicable a
		  Section 4.04(b)(ii) Certificate) described in Section 4.04(b), (v) the Parent
		  Borrower and each Designated Subsidiary Borrower shall deliver to the
		  Administrative Agent resolutions authorizing the incurrence of the Obligations
		  to be incurred pursuant to each Additional Tranche 1 Commitment, together with
		  evidence of good standing of the Parent Borrower and each Designated Subsidiary
		  Borrower (if requested) and (vi) the Parent Borrower shall deliver to the
		  Administrative Agent an opinion, in form and substance reasonably satisfactory
		  to the Administrative Agent, from counsel to the Parent Borrower reasonably
		  satisfactory to the Administrative Agent and dated such date, covering such
		  matters similar to those set forth in the 

		
		   

		  
			  
		  

		  
			  
		  

		  
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		opinions
		  of counsel delivered to the Lenders on the Effective Date pursuant to Section
		  5.01(b) and such other matters as the Administrative Agent may reasonably
		  request. The Administrative Agent shall promptly notify each Tranche 1 Lender
		  as to the occurrence of each Additional Tranche 1 Commitment Date, and (w) on
		  each such date, the Total Tranche 1 Commitment under, and for all purposes of,
		  this Agreement shall be increased by the aggregate amount of such Additional
		  Tranche 1 Commitments, (x) on each such date Annex I shall be deemed modified
		  to reflect the revised Tranche 1 Commitments of the affected Tranche 1 Lenders
		  and (y) upon surrender of any old Tranche 1 Notes by the respective Additional
		  Tranche 1 Lender (or, if lost, a standard lost note indemnity in form and
		  substance reasonably satisfactory to the Parent Borrower), to the extent
		  requested by any Additional Tranche 1 Lender, a new Tranche 1 Note will be
		  issued, at the Parent Borrower’s expense, to such Additional Tranche 1
		  Lender, to be in conformity with the requirements of Section 1.05 (with
		  appropriate modifications) to the extent needed to reflect the revised Tranche
		  1 Commitment of such Tranche 1 Lender.

		 

		1.16 Additional
		  Tranche 2 Commitments. (a) The
		  Parent Borrower shall have the right at any time and from time to time after
		  the Effective Date and prior to the Commitment Expiration Date to request (so
		  long as no Default or Event of Default is then in existence or would result
		  therefrom) on one or more occasions that one or more Tranche 2 Lenders (and/or
		  one or more other Persons which will become Tranche 2 Lenders as provided
		  pursuant to clause (vi) below) provide Additional Tranche 2 Commitments (and,
		  in connection therewith, to increase the Aggregate Multicurrency Letter of
		  Credit Limit and the Fronted Letter of Credit Limit by, in each case, a ratable
		  amount with respect thereto) and, subject to the applicable terms and
		  conditions contained in this Agreement and the relevant Additional Tranche 2
		  Commitment Agreement, make Tranche 2 Revolving Loans and issue Tranche 2
		  Letters of Credit; it being understood and agreed, however, that (i) no Tranche
		  2 Lender shall be obligated to provide an Additional Tranche 2 Commitment as a
		  result of any request by the Parent Borrower, (ii) until such time, if any, as
		  (x) such Tranche 2 Lender has agreed in its sole discretion to provide an
		  Additional Tranche 2 Commitment and executed and delivered to the
		  Administrative Agent an Additional Tranche 2 Commitment Agreement in respect
		  thereof as provided in Section 1.16(b) and (y) such other conditions set forth
		  in Section 1.16(b) shall have been satisfied, such Tranche 2 Lender shall not
		  be obligated to fund any Tranche 2 Revolving Loans, or issue any Tranche 2
		  Letters of Credit, in excess of the amounts provided for in Section 1.01(b) or
		  2B.01, as the case may be, before giving effect to such Additional Tranche 2
		  Commitments provided pursuant to this Section 1.16, (iii) any Tranche 2 Lender
		  (and/or one or more other Persons which will become Tranche 2 Lenders as
		  provided pursuant to clause (vi) below) may so provide an Additional Tranche 2
		  Commitment without the consent of any other Tranche 2 Lender (it being
		  understood and agreed that the consent of the Administrative Agent and the
		  Issuing Agent (such consent, in either case, not to be unreasonably withheld or
		  delayed) shall be required if any such Additional Tranche 2 Commitments are to
		  be provided by a Person which is not already a Tranche 2 Lender or if any such
		  Additional Tranche 2 Commitments increase the Fronted Letter of Credit Limit),
		  (iv) (x) each provision of Additional Tranche 2 Commitments on a given date
		  pursuant to this Section 1.16 shall be in a minimum aggregate amount (for all
		  Tranche 2 Lenders (including, in the circumstances contemplated by clause (vi)
		  below, banks or other financial institutions who will become Tranche 2
		  Lenders)) of at least $1,000,000 and (y) the aggregate amount of Additional
		  Tranche 2 Commitments provided pursuant to this Section 1.16 shall not exceed
		  $500,000,000, less any Additional Tranche 1 Commitments, (v) the up-front fees
		  payable to any Person providing an Additional Tranche 2 Commitment in
		  accordance with this Section 

		
		   

		  
			  
		  

		  
			  
		  

		  
			 14
		  

		  
			  
		  

		  
		  

		  

		   

		1.16
		  shall be as set forth in the relevant Additional Tranche 2 Commitment
		  Agreement, (vi) if, on or after the tenth Business Day following the request by
		  the Parent Borrower of the then existing Tranche 2 Lenders (other than
		  Defaulting Lenders) to provide Additional Tranche 2 Commitments pursuant to
		  this Section 1.16 on the terms to be applicable thereto, the Parent Borrower
		  has not received Additional Tranche 2 Commitments in an aggregate amount equal
		  to that amount of the Additional Tranche 2 Commitments which the Parent
		  Borrower desires to obtain pursuant to such request (as set forth in the notice
		  provided by the Parent Borrower to the Administrative Agent as provided above),
		  then the Parent Borrower may request Additional Tranche 2 Commitments from
		  other Lenders and/or other NAIC approved banks or financial institutions
		  (unless otherwise agreed by the Parent Borrower and the Administrative Agent)
		  in aggregate amount equal to such deficiency on terms which are no more
		  favorable to such other bank or financial institution in any respect than the
		  terms offered to the existing Tranche 2 Lenders, and (vii) all actions taken by
		  the Parent Borrower pursuant to this Section 1.16 shall be done in coordination
		  with the Administrative Agent.

		 

		(b) At the
		  time of any provision of Additional Tranche 2 Commitments pursuant to this
		  Section 1.16, (i) the Parent Borrower, each Designated Subsidiary Borrower, the
		  Administrative Agent and each such Tranche 2 Lender or other bank or financial
		  institution which agrees to provide an Additional Tranche 2 Commitment (each,
		  an “Additional Tranche 2 Lender”) shall execute and deliver to the
		  Administrative Agent an Additional Tranche 2 Commitment Agreement substantially
		  in the form of Exhibit J-2, subject to such modifications in form and substance
		  reasonably satisfactory to the Administrative Agent as may be necessary or
		  appropriate (with the effectiveness of such Additional Tranche 2 Lender’s
		  Additional Tranche 2 Commitment to occur upon delivery of such Additional
		  Tranche 2 Commitment Agreement to the Administrative Agent, the payment of any
		  fees required in connection therewith and the satisfaction of the other
		  conditions in this Section 1.16 to the reasonable satisfaction of the
		  Administrative Agent), (ii) the Parent Borrower shall, in coordination with the
		  Administrative Agent, repay all outstanding Tranche 2 Revolving Loans of the
		  Lenders, and incur additional Tranche 2 Revolving Loans from other Tranche 2
		  Lenders in each case so that the Tranche 2 Lenders participate in each
		  Borrowing pro rata on the
		  basis of their respective Tranche 2 Commitments (after giving effect to any
		  increase in the Total Tranche 2 Commitment pursuant to this Section 1.16) and
		  with the Parent Borrower being obligated to pay the respective Tranche 2
		  Lenders the costs of the type referred to in Section 1.11 in connection with
		  any such repayment and/or Borrowing, (iii) all of the outstanding Tranche
		  2 Letters of Credit shall have been returned by each respective beneficiary to
		  the Issuing Agent and shall either have been cancelled and/or exchanged for new
		  or amended Tranche 2 Letters of Credit which give effect to such Additional
		  Tranche 2 Commitment, (iv) if such Additional Tranche 2 Lender is not a United
		  States person (as such term is defined in Section 7701(a)(3) of the Code) for
		  U.S. Federal income tax purposes and such Additional Tranche 2 Lender is
		  issuing Letters of Credit for the account of a U.S. Borrower or U.S. Borrowers,
		  such Additional Tranche 2 Lender shall provide to such U.S. Borrower or U.S.
		  Borrowers the appropriate Internal Revenue Service forms (and, if applicable a
		  Section 4.04(b)(ii) Certificate) described in Section 4.04(b), (v) the Parent
		  Borrower and each Designated Subsidiary Borrower shall deliver to the
		  Administrative Agent resolutions authorizing the incurrence of the Obligations
		  to be incurred pursuant to each Additional Tranche 2 Commitment, together with
		  evidence of good standing of the Parent Borrower and each such Designated
		  Subsidiary Borrower (if requested) in the case of Designated Subsidiary
		  Borrowers organized under the laws of the United States or any State thereof,
		  or any other jurisdiction 

		
		   

		  
			  
		  

		  
			  
		  

		  
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		where
		  the concept of “good standing” is applicable, and (vi) the Parent
		  Borrower shall deliver to the Administrative Agent an opinion, in form and
		  substance reasonably satisfactory to the Administrative Agent, from counsel to
		  the Parent Borrower reasonably satisfactory to the Administrative Agent and
		  dated such date, covering such matters similar to those set forth in the
		  opinions of counsel delivered to the Lenders on the Effective Date pursuant to
		  Section 5.01(b) and such other matters as the Administrative Agent may
		  reasonably request. The Administrative Agent shall promptly notify each Tranche
		  2 Lender as to the occurrence of each Additional Tranche 2 Commitment Date, and
		  (w) on each such date, the Total Tranche 2 Commitment under, and for all
		  purposes of, this Agreement shall be increased by the aggregate amount of such
		  Additional Tranche 2 Commitments, (x) on each such date Annex I shall be deemed
		  modified to reflect the revised Tranche 2 Commitments of the affected Tranche 2
		  Lenders and (y) upon surrender of any old Tranche 2 Notes by the respective
		  Additional Tranche 2 Lender (or, if lost, a standard lost note indemnity in
		  form and substance reasonably satisfactory to the Parent Borrower), to the
		  extent requested by any Additional Tranche 2 Lender, a new Tranche 2 Note will
		  be issued, at the Parent Borrower’s expense, to such Additional Tranche 2
		  Lender, to be in conformity with the requirements of Section 1.05 (with
		  appropriate modifications) to the extent needed to reflect the revised Tranche
		  2 Commitment of
		  such Tranche 2 Lender.

		
		  

		  SECTION
			 2A.  Tranche
			 1 Letters of Credit.

		   

		  2A.01 Tranche
			 1 Letters of Credit.
			 (a) Subject
			 to and upon the terms and conditions set forth herein, each Designated
			 Subsidiary Borrower may request the Issuing Agent, at any time and from time to
			 time after the Effective Date and prior to the date which is 30 days prior to
			 the Commitment Expiration Date, to issue on behalf of the Tranche 1 Lenders,
			 for the account of such Designated Subsidiary Borrower and in support of, on a
			 standby basis, Letter of Credit Supportable Obligations and, subject to and
			 upon the terms and conditions set forth herein, the Issuing Agent agrees to
			 issue on behalf of the Tranche 1 Lenders at any time and from time to time
			 after the Effective Date and prior to the date which is 30 days prior to the
			 Commitment Expiration Date, one or more irrevocable standby letters of credit
			 in such form as may be approved by the Issuing Agent (each such letter of
			 credit, a “Tranche 1 Letter of Credit” and, collectively, the
			 “Tranche 1 Letters of Credit”). Such Tranche 1 Letters of Credit
			 shall be denominated, at the relevant Designated Subsidiary Borrower’s
			 request, in Dollars or any Optional Currency, provided that, after giving
			 effect to the issuance of any such Tranche 1 Letter of Credit denominated in
			 any Optional Currency, the aggregate Stated Amount of all Tranche 1 Letters of
			 Credit denominated in Optional Currencies (exclusive of Tranche 1 Unpaid
			 Drawings which are repaid on the date of and prior to the issuance of the
			 respective Tranche 1 Letter of Credit) at such time and the Tranche 2 Letters
			 of Credit denominated in Optional Currencies (exclusive of Tranche 2 Unpaid
			 Drawings which are repaid on the date of and prior to the issuance of the
			 respective Tranche 1 Letter of Credit) at such time will not exceed the
			 Aggregate Multicurrency Letter of Credit Limit. At the relevant Designated
			 Subsidiary Borrower’s request, and notwithstanding any provisions in the
			 first sentence of this Section 2A.01(a) to the contrary, any Tranche 1 Letter
			 of Credit required to be issued pursuant to this Section 2A.01(a) shall be
			 issued by an Issuing Lender as a Tranche 1 Fronted Letter of Credit in
			 accordance with Section 2A.01(d), provided that, after giving effect to the
			 issuance of any such Tranche 1 Fronted Letter of Credit, the aggregate Stated
			 Amount of Tranche 1 Fronted Letters of Credit (exclusive of 

		  
			 
				 

				
				   
				

				
				   
				

				
				  16
				

				
				   
				

				
				

				

				 
 
 

		  Tranche
			 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of
			 the respective Tranche 1 Letter of Credit) at such time and Tranche 2 Fronted
			 Letters of Credit (exclusive of Tranche 2 Unpaid Drawings which are repaid on
			 the date of and prior to the issuance of the respective Tranche 1 Letter of
			 Credit) at such time will not exceed the Fronted Letter of Credit Limit. At the
			 Relevant Subsidiary Borrower’s request, Tranche 1 Fronted Letters of
			 Credit issued pursuant to this Section 2A.01, including Tranche 1 Fronted
			 Letters of Credit denominated in Optional Currencies, may be issued in the
			 United Kingdom; such Tranche 1 Fronted Letters of Credit issued in the United
			 Kingdom shall be governed by the laws of the England and Wales or, at the
			 request of the applicable Designated Subsidiary Borrower, by the laws of other
			 jurisdictions as agreed to between such Designated Subsidiary Borrower and the
			 relevant Issuing Lender. Notwithstanding the foregoing, neither the Issuing
			 Agent nor any Issuing Lender shall be under any obligation to issue any Tranche
			 1 Letter of Credit if at the time of such issuance:

		   

		  (i) any
			 order, judgment or decree of any Governmental Authority or arbitrator shall
			 purport by its terms to enjoin or restrain the issuance of such Tranche 1
			 Letter of Credit or any requirement of law applicable to the Issuing Agent,
			 such Issuing Lender or any Lender or any request or directive (whether or not
			 having the force of law) from any Governmental Authority with jurisdiction over
			 it shall prohibit, or request that it refrain from, the issuance of letters of
			 credit generally or such Tranche 1 Letter of Credit in particular or shall
			 impose upon it with respect to such Tranche 1 Letter of Credit any restriction
			 or reserve or capital requirement (for which the Issuing Agent or any Tranche 1
			 Lender is not otherwise compensated) not in effect on the Effective Date, or
			 any unreimbursed loss, cost or expense which was not applicable, in effect or
			 known to it as of the Effective Date;

		   

		  (ii) the
			 conditions precedent set forth in Section 5.02 are not satisfied at that time;
			 or

		   

		  (iii) the
			 Issuing Agent shall have received notice from any Borrower or the Required
			 Lenders prior to the issuance of such Tranche 1 Letter of Credit of the type
			 described in clause (vi) of Section 2A.01(b).

		   

		  (b) Notwithstanding
			 anything to the contrary contained in this Section 2A.01 or elsewhere in this
			 Agreement (i) no Tranche 1 Letter of Credit shall be issued the Stated Amount
			 of which, when added to (x) the Tranche 1 Letter of Credit Outstandings
			 (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of, and
			 prior to the issuance of, the respective Tranche 1 Letter of Credit) at such
			 time and (y) the aggregate principal amount of all Tranche 1 Revolving Loans
			 then outstanding, would exceed an amount equal to the Total Tranche 1
			 Commitment at such time; (ii) no Tranche 1 Letter of Credit shall be issued for
			 the account of any Intermediate Holding Company the Stated Amount of which,
			 when added to (x) the Tranche 1 Letter of Credit Outstandings in respect of
			 outstanding Tranche 1 Letters of Credit issued for the account of all
			 Intermediate Holding Companies (exclusive of Tranche 1 Unpaid Drawings in
			 respect of Tranche 1 Letters of Credit issued for the account of Intermediate
			 Holding Companies which are repaid on the date of, and prior to the issuance
			 of, the respective Tranche 1 Letter of Credit) at such time and (y) the Tranche
			 2 Letter of Credit Outstandings (exclusive of Tranche 2 Unpaid Drawings in
			 respect of Tranche 2 Letters of Credit issued for the 

		  
			 
				 

				
				   
				

				
				   
				

				
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		  account
			 of Intermediate Holding Companies which are repaid on the date of and prior to
			 the issuance of the respective Tranche 1 Letter of Credit) in respect of
			 outstanding Tranche 2 Letters of Credit issued for the account of all
			 Intermediate Holding Companies, exceeds $50,000,000; (iii) no Tranche 1 Letter
			 of Credit for the account of any Borrower shall be issued the Stated Amount of
			 which, when added to (x) the Tranche 1 Letter of Credit Outstandings applicable
			 to such Borrower (exclusive of Tranche 1 Unpaid Drawings which are repaid on
			 the date of, and prior to the issuance of, the respective Tranche 1 Letter of
			 Credit) at such time and (y) the aggregate principal amount of all Tranche 1
			 Revolving Loans incurred by such Borrower and then outstanding, would exceed an
			 amount equal to such Borrower’s Borrowing Base at such time; (iv) each
			 Tranche 1 Letter of Credit shall have an expiry date occurring not later than
			 one year after such Tranche 1 Letter of Credit’s date of issuance;
			 provided that
			 each such Tranche 1 Letter of Credit may by its terms automatically renew
			 annually for one additional year unless the Issuing Agent or the relevant
			 Issuing Lender, as the case may be, notifies the beneficiary thereof, in
			 accordance with the terms of such Tranche 1 Letter of Credit, that such Tranche
			 1 Letter of Credit will not be renewed; (v) each Tranche 1 Letter of Credit
			 shall be denominated in Dollars or in an Optional Currency, subject to the
			 limitation in the proviso to the second sentence of Section 2A.01(a); and (vi)
			 the Issuing Agent or the relevant Issuing Lender, as the case may be, will not
			 issue any Tranche 1 Letter of Credit after the Issuing Agent has received
			 written notice from any Borrower or the Required Lenders stating that a Default
			 or an Event of Default exists until such time as the Issuing Agent shall have
			 received a written notice of (x) rescission of such notice from the party or
			 parties originally delivering the same or (y) a waiver of such Default or Event
			 of Default by the Required Lenders (or, to the extent provided by Section
			 12.11, each of the Lenders).

		   

		  (c) Each
			 Tranche 1 Non-Fronted Letter of Credit will be issued by the Issuing Agent on
			 behalf of the Tranche 1 Lenders and each Tranche 1 Lender will participate in
			 each Tranche 1 Non-Fronted Letter of Credit pro rata in
			 accordance with its Tranche 1 Percentage. The obligations of each Tranche 1
			 Lender under and in respect of each Tranche 1 Non-Fronted Letter of Credit are
			 several, and the failure by any Tranche 1 Lender to perform its obligations
			 hereunder or under any Tranche 1 Non-Fronted Letter of Credit shall not affect
			 the obligations of the respective Designated Subsidiary Borrower toward any
			 other party hereto nor shall any other such party be liable for the failure by
			 such Tranche 1 Lender to perform its obligations hereunder or under any Tranche
			 1 Non-Fronted Letter of Credit.

		   

		  (d) Subject
			 to the terms and conditions hereof, each Issuing Lender, in reliance on the
			 agreements of the other Lenders set forth in Section 2A.09, agrees to issue a
			 Tranche 1 Fronted Letter of Credit requested by a Designated Subsidiary
			 Borrower to the extent contemplated by Section 2A.01(a). 

		   

		  (e) Subject
			 to and on the terms and conditions set forth herein, the Issuing Agent or the
			 relevant Issuing Lender, as the case may be, is hereby authorized by each
			 Designated Subsidiary Borrower and the Tranche 1 Lenders to arrange for the
			 issuance of any Tranche 1 Letter of Credit pursuant to Section 2A.01(a) and the
			 amendment of any Letter of Credit pursuant to Section 1.13, Section 1.15,
			 Section 2A.06 and/or Section 12.04(b) by:

		   

		  (i) completing
			 the commencement date and the expiry date of such Tranche 1 Letter of
			 Credit;

		  
			 
				 

				
				   
				

				
				   
				

				
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		  (ii) in the
			 case of an amendment increasing or reducing the amount thereof, amending such
			 Tranche 1 Letter of Credit in such manner as the Issuing Agent and the
			 respective beneficiary may agree; and

		   

		  (iii) (A) in
			 the case of a Tranche 1 Non-Fronted Letter of Credit, (1) completing such
			 Tranche 1 Non-Fronted Letter of Credit with the participation of each Tranche 1
			 Lender as allocated pursuant to the terms hereof, and (2) executing such
			 Tranche 1 Non-Fronted Letter of Credit on behalf of each Tranche 1 Lender and,
			 following such execution, delivering such Tranche 1 Non-Fronted Letter of
			 Credit to the beneficiary of such Tranche 1 Non-Fronted Letter of Credit; or
			 (B) in the case of Tranche 1 Fronted Letters of Credit, (1) completing such
			 Tranche 1 Fronted Letter of Credit pursuant to the terms hereof, (2) issuing
			 and executing such Tranche 1 Fronted Letter of Credit and, following such
			 execution, delivering such Tranche 1 Fronted Letter of Credit to the
			 beneficiary of such Tranche 1 Fronted Letter of Credit and (3) promptly
			 furnishing to the Administrative Agent, which shall in turn promptly furnish to
			 the Lenders, notice of the issuance of each Tranche 1 Fronted Letter of Credit
			 (including the amount and currency thereof).

		   

		  (f) Each
			 Tranche 1 Non-Fronted Letter of Credit shall be executed and delivered by the
			 Issuing Agent in the name and on behalf of, and as attorney-in-fact for, each
			 Tranche 1 Lender party to such Tranche 1 Non-Fronted Letter of Credit, and the
			 Issuing Agent shall act under each Tranche 1 Non-Fronted Letter of Credit, and
			 each Tranche 1 Non-Fronted Letter of Credit shall expressly provide that the
			 Issuing Agent shall act, as the agent of each Tranche 1 Lender to (a) receive
			 drafts, other demands for payment and other documents presented by the
			 beneficiary under such Tranche 1 Non-Fronted Letter of Credit, (b) determine
			 whether such drafts, demands and documents are in compliance with the terms and
			 conditions of such Tranche 1 Non-Fronted Letter of Credit and (c) notify such
			 Tranche 1 Lender and such Designated Subsidiary Borrower that a valid drawing
			 has been made and the date that the related Tranche 1 Unpaid Drawing is to be
			 made; provided that
			 the Issuing Agent shall have no obligation or liability for any Tranche 1
			 Unpaid Drawing under such Tranche 1 Non-Fronted Letter of Credit, and each
			 Tranche 1 Non-Fronted Letter of Credit shall expressly so provide. Each Tranche
			 1 Lender hereby irrevocably appoints and designates the Issuing Agent its
			 attorney-in-fact, acting through any duly authorized officer of the Issuing
			 Agent, to execute and deliver in the name and on behalf of such Tranche 1
			 Lender each Tranche 1 Non-Fronted Letter of Credit to be issued by such Tranche
			 1 Lender hereunder. Promptly upon the request of the Issuing Agent, each
			 Tranche 1 Lender will furnish to the Issuing Agent such powers of attorney or
			 other evidence as any beneficiary of any Tranche 1 Non-Fronted Letter of Credit
			 may reasonably request in order to demonstrate that the Issuing Agent has the
			 power to act as attorney-in-fact for such Tranche 1 Lender to execute and
			 deliver such Tranche 1 Non-Fronted Letter of Credit.

		   

		  2A.02 Tranche
			 1 Letter of Credit Requests.
			 (a)  Whenever
			 a Designated Subsidiary Borrower desires that a Tranche 1 Letter of Credit be
			 issued, such Designated Subsidiary Borrower shall give the Administrative Agent
			 and the Issuing Agent and, in the case of a Tranche 1 Fronted Letter of Credit,
			 the relevant Issuing Lender, written notice (including by way of facsimile
			 transmission, immediately confirmed in writing by submission of the original of
			 such request by mail to the Issuing Agent or the relevant Issuing Lender, as
			 the case may be) 

		  
			 
				 

				
				   
				

				
				   
				

				
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		  thereof
			 prior to (i) in the case of Tranche 1 Letters of Credit not issued in the
			 United Kingdom, 11:00 A.M. (New York time), and (ii) in the case of Tranche 1
			 Letters of Credit issued in the United Kingdom, 11:00 A.M. (London time), at
			 least five Business Days (or such shorter period as may be acceptable to the
			 Issuing Agent or the relevant Issuing Lender, as the case may be) prior to the
			 proposed date of issuance (which shall be a Business Day), which written notice
			 shall be in the form of Exhibit C-1 (each, a “Tranche 1 Letter of Credit
			 Request”). Each Tranche 1 Letter of Credit Request shall include any other
			 documents as the Issuing Agent or the relevant Issuing Lender, as the case may
			 be, customarily requires in connection therewith.

		   

		  (b) The
			 making of each Tranche 1 Letter of Credit Request shall be deemed to be a
			 representation and warranty by the applicable Designated Subsidiary Borrower
			 that such Tranche 1 Letter of Credit may be issued in accordance with, and it
			 will not violate the requirements of, Section 2A.01(a) or (b).

		   

		  (c) Immediately
			 prior to the issuance of any Tranche 1 Fronted Letter of Credit the relevant
			 Issuing Lender shall notify the Administrative Agent and Issuing Agent thereof
			 and shall obtain confirmation from the Issuing Agent that such Tranche 1
			 Fronted Letter of Credit may be issued. Upon its issuance of, or amendment to,
			 any Tranche 1 Letter of Credit, the Issuing Agent shall promptly notify the
			 respective Designated Subsidiary Borrower and the Tranche 1 Lenders of such
			 issuance or amendment, which notice shall include a summary description of the
			 Tranche 1 Letter of Credit actually issued and any amendments thereto. Each
			 Issuing Lender shall also give prompt notice to the Issuing Agent of the
			 termination or expiry of any Tranche 1 Fronted Letter of Credit issued by
			 it.

		   

		  2A.03 Agreement
			 to Repay Tranche 1 Letter of Credit Drawings.
			 (a)  Each
			 Designated Subsidiary Borrower agrees to reimburse each Tranche 1 Lender or the
			 relevant Issuing Lender, as the case may be, by making payment to the
			 Administrative Agent in immediately available funds in the currency in which
			 such Tranche 1 Letter of Credit was issued at the Payment Office, for any
			 payment or disbursement made by it under any Tranche 1 Letter of Credit which
			 has been issued for such Designated Subsidiary Borrower’s account (each
			 such amount so paid or disbursed until reimbursed, a “Tranche 1 Unpaid
			 Drawing”) no later than one Business Day (or, in the case of any Tranche 1
			 Letter of Credit denominated in a currency other than Dollars, three Business
			 Days) following the date of such payment or disbursement, with interest on the
			 amount so paid or disbursed, to the extent not reimbursed prior to (i) in the
			 case of Tranche 1 Letters of Credit not issued in the United Kingdom, 1:00 P.M.
			 (New York time) and (ii) in the case of Letters of Credit issued in the United
			 Kingdom, 1:00 P.M. (London time), on the date of such payment or disbursement,
			 from and including the date paid or disbursed to but not including the date of
			 reimbursement therefor at a rate per annum which shall be (i) for the Tranche 1
			 Letters of Credit denominated in Dollars, the Base Rate plus the Applicable
			 Margin for Tranche 1 Revolving Loans maintained as Base Rate Loans as in effect
			 from time to time (or, if the Total Tranche 1 Commitment has been terminated
			 and all Tranche 1 Revolving Loans have been repaid, the Applicable Margin that
			 would have been in effect for Tranche 1 Revolving Loans maintained as Base Rate
			 Loans) or (ii) for Tranche 1 Letters of Credit denominated in an Optional
			 Currency, the Overnight Eurodollar Rate for such Optional Currency plus the
			 Applicable Margin for Tranche 1 Revolving Loans maintained as Eurodollar Loans
			 as in effect from time to time (or, if the Total Tranche 1 Commitment has been
			 terminated and all Tranche 1 Revolving Loans have been repaid, the Applicable
			 Margin that would have been in effect for 

		  
			 
				 

				
				   
				

				
				   
				

				
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		  Tranche
			 1 Revolving Loans maintained as Eurodollar Loans) (plus an additional 2% per
			 annum, payable on demand, if not reimbursed by the third Business Day after the
			 date such reimbursement is due).

		   

		  (b) Each
			 Designated Subsidiary Borrower’s obligation under this Section 2A.03 to
			 reimburse each Tranche 1 Lender or the relevant Issuing Lender, as the case may
			 be, with respect to Tranche 1 Unpaid Drawings (including, in each case,
			 interest thereon) shall be absolute and unconditional under any and all
			 circumstances and irrespective of any setoff, counterclaim or defense to
			 payment which such Designated Subsidiary Borrower may have or have had against
			 such Tranche 1 Lender or such Issuing Lender, as the case may be, or the
			 Issuing Agent, including, without limitation, any defense based upon the
			 failure of any drawing under a Tranche 1 Letter of Credit to conform to the
			 terms of the Tranche 1 Letter of Credit or any non-application or
			 misapplication by the beneficiary of the proceeds of such drawing; provided,
			 however, that
			 no Designated Subsidiary Borrower shall be obligated to reimburse any Tranche 1
			 Lender or such Issuing Lender, as the case may be, for any wrongful payment
			 made by it under a Tranche 1 Letter of Credit as a result of acts or omissions
			 constituting willful misconduct or gross negligence (as determined by a court
			 of competent jurisdiction in a final and non-appealable decision).

		   

		  2A.04 Increased
			 Costs. If
			 after the Effective Date, the adoption or effectiveness of any applicable law,
			 rule or regulation, order, guideline or request or any change therein after the
			 Effective Date, or any change adopted or effective after the Effective Date in
			 the interpretation or administration thereof by any Governmental Authority,
			 central bank or comparable agency charged with the interpretation or
			 administration thereof, or compliance by any Tranche 1 Lender or any Issuing
			 Lender with any request or directive (whether or not having the force of law)
			 by any such authority, central bank or comparable agency shall either (i)
			 impose, modify or make applicable any reserve, deposit, capital adequacy or
			 similar requirement against letters of credit issued by or participated in by
			 such Tranche 1 Lender or such Issuing Lender, as the case may be, or (ii)
			 impose on such Tranche 1 Lender or such Issuing Lender, as the case may be, any
			 other conditions directly or indirectly affecting this Agreement or any Tranche
			 1 Letter of Credit; and the result of any of the foregoing is to increase the
			 cost to such Tranche 1 Lender or such Issuing Lender, as the case may be, of
			 issuing, maintaining or participating in any Tranche 1 Letter of Credit, or to
			 reduce the amount of any sum received or receivable by it hereunder or reduce
			 the rate of return on its capital with respect to Tranche 1 Letters of Credit,
			 then, upon written demand to the respective Designated Subsidiary Borrower by
			 such Tranche 1 Lender or such Issuing Lender, as the case may be (with a copy
			 to the Administrative Agent), such Designated Subsidiary Borrower agrees to pay
			 to such Tranche 1 Lender or such Issuing Lender, as the case may be, such
			 additional amount or amounts as will compensate it for such increased cost or
			 reduction. A certificate submitted to the respective Designated Subsidiary
			 Borrower by such Tranche 1 Lender or such Issuing Lender, as the case may be
			 (with a copy to the Administrative Agent), setting forth the basis for the
			 determination of such additional amount or amounts necessary to compensate such
			 Tranche 1 Lender or such Issuing Lender, as the case may be, as aforesaid shall
			 be final and conclusive and binding on such Designated Subsidiary Borrower
			 absent manifest error, although the failure to deliver any such certificate
			 shall not release or diminish any Designated Subsidiary Borrower’s
			 obligations to pay additional amounts pursuant to this Section 2A.04 upon
			 subsequent receipt of such certificate.

		  
			 
				 

				
				   
				

				
				   
				

				
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		  2A.05 Tranche
			 1 Letter of Credit Expiration Extensions.
			 Each
			 Tranche 1 Lender acknowledges that to the extent provided under the terms of
			 any Tranche 1 Letter of Credit, the expiration date of such Tranche 1 Letter of
			 Credit will be automatically extended for an additional year, without written
			 amendment, unless at least 30 days prior to the expiration date of such Tranche
			 1 Letter of Credit, notice is given by the Issuing Agent or the relevant
			 Issuing Lender, as the case may be, to the beneficiary of such Tranche 1 Letter
			 of Credit in accordance with the terms of the respective Tranche 1 Letter of
			 Credit (a “Notice of Non-Extension”) that the expiration date of such
			 Tranche 1 Letter of Credit will not be extended beyond its current expiration
			 date. The Issuing Agent or the relevant Issuing Lender, as the case may be,
			 will give a Notice of Non-Extension as to any outstanding Tranche 1 Letter of
			 Credit if requested to do so by the Required Lenders pursuant to Section 9. The
			 Issuing Agent or the relevant Issuing Lender, as the case may be, will give a
			 Notice of Non-Extension as to each outstanding Tranche 1 Letter of Credit if
			 the Commitment Expiration Date has occurred. The Issuing Agent or the relevant
			 Issuing Lender, as the case may be, will send a copy of each Notice of
			 Non-Extension to the respective Designated Subsidiary Borrower concurrently
			 with delivery thereof to the respective beneficiary, unless prohibited by law
			 from doing so.

		   

		  2A.06 Changes
			 to Stated Amount.
			 Subject to the terms and conditions hereof, at any time when any Tranche 1
			 Letter of Credit is outstanding, at the request of the respective Designated
			 Subsidiary Borrower, the Issuing Agent or the relevant Issuing Lender, as the
			 case may be, will enter into an amendment increasing or reducing the Stated
			 Amount of such Tranche 1 Letter of Credit, provided that (i) in no event shall
			 the Stated Amount of any Tranche 1 Letter of Credit be increased to an amount
			 which, when added to (x) the Tranche 1 Letter of Credit Outstandings (exclusive
			 of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the
			 issuance of the respective Tranche 1 Letter of Credit) at such time and (y) the
			 aggregate principal amount of all Tranche 1 Revolving Loans then outstanding,
			 would exceed an amount equal to the Total Tranche 1 Commitment at such time,
			 (ii) in no event shall the Stated Amount of any Tranche 1 Letter of Credit
			 issued for the account of any Designated Subsidiary Borrower be increased to an
			 amount which, when added to (x) the Tranche 1 Letter of Credit Outstandings
			 (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and
			 prior to the issuance of the respective Tranche 1 Letter of Credit) applicable
			 to such Borrower at such time and (y) the aggregate principal amount of all
			 Tranche 1 Revolving Loans incurred by such Borrower and then outstanding, would
			 exceed an amount equal to such Borrower’s Borrowing Base at such time,
			 (iii) the Stated Amount of a Tranche 1 Letter of Credit may not be increased at
			 any time if the conditions precedent set forth in Section 5.02 are not
			 satisfied at such time, (iv) the Stated Amount of a Tranche 1 Letter of Credit
			 may not be increased at any time after the date which is 30 days prior to the
			 Commitment Expiration Date, (v) in no event shall the Stated Amount of any
			 Tranche 1 Letter of Credit denominated in an Optional Currency issued for the
			 account of any Designated Subsidiary Borrower be increased to an amount which,
			 when added to (x) the aggregate Stated Amount of all Tranche 1 Letters of
			 Credit denominated in Optional Currencies (exclusive of Tranche 1 Unpaid
			 Drawings which are repaid on the date of and prior to the issuance of the
			 respective Tranche 1 Letter of Credit) at such time and (y) the Tranche 2
			 Letters of Credit denominated in Optional Currencies (exclusive of Tranche 2
			 Unpaid Drawings which are repaid on the date of and prior to the issuance of
			 the respective Tranche 1 Letter of Credit) at such time, would exceed the
			 Aggregate Multicurrency Letter of Credit Limit; and (vi) in no event shall the
			 Stated Amount of any Tranche 1 Fronted Letter of Credit issued for the account
			 of any Designated Subsidiary Borrower be increased to an amount which, when
			 added to

		  
			 
				 

				
				   
				

				
				   
				

				
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		   (x)
			 the aggregate Stated Amount of all Tranche 1 Fronted Letters of Credit
			 (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and
			 prior to the issuance of the respective Tranche 1 Letter of Credit) outstanding
			 at such time and (y) Tranche 2 Fronted Letters of Credit (exclusive of Tranche
			 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of
			 the respective Tranche 1 Letter of Credit) outstanding at such time, would
			 exceed the Fronted Letter of Credit Limit.

		   

		  2A.07 Representations
			 and Warranties of Tranche 1 Lenders. Each
			 Tranche 1 Lender represents and warrants that each Tranche 1 Non-Fronted Letter
			 of Credit constitutes a legal, valid and binding obligation of such Tranche 1
			 Lender enforceable in accordance with its terms and each Issuing Lender
			 represents and warrants that each Tranche 1 Fronted Letter of Credit
			 constitutes a legal, valid and binding obligation of such Issuing Lender
			 enforceable in accordance with its terms.

		   

		  2A.08 Existing
			 Tranche 1 Letters of Credit.
			 (a) Each
			 letter of credit issued under the Existing Credit Agreement and outstanding
			 immediately prior to the Effective Date and which is intended to be a Tranche 1
			 Letter of Credit hereunder is listed in Part A of Annex VIII (each such letter
			 of credit, an “Existing Tranche 1 Letter of Credit”). Each Existing
			 Tranche 1 Letter of Credit shall be deemed to be a Tranche 1 Letter of Credit
			 hereunder. As soon as possible following the Effective Date, each Existing
			 Tranche 1 Letter of Credit shall be amended to replace each Original Lender on
			 such Existing Tranche 1 Letter of Credit with each Tranche 1 Lender party to
			 this Agreement on the Effective Date in accordance with each such Tranche 1
			 Lender’s Tranche 1 Percentage. Until an Existing Tranche 1 Letter of
			 Credit has been amended in accordance with this Section 2A.08, each Original
			 Lender shall be deemed to have sold and transferred to each Tranche 1 Lender
			 and each such Tranche 1 Lender (each, a “Tranche 1 Participant”)
			 shall be deemed irrevocably and unconditionally to have purchased and received
			 from such Original Lender, without recourse or warranty, an undivided interest
			 and participation, to the extent of such Tranche 1 Participant’s Tranche 1
			 Percentage in such Existing Tranche 1 Letter of Credit, each substitute
			 Existing Tranche 1 Letter of Credit, each drawing made thereunder, the
			 obligations of any Borrower under this Agreement with respect thereto and any
			 security therefore or guaranty pertaining thereto. Upon any change in the
			 Tranche 1 Commitments of the Tranche 1 Lenders pursuant to Section 1.13 or
			 12.04(b), it is hereby agreed that, with respect to all outstanding Existing
			 Tranche 1 Letters of Credit and Unpaid Drawings with respect thereto, there
			 shall be an automatic adjustment to the participations pursuant to this Section
			 2A.08 to reflect the new Tranche 1 Percentages of the assigning and assignee
			 Tranche 1 Lender.

		   

		  (b) In
			 determining whether to pay under any Existing Tranche 1 Letter of Credit, no
			 Original Lender shall have any obligation relative to the Tranche 1
			 Participants other than to determine that any documents required to be
			 delivered under such Existing Tranche 1 Letter of Credit have been delivered
			 and that they appear to substantially comply on their face with the
			 requirements of such Existing Tranche 1 Letter of Credit, which obligation, it
			 is understood, is being performed by the Issuing Agent, and upon whom each
			 Original Lender shall be entitled to rely. Any action taken or omitted to be
			 taken by any Original Lender under or in connection with any Existing Tranche 1
			 Letter of Credit issued by it shall not create for such Original Lender any
			 resulting liability to any Borrower, any Tranche 1 Lender or any other Person
			 unless such action is taken or omitted to be taken with gross negligence or
			 willful 

		  
			 
				 

				
				   
				

				
				   
				

				
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		  misconduct
			 (as determined by a court of competent jurisdiction in a final and
			 non-appealable decision).

		   

		  (c) In the
			 event that any Original Lender makes any payment under any Existing Tranche 1
			 Letter of Credit issued by it and the respective Borrower shall not have
			 reimbursed such amount in full to each Original Lender pursuant to Section
			 2A.03(a), such Original Lender shall promptly notify the Administrative Agent,
			 and the Administrative Agent shall promptly notify each Tranche 1 Participant
			 of such failure, and each such Tranche 1 Participant shall promptly and
			 unconditionally pay to the Administrative Agent for the account of such
			 Original Lender, the amount of such Tranche 1 Participant’s Tranche 1
			 Percentage of such payment in Dollars and in same day funds. If the
			 Administrative Agent so notifies any Tranche 1 Participant required to fund a
			 payment under an Existing Tranche 1 Letter of Credit prior to 11:00 A.M. (New
			 York time) on any Business Day, such Tranche 1 Participant shall make available
			 to the Administrative Agent at the Payment Office for the account of the
			 respective Original Lender such Tranche 1 Participant’s Tranche 1
			 Percentage of the amount of such payment on such Business Day in same day funds
			 (and, to the extent such notice is given after 11:00 A.M. (New York time) on
			 any Business Day, such Tranche 1 Participant shall make such payment on the
			 immediately following Business Day). If and to the extent such Tranche 1
			 Participant shall not make its Tranche 1 Percentage of the amount of such
			 payment available to the Administrative Agent for the account of the respective
			 Original Lender on the same Business Day, such Tranche 1 Participant agrees to
			 pay to the Administrative Agent for the account of such Original Lender,
			 forthwith on demand such amount, together with interest thereon, for each day
			 from such date until the date such amount is paid to the Administrative Agent
			 for the account of such Original Lender at the overnight Federal Funds Rate for
			 the first three days from the date when due and at the interest rate applicable
			 to Tranche 1 Revolving Loans that are maintained as Base Rate Loans for each
			 day thereafter. The failure of any Tranche 1 Participant to make available to
			 the Administrative Agent for the account of the respective Original Lender its
			 Tranche 1 Percentage of any payment under any Existing Tranche 1 Letter of
			 Credit issued by it shall not relieve any other Tranche 1 Participant of its
			 obligation hereunder to make available to the Administrative Agent for the
			 account of such Original Lender its Tranche 1 Percentage of any payment under
			 any such Tranche 1 Letter of Credit on the date required, as specified above,
			 but no Tranche 1 Participant shall be responsible for the failure of any other
			 Tranche 1 Participant to make available to the Administrative Agent for the
			 account of such Original Lender such other Tranche 1 Participant’s Tranche
			 1 Percentage of any such payment.

		   

		  (d) Whenever
			 any Original Lender receives a payment of a reimbursement obligation as to
			 which the Administrative Agent has received for the account of such Original
			 Lender any payments from the Tranche 1 Participants pursuant to Section
			 2A.08(c), such Original Lender shall pay to the Administrative Agent and the
			 Administrative Agent shall promptly pay to each Tranche 1 Participant which has
			 paid its Tranche 1 Percentage thereof, in Dollars and in same day funds, an
			 amount equal to such Tranche 1 Participant’s Tranche 1 Percentage
			 thereof.

		   

		  (e) The
			 obligations of the Tranche 1 Participants to make payments to the
			 Administrative Agent for the account of the respective Original Lender with
			 respect to Existing Tranche 1 Letters of Credit issued by it shall be
			 irrevocable and not subject to counterclaim, set-off or other defense or any
			 other qualification or exception whatsoever and shall be made in

		  
			 
				 

				
				   
				

				
				   
				

				
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		  accordance
			 with the terms and conditions of this Agreement under all circumstances,
			 including, without limitation, any of the following circumstances:

		   

		  (i) any lack
			 of validity or enforceability of this Agreement or any of the other Credit
			 Documents;

		   

		  (ii) the
			 existence of any claim, set-off, defense or other right which the Parent
			 Borrower or any of its Subsidiaries may have at any time against a beneficiary
			 named in an Existing Tranche 1 Letter of Credit, any transferee of any Existing
			 Tranche 1 Letter of Credit (or any Person for whom any such transferee may be
			 acting), the Administrative Agent, any Original Lender, or other Person,
			 whether in connection with this Agreement, any Existing Tranche 1 Letter of
			 Credit, the transactions contemplated herein or any unrelated transactions
			 (including any underlying transaction between the Parent Borrower or any of its
			 Subsidiaries and the beneficiary named in any such Existing Tranche 1 Letter of
			 Credit);

		   

		  (iii) any
			 draft, certificate or other document presented under the Existing Tranche 1
			 Letter of Credit proving to be forged, fraudulent, invalid or insufficient in
			 any respect or any statement therein being untrue or inaccurate in any
			 respect;

		   

		  (iv) the
			 surrender or impairment of any security for the performance or observance of
			 any of the terms of any of the Credit Documents; or

		   

		  (v) the
			 occurrence of any Default or Event of Default.

		   

		  2A.09 Tranche
			 1 Fronted Letter of Credit Participations. In the
			 case of Tranche 1 Fronted Letters of Credit:

		   

		  (a) The
			 Issuing Lender irrevocably agrees to grant and hereby grants to each Lender
			 participating in a Tranche 1 Fronted Letter of Credit (the “Tranche 1
			 Fronted Letter of Credit Participants”), and each such Tranche 1 Fronted
			 Letter of Credit Participant shall be deemed irrevocably and unconditionally to
			 have purchased and received from such Issuing Lender, without recourse or
			 warranty, an undivided interest and participation, to the extent of such
			 Tranche 1 Fronted Letter of Credit Participant’s Tranche 1 Percentage in
			 such Tranche 1 Fronted Letter of Credit, each drawing made thereunder, the
			 obligations of any Borrower under this Agreement with respect thereto and any
			 security therefore or guaranty pertaining thereto. Upon any change in the
			 Tranche 1 Commitments of the Tranche 1 Lenders pursuant to Section 1.13 or
			 12.04(b), it is hereby agreed that, with respect to all outstanding Tranche 1
			 Fronted Letters of Credit and Unpaid Drawings with respect thereto, there shall
			 be an automatic adjustment to the participations pursuant to this Section 2A.09
			 to reflect the new Tranche 1 Percentages of the assigning and assignee Tranche
			 1 Lender.

		   

		  (b) In
			 determining whether to pay under any Tranche 1 Fronted Letter of Credit, no
			 Issuing Lender shall have any obligation relative to the Tranche 1 Fronted
			 Letter of Credit Participants other than to determine that any documents
			 required to be delivered under such Tranche 1 Fronted Letter of Credit have
			 been delivered and that they appear to substantially comply on their face with
			 the requirements of such Tranche 1 Fronted Letter of Credit. Any action taken
			 or omitted to be taken by any Issuing Lender under or in connection with any
			 

		  
			  

			 
				 
			 

			 
				 
			 

			 
				25
			 

			 
				 
			 

			 
			 

			 

			  
 

		  Tranche
			 1 Fronted Letter of Credit issued by it shall not create for such Issuing
			 Lender any resulting liability to any Borrower, any Tranche 1 Lender or any
			 other Person unless such action is taken or omitted to be taken with gross
			 negligence or willful misconduct (as determined by a court of competent
			 jurisdiction in a final and non-appealable decision).

		   

		  (c) In the
			 event that any Issuing Lender makes any payment under any Tranche 1 Fronted
			 Letter of Credit issued by it and the respective Borrower shall not have
			 reimbursed such amount in full to such Issuing Lender as and when required
			 pursuant to Section 2A.03(a), such Issuing Lender shall promptly notify the
			 Administrative Agent, and the Administrative Agent shall promptly notify each
			 Tranche 1 Fronted Letter of Credit Participant of such failure, and each such
			 Tranche 1 Fronted Letter of Credit Participant shall promptly and
			 unconditionally pay to the Administrative Agent for the account of such Issuing
			 Lender, the amount of such Tranche 1 Fronted Letter of Credit
			 Participant’s Tranche 1 Percentage of such payment in such currency
			 denominated in such Tranche 1 Fronted Letter of Credit and in same day funds.
			 If the Administrative Agent so notifies any Tranche 1 Fronted Letter of Credit
			 Participant required to fund a payment under a Tranche 1 Fronted Letter of
			 Credit prior to 11:00 A.M. (New York time) on any Business Day, such Tranche 1
			 Fronted Letter of Credit Participant shall make available to the Administrative
			 Agent at the Payment Office for the account of the respective Issuing Lender
			 such Tranche 1 Fronted Letter of Credit Participant’s Tranche 1 Percentage
			 of the amount of such payment on such Business Day (or, in the case of an
			 amount payable in an Optional Currency, the next Business Day or such later day
			 as would be customary for interbank payments in such Optional Currency) in same
			 day funds (and, to the extent such notice is given after 11:00 A.M. (New York
			 time) on any Business Day, such Tranche 1 Fronted Letter of Credit Participant
			 shall make such payment on the immediately following Business Day (or, in the
			 case of an amount payable in an Optional Currency, the next Business Day or
			 such later day as would be customary for interbank payments in such Optional
			 Currency)). If and to the extent such Tranche 1 Fronted Letter of Credit
			 Participant shall not make its Tranche 1 Percentage of the amount of such
			 payment available to the Administrative Agent for the account of the respective
			 Issuing Lender on the same Business Day, such Tranche 1 Fronted Letter of
			 Credit Participant agrees to pay to the Administrative Agent for the account of
			 such Issuing Lender, forthwith on demand such amount, together with interest
			 thereon, for each day from such date until the date such amount is paid to the
			 Administrative Agent for the account of such Issuing Lender at the overnight
			 Federal Funds Rate for the first three days from the date when due and at the
			 interest rate applicable to Tranche 1 Revolving Loans that are maintained as
			 Base Rate Loans for each day thereafter (or, in the case of an amount in a
			 currency other than Dollars, the customary rate for the settlement of interbank
			 obligations in such currency plus, after such three days, the Applicable Margin
			 for Eurodollar Loans). The failure of any Tranche 1 Fronted Letter of Credit
			 Participant to make available to the Administrative Agent for the account of
			 the respective Issuing Lender its Tranche 1 Percentage of any payment under any
			 Tranche 1 Fronted Letter of Credit issued by it shall not relieve any other
			 Tranche 1 Fronted Letter of Credit Participant of its obligation hereunder to
			 make available to the Administrative Agent for the account of such Issuing
			 Lender its Tranche 1 Percentage of any payment under any such Tranche 1 Fronted
			 Letter of Credit on the date required, as specified above, but no Tranche 1
			 Fronted Letter of Credit Participant shall be responsible for the failure of
			 any other Tranche 1 Fronted Letter of Credit Participant to make available to
			 the Administrative Agent for the account of such Issuing Lender such other
			 Tranche 1 Fronted Letter of Credit Participant’s Tranche 1 Percentage of
			 any such payment.

		  
			 
				 

				
				   
				

				
				   
				

				
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		  (d) Whenever
			 any Issuing Lender receives a payment of a reimbursement obligation as to which
			 the Administrative Agent has received for the account of such Issuing Lender
			 any payments from the Tranche 1 Fronted Letter of Credit Participants pursuant
			 to Section 2A.09(c), such Issuing Lender shall pay to the Administrative Agent
			 and the Administrative Agent shall promptly pay to each Tranche 1 Fronted
			 Letter of Credit Participant which has paid its Tranche 1 Percentage thereof,
			 in the same currency as such payment and in same day funds, an amount equal to
			 such Tranche 1 Fronted Letter of Credit Participant’s Tranche 1 Percentage
			 thereof.

		   

		  (e) The
			 obligations of the Tranche 1 Participants to make payments to the
			 Administrative Agent for the account of the respective Issuing Lender with
			 respect to Tranche 1 Fronted Letters of Credit issued by it shall be
			 irrevocable and not subject to counterclaim, set-off or other defense or any
			 other qualification or exception whatsoever and shall be made in accordance
			 with the terms and conditions of this Agreement under all circumstances,
			 including, without limitation, any of the following circumstances:

		   

		  (i) any lack
			 of validity or enforceability of this Agreement or any of the other Credit
			 Documents;

		   

		  (ii) the
			 existence of any claim, set-off, defense or other right which the Parent
			 Borrower or any of its Subsidiaries may have at any time against a beneficiary
			 named in a Tranche 1 Fronted Letter of Credit, any transferee of any Tranche 1
			 Fronted Letter of Credit (or any Person for whom any such transferee may be
			 acting), the Administrative Agent, any Issuing Lender, or other Person, whether
			 in connection with this Agreement, any Tranche 1 Fronted Letter of Credit, the
			 transactions contemplated herein or any unrelated transactions (including any
			 underlying transaction between the Parent Borrower or any of its Subsidiaries
			 and the beneficiary named in any such Tranche 1 Fronted Letter of
			 Credit);

		   

		  (iii) any
			 draft, certificate or other document presented under the Tranche 1 Fronted
			 Letter of Credit proving to be forged, fraudulent, invalid or insufficient in
			 any respect or any statement therein being untrue or inaccurate in any
			 respect;

		   

		  (iv) the
			 surrender or impairment of any security for the performance or observance of
			 any of the terms of any of the Credit Documents; or

		   

		  (v) the
			 occurrence of any Default or Event of Default.

		   

		  SECTION
			 2B.  Tranche
			 2 Letters of Credit.

		   

		  2B.01 Tranche
			 2 Letters of Credit.
			 (a) Subject
			 to and upon the terms and conditions set forth herein, each Designated
			 Subsidiary Borrower may request the Issuing Agent, at any time and from time to
			 time after the Effective Date and prior to the date which is 30 days prior to
			 the Commitment Expiration Date, to issue on behalf of the Tranche 2 Lenders,
			 for the account of such Designated Subsidiary Borrower and in support of, on a
			 standby basis, Letter of Credit Supportable Obligations and, subject to and
			 upon the terms and conditions set forth herein, the Issuing Agent agrees to
			 issue on behalf of the Tranche 2 Lenders at any time and from time to time
			 after the Effective Date and prior to the date which is 30 days prior to the
			 

		  
			 
				 

				
				   
				

				
				   
				

				
				  27
				

				
				   
				

				
				

				

				 
 
 

		  Commitment
			 Expiration Date, one or more irrevocable standby letters of credit in such form
			 as may be approved by the Issuing Agent (each such letter of credit, a
			 “Tranche 2 Letter of Credit” and, collectively, the “Tranche 2
			 Letters of Credit”). Such Tranche 2 Letters of Credit shall be
			 denominated, at the relevant Designated Subsidiary Borrower’s request, in
			 Dollars or any Optional Currency, provided that, after giving effect to the
			 issuance of any such Tranche 2 Letter of Credit denominated in any Optional
			 Currency, the aggregate Stated Amount of all Tranche 2 Letters of Credit
			 denominated in Optional Currencies (exclusive of Tranche 2 Unpaid Drawings
			 which are repaid on the date of and prior to the issuance of the respective
			 Tranche 2 Letter of Credit) at such time and the Tranche 1 Letters of Credit
			 denominated in Optional Currencies (exclusive of Tranche 1 Unpaid Drawings
			 which are repaid on the date of and prior to the issuance of the respective
			 Tranche 2 Letter of Credit) at such time will not exceed the Aggregate
			 Multicurrency Letter of Credit Limit. At the relevant Designated Subsidiary
			 Borrower’s request, and notwithstanding any provisions in the first
			 sentence of this Section 2B.01(a) to the contrary, any Tranche 2 Letter of
			 Credit required to be issued pursuant to this Section 2B.01(a) shall be issued
			 by an Issuing Lender as a Tranche 2 Fronted Letter of Credit in accordance with
			 Section 2B.01(d), provided that, after giving effect to the issuance of any
			 such Tranche 2 Fronted Letter of Credit, the aggregate Stated Amount of Tranche
			 2 Fronted Letters of Credit (exclusive of Tranche 2 Unpaid Drawings which are
			 repaid on the date of and prior to the issuance of the respective Tranche 2
			 Letter of Credit) at such time and Tranche 1 Fronted Letters of Credit
			 (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and
			 prior to the issuance of the respective Tranche 2 Letter of Credit) at such
			 time will not exceed the Fronted Letter of Credit Limit. At the Relevant
			 Subsidiary Borrower’s request, Tranche 2 Fronted Letters of Credit issued
			 pursuant to this Section 2B.01, including Tranche 2 Fronted Letters of Credit
			 denominated in Optional Currencies, may be issued in the United Kingdom; such
			 Tranche 2 Fronted Letters of Credit issued in the United Kingdom shall be
			 governed by the laws of the England and Wales or, at the request of the
			 applicable Designated Subsidiary Borrower, by the laws of other jurisdictions
			 as agreed to between such Designated Subsidiary Borrower and the Issuing
			 Lender. Notwithstanding the foregoing, neither the Issuing Agent nor any
			 Issuing Lender shall be under any obligation to issue any Tranche 2 Letter of
			 Credit if at the time of such issuance:

		   

		  (i) any
			 order, judgment or decree of any Governmental Authority or arbitrator shall
			 purport by its terms to enjoin or restrain the issuance of such Tranche 2
			 Letter of Credit or any requirement of law applicable to the Issuing Agent,
			 such Issuing Lender or any Lender or any request or directive (whether or not
			 having the force of law) from any Governmental Authority with jurisdiction over
			 it shall prohibit, or request that it refrain from, the issuance of letters of
			 credit generally or such Tranche 2 Letter of Credit in particular or shall
			 impose upon it with respect to such Tranche 2 Letter of Credit any restriction
			 or reserve or capital requirement (for which the Issuing Agent or any Tranche 2
			 Lender is not otherwise compensated) not in effect on the Effective Date, or
			 any unreimbursed loss, cost or expense which was not applicable, in effect or
			 known to it as of the Effective Date;

		   

		  (ii) the
			 conditions precedent set forth in Section 5.02 are not satisfied at that time;
			 or

		  
			 
				 

				
				   
				

				
				   
				

				
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		  (iii) the
			 Issuing Agent shall have received notice from any Borrower or the Required
			 Lenders prior to the issuance of such Tranche 2 Letter of Credit of the type
			 described in clause (vi) of Section 2B.01(b).

		   

		  (b) Notwithstanding
			 anything to the contrary contained in this Section 2B.01 or elsewhere in this
			 Agreement (i) no Tranche 2 Letter of Credit shall be issued the Stated Amount
			 of which, when added to (x) the Tranche 2 Letter of Credit Outstandings
			 (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of, and
			 prior to the issuance of, the respective Tranche 2 Letter of Credit) at such
			 time and (y) the aggregate principal amount of all Tranche 2 Revolving Loans
			 then outstanding, would exceed an amount equal to the Total Tranche 2
			 Commitment at such time; (ii) no Tranche 2 Letter of Credit shall be issued for
			 the account of any Intermediate Holding Company the Stated Amount of which,
			 when added to (x) the Tranche 2 Letter of Credit Outstandings in respect of
			 outstanding Tranche 2 Letters of Credit issued for the account of all
			 Intermediate Holding Companies (exclusive of Tranche 2 Unpaid Drawings in
			 respect of Tranche 2 Letters of Credit issued for the account of Intermediate
			 Holding Companies which are repaid on the date of, and prior to the issuance
			 of, the respective Tranche 2 Letter of Credit) at such time and (y) the Tranche
			 1 Letter of Credit Outstandings (exclusive of Tranche 1 Unpaid Drawings in
			 respect of Tranche 1 Letters of Credit issued for the account of Intermediate
			 Holding Companies which are repaid on the date of and prior to the issuance of
			 the respective Tranche 2 Letter of Credit) in respect of outstanding Tranche 1
			 Letters of Credit issued for the account of all Intermediate Holding Companies,
			 exceeds $50,000,000; (iii) no Tranche 2 Letter of Credit for the account of any
			 Borrower shall be issued the Stated Amount of which, when added to (x) the
			 Tranche 2 Letter of Credit Outstandings applicable to such Borrower (exclusive
			 of Tranche 2 Unpaid Drawings which are repaid on the date of, and prior to the
			 issuance of, the respective Tranche 2 Letter of Credit) at such time and (y)
			 the aggregate principal amount of all Tranche 2 Revolving Loans incurred by
			 such Borrower and then outstanding, would exceed an amount equal to such
			 Borrower’s Borrowing Base at such time; (iv) each Tranche 2 Letter of
			 Credit shall have an expiry date occurring not later than one year after such
			 Tranche 2 Letter of Credit’s date of issuance; provided that
			 each such Tranche 2 Letter of Credit may by its terms automatically renew
			 annually for one additional year unless the Issuing Agent or the relevant
			 Issuing Lender, as the case may be, notifies the beneficiary thereof, in
			 accordance with the terms of such Tranche 2 Letter of Credit, that such Tranche
			 2 Letter of Credit will not be renewed; (v) each Tranche 2 Letter of Credit
			 shall be denominated in Dollars or in an Optional Currency, subject to the
			 limitation in the proviso to the second sentence of Section 2B.01(a); and (vi)
			 the Issuing Agent or the relevant Issuing Lender, as the case may be, will not
			 issue any Tranche 2 Letter of Credit after the Issuing Agent has received
			 written notice from any Borrower or the Required Lenders stating that a Default
			 or an Event of Default exists until such time as the Issuing Agent shall have
			 received a written notice of (x) rescission of such notice from the party or
			 parties originally delivering the same or (y) a waiver of such Default or Event
			 of Default by the Required Lenders (or, to the extent provided by Section
			 12.11, each of the Lenders).

		   

		  (c) Each
			 Tranche 2 Non-Fronted Letter of Credit will be issued by the Issuing Agent on
			 behalf of the Tranche 2 Lenders and each Tranche 2 Lender will participate in
			 each Tranche 2 Non-Fronted Letter of Credit pro rata in
			 accordance with its Tranche 2 Percentage. The obligations of each Tranche 2
			 Lender under and in respect of each Tranche 2 Non-Fronted Letter of Credit are
			 several, and the failure by any Tranche 2 Lender to perform its obligations
			 

		  
			 
				 

				
				   
				

				
				   
				

				
				  29
				

				
				   
				

				
				

				

				 
 
 

		  hereunder
			 or under any Tranche 2 Non-Fronted Letter of Credit shall not affect the
			 obligations of the respective Designated Subsidiary Borrower toward any other
			 party hereto nor shall any other such party be liable for the failure by such
			 Tranche 2 Lender to perform its obligations hereunder or under any Tranche 2
			 Non-Fronted Letter of Credit.

		   

		  (d) Subject
			 to the terms and conditions hereof, each Issuing Lender, in reliance on the
			 agreements of the other Lenders set forth in Section 2B.09, agrees to issue a
			 Tranche 2 Fronted Letter of Credit requested by a Designated Subsidiary
			 Borrower to the extent contemplated by Section 2B.01(a). 

		   

		  (e) Subject
			 to and on the terms and conditions set forth herein, the Issuing Agent or the
			 relevant Issuing Lender, as the case may be, is hereby authorized by each
			 Designated Subsidiary Borrower and the Tranche 2 Lenders to arrange for the
			 issuance of any Tranche 2 Letter of Credit pursuant to Section 2B.01(a) and the
			 amendment of any Letter of Credit pursuant to Section 1.13, Section 1.15,
			 Section 2B.06 and/or Section 12.04(b) by:

		   

		  (i) completing
			 the commencement date and the expiry date of such Tranche 2 Letter of
			 Credit;

		   

		  (ii) in the
			 case of an amendment increasing or reducing the amount thereof, amending such
			 Tranche 2 Letter of Credit in such manner as the Issuing Agent and the
			 respective beneficiary may agree; and

		   

		  (iii) (A) in
			 the case of a Tranche 2 Non-Fronted Letter of Credit, (1) completing such
			 Tranche 2 Non-Fronted Letter of Credit with the participation of each Tranche 2
			 Lender as allocated pursuant to the terms hereof, and (2) executing such
			 Tranche 2 Non-Fronted Letter of Credit on behalf of each Tranche 2 Lender and,
			 following such execution, delivering such Tranche 2 Non-Fronted Letter of
			 Credit to the beneficiary of such Tranche 2 Non-Fronted Letter of Credit; or
			 (B) in the case of Tranche 2 Fronted Letters of Credit, (1) completing such
			 Tranche 2 Fronted Letter of Credit pursuant to the terms hereof, (2) issuing
			 and executing such Tranche 2 Fronted Letter of Credit and, following such
			 execution, delivering such Tranche 2 Fronted Letter of Credit to the
			 beneficiary of such Tranche 2 Fronted Letter of Credit and (3) promptly
			 furnishing to the Administrative Agent, which shall in turn promptly furnish to
			 the Lenders, notice of the issuance of each Tranche 2 Fronted Letter of Credit
			 (including the amount and currency thereof).

		   

		  (f) Each
			 Tranche 2 Non-Fronted Letter of Credit shall be executed and delivered by the
			 Issuing Agent in the name and on behalf of, and as attorney-in-fact for, each
			 Tranche 2 Lender party to such Tranche 2 Non-Fronted Letter of Credit, and the
			 Issuing Agent shall act under each Tranche 2 Non-Fronted Letter of Credit, and
			 each Tranche 2 Non-Fronted Letter of Credit shall expressly provide that the
			 Issuing Agent shall act, as the agent of each Tranche 2 Lender to (a) receive
			 drafts, other demands for payment and other documents presented by the
			 beneficiary under such Tranche 2 Non-Fronted Letter of Credit, (b) determine
			 whether such drafts, demands and documents are in compliance with the terms and
			 conditions of such Tranche 2 Non-Fronted Letter of Credit and (c) notify such
			 Tranche 2 Lender and such Designated Subsidiary Borrower that a valid drawing
			 has been made and the date that the related 

		  
			 
				 

				
				   
				

				
				   
				

				
				  30
				

				
				   
				

				
				

				

				 
 
 
 
 

	 

		Tranche
		  2 Unpaid Drawing is to be made; provided that
		  the Issuing Agent shall have no obligation or liability for any Tranche 2
		  Unpaid Drawing under such Tranche 2 Non-Fronted Letter of Credit, and each
		  Tranche 2 Non-Fronted Letter of Credit shall expressly so provide. Each Tranche
		  2 Lender hereby irrevocably appoints and designates the Issuing Agent its
		  attorney-in-fact, acting through any duly authorized officer of the Issuing
		  Agent, to execute and deliver in the name and on behalf of such Tranche 2
		  Lender each Tranche 2 Non-Fronted Letter of Credit to be issued by such Tranche
		  2 Lender hereunder. Promptly upon the request of the Issuing Agent, each
		  Tranche 2 Lender will furnish to the Issuing Agent such powers of attorney or
		  other evidence as any beneficiary of any Tranche 2 Non-Fronted Letter of Credit
		  may reasonably request in order to demonstrate that the Issuing Agent has the
		  power to act as attorney-in-fact for such Tranche 2 Lender to execute and
		  deliver such Tranche 2 Non-Fronted Letter of Credit.
 

	  

	 2B.02 Tranche
		2 Letter of Credit Requests.
		(a)
		Whenever a Designated Subsidiary Borrower desires that a Tranche 2 Letter of
		Credit be issued, such Designated Subsidiary Borrower shall give the
		Administrative Agent and the Issuing Agent and, in the case of a Tranche 2
		Fronted Letter of Credit, the relevant Issuing Lender, written notice
		(including by way of facsimile transmission, immediately confirmed in writing
		by submission of the original of such request by mail to the Issuing Agent or
		the relevant Issuing Lender, as the case may be) thereof prior to (i) in the
		case of Tranche 2 Letters of Credit not issued in the United Kingdom, 11:00
		A.M. (New York time), and (ii) in the case of Tranche 2 Letters of Credit
		issued in the United Kingdom, 11:00 A.M. (London time), at least five Business
		Days (or such shorter period as may be acceptable to the Issuing Agent or the
		relevant Issuing Lender, as the case may be) prior to the proposed date of
		issuance (which shall be a Business Day), which written notice shall be in the
		form of Exhibit C-2 (each, a “Tranche 2 Letter of Credit Request”).
		Each Tranche 2 Letter of Credit Request shall include any other documents as
		the Issuing Agent or the relevant Issuing Lender, as the case may be,
		customarily requires in connection therewith.

	  

	 (b) The
		making of each Tranche 2 Letter of Credit Request shall be deemed to be a
		representation and warranty by the applicable Designated Subsidiary Borrower
		that such Tranche 2 Letter of Credit may be issued in accordance with, and it
		will not violate the requirements of, Section 2B.01(a) or (b).

	  

	 (c) Immediately
		prior to the issuance of any Tranche 2 Fronted Letter of Credit the relevant
		Issuing Lender shall notify the Administrative Agent and Issuing Agent thereof
		and shall obtain confirmation from the Issuing Agent that such Tranche 2
		Fronted Letter of Credit may be issued. Upon its issuance of, or amendment to,
		any Tranche 2 Letter of Credit, the Issuing Agent shall promptly notify the
		respective Designated Subsidiary Borrower and the Tranche 2 Lenders of such
		issuance or amendment, which notice shall include a summary description of the
		Tranche 2 Letter of Credit actually issued and any amendments thereto. Each
		Issuing Lender shall also give prompt notice to the Issuing Agent of the
		termination or expiry of any Tranche 2 Fronted Letter of Credit issued by
		it.

	  

	 2B.03 Agreement
		to Repay Tranche 2 Letter of Credit Drawings.
		(a)  Each
		Designated Subsidiary Borrower agrees to reimburse each Tranche 2 Lender or the
		relevant Issuing Lender, as the case may be, by making payment to the
		Administrative Agent in immediately available funds in the currency in which
		such Tranche 2 Letter of Credit was issued

	  

	 
		 
	 

	 
		 
	 

	 
		31
	 

	 
		 
	 

	 
	 

	 

	  

	 at the
		Payment Office, for any payment or disbursement made by it under any Tranche 2
		Letter of Credit which has been issued for such Designated Subsidiary
		Borrower’s account (each such amount so paid or disbursed until
		reimbursed, a “Tranche 2 Unpaid Drawing”) no later than one Business
		Day (or, in the case of any Tranche 2 Letter of Credit denominated in a
		currency other than Dollars, three Business Days) following the date of such
		payment or disbursement, with interest on the amount so paid or disbursed, to
		the extent not reimbursed prior to (i) in the case of Tranche 2 Letters of
		Credit not issued in the United Kingdom, 1:00 P.M. (New York time) and (ii) in
		the case of Letters of Credit issued in the United Kingdom, 1:00 P.M. (London
		time), on the date of such payment or disbursement, from and including the date
		paid or disbursed to but not including the date of reimbursement therefor at a
		rate per annum which shall be (i) for the Tranche 2 Letters of Credit
		denominated in Dollars, the Base Rate plus the Applicable Margin for Tranche 2
		Revolving Loans maintained as Base Rate Loans as in effect from time to time
		(or, if the Total Tranche 2 Commitment has been terminated and all Tranche 2
		Revolving Loans have been repaid, the Applicable Margin that would have been in
		effect for Tranche 2 Revolving Loans maintained as Base Rate Loans) or (ii) for
		Tranche 2 Letters of Credit denominated in an Optional Currency, the Overnight
		Eurodollar Rate for such Optional Currency plus the Applicable Margin for
		Tranche 2 Revolving Loans maintained as Eurodollar Loans as in effect from time
		to time (or, if the Total Tranche 2 Commitment has been terminated and all
		Tranche 2 Revolving Loans have been repaid, the Applicable Margin that would
		have been in effect for Tranche 2 Revolving Loans maintained as Eurodollar
		Loans) (plus an additional 2% per annum, payable on demand, if not reimbursed
		by the third Business Day after the date such reimbursement is
		due).

	  

	 (b) Each
		Designated Subsidiary Borrower’s obligation under this Section 2B.03 to
		reimburse each Tranche 2 Lender or the relevant Issuing Lender, as the case may
		be, with respect to Tranche 2 Unpaid Drawings (including, in each case,
		interest thereon) shall be absolute and unconditional under any and all
		circumstances and irrespective of any setoff, counterclaim or defense to
		payment which such Designated Subsidiary Borrower may have or have had against
		such Tranche 2 Lender or such Issuing Lender, as the case may be, or the
		Issuing Agent, including, without limitation, any defense based upon the
		failure of any drawing under a Tranche 2 Letter of Credit to conform to the
		terms of the Tranche 2 Letter of Credit or any non-application or
		misapplication by the beneficiary of the proceeds of such drawing; provided,
		however, that
		no Designated Subsidiary Borrower shall be obligated to reimburse any Tranche 2
		Lender or such Issuing Lender, as the case may be, for any wrongful payment
		made by it under a Tranche 2 Letter of Credit as a result of acts or omissions
		constituting willful misconduct or gross negligence (as determined by a court
		of competent jurisdiction in a final and non-appealable decision).

	  

	 2B.04 Increased
		Costs. If
		after the Effective Date, the adoption or effectiveness of any applicable law,
		rule or regulation, order, guideline or request or any change therein after the
		Effective Date, or any change adopted or effective after the Effective Date in
		the interpretation or administration thereof by any Governmental Authority,
		central bank or comparable agency charged with the interpretation or
		administration thereof, or compliance by any Tranche 2 Lender or any Issuing
		Lender with any request or directive (whether or not having the force of law)
		by any such authority, central bank or comparable agency shall either (i)
		impose, modify or make applicable any reserve, deposit, capital adequacy or
		similar requirement against letters of credit issued by or participated in by
		such Tranche 2 Lender or such Issuing  

	 
		

		   

		  
			  
		  

		  
			  
		  

		  
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	 Lender,
		as the case may be, or (ii) impose on such Tranche 2 Lender or such Issuing
		Lender, as the case may be, any other conditions directly or indirectly
		affecting this Agreement or any Tranche 2 Letter of Credit; and the result of
		any of the foregoing is to increase the cost to such Tranche 2 Lender or such
		Issuing Lender, as the case may be, of issuing, maintaining or participating in
		any Tranche 2 Letter of Credit, or to reduce the amount of any sum received or
		receivable by it hereunder or reduce the rate of return on its capital with
		respect to Tranche 2 Letters of Credit, then, upon written demand to the
		respective Designated Subsidiary Borrower by such Tranche 2 Lender or such
		Issuing Lender, as the case may be (with a copy to the Administrative Agent),
		such Designated Subsidiary Borrower agrees to pay to such Tranche 2 Lender or
		such Issuing Lender, as the case may be, such additional amount or amounts as
		will compensate it for such increased cost or reduction. A certificate
		submitted to the respective Designated Subsidiary Borrower by such Tranche 2
		Lender or such Issuing Lender, as the case may be (with a copy to the
		Administrative Agent), setting forth the basis for the determination of such
		additional amount or amounts necessary to compensate such Tranche 2 Lender or
		such Issuing Lender, as the case may be, as aforesaid shall be final and
		conclusive and binding on such Designated Subsidiary Borrower absent manifest
		error, although the failure to deliver any such certificate shall not release
		or diminish any Designated Subsidiary Borrower’s obligations to pay
		additional amounts pursuant to this Section 2B.04 upon subsequent receipt of
		such certificate.

	  

	 2B.05 Tranche
		2 Letter of Credit Expiration Extensions. Each
		Tranche 2 Lender acknowledges that to the extent provided under the terms of
		any Tranche 2 Letter of Credit, the expiration date of such Tranche 2 Letter of
		Credit will be automatically extended for an additional year, without written
		amendment, unless at least 30 days prior to the expiration date of such Tranche
		2 Letter of Credit, a Notice of Non-Extension is given by the Issuing Agent to
		the beneficiary of such Tranche 2 Letter of Credit in accordance with the terms
		of the respective Tranche 2 Letter of Credit that the expiration date of such
		Tranche 2 Letter of Credit will not be extended beyond its current expiration
		date. The Issuing Agent or the relevant Issuing Lender, as the case may be,
		will give a Notice of Non-Extension as to any outstanding Tranche 2 Letter of
		Credit if requested to do so by the Required Lenders pursuant to Section 9. The
		Issuing Agent or the relevant Issuing Lender, as the case may be, will give a
		Notice of Non-Extension as to each outstanding Tranche 2 Letter of Credit if
		the Commitment Expiration Date has occurred. The Issuing Agent or the relevant
		Issuing Lender, as the case may be, will send a copy of each Notice of
		Non-Extension to the respective Designated Subsidiary Borrower concurrently
		with delivery thereof to the respective beneficiary, unless prohibited by law
		from doing so.

	  

	 2B.06 Changes
		to Stated Amount.
		Subject to the terms and conditions hereof, at any time when any Tranche 2
		Letter of Credit is outstanding, at the request of the respective Designated
		Subsidiary Borrower, the Issuing Agent or the relevant Issuing Lender, as the
		case may be, will enter into an amendment increasing or reducing the Stated
		Amount of such Tranche 2 Letter of Credit, provided that (i) in no event shall
		the Stated Amount of any Tranche 2 Letter of Credit be increased to an amount
		which, when added to (x) the Tranche 2 Letter of Credit Outstandings (exclusive
		of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the
		issuance of the respective Tranche 2 Letter of Credit) at such time and (y) the
		aggregate principal amount of all Tranche 2 Revolving Loans then outstanding,
		would exceed an amount equal to the Total Tranche 2 Commitment at such time,
		(ii) in no event shall the Stated Amount of any Tranche 2 Letter of Credit
		issued for the account of any Designated Subsidiary Borrower 

	 
		 

		
		   
		

		
		   
		

		
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	 be
		increased to an amount which, when added to (x) the Tranche 2 Letter of Credit
		Outstandings (exclusive of Tranche 2 Unpaid Drawings which are repaid on the
		date of and prior to the issuance of the respective Tranche 2 Letter of Credit)
		applicable to such Borrower at such time and (y) the aggregate principal amount
		of all Tranche 2 Revolving Loans incurred by such Borrower and then
		outstanding, would exceed an amount equal to such Borrower’s Borrowing
		Base at such time, (iii) the Stated Amount of a Tranche 2 Letter of Credit may
		not be increased at any time if the conditions precedent set forth in Section
		5.02 are not satisfied at such time, (iv) the Stated Amount of a Tranche 2
		Letter of Credit may not be increased at any time after the date which is 30
		days prior to the Commitment Expiration Date, (v) in no event shall the Stated
		Amount of any Tranche 2 Letter of Credit denominated in an Optional Currency
		issued for the account of any Designated Subsidiary Borrower be increased to an
		amount which, when added to (x) the aggregate Stated Amount of all Tranche 2
		Letters of Credit denominated in Optional Currencies (exclusive of Tranche 2
		Unpaid Drawings which are repaid on the date of and prior to the issuance of
		the respective Tranche 2 Letter of Credit) at such time and (y) the Tranche 1
		Letters of Credit denominated in Optional Currencies (exclusive of Tranche 1
		Unpaid Drawings which are repaid on the date of and prior to the issuance of
		the respective Tranche 2 Letter of Credit) at such time, would exceed the
		Aggregate Multicurrency Letter of Credit Limit; and (vi) in no event shall the
		Stated Amount of any Tranche 2 Fronted Letter of Credit issued for the account
		of any Designated Subsidiary Borrower be increased to an amount which, when
		added to (x) the aggregate Stated Amount of all Tranche 2 Fronted Letters of
		Credit (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of
		and prior to the issuance of the respective Tranche 2 Letter of Credit)
		outstanding at such time and (y) Tranche 1 Fronted Letters of Credit (exclusive
		of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the
		issuance of the respective Tranche 2 Letter of Credit) outstanding at such
		time, would exceed the Fronted Letter of Credit Limit.

	  

	 2B.07 Representations
		and Warranties of Tranche 2 Lenders. Each
		Tranche 2 Lender represents and warrants that each Tranche 2 Non-Fronted Letter
		of Credit constitutes a legal, valid and binding obligation of such Tranche 2
		Lender enforceable in accordance with its terms and each Issuing Lender
		represents and warrants that each Tranche 2 Fronted Letter of Credit
		constitutes a legal, valid and binding obligation of such Issuing Lender
		enforceable in accordance with its terms.

	  

	 2B.08 Existing
		Tranche 2 Letters of Credit.
		(a) Each
		letter of credit issued under the Existing Credit Agreement and outstanding
		immediately prior to the Effective Date and which is intended to be a Tranche 2
		Letter of Credit hereunder is listed in Part B of Annex VIII (each such letter
		of credit, an “Existing Tranche 2 Letter of Credit”). Each Existing
		Tranche 2 Letter of Credit shall be deemed to be a Tranche 2 Letter of Credit
		hereunder. As soon as possible following the Effective Date, each Existing
		Tranche 2 Letter of Credit shall be amended to replace each Original Lender on
		such Existing Tranche 2 Letter of Credit with each Tranche 2 Lender party to
		this Agreement on the Effective Date in accordance with each such Tranche 2
		Lender’s Tranche 2 Percentage. Until an Existing Tranche 2 Letter of
		Credit has been amended in accordance with this Section 2B.08, each Original
		Lender shall be deemed to have sold and transferred to each Tranche 2 Lender
		and each such Tranche 2 Lender (each, a “Tranche 2 Participant”)
		shall be deemed irrevocably and unconditionally to have purchased and received
		from such Original Lender, without recourse or warranty, an undivided interest
		and participation, to the extent of such Tranche 2 Participant’s Tranche 2
		Percentage in such Existing Tranche 2 

	  

	 
		 
	 

	 
		 
	 

	 
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	 Letter
		of Credit, each substitute Existing Tranche 2 Letter of Credit, each drawing
		made thereunder, the obligations of any Borrower under this Agreement with
		respect thereto and any security therefore or guaranty pertaining thereto. Upon
		any change in the Tranche 2 Commitments of the Tranche 2 Lenders pursuant to
		Section 1.13 or 12.04(b), it is hereby agreed that, with respect to all
		outstanding Existing Tranche 2 Letters of Credit and Unpaid Drawings with
		respect thereto, there shall be an automatic adjustment to the participations
		pursuant to this Section 2B.08 to reflect the new Tranche 2 Percentages of the
		assigning and assignee Tranche 2 Lender.

	  

	 (b) In
		determining whether to pay under any Existing Tranche 2 Letter of Credit, no
		Original Lender shall have any obligation relative to the Tranche 2
		Participants other than to determine that any documents required to be
		delivered under such Existing Tranche 2 Letter of Credit have been delivered
		and that they appear to substantially comply on their face with the
		requirements of such Existing Tranche 2 Letter of Credit, which obligation, it
		is understood, is being performed by the Issuing Agent, and upon whom each
		Original Lender shall be entitled to rely. Any action taken or omitted to be
		taken by any Original Lender under or in connection with any Existing Tranche 2
		Letter of Credit issued by it shall not create for such Original Lender any
		resulting liability to any Borrower, any Tranche 2 Lender or any other Person
		unless such action is taken or omitted to be taken with gross negligence or
		willful misconduct (as determined by a court of competent jurisdiction in a
		final and non-appealable decision).

	  

	 (c) In the
		event that any Original Lender makes any payment under any Existing Tranche 2
		Letter of Credit issued by it and the respective Borrower shall not have
		reimbursed such amount in full to each Original Lender pursuant to Section
		2B.03(a), such Original Lender shall promptly notify the Administrative Agent,
		and the Administrative Agent shall promptly notify each Tranche 2 Participant
		of such failure, and each such Tranche 2 Participant shall promptly and
		unconditionally pay to the Administrative Agent for the account of such
		Original Lender, the amount of such Tranche 2 Participant’s Tranche 2
		Percentage of such payment in Dollars and in same day funds. If the
		Administrative Agent so notifies any Tranche 2 Participant required to fund a
		payment under an Existing Tranche 2 Letter of Credit prior to 11:00 A.M. (New
		York time) on any Business Day, such Tranche 2 Participant shall make available
		to the Administrative Agent at the Payment Office for the account of the
		respective Original Lender such Tranche 2 Participant’s Tranche 2
		Percentage of the amount of such payment on such Business Day in same day funds
		(and, to the extent such notice is given after 11:00 A.M. (New York time) on
		any Business Day, such Tranche 2 Participant shall make such payment on the
		immediately following Business Day). If and to the extent such Tranche 2
		Participant shall not make its Tranche 2 Percentage of the amount of such
		payment available to the Administrative Agent for the account of the respective
		Original Lender on the same Business Day, such Tranche 2 Participant agrees to
		pay to the Administrative Agent for the account of such Original Lender,
		forthwith on demand such amount, together with interest thereon, for each day
		from such date until the date such amount is paid to the Administrative Agent
		for the account of such Original Lender at the overnight Federal Funds Rate for
		the first three days from the date when due and at the interest rate applicable
		to Tranche 2 Revolving Loans that are maintained as Base Rate Loans for each
		day thereafter. The failure of any Tranche 2 Participant to make available to
		the Administrative Agent for the account of the respective Original Lender its
		Tranche 2 Percentage of any payment under any Existing Tranche 2 Letter of
		Credit issued by 

	  

	 
		 
	 

	 
		 
	 

	 
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	 it shall
		not relieve any other Tranche 2 Participant of its obligation hereunder to make
		available to the Administrative Agent for the account of such Original Lender
		its Tranche 2 Percentage of any payment under any such Tranche 2 Letter of
		Credit on the date required, as specified above, but no Tranche 2 Participant
		shall be responsible for the failure of any other Tranche 2 Participant to make
		available to the Administrative Agent for the account of such Original Lender
		such other Tranche 2 Participant’s Tranche 2 Percentage of any such
		payment.

	  

	 (d) Whenever
		any Original Lender receives a payment of a reimbursement obligation as to
		which the Administrative Agent has received for the account of such Original
		Lender any payments from the Tranche 2 Participants pursuant to Section
		2B.08(c), such Original Lender shall pay to the Administrative Agent and the
		Administrative Agent shall promptly pay to each Tranche 2 Participant which has
		paid its Tranche 2 Percentage thereof, in Dollars and in same day funds, an
		amount equal to such Tranche 2 Participant’s Tranche 2 Percentage
		thereof.

	  

	 (e) The
		obligations of the Tranche 2 Participants to make payments to the
		Administrative Agent for the account of the respective Original Lender with
		respect to Existing Tranche 2 Letters of Credit issued by it shall be
		irrevocable and not subject to counterclaim, set-off or other defense or any
		other qualification or exception whatsoever and shall be made in accordance
		with the terms and conditions of this Agreement under all circumstances,
		including, without limitation, any of the following circumstances:

	  

	 (i) any lack
		of validity or enforceability of this Agreement or any of the other Credit
		Documents;

	  

	 (ii) the
		existence of any claim, set-off, defense or other right which the Parent
		Borrower or any of its Subsidiaries may have at any time against a beneficiary
		named in an Existing Tranche 2 Letter of Credit, any transferee of any Existing
		Tranche 2 Letter of Credit (or any Person for whom any such transferee may be
		acting), the Administrative Agent, any Original Lender, or other Person,
		whether in connection with this Agreement, any Existing Tranche 2 Letter of
		Credit, the transactions contemplated herein or any unrelated transactions
		(including any underlying transaction between the Parent Borrower or any of its
		Subsidiaries and the beneficiary named in any such Existing Tranche 2 Letter of
		Credit);

	  

	 (iii) any
		draft, certificate or other document presented under the Existing Tranche 2
		Letter of Credit proving to be forged, fraudulent, invalid or insufficient in
		any respect or any statement therein being untrue or inaccurate in any
		respect;

	  

	 (iv) the
		surrender or impairment of any security for the performance or observance of
		any of the terms of any of the Credit Documents; or

	  

	 (v) the
		occurrence of any Default or Event of Default.

	  

	 2B.09 Tranche
		2 Fronted Letter of Credit Participations. In the
		case of Tranche 2 Fronted Letters of Credit:

	  

	 
		 
	 

	 
		 
	 

	 
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	 (a) The
		Issuing Lender irrevocably agrees to grant and hereby grants to each Lender
		participating in a Tranche 2 Fronted Letter of Credit (the “Tranche 2
		Fronted Letter of Credit Participants”), and each such Tranche 2 Fronted
		Letter of Credit Participant shall be deemed irrevocably and unconditionally to
		have purchased and received from such Issuing Lender, without recourse or
		warranty, an undivided interest and participation, to the extent of such
		Tranche 2 Fronted Letter of Credit Participant’s Tranche 2 Percentage in
		such Tranche 2 Fronted Letter of Credit, each drawing made thereunder, the
		obligations of any Borrower under this Agreement with respect thereto and any
		security therefore or guaranty pertaining thereto. Upon any change in the
		Tranche 2 Commitments of the Tranche 2 Lenders pursuant to Section 1.13 or
		12.04(b), it is hereby agreed that, with respect to all outstanding Tranche 2
		Fronted Letters of Credit and Unpaid Drawings with respect thereto, there shall
		be an automatic adjustment to the participations pursuant to this Section 2A.09
		to reflect the new Tranche 2 Percentages of the assigning and assignee Tranche
		2 Lender.

	  

	 (b) In
		determining whether to pay under any Tranche 2 Fronted Letter of Credit, no
		Issuing Lender shall have any obligation relative to the Tranche 2 Fronted
		Letter of Credit Participants other than to determine that any documents
		required to be delivered under such Tranche 2 Fronted Letter of Credit have
		been delivered and that they appear to substantially comply on their face with
		the requirements of such Tranche 2 Fronted Letter of Credit. Any action taken
		or omitted to be taken by any Issuing Lender under or in connection with any
		Tranche 2 Fronted Letter of Credit issued by it shall not create for such
		Issuing Lender any resulting liability to any Borrower, any Tranche 2 Lender or
		any other Person unless such action is taken or omitted to be taken with gross
		negligence or willful misconduct (as determined by a court of competent
		jurisdiction in a final and non-appealable decision).

	  

	 (c) In the
		event that any Issuing Lender makes any payment under any Tranche 2 Fronted
		Letter of Credit issued by it and the respective Borrower shall not have
		reimbursed such amount in full to such Issuing Lender as and when required
		pursuant to Section 2A.03(a), such Issuing Lender shall promptly notify the
		Administrative Agent, and the Administrative Agent shall promptly notify each
		Tranche 2 Fronted Letter of Credit Participant of such failure, and each such
		Tranche 2 Fronted Letter of Credit Participant shall promptly and
		unconditionally pay to the Administrative Agent for the account of such Issuing
		Lender, the amount of such Tranche 2 Fronted Letter of Credit
		Participant’s Tranche 2 Percentage of such payment in such currency
		denominated in such Tranche 2 Fronted Letter of Credit and in same day funds.
		If the Administrative Agent so notifies any Tranche 2 Fronted Letter of Credit
		Participant required to fund a payment under a Tranche 2 Fronted Letter of
		Credit prior to 11:00 A.M. (New York time) on any Business Day, such Tranche 2
		Fronted Letter of Credit Participant shall make available to the Administrative
		Agent at the Payment Office for the account of the respective Issuing Lender
		such Tranche 2 Fronted Letter of Credit Participant’s Tranche 2 Percentage
		of the amount of such payment on such Business Day (or, in the case of an
		amount payable in an Optional Currency, the next Business Day or such later day
		as would be customary for interbank payments in such Optional Currency) in same
		day funds (and, to the extent such notice is given after 11:00 A.M. (New York
		time) on any Business Day, such Tranche 2 Fronted Letter of Credit Participant
		shall make such payment on the immediately following Business Day (or, in the
		case of an amount payable in an Optional Currency, the next Business Day or
		such later day as would be customary for interbank payments in such Optional
		Currency)). If and to the extent such Tranche 2 Fronted Letter of Credit
		Participant shall not make its Tranche 2 

	  

	 
		 
	 

	 
		 
	 

	 
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	 Percentage
		of the amount of such payment available to the Administrative Agent for the
		account of the respective Issuing Lender on the same Business Day, such Tranche
		2 Fronted Letter of Credit Participant agrees to pay to the Administrative
		Agent for the account of such Issuing Lender, forthwith on demand such amount,
		together with interest thereon, for each day from such date until the date such
		amount is paid to the Administrative Agent for the account of such Issuing
		Lender at the overnight Federal Funds Rate for the first three days from the
		date when due and at the interest rate applicable to Tranche 2 Revolving Loans
		that are maintained as Base Rate Loans for each day thereafter (or, in the case
		of an amount in a currency other than Dollars, the customary rate for the
		settlement of interbank obligations in such currency plus, after such three
		days, the Applicable Margin for Eurodollar Loans). The failure of any Tranche 2
		Fronted Letter of Credit Participant to make available to the Administrative
		Agent for the account of the respective Issuing Lender its Tranche 2 Percentage
		of any payment under any Tranche 2 Fronted Letter of Credit issued by it shall
		not relieve any other Tranche 2 Fronted Letter of Credit Participant of its
		obligation hereunder to make available to the Administrative Agent for the
		account of such Issuing Lender its Tranche 2 Percentage of any payment under
		any such Tranche 2 Fronted Letter of Credit on the date required, as specified
		above, but no Tranche 2 Fronted Letter of Credit Participant shall be
		responsible for the failure of any other Tranche 2 Fronted Letter of Credit
		Participant to make available to the Administrative Agent for the account of
		such Issuing Lender such other Tranche 2 Fronted Letter of Credit
		Participant’s Tranche 2 Percentage of any such payment.

	  

	 (d) Whenever
		any Issuing Lender receives a payment of a reimbursement obligation as to which
		the Administrative Agent has received for the account of such Issuing Lender
		any payments from the Tranche 2 Fronted Letter of Credit Participants pursuant
		to Section 2B.09(c), such Issuing Lender shall pay to the Administrative Agent
		and the Administrative Agent shall promptly pay to each Tranche 2 Fronted
		Letter of Credit Participant which has paid its Tranche 2 Percentage thereof,
		in the same currency as such payment and in same day funds, an amount equal to
		such Tranche 2 Fronted Letter of Credit Participant’s Tranche 2 Percentage
		thereof.

	  

	 (e) The
		obligations of the Tranche 2 Participants to make payments to the
		Administrative Agent for the account of the respective Issuing Lender with
		respect to Tranche 2 Fronted Letters of Credit issued by it shall be
		irrevocable and not subject to counterclaim, set-off or other defense or any
		other qualification or exception whatsoever and shall be made in accordance
		with the terms and conditions of this Agreement under all circumstances,
		including, without limitation, any of the following circumstances:

	  

	 (i) any lack
		of validity or enforceability of this Agreement or any of the other Credit
		Documents;

	  

	 (ii) the
		existence of any claim, set-off, defense or other right which the Parent
		Borrower or any of its Subsidiaries may have at any time against a beneficiary
		named in a Tranche 2 Fronted Letter of Credit, any transferee of any Tranche 2
		Fronted Letter of Credit (or any Person for whom any such transferee may be
		acting), the Administrative Agent, any Issuing Lender, or other Person, whether
		in connection with this Agreement, any Tranche 2 Fronted Letter of Credit, the
		transactions contemplated herein or any unrelated transactions (including any
		underlying transaction between the Parent Borrower 

	  

	 
		 
	 

	 
		 
	 

	 
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	 or any
		of its Subsidiaries and the beneficiary named in any such Tranche 2 Fronted
		Letter of Credit);

	  

	 (iii) any
		draft, certificate or other document presented under the Tranche 2 Fronted
		Letter of Credit proving to be forged, fraudulent, invalid or insufficient in
		any respect or any statement therein being untrue or inaccurate in any
		respect;

	  

	 (iv) the
		surrender or impairment of any security for the performance or observance of
		any of the terms of any of the Credit Documents; or

	  

	 (v) the
		occurrence of any Default or Event of Default.

	  

	 SECTION
		3.   Fees;
		Commitments

	 

	 3.01 Fees.
		(a) The
		Parent Borrower agrees to pay the Administrative Agent a facility fee (the
		“Tranche 1 Facility Fee”) for the account of the Tranche 1 Lenders
		pro rata on the basis of (i) prior to the earlier of the date the Total Tranche
		1 Commitment terminates and the Commitment Expiration Date, their respective
		Tranche 1 Commitments and (ii) on or after the earlier of the date the Total
		Tranche 1 Commitment terminates and the Commitment Expiration Date, their
		respective Tranche 1 Percentages of Tranche 1 Letter of Credit Outstandings at
		such time, in each case for the period from and including the Effective Date to
		but not including the Final Maturity Date, computed at a per
		annum rate
		equal to the Applicable Margin for Facility Fees of (x) in the case of clause
		(i) of this Section 3.01(a), the Total Tranche 1 Commitment (as in effect from
		time to time) (regardless of utilization) and (y) in the case of clause (ii) of
		this Section 3.01(a), the Tranche 1 Letter of Credit Outstandings at such time.
		Accrued Tranche 1 Facility Fees shall be due and payable quarterly in arrears
		on the last Business Day of each calendar quarter and on the Final Maturity
		Date and, with respect to any Tranche 1 Facility Fee owing to any Tranche 1
		Lender who is replaced pursuant to Section 1.13, on the date on which such
		Tranche 1 Lender is replaced.

	  

	 (b) The
		Parent Borrower agrees to pay the Administrative Agent a facility fee (the
		“Tranche 2 Facility Fee”) for the account of the Tranche 2 Lenders
		pro rata on the basis of (i) prior to the earlier of the date the Total Tranche
		2 Commitment terminates and the Commitment Expiration Date, their respective
		Tranche 2 Commitments and (ii) on or after the earlier of the date the Total
		Tranche 2 Commitment terminates and the Commitment Expiration Date, their
		respective Tranche 2 Percentage of Tranche 2 Letter of Credit Outstandings at
		such time, in each case for the period from and including the Effective Date to
		but not including the Final Maturity Date, computed at a per
		annum rate
		equal to the Applicable Margin for Facility Fees of (x) in the case of clause
		(i) of this Section 3.01(b), the Total Tranche 2 Commitment (as in effect
		from time to time) (regardless of utilization) and (y) in the case of clause
		(ii) of this Section 3.01(b), the Tranche 2 Letter of Credit Outstandings at
		such time. Accrued Tranche 2 Facility Fees shall be due and payable quarterly
		in arrears on the last Business Day of each calendar quarter and on the Final
		Maturity Date and, with respect to any Tranche 2 Facility Fee owing to any
		Tranche 2 Lender who is replaced pursuant to Section 1.13, on the date on which
		such Tranche 2 Lender is replaced.

	  

	 
		 
	 

	 
		 
	 

	 
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	 (c) The
		Parent Borrower agrees to pay to the Administrative Agent a utilization fee
		(the “Tranche 1 Utilization Fee”) for the account of the Tranche 1
		Lenders pro rata on the basis of their respective Tranche 1 Revolving Loans
		then outstanding for the period from and including the Effective Date to but
		not including the earlier of the date the Total Tranche 1 Commitment terminates
		and the Commitment Expiration Date, computed at a rate per annum equal to the
		Applicable Margin for Utilization Fees of the aggregate outstanding amount of
		Tranche 1 Revolving Loans at any time when the aggregate outstanding amount of
		Revolving Loans incurred by all Borrowers is greater than 50% of the Total
		Commitment (as in effect from time to time). Accrued Tranche 1 Utilization Fees
		shall be due and payable quarterly in arrears on the last Business Day of each
		calendar quarter and on the earlier of the date the Total Tranche 1 Commitment
		terminates and the Commitment Expiration Date and, with respect to any Tranche
		1 Utilization Fee owing to any Tranche 1 Lender who is replaced pursuant to
		Section 1.13, on the date on which such Tranche 1 Lender is
		replaced.

	  

	 (d) The
		Parent Borrower agrees to pay to the Administrative Agent a utilization fee
		(the “Tranche 2 Utilization Fee”) for the account of the Tranche 2
		Lenders pro rata on the basis of their respective Tranche 2 Revolving Loans
		then outstanding for the period from and including the Effective Date to but
		not including the earlier of the date the Total Tranche 2 Commitment terminates
		and the Commitment Expiration Date, computed at a rate per annum equal to the
		Applicable Margin for Utilization Fees of the aggregate outstanding amount of
		Tranche 2 Revolving Loans at any time when the aggregate outstanding amount of
		Revolving Loans incurred by all Borrowers is greater than 50% of the Total
		Commitment (as in effect from time to time). Accrued Tranche 2 Utilization Fees
		shall be due and payable quarterly in arrears on the last Business Day of each
		calendar quarter and on the earlier of the date the Total Tranche 2 Commitment
		terminates and the Commitment Expiration Date and, with respect to any Tranche
		2 Utilization Fee owing to any Tranche 2 Lender who is replaced pursuant to
		Section 1.13, on the date on which such Tranche 2 Lender is
		replaced.

	  

	 (e) The
		Parent Borrower agrees to pay to the Administrative Agent for pro rata
		distribution to each Tranche 1 Lender (based on their respective Tranche 1
		Percentages), a fee in respect of each Tranche 1 Letter of Credit (the
		“Tranche 1 Letter of Credit Fee”) computed at a rate per annum equal
		to the Applicable Margin then in effect for Tranche 1 Revolving Loans
		maintained as Eurodollar Loans (or, if the Total Tranche 1 Commitment has been
		terminated and all Tranche 1 Revolving Loans have been repaid, the Applicable
		Margin that would have been in effect for Tranche 1 Revolving Loans maintained
		as Eurodollar Loans), on the daily Stated Amount of such Tranche 1 Letter of
		Credit. Accrued Tranche 1 Letter of Credit Fees shall be due and payable
		quarterly in arrears on the last Business Day of each calendar quarter and upon
		the first day on or after the termination of the Total Tranche 1 Commitment
		upon which no Tranche 1 Letters of Credit remain outstanding. In addition, the
		Parent Borrower shall pay to the Issuing Lender for its own account a fronting
		fee at a rate agreed to by such Issuing Lender with the Parent Borrower (the
		“Tranche 1 Fronted Letter of Credit Fee”) on the undrawn and
		unexpired amount of each Tranche 1 Fronted Letter of Credit, payable quarterly
		in arrears on the last Business Day of each calendar quarter and upon the first
		day on or after the termination of the Total Tranche 1 Commitment upon which no
		Tranche 1 Letters of Credit remain outstanding.

	  

	 (f) The
		Parent Borrower agrees to pay to the Administrative Agent for pro rata
		distribution to each Tranche 2 Lender (based on their respective Tranche 2
		Percentages), a 

	  

	 
		 
	 

	 
		 
	 

	 
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	 fee in
		respect of each Tranche 2 Letter of Credit (the “Tranche 2 Letter of
		Credit Fee”) computed at a rate per annum equal to the Applicable Margin
		then in effect for Tranche 2 Revolving Loans maintained as Eurodollar Loans
		(or, if the Total Tranche 2 Commitment has been terminated and all Tranche 2
		Revolving Loans have been repaid, the Applicable Margin that would have been in
		effect for Tranche 2 Revolving Loans maintained as Eurodollar Loans), on the
		daily Stated Amount of such Tranche 2 Letter of Credit. Accrued Tranche 2
		Letter of Credit Fees shall be due and payable quarterly in arrears on the last
		Business Day of each calendar quarter and upon the first day on or after the
		termination of the Total Tranche 2 Commitment upon which no Tranche 2 Letters
		of Credit remain outstanding. In addition, the Parent Borrower shall pay to the
		Issuing Lender for its own account a fronting fee at a rate agreed to by such
		Issuing Lender with the Parent Borrower (the “Tranche 2 Fronted Letter of
		Credit Fee”) on the undrawn and unexpired amount of each Tranche 2 Fronted
		Letter of Credit, payable quarterly in arrears on the last Business Day of each
		calendar quarter and upon the first day on or after the termination of the
		Total Tranche 2 Commitment upon which no Tranche 2 Letters of Credit remain
		outstanding.

	  

	 (g) The
		Parent Borrower agrees to pay directly to the Issuing Agent upon each issuance
		of and/or amendment of, a Letter of Credit such amount as shall at the time of
		such issuance or amendment be the administrative charge which the Issuing Agent
		is customarily charging for issuances of, or amendments of, letters of credit
		issued by it.

	  

	 (h) The
		Parent Borrower agrees to pay to the Administrative Agent, for the account of
		the Administrative Agent, when and as due, such fees as have been, or are from
		time to time, separately agreed upon.

	  

	 (i) All
		computations of Fees shall be made in accordance with
		Section 12.07(b).

	  

	 3.02 Voluntary
		Reduction of Commitments.
		(a) Upon at
		least three Business Days’ prior written notice (or telephonic notice
		promptly confirmed in writing) given by the Parent Borrower to the
		Administrative Agent at its Notice Office (which notice shall be deemed to be
		given on a certain day only if given before 11:00 A.M. (New York time) on
		such day and the Administrative Agent shall promptly transmit such notice to
		each of the Tranche 1 Lenders), the Parent Borrower shall have the right,
		without premium or penalty, to terminate or partially reduce the Total
		Unutilized Tranche 1 Commitment, provided that (x) any such reduction shall
		apply to permanently reduce the Total Unutilized Tranche 1 Commitment and to
		proportionately reduce the Tranche 1 Commitment of each Tranche 1 Lender, and
		(y)  any partial reduction pursuant to this Section 3.02(a) shall be in
		integral multiples of at least $5,000,000.

	  

	 (b) Upon at
		least three Business Days’ prior written notice (or telephonic notice
		promptly confirmed in writing) given by the Parent Borrower to the
		Administrative Agent at its Notice Office (which notice shall be deemed to be
		given on a certain day only if given before 11:00 A.M. (New York time) on
		such day and the Administrative Agent shall promptly transmit such notice to
		each of the Tranche 2 Lenders), the Parent Borrower shall have the right,
		without premium or penalty, to terminate or partially reduce the Total
		Unutilized Tranche 2 Commitment, provided that (x) any such reduction shall
		apply to permanently reduce the Total Unutilized Tranche 2 Commitment and to
		proportionately reduce the Tranche 2 Commitment of 

	  

	 
		 
	 

	 
		 
	 

	 
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	 each
		Tranche 2 Lender, and (y)  any partial reduction pursuant to this Section
		3.02(b) shall be in integral multiples of at least $5,000,000.

	  

	 (c) Notwithstanding
		anything to the contrary contained in this Section 3.02 or elsewhere in this
		Agreement, any reductions to the Total Unutilized Tranche 1 Commitment or the
		Total Unutilized Tranche 2 Commitment made pursuant to Sections 3.02(a) or (b),
		respectively, shall be applied pro rata to the
		Total Tranche 1 Commitment and the Total Tranche 2 Commitment based on the
		Tranche 1 Reduction Percentage and the Tranche 2 Reduction Percentage, in each
		case as in effect at the time of any such reduction.

	  

	 3.03 Termination
		or Mandatory Reduction of Commitments.
		(a)  The
		Total Commitment (and the Commitment of each Lender) shall be terminated at
		5:00 p.m. (New York time) on the Expiration Date unless the Effective Date has
		occurred on or before such date.

	  

	 (b) Unless
		previously terminated pursuant to Section 3.02 or Section 3.03(a) above, the
		Total Commitment shall terminate at 9:00 A.M. on the Commitment Expiration
		Date.

	  

	 SECTION
		4.   Payments.

	  

	 4.01 Voluntary
		Prepayments. Each
		Borrower shall have the right to prepay Revolving Loans incurred by it, without
		premium or penalty (except for amounts payable to Section 1.11), in whole or in
		part, from time to time on the following terms and conditions: (i) such
		Borrower shall give the Administrative Agent at the Payment Office written
		notice (or telephonic notice promptly confirmed in writing) of its intent to
		prepay the Revolving Loans, specifying whether such Revolving Loans are Tranche
		1 Revolving Loans or Tranche 2 Revolving Loans, the amount of such prepayment
		and (in the case of Eurodollar Loans) the specific Borrowing(s) pursuant to
		which such Revolving Loans were made, which notice shall be received by the
		Administrative Agent (x) in the case of Base Rate Loans, no later than 11:00
		A.M. (New York time) one Business Day prior to the date of such prepayment, or
		(y) in the case of Eurodollar Loans, at least three Business Days prior to the
		date of such prepayment and which notice shall promptly be transmitted by the
		Administrative Agent to each of the Lenders; (ii) each partial prepayment shall
		be in an aggregate principal amount of at least $1,000,000, provided that no
		partial prepayment of any Revolving Loans shall reduce the aggregate principal
		amount of the Revolving Loans outstanding under a single Tranche to an amount
		less than $1,000,000; (iii) each prepayment in respect of any Revolving Loans
		made pursuant to a Borrowing shall be applied pro rata among
		such Revolving Loans; (iv) prepayments of Eurodollar Loans made pursuant to
		this Section 4.01 may only be made on the last day of an Interest Period
		applicable thereto unless concurrently with such prepayment any payments
		required to be made pursuant to Section 1.11 as a result of such prepayment are
		made; and (v) each prepayment of Tranche 2 Revolving Loans pursuant to this
		Section 4.01 shall be applied pro rata among
		such Tranche 2 Revolving Loans.

	  

	 4.02 Mandatory
		Repayments.
		(a) If on
		any date prior to the Commitment Expiration Date, the sum of the aggregate
		outstanding principal amount of Tranche 1 Revolving Loans plus the Tranche 1
		Letter of Credit Outstandings exceeds the Total Tranche 1 Commitment as then in
		effect, the Parent Borrower shall repay, or cause one or more of the Borrowers
		to whom Tranche 1 Revolving Loans were made and/or for whose account Tranche 1
		

	  

	 
		 
	 

	 
		 
	 

	 
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	 Letters
		of Credit were issued to repay, on such day the outstanding Tranche 1 Revolving
		Loans in an aggregate principal amount equal to the amount by which the
		aggregate outstanding principal amount of Tranche 1 Revolving Loans plus the
		Tranche 1 Letter of Credit Outstandings exceeds the Total Tranche 1 Commitment
		as then in effect. If, after giving effect to the prepayment of all outstanding
		Tranche 1 Revolving Loans, as set forth above, the Tranche 1 Letter of Credit
		Outstandings exceeds the Total Tranche 1 Commitment, the Parent Borrower shall
		pay, or cause one or more Borrowers for whose account Tranche 1 Letters of
		Credit were issued to pay, to the Administrative Agent at the Payment Office on
		such date an amount of cash and/or Cash Equivalents equal to the amount of such
		excess, such cash and/or Cash Equivalents to be held as security for all
		obligations of the respective Borrower to the Tranche 1 Lenders hereunder in
		the Collateral Account applicable to such Borrower.

	  

	 (b) If on
		any date prior to the Commitment Expiration Date, the sum of the aggregate
		outstanding principal amount of Tranche 2 Revolving Loans plus the Tranche 2
		Letter of Credit Outstandings exceeds the Total Tranche 2 Commitment as then in
		effect, the Parent Borrower shall repay, or cause one or more Borrowers to whom
		Tranche 2 Revolving Loans were made and/or for whose account Tranche 2 Letters
		of Credit were issued to repay, on such day the outstanding Tranche 2 Revolving
		Loans in an aggregate principal amount equal to the amount by which the
		aggregate outstanding principal amount of Tranche 2 Revolving Loans plus the
		Tranche 2 Letter of Credit Outstandings exceeds the Total Tranche 2 Commitment
		as then in effect. If, after giving effect to the prepayment of all outstanding
		Tranche 2 Revolving Loans, as set forth above, the Tranche 2 Letter of Credit
		Outstandings exceeds the Total Tranche 2 Commitment, the Parent Borrower shall
		pay, or cause one or more Borrowers for whose account Tranche 2 Letters of
		Credit were issued to pay, to the Administrative Agent at the Payment Office on
		such date an amount of cash and/or Cash Equivalents equal to the amount of such
		excess, such cash and/or Cash Equivalents to be held as security for all
		obligations of the respective Borrowers to the Tranche 2 Lenders hereunder in a
		cash collateral account to be established by the Administrative Agent on terms
		reasonably satisfactory to the Administrative Agent.

	  

	 (c) If on
		any date prior to the Commitment Expiration Date and for any reason (including
		any fluctuations in the U.S. Dollar Equivalent of any amount of any Optional
		Currency), the aggregate outstanding amount of all Letters of Credit
		Outstanding (less the amount of any cash and/or Cash Equivalents previously
		paid to, and currently held by, the Administrative Agent as contemplated by
		this sentence) issued in currencies other than U.S. Dollars exceeds the
		Aggregate Multicurrency Letter of Credit Limit (as such amount may be increased
		as provided for in Sections 1.15(a) and 1.16(a)), the Parent Borrower shall
		pay, or cause one or more Borrowers for whose account Letters of Credit were
		issued to pay, to the Administrative Agent at the Payment Office on such date
		an amount of cash and/or Cash Equivalents equal to the amount of such excess,
		such cash and/or Cash Equivalents to be held as security for all obligations of
		the respective Borrowers to the Lenders hereunder in a cash collateral account
		to be established by the Administrative Agent on terms reasonably satisfactory
		to the Administrative Agent.

	  

	 (d) If on
		any date prior to the Commitment Expiration Date and for any reason (including
		any fluctuations in the U.S. Dollar Equivalent of any amount of any Optional
		Currency), the aggregate outstanding amount of all Fronted Letters of Credit
		(less the amount of 

	  

	 
		 
	 

	 
		 
	 

	 
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	 any cash
		and/or Cash Equivalents previously paid to, and currently held by, the
		Administrative Agent as contemplated by this sentence) issued in currencies
		other than U.S. Dollars exceeds the Fronted Letter of Credit Limit (as such
		amount may be increased as provided for in Sections 1.15(a) and 1.16(a)), the
		Parent Borrower shall pay, or cause one or more Borrowers for whose account
		Letters of Credit were issued to pay, to the Administrative Agent at the
		Payment Office on such date an amount of cash and/or Cash Equivalents equal to
		the amount of such excess, such cash and/or Cash Equivalents to be held as
		security for all obligations of the respective Borrowers to the Lenders
		hereunder in a cash collateral account to be established by the Administrative
		Agent on terms reasonably satisfactory to the Administrative
		Agent.

	  

	 (e) If on
		any date, after giving effect to any prepayment of outstanding Revolving Loans
		pursuant to paragraph (a) above, the sum of the aggregate outstanding principal
		amount of Tranche 1 Revolving Loans incurred by any Borrower plus the Tranche 1
		Letter of Credit Outstandings attributable to such Borrower exceeds the
		Borrowing Base of such Borrower at such time, such Borrower shall within one
		Business Day of such date repay the outstanding Tranche 1 Revolving Loans
		incurred by it in an aggregate principal amount equal to such excess. If, after
		giving effect to the prepayment of all outstanding Tranche 1 Revolving Loans
		incurred by such Borrower, as set forth above, the Tranche 1 Letter of Credit
		Outstandings applicable to such Borrower exceed such Borrower’s Borrowing
		Base, such Borrower shall pay or deliver to the Collateral Agent within one
		Business Day of such date an amount of cash and/or Eligible Securities (valued
		for this purpose based on the respective Advance Rate applicable thereto) in an
		aggregate amount equal to the amount of such excess, with any such cash or
		Eligible Securities to be held as additional security for all obligations of
		the respective Borrower hereunder in the Collateral Account applicable to such
		Borrower.

	  

	 (f) Notwithstanding
		anything to the contrary contained elsewhere in this Agreement, all outstanding
		Revolving Loans shall be repaid in full on the Commitment Expiration
		Date.

	  

	 (g) With
		respect to each prepayment of Revolving Loans required by Sections 4.02(a) and
		(b), the respective Borrower may designate the Types of Revolving Loans of the
		respective Tranche which are to be prepaid and the specific Borrowing or
		Borrowings of the respective Tranche pursuant to which such Revolving Loans
		were made, provided that (i) if any prepayment of Eurodollar Loans made
		pursuant to a single Borrowing shall reduce the outstanding Eurodollar Loans
		made pursuant to such Borrowing to an amount less than $1,000,000 for such
		Borrowing, then all Eurodollar Loans outstanding pursuant to such Borrowing
		shall be immediately converted into a Borrowing of Base Rate Loans and (ii)
		each prepayment of Revolving Loans made pursuant to the same Borrowing shall be
		applied pro rata among the Lenders which made such Revolving Loans. In the
		absence of a designation by the respective Borrower as described in the
		preceding sentence, the Administrative Agent shall, subject to the above, make
		such designation in its sole discretion.

	  

	 (h) Notwithstanding
		the foregoing provisions of this Section 4.02, if at any time the mandatory
		repayment of Revolving Loans pursuant to Section 4.02(a), (b), (c), (d), (e) or
		(f) would result in any Borrower incurring breakage costs under Section 1.11 as
		a result of Eurodollar Loans being repaid other than on the last day of an
		Interest Period applicable thereto (any such Eurodollar Loans, “Affected
		Loans”), such Borrower may elect, by written notice to

	  

	 
		 
	 

	 
		 
	 

	 
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	  the
		Administrative Agent, to have the provisions of the following sentence be
		applicable so long as no Event of Default then exists. At the time any Affected
		Loans are otherwise required to be prepaid, such Borrower may elect to deposit
		100% (or such lesser percentage elected by such Borrower as not being repaid)
		of the principal amounts that otherwise would have been paid in respect of the
		Affected Loans with the Administrative Agent to be held as security for the
		obligations of such Borrower hereunder pursuant to a cash collateral agreement
		to be entered into in form and substance satisfactory to the Administrative
		Agent and shall provide for investments of such deposits as directed by such
		Borrower and satisfactory to the Administrative Agent, with such cash
		collateral to be released from such cash collateral account (and applied to
		repay the principal amount of such Eurodollar Loans) upon each occurrence
		thereafter of the last day of an Interest Period applicable to such Eurodollar
		Loans (or such earlier date or dates as shall be requested by such Borrower),
		with the amount to be so released and applied on the last day of each Interest
		Period to be the amount of such Eurodollar Loans to which such Interest Period
		applies (or, if less, the amount remaining in such cash collateral account);
		provided that (i) interest in respect of such Affected Loans shall continue to
		accrue thereon at the rate provided hereunder until such Affected Loans have
		been repaid in full and (ii) at any time while an Event of Default has occurred
		and is continuing, the Required Lenders may direct the Administrative Agent (in
		which case the Administrative Agent shall, and is hereby authorized by the
		Borrowers to, follow said directions) to apply any or all proceeds then on
		deposit in such collateral account to the payment of such Affected Loans. All
		risk of loss in respect of investments made as contemplated in this Section
		4.02(h) shall be on the respective Borrower. Under no circumstances shall the
		Administrative Agent be liable or accountable to any Borrower or any other
		Person for any decrease in the value of the cash collateral account or for any
		loss resulting from the sale of any investment so made. Any funds remaining in
		the cash collateral account following the repayment of all Affected Loans shall
		be returned to the applicable Borrower. Fees and expenses related to the
		establishment of the cash collateral account shall be borne by the applicable
		Borrower and shall not exceed the Administrative Agent’s customary fees
		and expenses for the establishment of cash collateral accounts
		generally.

	  

	 4.03 Method
		and Place of Payment. Except
		as otherwise specifically provided herein, all payments under this Agreement
		and the Notes shall be made to the Administrative Agent for the ratable account
		of the Lenders entitled thereto, not later than 11:00 A.M. (New York time) on
		the date when due and shall be made in immediately available funds and in
		lawful money of the United States of America at the Payment Office, it being
		understood that written, telex or facsimile notice by a Borrower to the
		Administrative Agent to make a payment from the funds in such Borrower’s
		account at the Payment Office shall constitute the making of such payment to
		the extent of such funds held in such account. Any payments under this
		Agreement which are made later than 11:00 A.M. (New York time) shall be deemed
		to have been made on the next succeeding Business Day. Whenever any payment to
		be made hereunder shall be stated to be due on a day which is not a Business
		Day, the due date thereof shall be extended to the next succeeding Business Day
		and, with respect to payments of principal, interest shall be payable during
		such extension at the applicable rate in effect immediately prior to such
		extension.

	  

	 4.04 Net
		Payments.
		(a)  All
		payments made by any Borrower hereunder or under any Note will be made without
		setoff, counterclaim or other defense. Except as provided in Section 4.04(b),
		all such payments will be made free and clear of, and without deduction or
		withholding for, any present or future taxes, levies, imposts, duties, fees,
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	 charges
		of whatever nature now or hereafter imposed by any jurisdiction or by any
		political subdivision or taxing authority thereof or therein with respect to
		such payments (but excluding, except as provided in the second succeeding
		sentence after taking into account any available tax credit or deduction
		related directly thereto, any tax imposed on or measured by the net income or
		net profits of a Lender pursuant to the laws of the jurisdiction in which it is
		organized or the jurisdiction in which the principal office or applicable
		lending office of such Lender is located or any subdivision thereof or therein)
		and all interest, penalties or similar liabilities with respect to such
		non-excluded taxes, levies, imposts, duties, fees, assessments or other charges
		(all such non-excluded taxes, levies, imposts, duties, fees, assessments or
		other charges being referred to collectively, as “Taxes”). If any
		Taxes are so levied or imposed, the Parent Borrower agrees to pay the full
		amount of such Taxes, and such additional amounts as may be necessary so that
		every payment of all amounts due under this Agreement or under any Note, after
		withholding or deduction for or on account of any Taxes, will not be less than
		the amount provided for herein or in such Note. If any amounts are payable in
		respect of Taxes pursuant to the preceding sentence, the Parent Borrower agrees
		to reimburse each Lender, upon the written request of such Lender, for taxes
		imposed on or measured by the net income or net profits of such Lender, and
		franchise taxes imposed in lieu of taxes imposed on or measured by net income
		or net profits of a Lender, pursuant to the laws of the jurisdiction in which
		such Lender is organized or in which the principal office or applicable lending
		office of such Lender is located or under the laws of any political subdivision
		or taxing authority of any such jurisdiction in which such Lender is organized
		or in which the principal office or applicable lending office of such Lender is
		located and for any withholding of taxes as such Lender shall determine are
		payable by, or withheld from, such Lender, in respect of such amounts so paid
		to or on behalf of such Lender pursuant to the preceding sentence and in
		respect of any amounts paid to or on behalf of such Lender pursuant to this
		sentence. The Parent Borrower will furnish to the Administrative Agent within
		45 days after the date the payment of any Taxes is due pursuant to applicable
		law certified copies of tax receipts evidencing such payment by the Parent
		Borrower. The Parent Borrower agrees to indemnify and hold harmless each
		Lender, and reimburse such Lender upon its written request, for the amount of
		any Taxes so levied or imposed and paid by such Lender.

	  

	 (b) Each
		Lender that is not a United States person (as such term is defined in Section
		7701(a)(30) of the Code) for U.S. Federal income tax purposes agrees to deliver
		to each Designated Subsidiary Borrower organized under the laws of the United
		States (each, a “U.S. Borrower”) and the Administrative Agent on or
		prior to the date that such U.S. Borrower becomes a Designated Subsidiary
		Borrower pursuant to Section 1.14, or in the case of a Lender that is an
		assignee or transferee of an interest under this Agreement pursuant to Section
		1.13 or Section 12.04 (unless the respective Lender was already a Lender
		hereunder immediately prior to such assignment or transfer), on the date of
		such assignment or transfer to such Lender, or in the case of an Additional
		Tranche 1 Lender (unless the respective Additional Tranche 1 Lender was already
		a Tranche 1 Lender hereunder immediately prior to such assignment of transfer),
		on the respective Additional Tranche 1 Commitment Date, (i) two accurate and
		complete original signed copies of Internal Revenue Service Form W-8ECI or Form
		W-8BEN (with respect to a complete exemption under an income tax treaty) (or
		successor forms) certifying to such Lender’s entitlement as of such date
		to a complete exemption from United States withholding tax with respect to
		payments to be made under this Agreement and under any Note, or (ii) if the
		Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of
		the Code and cannot deliver either Internal Revenue Service Form W-8ECI or Form
		W-8BEN (with respect to a complete 

	  

	 
		 
	 

	 
		 
	 

	 
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	 exemption
		under an income tax treaty) pursuant to clause (i) above, (x) a certificate
		substantially in the form of Exhibit D (any such certificate, a “Section
		4.04(b)(ii) Certificate”) and (y) two accurate and complete original
		signed copies of Internal Revenue Service Form W-8BEN (with respect to the
		portfolio interest exemption) (or successor form) certifying to such
		Lender’s entitlement as of such date to a complete exemption from United
		States withholding tax with respect to payments of interest to be made under
		this Agreement and under any Note. In addition, each Lender that is lending to
		and/or issuing Letters of Credit for the account of a U.S. Borrower agrees that
		from time to time after the Effective Date, when a lapse in time or change in
		circumstances renders the previous certification obsolete or inaccurate in any
		material respect, such Lender will deliver to each U.S. Borrower and the
		Administrative Agent two new accurate and complete original signed copies of
		Internal Revenue Service Form W-8ECI, Form W-8BEN (with respect to the benefits
		of any income tax treaty), or Form W-8BEN (with respect to the portfolio
		interest exemption) and a Section 4.04(b)(ii) Certificate, as the case may be,
		and such other forms as may be required in order to confirm or establish the
		entitlement of such Lender to a continued exemption from or reduction in United
		States withholding tax with respect to payments under this Agreement and any
		Note, or it shall immediately notify each U.S. Borrower and the Administrative
		Agent of its inability to deliver any such Form or Certificate, in which case
		such Lender shall not be required to deliver any such Form or Certificate
		pursuant to this Section 4.04(b). Notwithstanding anything to the contrary
		contained in Section 4.04(a), but subject to Section 12.04(b) and the
		immediately succeeding sentence, (x) each U.S. Borrower shall be entitled,
		to the extent it is required to do so by law, to deduct or withhold income or
		similar taxes imposed by the United States (or any political subdivision or
		taxing authority thereof or therein) from interest, Fees or other amounts
		payable hereunder for the account of any Lender which is not a United States
		person (as such term is defined in Section 7701(a)(30) of the Code) for
		U.S. Federal income tax purposes to the extent that such Lender has not
		provided to such U.S. Borrower, the U.S. Internal Revenue Service Forms that
		establish a complete exemption from such deduction or withholding and (y) no
		U.S. Borrower shall be obligated pursuant to Section 4.04(a) hereof to gross-up
		payments to be made to a Lender in respect of income or similar taxes imposed
		by the United States (I) if such Lender has not provided to such U.S. Borrower,
		the Internal Revenue Service Forms required to be provided to U.S. Borrower
		pursuant to this Section 4.04(b) or (II) in the case of a payment by the U.S.
		Borrowers, other than interest, to a Lender described in clause (ii) above, to
		the extent that such Forms do not establish a complete exemption from
		withholding of such taxes. Notwithstanding anything to the contrary contained
		in the preceding sentence or elsewhere in this Section 4.04 and except as set
		forth in Section 12.04(b), the Parent Borrower agrees to pay any
		additional amounts and to indemnify each Lender in the manner set forth in
		Section 4.04(a) (without regard to the identity of the jurisdiction requiring
		the deduction or withholding) in respect of any amounts deducted or withheld by
		it as described in the immediately preceding sentence as a result of any
		changes that are effective after the Effective Date in any applicable law,
		treaty, governmental rule, regulation, guideline or order, or in the
		interpretation thereof, relating to the deducting or withholding of such income
		or similar taxes.

	  

	 (c) Each
		Lender agrees to use reasonable efforts (consistent with legal and regulatory
		restrictions and subject to overall policy considerations of such Lender) to
		file any certificate or document or to furnish to any Borrower that is not a
		U.S. Borrower any information as reasonably requested by such Borrower that may
		be necessary to establish any available exemption from, or reduction in the
		amount of, any Taxes; provided, however, that nothing in

	  

	 
		 
	 

	 
		 
	 

	 
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	  this
		Section 4.04(c) shall require a Lender to disclose any confidential information
		(including, without limitation, its tax returns or its Tax
		calculations).

	  

	 SECTION
		5.   Conditions
		Precedent.

	  

	 5.01 Conditions
		Precedent to the Effective Date. This
		Agreement shall become effective on the date (the “Effective Date”)
		on which each of the following conditions shall have been satisfied, or waived
		by the Required Lenders:

	  

	 (a) Execution
		of Agreement; Notes. On the
		Effective Date, (i) the Parent Borrower, each Initial Designated Subsidiary
		Borrower, the Administrative Agent and each Lender shall have signed a copy
		hereof (whether the same or different copies) and shall have delivered (or
		transmitted by telecopy) the same to the Administrative Agent at its Notice
		Office; and (ii) there shall have been delivered to the Administrative Agent
		for the account of each Lender that has requested the same the appropriate Note
		or Notes, executed by each Borrower, in each case, in the amount, maturity and
		as otherwise provided herein.

	  

	 (b) Opinion
		of Counsel. On the
		Effective Date, the Administrative Agent shall have received (i) an opinion
		addressed to the Administrative Agent and each of the Lenders and dated the
		Effective Date, from Skadden, Arps, Slate, Meagher & Flom LLP, special
		United States counsel to the Borrowers, substantially in the form of Exhibit
		E-1, (ii) an opinion addressed to the Administrative Agent and each of the
		Lenders and dated the Effective Date, from Appleby Spurling Hunter, special
		Bermuda counsel to the Borrowers, substantially in the form of Exhibit E-2 and
		(iii) an opinion addressed to the Administrative Agent and each of the Lenders
		and dated the Effective Date, from Ashurst, special England and Wales counsel
		to the Borrowers, substantially in the form of Exhibit E-3.

	  

	 (c) Officer’s
		Certificate; Corporate Proceedings.
		(i) On the
		Effective Date, the Administrative Agent shall have received, from the Parent
		Borrower and each Initial Designated Subsidiary Borrower, a certificate, dated
		the Effective Date, signed by the President, Secretary or any Vice President of
		such Borrower, and attested to by another Authorized Officer of such Borrower,
		in the form of Exhibit F hereto with appropriate insertions and deletions,
		together with (x) copies of its certificate of incorporation, by-laws or
		other organizational documents and (y) the resolutions relating to the
		Credit Documents which shall be satisfactory to the Administrative
		Agent.

	  

	 (ii) On or
		prior to the Effective Date, all corporate and legal proceedings and all
		instruments and agreements in connection with the transactions contemplated by
		this Agreement and the other Credit Documents shall be reasonably satisfactory
		in form and substance to the Administrative Agent, and the Administrative Agent
		shall have received all information and copies of all certificates, documents
		and papers, including certificates of existence or good standing certificates,
		as applicable, and any other records of corporate proceedings and governmental
		approvals, if any, which the Administrative Agent reasonably may have requested
		in connection therewith, such documents and papers where appropriate to be
		certified by proper corporate or governmental authorities.

	  

	 
		 
	 

	 
		 
	 

	 
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	 (d) Adverse
		Change, etc. Since
		December 31, 2006, nothing shall have occurred or become known to the
		Administrative Agent or the Required Lenders which has had, or would reasonably
		be expected to have, either individually or in the aggregate, a Material
		Adverse Effect.

	  

	 (e) Litigation. On the
		Effective Date, no actions, suits or proceedings by any entity (private or
		governmental) shall be pending against the Parent Borrower or any of its
		Subsidiaries (i) with respect to this Agreement, any other Credit Document or
		any of the transactions contemplated hereby or thereby or (ii) which has had,
		or would reasonably be expected to have, either individually or in the
		aggregate, a Material Adverse Effect.

	  

	 (f) Approvals,
		etc. On the
		Effective Date, all necessary governmental and third-party approvals, permits
		and licenses in connection with this Agreement and the other transactions
		contemplated by the Credit Documents and otherwise referred to herein or
		therein, shall have been obtained and remain in full force and
		effect.

	  

	 (g) Indebtedness,
		etc. On the
		Effective Date, the Parent Borrower and its Subsidiaries shall have no
		outstanding preferred stock or Indebtedness after giving effect to this
		Agreement and the incurrence of any Revolving Loans except (w) intercompany
		indebtedness permitted pursuant to Section 8.04(b)(ii) hereof, (x) the
		Obligations, (y) Indebtedness set forth on Annex V and (z) Indebtedness (on an
		individual basis) which has an outstanding principal balance of less than
		$15,000,000.

	  

	 (h) No
		Default; Representations and Warranties. On the
		Effective Date, there shall exist no Default or Event of Default, and all
		representations and warranties made by each Borrower contained herein or in any
		other Credit Document shall be true and correct in all material respects (it
		being understood and agreed that any representation or warranty which by its
		terms is made as of a specified date shall be required to be true and correct
		in all material respects only as of such specified date).

	  

	 (i) A.M.
		Best Rating. On the
		Effective Date, each Regulated Insurance Company shall have an A.M. Best
		financial strength rating of at least “B++”.

	  

	 (j) Fees. On the
		Effective Date, the Borrowers shall have paid the Administrative Agent and the
		Lenders all fees, expenses (including, without limitation, legal fees and
		expenses) and other compensation contemplated by this Agreement and the other
		Credit Documents, agreed upon by such parties to be paid on or prior to the
		Effective Date.

	  

	 (k) [Reserved.]

	  

	 (l) Security
		Documents. On or
		prior to the Effective Date, the Administrative Agent shall have received
		counterparts of the Security Agreement executed by each Borrower, together
		with:

	  

	 (i) all
		documents and instruments, including Uniform Commercial Code financing
		statements where applicable, required by law in each applicable jurisdiction or
		reasonably requested by the Administrative Agent to be filed, registered or
		recorded to create or perfect the Liens intended to be created under the
		Security Agreement; 

	  

	 
		 
	 

	 
		 
	 

	 
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	 (ii) results
		of a recent search of the Uniform Commercial Code (or equivalent) filings made
		with respect to each Borrower in the jurisdictions contemplated in clause (i)
		above (including, without limitation, Washington D.C. and Bermuda) and in such
		other jurisdictions in which Collateral is located on the Effective Date which
		may be reasonably requested by the Administrative Agent, and copies of the
		financing statements (or similar documents) disclosed by such search and
		evidence reasonably satisfactory to the Administrative Agent that the Liens
		indicated by such financing statements (or similar documents) are permitted by
		the Security Agreement or have been released; and

	  

	 (iii) for each
		Collateral Account, a control agreement with The Bank of New York in the form
		specified in the Security Agreement (appropriately completed), with such
		changes thereto as may be reasonably acceptable to the Administrative Agent and
		each such control agreement shall be in full force and effect;

	  

	 and the
		Security Agreement shall be in full force and effect.

	  

	 (m) Existing
		Credit Agreement. On the
		Effective Date, the Letters of Credit outstanding under the Existing Credit
		Agreement shall continue to be outstanding under this Agreement and the terms
		of this Agreement will govern the rights of the Borrowers, the Retiring
		Lenders, the Continuing Lenders and the Additional Lenders with respect
		thereto;
		provided that
		any Letters of Credit outstanding immediately prior to or after the Effective
		Date issued to ERCA shall not be governed by the terms of this Agreement until
		the earlier of such time as (i) ERCA shall have executed a DSB Assumption
		Agreement, pursuant to Section 1.14 of this Agreement, and (ii) the Cash
		Collateral Agreement shall have terminated pursuant to the terms thereof. The
		outstanding Revolving Loans on the Effective Date under the Existing Credit
		Agreement shall be repaid on the Effective Date in accordance with the terms of
		the Existing Credit Agreement.

	  

	 (n) Leverage
		Ratio. On the
		Effective Date, the Administrative Agent shall have received a certificate,
		executed by the chief financial officer of the Parent Borrower, setting forth
		the Leverage Ratio as of the Effective Date (after giving effect to the
		incurrence of Revolving Loans and issuance of Letters of Credit on such day),
		which certificate shall contain the calculations required to establish such
		Leverage Ratio and be in form and substance satisfactory to the Administrative
		Agent.

	  

	 (o) Existing
		Lender Agreement. On the
		Effective Date, each Original Lender that will not be a Lender under this
		Agreement shall have executed and delivered to the Administrative Agent an
		Existing Lender Agreement.

	  

	 5.02 Conditions
		Precedent to All Revolving Loans and
		Letters of Credit. The
		obligation of each Lender to make each Revolving Loan and the obligation of the
		Issuing Agent to issue or amend any Letter of Credit is subject, at the time of
		the making of each such Revolving Loan or Letter of Credit issued or amended,
		to the satisfaction of the following conditions:

	  

	 (a) Effective
		Date. The
		Effective Date shall have occurred.

	  

	 
		 
	 

	 
		 
	 

	 
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	 (b) No
		Default; Representations and Warranties. (i)
		There shall exist no Default or Event of Default and (ii) all representations
		and warranties contained herein or in the other Credit Documents shall be true
		and correct in all material respects with the same effect as though such
		representations and warranties had been made on the date of the making of such
		Revolving Loan or such issuance or amendment of a Letter of Credit, as the case
		may be (it being understood and agreed that any representation or warranty
		which by its terms is made as of a specified date shall be required to be true
		and correct in all material respects only as of such specified
		date).

	  

	 (c) Notice
		of Borrowing. The
		Administrative Agent shall have received (i) a Notice of Borrowing meeting the
		requirements of Section 1.03(a) with respect to each incurrence of Revolving
		Loans and (ii) a Letter of Credit Request meeting the requirements of Section
		2A.02 or 2B.02, as the case may be, with respect to each Letter of Credit to be
		issued.

	  

	 The
		occurrence of the Effective Date shall constitute a representation and warranty
		by each Borrower to the Administrative Agent and each of the Lenders that all
		the conditions specified in Section 5.01 exist as of that time. Thereafter, the
		acceptance of the benefits of each Revolving Loan and Letter of Credit shall
		constitute a representation and warranty by the respective Borrower to the
		Administrative Agent and each of the Lenders that the conditions specified in
		Section 5.02 exist as of that time. All of the Notes, certificates, legal
		opinion and other documents and papers referred to in this Section 5, unless
		otherwise specified, shall be delivered to the Administrative Agent at its
		Notice Office for the account of each of the Lenders and, except for the Notes,
		in sufficient counterparts or copies for each of the Lenders and shall be in
		form and substance reasonably satisfactory to the Administrative Agent. The
		Administrative Agent shall give the Parent Borrower and each Lender written
		notice that the Effective Date has occurred.

	  

	 SECTION
		6. Representations,
		Warranties and Agreements. In
		order to induce the Lenders to enter into this Agreement and to make the
		Revolving Loans and issue or amend the Letters of Credit provided for herein,
		each Borrower (solely as to itself and its Subsidiaries, provided that the
		representations and warranties in Sections 6.09 and 6.10 shall be deemed to be
		made only by the Parent Borrower) hereby makes the following representations
		and warranties to, and agreements with, the Lenders, all of which shall survive
		the execution and delivery of this Agreement and the making of the Revolving
		Loans and the issuance of any Letters of Credit (with the making of each
		Revolving Loan and the issuance or amendment of each Letter of Credit being
		deemed to constitute a representation and warranty that the matters specified
		in this Section 6 are true and correct in all material respects on and as of
		the date of the making of such Revolving Loan or issuance or amendment of such
		Letter of Credit, as the case may be, unless such representation and warranty
		expressly indicates that it is being made as of any specific date in which case
		such representation and warranty shall be true and correct in all material
		respects only as of such specified date):

	  

	 6.01 Corporate
		Status. Each
		of the Parent Borrower and each of its Subsidiaries (i) is a duly organized and
		validly existing corporation or business trust or other entity and in the case
		of the Borrowers organized under the laws of the United States or any State
		thereof, or any other jurisdiction where the concept of “good
		standing” is applicable, is in good standing under the laws of the
		jurisdiction of its organization and has the corporate or other 

	  

	 
		 
	 

	 
		 
	 

	 
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	 organizational
		power and authority to own its property and assets and to transact the business
		in which it is engaged and presently proposes to engage, and (ii) has been duly
		qualified and is authorized to do business and is in good standing in all
		jurisdictions where it is required to be so qualified, except, in the case of
		this clause (ii), where the failure to be so qualified, authorized or in good
		standing would not reasonably be expected to have, either individually or in
		the aggregate, a Material Adverse Effect.

	  

	 6.02 Corporate
		Power and Authority. Each
		Borrower has the corporate power and authority to execute, deliver and carry
		out the terms and provisions of the Credit Documents to which it is a party and
		has taken all necessary corporate action to authorize the execution, delivery
		and performance of the Credit Documents to which it is a party. Each Borrower
		has duly executed and delivered each Credit Document to which it is a party and
		each such Credit Document constitutes the legal, valid and binding obligation
		of such Borrower enforceable against such Borrower in accordance with its
		terms, except to the extent that enforceability thereof may be limited by
		applicable bankruptcy, insolvency, moratorium or similar laws affecting
		creditors’ rights generally and general principles of equity regardless of
		whether enforcement is sought in a proceeding in equity or at law.

	  

	 6.03  No
		Contravention of Laws, Agreements or Organizational Documents.
		Neither the execution, delivery and performance by any Borrower of this
		Agreement or the other Credit Documents to which it is a party nor compliance
		with the terms and provisions thereof, nor the consummation of the transactions
		contemplated therein, (i) will contravene any applicable provision of any law,
		statute, rule, regulation, order, writ, injunction or decree of any court or
		governmental instrumentality, (ii) will conflict or be inconsistent with or
		result in any breach of any of the terms, covenants, conditions or provisions
		of, or constitute a default under, or result in the creation or imposition of
		(or the obligation to create or impose) any material Lien (except Liens created
		pursuant to the Security Documents or pursuant to Section 4.02(h)) upon any of
		the property or assets of the Parent Borrower or any of its Subsidiaries
		pursuant to the terms of, any material indenture, mortgage, deed of trust, loan
		agreement, credit agreement or any other material instrument to which the
		Parent Borrower or any of its Subsidiaries is a party or by which it or any of
		its property or assets are bound or to which it may be subject or (iii) will
		violate any provision of the certificate of incorporation, by-laws or other
		organizational documents of the Parent Borrower or any of its Subsidiaries,
		except to the extent that, in the case of each of the immediately preceding
		clauses (i), (ii) and (iii), such contravention, conflict, inconsistency,
		breach, default, material Lien or violation would not reasonably be expected to
		have, either individually or in the aggregate, a Material Adverse
		Effect.

	  

	 6.04 Litigation
		and Contingent Liabilities. To the
		best of the knowledge of the Parent Borrower or any Subsidiary of the Parent
		Borrower, as applicable, there are no actions, suits or proceedings pending or
		threatened in writing involving the Parent Borrower or any of its Subsidiaries
		(including, without limitation, with respect to this Agreement or any other
		Credit Document) that have had, or would reasonably be expected to have, either
		individually or in the aggregate, a Material Adverse Effect.

	  

	 6.05 Use
		of Proceeds;
		Margin Regulations.
		(a) The
		proceeds of the Revolving Loans shall be utilized (i) to finance a potential
		acquisition, (ii) for the general corporate and 

	  

	 
		 
	 

	 
		 
	 

	 
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	 working
		capital purposes of the Parent Borrower and its Subsidiaries and (iii) by the
		Parent Borrower to purchase its outstanding publicly issued or privately placed
		securities.

	  

	 (b) Neither
		the making of any Revolving Loan hereunder or other Indebtedness or financing
		of any Borrower, nor the use of the proceeds thereof, will violate or be
		inconsistent with the provisions of Regulation T, U or X of the Board of
		Governors of the Federal Reserve System and no part of the proceeds of any
		Revolving Loan or other Indebtedness or financing of any Borrower will be used
		to purchase or carry any Margin Stock or to extend credit for the purpose of
		purchasing or carrying any Margin Stock.

	  

	 6.06 Approvals. Any
		order, consent, approval, license, authorization, or validation of, or filing,
		recording or registration with, or exemption by, any foreign or domestic
		governmental or public body or authority, or any subdivision thereof, which is
		required to authorize or is required in connection with (i) the execution,
		delivery and performance of any Credit Document or (ii) the legality, validity,
		binding effect or enforceability of any Credit Document, has been
		obtained.

	  

	 6.07 Investment
		Company Act.
		Neither the Parent Borrower nor any of its Subsidiaries is an “investment
		company” within the meaning of the Investment Company Act of 1940, as
		amended.

	  

	 6.08 True
		and Complete Disclosure.
		All
		factual information (taken as a whole) heretofore or contemporaneously
		furnished by the Parent Borrower or any of its Subsidiaries to the
		Administrative Agent or any Lender in writing (including, without limitation,
		all information contained in the Credit Documents) for purposes of or in
		connection with this Agreement or any transaction contemplated herein is, and
		all other factual information (taken as a whole with all other such information
		theretofore or contemporaneously furnished) hereafter furnished by any such
		Persons in writing to the Administrative Agent will be, true and accurate in
		all material respects on the date as of which such information is dated and not
		incomplete by omitting to state any material fact necessary to make such
		information (taken as a whole with all other such information theretofore or
		contemporaneously furnished) not misleading at such time in light of the
		circumstances under which such information was provided. 

	  

	 6.09 Financial
		Condition; Financial Statements.
		(a)  The
		consolidated balance sheet of the Parent Borrower for the fiscal year ended
		December 31, 2006, and the related consolidated statements of income,
		shareholders’ equity and cash flows, reported on by Ernst & Young LLP,
		copies of which have been delivered to each of the Lenders fairly present in
		all material respects, in each case, in conformity with GAAP or SAP, as
		applicable, consistently applied, the consolidated financial position and
		results of operations and cash flows of the Parent Borrower as of such dates
		and their consolidated results of operations and cash flows for such fiscal
		year.

	  

	 (b) Since
		December 31, 2006, nothing has occurred which has had, or would reasonably be
		expected to have, either individually or in the aggregate, a Material Adverse
		Effect.

	  

	 
		 
	 

	 
		 
	 

	 
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	 6.10 Tax
		Returns and Payments. The
		Parent Borrower and its Subsidiaries (i) have timely filed with the appropriate
		taxing authority (taking into account any applicable extension within which to
		file) all material income and other material tax returns, domestic and foreign,
		required to be filed by the Parent Borrower and its Subsidiaries, and (ii) have
		paid all material taxes payable by them which have become due and assessments
		which have become due, except for those contested in good faith and adequately
		disclosed and for which adequate reserves have been established in accordance
		with GAAP. Neither the Parent Borrower nor any of its Subsidiaries has entered
		into an agreement or waiver or been requested to enter into an agreement or
		waiver extending any statute of limitations relating to the payment or
		collection of material taxes of the Parent Borrower or any of its Subsidiaries.
		No tax Liens, except as permitted under Section 8.03(k) hereof, have been filed
		and no claims are pending or, to the best knowledge of the Parent Borrower or
		any of its Subsidiaries, proposed or threatened with respect to any material
		taxes, fees or other charges for any taxable period.

	  

	 6.11 Compliance
		with ERISA.
		(a)  The
		Parent Borrower and its Subsidiaries and ERISA Affiliates have fulfilled their
		respective obligations under the minimum funding standards of ERISA and the
		Code with respect to each Plan and are in compliance with the applicable
		provisions of ERISA and the Code, and have not incurred any liability to the
		PBGC or any Plan or Multiemployer Plan (other than to make contributions in the
		ordinary course of business), except to the extent that any of the foregoing
		have not had, or would not reasonably be expected to have, either individually
		or in the aggregate, a Material Adverse Effect.

	  

	 (b) Each
		Foreign Pension Plan has been maintained in compliance with its terms and with
		the requirements of any and all applicable laws, statutes, rules, regulations
		and orders and has been maintained, where required, in good standing with
		applicable regulatory authorities, except where the failure to do any of the
		foregoing has not had, or would not reasonably be expected to have, either
		individually or in the aggregate, a Material Adverse Effect. All contributions
		required to be made with respect to a Foreign Pension Plan have been timely
		made, except where the failure to do any of the foregoing has not had, or would
		not reasonably be expected to have, either individually or in the aggregate, a
		Material Adverse Effect. Neither the Parent Borrower nor any of its
		Subsidiaries has incurred any obligation in connection with the termination of,
		or withdrawal from, any Foreign Pension Plan, except for any obligations which
		have not had, or would not reasonably be expected to have, either individually
		or in the aggregate, a Material Adverse Effect. The present value of the
		accrued benefit liabilities (whether or not vested) under each Foreign Pension
		Plan, determined as of the end of the Parent Borrower’s most recently
		ended fiscal year on the basis of actuarial assumptions, each of which is
		reasonable, did not exceed the current value of the assets of such Foreign
		Pension Plan allocable to such benefit liabilities (any such excess a
		“value shortfall”), except for any such value shortfalls which have
		not had, or would not reasonably be expected to have, either individually or in
		the aggregate, a Material Adverse Effect.

	  

	 6.12 Subsidiaries. Set
		forth in Annex III is a complete and correct list of all of the Subsidiaries of
		the Parent Borrower as of the Effective Date, together with, for each such
		Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each
		Person holding direct ownership interests in such Subsidiary and (iii) the
		percentage of ownership of such Subsidiary represented by such ownership
		interests. Except as disclosed in Annex III, each of the Parent

	  

	 
		 
	 

	 
		 
	 

	 
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	  Borrower
		and its Subsidiaries owns, free and clear of Liens, and has the unencumbered
		right to vote, all outstanding ownership interests in each Person shown to be
		held by it in Annex III.

	  

	 6.13 Capitalization. As of
		the Effective Date, the authorized capital stock of the Parent Borrower
		consists of 120,000,000 shares, $1.00 par value per share, of which 66,612,980
		ordinary shares and 8,000,000 shares of 7.75% Non-Cumulative Preferred Shares,
		Series A are issued and outstanding. As of the Effective Date, all such
		outstanding shares of the Parent Borrower have been duly and validly issued and
		are fully paid and nonassessable. As of the Effective Date, neither the Parent
		Borrower nor any of its Subsidiaries has outstanding any securities convertible
		into or exchangeable for its capital stock or outstanding any rights to
		subscribe for or to purchase, or any options for the purchase of, or any
		agreements providing for the issuance (contingent or otherwise) of, or any
		calls, commitments or claims of any character relating to, its capital stock
		except for options, warrants, grants, restricted share units and unpaid premium
		on shares issued by EWHL and EWIL outstanding in the aggregate amounts set
		forth on Annex IV.

	  

	 6.14 Indebtedness. The
		Parent Borrower and its Subsidiaries do not have any Indebtedness on the
		Effective Date other than (i) intercompany indebtedness permitted pursuant to
		Section 8.04(b)(ii) hereof, (ii) the Obligations, (iii) the Indebtedness listed
		on Annex V and (iv) Indebtedness (on an individual basis) which has an
		outstanding principal balance of less than $15,000,000.

	  

	 6.15 Compliance
		with Statutes, etc. The
		Parent Borrower and each of its Subsidiaries is in compliance in all material
		respects with all applicable statutes, regulations, rules and orders of, and
		all applicable restrictions imposed by, all governmental bodies, domestic or
		foreign, in respect of the conduct of its business and the ownership of its
		property (including compliance with all applicable environmental laws), except
		where the failure to comply would not reasonably be expected to have, either
		individually or in the aggregate, a Material Adverse Effect. All required
		regulatory approvals are in full force and effect on the date hereof, except
		where the failure of such approvals to be in full force and effect would not
		reasonably be expected to have, either individually or in the aggregate, a
		Material Adverse Effect.

	  

	 6.16 Insurance
		Licenses. There
		is (i) no Insurance License that is the subject of a proceeding for suspension,
		revocation or limitation or any similar proceedings, (ii) to the best of the
		knowledge of the Parent Borrower or any Subsidiary of the Parent Borrower, as
		applicable, no sustainable basis for such a suspension, revocation or
		limitation, and (iii) to the best of the knowledge of the Parent Borrower or
		any Subsidiary of the Parent Borrower, as applicable, no such suspension,
		revocation or limitation threatened by any Applicable Insurance Regulatory
		Authority, that, in each instance under (i), (ii) and (iii) above, has had, or
		would reasonably be expected to have, either individually or in the aggregate,
		a Material Adverse Effect. No Regulated Insurance Company transacts any
		insurance business, directly or indirectly, in any jurisdiction where such
		business requires any Insurance License of an Applicable Insurance Regulatory
		Authority or such jurisdiction not validly maintained by such Regulated
		Insurance Company, except to the extent that the failure to so maintain has not
		had, or would not reasonably be expected to have, either individually or in the
		aggregate, a Material Adverse Effect.

	  

	 
		 
	 

	 
		 
	 

	 
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	 6.17 Security
		Documents. The
		Security Documents create, as security for the Tranche 1 Obligations of the
		Parent Borrower and each Designated Subsidiary Borrower, valid and enforceable
		security interests in and Liens on all of the Collateral, superior to and prior
		to the rights of all third persons and subject to no other Liens (other than
		Liens permitted pursuant to Section 8.03(a), (k) or (l)). No filings or
		recordings are required in order to ensure the enforceability, perfection or
		priority of the security interests created under the Security Documents, except
		for filings or recordings which shall have been previously made. 

	  

	 SECTION
		7.  Affirmative
		Covenants. Each
		Borrower hereby covenants and agrees (solely as to itself and its Subsidiaries)
		that on and as of the Effective Date and thereafter, for so long as this
		Agreement is in effect and until the Commitments have terminated, no Letters of
		Credit or Notes are outstanding and the Revolving Loans and Unpaid Drawings,
		together with interest, Fees and all other Obligations (other than indemnities
		described in Section 12.12 which are not then owing) incurred hereunder, are
		paid in full:

	  

	 7.01 Information
		Covenants. The
		Parent Borrower will furnish to each Lender:

	  

	 (a) Annual
		Financial Statements. As
		soon as available and in any event within 90 days after the close of each
		fiscal year of the Parent Borrower, the consolidated balance sheet of the
		Parent Borrower and its Subsidiaries as at the end of such fiscal year and the
		related consolidated statements of income, operations, changes in stockholders'
		equity and cash flows of the Parent Borrower and its Subsidiaries for such
		fiscal year, setting forth in comparative form the consolidated figures for the
		previous fiscal year, all in reasonable detail and accompanied by a report
		thereon of Ernst & Young LLP or other independent public accountants of
		recognized national standing selected by the Parent Borrower, which report
		shall state that such consolidated financial statements present fairly the
		consolidated financial position of each of the Parent Borrower and its
		Subsidiaries as at the dates indicated and the consolidated results of its
		operations and cash flows for the periods indicated in conformity with GAAP
		applied on a basis consistent with prior years (except as otherwise specified
		in such report; provided any exceptions or qualifications thereto must be
		acceptable to the Required Lenders) and that the audit by such accountants in
		connection with such consolidated financial statements has been made in
		accordance with generally accepted auditing standards.

	  

	 (b) Quarterly
		Financial Statements. As
		soon as available and in any event within 60 days after the close of each of
		the first three quarterly accounting periods in each fiscal year of the Parent
		Borrower, consolidated balance sheets of each of the Parent Borrower and its
		Subsidiaries as at the end of such period and the related consolidated
		statements of income, changes in stockholders’ equity and cash flows of
		the Parent Borrower and its Subsidiaries for such period and (in the case of
		the second and third quarterly periods) for the period from the beginning of
		the current fiscal year to the end of such quarterly period, setting forth in
		each case in comparative form the consolidated figures for the corresponding
		periods of the previous fiscal year, all in reasonable detail and certified by
		the Chief Financial Officer of the Parent Borrower as presenting fairly, in
		accordance with GAAP (except as specifically set forth therein; provided any
		exceptions or qualifications thereto must be acceptable to the Required
		Lenders) on a basis consistent with such prior fiscal periods, the information
		contained therein, subject to changes resulting from normal year-end audit
		adjustments;

	  

	 
		 
	 

	 
		 
	 

	 
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	 (c) Officer’s
		Certificates. At the
		time of the delivery of the financial statements provided for in Sections
		7.01(a) and 7.01(b), a certificate of the chief financial officer of the Parent
		Borrower to the effect that no Default or Event of Default exists or, if any
		Default or Event of Default does exist, specifying the nature and extent
		thereof, which certificate shall set forth (i) the calculations required to
		establish whether the Parent Borrower and its Subsidiaries were in compliance
		with the provisions of Sections 8.09 and 8.10, inclusive, as at the end of such
		fiscal year or quarter, as the case may be, and (ii) if delivered with the
		financial statements required by Section 7.01(a), the Consolidated Tangible Net
		Worth on such Financial Statement Delivery Date.

	  

	 (d) Notice
		of Default or Litigation. (x)
		Within five Business Days after any Borrower becomes aware of the occurrence of
		any Default, Event of Default and/or any event or condition constituting, or
		which would reasonably be expected to have a Material Adverse Effect, a
		certificate of an Authorized Officer of each Borrower setting forth the details
		thereof and the actions which the Borrowers are taking or proposes to take with
		respect thereto and (y) promptly after any Borrower knows of the commencement
		thereof, notice, of any litigation, dispute or proceeding involving a claim
		against the Parent Borrower and/or any Subsidiary which claim would reasonably
		be expected to have a Material Adverse Effect.

	  

	 (e) Other
		Statements and Reports.
		Promptly upon the mailing thereof to the security holders of the Parent
		Borrower generally, copies of all financial statements, reports and proxy
		statements so mailed.

	  

	 (f) SEC
		Filings.
		Promptly upon the filing thereof, copies of all registration statements (other
		than the exhibits thereto and any registration statements on Form S-8 or its
		equivalent) and annual, quarterly or monthly reports which the Parent Borrower
		shall have filed with the SEC or any national securities exchange; provided
		that any such registration statements and annual, quarterly or monthly reports
		shall be deemed delivered to the extent same are publicly available via the
		SEC’s “EDGAR” filing system and written notification thereof has
		been delivered to the Administrative Agent.

	  

	 (g) Insurance
		Reports and Filings.
		(i)
		Promptly after the filing thereof, a copy of each Statutory Statement filed by
		each Regulated Insurance Company.

	  

	 (ii) Promptly
		following the delivery or receipt, as the case may be, by any Regulated
		Insurance Company or any of their respective Subsidiaries, copies of (a)
		without duplication, each material examination and/or audit report or other
		submitted to any Regulated Insurance Company by any Applicable Insurance
		Regulatory Authority, (b) all material information which the Lenders may from
		time to time request with respect to the nature or status of any material
		deficiencies or violations reflected in any examination report or other similar
		report, and (c) without duplication, each material registration, filing,
		submission, report, order, direction, instruction, approval, authorization,
		license or other notice which any Borrower or any Regulated Insurance Company
		may at any time make with, or receive from, any Applicable Insurance Regulatory
		Authority.

	  

	 
		 
	 

	 
		 
	 

	 
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	 (iii) Upon the
		written request of the Administrative Agent, a report by an independent
		actuarial consulting firm of recognized national standing reviewing the
		adequacy of loss and loss adjustment expense reserves as at the end of the last
		fiscal year of each Regulated Insurance Company, determined in accordance with
		SAP, and stating an estimated amount of minimum reserves, it being agreed that
		in each case (x) such independent firm will be provided access to or copies of
		all relevant valuations relating to the insurance business of each such
		Regulated Insurance Company in the possession of or available to the Parent
		Borrower or its Subsidiaries, (y) the Administrative Agent and any Lender who
		may review a report pursuant to this Section 7.01(g)(iii) shall have executed a
		confidentiality agreement with such independent actuarial consulting firm and
		(z) any reasonable costs or expenses associated with furnishing such reports
		(to the extent such reports do not otherwise already exist) shall be borne by
		the Lender or Lenders upon whose behalf the Administrative Agent shall make a
		request therefor.

	  

	 (iv) Promptly
		following notification thereof from a Governmental Authority (but without
		duplication), notification of the suspension, limitation, termination or
		non-renewal of, or the taking of any other action in respect of, any material
		Insurance License.

	  

	 (h) Borrowing
		Base Certificate. No
		later than the tenth Business Day of each month, a Borrowing Base Certificate
		from each Borrower of a Tranche 1 Revolving Loan or on whose account a Tranche
		1 Letter of Credit has been issued as of the last day of the immediately
		preceding month, executed by an Authorized Officer of such
		Borrower.

	  

	 (i) Other
		Information. With
		reasonable promptness, such other information or existing documents (financial
		or otherwise) as the Administrative Agent or any Lender may reasonably request
		from time to time.

	  

	 7.02 Books,
		Records and Inspections. The
		Borrowers will (i) keep, and will cause each of their respective Subsidiaries
		to keep, proper books of record and account in which full, true and correct
		entries in conformity with GAAP or SAP, as applicable, shall be made of all
		dealings and transactions in relation to its business and activities; and (ii)
		subject to Section 12.14, permit, and will cause each of their respective
		Subsidiaries to permit, representatives of any Lender at such Lender’s
		expense prior to the occurrence and during the continuance of an Event of
		Default and at the Borrowers’ expense after the occurrence of an Event of
		Default to visit and inspect any of their respective properties, to examine
		their respective books and records and to discuss their respective affairs,
		finances and accounts with their respective officers, employees and independent
		public accountants. The Borrowers agree to cooperate and assist in such visits
		and inspections, in each case at such reasonable times and as often as may
		reasonably be desired.

	  

	 7.03 Insurance. Each
		Borrower will maintain, and will cause each of its Subsidiaries to maintain
		(either in the name of such Borrower or in such Subsidiary’s own name)
		with financially sound and reputable insurance companies, insurance on all
		their property in at least such amounts and against at least such risks as are
		usually insured against in the same general area by companies of established
		repute engaged in the same or similar businesses.

	  

	 
		 
	 

	 
		 
	 

	 
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	 7.04 Payment
		of Taxes. Each
		Borrower will pay and discharge, and will cause each of its Subsidiaries to pay
		and discharge, all taxes, assessments and governmental charges or levies
		imposed upon it or upon its income or profits, or upon any properties belonging
		to it, in each case, on a timely basis prior to the date on which penalties
		attach thereto, and all lawful claims which, if unpaid, might become a Lien or
		charge upon any properties of such Borrower or any of its Subsidiaries;
		provided that,
		neither any Borrower nor any Subsidiary of any Borrower shall be required to
		pay any such tax, assessment, charge, levy or claim which is being contested in
		good faith and by proper proceedings if it has maintained adequate reserves
		with respect thereto in accordance with GAAP.

	  

	 7.05 Maintenance
		of Existence. Each
		Borrower shall maintain, and shall cause each of its Material Subsidiaries to
		maintain, its existence and carry on its business in substantially the same
		manner and in substantially the same fields as such business is now carried on
		and maintained. Each Borrower will qualify and remain qualified, and cause each
		of its Subsidiaries to qualify and remain qualified, as a foreign corporation
		in each jurisdiction, except these jurisdictions in which the failure to
		receive or retain such qualifications would reasonably be expected to have,
		either individually or in the aggregate, a Material Adverse Effect.
		Notwithstanding anything to the contrary contained in this Section 7.05, the
		Borrowers and their respective Subsidiaries may consolidate, amalgamate or
		merge and purchase and sell assets to the extent permitted under Section
		8.02.

	  

	 7.06 Compliance
		with Statutes, etc. The
		Borrowers will, and will cause each Subsidiary to, comply with all applicable
		statutes, regulations and orders of, and all applicable restrictions imposed
		by, all governmental bodies, domestic or foreign, in respect of the conduct of
		its business and the ownership of its property (including applicable statutes,
		regulations, orders and restrictions relating to environmental standards and
		controls) other than those the non-compliance with which would not reasonably
		be expected to have, either individually or in the aggregate, a Material
		Adverse Effect.

	  

	 7.07 ERISA.
		Promptly after the Parent Borrower, any of its Subsidiaries or any of its ERISA
		Affiliates knows or has reason to know that any of the events or conditions
		specified below with respect to any Plan or Multiemployer Plan or Foreign
		Pension Plan have occurred or exist, a certificate of the Chief Financial
		Officer of the Parent Borrower setting forth details respecting such event or
		condition and the action if any, that the Parent Borrower, such Subsidiary or
		such ERISA Affiliate proposes to take with respect thereto (and a copy of any
		report or notice required to be filed with or given to PBGC or an applicable
		foreign governmental agency by the Parent Borrower, such Subsidiary or such
		ERISA Affiliate with respect to such event or condition):

	  

	 (i) any
		reportable event, as defined in subsections (c)(1), (2), (5) and (6), and
		subsection (d)(2) of Section 4043 of ERISA and the regulations issued
		thereunder, with respect to a Plan;

	  

	 (ii) the
		filing under Section 4041(c) of ERISA of a notice of intent to terminate any
		Plan under a distress termination or the distress termination of any
		Plan;

	  

	 
		 
	 

	 
		 
	 

	 
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	 (iii) the
		institution by PBGC of proceedings under Section 4042 of ERISA for the
		termination of, or the appointment of a trustee to administer, any Plan, or the
		receipt by the Parent Borrower, any of its Subsidiaries or any of its ERISA
		Affiliates of a notice from a Multiemployer Plan that such action has been
		taken by PBGC with respect to such Multiemployer Plan;

	  

	 (iv) the
		receipt by the Parent Borrower, any of its Subsidiaries or any of its ERISA
		Affiliates of notice from a Multiemployer Plan that the Parent Borrower, any of
		its Subsidiaries or any of its ERISA Affiliates has incurred withdrawal
		liability under Section 4201 of ERISA in excess of $5,000,000 or that such
		Multiemployer Plan is in reorganization or insolvency pursuant to Section 4241
		or 4245 of ERISA or that it intends to terminate or has terminated under
		Section 4041A of ERISA whereby a deficiency or additional assessment is levied
		or threatened to be levied against a Borrower, any of its Subsidiaries or any
		of its ERISA Affiliates;

	  

	 (v) the
		institution of a proceeding by a fiduciary of any Plan or Multiemployer Plan
		against the Parent Borrower, any of its Subsidiaries or any of its ERISA
		Affiliates to enforce Section 515 or 4219(c)(5) of ERISA, which proceeding is
		not dismissed within 30 days; and

	  

	 (vi) that any
		material contribution required to be made with respect to a Foreign Pension
		Plan has not been timely made, or that the Parent Borrower or any Subsidiary of
		the Parent Borrower may incur any material liability pursuant to any Foreign
		Pension Plan.

	  

	 7.08 Maintenance
		of Property. Each
		Borrower shall, and will cause each of its Subsidiaries to, maintain all of
		their material properties and assets in good condition, repair and working
		order, ordinary wear and tear excepted, except where failure to maintain the
		same would not reasonably be expected to have, either individually or in the
		aggregate, a Material Adverse Effect.

	  

	 7.09 Maintenance
		of Licenses and Permits. Each
		Borrower will, and will cause each of its Subsidiaries to, maintain all
		permits, licenses and consents as may be required for the conduct of its
		business by any state, federal or local government agency or instrumentality,
		except where failure to maintain the same would not reasonably be expected to
		have, either individually or in the aggregate, a Material Adverse
		Effect.

	  

	 7.10 Claims
		Paying Ratings. Each
		Borrower which is a Regulated Insurance Company or has a Subsidiary which is a
		Regulated Insurance Company shall cause such Regulated Insurance Company which
		has a claims paying rating from A.M. Best Co. (or its successor) to maintain at
		all times a claims-paying rating of at least “B++” from A.M. Best
		& Co. (or its successor).

	  

	 7.11 End
		of Fiscal Years; Fiscal Quarters. The
		Parent Borrower will cause (i) each of its, and each of its Subsidiaries’,
		fiscal years to end on December 31 of each year and (ii) each of its, and each
		of its Subsidiaries’, fiscal quarters to end on dates which are consistent
		with a fiscal year-end as described above.

	  

	 
		 
	 

	 
		 
	 

	 
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	 7.12 Borrowing
		Base Requirement.
		Subject to Section 4.02(d), each Borrower shall at all times cause its
		respective Borrowing Base to equal or exceed the sum of the aggregate principal
		amount of Tranche 1 Revolving Loans incurred by such Borrower plus the Tranche
		1 Letter of Credit Outstandings attributable to such Borrower at such
		time.

	  

	 7.13 Further
		Assurances. Each
		Borrower shall promptly and duly execute and deliver to the Administrative
		Agent and/or the Collateral Agent such
		documents and assurances and take such further action as the
		Administrative Agent
		may from time to time reasonably request in order to carry out more effectively
		the intent and purpose of the Security Documents and to establish, protect and
		perfect the rights and remedies created or intended to be created in favor of
		the Collateral Agent, the Administrative Agent or the Lenders pursuant to the
		Security Documents.

	  

	 SECTION
		8.  Negative
		Covenants. Each
		Borrower hereby covenants and agrees (solely as to itself and its Subsidiaries)
		that on and as of the Effective Date and thereafter, for so long as this
		Agreement is in effect and until the Commitments have terminated, no Letters of
		Credit or Notes are outstanding and the Revolving Loans and Unpaid Drawings
		together with interest, Fees and all other Obligations (other than indemnities
		described in Section 12.12 which are not then owing) incurred hereunder, are
		paid in full:

	  

	 8.01 Changes
		in Business. The
		Parent Borrower will not, and will not permit any of its Subsidiaries to,
		engage (directly or indirectly) in any business other than substantially the
		same lines of business in which they are engaged on the Effective Date and
		reasonable extensions thereof and other businesses that are complimentary or
		reasonably related thereto.

	  

	 8.02 Consolidations,
		Amalgamations, Mergers, Sales of Assets and
		Acquisitions.
		(a) The
		Parent Borrower will not, and will not permit any of its Subsidiaries to,
		consolidate, amalgamate or merge with or into any other Person, provided that
		(i) any Borrower may merge or amalgamate with another Person if (x) such
		Borrower is the corporation surviving such merger or amalgamation (it being
		understood and agreed that in the case of a merger or amalgamation between (A)
		a Designated Subsidiary Borrower and the Parent Borrower the survivor
		corporation of such merger or amalgamation shall be the Parent Borrower and (B)
		a Designated Subsidiary Borrower and a Wholly-Owned Subsidiary of such
		Designated Subsidiary Borrower, a Wholly-Owned Subsidiary of the Parent
		Borrower or a Wholly-Owned Subsidiary of any Subsidiary of the Parent Borrower,
		the survivor corporation of such merger or amalgation shall be a Wholly-Owned
		Subsidiary of the Parent Borrower and shall be or shall promptly become a
		Designated Subsidiary Borrower) and (y) immediately after giving effect to such
		merger or amalgamation, no Default or Event of Default shall have occurred and
		be continuing, (ii) Subsidiaries of the Parent Borrower may merge with one
		another (subject, in the case of mergers involving Designated Subsidiary
		Borrowers, to compliance with the preceding clause (i)) and (iii) the Parent
		Borrower may permit the dissolution or liquidation of any non-operating
		Subsidiary (x) if the Parent Borrower determines in good faith that such
		liquidation or dissolution is in the best interest of the Parent Borrower and
		(y) to the extent that the fair market value of the non-operating Subsidiary
		(as determined in good faith by the Board of Directors of the Parent Borrower),
		when added to the fair market value of the assets affected by any such other
		dissolutions or liquidations previously consummated during the same fiscal year
		of the 

	  

	 
		 
	 

	 
		 
	 

	 
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	 Parent
		Borrower (as determined in good faith by the Board of Directors of the Parent
		Borrower), does not constitute more than 5% of Consolidated Tangible Net
		Worth.

	  

	 (b) No
		Borrower will, nor will it permit any of its Subsidiaries to, sell, convey,
		assign, lease, abandon or otherwise transfer or dispose of, voluntarily or
		involuntarily (any of the foregoing being referred to in this Section 8.02(b)
		as a “Disposition” and any series of related Dispositions
		constituting but a single Disposition), any of its properties or assets,
		tangible or intangible (including but not limited to sale, assignment, discount
		or other disposition of accounts, contract rights, chattel paper or general
		intangibles with or without recourse), except (i) to the extent that the fair
		market value of the assets affected by any Disposition or Dispositions (as
		determined in good faith by the Board of Directors of the Parent Borrower),
		when added to the fair market value of the assets affected by any such other
		Disposition or Dispositions previously consummated during the same fiscal year
		of the Parent Borrower (as determined in good faith by the Board of Directors
		of the Parent Borrower), does not constitute more than 20% of the consolidated
		assets of the Parent Borrower and its Subsidiaries as of the last day of the
		most recently ended fiscal year of the Parent Borrower and (ii) any Subsidiary
		of the Parent Borrower may make a Disposition of any of its properties or
		assets to the Parent Borrower, ESI or any Wholly-Owned Subsidiary of the Parent
		Borrower.

	  

	 (c) No
		Borrower will, nor will it permit any of its Subsidiaries to, acquire all or
		substantially all of the capital stock or assets of another Person unless at
		such time and immediately after giving effect thereto no Default or Event of
		Default exists or would result therefrom.

	  

	 8.03 Liens.
		Neither the Parent Borrower nor any of its Subsidiaries will permit, create,
		assume, incur or suffer to exist any Lien on any asset tangible or intangible
		now owned or hereafter acquired by it, except:

	  

	 (a) Liens
		created pursuant to the Credit Documents;

	  

	 (b) Liens
		existing on the Effective Date and listed on Annex VII;

	  

	 (c) Liens
		not securing Indebtedness which are incurred in the ordinary course of
		business;

	  

	 (d) Liens
		securing repurchase agreements constituting a borrowing of funds by the Parent
		Borrower or any Subsidiary of the Parent Borrower in the ordinary course of
		business for liquidity purposes and in no event for a period exceeding 90 days
		in each case;

	  

	 (e) Liens
		arising pursuant to purchase money mortgages, capital leases or security
		interests securing Indebtedness representing the purchase price (or financing
		of the purchase price within 90 days after the respective purchase) of assets
		acquired after the Effective Date;

	  

	 (f) Liens on
		any asset of any Person existing at the time such Person is merged, amalgamated
		or consolidated with or into the Parent Borrower or any of its Subsidiaries and
		not created in contemplation of such event;

	 
		 

		
		   
		

		
		   
		

		
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	 (g) Liens
		arising out of the refinancing, extension, renewal or refunding of any
		Indebtedness secured by any Lien permitted by any of the clauses of this
		Section 8.03, provided that
		such Indebtedness is not increased and is not secured by any additional
		assets;

	  

	 (h) Liens
		securing obligations owed by the Parent Borrower to any of its Subsidiaries or
		owed by any Subsidiary of the Parent Borrower to the Parent Borrower or any
		Subsidiary of the Parent Borrower, in each case solely to the extent that such
		Liens are required by an Applicable Insurance Regulatory Authority for such
		Person to maintain such obligations;

	  

	 (i) Liens on
		investments and cash balances of any Regulated Insurance Company securing
		obligations of such Regulated Insurance Company in respect of trust
		arrangements formed in the ordinary course of business for the benefit of
		cedents to secure reinsurance recoverables owed to them by such Regulated
		Insurance Company;

	  

	 (j) Liens
		arising in connection with securities lending arrangements entered into by the
		Parent Borrower or any of its Subsidiaries with financial institutions in the
		ordinary course of business;

	  

	 (k) inchoate
		Liens for taxes, assessments or governmental charges or levies not yet due or
		Liens for taxes, assessments or governmental charges or levies being contested
		in good faith and by appropriate proceedings for which adequate reserves have
		been established in accordance with generally accepted accounting
		principles;

	  

	 (l) bankers’
		Liens, rights of setoff and other similar Liens existing solely with respect to
		cash and Cash Equivalents on deposit in one or more accounts maintained by the
		Parent Borrower or any of its Subsidiaries, in each case, granted in the
		ordinary course of business in favor of the bank or banks with which such
		accounts are maintained, securing amounts owing to such bank with respect to
		cash management and operating account arrangements; provided, however, that
		with respect to the Collateral Accounts, any such Liens shall only be permitted
		to the extent the Custodian has agreed to subordinate such Liens as provided in
		the Account Control Agreement; and

	  

	 (m) Liens
		not otherwise permitted by the foregoing clauses of this Section 8.03 securing
		Indebtedness in an aggregate principal amount not at any time exceeding 10% of
		Consolidated Tangible Net Worth.

	  

	 8.04 Indebtedness.
		(a) The
		Parent Borrower will not, create, incur, assume or permit to exist any
		Indebtedness, or agree, become or remain liable (contingent or otherwise) to do
		any of the foregoing, except for the Obligations and other Indebtedness which
		is either pari
		passu in
		right of payment with, or subordinated in right of payment to, the
		Obligations.

	  

	 (b) The
		Parent Borrower will not permit any of its Subsidiaries to create, incur,
		assume or permit to exist any Indebtedness, or agree, become or remain liable
		(contingent or otherwise) to do any of the foregoing, except for (i) the
		Obligations, (ii) Indebtedness of Subsidiaries of the Parent Borrower owing to
		the Parent Borrower or any other Subsidiary, (iii) Indebtedness of
		Subsidiaries incurred under securities lending arrangements entered into in
		

	 
		 

		
		   
		

		
		   
		

		
		  63
		

		
		   
		

		
		

		

		 
the
		ordinary course of business, (iv) Guarantees by any Subsidiary of Indebtedness
		of the Parent Borrower or any other Subsidiary, (v) Indebtedness incurred in
		transactions described in Sections 8.03(f) and (m) hereof, (vi) Indebtedness
		that is subordinated in right of payment to the Obligations, and (vii) other
		unsecured Indebtedness, so long as upon the incurrence thereof no Default would
		occur or exist, in an aggregate amount not to exceed $5,000,000 and (viii)
		letters of credit (other than Letters of Credit issued pursuant to this
		Agreement) in an aggregate amount not to exceed $75,000,000. 

	  

	 8.05 Issuance
		of Stock. The
		Parent Borrower will not, and will not permit any of its Subsidiaries to,
		directly or indirectly issue, sell, assign, pledge, charge or otherwise
		encumber or dispose of any shares of its preferred or preference equity
		securities or options to acquire preferred or preference equity securities,
		except the issuance of preferred or preference equity securities, so long as
		(x) no part of such preferred or preference equity securities is mandatorily
		redeemable (whether on a scheduled basis or as a result of the occurrence of
		any event or circumstance) prior to the first anniversary of the Commitment
		Expiration Date and (y) such preferred or preference equity securities do not
		contain any financial covenants or incurrence covenants that would be more
		restrictive with respect to the operations of the issuer thereof than the
		covenants contained in this Agreement.

	  

	 8.06 Dissolution. No
		Borrower shall suffer or permit dissolution or liquidation either in whole or
		in part, except through corporate reorganization to the extent permitted by
		Section 8.02.

	  

	 8.07 Restricted
		Payments. The
		Parent Borrower will not declare or pay any dividends, purchase, redeem,
		retire, defease or otherwise acquire for value any of its Equity Interests now
		or hereafter outstanding, return any capital to its stockholders, partners or
		members (or the equivalent Persons thereof) as such, make any distribution of
		assets, Equity Interests, obligations or securities to its stockholders,
		partners or members (or the equivalent Persons thereof) as such, or permit any
		of its Subsidiaries to purchase, redeem, retire, defease or otherwise acquire
		for value any Equity Interests in the Parent Borrower, if, in any case referred
		to above, a Default or Event of Default shall have occurred and be continuing
		at the time of such action or would result therefrom.

	  

	 8.08 Transactions
		with Affiliates.
		Neither the Parent Borrower nor any of its Subsidiaries shall enter into or be
		a party to, a transaction with any Affiliate of the Parent Borrower or such
		Subsidiary (which Affiliate is not the Parent Borrower or a Subsidiary), except
		transactions with Affiliates in good faith in the ordinary course of business
		consistent with past practice and on terms no less favorable to the Parent
		Borrower or such Subsidiary than those that could have been obtained in a
		comparable transaction on an arm’s length basis from an unrelated
		Person.

	  

	 8.09 Maximum
		Leverage Ratio. The
		Parent Borrower will not permit the Leverage Ratio at any time to be greater
		than 0.35:1.00.

	  

	 8.10 Minimum
		Consolidated Tangible Net Worth. The
		Parent Borrower will not permit Consolidated Tangible Net Worth to be less than
		$1,400,000,000 at any time.

	 
		 
 

	 
		 
	 

	 
		 
	 

	 
		64
	 

	 
		 
	 

	 
	 

	 

	  

	 
		8.11 Private
		Act. No
		Borrower will become subject to a Private Act.
	 

	  

	 8.12 Restrictions
		on Transfers. The
		Parent Borrower will not, and will not permit any of its Subsidiaries to,
		prohibit or otherwise restrict the transfer of cash or other assets or suffer
		to exist any agreement which prohibits or otherwise restricts the transfer of
		cash or other assets from any Subsidiary of the Parent Borrower to the Parent
		Borrower, except (i) prohibitions or restrictions existing under or by reason
		of this Agreement or the other Credit Documents, (ii) prohibitions or
		restrictions existing under or by reason of Legal Requirements, and (iii) other
		prohibitions or restrictions which, either individually or in the aggregate,
		would not reasonably be expected to have a Material Adverse
		Effect.

	  

	 SECTION
		9.  Events
		of Default. Upon
		the occurrence of any of the following specified events (each, an “Event
		of Default”):

	  

	 9.01 Payments. Any
		Borrower shall (i) default in the payment when due of any principal of any
		Revolving Loan or any Note, (ii) default, and such default shall continue for
		three or more Business Days, in the payment when due of any interest on any
		Revolving Loan or any Note or any Fees or (iii) default in the prompt payment
		following notice or demand in respect of any other amounts owing hereunder or
		under any other Credit Document; or

	  

	 9.02 Representations,
		etc. Any
		representation, warranty or material statement made or deemed made by any
		Borrower herein or in any other Credit Document or in any certificate or
		material statement delivered or required to be delivered pursuant hereto or
		thereto shall prove to be untrue in any material respect as of the time made or
		deemed made; or

	  

	 9.03 Covenants. Any
		Borrower shall (a) default in the due performance or observance by it of any
		term, covenant or agreement contained in Section 7.01(d)(x), Section 7.02(ii),
		Section 7.05 (with respect to the first sentence of Section 7.05 only), Section
		7.10 or Section 8, or (b) default in the due performance or observance by it of
		any term, covenant or agreement (other than those referred to in Section 9.01
		or clause (a) of this Section 9.03) contained in this Agreement and such
		default shall continue unremedied for a period of at least 45 days;
		or

	  

	 9.04 Default
		Under Other Agreements.
		(a)  The
		Parent Borrower or any of its Subsidiaries shall (i) default in any payment
		with respect to Indebtedness (other than the Obligations) in excess of
		$50,000,000 individually or in the aggregate, for the Parent Borrower and its
		Subsidiaries, beyond the period of grace, if any, provided in the instrument or
		agreement under which such Indebtedness was created or (ii) default in the
		observance or performance of any agreement or condition relating to any such
		Indebtedness 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 a trustee or agent on behalf of
		such holder or holders) to cause (determined without regard to whether any
		notice of acceleration, or any lapse of time prior to the effectiveness of any
		notice of acceleration, is required), any such Indebtedness to become due prior
		to its stated maturity; or (b) Indebtedness of the Parent Borrower or its
		Subsidiaries in excess of $50,000,000 shall be declared to be due and payable
		other than in accordance with the terms of such Indebtedness or required to be
		prepaid, other than by a regularly scheduled 

	 
		 
 

	 
		 
	 

	 
		 
	 

	 
		65
	 

	 
		 
	 

	 
	 

	 

	  

	 
		required prepayment or as a mandatory prepayment (unless such required
		prepayment or mandatory prepayment results from a default thereunder or an
		event of the type that constitutes an Event of Default), prior to the stated
		maturity thereof; or

	  

	 
		9.05 Bankruptcy,
		etc. The
		Parent Borrower or any of its Subsidiaries shall commence a voluntary case
		concerning itself under Title 11 of the United States Code entitled
		“Bankruptcy,” as now or hereafter in effect, or any successor thereto
		(the “Bankruptcy Code”); or an involuntary case is commenced against
		the Parent Borrower or any of its Subsidiaries and the petition is not
		controverted within 10 days, or is not dismissed within 60 days, after
		commencement of the case; or a custodian (as defined in the Bankruptcy Code) is
		appointed for, or takes charge of, all or substantially all of the property of
		the Parent Borrower or any of its Subsidiaries; or the Parent Borrower or any
		of its Subsidiaries commences (including by way of applying for or consenting
		to the appointment of, or the taking of possession by, a rehabilitator,
		receiver, custodian, trustee, conservator or liquidator (collectively, a
		“conservator”) of itself or all or any substantial portion of its
		property) any other proceeding under any reorganization, arrangement,
		adjustment of debt, relief of debtors, dissolution, insolvency, liquidation,
		rehabilitation, supervision, conservatorship or similar law of any jurisdiction
		or the Bermuda Companies Law whether now or hereafter in effect relating to the
		Parent Borrower or any of its Subsidiaries; or any such proceeding is commenced
		against (a) any Regulated Insurance Company which is engaged in the business of
		underwriting insurance and/or reinsurance in the United States, or (b) the
		Parent Borrower or any of its Subsidiaries (other than (x) any Regulated
		Insurance Company described in the immediately preceding clause (a)) to the
		extent such proceeding is consented to by such Person, and in the case of
		either clause (a) or (b) remains undismissed for a period of 60 days; or the
		Parent Borrower or any of its Subsidiaries is adjudicated insolvent or
		bankrupt; or any order of relief or other order approving any such case or
		proceeding is entered; or (a) any Regulated Insurance Company which is engaged
		in the business of underwriting insurance and/or reinsurance in the United
		States suffers any appointment of any conservator or the like for it or any
		substantial part of its property, or (b) the Parent Borrower or any of its
		Subsidiaries (other than any Regulated Insurance Company described in the
		immediately preceding clause (a)) suffers any appointment of any conservator or
		the like for it or any substantial part of its property which continues
		undischarged or unstayed for a period of 60 days; or the Parent Borrower or any
		of its Subsidiaries makes a general assignment for the benefit of creditors; or
		any corporate action is taken by the Parent Borrower or any of its Subsidiaries
		for the purpose of effecting any of the foregoing; or
	 

	  

	 9.06 ERISA. (a) An
		event or condition specified in Section 7.07 shall occur or exist with respect
		to any Plan or Multiemployer Plan or Foreign Pension Plan, (b) a Borrower, any
		of its Subsidiaries or any of its ERISA Affiliates shall fail to pay when due
		any material amount which they shall have become liable to pay to the PBGC or
		to a Plan or a Multiemployer Plan under Title IV of ERISA, or (c) a condition
		shall exist by reason of which the PBGC would be entitled to obtain a decree
		adjudicating that any Plan must be terminated, and, in any of the foregoing
		cases, as a result of such event or condition, together with all such other
		events or conditions, the Parent Borrower, any of its Subsidiaries or any of
		its ERISA Affiliates shall be reasonably likely in the opinion of the general
		counsel of such Borrower to (i) in the case of the foregoing clauses (a) and
		(b) of this Section 9.06, incur a liability to a Plan, a Multiemployer Plan, a
		Foreign Pension Plan or PBGC (or any combination of the foregoing) or (ii) in
		the case of the foregoing clause (c) of this Section 9.06, incur a liability to
		a Plan, Multiemployer Plan, a 

	 
		 

		
		   
		

		
		   
		

		
		  66
		

		
		   
		

		
		

		

		 
 

	 Foreign Pension Plan or PBGC (or any combination of the
		foregoing) in excess of $30,000,000; or

	  

	 9.07 Judgments. One or
		more judgments or decrees for the payment of money shall be entered against the
		Parent Borrower or any of its Subsidiaries involving a liability, net of
		undisputed reinsurance, of $75,000,000 or more in the case of any one such
		judgment or decree or in the aggregate for all such judgments and decrees for
		the Parent Borrower and its Subsidiaries and any such judgments or decrees
		shall not have been vacated, discharged, satisfied, stayed or bonded pending
		appeal within 60 days from the entry thereof; or

	  

	 9.08 Insurance
		Licenses. Any
		one or more Insurance Licenses of the Parent Borrower or any of its
		Subsidiaries shall be suspended, limited or terminated or shall not be renewed,
		or any other action shall be taken by any Governmental Authority, and such
		suspension, limitation, termination, nonrenewal or other action would
		reasonably be expected to have, either individually or in the aggregate, a
		Material Adverse Effect; or

	  

	 9.09 Parent
		Borrower Guaranty. The
		Parent Borrower Guaranty shall terminate or cease, in whole or part, to be a
		legally valid and binding obligation of the Parent Borrower, or the Parent
		Borrower, or any Person acting for or on behalf of the Parent Borrower, shall
		contest such validity or binding nature of the Parent Borrower Guaranty, or any
		other Person shall assert any of the foregoing; or

	  

	 9.10 Security
		Documents. Any
		Security Document shall cease to be in full force and effect, or shall cease to
		give the Collateral Agent the Liens, rights, powers and privileges purported to
		be created thereby (including, without limitation, a first priority security
		interest in, and Lien on, all of the Collateral subject thereto, in favor of
		the Collateral Agent, superior to and prior to the rights of all third Persons
		and subject to no other Liens); or any Borrower party to any Security Documents
		or any other pledgor thereunder shall default in the due performance or
		observance of any term, covenant or agreement on its part to be performed or
		observed pursuant to any Security Document; or 

	  

	 9.11 Ownership. A
		Change of Control shall occur;

	  

	 then,
		and in any such event, and at any time thereafter, if any Event of Default
		shall then be continuing, the Administrative Agent shall, upon the written
		request of the Required Lenders, by written notice to the Parent Borrower, take
		any or all of the following actions, without prejudice to the rights of the
		Administrative Agent or any Lender to enforce its claims against any Borrower,
		except as otherwise specifically provided for in this Agreement (provided that if
		an Event of Default specified in Section 9.05 shall occur with respect to any
		Borrower, the result which would occur upon the giving of written notice by the
		Administrative Agent as specified in clauses (i) and (ii) below shall occur
		automatically without the giving of any such notice): (i) declare the Total
		Commitment terminated, whereupon the Commitment of each Lender shall forthwith
		terminate immediately and any Facility Fees and Utilization Fees shall
		forthwith become due and payable without any other notice of any kind, (ii)
		declare the principal of, and any accrued interest in respect of, all Revolving
		Loans and all Obligations owing hereunder and under the other Credit Documents
		to be, whereupon the same shall become, forthwith due and payable without
		presentment, demand, protest or other notice of any kind, all of which are
		

	 
		 

		
		   
		

		
		   
		

		
		  67
		

		
		   
		

		
		

		

		 
 

	 hereby waived by each Borrower, (iii) terminate any Letter of
		Credit or give a Notice of Non-Extension in respect thereof if permitted in
		accordance with its terms, (iv) direct the applicable Borrower to pay (and the
		applicable Borrower hereby agrees upon receipt of such notice, or upon the
		occurrence of any Event of Default specified in Section 9.05, to pay) to the
		Administrative Agent at the Payment Office an amount of cash to be held as
		security for the respective Borrower’s reimbursement obligations in
		respect of all Letters of Credit then outstanding which were issued for the
		account of such Borrower, equal to the aggregate Stated Amount of all such
		Letters of Credit at such time, and/or (v)  direct the Collateral Agent to
		enforce any or all of the Liens and security interests created pursuant to the
		Security Documents and/or exercise any of the rights and remedies provided
		therein. Notwithstanding the foregoing, the Administrative Agent shall have
		available to it all other remedies at law or equity, and shall exercise any one
		or all of them at the request of the Required Lenders.

	  

	 SECTION
		10.  Definitions. As
		used herein, the following terms shall have the meanings herein specified
		unless the context otherwise requires. Defined terms in this Agreement shall
		include in the singular number the plural and in the plural the
		singular:

	  

	 “Account
		Control Agreement” means an account control agreement, dated as of the
		date of this Agreement, among JPMorgan Chase Bank, N.A., as custodian, the
		Grantors (as defined in the Security Agreement) from time to time party thereto
		and the Collateral Agent, as amended, modified and supplemented and as in
		effect from time to time.

	  

	 “Additional
		Tranche 1 Commitment” shall mean, for each Additional Tranche 1 Lender,
		any commitment provided by such Additional Tranche 1 Lender pursuant to Section
		1.15, in such amount as agreed to by such Additional Tranche 1 Lender in the
		respective Additional Tranche 1 Commitment Agreement; provided that on
		the Additional Tranche 1 Commitment Date upon which an Additional Tranche 1
		Commitment of any Additional Tranche 1 Lender becomes effective, such
		Additional Tranche 1 Commitment of such Additional Tranche 1 Lender shall (x)
		in the case of an existing Tranche 1 Lender be added to (and thereafter become
		a part of) the existing Tranche 1 Commitment of such existing Tranche 1 Lender
		for all purposes of this Agreement as contemplated by Section 1.15 and (y) in
		the case of a new Tranche 1 Lender, be converted to a Tranche 1 Commitment and
		become a Tranche 1 Commitment for all purposes of this Agreement as
		contemplated by Section 1.15.

	  

	 “Additional
		Tranche 2 Commitment” shall mean, for each Additional Tranche 2 Lender,
		any commitment provided by such Additional Tranche 2 Lender pursuant to Section
		1.16, in such amount as agreed to by such Additional Tranche 2 Lender in the
		respective Additional Tranche 2 Commitment Agreement; provided that on
		the Additional Tranche 2 Commitment Date upon which an Additional Tranche 2
		Commitment of any Additional Tranche 2 Lender becomes effective, such
		Additional Tranche 2 Commitment of such Additional Tranche 2 Lender shall (x)
		in the case of an existing Tranche 2 Lender be added to (and thereafter become
		a part of) the existing Tranche 2 Commitment of such existing Tranche 2 Lender
		for all purposes of this Agreement as contemplated by Section 1.16 and (y) in
		the case of a new Tranche 2 Lender, be converted to a Tranche 2 Commitment and
		become a Tranche 2 Commitment for all purposes of this Agreement as
		contemplated by Section 1.16.

	 
		 

		
		   
		

		
		   
		

		
		  68
		

		
		   
		

		
		

		

		 
 

	 “Additional
		Tranche 1 Commitment Agreement” shall mean an Additional Tranche 1
		Commitment Agreement substantially in the form of Exhibit J-1 (appropriately
		completed).

	  

	 “Additional
		Tranche 2 Commitment Agreement” shall mean an Additional Tranche 2
		Commitment Agreement substantially in the form of Exhibit J-2 (appropriately
		completed).

	  

	 “Additional
		Tranche 1 Commitment Date” shall mean each date upon which an Additional
		Tranche 1 Commitment under an Additional Tranche 1 Commitment Agreement becomes
		effective as provided in Section 1.15.

	  

	 “Additional
		Tranche 2 Commitment Date” shall mean each date upon which an Additional
		Tranche 2 Commitment under an Additional Tranche 1 Commitment Agreement becomes
		effective as provided in Section 1.16.

	  

	 “Additional
		Tranche 1 Lender” shall have the meaning provided in Section
		1.15(b).

	  

	 “Additional
		Tranche 2 Lender” shall have the meaning provided in Section
		1.16(b).

	  

	 “Administrative
		Agent” shall have the meaning provided in the first paragraph of this
		Agreement and shall include any successor to the Administrative Agent appointed
		pursuant to Section 11.09.

	  

	 “Advance
		Rate” shall mean, for any category of Cash or obligation or investment
		specified below in the column entitled “Cash and Eligible Securities”
		(other than cash, the “Eligible
		Securities”),
		the percentage set forth opposite such category of cash or Eligible Securities
		below in the column entitled “Advance Rate” and, in each case,
		subject to the original term to maturity criteria set forth
		therein:

	  

	 Eligible
		Collateral/Advance Rate

	  

	 
			
				Eligible
				  Collateral:

					 	
				Advance
				  Rate:† 
 

 

	 
		
		   

		  
			 

			 
 

		
		  	†	
				  Advance
					 rates shall be based upon the value of Eligible Securities, which shall be
					 determined by a periodic mark-to-market to occur on a daily basis.
					 Notwithstanding the foregoing, (A) Eligible Securities shall be limited to
					 securities primarily cleared and settled within the United States, (B) if at
					 any time the securities of any single corporate or municipal issuer (or any
					 Affiliate thereof) represent more than 10% of the aggregate value of all Cash
					 and Eligible Securities on the borrowing base certificate then most recently
					 delivered to the Collateral Agent (the “Borrowing Base”), the value
					 in excess of 10% shall be excluded from said Borrowing Base and (C) if at any
					 time asset-backed securities of any single issuer represent more than
					 $10,000,000 of the aggregate value of all Cash and Eligible Securities of all
					 Borrowing Bases, the value in excess of $10,000,000 shall be excluded from said
					 Borrowing Bases (with such exclusion being 
 

 
 

	 
		 

		
		   
		

		
		   
		

		
		  69
		

		
		   
		

		
		

		

		 
 

	 
			 

 

	  

	 
			
				Cash:

				 

				U.S.
				  Dollars.
 	 	
				 

				 

				100%

				
	 	 	 
	
				Time
				  Deposits, CDs and Money Market Deposits:

				 

				Time
				  deposits, certificates of deposit and money market deposits of any commercial
				  bank incorporated in the United States with a rating of at least (i) AA-
				  from Standard & Poor’s Ratings Services (“S&P”) and (ii)
				  Aa3 from Moody’s Investors Service, Inc. (“Moody’s”) and
				  maturing within two years from the date of acquisition.
 	 	
				 

				 

				90%

				
	 	 	 
	
				U.S.
				  Government Securities:

				 

				Securities
				  issued or directly and fully guaranteed or insured by the United States or any
				  agency or instrumentality thereof (provided that the full faith and credit of
				  the United States is pledged in support thereof).
 	 	
				 

				With
				  maturities of (x) two years or less from the date of acquisition, 95%, (y) 3 to
				  10 years, 90% and (z) more than 10 years, 85%.
 
	 	 	 
	
				Agency
				  Securities:

				 

				(i) Single-class
				  mortgage participation certificates in book-entry form backed by single-family
				  residential mortgage loans, the full and timely payment of interest at the
				  applicable certificate rate and the ultimate collection of principal of which
				  are guaranteed by the Federal Home Loan Mortgage Corporation (excluding REMIC
				  or other multi-class pass-through certificates, collateralized mortgage
				  obligations, pass-through certificates backed by adjustable rate mortgages,
				  securities paying interest or principal only and similar derivative
				  securities); (ii) single-class mortgage pass-through certificates in book-entry
				  form backed by single-family residential mortgage loans, the full and timely
				  payment of interest at the applicable certificate rate and ultimate collection
				  of principal of which are guaranteed by the Federal National Mortgage
				  Association (excluding REMIC or other multi-class pass-through certificates,
				  pass-through certificates backed by adjustable rate mortgages, collateralized
				  mortgage obligations, securities paying interest or principal only and similar
				  derivative securities); and (iii) single-class fully modified pass-through
				  certificates in book-entry form backed by single-family residential mortgage
				  loans, the full and timely payment of principal and interest of which is
				  guaranteed by the Government National Mortgage Association (excluding REMIC or
				  other multi-class pass-through certificates, collateralized mortgage
				  obligations, pass-through certificates backed by adjustable rate mortgages,
				  securities paying interest or principal only and similar derivatives
				  securities).
 	 	
				 

				 

				With
				  maturities from the date of acquisition of (x) two years or less, 95%, (y) more
				  than two years and less than 10 years, 90% and (z) more than 10 years,
				  85%.
 

 

	 
		 
		  
			 

			 
 

		
		  	†	
				  allocated
					 on the basis of the respective asset-backed securities held in the respective
					 Borrowing Bases).
 

 
 

	 
		 
	 

	 
		 
	 

	 
		70
	 

	 
		 
	 

	 
	 

	 

	  

	 

	  

	 
			
				Investment
				  Grade Municipal Bonds Level I:

				 

				Municipal
				  bonds rated at least (i) AAA from S&P and (ii) Aaa from Moody’s and
				  maturing within five years from the date of acquisition
 	 	
				 

				 

				90%

				
	 	 	 
	
				Investment
				  Grade Municipal Bonds Level II:

				 

				Municipal
				  bonds rated at least (i) BBB from S&P and (ii) Baa2 from Moody’s and
				  maturing within five years from the date of acquisition, but no higher than (x)
				  AA+ from S&P and (y) Aa1 from Moody’s.
 	 	
				 

				 

				85%

				
	 	 	 
	
				Investment
				  Grade Nonconvertible Corporate Bonds Level I:

				 

				Nonconvertible
				  corporate bonds that are publicly traded on a nationally recognized exchange,
				  eligible to be settled by the Depository Trust Company (“DTC”) and
				  rated at least (i) AA- from S&P and (ii) Aa3 from
				  Moody’s.
 	 	
				 

				 

				With
				  maturities of (x) two years or less from the date of acquisition, 90% and
				  (y) three to ten years from the date of acquisition, 85%.

				
	
				Investment
				  Grade Nonconvertible Corporate Bonds Level II:

				 

				Nonconvertible
				  corporate bonds that are publicly traded on a nationally recognized exchange,
				  eligible to be settled by DTC and rated at least (i) BBB from S&P and (ii)
				  Baa2 from Moody’s, but no higher than (x) A+ from S&P and (y) A1 from
				  Moody’s.
 	 	
				 

				 

				80%

				
	
				
Commercial
				  Paper:

				 

				Commercial
				  paper issued by any entity organized in the United States rated at least (i)
				  A-1 or the equivalent thereof by S&P and (ii) P-1 or the equivalent thereof
				  by Moody’s and maturing not more than one year after the date of
				  acquisition.
 	 	
				 

				 

				 

				90%

				
	 	 	 
	
				Asset-Backed
				  Securities:

				 

				Asset-backed
				  securities rated at least (i) AAA by S&P and (ii) Aaa by
				  Moody’s, provided that
				  (x) such securities are backed by credit card receivables or automobile
				  loans and have a remaining maturity of 10 years or less and
				  (y) asset-backed securities will not constitute Eligible Securities if
				  they are certificated securities that cannot be paid or delivered by book entry
				  (and all asset-backed securities issued by an issuer incorporated in the United
				  States of America must be capable of settlement through DTC).

					 	
				 

				 

				80%

				
	 	 	 
	
				All
				  other securities
 	 	
				0%

				

 

	 

	 “Affected
		Loan” shall have the meaning provided in Section 4.02(h). 

	  

	 “Affiliate”
		shall mean, with respect to any Person, any other Person directly or indirectly
		controlling, controlled by, or under direct or indirect common control with,
		such 

	 
		 

		
		   
		

		
		   
		

		
		  71
		

		
		   
		

		
		

		

		 
 

	 Person,
		provided, that a
		Person shall not be deemed to be an Affiliate solely as a result of a title or
		position held by such Person. A Person shall be deemed to control a corporation
		if such Person possesses, directly or indirectly, the power (i) to vote 10% or
		more of the actual voting power for the election of directors of such
		corporation or (ii) to direct or cause the direction of the management and
		policies of such corporation, whether through the ownership of voting
		securities, by contract or otherwise.

	  

	 “Agents”
		shall mean, collectively, the Administrative Agent and the Collateral
		Agent.

	  

	 “Aggregate
		Multicurrency Letter of Credit Limit” shall mean $200,000,000, as such
		amount may be increased as provided for in Sections 1.15(a) and
		1.16(a).

	  

	 “Agreement”
		shall mean this Credit Agreement, as the same may be from time to time
		modified, amended and/or supplemented.

	  

	 “Applicable
		Insurance Regulatory Authority” shall mean, when used with respect to any
		Regulated Insurance Company, the insurance department or similar administrative
		authority or agency located in (x) each state in which such Regulated Insurance
		Company is domiciled or (y) to the extent asserting regulatory jurisdiction
		over such Regulated Insurance Company, the insurance department, authority or
		agency in each state in which such Regulated Insurance Company is licensed, and
		shall include any Federal insurance regulatory department, authority or agency
		that may be created and that asserts regulatory jurisdiction over such
		Regulated Insurance Company.

	  

	 “Applicable
		Margin” shall mean, for any day:

	  

	 (a) with
		respect to interest on any Tranche 1 Revolving Loan, Tranche 1 Facility Fee,
		Tranche 1 Utilization Fee or Tranche 1 Letter of Credit Fee, for any Margin
		Adjustment Period, from and after any Start Date to and including the
		corresponding End Date, the respective percentage per annum set forth below
		opposite the respective Level (i.e., Level
		1, Level 2 or Level 3, as the case may be) indicated to have been achieved on
		the applicable Test Date for such Start Date (as shown in the respective
		officer’s certificate delivered pursuant to Section 7.01(c)):

	 
		 

		
		   
		

		
		   
		

		
		  72
		

		
		   
		

		
		

		

		 
 

	 
			 	 	
				Level
				  1:
 	 	
				Level
				  2:
 	 	
				Level
				  3:
 	 
	
				 

				Leverage

				Ratio

					 	
				 

				less
				  than or equal to 0.20:1.00
 	 	
				greater
				  than 0.20:1.00 and less than or equal to 0.25:1.00
 	 	
				 

				greater
				  than 0.25:1.00
 	 
	
				Letter
				  of Credit Fee and Applicable
				  Margin for Eurodollar Loans
 	 	 	
				0.165

					
				%

					 	
				0.215

					
				%

					 	
				0.29

					
				%

				
	
				Applicable
				  Margin for Base Rate Loans
 	 	 	
				0.00

					
				%

					 	
				0.00

					
				%

					 	
				0.00

					
				%

				
	
				Applicable
				  Margin for Facility Fee
 	 	 	
				0.06

					
				%

					 	
				0.06

					
				%

					 	
				0.06

					
				%

				
	
				Applicable
				  Margin for Utilization Fee
 	 	 	
				0.10

					
				%

					 	
				0.10

					
				%

					 	
				0.10

					
				%

				

 

	  

	 (b) with
		respect to interest on any Tranche 2 Revolving Loan, Tranche 2 Facility Fee,
		Tranche 2 Utilization Fee or Tranche 2 Letter of Credit Fee, for any Margin
		Adjustment Period, from and after any Start Date to and including the
		corresponding End Date, the respective percentage per annum set forth below
		opposite the respective Level (i.e., Level 1, Level 2 or Level 3, as the case
		may be) indicated to have been achieved on the applicable Test Date for such
		Start Date (as shown in the respective officer’s certificate delivered
		pursuant to Section 7.01(c)):

	  

	 
			 	 	
				Level
				  1:
 	 	
				Level
				  2:
 	 	
				Level
				  3:
 	 
	
				 

				Leverage

				Ratio

					 	
				 

				less
				  than or equal to 0.20:1.00
 	 	
				greater
				  than 0.20:1.00 and less than or equal to 0.25:1.00
 	 	
				 

				greater
				  than 0.25:1.00
 	 
	
				Letter
				  of Credit Fee and Applicable Margin for LIBOR Loans
 	 	 	
				0.275

					
				%

					 	
				0.35

					
				%

					 	
				0.375

					
				%

				
	
				Applicable
				  Margin for Base Rate Loans
 	 	 	
				0.00

					
				%

					 	
				0.00

					
				%

					 	
				0.00

					
				%

				
	
				Applicable
				  Margin for Facility Fee
 	 	 	
				0.075

					
				%

					 	
				0.10

					
				%

					 	
				0.125

					
				%

				
	
				Applicable
				  Margin for Utilization Fee
 	 	 	
				0.10

					
				%

					 	
				0.10

					
				%

					 	
				0.10

					
				%

				

 

	 

	 Notwithstanding
		the foregoing, (i) if the Parent Borrower fails to deliver the financial
		statements required to be delivered pursuant to Section 7.01(a) or (b)
		(accompanied by the officer’s certificate required to be delivered
		pursuant to Section 7.01(c) showing the applicable Leverage Ratio on the
		relevant Test Date) on or prior to the respective date required by such
		Sections, then Level 3 pricing shall apply until such time, if any, as the
		financial statements required as set forth above and the accompanying
		officer’s certificate have been delivered showing the pricing for the
		

	 
		 

		
		   
		

		
		   
		

		
		  73
		

		
		   
		

		
		

		

		 
 

	 respective Margin Adjustment Period is at a level below Level 3
		(it being understood that, in the case of any late delivery of the financial
		statements and officer’s certificate as so required, any reduction in the
		Applicable Margin shall apply only from and after the date of the delivery of
		the complying financial statements and officer’s certificate);
		(ii) except when clause (iii) below is applicable Level 1 pricing shall
		apply for the period from the Effective Date to the date of the delivery of the
		Parent Borrower’s consolidated financial statements (and related
		officer’s certificate) in respect of its fiscal quarter ending June 30,
		2007; and (iii) Level 3 pricing shall apply at all times when any Event of
		Default is in existence.

	  

	 “Assignment
		Agreement” shall mean an assignment agreement in the form of Exhibit G
		(appropriately completed).

	  

	 “Authorized
		Officer” shall mean any senior officer of a Borrower designated as such in
		writing by such Borrower to, and found acceptable by, the Administrative
		Agent.

	  

	 “Bankruptcy
		Code” shall have the meaning provided in Section 9.05.

	  

	 “Base
		Rate” at any time shall mean the higher of (x) the rate which is 1/2 of 1%
		in excess of the Federal Funds Effective Rate and (y) the Prime Lending Rate as
		in effect from time to time.

	  

	 “Base
		Rate Loans” shall mean each Revolving Loan bearing interest at the rates
		provided in Section 1.08(a).

	  

	 “Bermuda
		Companies Law” shall mean the Companies Act 1981 of Bermuda and other
		relevant Bermuda law.

	  

	 “Borrower”
		or “Borrowers” shall mean the Parent Borrower, the Initial Designated
		Subsidiary Borrowers and each Person which is designated as a Designated
		Subsidiary Borrower after the Effective Date in accordance with Section 1.14.
		For the purposes of Sections 5, 6, 7, 8 and 9 (including the defined terms used
		therein) any reference to “Borrower” or “Borrowers” shall
		also mean, and include, the Parent Borrower in its capacity as guarantor under
		Section 13.

	  

	 “Borrowing”
		shall mean the incurrence of one Type of Revolving Loan of a single Tranche
		hereunder by any Borrower from all of the Lenders of the respective Tranche on
		a pro rata basis
		on a given date (or resulting from a conversion or conversions on such date),
		having in the case of Eurodollar Loans the same Interest Period, provided that
		Base Rate Loans incurred pursuant to Section 1.10(b) shall be considered part
		of any related Borrowing of Eurodollar Loans.

	  

	 “Borrowing
		Base” shall mean, at any time, and in respect of each Borrower, the
		aggregate amount of Cash and Eligible Securities held in the Collateral
		Accounts applicable to such Borrower under the Security Agreement at such time
		multiplied in each case by the respective Advance Rates for Cash and such
		Eligible Securities; provided that
		(a) all Cash and Eligible Securities in respect of any Borrowing Base
		shall only be included in such Borrowing Base to the extent same are subject to
		a first priority perfected security interest in favor of the 

	 
		 

		
		   
		

		
		   
		

		
		  74
		

		
		   
		

		
		

		

		 
 

	 Collateral Agent pursuant to the Security Documents and
		(b) Eligible Securities which are subject to a securities lending
		arrangement shall not be included in a Borrowing Base.

	  

	 “Borrowing
		Base Certificate” shall mean a Borrowing Base Certificate substantially in
		the form of Exhibit K hereto.

	  

	 “Business
		Day” shall mean (i) for all purposes other than as covered by clause (ii)
		below, any day, excluding Saturday, Sunday and any day which shall be in the
		City of New York a legal holiday or a day on which banking institutions are
		authorized by law or other governmental actions to close, and (ii) with respect
		to all notices and determinations in connection with, and payments of principal
		and interest on, Eurodollar Loans, any day which is a Business Day described in
		clause (i) and which is also a day for trading by and between banks in U.S.
		dollar deposits in the interbank Eurodollar market.

	  

	 “Cash
		Collateral Agreement”: shall mean the certain agreement dated as of the
		Effective Date by and between ERCA and JPMorgan Chase Bank, N.A, as amended or
		modified from time to time, relating to the Letters of Credit (as defined
		therein). 

	  

	 “Cash
		Equivalents” shall mean, as to any Person, (i) securities issued or
		directly and fully guaranteed or insured by the United States or any agency or
		instrumentality thereof (provided that
		the full faith and credit of the United States is pledged in support thereof)
		having maturities of not more than one year from the date of acquisition, (ii)
		time deposits and certificates of deposit of any commercial bank having, or
		which is the principal banking subsidiary of a bank holding company organized
		under the laws of the United States, any State thereof, the District of
		Columbia or any foreign jurisdiction having capital, surplus and undivided
		profits aggregating in excess of $200,000,000, with maturities of not more than
		one year from the date of acquisition by such Person, (iii) repurchase
		obligations with a term of not more than 90 days for underlying securities of
		the types described in clause (i) above entered into with any bank meeting the
		qualifications specified in clause (ii) above, (iv) commercial paper issued by
		any Person incorporated in the United States rated at least A-1 or the
		equivalent thereof by S&P or at least P1 or the equivalent thereof by
		Moody’s and in each case maturing not more than one year after the date of
		acquisition by such Person, (v) investments in money market funds substantially
		all of whose assets are comprised of securities of the types described in
		clauses (i) through (iv) above.

	  

	 “Change
		of Control” shall mean the occurrence of any of the following events or
		conditions: (a) any Person or group of Persons (as used in Sections 13 and 14
		of the Securities Exchange Act of 1934, as amended, and the rules and
		regulations thereunder), shall have become the beneficial owner (as defined in
		rules promulgated by the SEC) of more than 35% of the voting securities of the
		Parent Borrower; or (b) a majority of the members of the Parent Borrower’s
		board of directors are persons who are then serving on the board of directors
		without having been elected by the board of directors or having been nominated
		for election by its shareholders.

	  

	 “Claims”
		shall have the meaning provided in Section 12.01.

	 
		 

		
		   
		

		
		   
		

		
		  75
		

		
		   
		

		
		

		

		 
 

	 “Code”
		shall mean the Internal Revenue Code of 1986, as amended from time to time, and
		the regulations promulgated and rulings issued thereunder. Section references
		to the Code are to the Code, as in effect at the date of this Agreement and any
		subsequent provisions of the Code, amendatory thereof, supplemental thereto or
		substituted therefor.

	  

	 “Collateral”
		shall have the meaning provided in the Security Agreement.

	  

	 “Collateral
		Account” shall have the meaning provided in the Security Agreement.
		

	  

	 “Collateral
		Agent” shall have the meaning provided in the Security
		Agreement.

	  

	 “Commitment”
		shall mean, collectively, the Tranche 1 Commitments and the Tranche 2
		Commitments.

	  

	 “Commitment
		Expiration Date” shall mean May 8, 2012.

	  

	 “Consolidated
		Indebtedness” shall mean, as of any date of determination, (i) all
		Indebtedness for borrowed money of the Parent Borrower and its Subsidiaries at
		such time determined on a consolidated basis in accordance with GAAP
		plus (ii)
		any Indebtedness for borrowed money of any other Person as to which the Parent
		Borrower and/or any of its Subsidiaries has created a guarantee or other
		Contingent Obligation (but only to the extent of such guarantee or other
		Contingent Obligation). For the avoidance of doubt, “Consolidated
		Indebtedness” shall not include any contingent obligations of any Person
		under or in connection with letters of credit or similar facilities so long as
		no drawings or payments have been made in respect thereof.

	  

	 “Consolidated
		Net Worth” shall mean, as of any date of determination, the Net Worth of
		the Parent Borrower and its Subsidiaries determined on a consolidated basis in
		accordance with GAAP after appropriate deduction for any minority interests in
		Subsidiaries.

	  

	 “Consolidated
		Tangible Net Worth” shall mean, as of the date of any determination,
		Consolidated Net Worth of the Parent Borrower and its Subsidiaries on such date
		less the amount of all intangible items included therein, including, without
		limitation, goodwill, franchises, licenses, patents, trademarks, trade names,
		copyrights, service marks, brand names and write-ups of assets.

	  

	 “Consolidated
		Total Capital” shall mean, as of any date of determination, the sum of (i)
		Consolidated Indebtedness and (ii) Consolidated Net Worth at such
		time.

	  

	 “Contingent
		Obligations” shall mean, as to any Person, any obligation of such Person
		guaranteeing or intended to guarantee any Indebtedness, leases, dividends or
		other obligations (“primary obligations”) of any other Person (the
		“primary obligor”) in any manner, whether directly or indirectly,
		including, without limitation, any obligation of such Person, whether or not
		contingent, (a) to purchase any such primary obligation or any property
		constituting direct or indirect security therefor, (b) to advance or supply
		funds (i) for the purchase or payment of any such primary obligation or (ii) to
		maintain working capital or equity capital of the primary obligor or otherwise
		to maintain the net worth or solvency of the primary obligor, (c) to purchase
		property, securities or services primarily for the purpose of assuring the
		

	 
		 

		
		   
		

		
		   
		

		
		  76
		

		
		   
		

		
		

		

		 
 

	 owner of any such primary obligation of the ability of the primary
		obligor to make payment of such primary obligation or (d) otherwise to assure
		or hold harmless the owner of such primary obligation against loss in respect
		thereof;
		provided,
		however, that
		the term Contingent Obligation shall not include (x) endorsements of
		instruments for deposit or collection in the ordinary course of business, (y)
		obligations of any Regulated Insurance Company under Insurance Contracts,
		Reinsurance Agreements or Retrocession Agreements or (z) trusts or similar
		arrangements related to Insurance Contracts, Reinsurance Agreements or
		Retrocession Agreements. The amount of any Contingent Obligation shall be
		deemed to be an amount equal to the stated or determinable amount of the
		primary obligation in respect of which such Contingent Obligation is made or,
		if not stated or determinable, the maximum reasonably anticipated liability in
		respect thereof (assuming such Person is required to perform thereunder) as
		determined by such Person in good faith.

	  

	 “Credit
		Documents” shall mean this Agreement, the Notes, each Assignment
		Agreement, each DSB Assumption Agreement, each Security Document and all other
		documents, instruments and agreements entered into in connection herewith or
		therewith.

	  

	 “Default”
		shall mean any event, act or condition which, with notice or lapse of time, or
		both, would constitute an Event of Default.

	  

	 “Defaulting
		Lender” shall mean any Lender with respect to which a Lender Default is in
		effect.

	  

	 “Designated
		Subsidiary Borrower” shall mean (a) ESI, (b) EUHC, (c) EWHL, (d) EWIL
		and (e) each Person which is designated as an additional Designated Subsidiary
		Borrower after the Effective Date in accordance with Section 1.14.

	  

	 “Dispositions”
		shall have the meaning provided in Section 8.02(b).

	  

	 “Dollar”
		and the sign “$” shall each mean freely transferable lawful money of
		the United States.

	  

	 “DSB
		Assumption Agreement” shall mean an assumption agreement in the form of
		Exhibit H.

	  

	 “Effective
		Date” shall have the meaning set forth in this Amended and Restated Credit
		Agreement.

	  

	 “Eligible
		Securities” shall have the meaning provided in the definition of the term
		Advance Rates.

	  

	 “End
		Date” shall mean, with respect to any Margin Adjustment Period, the last
		day of such Margin Adjustment Period.

	  

	 “Equity
		Interests” shall mean, with respect to any Person, shares of capital stock
		of (or other ownership or profit interests in) such Person, warrants, options
		or other rights for the purchase or other acquisition from such Person of
		shares of capital stock of (or other ownership or profit interests in) such
		Person, securities convertible into or exchangeable for shares of 

	 
		 

		
		   
		

		
		   
		

		
		  77
		

		
		   
		

		
		

		

		 
 

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

	  

	 “ERCA”
		shall mean Endurance Reinsurance Corporation of America, a corporation
		organized under the laws of the State of New York. 

	  

	 “ERISA”
		shall mean the Employee Retirement Income Security Act of 1974, as amended from
		time to time and the regulations promulgated and rulings issued thereunder.
		Section references to ERISA are to ERISA, as in effect at the date of this
		Agreement and any subsequent provisions of ERISA, amendatory thereof,
		supplemental thereto or substituted therefor.

	  

	 “ERISA
		Affiliate” shall mean any corporation or trade or business which is a
		member of the same controlled group of corporations (within the meaning of
		Section 414(b) of the Code) as the Parent Borrower or any of its Subsidiaries
		or is under common control (within the meaning of Section 414(c) of the Code)
		with the Parent Borrower or any of its Subsidiaries.

	  

	 “ESI”
		shall mean Endurance Specialty Insurance Ltd., a company organized under the
		laws of Bermuda.

	  

	 “EUHC”
		shall mean Endurance U.S. Holdings Corp., a corporation organized under the
		laws of Delaware.

	  

	 “Eurodollar
		Loans” shall mean each Revolving Loan bearing interest at the rates
		provided in Section 1.08(b).

	  

	 “Eurodollar
		Rate” shall mean, with respect to each Interest Period for a Eurodollar
		Loan, (i) the rate per annum that appears on Reuters Screen LIBOR01 Page (or
		any successor page) for Dollar deposits with maturities comparable to such
		Interest Period as of 11:00 A.M. (London time) on the date which is two
		Business Days prior to the commencement of such Interest Period or, if such a
		rate does not appear on Reuters Screen LIBOR01 Page (or any successor page),
		the offered quotations to first-class banks in the London interbank market by
		JPMorgan Chase Bank, N.A. for Dollar deposits of amounts in same day funds
		comparable to the outstanding principal amount of such Dollar denominated
		Revolving Loan with maturities comparable to such Interest Period determined as
		of 11:00 A.M. (London time) on the date which is two Business Days prior to the
		commencement of such Interest Period divided (and rounded upward to the next
		whole multiple of 1/16 of 1%) by (ii) a percentage equal to 100% minus the then
		stated maximum rate of all reserve requirements (including, without limitation,
		any marginal, emergency, supplemental, special or other reserves) applicable to
		any member bank of the Federal Reserve System in respect of Eurocurrency
		liabilities as defined in Regulation D (or any successor category of
		liabilities under Regulation D).

	  

	 “Event
		of Default” shall have the meaning provided in Section 9.

	 
		 

		
		   
		

		
		   
		

		
		  78
		

		
		   
		

		
		

		

		 
 

	 “EWHL”
		shall mean Endurance Worldwide Holdings Limited, a company organized under the
		laws of England.

	  

	 “EWIL”
		shall mean Endurance Worldwide Insurance Limited, a company organized under the
		laws of England.

	  

	 “Existing
		Credit Agreement” shall have the meaning provided in the recitals.
		

	  

	 “Existing
		Lender Agreement” shall mean an Existing Lender Agreement substantially in
		the form of Exhibit M (appropriately completed).

	  

	 “Existing
		Letters of Credit” shall mean, collectively, Existing Tranche 1 Letters of
		Credit and Existing Tranche 2 Letters of Credit.

	  

	 “Existing
		Tranche 1 Letter of Credit” shall have the meaning provided in Section
		2A.08(a).

	  

	 “Existing
		Tranche 2 Letter of Credit” shall have the meaning provided in Section
		2B.08(a).

	  

	 “Expiration
		Date” shall mean May 8, 2007.

	  

	 “Facility
		Fees” shall mean, collectively, the Tranche 1 Facility Fee and the Tranche
		2 Facility Fee.

	  

	 “Federal
		Funds Effective Rate” shall mean for any period, a fluctuating interest
		rate equal for each day during such period to the weighted average of the rates
		on overnight Federal Funds transactions with members of the Federal Reserve
		System arranged by Federal Funds brokers, as published for such day (or, if
		such day is not a Business Day, for the next preceding Business Day) by the
		Federal Reserve Bank 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 such day on such
		transactions received by the Administrative Agent from three Federal Funds
		brokers of recognized standing selected in good faith by the Administrative
		Agent.

	  

	 “Federal
		Reserve System” shall mean the Federal Reserve System of the United States
		of America.

	  

	 “Fees”
		shall mean all amounts payable pursuant to, or referred to in, Section
		3.01. 

	  

	 “Final
		Maturity Date” shall mean the date when the Commitment Expiration Date has
		occurred, all Letters of Credit have expired or terminated and all amounts
		owing hereunder have been paid in full.

	  

	 “Financial
		Statement Delivery Date” shall mean each date upon which the respective
		officer’s certificate is delivered pursuant to Section 7.01(c) (together
		with the related financial statements pursuant to Section
		7.01(a)).

	 
		 

		
		   
		

		
		   
		

		
		  79
		

		
		   
		

		
		

		

		 
 

	 “Foreign
		Pension Plan” shall mean any plan, fund (including, without limitation,
		any superannuation fund) or other similar program established or maintained
		outside the United States of America by the Parent Borrower or any one or more
		of its Subsidiaries primarily for the benefit of employees of the Parent
		Borrower or such Subsidiaries residing outside the United States of America,
		which plan, fund or other similar program provides, or results in, retirement
		income, a deferral of income in contemplation of retirement or payments to be
		made upon termination of employment, and which plan is not subject to ERISA or
		the Code.

	  

	 “Fronted
		Letter of Credit Limit” shall mean $300,000,000, as such amount may be
		increased as provided for in Sections
 1.15(a) and 1.16(a).

	  

	 “GAAP”
		shall mean generally accepted accounting principles in the United States of
		America; it being understood and agreed that determinations in accordance with
		GAAP for purposes of Section 8, including defined terms as used therein, are
		subject (to the extent provided therein) to Section 12.07(a).

	  

	 “Governmental
		Authority” shall mean 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, including any Applicable Insurance Regulatory
		Authority.

	  

	 “Guaranteed
		Creditors” shall mean and include each of the Administrative Agent, the
		Lenders and the Issuing Agent.

	  

	 “Indebtedness”
		of any Person shall mean, without duplication, (i) all indebtedness of such
		Person for borrowed money, (ii) the deferred purchase price of assets or
		services which in accordance with GAAP would be shown on the liability side of
		the balance sheet of such Person, (iii) the face amount of all letters of
		credit issued for the account of such Person and, without duplication, all
		drafts drawn thereunder, (iv) all indebtedness of a type referred to in clauses
		(i) through (iii) or (v) through (vii) of this definition of a second Person
		secured by any Lien on any property owned by such first Person, whether or not
		such Indebtedness has been assumed, (v) all capitalized lease obligations of
		such Person, (vi) all obligations of such Person under Interest Rate Protection
		Agreements and (vii) all Contingent Obligations of such Person with respect to
		any of the foregoing; provided that,
		Indebtedness shall not include (x) trade payables (including payables under
		insurance contracts and reinsurance payables) and accrued expenses, in each
		case arising in the ordinary course of business and (y) obligations with
		respect to Policies.

	  

	 “Initial
		Designated Subsidiary Borrowers” shall mean those Designated Subsidiary
		Borrowers set forth in clauses (a) through (d), inclusive, of the definition
		thereof.

	  

	 “Insurance
		Business” shall mean one or more aspects of the business of selling,
		issuing or underwriting insurance or reinsurance.

	  

	 “Insurance
		Contract” shall mean any insurance contract or policy issued by a
		Regulated Insurance Company but shall not include any Reinsurance Agreement or
		Retrocession Agreement.

	 
		 

		
		   
		

		
		   
		

		
		  80
		

		
		   
		

		
		

		

		 
 

	 “Insurance
		Licenses” shall mean, with respect to each Regulated Insurance Company,
		licenses (including, without limitation, licenses or certificates of authority
		from Applicable Insurance Regulatory Authorities), permits or authorizations to
		transact insurance and reinsurance business held by such Regulated Insurance
		Company.

	  

	 “Interest
		Period” shall mean, with respect to any Eurodollar Loan, the interest
		period applicable thereto, as determined pursuant to Section 1.09.

	  

	 “Interest
		Rate Protection Agreement” shall mean any interest rate swap agreement,
		interest rate cap agreement, interest rate collar agreement, interest rate
		hedging agreement or other similar agreement or arrangement.

	  

	 “Intermediate
		Holding Companies” shall mean, collectively, (x) EUHC and (y) any other
		Subsidiary of the Parent Borrower that is designated as an additional
		Designated Subsidiary Borrower after the Effective Date and is a “holding
		company” (i.e. such
		Designated Subsidiary Borrower does not own any material assets other than the
		equity interests of its direct Subsidiaries).

	  

	 “Investment
		Grade Securities” shall mean and include (i) U.S. Government Obligations
		(other than Cash Equivalents), (ii) debt securities or debt instruments with a
		rating of BBB- or higher by S&P, Baa3 or higher by Moody’s, Class (2)
		or higher by NAIC or the equivalent of such rating by S&P, Moody’s or
		NAIC, or if none of S&P, Moody’s and NAIC shall then exist, the
		equivalent of such rating by any other nationally recognized securities rating
		agency, but excluding any debt securities or instruments constituting loans or
		advances among the Parent Borrower and its Wholly-Owned Subsidiaries, and (iii)
		any fund investing exclusively in investments of the type described in clauses
		(i) and (ii) which funds may also hold immaterial amounts of cash pending
		investment and/or distribution.

	  

	 “Issuing
		Agent” shall mean JPMorgan Chase Bank, N.A.

	  

	 “Issuing
		Lender” shall mean JPMorgan Chase Bank, N.A. or any other Lender that
		agrees to become an Issuing Lender under Sections 2A or 2B.

	  

	 “Legal
		Requirements” shall mean all applicable laws, rules and regulations made
		by any governmental body or regulatory authority (including, without
		limitation, any Applicable Insurance Regulatory Authority) having jurisdiction
		over the Parent Borrower or a Subsidiary of the Parent Borrower.

	  

	 “Lender”
		shall have the meaning provided in the first paragraph of this
		Agreement.

	  

	 “Lender
		Default” shall mean (i) the refusal (which has not been retracted) of a
		Lender to make available its portion of any Borrowing or (ii) a Lender having
		notified the Administrative Agent and/or the applicable Borrower that it does
		not intend to comply with its obligations under Sections 1.01, 2A or 2B, in the
		case of either clause (i) or (ii) above as a result of the appointment of a
		receiver or conservator with respect to such Lender at the direction or request
		of any regulatory agency or authority.

	 
		 

		
		   
		

		
		   
		

		
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	 “Letter
		of Credit Outstandings” shall mean, collectively, the Tranche 1 Letter of
		Credit Outstandings and the Tranche 2 Letter of Credit
		Outstandings.

	  

	 “Letter
		of Credit Supportable Obligations” shall mean obligations of the Parent
		Borrower or any of its Subsidiaries to any other Person which are permitted to
		exist pursuant to the terms of this Agreement.

	  

	 “Letters
		of Credit” shall mean, collectively, the Tranche 1 Letters of Credit and
		the Tranche 2 Letters of Credit.

	  

	 “Leverage
		Ratio” shall mean the ratio of (i) Consolidated Indebtedness to (ii)
		Consolidated Total Capital.

	  

	 “Lien”
		shall mean any mortgage, pledge, security interest, encumbrance, lien or charge
		of any kind (including any agreement to give any of the foregoing, any
		conditional sale or other title retention agreement or any lease in the nature
		thereof), or any understanding or agreement to repurchase any property or
		assets sold by the Parent Borrower or any of its Subsidiaries (including sales
		of accounts receivable or notes with recourse to the Parent Borrower or any of
		its Subsidiaries), or the assignment of any right to receive income, or the
		filing of any financing statement under the UCC or any other similar notice
		under any similar recording or notice statute relating to any
		property.

	  

	 “Majority
		Tranche 1 Lenders” shall mean, at any time, Tranche 1 Lenders whose
		Tranche 1 Commitments (or, after the Tranche 1 Commitments have terminated, the
		sum of such Tranche 1 Lenders’ (x) then outstanding Tranche 1 Revolving
		Loans plus (y)
		Tranche 1 Percentages of the Tranche 1 Letter of Credit Outstandings at such
		time) represent an amount greater than 50% of the Total Tranche 1 Commitment
		(or after the termination thereof, the sum of (x) the then total outstanding
		Tranche 1 Revolving Loans plus (y) the
		Tranche 1 Letter of Credit Outstandings at such time).

	  

	 “Margin
		Adjustment Period” shall mean each period which shall commence on the date
		upon which the respective officer’s certificate is delivered pursuant to
		Section 7.01(c) (together with the related financial statements pursuant to
		Section 7.01(a) or (b), as the case may be) and which shall end on the date of
		actual delivery of the next officer’s certificate pursuant to
		Section 7.01(c) (and related financial statements) or the latest date on
		which such next officer’s certificate (and related financial statements)
		is required to be so delivered; it being understood that the first Margin
		Adjustment Period shall commence with the delivery of the Parent
		Borrower’s financial statements (and related officer’s certificate)
		in respect of its fiscal quarter ending June 30, 2007.

	  

	 “Margin
		Stock” shall have the meaning provided in Regulation U.

	  

	 “Material
		Adverse Effect” shall mean, (i) a material adverse effect on the business,
		operations, property or financial condition of the Parent Borrower and its
		Subsidiaries taken as a whole or (ii) a material adverse effect on (x) the
		rights and remedies of the Administrative Agent or the Lenders under the Credit
		Documents, (y) the ability of any Borrower to perform its obligations under the
		Credit Documents to which it is a party or (z) the legality, validity or
		enforceability of any Credit Document.

	 
		 

		
		   
		

		
		   
		

		
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	 “Material
		Subsidiary” shall mean any Subsidiary of the Parent Borrower whose (i)
		total assets or total written premiums exceed 10% of the total assets or gross
		written premiums, respectively, of the Parent Borrower and its Subsidiaries on
		a consolidated basis as of the most recent fiscal quarter end and for the most
		recent fiscal quarter period, respectively, determined in accordance with GAAP
		or (ii) gross written premiums of such Subsidiary are in excess of
		$50,000,000.

	  

	 “Moody’s”
		shall mean Moody’s Investors Service, Inc. and its
		successors.

	  

	 “Multiemployer
		Plan” shall mean any multiemployer plan as defined in Section 4001(a)(3)
		of ERISA, which is maintained or contributed to by (or to which there is an
		obligation to contribute of) the Parent Borrower, any of its Subsidiaries or
		any of its ERISA Affiliates, and each such plan for the five year period
		immediately following the latest date on which the Parent Borrower, such
		Subsidiary or such ERISA Affiliate maintained, contributed to or had an
		obligation to contribute to such plan.

	  

	 “NAIC”
		shall mean the National Association of Insurance Commissioners.

	  

	 “Net
		Worth” shall mean, as to any Person, the sum of its capital stock
		(including, without limitation, its preferred stock), capital in excess of par
		or stated value of shares of its capital stock (including, without limitation,
		its preferred stock), retained earnings and any other account which, in
		accordance with GAAP, constitutes stockholders equity, but excluding (i) any
		treasury stock and (ii) the effects of Financial Accounting Statement No.
		115.

	  

	 “Note”
		shall mean, collectively, each Tranche 1 Note and each Tranche 2
		Note.

	  

	 “Notice
		of Borrowing” shall have the meaning provided in Section
		1.03.

	  

	 “Notice
		of Conversion” shall have the meaning provided in Section
		1.06.

	  

	 “Notice
		of Non-Extension” shall have the meaning provided in Section
		2A.05.

	  

	 “Notice
		Office” shall mean, with respect to notices related to Revolving Loans,
		JPMorgan Chase Bank, N.A., 1111 Fannin Street, Houston, Texas 77002-6925, Attn:
		Andrew Perkins and, with respect to notices related to Letters of Credit,
		JPMorgan Chase Bank, N.A., 10420 Highland Manor Drive, 4th Floor, Tampa,
		Florida 33610-8128, Attn: Vera Kostic, or such other office as the
		Administrative Agent may designate to the Parent Borrower and the Lenders from
		time to time.

	  

	 “Obligations”
		shall mean all amounts, direct or indirect, contingent or absolute, of every
		type or description, and at any time existing, owing to the Administrative
		Agent, the Issuing Agent or any Lender pursuant to the terms of this Agreement
		or any other Credit Document.

	  

	 “Optional
		Currency” shall mean Canadian dollars, euros and British pounds sterling
		and to the extent generally available to all Lenders, Australian dollars and
		Japanese yen (or other currencies as are requested by a Borrower and reasonably
		acceptable to the applicable Lenders).

	 
		 

		
		   
		

		
		   
		

		
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	 “Original
		Lenders” shall mean each Person which was a “Tranche 1 Lender”
		or a “Tranche 2 Lender” under, and as defined in, the Existing Credit
		Agreement.

	  

	 “Overnight
		Eurodollar Rate” shall mean, with respect to any day in any period during
		which a reimbursement obligation in respect of any Letter of Credit denominated
		in an Optional Currency is outstanding, (i) the offered quotations by JPMorgan
		Chase Bank, N.A. to first-class banks in the New York interbank market (or such
		other market in which JPMorgan Chase Bank, N.A. customarily deals at such time)
		for deposits in such Optional Currency of amounts in same day funds
		approximately comparable to such reimbursement obligations with a maturity of
		the next Business Day determined as of 10:00 A.M. (New York time) (or, if
		later, the time on such day on which such reimbursement obligation arose) on
		such day (or if such day is not a Business Day, the next preceding Business
		Day) divided (and rounded upward to the next whole multiple of 1/16 of 1%) by
		(ii) a percentage equal to 100% minus the then stated maximum rate of all
		reserve requirements (including, without limitation, any marginal, emergency,
		supplemental, special or other reserves) applicable to any member bank of the
		Federal Reserve System in respect of “Eurocurrency liabilities” as
		defined in Regulation D (or any successor category of liabilities under
		Regulation D).

	  

	 “Parent
		Borrower” shall have the meaning provided in the first paragraph of this
		Agreement. For the purposes of Sections 5, 6, 7, 8 and 9 (including the defined
		terms used therein) any reference to “Parent Borrower” shall also
		mean, and include, the Parent Borrower in its capacity as a guarantor under
		Section 13.

	  

	 “Parent
		Borrower Guaranteed Obligations” shall mean the principal of and interest
		on all Revolving Loans incurred by any Designated Subsidiary Borrower and all
		reimbursement obligations and Unpaid Drawings with respect to Letters of Credit
		issued for the account of any Designated Subsidiary Borrower, together with all
		the other obligations (including obligations which, but for the automatic stay
		under Section 362(a) of the Bankruptcy Code, would become due) and liabilities
		(including, without limitation, indemnities, fees and interest thereon) of any
		Designated Subsidiary Borrower to any Lender, the Administrative Agent and the
		Issuing Agent now existing or hereafter incurred under, arising out of or in
		connection with, this Agreement and each other Credit Document pursuant to
		which any Designated Subsidiary Borrower is a party and the due performance and
		compliance by any such Designated Subsidiary Borrower with all the terms,
		conditions and agreements contained in this Agreement and each such other
		Credit Document.

	  

	 “Parent
		Borrower Guaranty” shall mean the guaranty of the Parent Borrower provided
		in Section 13.

	  

	 “Patriot
		Act” shall have the meaning set forth in Section 12.17.

	  

	 “Payment
		Office” shall mean the office of the Administrative Agent at 1111 Fannin,
		Houston, Texas 77002, Attention: Andrew Perkins, Telephone: (713) 750-3510,
		Facsimile: (713) 750-2223, or such other office as the Administrative Agent may
		designate to the Parent Borrower and the Lenders from time to
		time.

	 
		 

		
		   
		

		
		   
		

		
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	 “PBGC”
		shall mean the Pension Benefit Guaranty Corporation established pursuant to
		Section 4002 of ERISA, or any successor thereto.

	  

	 “Person”
		shall mean any individual, partnership, joint venture, firm, corporation,
		association, trust or other enterprise or any government or political
		subdivision or any agency, department or instrumentality thereof.

	  

	 “Plan”
		shall mean any pension plan as defined in Section 3(2) of ERISA and subject to
		Title IV of ERISA, which is maintained or contributed to by (or to which there
		is an obligation to contribute of) the Parent Borrower or any of its
		Subsidiaries or any of its ERISA Affiliates, and each such plan for the five
		year period immediately following the latest date on which the Parent Borrower,
		any of its Subsidiaries or any of its ERISA Affiliates maintained, contributed
		to or had an obligation to contribute to such plan.

	  

	 “Policies”
		shall mean all insurance policies, annuity contracts, guaranteed interest
		contracts and funding agreements (including riders to any such policies or
		contracts, certificates issued with respect to group life insurance or annuity
		contracts and any contracts issued in connection with retirement plans or
		arrangements) and assumption certificates issued or to be issued (or filed
		pending current review by applicable Governmental Authorities) by any Regulated
		Insurance Company and any coinsurance agreements entered into or to be entered
		into by any Regulated Insurance Company.

	  

	 “Prime
		Lending Rate” shall mean the rate which JPMorgan Chase Bank, N.A.
		announces from time to time as its prime commercial lending rate, the Prime
		Lending Rate to change when and as such prime commercial lending rate changes.
		The Prime Lending Rate is a reference rate and does not necessarily represent
		the lowest or best rate actually charged to any customer. JPMorgan Chase Bank,
		N.A. may make commercial loans or other loans at rates of interest at, above or
		below the Prime Lending Rate.

	  

	 “Private
		Act” shall mean separate legislation enacted in Bermuda with the intention
		that such legislation apply specifically to any Borrower, in whole or in
		part.

	  

	 “Register”
		shall have the meaning provided in Section 12.16.

	  

	 “Regulated
		Insurance Company” shall mean any Subsidiary of the Parent Borrower,
		whether now owned or hereafter acquired, that is authorized or admitted to
		carry on or transact Insurance Business in any jurisdiction and is regulated by
		any Applicable Insurance Regulatory Authority.

	  

	 “Regulation
		D” shall mean Regulation D of the Board of Governors of the Federal
		Reserve System as from time to time in effect and any successor to all or a
		portion thereof establishing reserve requirements.

	  

	 “Regulation
		U” shall mean Regulation U of the Board of Governors of the Federal
		Reserve System as from time to time in effect and any successor to all or a
		portion thereof establishing margin requirements.

	 
		 

		
		   
		

		
		   
		

		
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	 “Reinsurance
		Agreement” shall mean any agreement, contract, treaty, certificate or
		other arrangement whereby any Regulated Insurance Company agrees to transfer,
		cede or retrocede to another insurer or reinsurer all or part of the liability
		assumed or assets held by such Regulated Insurance Company under a policy or
		policies of insurance issued by such Regulated Insurance Company or under a
		reinsurance agreement assumed by such Regulated Insurance Company.

	  

	 “REMIC”
		shall mean Real Estate Mortgage Investment Conduit.

	  

	 “Replaced
		Lender” shall have the meaning provided in Section 1.13.

	  

	 “Replacement
		Lender” shall have the meaning provided in Section 1.13.

	  

	 “Required
		Lenders” shall mean, at any time, Lenders whose Commitments (or, after the
		Commitments have terminated, the sum of such Lenders’ (x) then outstanding
		Revolving Loans plus (y)
		Tranche 1 Percentages of the Tranche 1 Letter of Credit Outstandings at such
		time plus (z)
		Tranche 2 Percentages of the Tranche 2 Letter of Credit Outstandings at such
		time) represent an amount greater than 50% of the Total Commitment (or after
		the termination thereof, the sum of (x) the then total outstanding Revolving
		Loans plus (y) the
		Tranche 1 Letter of Credit Outstandings at such time plus (z) the
		Tranche 2 Letter of Credit Outstandings at such time).

	  

	 “Retrocession
		Agreement” shall mean any agreement, contract, treaty or other arrangement
		whereby one or more insurers or reinsurers, as retrocessionaires, assume
		liabilities of reinsurers under a Reinsurance Agreement or other
		retrocessionaires under another Retrocession Agreement.

	  

	 “Revolving
		Loans” shall mean, collectively, each Tranche 1 Revolving Loan and each
		Tranche 2 Revolving Loan.

	  

	 “S&P”
		shall mean Standard & Poor’s Ratings Services and its
		successors.

	  

	 “S&P
		Equivalent Rating” shall mean, with respect to any Investment Grade
		Security, the rating given such security by S&P or the S&P equivalent
		rating of the rating given such security by Moody’s or NAIC, it being
		understood that if any such security is rated by more than one of S&P,
		Moody’s and NAIC and any of such ratings (or the S&P equivalent of
		such ratings) differ, then the S&P Equivalent Rating for such security
		shall be the lower or lowest, as the case may be, of such ratings (or the
		S&P equivalent of such ratings).

	  

	 “SAP”
		shall mean, with respect to any Regulated Insurance Company, the accounting
		procedures and practices prescribed or permitted by the Applicable Insurance
		Regulatory Authority of the state in which such Regulated Insurance Company is
		domiciled; it being understood and agreed that determinations in accordance
		with SAP for purposes of Section 8, including defined terms as used
		therein, are subject (to the extent provided therein) to Section
		12.07(a).

	  

	 “SEC”
		shall mean the Securities and Exchange Commission or any successor
		thereto.

	 
		 

		
		   
		

		
		   
		

		
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	 “SEC
		Regulation D” shall mean Regulation D as promulgated under the Securities
		Act of 1933, as amended, as the same may be in effect from time to
		time.

	  

	 “Section
		4.04(b)(ii) Certificate” shall have the meaning provided in
		Section 4.04(b)(ii).

	  

	 “Security
		Agreement” means the security agreement substantially in the form of
		Exhibit L hereto, as the same may be amended, modified or supplemented from
		time to time in accordance with the provisions thereof.

	  

	 “Security
		Documents” shall mean (i) the Security Agreement, (ii) the Account Control
		Agreement, (iii) each other security agreement executed and delivered pursuant
		to Section 7.13 of this Agreement and (iv) each other document, agreement,
		certificate and/or financing statement, executed, delivered, made or filed
		pursuant to the terms of the documents specified in foregoing clauses (i), (ii)
		and (iii).

	  

	 “Start
		Date” shall mean, with respect to any Margin Adjustment Period, the first
		day of such Margin Adjustment Period.

	  

	 “Stated
		Amount” of each Letter of Credit shall mean, at any time, the maximum
		amount available to be drawn thereunder (regardless of whether any conditions
		for drawing could be met).

	  

	 “Statutory
		Statements” shall mean, with respect to any Regulated Insurance Company
		for any fiscal year, the annual or quarterly financial statements of such
		Regulated Insurance Company as required to be filed with the Insurance
		Regulatory Authority of its jurisdiction of domicile and in accordance with the
		laws of such jurisdiction, together with all exhibits, schedules, certificates
		and actuarial opinions required to be filed or delivered
		therewith.

	  

	 “Subsidiary”
		of any Person shall mean and include (i) any corporation more than 50% of whose
		stock of any class or classes having by the terms thereof ordinary voting power
		to elect a majority of the directors of such corporation (irrespective of
		whether or not at the time stock of any class or classes of such corporation
		shall have or might have voting power by reason of the happening of any
		contingency) is at the time owned by such Person directly or indirectly through
		Subsidiaries and (ii) any partnership, association, joint venture or other
		entity in which such Person directly or indirectly through Subsidiaries has
		more than a 50% voting interest at the time for the board of directors or
		equivalent body. Unless otherwise expressly provided, all references to
		“Subsidiary” shall mean a Subsidiary of the Parent
		Borrower.

	  

	 “Taxes”
		shall have the meaning provided in Section 4.04(a).

	  

	 “Test
		Date” shall mean, with respect to any Start Date, the last day of the most
		recent fiscal quarter of the Parent Borrower ended immediately prior to such
		Start Date.

	  

	 “Total
		Commitment” shall mean the sum of (i) the Total Tranche 1 Commitment
		plus (ii)
		the Total Tranche 2 Commitment.

	 
		 

		
		   
		

		
		   
		

		
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	 “Total
		Tranche 1 Commitment” shall mean the sum of the Tranche 1 Commitments of
		each Tranche 1 Lender.

	  

	 “Total
		Tranche 2 Commitment” shall mean the sum of the Tranche 2 Commitments of
		each Tranche 2 Lender.

	  

	 “Total
		Unutilized Tranche 1 Commitment” shall mean, at any time, an amount equal
		to the remainder of (x) the Total Tranche 1 Commitment then in effect less (y)
		the sum of the aggregate principal amount of Tranche 1 Revolving Loans then
		outstanding and the Tranche 1 Letter of Credit Outstandings at such
		time.

	  

	 “Total
		Unutilized Tranche 2 Commitment” shall mean, at any time, an amount equal
		to the remainder of (x) the Total Tranche 2 Commitment then in effect
		less (y) the
		sum of the aggregate principal amount of Tranche 2 Revolving Loans then
		outstanding and the Tranche 2 Letter of Credit Outstandings at such
		time.

	  

	 “Tranche”
		shall mean, at any time, the respective facility and commitments utilized in
		making Revolving Loans and/or issuing Letters of Credit hereunder, with there
		being three separate Tranches hereunder, i.e.,
		Tranche 1 Commitments and Tranche 2 Commitments.

	  

	 “Tranche
		1 Commitment” shall mean, with respect to each Tranche 1 Lender, the
		amount set forth opposite such Tranche 1 Lender’s name on Annex I under
		the heading “Tranche 1 Commitment”, as the same may be (x) reduced or
		terminated pursuant to Sections 3.02, 3.03 and/or 9, (y) increased from time to
		time pursuant to Section 1.15 or 1.17 or (z) adjusted from time to time as a
		result of assignment to or from such Lender pursuant to Section
		12.04(b).

	  

	 “Tranche
		1 Facility Fee” shall have the meaning provided in Section
		3.01(a).

	  

	 “Tranche
		1 Fees” shall mean the Tranche 1 Facility Fee, the Tranche 1 Utilization
		Fee, the Tranche 1 Letter of Credit Fee and the Tranche 1 Fronted Letter of
		Credit Fee.

	  

	 “Tranche
		1 Fronted Letter of Credit” shall mean any Tranche 1 Letter of Credit
		issued by an Issuing Lender in reliance on the agreements of the other Lenders
		set forth in Section 2A.09.

	  

	 “Tranche
		1 Fronted Letter of Credit Fee” shall have the meaning provided in Section
		3.01(e).

	  

	 “Tranche
		1 Fronted Letter of Credit Participants” shall have the meaning provided
		in Section 2A.09.

	  

	 “Tranche
		1 Lenders” shall mean each Lender with a Tranche 1 Commitment, outstanding
		Revolving Loans and/or Tranche 1 Letter of Credit Outstandings.

	  

	 “Tranche
		1 Letter of Credit” shall have the meaning provided in Section
		2A.01(a).

	  

	 “Tranche
		1 Letter of Credit Fee” shall have the meaning provided in Section
		3.01(e).

	 
		 

		
		   
		

		
		   
		

		
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	 “Tranche
		1 Letter of Credit Outstandings” shall mean, at any time, the sum of,
		without duplication (i) the aggregate Stated Amount of all Tranche 1 Letters of
		Credit plus (ii)
		the aggregate amount of all Tranche 1 Unpaid Drawings in respect of all Tranche
		1 Letters of Credit.

	  

	 “Tranche
		1 Letter of Credit Request” shall have the meaning provided in Section
		2A.02(a).

	  

	 “Tranche
		1 Non-Fronted Letter of Credit” shall mean any Tranche 1 Letter of Credit
		other than a Tranche 1 Fronted Letter of Credit.

	  

	 “Tranche
		1 Note” shall have the meaning provided in Section 1.05(a).

	  

	 “Tranche
		1 Obligations” shall mean all Obligations owing to any Tranche 1 Lender or
		the Issuing Lender in respect of Tranche 1 Revolving Loans and Tranche 1
		Letters of Credit. 

	  

	 “Tranche
		1 Participant” shall have the meaning provided in Section
		2A.08(a).

	  

	 “Tranche
		1 Percentage” shall mean, at any time for each Tranche 1 Lender, the
		percentage obtained by dividing such Tranche 1 Lender’s Tranche 1
		Commitment at such time by the Total Tranche 1 Commitment then in effect,
		provided that,
		if the Total Tranche 1 Commitment has been terminated, the Tranche 1 Percentage
		of each Tranche 1 Lender shall be determined by dividing such Tranche 1
		Lender’s Tranche 1 Commitment as in effect immediately prior to such
		termination by the Total Tranche 1 Commitment as in effect immediately prior to
		such termination (but also giving effect to any assignments made in accordance
		with Section 12.04(b) after the date on which the Total Tranche 1 Commitment
		has terminated).

	  

	 “Tranche
		1 Reduction Percentage” shall mean, at any time, a percentage the
		numerator of which is the Total Tranche 1 Commitment and the denominator of
		which is the Total Commitment.

	  

	 “Tranche
		1 Revolving Loans” shall have the meaning provided in Section
		1.01(a).

	  

	 “Tranche
		1 Unpaid Drawings” shall have the meaning provided in Section
		2A.03(a).

	  

	 “Tranche
		1 Utilization Fee” shall have the meaning provided in Section
		3.01(c).

	  

	 “Tranche
		2 Commitment” shall mean, with respect to each Tranche 2 Lender, the
		amount set forth opposite such Tranche 2 Lender’s name on Annex I under
		the heading “Tranche 2 Commitment”, as the same may be (x) reduced or
		terminated pursuant to Sections 3.02, 3.03 and/or 9, (y) increased from time to
		time pursuant to Section 1.16 or 1.17 (z) adjusted from time to time as a
		result of assignment to or from such Tranche 2 Lender pursuant to Section
		12.04(b).

	  

	 “Tranche
		2 Facility Fee” shall have the meaning provided in Section
		3.01(b).

	 
		 
 

	 
		 
	 

	 
		 
	 

	 
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		“Tranche
		  2 Fees” shall mean the Tranche 2 Facility Fee, the Tranche 2 Utilization
		  Fee, the Tranche 2 Letter of Credit Fee and the Tranche 2 Fronted Letter of
		  Credit Fee.

		 

		“Tranche
		  2 Fronted Letter of Credit” shall mean any Tranche 2 Letter of Credit
		  issued by an Issuing Lender in reliance on the agreements of the other Lenders
		  set forth in Section 2B.09.

		 

		“Tranche
		  2 Fronted Letter of Credit Fee” shall have the meaning provided in Section
		  3.01(f).

		 

		“Tranche
		  2 Fronted Letter of Credit Participants” shall have the meaning provided
		  in Section 2B.09. 

		 

		“Tranche
		  2 Lenders” shall mean each Lender with a Tranche 2 Commitment or with
		  outstanding Tranche 2 Revolving Loans and/or Tranche 2 Letter of Credit
		  Outstandings.

		 

		“Tranche
		  2 Letter of Credit” shall have the meaning provided in Section
		  2B.01(a).

		 

		“Tranche
		  2 Letter of Credit Fee” shall have the meaning provided in Section
		  3.01(f).

		 

		“Tranche
		  2 Letter of Credit Outstandings” shall mean, at any time, the sum of,
		  without duplication, (i) the aggregate Stated Amount of all Tranche 2 Letters
		  of Credit plus (ii)
		  the aggregate amount of all Tranche 2 Unpaid Drawings in respect of all Tranche
		  2 Letters of Credit.

		 

		“Tranche
		  2 Letter of Credit Request” shall have the meaning provided in Section
		  2B.02(a).

		 

		“Tranche
		  2 Non-Fronted Letter of Credit” shall mean any Tranche 2 Letter of Credit
		  other than a Tranche 2 Fronted Letter of Credit.

		 

		“Tranche
		  2 Note” shall have the meaning provided in Section 1.05(a).

		 

		“Tranche
		  2 Percentage” shall mean, at any time for each Tranche 2 Lender, the
		  percentage obtained by dividing such Tranche 2 Lender’s Tranche 2
		  Commitment at such time by the Total Tranche 2 Commitment then in effect,
		  provided that,
		  if the Total Tranche 2 Commitment has been terminated, the Tranche 2 Percentage
		  of each Tranche 2 Lender shall be determined by dividing such Tranche 2
		  Lender’s Tranche 2 Commitment as in effect immediately prior to such
		  termination by the Total Tranche 2 Commitment as in effect immediately prior to
		  such termination (but also giving effect to any assignments made in accordance
		  with Section 12.04(b) after the date on which the Total Tranche 2 Commitment
		  has terminated).

		 

		“Tranche
		  2 Reduction Percentage” shall mean, at any time, a percentage the
		  numerator of which is the Total Tranche 2 Commitment and the denominator of
		  which is the Total Commitment.

		
		   
 
 

	 
		 
	 

	 
		 
	 

	 
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	 “Tranche
		2 Revolving Loans” shall have the meaning provided in Section 1.01(b).
		

	  

	 “Tranche
		2 Unpaid Drawings” shall have the meaning provided in Section 2B.03(a).
		

	  

	 “Tranche
		2 Utilization Fee” shall have the meaning provided in Section
		3.01(d).

	  

	 “Type”
		shall mean any type of Revolving Loan determined with respect to the interest
		option applicable thereto, i.e., a Base
		Rate Loan or a Eurodollar Loan.

	  

	 “UCC”
		shall mean the Uniform Commercial Code.

	  

	 “Unpaid
		Drawings” shall mean, collectively, the Tranche 1 Unpaid Drawings and the
		Tranche 2 Unpaid Drawings.

	  

	 “U.S.
		Borrower” shall have the meaning provided in Section 4.04(b).

	  

	 “U.S.
		Dollar Equivalent” shall mean, on any Business Day with respect to any
		amount denominated in any currency other than Dollars, the amount of Dollars
		that would be required to purchase such amounts of such other currency, based
		upon the spot selling rate at which JPMorgan Chase Bank, N.A. offers to sell
		such other currency for Dollars in the New York foreign exchange market at
		approximately 10:00 a.m. New York time on such Business Day for delivery two
		Business Days later.

	  

	 “U.S.
		Government Obligations” shall mean and include (A) securities that are (x)
		direct obligations of the United States of America for the timely payment of
		which its full faith and credit is pledged or (y) obligations of a Person
		controlled or supervised by and acting as an agency or instrumentality of the
		United States of America the timely payment of which is unconditionally
		guaranteed as a full faith and credit obligation by the United States of
		America, which, in either case, are not callable or redeemable at the option of
		the issuer thereof, and shall also include a depository receipt issued by a
		bank (as defined in Section 3(a)(2) of the Securities Act of 1933, as amended),
		as custodian with respect to any such U.S. Government Obligation or a specific
		payment of principal of or interest on any such U.S. Government Obligation held
		by such custodian for the account of the holder of such depository receipt;
		provided that
		(except as required by law) such custodian is not authorized to make any
		deduction from the amount payable to the holder of such depository receipt from
		any amount received by the custodian in respect of the U.S. Government
		Obligation or the specific payment of principal of or interest on the U.S.
		Government Obligation evidenced by such depository receipt and (B) to the
		extent in each case having an S&P Equivalent Rating of AAA, obligations
		issued or guaranteed by the Federal Home Loan Mortgage Corporation, the Federal
		National Mortgage Association, the Government National Mortgage Association,
		the Student Loan Marketing Association and the Federal Home Loan
		Bank.

	  

	 “Utilization
		Fees” shall mean, collectively, the Tranche 1 Utilization Fees and the
		Tranche 2 Utilization Fees.

	 
		 

		
		   
		

		
		   
		

		
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	 “Wholly-Owned
		Subsidiary” of any Person shall mean any Subsidiary of such Person to the
		extent all of the capital stock or other ownership interests in such
		Subsidiary, other than directors’ or nominees’ qualifying shares, is
		owned directly or indirectly by such Person.

	  

	 “Written”
		or “in writing” shall mean any form of written communication or a
		communication by means of telex, facsimile device, telegraph or
		cable.

	  

	 SECTION
		11.  The
		Agents.

	  

	 11.01 Appointment. Each
		Lender hereby irrevocably designates and appoints JPMorgan Chase Bank, N.A. as
		Administrative Agent (such term as used in this Section 11 to include JPMorgan
		Chase Bank, N.A., acting as Issuing Agent under this Agreement and each Letter
		of Credit) to act as specified herein and in the other Credit Documents, and
		each such Lender hereby irrevocably authorizes JPMorgan Chase Bank, N.A., as
		the Administrative Agent for such Lender, to take such action on its behalf
		under the provisions of this Agreement and the other Credit Documents and to
		exercise such powers and perform such duties as are expressly delegated to the
		Administrative Agent by the terms of this Agreement and the other Credit
		Documents, together with such other powers as are reasonably incidental
		thereto. Each Lender hereby further irrevocably designates and appoints The
		Bank of New York as Collateral Agent, to act as specified herein and in the
		other Credit Documents, and each such Lender hereby irrevocably authorizes The
		Bank of New York, as the Collateral Agent for such Lender, to take such action
		on its behalf under the provisions of this Agreement and the other Credit
		Documents and to exercise such powers and perform such duties as are expressly
		delegated to the Collateral Agent by the terms of this Agreement and the other
		Credit Documents, together with such other powers as are reasonably incidental
		thereto. Each Agent agrees to act as such upon the express conditions contained
		in this Section 11. Notwithstanding any provision to the contrary elsewhere in
		this Agreement, neither Agent shall have any duties or responsibilities, except
		those expressly set forth herein or in the other Credit Documents, nor any
		fiduciary relationship with any Lender, and no implied covenants, functions,
		responsibilities, duties, obligations or liabilities shall be read into this
		Agreement or otherwise exist against such Agent. The provisions of this Section
		11 are solely for the benefit of the Agents and the Lenders, and no Borrower
		shall have any rights as a third party beneficiary of any of the provisions
		hereof. In performing its functions and duties under this Agreement, each Agent
		shall act solely as agent of the Lenders and does not assume and shall not be
		deemed to have assumed any obligation or relationship of agency or trust with
		or for any Borrower.

	  

	 11.02 Delegation
		of Duties. Each
		Agent may execute any of its duties under this Agreement or any other Credit
		Document by or through agents or attorneys-in-fact and shall be entitled to
		advice of counsel concerning all matters pertaining to such duties. Neither
		Agent shall be responsible for the negligence or misconduct of any agents or
		attorneys-in-fact selected by it with reasonable care except to the extent
		otherwise required by Section 11.03.

	  

	 11.03 Exculpatory
		Provisions.
		Neither Agent nor any of their 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 (except for its or such Person’s own gross negligence or
		willful misconduct (as determined by a court of competent jurisdiction in a
		final and non-appealable decision)) or (ii) responsible in any manner
		

	 
		
		  
			  

			 
				 
			 

			 
				 
			 

			 
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	 to any
		of the Lenders for any recitals, statements, representations or warranties made
		by the Parent Borrower or any of its Subsidiaries or any of their respective
		officers contained in this Agreement, any other Credit Document or in any
		certificate, report, statement or other document referred to or provided for
		in, or received by the Administrative Agent under or in connection with, this
		Agreement or any other Credit Document or for any failure of the Parent
		Borrower or any of its Subsidiaries or any of their respective officers to
		perform its obligations hereunder or thereunder. Neither Agent shall 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 to inspect the properties, books or records of the Parent
		Borrower or any of its Subsidiaries. Neither Agent shall be responsible to any
		Lender for the effectiveness, genuineness, validity, enforceability,
		collectibility or sufficiency of this Agreement or any Credit Document or for
		any representations, warranties, recitals or statements made herein or therein
		or made in any written or oral statement or in any financial or other
		statements, instruments, reports, certificates or any other documents in
		connection herewith or therewith furnished or made by such Agent to the Lenders
		or by or on behalf of any Borrower to such Agent or any Lender or be required
		to ascertain or inquire as to the performance or observance of any of the
		terms, conditions, provisions, covenants or agreements contained herein or
		therein or as to the use of the proceeds of the Revolving Loans or of the
		existence or possible existence of any Default or Event of
		Default.

	  

	 11.04 Reliance
		by Agents. Each
		Agent shall be entitled to rely, and shall be fully protected in relying, upon
		any note, writing, resolution, notice, consent, certificate, affidavit, letter,
		cablegram, telegram, facsimile transmission, telex or teletype message,
		statement, order or other document or conversation believed by it 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 Borrowers), independent accountants and other
		experts selected by such Agent. Each Agent shall be fully justified in failing
		or refusing to take any action under this Agreement or any other Credit
		Document unless it shall first receive such advice or concurrence of the
		Required 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. Each Agent shall in all cases be fully protected in acting, or in
		refraining from acting, under this Agreement and the other Credit Documents in
		accordance with a request of the Required Lenders, and such request and any
		action taken or failure to act pursuant thereto shall be binding upon all the
		Lenders.

	  

	 11.05 Notice
		of Default.
		Neither Agent shall be deemed to have knowledge or notice of the occurrence of
		any Default or Event of Default hereunder unless such Agent has received notice
		from a Lender or a 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 prompt notice thereof to the
		Lenders. In the event the Collateral Agent receives such a notice, the
		Collateral Agent shall give prompt notice thereof to the Administrative Agent.
		The Administrative Agent shall take such action with respect to such Default or
		Event of Default as shall be reasonably directed by the Required Lenders,
		provided that
		unless and until the Administrative Agent shall have received such directions,
		the Administrative Agent may (but 

	 
		
		   

		  
			  
		  

		  
			  
		  

		  
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	 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.

	  

	 11.06 Non-Reliance. Each
		Lender expressly acknowledges that neither Agent nor any of their officers,
		directors, employees, agents, attorneys-in-fact or affiliates have made any
		representations or warranties to it and that no act by either Agent hereinafter
		taken, including any review of the affairs of the Parent Borrower or any of its
		Subsidiaries, shall be deemed to constitute any representation or warranty by
		such Agent to any Lender. Each Lender represents to each Agent that it has,
		independently and without reliance upon either 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, assets, operations,
		property, financial and other conditions, prospects and creditworthiness of the
		Parent Borrower and its Subsidiaries and made its own decision to make its
		Revolving Loans hereunder and enter into this Agreement. Each Lender also
		represents that it will, independently and without reliance upon either 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 to make such investigation as it deems necessary to inform itself as to the
		business, assets, operations, property, financial and other conditions,
		prospects and creditworthiness of the Parent Borrower and its Subsidiaries.
		Neither Agent shall have any duty or responsibility to provide any Lender with
		any credit or other information concerning the business, operations, assets,
		property, financial and other conditions, prospects or creditworthiness of the
		Parent Borrower or any Subsidiary which may come into the possession of such
		Agent or any of its officers, directors, employees, agents, attorneys-in-fact
		or affiliates.

	  

	 11.07 Indemnification. Each
		Lender agrees to indemnify each Agent and The Bank of New York as Custodian, in
		each case in its capacity as such, ratably according to its respective
		“percentages” as used in determining the Required Lenders at such
		time from and against any and all liabilities, obligations, losses, damages,
		penalties, actions, judgments, suits, costs, reasonable expenses or
		disbursements of any kind whatsoever which may at any time (including, without
		limitation, at any time following the payment of the Obligations) be imposed
		on, incurred by or asserted against such Agent or the Custodian, as the case
		may be, in its capacity as such in any way relating to or arising out of this
		Agreement or any other Credit Document, or any documents contemplated by or
		referred to herein or the transactions contemplated hereby or any action taken
		or omitted to be taken by such Agent or the Custodian, as the case may be,
		under or in connection with any of the foregoing, but only to the extent that
		any of the foregoing is not paid by the Parent Borrower or any of its
		Subsidiaries, provided that no
		Lender shall be liable to such Agent or the Custodian, as the case may be, for
		the payment of any portion of such liabilities, obligations, losses, damages,
		penalties, actions, judgments, suits, costs, expenses or disbursements
		resulting solely from the gross negligence or willful misconduct of such Agent
		or the Custodian, as the case may be (as determined by a court of competent
		jurisdiction in a final and non-appealable decision). If any indemnity
		furnished to either Agent or the Custodian, as the case may be, for any purpose
		shall, in the opinion of such Agent or the Custodian, as the case may be, be
		insufficient or become impaired, such Agent or the Custodian, as the case may
		be, may call for additional indemnity and cease, or not commence, to do the
		acts indemnified against until such additional indemnity is furnished. The
		agreements in this Section 11.07 shall survive the payment of all
		Obligations.

	 
		
		   

		  
			  
		  

		  
			  
		  

		  
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	 11.08 The
		Agents in Their Individual Capacities. Each
		Agent and its affiliates may make loans to, accept deposits from and generally
		engage in any kind of business with the Parent Borrower and its Subsidiaries as
		though not acting as Administrative Agent hereunder. With respect to the
		Revolving Loans made by it and all Obligations owing to it, such Agent shall
		have the same rights and powers under this Agreement as any Lender and may
		exercise the same as though it were not such Agent, and the terms
		“Lender” and “Lenders” shall include such Agent in its
		individual capacity.

	  

	 11.09 Successor
		Agents.
		(a) Either
		the Administrative Agent or the Collateral Agent (or both) may resign from the
		performance of all its respective functions and duties hereunder and/or under
		the other Credit Documents at any time, in each case by giving 20 Business
		Days’ prior written notice to the Lenders and the Borrowers.

	  

	 (b) Upon
		such resignation of the Administrative Agent, the Required Lenders shall, with
		the consent of the Parent Borrower (such consent not to be unreasonably
		withheld), appoint from among the Lenders a successor Administrative Agent for
		the Lenders, whereupon such successor agent shall succeed to the rights, powers
		and duties of the Administrative Agent, and the term “Administrative
		Agent” shall include such successor agent effective upon its appointment,
		and the resigning Administrative Agent’s rights, powers and duties as the
		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. After the retiring Administrative Agent’s resignation
		hereunder as the Administrative Agent, the provisions of this Section 11 shall
		inure to its benefit as to any actions taken or omitted to be taken by it while
		it was Administrative Agent under this Agreement.

	  

	 (c) Upon
		such resignation of the Collateral Agent, the Required Lenders shall, with the
		consent of the Parent Borrower (such consent not to be unreasonably withheld),
		appoint from among the Lenders a successor Collateral Agent for the Lenders,
		whereupon such successor agent shall succeed to the rights, powers and duties
		of the Collateral Agent, and the term “Collateral Agent” shall
		include such successor agent effective upon its appointment, and the resigning
		Collateral Agent’s rights, powers and duties as the Collateral Agent shall
		be terminated, without any other or further act or deed on the part of such
		former Collateral Agent or any of the parties to this Agreement. After the
		retiring Collateral Agent’s resignation hereunder as the Collateral Agent,
		the provisions of this Section 11 shall inure to its benefit as to any actions
		taken or omitted to be taken by it while it was Collateral Agent under this
		Agreement.

	  

	 SECTION
		12.  Miscellaneous.

	  

	 12.01 Payment
		of Expenses, etc. The
		Parent Borrower hereby agrees to: (i) whether or not the transactions herein
		contemplated are consummated, pay all reasonable out-of-pocket costs and
		expenses of the Administrative Agent in connection with the negotiation,
		preparation, syndication, execution, delivery and administration of the Credit
		Documents and the documents and instruments referred to therein (including,
		without limitation, the reasonable fees and disbursements of Simpson Thacher
		& Bartlett LLP and of consultants and advisors to the Administrative Agent
		and its counsel); (ii) whether or not the transactions herein contemplated
		are consummated, pay all reasonable out-of-pocket costs and expenses of the
		Administrative 

	 
		
		   

		  
			  
		  

		  
			  
		  

		  
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	 Agent in
		connection with any amendment, waiver or consent relating to this Agreement or
		any other Credit Document; (iii) whether or not the transactions herein
		contemplated are consummated, pay all reasonable out-of-pocket costs and
		expenses of the Administrative Agent and each of the Lenders in connection with
		the enforcement of the Credit Documents and the documents and instruments
		referred to therein (including, without limitation, the reasonable fees and
		disbursements of counsel and consultants for the Administrative Agent and for
		each of the Lenders); (iv) pay and hold each of the Lenders harmless from and
		against any and all present and future stamp and other similar taxes with
		respect to the foregoing matters and save each of the Lenders harmless from and
		against any and all liabilities with respect to or resulting from any delay or
		omission to pay such taxes; and (v) indemnify the Administrative Agent and each
		Lender, and their respective officers, directors, employees, representatives
		and agents (each, an “indemnified person”) from and hold each of them
		harmless against any and all losses, liabilities, penalties, claims, damages or
		expenses (collectively, “Claims”) incurred by any of them as a result
		of, or arising out of, or in any way related to, or by reason of, any
		investigation, litigation or other proceeding (whether or not the
		Administrative Agent or any Lender is a party thereto) related to the entering
		into and/or performance of any Credit Document or the use of the proceeds of
		any Revolving Loans hereunder or the consummation of any other transactions
		contemplated in any Credit Document, including, without limitation, the
		reasonable fees and disbursements of counsel incurred in connection with any
		such investigation, litigation or other proceeding (but excluding any such
		losses, liabilities, claims, damages or expenses to the extent incurred by
		reason of the gross negligence or willful misconduct of the Person to be
		indemnified (as determined by a court of competent jurisdiction in a final and
		non-appealable decision)).

	  

	 12.02 Right
		of Setoff. In
		addition to any rights now or hereafter granted under applicable law or
		otherwise, and not by way of limitation of any such rights, upon the occurrence
		and continuance of an Event of Default, each Lender is hereby authorized at any
		time or from time to time, without presentment, demand, protest or other notice
		of any kind to any Borrower or to any other Person, any such notice being
		hereby expressly waived, to set off and to appropriate and apply any and all
		deposits (general or special) and any other Indebtedness at any time held or
		owing by such Lender (including, without limitation, by branches and agencies
		of such Lender wherever located) to or for the credit or the account of any
		Borrower against and on account of the Obligations and liabilities of any such
		Borrower to such Lender or any other Lender under this Agreement or under any
		of the other Credit Documents, including, without limitation, all interests in
		Obligations of any such Borrower purchased by such Lender or any other Lender
		pursuant to Section 12.06(b), and all other claims of any nature or description
		arising out of or connected with this Agreement or any other Credit Document,
		irrespective of whether or not such Lender shall have made any demand hereunder
		and although said Obligations, liabilities or claims, or any of them, shall be
		contingent or unmatured. Each Lender is hereby designated the agent of all
		other Lenders for purposes of effecting set off pursuant to this Section 12.02
		and each Borrower hereby grants to each Lender for such Lender’s own
		benefit and as agent for all other Lenders a continuing security interest in
		any and all deposits, accounts or moneys of the Borrowers maintained from time
		to time with such Lender.

	  

	 12.03 Notices. Except
		as otherwise expressly provided herein, all notices and other communications
		provided for hereunder shall be in writing (including telegraphic, telex,
		facsimile or cable communication) and mailed, telegraphed, telexed, telecopied,
		cabled or delivered, if to a Borrower, at the address specified opposite its
		signature below; if to any 

	 
		
		   

		  
			  
		  

		  
			  
		  

		  
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	 Lender,
		at its address specified for such Lender on Annex II hereto; or, at such other
		address as shall be designated by any party in a written notice to the other
		parties hereto. All such notices and communications shall be mailed,
		telegraphed, telexed, telecopied, cabled or sent by overnight courier and shall
		be effective when received.

	  

	 12.04 Benefit
		of Agreement.
		(a) This
		Agreement shall be binding upon and inure to the benefit of and be enforceable
		by the respective successors and assigns of the parties hereto; provided,
		however, no
		Borrower may assign or transfer any of its rights or obligations hereunder
		without the prior written consent of the Lenders. Each Lender may at any time
		grant participations in any of its rights hereunder or under any of its Notes
		to any bank or other financial institution; provided that in
		the case of any such participation, the participant shall not have any rights
		under this Agreement or any of the other Credit Documents, including rights of
		consent, approval or waiver (the participant’s rights against such Lender
		in respect of such participation to be those set forth in the agreement
		executed by such Lender in favor of the participant relating thereto) and all
		amounts payable by the Borrowers hereunder shall be determined as if such
		Lender had not sold such participation, except that the participant shall be
		entitled to receive the additional amounts under Sections 1.10, 1.11, 2.04 and
		4.04 of this Agreement to, and only to, the extent that such Lender would be
		entitled to such benefits if the participation had not been entered into or
		sold; and provided,
		further, that
		no Lender shall transfer, grant or assign any participation under which the
		participant shall have rights to approve any amendment to or waiver of this
		Agreement or any other Credit Document except to the extent such amendment or
		waiver would (i) extend the final scheduled maturity of any Revolving Loan or
		Note in which such participant is participating or reduce the rate or extend
		the time of payment of interest thereon or Fees, or reduce the principal amount
		thereof, or increase such participant’s participating interest in any
		Commitment or Revolving Loan over the amount thereof then in effect (it being
		understood that a waiver of any Default or Event of Default or of a mandatory
		reduction in the Total Commitment shall not constitute a change in the terms of
		any Commitment and that an increase in any Commitment shall be permitted
		without the consent of any participant if such participant’s participation
		is not increased as a result thereof) or (ii) consent to the assignment or
		transfer by any Borrower of any of its rights and obligations under this
		Agreement or any other Credit Document except in accordance with the terms
		hereof and thereof.

	  

	 (b) Notwithstanding
		the foregoing, any Lender may assign all or a portion of its rights and
		obligations hereunder to a NAIC approved bank or other financial institution
		(unless otherwise agreed by the Parent Borrower and the Administrative Agent)
		with the prior written consent of each of (i) the Administrative Agent, (ii) in
		the case of an assignment of Tranche 1 Commitments or Tranche 2 Commitments
		(and/or the related obligations under such respective Tranche), the Issuing
		Agent and (iii) so long as no Default or Event of Default has occurred and is
		continuing, the Parent Borrower (such consent, in each case, not to be
		unreasonably withheld or delayed). No assignment of less than all of a
		Lender’s rights and obligations hereunder pursuant to the immediately
		preceding sentence shall, to the extent such transaction represents an
		assignment to an institution other than one or more Lenders hereunder, be in an
		aggregate amount less than the minimum of $5,000,000 unless otherwise agreed to
		by the Administrative Agent and the Parent Borrower in writing and no
		assignment shall be effective until all the then outstanding Tranche 1 Letters
		of Credit or Tranche 2 Letters of Credit, as the case may be, are returned by
		each respective beneficiary to the Issuing Agent either for 

	 
		
		   

		  
			  
		  

		  
			  
		  

		  
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	 cancellation
		and/or to be exchanged for new or amended Letters of Credit which give effect
		to such assignment. If any Lender so sells or assigns all or a part of its
		rights hereunder or under the Notes, any reference in this Agreement or the
		Notes to such assigning Lender shall thereafter refer to such Lender and to the
		respective assignee to the extent of their respective interests and the
		respective assignee shall have, to the extent of such assignment (unless
		otherwise provided therein), the same rights and benefits as it would if it
		were such assigning Lender. Each assignment pursuant to this Section 12.04(b)
		shall be effected by the assigning Lender and the assignee Lender executing an
		Assignment Agreement (appropriately completed). At the time of any such
		assignment, (i) Annex I shall be deemed to be amended to reflect the
		Commitments, if any, and outstanding Revolving Loans, if any, of the respective
		assignee (which shall result in a direct reduction to the Commitments, if any,
		and outstanding Revolving Loans, if any, of the assigning Lender) and of the
		other Lenders, (ii) if any such assignment occurs after the Effective Date, at
		the request of the assignor or the assignee, the Parent Borrower will issue new
		Notes to the respective assignee and to the assigning Lender in conformity with
		the requirements of Section 1.05, (iii) all then outstanding Tranche 1 Letters
		of Credit or Tranche 2 Letters of Credit, as the case may be, shall be returned
		by each respective beneficiary to the Issuing Agent either for cancellation
		and/or to be exchanged for new or amended Letters of Credit to reflect such
		assignment (it being understood that to the extent the respective beneficiaries
		do not consent to such assignment, such assignment cannot occur) and (iv) the
		Administrative Agent shall receive from the assigning Lender and/or the
		assignee Lender or financial institution at the time of each assignment the
		payment of a nonrefundable assignment fee of $3,500, provided that such
		transfer or assignment will not be effective until recorded by the
		Administrative Agent on the Register pursuant to Section 12.16 hereof. At the
		time of each assignment pursuant to this Section 12.04(b) to a Person which (x)
		is not already a Lender hereunder and (y) is not a United States person (as
		such term is defined in Section 7701(a)(30) of the Code) for Federal income tax
		purposes, the respective assignee Lender shall provide to the Borrowers and the
		Administrative Agent the appropriate Internal Revenue Service forms (and, if
		applicable a Section 4.04(b)(ii) Certificate) described in Section 4.04(b).
		Each Lender and each Borrower agrees to execute such documents (including,
		without limitation, amendments to this Agreement and the other Credit
		Documents) as shall be necessary to effect the foregoing. Promptly following
		any assignment pursuant to this Section 12.04(b), the assigning Lender shall
		promptly notify the Borrowers and the Administrative Agent thereof. Nothing in
		this Section 12.04 shall prevent or prohibit any Lender from pledging its
		Revolving Loans or Notes hereunder to a Federal Reserve Bank in support of
		borrowings made by such Lender from such Federal Reserve Bank.

	  

	 (c) Notwithstanding
		any other provisions of this Section 12.04, no transfer or assignment of the
		interests or obligations of any Lender hereunder or any grant of participations
		therein shall be permitted if such transfer, assignment or grant would require
		any Borrower to file a registration statement with the SEC or to qualify the
		Revolving Loans under the “Blue Sky” laws of any State of the United
		States as may be required or appropriate in any report, statement or testimony
		submitted to any municipal, state or Federal regulatory body or self-regulatory
		body having or claiming jurisdiction or oversight such Lender and/or its
		affiliates.

	  

	 (d) Each
		Lender initially party to this Agreement hereby represents, and each Person
		that becomes a Lender pursuant to an assignment permitted by clause (b) above
		will upon its becoming party to this Agreement represent, that it is a
		commercial lender, other financial institution or other “accredited
		investor” (as defined in SEC Regulation D) which makes loans in
		

	 
		
		   

		  
			  
		  

		  
			  
		  

		  
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	 the
		ordinary course of its business or is acquiring the Revolving Loans without a
		view to distribution of the Revolving Loans within the meaning of the federal
		securities laws, and that it will make or acquire Revolving Loans for its own
		account in the ordinary course of such business, provided that, subject to the
		preceding clauses (a) through (c), the disposition of any promissory notes or
		other evidences of or interests in Indebtedness held by such Lender shall at
		all times be within its exclusive control.

	  

	 12.05 No
		Waiver; Remedies Cumulative. No
		failure or delay on the part of the Administrative Agent or any Lender in
		exercising any right, power or privilege hereunder or under any other Credit
		Document and no course of dealing between any Borrower and the Administrative
		Agent or any Lender shall operate as a waiver thereof; nor shall any single or
		partial exercise of any right, power or privilege hereunder or under any other
		Credit Document preclude any other or further exercise thereof or the exercise
		of any other right, power or privilege hereunder or thereunder. The rights and
		remedies herein expressly provided are cumulative and not exclusive of any
		rights or remedies which the Administrative Agent or any Lender would otherwise
		have. No notice to or demand on any Borrower in any case shall entitle such
		Borrower to any other or further notice or demand in similar or other
		circumstances or constitute a waiver of the rights of the Administrative Agent
		or the Lenders to any other or further action in any circumstances without
		notice or demand.

	  

	 12.06 Payments
		Pro Rata.
		(a) The
		Administrative Agent agrees that promptly after its receipt of each payment
		from or on behalf of each Borrower in respect of any Obligations of such
		Borrower, it shall distribute such payment to the Lenders (other than any
		Lender that has consented in writing to waive its pro rata share
		of such payment) pro rata based
		upon their respective shares, if any, of the Obligations with respect to which
		such payment was received.

	  

	 (b) Each of
		the Tranche 1 Lenders agrees that, if it should receive any amount hereunder
		(whether by voluntary payment, by realization upon security, by the exercise of
		the right of setoff or banker’s lien, by counterclaim or cross action, by
		the enforcement of any right under the Credit Documents, or otherwise) which is
		applicable to the payment of the principal of, or interest on, the Tranche 1
		Revolving Loans, Tranche 1 Unpaid Drawings or Tranche 1 Fees, of a sum which
		with respect to the related sum or sums received by other Tranche 1 Lenders is
		in a greater proportion than the total of such Tranche 1 Obligation then owed
		and due to such Tranche 1 Lender bears to the total of such Tranche 1
		Obligation then owed and due to all of the Tranche 1 Lenders immediately prior
		to such receipt, then such Tranche 1 Lender receiving such excess payment shall
		purchase for cash without recourse or warranty from the other Tranche 1 Lenders
		an interest in the Tranche 1 Obligations of the respective Tranche 1 Borrower
		to such Tranche 1 Lenders in such amount as shall result in a proportional
		participation by all of the Tranche 1 Lenders in such amount, provided that if
		all or any portion of such excess amount is thereafter recovered from such
		Tranche 1 Lender, such purchase shall be rescinded and the purchase price
		restored to the extent of such recovery, but without interest.

	  

	 (c) Each of
		the Tranche 2 Lenders agrees that, if it should receive any amount hereunder
		(whether by voluntary payment, by realization upon security, by the exercise of
		the right of setoff or banker’s lien, by counterclaim or cross action, by
		the enforcement of any right under the Credit Documents, or otherwise) which is
		applicable to the payment of the principal of, 

	 
		
		   

		  
			  
		  

		  
			  
		  

		  
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	 or
		interest on, the Tranche 2 Revolving Loans, Tranche 2 Unpaid Drawings, Tranche
		2 Fees, of a sum which with respect to the related sum or sums received by
		other Tranche 2 Lenders is in a greater proportion than the total of such
		Tranche 2 Obligation then owed and due to such Tranche 2 Lender bears to the
		total of such Tranche 2 Obligation then owed and due to all of the Tranche 2
		Lenders immediately prior to such receipt, then such Tranche 2 Lender, as the
		case may be, receiving such excess payment shall purchase for cash without
		recourse or warranty from the other Tranche 2 Lenders an interest in the
		Tranche 2 Obligations of the respective Tranche 2 Borrower to such Tranche 2
		Lenders, in such amount as shall result in a proportional participation by all
		of the Tranche 2 Lenders in such amount, provided that if
		all or any portion of such excess amount is thereafter recovered from such
		Tranche 2 Lender such purchase shall be rescinded and the purchase price
		restored to the extent of such recovery, but without interest.

	  

	 12.07 Calculations;
		Computations.
		(a) The
		financial statements to be furnished to the Lenders pursuant hereto shall be
		made and prepared in accordance with GAAP or SAP, as the case may be,
		consistently applied throughout the periods involved (except as set forth in
		the notes thereto or as otherwise disclosed in writing by the Borrowers to the
		Lenders). In addition, except as otherwise specifically provided herein, all
		computations determining compliance with Section 8, including definitions used
		therein, shall utilize accounting principles and policies in effect from time
		to time; provided that
		(i) if any such accounting principle or policy (whether GAAP or SAP or both)
		shall change after the Effective Date, the Borrowers shall give reasonable
		notice thereof to the Administrative Agent and each of the Lenders and if
		within 30 days following such notice any Borrower, the Administrative Agent or
		the Required Lenders shall elect by giving written notice of such election to
		the other parties hereto, such computations shall not give effect to such
		change unless and until this Agreement shall be amended pursuant to Section
		12.11 to give effect to such change, and (ii) if at any time the computations
		determining compliance with Section 8 utilize accounting principles different
		from those utilized in the financial statements then being furnished to the
		Lenders pursuant to Section 7.01, such financial statements shall be
		accompanied by reconciliation work-sheets.

	  

	 (b) All
		computations of interest on Revolving Loans and Fees hereunder shall be made on
		the actual number of days elapsed over (i) a year of 365/366 days for interest
		on Revolving Loans maintained as Base Rate Loans when the Base Rate is based on
		the Prime Lending Rate and (ii) a year of 360 days in all cases other than that
		set forth in the preceding clause (i).

	  

	 (c) All
		references in this Agreement to amounts in Dollars shall include, unless the
		context otherwise requires, amounts in Optional Currencies using the then U.S.
		Dollar Equivalent thereof.

	  

	 12.08 GOVERNING
		LAW; SUBMISSION TO JURISDICTION; VENUE.
		(a) THIS
		AGREEMENT AND THE OTHER CREDIT DOCUMENTS (OTHER THAN LETTERS OF CREDIT ISSUED
		UNDER THE LAWS OF ENGLAND AND WALES AND THE LAWS OF OTHER JURISDICTIONS, AS
		AGREED TO BETWEEN THE APPLICABLE BORROWER AND THE ISSUING LENDER IN ACCORDANCE
		WITH SECTIONS 2A.01 AND 2B.01) AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
		HEREUNDER AND THEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED
		BY THE LAW OF THE STATE OF NEW 

	 
		
		   

		  
			  
		  

		  
			  
		  

		  
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	 YORK.
		ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER
		CREDIT DOCUMENT (OTHER THAN WITH RESPECT TO LETTERS OF CREDIT ISSUED UNDER THE
		LAWS OF THE UNITED KINGDOM IN ACCORDANCE WITH SECTIONS 2A.01 and 2B.01) MAY BE
		BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE
		SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS
		AGREEMENT, EACH BORROWER AND EACH LENDER HEREBY IRREVOCABLY ACCEPTS FOR ITSELF
		AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION
		OF THE AFORESAID COURTS. EACH BORROWER AND EACH LENDER HEREBY FURTHER
		IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK JURISDICTION OVER SUCH
		BORROWER OR SUCH LENDER, AND AGREES NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION
		OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT
		BROUGHT IN ANY OF THE AFORESAID COURTS, THAT ANY SUCH COURT LACKS JURISDICTION
		OVER SUCH BORROWER OR SUCH LENDER. EACH BORROWER AND EACH LENDER FURTHER
		IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED
		COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY
		REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH BORROWER OR SUCH LENDER,
		AS THE CASE MAY BE, AT ITS ADDRESS FOR NOTICES PURSUANT TO SECTION 12.03, SUCH
		SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. EACH BORROWER AND EACH
		LENDER, AS THE CASE MAY BE, HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH
		SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR
		CLAIM IN ANY ACTION OR PROCEEDING HEREUNDER OR UNDER ANY OTHER CREDIT DOCUMENT
		THAT SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN
		SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY LENDER TO SERVE
		PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS
		OR OTHERWISE PROCEED AGAINST EACH BORROWER IN ANY OTHER
		JURISDICTION.

	  

	 (b) EACH
		BORROWER AND EACH LENDER HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY
		NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR
		PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER
		CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND
		HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH
		COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN
		BROUGHT IN AN INCONVENIENT FORUM.

	  

	 12.09 Counterparts. This
		Agreement may be executed in any number of counterparts and by the different
		parties hereto on separate counterparts, each of which when so executed and
		delivered shall be an original, but all of which shall together constitute one
		and the 

	 
		
		  
			  

			 
				 
			 

			 
				 
			 

			 
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	 same
		instrument. A set of counterparts executed by all the parties hereto shall be
		lodged with the Parent Borrower and the Administrative Agent.

	  

	 12.10 Headings
		Descriptive. The
		headings of the several sections and subsections of this Agreement are inserted
		for convenience only and shall not in any way affect the meaning or
		construction of any provision of this Agreement.

	  

	 12.11 Amendment
		or Waiver.
		Neither this Agreement nor any other Credit Document (other than the Security
		Documents) nor any terms hereof or thereof may be changed, waived, discharged
		or terminated unless such change, waiver, discharge or termination is in
		writing signed by each Borrower and the Required Lenders, provided that no
		such change, waiver, discharge or termination shall, without the consent of
		each Lender (other than a Defaulting Lender) directly affected thereby, (i)
		extend the scheduled final maturity of any Revolving Loan or Note, or extend
		the required payment date of a reimbursement obligation in respect of any
		Letter of Credit, or extend the Commitment Expiration Date, or extend the
		stated expiration date of any Letter of Credit beyond the date occurring one
		year after the Commitment Expiration Date, or reduce the rate or extend the
		time of payment of interest on any Revolving Loan or Note (except in connection
		with the waiver of applicability of any post-default increase in interest
		rates), or reduce the principal amount of any Revolving Loan or Note, or reduce
		the amount or extend the time of payment of any Fee (it being understood that
		any amendment or modification to the financial definitions in this Agreement or
		to Section 12.07(a) shall not constitute a reduction in the rate of interest or
		reduction in the amount of Fees for purposes of this clause (i)), (ii) except
		as set forth in Section 1.15 or Section 1.16, increase the Commitment of any
		Lender over the amount thereof then in effect (it being understood that a
		waiver of any Default or Event of Default or of a mandatory reduction in the
		Total Commitment shall not constitute a change in the terms of any Commitment
		of any Lender), (iii) amend, modify or waive any provision of this Section
		12.11 (except for technical amendments with respect to additional extensions of
		credit pursuant to this Agreement which afford the protections to such
		additional extensions of credit of the type provided to the Revolving Loans and
		the Commitments on the Effective Date), (iv) reduce any percentage specified
		in, or otherwise modify, the definition of Required Lenders (it being
		understood that (A) the Additional Tranche 1 Commitments (and the additional
		Tranche 1 Revolving Loans incurred in connection therewith), (B) the Additional
		Tranche 2 Commitments (and the additional Tranche 2 Revolving Loans incurred in
		connection therewith) and (C) with the consent of the Required Lenders, other
		additional extensions of credit pursuant to this Agreement, in each case, may
		be included in the determination of the Required Lenders on substantially the
		same basis as the extensions of Revolving Loans and Commitments are included on
		the Effective Date), (v) release the Parent Borrower from its obligations under
		the Parent Borrower Guaranty, or (vi) consent to the assignment or transfer by
		any Borrower of any of its rights and obligations under this Agreement;
		provided further, that
		(A) no such change, waiver, discharge or termination shall (i) release all
		or substantially all of the Collateral (except as expressly provided in the
		Credit Documents) from the Liens under all of the Security Documents without
		the consent of each Tranche 1 Lender, (ii) modify the definitions in
		Section 10 of “Advance Rates”, “Borrowing Base” or
		“Eligible Securities” without the consent of the Majority Tranche 1
		Lenders or (iii) reduce any percentage specified in, or otherwise modify,
		the definition of Majority Tranche 1 Lenders (it being understood that the
		Additional Tranche 1 Commitments (and the additional Tranche 1 Revolving Loans
		incurred in connection therewith) and, with the consent of the 

	 
		
		   

		  
			  
		  

		  
			  
		  

		  
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	 Majority
		Tranche 1 Lenders, other additional extensions of credit pursuant to this
		Agreement, in each case, may be included in the determination of the Majority
		Tranche 1 Lenders on substantially the same basis as the extensions of Tranche
		1 Revolving Loans and Tranche 1 Commitments are included on the Effective Date)
		and (B) no Security Document may be changed, waived, discharged or terminated
		unless each such change, waiver, discharge or termination is in writing signed
		by each Borrower and the Majority Tranche 1 Lenders. No provision of Section 11
		or any other provision relating to the rights and/or obligations of the
		Administrative Agent may be amended without the consent of the Administrative
		Agent. No provision of Section 2 or any other provision relating to the rights
		and/or obligations of the Issuing Agent may be amended without the consent of
		the Issuing Agent.

	  

	 12.12 Survival. All
		indemnities set forth herein including, without limitation, in Section 1.10,
		1.11, 2.04, 4.04, 11.07 or 12.01 shall survive the execution and delivery of
		this Agreement and the making of the Revolving Loans, the repayment of the
		Obligations and the termination of the Total Commitment.

	  

	 12.13 Domicile
		of Revolving Loans. Each
		Lender may transfer and carry its Revolving Loans at, to or for the account of
		any branch, office, Subsidiary or affiliate of such Lender. Notwithstanding
		anything to the contrary contained herein, to the extent that a transfer of
		Revolving Loans pursuant to this Section 12.13 would, at the time of such
		transfer, result in increased costs under Section 1.10, 1.11, 2.04 or 4.04
		from those being charged by the respective Lender prior to such transfer, then
		the Parent Borrower shall not be obligated to pay such increased costs
		(although the Parent Borrower shall be obligated to pay any other increased
		costs of the type described above resulting from changes after the date of the
		respective transfer).

	  

	 12.14 Confidentiality.
		(a) Each
		Lender shall (i) hold all non-public information (including, without
		limitation, all financial projections and analyses) furnished by any Borrower
		in connection with such Lender’s evaluation of whether to become a Lender
		hereunder or obtained by such Lender pursuant to the requirements of this
		Agreement (“Confidential Information”) confidential, (ii) use
		Confidential Information only for purposes related to this Agreement and its
		position as a Lender hereunder and (iii) not disclose such Confidential
		Information other than as provided herein; provided that
		any Lender and/or its affiliates may disclose any such Confidential Information
		(A) as has become generally available to the public other than as a result of
		disclosure in violation of this Section 12.14, (B) as has become available to
		such Lender or any such affiliate on a non-confidential basis from a source
		other than the Borrowers and their respective affiliates, provided that
		the source is not known by such Lender to be prohibited from transmitting such
		information to such Lender by a contractual, legal or fiduciary obligation, (C)
		as may be required or appropriate in any report, statement or testimony
		submitted to any municipal, state or Federal regulatory body or self-regulatory
		body having or claiming to have jurisdiction or oversight over such Lender
		and/or its affiliates, (D) as may be required or appropriate in respect to any
		summons or subpoena or in connection with any litigation or other judicial
		process (it being understood that, to the extent reasonably practicable under
		the circumstances, each Borrower shall be given prior notice and an opportunity
		to contest any proposed disclosure pursuant to this clause (D)), (E) in order
		to comply with any law, order, regulation or ruling applicable to such Lender
		and/or its affiliates, (F) subject to an agreement to comply with the
		provisions of this Section, to any direct or indirect counterparty to any swap
		agreement (or any professonal advisor to such counterparty) and (G) to any
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	 prospective
		or actual syndicate member or participant in any Revolving Loans, provided that
		such prospective or actual syndicate member or participant agrees with the
		respective assigning Lender to be bound by the provisions of this Section
		12.14. The provisions of this Section 12.14 shall survive any termination of
		this Agreement.

	  

	 (b) Notwithstanding
		anything herein to the contrary, any Lender (and any employee, representative
		or other agent of such Lender) may disclose to any and all persons, without
		limitation of any kind, such Lender’s U.S. federal income tax treatment
		and the U.S. federal income tax structure of the transactions contemplated
		hereby relating to such Lender and all materials of any kind (including
		opinions or other tax analyses) that are provided to it relating to such tax
		treatment and tax structure. However, no disclosure of any information relating
		to such tax treatment or tax structure may be made to the extent nondisclosure
		is reasonably necessary in order to comply with applicable securities
		laws.

	  

	 12.15 WAIVER
		OF JURY TRIAL. EACH
		OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL
		BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO
		THIS AGREEMENT, THE CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
		THEREBY.

	  

	 12.16 Register. Each
		Borrower hereby designates the Administrative Agent to serve as its agent,
		solely for purposes of this Section 12.16, to maintain a register (the
		“Register”) on which it will record the Commitments from time to time
		of each of the Lenders, the Revolving Loans made by each of the Lenders and
		each repayment in respect of the principal amount of the Revolving Loans of
		each Lender. Failure to make any such recordation, or any error in such
		recordation shall not affect the obligations any Borrower in respect of such
		Revolving Loans. With respect to any Lender, the transfer of the Commitments of
		such Lender and the rights to the principal of, and interest on, any Revolving
		Loan made pursuant to such Commitments shall not be effective until such
		transfer is recorded on the Register maintained by the Administrative Agent
		with respect to ownership of such Commitments and Revolving Loans and prior to
		such recordation all amounts owing to the transferor with respect to such
		Commitments and Revolving Loans shall remain owing to the transferor. The
		registration of assignment or transfer of all or part of any Commitments and
		any Revolving Loans shall be recorded by the Administrative Agent on the
		Register only upon the acceptance by the Administrative Agent of a properly
		executed and delivered Assignment Agreement pursuant to Section 12.04(b).
		Coincident with the delivery of such an Assignment Agreement to the
		Administrative Agent for acceptance and registration of assignment or transfer
		of all or part of a Revolving Loan, or as soon thereafter as practicable, the
		assigning or transferor Lender shall surrender the Note evidencing such
		Revolving Loan, and thereupon one or more new Notes in the same aggregate
		principal amount shall be issued to the assigning or transferor Lender and/or
		the new Lender. Each Borrower agrees to indemnify the Administrative Agent from
		and against any and all losses, claims, damages and liabilities of whatsoever
		nature which may be imposed on, asserted against or incurred by the
		Administrative Agent in performing its duties under this Section 12.16 (but
		excluding any such losses, liabilities, claims, damages or expenses to the
		extent incurred by reason of the gross negligence or willful misconduct of the
		Administrative Agent (as determined by a court of competent jurisdiction in a
		final and non-appealable decision)).

	 
		
		   

		  
			  
		  

		  
			  
		  

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

	  

	 SECTION
		13.  Parent
		Borrower Guaranty.

	  

	 13.01 The
		Guaranty. In
		order to induce the Lenders to enter into this Agreement and to extend credit
		hereunder and in recognition of the direct benefits to be received by the
		Parent Borrower from the proceeds of the Revolving Loans and the issuance of
		the Letters of Credit, the Parent Borrower hereby agrees with the Lenders as
		follows: the Parent Borrower hereby unconditionally and irrevocably guarantees,
		as primary obligor and not merely as surety, the full and prompt payment when
		due, whether upon maturity, acceleration or otherwise, of any and all of the
		Parent Borrower Guaranteed Obligations of each Designated Subsidiary Borrower
		to the Guaranteed Creditors. If any or all of the Parent Borrower Guaranteed
		Obligations of any Designated Subsidiary Borrower to the Guaranteed Creditors
		becomes due and payable hereunder, the Parent Borrower unconditionally promises
		to pay such indebtedness to the Guaranteed Creditors, or order, on demand,
		together with any and all expenses which may be incurred by the Guaranteed
		Creditors in collecting any of the Parent Borrower Guaranteed Obligations. This
		Parent Borrower Guaranty is a guaranty of payment and not of collection. If a
		claim is ever made upon any Guaranteed Creditor for repayment or recovery of
		any amount or amounts received in payment or on account of any of the Parent
		Borrower Guaranteed Obligations and any of the aforesaid payees repays all or
		part of said amount by reason of (i) any judgment, decree or order of any court
		or administrative body having jurisdiction over such payee or any of its
		property or (ii) any settlement or compromise of any such claim effected by
		such payee with any such claimant, then and in such event the Parent Borrower
		agrees that any such judgment, decree, order, settlement or compromise shall be
		binding upon the Parent Borrower, notwithstanding any revocation of this Parent
		Borrower Guaranty or any other instrument evidencing any liability of any
		Designated Subsidiary Borrower, and the Parent Borrower shall be and remain
		liable to the aforesaid payees hereunder for the amount so repaid or recovered
		to the same extent as if such amount had never originally been received by any
		such payee.

	  

	 13.02 Bankruptcy.
		Additionally, the Parent Borrower unconditionally and irrevocably guarantees
		the payment of any and all of the Parent Borrower Guaranteed Obligations of
		each Designated Subsidiary Borrower hereunder to the Guaranteed Creditors
		whether or not due or payable by any Designated Subsidiary Borrower upon the
		occurrence of any of the events specified in Section 9.05 with respect to such
		Designated Subsidiary Borrower, and unconditionally promises to pay such
		indebtedness to the Guaranteed Creditors, or order, on demand, in lawful money
		of the United States.

	  

	 13.03 Nature
		of Liability. The
		liability of the Parent Borrower hereunder is exclusive and independent of any
		security for or other guaranty of the Parent Borrower Guaranteed Obligations of
		any Designated Subsidiary Borrower whether executed by the Parent Borrower, any
		other guarantor or by any other party, and the liability of the Parent Borrower
		

	 
		
		  
			  

			 
				 
			 

			 
				 
			 

			 
				105
			 

			 
				 
			 

			 
			 

			 

		  

		   
 
 

	 hereunder
		is not affected or impaired by (a) any direction as to application of payment
		by each Designated Subsidiary Borrower or by any other party (other than a
		direction by the Guaranteed Creditor receiving such payment), or (b) any other
		continuing or other guaranty, undertaking or maximum liability of a guarantor
		or of any other party as to the Parent Borrower Guaranteed Obligations of each
		Designated Subsidiary Borrower, or (c) any payment on or in reduction of any
		such other guaranty or undertaking, or (d) any dissolution, termination or
		increase, decrease or change in personnel by any Designated Subsidiary
		Borrower, or (e) any payment made to the Guaranteed Creditors on the Parent
		Borrower Guaranteed Obligations which any such Guaranteed Creditor repays to
		any Designated Subsidiary Borrower pursuant to court order in any bankruptcy,
		reorganization, arrangement, moratorium or other debtor relief proceeding, and
		the Parent Borrower waives any right to the deferral or modification of its
		obligations hereunder by reason of any such proceeding or (f) any action or
		inaction of the type described in Section 13.05.

	  

	 13.04 Independent
		Obligation. The
		obligations of the Parent Borrower under this Section 13 are independent of the
		obligations of any other guarantor, any other party or any Designated
		Subsidiary Borrower, and a separate action or actions may be brought and
		prosecuted against the Parent Borrower whether or not action is brought against
		any other guarantor, any other party or any Designated Subsidiary Borrower and
		whether or not any other guarantor, any other party or any Designated
		Subsidiary Borrower be joined in any such action or actions. The Parent
		Borrower waives, to the full extent permitted by law, the benefit of any
		statute of limitations affecting its liability under this Section 13 or the
		enforcement thereof. Any payment by any Designated Subsidiary Borrower or other
		circumstance which operates to toll any statute of limitations as to any
		Designated Subsidiary Borrower shall operate to toll the statute of limitations
		as to the Parent Borrower.

	  

	 13.05 Authorization. The
		obligations of the Parent Borrower under this Section 13 shall be unconditional
		and absolute and, without limiting the generality of the foregoing, shall not
		be released, discharged or otherwise affected by any action taken by any
		Guaranteed Creditor to:

	  

	 (a) change
		the manner, place or terms of payment of, and/or change or extend the time of
		payment of, renew, increase, accelerate or alter, any of the Parent Borrower
		Guaranteed Obligations (including any increase or decrease in the rate of
		interest thereon), any security therefor, or any liability incurred directly or
		indirectly in respect thereof, and the Parent Borrower Guaranty herein made
		shall apply to the Parent Borrower Guaranteed Obligations as so changed,
		extended, renewed or altered;

	  

	 (b) take and
		hold security for the payment of the Parent Borrower Guaranteed Obligations and
		sell, exchange, release, impair, surrender, realize upon or otherwise deal with
		in any manner and in any order any property by whomsoever at any time pledged
		or mortgaged to secure, or howsoever securing, the Parent Borrower Guaranteed
		Obligations or any liabilities (including any of those hereunder) incurred
		directly or indirectly in respect thereof or hereof, and/or any offset there
		against;

	  

	 (c) exercise
		or refrain from exercising any rights against any Designated Subsidiary
		Borrower or others or otherwise act or refrain from acting;

	 
		
		  
			  

			 
				 
			 

			 
				 
			 

			 
				106
			 

			 
				 
			 

			 
			 

			 

		  

		   
 
 

	 (d) release
		or substitute any one or more endorsers, guarantors, any Designated Subsidiary
		Borrower or other obligors;

	  

	 (e) settle
		or compromise any of the Parent Borrower Guaranteed Obligations, any security
		therefor or any liability (including any of those hereunder) incurred directly
		or indirectly in respect thereof or hereof, and may subordinate the payment of
		all or any part thereof to the payment of any liability (whether due or not) of
		any Designated Subsidiary Borrower to its creditors other than the Guaranteed
		Creditors;

	  

	 (f) apply
		any sums by whomsoever paid or howsoever realized to any liability or
		liabilities of any Designated Subsidiary Borrower to the Guaranteed Creditors
		regardless of what liability or liabilities of any Designated Subsidiary
		Borrower remain unpaid;

	  

	 (g) consent
		to or waive any breach of, or any act, omission or default under, this
		Agreement or any other Credit Document or any of the instruments or agreements
		referred to herein or therein, or otherwise amend, modify or supplement this
		Agreement, any other Credit Document or any of such other instruments or
		agreements; and/or

	  

	 (h) take any
		other action which would, under otherwise applicable principles of common law,
		give rise to a legal or equitable discharge of the Parent Borrower from its
		liabilities under this Parent Borrower Guaranty.

	  

	 13.06 Reliance. It is
		not necessary for the Guaranteed Creditors to inquire into the capacity or
		powers of any Designated Subsidiary Borrower or the officers, directors,
		partners or agents acting or purporting to act on their behalf, and any Parent
		Borrower Guaranteed Obligations made or created in reliance upon the professed
		exercise of such powers shall be guaranteed hereunder.

	  

	 13.07 Subordination. Any
		indebtedness of any Designated Subsidiary Borrower now or hereafter owing to
		the Parent Borrower is hereby subordinated to the Parent Borrower Guaranteed
		Obligations of any Designated Subsidiary Borrower owing to the Guaranteed
		Creditors; and if the Administrative Agent so requests at a time when an Event
		of Default exists, no Designated Subsidiary Borrower shall make, or be
		permitted to make, any payment to the Parent Borrower in respect of such
		indebtedness owed to the Parent Borrower, but without affecting or impairing in
		any manner the liability of the Parent Borrower under the other provisions of
		this Parent Borrower Guaranty. Prior to the transfer by the Parent Borrower of
		any note or negotiable instrument evidencing any of the indebtedness of any
		Designated Subsidiary Borrower to the Parent Borrower, the Parent Borrower
		shall mark such note or negotiable instrument with a legend that the same is
		subject to this subordination. Without limiting the generality of the
		foregoing, the Parent Borrower hereby agrees with the Guaranteed Creditors that
		it will not exercise any right of subrogation which it may at any time
		otherwise have as a result of this Guaranty (whether contractual, under Section
		509 of the Bankruptcy Code or otherwise) until all Parent Borrower Guaranteed
		Obligations have been irrevocably paid in full in cash.

	 
		
		  
			  

			 
				 
			 

			 
				 
			 

			 
				107
			 

			 
				 
			 

			 
			 

			 

		  

		   
 
 

	 13.08 Waiver.
		(a) The
		Parent Borrower waives any right (except as shall be required by applicable
		statute and cannot be waived) to require any Guaranteed Creditor to (i) proceed
		against each Designated Subsidiary Borrower, any other guarantor or any other
		party, (ii) proceed against or exhaust any security held from any Designated
		Subsidiary Borrower, any other guarantor or any other party or (iii) pursue any
		other remedy in any Guaranteed Creditor’s power whatsoever. The Parent
		Borrower waives any defense based on or arising out of any defense of any
		Designated Subsidiary Borrower, any other guarantor or any other party, other
		than payment in full of the Parent Borrower Guaranteed Obligations, based on or
		arising out of the disability of each Designated Subsidiary Borrower, any other
		guarantor or any other party, or the unenforceability of the Parent Borrower
		Guaranteed Obligations or any part thereof from any cause, or the cessation
		from any cause of the liability of any Designated Subsidiary Borrower other
		than payment in full of the Parent Borrower Guaranteed Obligations. The
		Guaranteed Creditors may, at their election, foreclose on any security held by
		the Administrative Agent or any other Guaranteed Creditor by one or more
		judicial or nonjudicial sales, whether or not every aspect of any such sale is
		commercially reasonable (to the extent such sale is permitted by applicable
		law), or exercise any other right or remedy the Guaranteed Creditors may have
		against any Designated Subsidiary Borrower or any other party, or any security,
		without affecting or impairing in any way the liability of the Parent Borrower
		hereunder except to the extent the Parent Borrower Guaranteed Obligations have
		been paid. The Parent Borrower waives any defense arising out of any such
		election by the Guaranteed Creditors, even though such election operates to
		impair or extinguish any right of reimbursement or subrogation or other right
		or remedy of the Parent Borrower against any Designated Subsidiary Borrower or
		any other party or any security.

	  

	 (b) The
		Parent Borrower waives all presentments, demands for performance, protests and
		notices, including, without limitation, notices of nonperformance, notices of
		protest, notices of dishonor, notices of acceptance of this Parent Borrower
		Guaranty, and notices of the existence, creation or incurring of new or
		additional Parent Borrower Guaranteed Obligations. The Parent Borrower assumes
		all responsibility for being and keeping itself informed of each Designated
		Subsidiary Borrower’s financial condition and assets, and of all other
		circumstances bearing upon the risk of nonpayment of the Parent Borrower
		Guaranteed Obligations and the nature, scope and extent of the risks which the
		Parent Borrower assumes and incurs hereunder, and agrees that the Guaranteed
		Creditors shall have no duty to advise the Parent Borrower of information known
		to them regarding such circumstances or risks.

	  

	 (c) The
		Parent Borrower warrants and agrees that each of the waivers set forth above in
		this Section 13 is made with full knowledge of its significance and
		consequences, and such waivers shall be effective to the maximum extent
		permitted by law.

	  

	 *        
		*         *

	 
		
		   

		  
			  
		  

		  
			  
		  

		  
			 108
		  

		  
			  
		  

		  
		  

		  

		

		 
 

	 IN
		WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this
		Agreement to be duly executed and delivered as of the date first above
		written.

	  

	 
			
				Address:

					 	 
	
				Wellesley
				  House

				90 Pitts
				  Bay Road

				Pembroke
				  HM 08

				Bermuda

				 

				Attention:  
				  Michael
				  McGuire

				Telephone: +1 (441)
				  278-0943

				Facsimile:  
				  +1 (441)
				  278-0493
 	 	
				ENDURANCE
				  SPECIALTY HOLDINGS LTD.

				 

				 

				By:  /s/
				  John V. Del Col

				
				  

				  

				Title:
				  General Counsel and Secretary
 
	 	 	 
	
				Wellesley
				  House

				90 Pitts
				  Bay Road

				Pembroke
				  HM 08

				Bermuda

				 
				  Michael McGuire

				Telephone: 
				  +1 (441)
				  278-0943

				Facsimile:   +1 (441)
				  278-0493
 	 	
				ENDURANCE
				  SPECIALTY INSURANCE LTD.

				 

				 

				By:
				  /s/ John
				  V. Del Col

				
				  

				  

				Title:
				  General Counsel and Secretary
 
	 	 	 
	
				1209
				  Orange Street

				Wilmington,
				  Delaware 19801

				 

				Attention:  
				  Emily
				  Canelo, Esq.

				Telephone: +1 (914)
				  468-8000

				Facsimile:   +1 (914)
				  997-0331
 	 	
				ENDURANCE
				  U.S. HOLDINGS CORP.

				 

				 

				By: /s/
				  Kenneth J. LeStrange

				
				  

				  

				Title:
				  Chairman of the Board and President
 
	 	 	 
	
				4th Floor,
				  2 Minster Court

				London,
				  EC3R 7BB

				United
				  Kingdom

				 

				Attention:  
				  Simon
				  Minshall

				Telephone:
				  +44
				  (0)20 7337 2830

				Facsimile:   +44
				  (0)20 7337 2900
 	 	
				ENDURANCE
				  WORLDWIDE HOLDINGS LIMITED

				 

				 

				By: /s/ Jon
				  Godfray

				
				  

				  

				Title:
				  Chief Operating Officer
 

 

	 
		
		   

		  
			  
		  

		  
			  
		  

		  
			 
		  

		  
			  
		  

		  
		  

		  

		

		 
 

	 
			
				4th Floor,
				  2 Minster Court

				London,
				  EC3R 7BB

				United
				  Kingdom

				 

				Attention:  
				  Simon
				  Minshall

				Telephone:
				  +44
				  (0)20 7337 2830

				Facsimile:   +44
				  (0)20 7337 2900
 	
				ENDURANCE
				  WORLDWIDE INSURANCE LIMITED

				 

				 

				By:
				  
				    /s/ Jon Godfray

				
				  

				  

				Name:
				  Jon Godfray

				Title:
				  Chief Operating Officer
 
	 	 
	 	
				JPMORGAN
				  CHASE BANK, N.A.,

				as
				  Administrative Agent, Issuing Agent and a Lender

				 

				By:
				     /s/ Erin O'Rourke

				
				  
Title:
				  Vice President

				 
 
	 	 
	 	
				WACHOVIA
				  BANK, N.A.

				 

				By:
				    /s/ William R. Goley 

				
				  

				  

				Title:
				  Director

				 
 
	 	 
	 	
				ING BANK
				  N.V., LONDON BRANCH

				 

				By:
				    /s/ N J Marchant 

				
				  

				  

				Title:
				  Director

				 

				 

				By:
				    /s/ M E R Sherman

				
				  

				  

				Title:
				  Managing Director
 
	 	 
	 	
				BANK OF
				  AMERICA, N.A.

				 

				By:
				    /s/ Debra Basler

				
				  

				  

				Title:
				  Senior Vice President

				 
 
	 	 
	 	
				BARCLAYS
				  BANK PLC

				 

				By:
				    /s/ Nicholas Bell

				
				  

				  

				Title:
				  Director

				 
 

 

	 
		
		   

		  
			  
		  

		  
			  
		  

		  
			 
		  

		  
			  
		  

		  
		  

		  

		

		 
 

	 
			 	
				LLOYDS
				  TSB BANK PLC

				 

				By:
				    /s/ Jason Eperon

				
				  

				  

				Title:
				  Vice President, Financial Institutions,

				          USA

				 

				 

				By:
				    /s/ Candi Obrentz

				
				  

				  

				Title:
				  Assistant Vice President, Financial Institutions, USA
 
	 	 
	 	
				THE BANK
				  OF NEW YORK

				 

				By:
				    /s/ Richard G. Shaw

				
				  

				  

				Title:
				  Vice President
 
	 	 
	 	
				CALYON
				  NEW YORK BRANCH

				 

				By:
				    /s/ Sebastian Rocco

				
				  

				  

				Title:
				  Managing Director

				 

				 

				By:
				    /s/ Charlie Kornberger

				
				  

				  

				Title:
				  Managing Director
 
	 	 
	 	
				THE
				  ROYAL BANK OF SCOTLAND PLC

				 

				By:
				    Greenwich Capital Markets, Inc., as agent for

				           The Royal Bank of
				  Scotland plc

				 

				By:
				    /s/ David Howes

				
				  

				  

				Title:
				  Vice President
 
	 	 
	 	
				DEUTSCHE
				  BANK AG NEW YORK BRANCH

				 

				By:
				    /s/ Richard Herder

				
				  

				  

				Title:
				  Managing Director

				 

				By:
				    /s/ Michael Campites

				
				  

				  

				Title:
				  Vice President
 

 

	 
		
		   

		  
			  
		  

		  
			  
		  

		  
			 
		  

		  
			  
		  

		  
		  

		  

		

		 
 

	 
			 	
				THE BANK
				  OF NOVA SCOTIA

				 

				By:
				    /s/ Todd Meller

				
				  

				  

				Name:
				  Todd Meller

				Title:
				  Managing Director

				 
 
	 	
				LANDESBANK
				  HESSEN-THÜRINGEN NEW YORK BRANCH

				 

				By:
				    /s/ Samuel W. Bridges

				
				  

				  

				Title:
				  Senior Vice President Financial Institutions Public Finance

				 

				By:
				    /s/ Irina Rakhlis

				
				  

				  

				Title:
				  Credit Analyst Financial Institutions Public Finance
 
	 	 
	 	
				BNP
				  PARIBAS

				 

				By:
				    /s/ Peter A. Nikitaidis

				
				  

				  

				Title:
				  Director 

				 

				By:
				    /s/ Nair P. Raghu

				
				  

				  

				Title:
				  Vice President 
 
	 	 
	 	
				COMERICA
				  BANK

				 

				By:
				    /s/ Chatphet Saipetch

				
				  

				  

				Name:
				  Chatphet Saipetch

				Title:
				  Vice President
 
	 	 
	 	
				MERRILL
				  LYNCH COMMERCIAL FINANCE CORPORATION

				 

				By:
				    /s/ Louis Alder

				
				  

				  

				Name:
				  Louis Alder

				Title:
				  Director
 
	 	 
	 	
				GOLDMAN
				  SACHS CREDIT PARTNERS L.P.

				 

				By:
				    /s/ Mark Walton

				
				  

				  

				Title:
				  Managing DirectorEXECUTION VERSION
	 

	 
		 
	 

	 
		
		  
		  

		
 
 

	 
		AMENDED AND RESTATED PLEDGE AND SECURITY
		AGREEMENT
	 

	 
		Dated as of May 8, 2007
	 

	 
		by and among
	 

	 
		ENDURANCE SPECIALTY HOLDINGS LTD.,
	 

	 
		VARIOUS DESIGNATED SUBSIDIARY
		BORROWERS,
	 

	 
		THE BANK OF NEW YORK,
	 

	 
		as Collateral Agent
	 

	 
		THE BANK OF NEW YORK,
	 

	 
		as Custodian
	 

	 
		and
	 

	 
		JPMorgan Chase Bank, N.A.
	 

	 
		as Administrative Agent
	 

	 
		
		  
		  

		
 
 

	 
		 
	 

	 
	 

	 

	 
		AMENDED AND RESTATED PLEDGE AND SECURITY
		AGREEMENT (as amended, modified and supplemented and as in effect from time to
		time, this “Agreement”), dated as of May 8, 2007, by and among the
		undersigned subsidiary Borrowers (each, a “Grantor”
		and, together with any other entity that becomes a Grantor hereunder pursuant
		to Section 10.12 hereof, the “Grantors”),
		The Bank of New York, as Collateral Agent (together with any successor
		Collateral Agent, the “Collateral
		Agent”), for the benefit of the
		Secured Creditors (as defined below), The Bank of New York, as Custodian (in
		such capacity, and together with any successor Custodian, the
		“Custodian”), and JPMorgan Chase Bank, N.A., as
		Administrative Agent (together with any successor Administrative Agent, the
		“Administrative
		Agent”). Certain capitalized terms
		as used herein are defined in Section 1 hereof. Except as otherwise defined
		herein, all capitalized terms used herein and defined in the Credit Agreement
		(as defined below) shall be used herein as therein defined.
	 

	 
		WITNESSETH :
	 

	 
		WHEREAS, Endurance Specialty Holdings Ltd.
		(the “Parent
		Borrower”), various Designated
		Subsidiary Borrowers, the lenders from time to time party thereto (the
		“Lenders”), the Administrative Agent and Wachovia Bank,
		National Association, as Syndication Agent, have entered into an Amended and
		Restated Credit Agreement, dated as of May 8, 2007 (as amended, modified,
		supplemented or amended and restated from time to time, the
		“Credit Agreement”), providing for the making of Loans to the
		Borrowers and the issuance of, and participation in, Letters of Credit for the
		account of the Designated Subsidiary Borrowers, all as contemplated therein
		(the Lenders, the Issuing Agent, the Administrative Agent, the Collateral
		Agent, the Custodian and each other agent under the Credit Agreement are herein
		called the “Secured
		Creditors”);
	 

	 
		WHEREAS, it is a condition precedent to the
		making of Loans to the Borrowers and the issuance of, and participation in,
		Letters of Credit for the account of the Designated Subsidiary Borrowers under
		the Credit Agreement that each Grantor shall have executed and delivered to the
		Collateral Agent this Agreement; and
	 

	 
		WHEREAS, each Grantor will obtain benefits
		from the incurrence of Loans and/or the issuance of, and participation in,
		Letters of Credit for their respective accounts under the Credit Agreement and,
		accordingly, desires to execute this Agreement in order to satisfy the
		condition described in the preceding paragraph and to induce the Lenders to
		make Loans to the Borrowers and issue, and/or participate in, Letters of Credit
		for the account of the Designated Subsidiary Borrowers;
	 

	 
		NOW, THEREFORE, in consideration of the
		benefits accruing to each Grantor, the receipt and sufficiency of which are
		hereby acknowledged, each Grantor hereby makes the following representations
		and warranties (solely as to itself and its Subsidiaries) to the Collateral
		Agent for the benefit of the Secured Creditors and hereby covenants and agrees
		(solely as to itself and its Subsidiaries) with the Collateral Agent for the
		benefit of the Secured Creditors as follows: 
	 

	 
		Section 1. Definitions.
		Terms defined in the Credit Agreement are used herein as defined therein. In
		addition, as used in this Agreement, the following terms have the following
		
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		meanings (such meanings to be equally
		applicable to both the singular and plural forms of the terms defined):
	 

	 
		“Amended and Restated Account Control
		Agreement” means the amended and
		restated account control agreement, dated as of the date of this Agreement,
		among the Custodian, the Grantors from time to time party thereto and the
		Collateral Agent, as amended, modified and supplemented and as in effect from
		time to time.
	 

	 
		“Administrative Agent” has the meaning provided in the first paragraph
		of this Agreement, and shall include any successor thereto.
	 

	 
		“Administrative
		Agent’s Notice” has the
		meaning provided in Section 6.01(a).
	 

	 
		“Adverse Claim” has the meaning assigned to such term in Section
		8-102(a)(i) of the UCC.
	 

	 
		“Agency Securities” shall mean (i) single-class mortgage
		participation certificates in book-entry form backed by single-family
		residential mortgage loans, the full and timely payment of interest at the
		applicable certificate rate and the ultimate collection of principal of which
		are guaranteed by the Federal Home Loan Mortgage Corporation (excluding REMIC
		or other multi-class pass-through certificates, collateralized mortgage
		obligations, pass-through certificates backed by adjustable rate mortgages,
		securities paying interest or principal only and similar derivative
		securities); (ii) single-class mortgage pass-through certificates in book-entry
		form backed by single-family residential mortgage loans, the full and timely
		payment of interest at the applicable certificate rate and ultimate collection
		of principal of which are guaranteed by the Federal National Mortgage
		Association (excluding REMIC or other multi-class pass-through certificates,
		pass-through certificates backed by adjustable rate mortgages, collateralized
		mortgage obligations, securities paying interest or principal only and similar
		derivative securities); and (iii) single-class fully modified pass-through
		certificates in book-entry form backed by single-family residential mortgage
		loans, the full and timely payment of principal and interest of which is
		guaranteed by the Government National Mortgage Association (excluding REMIC or
		other multi-class pass-through certificates, collateralized mortgage
		obligations, pass-through certificates backed by adjustable rate mortgages,
		securities paying interest or principal only and similar derivatives
		securities).
	 

	 
		“Agreement”
		means this Amended and Restated Pledge and Security Agreement, as amended,
		modified and supplemented and as in effect from time to time.
	 

	 
		“Borrowing Base Report” has the meaning provided in Section
		6.01(b).
	 

	 
		“Cash” means
		immediately available funds in Dollars.
	 

	 
		“Clearing Corporation” has the meaning assigned to such term in
		Section 8-102(a)(5) of the UCC and includes, among other things,
		DTC.
	 

	 
		“Close of Business” on any given date, means the time of closing of
		the Federal funds wire in New York City on such date, or, with respect to any
		particular reference
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		herein to such term, such earlier time on
		such date as may be agreed to by the Grantors, the Collateral Agent and the
		Custodian.
	 

	 
		“Collateral”
		has the meaning provided in Section 4.01.
	 

	 
		“Collateral Accounts” has the meaning provided in Section 4.02(a) and
		shall include any successor accounts.
	 

	 
		“Collateral Agent” has the meaning provided in the first paragraph
		of this Agreement, and shall include any successor thereto.
	 

	 
		“Collateral Deposit Accounts” has the meaning provided in Section 4.02(a) and
		shall include any successor accounts. 
	 

	 
		“Collateral Release Request” means a duly completed request from any Grantor
		to the Collateral Agent substantially in the form of Exhibit A.
	 

	 
		“Collateral Securities Accounts” has the meaning provided in Section 4.02(a) and
		shall include any successor accounts.
	 

	 
		“Collateral Transfer” means a transfer, deposit or delivery of any
		Property to be included as Collateral by or
		on behalf of any Grantor to the Collateral Agent or the Custodian in accordance
		with Section 4.03.
	 

	 
		“Credit Agreement” has the meaning provided in the recitals of this
		Agreement.
	 

	 
		 “Credit Event” means the making of any Tranche 1 Revolving Loan
		or the issuance of any Tranche 1 Letter of Credit.
	 

	 
		“Credit Transaction” means, collectively, all Collateral Transfers,
		all releases of Collateral pursuant to Section 4.04 and the occurrence of any
		Credit Event.
	 

	 
		“Custodian”
		has the meaning provided in the first paragraph of this Agreement and shall
		include any successor thereto.
	 

	 
		“Deposit Account” has the meaning assigned to such term in
		Section 9-102(a)(29) of the UCC.
	 

	 
		“Deposit Account Bank” shall mean a “bank” (as defined in
		Section 9-102(a)(8) of the UCC) which maintains a Deposit Account.
	 

	 
		“Derivative Security” means any security evidencing the right to
		receive payments of principal only or interest only with respect to an
		underlying Instrument or Security or otherwise evidencing a right to receive
		anything but proportionate payments of the principal of and interest on any underlying Instrument or
		Security, and any forward or futures contract, put, call, collar, option or
		swap agreement in respect of any Security.
	 

	 
		“DTC” means
		The Depository Trust Company, its successors and assigns.
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		“Financial Asset” has the meaning assigned to such term in Section
		8-102(a)(9) of the UCC.
	 

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

	 
		“Governmental Securities” means direct obligations of the United States of
		America, or direct obligations of any agency or instrumentality thereof the
		obligations of which are expressly backed by the full faith and credit of the
		United States of America, or obligations fully and expressly guaranteed as to
		principal and interest by the United States of America or any such agency or
		instrumentality thereof, other than any Structured Finance Securities or
		Derivative Securities.
	 

	 
		“Grantor”
		has the meaning provided in the first paragraph of this Agreement and shall
		include any successor thereto.
	 

	 
		“Indemnitee”
		has the meaning provided in Section 10.04(b) of this Agreement.
	 

	 
		“Instrument”
		has the meaning assigned to such term in Section 9-102(a)(47) of the
		UCC.
	 

	 
		“Investment Property” has the meaning assigned to such term in
		Section 9-102(a)(49) of the UCC.
	 

	 
		“Lenders”
		has the meaning provided in the recitals of this Agreement.
	 

	 
		“Location”
		of any Grantor, means such Grantor’s “location” as determined
		pursuant to Section 9-307 of the UCC.
	 

	 
		“Market Value” of each Security at a particular time, means the
		fair market value determined for such Security at the close of business on the
		last preceding Business Day. For purposes of this definition, unpaid dividends
		and other unpaid distributions on or in respect of Securities and accrued but
		unpaid interest on Governmental Securities and Agency Securities will be
		excluded from the determination of Market Value. For purpose of the
		determination of any Market Value, the Custodian or the Collateral Agent shall
		be entitled to rely on any independent pricing service deemed reliable by it,
		and in the event no such pricing service exists, the Market Value shall be
		provided by the Administrative Agent.
	 

	 
		“NYSE”
		means the New York Stock Exchange.
	 

	 
		“Parent Borrower” has the meaning provided in the recitals of this
		Agreement.
	 

	 
		“Primary Obligations” has the meaning provided in Section 8.04(b) of
		this Agreement.
	 

	 
		“Pro Rata Share” has the meaning provided in Section 8.04(b) of
		this Agreement.
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		“Proceeds”
		means all “proceeds” as such term is defined in Section 9-102(a)(64)
		of the UCC and, in any event, shall include, without limitation, all interest
		on or other income from the Cash from time to time on deposit in any Collateral
		Account, and all collections and distributions (including, without limitation,
		interest and dividends) with respect to any Security held in any Collateral
		Account.
	 

	 
		“Property”
		means any right or interest in or to property of any kind whatsoever, whether
		real, personal or mixed and whether tangible or intangible.
	 

	 
		“Registered Organization” has the meaning provided in the Uniform
		Commercial Code as in effect in the State of New York.
	 

	 
		“Requirements of Law” for any Person, means 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.
	 

	 
		“Secondary Obligations” has the meaning provided in Section 8.04(b) of
		this Agreement.
	 

	 
		“Secured Creditors” has the meaning provided in the recitals of this
		Agreement and shall include any successor thereto.
	 

	 
		“Secured Obligations” means, as to any Grantor (solely as to itself),
		all of the following: 
	 

	 
		(i) the full and prompt payment when due
		(whether at stated maturity, by acceleration or otherwise) of all obligations,
		liabilities and indebtedness (including, without limitation, principal,
		premium, interest (including, without limitation, all interest that accrues
		after the commencement of any case, proceeding or other action relating to the
		bankruptcy, insolvency, reorganization or similar proceeding of such Grantor at
		the rate provided for in the respective documentation, whether or not a claim
		for post-petition interest is allowed in any such proceeding), reimbursement
		obligations under Letters of Credit, fees, costs and indemnities) of such
		Grantor to the Secured Creditors, whether now existing or hereafter incurred
		under, arising out of, or in connection with, the Credit Agreement and the
		other Credit Documents to which such Grantor is a party and the due performance
		and compliance by such Grantor with all of the terms, conditions and agreements
		contained in the Credit Agreement and in such other Credit Documents;
	 

	 
		(ii) any and all sums advanced by the
		Collateral Agent and/or the Custodian in order to preserve the Collateral or
		preserve the Collateral Agent’s security interest in the Collateral;
		
	 

	 
		(iii) in the event of any proceeding for the
		collection or enforcement of any indebtedness, obligations, or liabilities of
		such Grantor referred to in clause (i) above, after an Event of Default shall
		have occurred and be continuing, the reasonable expenses of retaking, holding,
		preparing for sale or lease, selling or otherwise disposing of or
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		realizing on the Collateral, or of any
		exercise by the Collateral Agent of its rights hereunder, together with
		reasonable attorneys’ fees and court costs; 
	 

	 
		(iv) all amounts paid by any Indemnitee as
		to which such Indemnitee has the right to reimbursement by such Grantor under
		Section 10.04(b) of this Agreement; and
	 

	 
		(v) all amounts owing by such Grantor to the
		Administrative Agent in connection with Tranche 1 Revolving Loans or Tranche 1
		Letters of Credit pursuant to any of the Credit Documents in its capacity as
		such;
	 

	 
		Notwithstanding anything to the contrary
		contained in this definition, it is understood and agreed that the
		“Secured Obligations” of each Grantor shall (x) include
		obligations solely to the extent the Secured Obligations of such Grantor
		consist of or are incurred in connection with Tranche 1 Revolving Loans or
		Tranche 1 Letters of Credit to such Grantor, (y) include extensions of credit
		to the respective Grantor of the types described above in connection with the
		Tranche 1 Revolving Loans and the Tranche 1 Letters of Credit, whether
		outstanding on the date of this Agreement or extended from time to time after
		the date of this Agreement and (z) in the case of the Parent Borrower, shall
		not include any obligations arising under the Parent Borrower Guaranty. 
	 

	 
		“Security”
		and “Securities” have the meaning provided in Section 8-102(a)(15)
		of the UCC and shall in any event also include for all purposes under this
		Agreement any certificates of deposit and money market deposits of any
		commercial bank.
	 

	 
		“Securities Account” has the meaning assigned to such term in
		Section 8-501(a) of the UCC.
	 

	 
		“Securities Intermediary” has the meaning assigned to such term in
		Section 8-102(a)(14) of the UCC.
	 

	 
		“Security Entitlement” has the meaning assigned to such term in Section
		8-102(a)(17) of the UCC.
	 

	 
		“Structured Finance Securities” means (a) securities representing participations
		in, or the payment of which is secured by, a pool of loans the repayment of
		which is secured by a mortgage, deed of trust, other mortgage securities or
		other fee or leasehold interest upon real estate or other assets, (b)
		securities representing participations in, or the payment of which is secured
		by, a pool of receivables (of any nature) or (c) any similar types of
		securities, other than, in each case, Derivative Securities.
	 

	 
		“Termination Date” has the meaning provided in Section 10.08.
	 

	 
		“Transmitting Utility”
		has the meaning given such term in Section 9-102(a)(80) of the UCC.
	 

	 
		“UCC” means
		the Uniform Commercial Code, as amended, and as in effect from time to time in
		the State of New York, except that references to sections of the UCC refer to
		the section numbers of such sections as of the date of this Agreement.
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		Section 2. Appointment of
		Custodian.
	 

	 
		Section 2.01 Appointment.
		Each Grantor and the Collateral Agent hereby appoint the Custodian as
		custodian, bailee, Deposit Account Bank and Securities Intermediary of all
		Eligible Securities and Cash at any time delivered to, or deposited with, the
		Custodian in connection with any and all Credit Transactions and as their agent
		to effect such Credit Transactions. The Custodian hereby accepts the foregoing
		appointment as custodian, bailee, Deposit Account Bank, Securities Intermediary
		and agent.
	 

	 
		Section 3. Representations and Covenants
		of each Grantor.
	 

	 
		Section 3.01 Representations by each Grantor . Each Grantor (solely as to itself and its
		Subsidiaries) represents, warrants and covenants (and each Grantor shall be
		deemed to repeat each such representation and warranty on each date on which a
		Primary Obligation is outstanding) that:
	 

	 
		(a) it is the legal, beneficial and record
		owner of, and has good and marketable title to, all of its Collateral
		consisting of one or more Collateral Accounts and all Financial Assets, cash,
		instruments and Securities credited thereto and Security Entitlements and
		credit balances carried therein and that it has sufficient interest in all of
		its Collateral in which a security interest is purported to be created
		hereunder for such security interest to attach (subject, in each case, to no
		pledge, lien, mortgage, hypothecation, security interest, charge, option,
		Adverse Claim or other encumbrance whatsoever, other than Liens which are
		permitted under Section 8.03(a), (k) or (l) of the Credit Agreement and which
		are not prior to the Liens created by this Agreement); 
	 

	 
		(b) it has full power, authority and legal
		right to pledge and charge all the Collateral pledged by it pursuant to this
		Agreement; 
	 

	 
		(c) this Agreement has been duly authorized,
		executed and delivered by such Grantor and constitutes a legal, valid and
		binding obligation of such Grantor enforceable against such Grantor in
		accordance with its terms, except to the extent that the enforceability thereof
		may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
		or other similar laws affecting creditors’ rights generally and by general
		equitable principles (regardless of whether enforcement is sought in equity or
		at law); 
	 

	 
		(d) except to the extent already obtained or
		made, no consent of any other party (including, without limitation, any
		stockholder, partner, member or creditor of such Grantor or any of its
		Subsidiaries) and no consent, license, permit, approval or authorization of,
		exemption by, notice or report to, or registration, filing or declaration with,
		any governmental authority is required to be obtained by such Grantor in
		connection with (a) the execution, delivery or performance of this Agreement by
		such Grantor, (b) the validity or enforceability of this Agreement against such
		Grantor, (c) the perfection or enforceability of the Collateral Agent’s
		security interest in such Grantor’s Collateral or (d) except for
		compliance with or as may be required by applicable securities laws, the
		exercise by the Collateral Agent of any of its rights or remedies provided
		herein; 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		(e) neither the execution, delivery or
		performance by such Grantor of this Agreement or the other Credit Documents to
		which it is a party nor compliance with the terms and provisions thereof nor
		the consummation of the transactions contemplated therein: (i) will contravene
		any applicable provision of any law, statute, rule, regulation, order, writ,
		injunction or decree of any court or governmental instrumentality; (ii) will
		conflict or be inconsistent with or result in any breach of any of the terms,
		covenants, conditions or provisions of, or constitute a default under, or
		result in the creation or imposition of (or the obligation to create or impose)
		any Lien (except pursuant to the Security Documents or pursuant to Section
		4.02(g) of the Credit Agreement) upon any of the property or assets of such
		Grantor or any of its Subsidiaries pursuant to the terms of, any indenture,
		mortgage, deed of trust, loan agreement, credit agreement, securities loan
		agreement, repurchase agreement or any other material agreement or instrument
		to which such Grantor or any of its Subsidiaries is a party or by which it or
		any of its property or assets are bound or to which it may be subject; or (iii)
		will violate any provision of the certificate of incorporation, by-laws or
		other organizational documents of such Grantor or any of its Subsidiaries;
		
	 

	 
		(f) to the best of such Grantor’s
		knowledge, all of such Grantor’s Collateral consisting of Securities has
		been duly and validly issued, is fully paid and non-assessable and is subject
		to no options to purchase or similar rights; 
	 

	 
		(g) “control” (as defined in
		Section 8-106 of the UCC) has been obtained by the Collateral Agent over all of
		such Grantor’s Collateral consisting of Securities, Security Entitlements
		and Securities Accounts;
	 

	 
		(h) “control” (as defined in
		Section 9-104 of the UCC) has been obtained by the Collateral Agent over all of
		such Grantor’s Collateral consisting of Deposit Accounts;
	 

	 
		(i) each Grantor covenants and agrees
		(solely as to itself) that it will defend the Collateral Agent’s and its
		right, title and security interest in and to such Grantor’s Collateral and
		the proceeds thereof against the claims and demands of all persons whomsoever;
		and each Grantor covenants and agrees (solely as to itself) that it will have
		like title to and right to pledge any other property at any time hereafter
		pledged to the Collateral Agent by such Grantor as Collateral hereunder and
		will likewise defend the right thereto and security interest therein of the
		Collateral Agent and the other Secured Creditors; 
	 

	 
		(j) this Agreement, together with the
		Account Control Agreement and the transfer, deposit or delivery of any
		Collateral by or on behalf of such Grantor to the Collateral Agent or its agent
		(including the Custodian), or to any Collateral Account, will constitute, in
		favor of the Collateral Agent, a valid first lien on and first priority
		perfected security interest in all of the Collateral, subject to no other Lien
		other than Liens which are permitted under Section 8.03(a), (k) or (l) of the
		Credit Agreement and which are not prior to the Liens created by this
		Agreement, provided that the Custodian shall have no obligation with respect to
		the validity and perfection of the security interest otherwise than to act in
		accordance with the terms of this Agreement; and
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		(k) The exact legal name of each Grantor,
		the type of organization of such Grantor, whether or not such Grantor is a
		Registered Organization, the jurisdiction of organization of such Grantor, such
		Grantor’s Location, the organizational identification number (if any) of
		such Grantor and whether or not such Grantor is a Transmitting Utility are
		listed on Annex A hereto for such Grantor. Such Grantor shall not change its
		legal name, its type of organization, its status as a Registered Organization
		(in the case of a Registered Organization), its status as a Transmitting
		Utility or as a Person which is not a Transmitting Utility, as the case may be,
		its jurisdiction of organization, its Location or its organizational
		identification number (if any) from that set forth on Annex A hereto, except
		that any such changes shall be permitted (so long as same do not involve (x) a
		Registered Organization ceasing to constitute same or (y) such Grantor changing
		its jurisdiction of organization or Location from the United States or a State
		thereof to a jurisdiction of organization or Location, as the case may be,
		outside the United States or a State thereof) if (i) it shall have given to the
		Collateral Agent not less than 15 days’ prior written notice of each
		change to the information listed on Annex A (as adjusted for any subsequent
		changes thereto previously made in accordance with this sentence), together
		with a supplement to Annex A which shall correct all information contained
		therein for such Grantor, and (ii) in connection with the respective such
		change or changes, it shall have taken all action reasonably requested by the
		Collateral Agent to maintain the security interests of the Collateral Agent in
		the Collateral intended to be granted hereby at all times fully perfected and
		in full force and effect. In addition, to the extent that such Grantor does not
		have an organizational identification number on the date hereof and later
		obtains one, such Grantor shall promptly thereafter notify the Collateral Agent
		of such organizational identification number and shall take all actions
		reasonably satisfactory to the Administrative Agent to the extent necessary to
		maintain the first priority security interest of the Collateral Agent in the
		Collateral intended to be granted hereby fully perfected and in full force and
		effect.
	 

	 
		Section 4. Collateral; Establishment of
		Collateral Accounts.
	 

	 
		Section 4.01 Pledge,
		Grant of Security Interest. As security
		for the prompt and complete payment and performance when due of all of its
		Secured Obligations, each Grantor does hereby severally (and not jointly)
		assign and transfer unto the Collateral Agent, and does hereby severally (and
		not jointly) pledge, charge and grant to the Collateral Agent, for the benefit
		of the Secured Creditors, a continuing security interest in all of the right,
		title and interest of such Grantor in, to and under all of the following
		property (and all rights therein) of such Grantor, or in which or to which such
		Grantor has any rights, in each case whether now existing or hereafter from
		time to time acquired (all of which is hereinafter collectively referred to as
		the “Collateral”):
	 

	 
		(a) each Collateral Account (as defined in
		Section 4.02) of, or in the name of, such Grantor;
	 

	 
		(b) all Cash, Securities, Security
		Entitlements, Investment Property, Financial Assets, credit balances and other
		assets and Property and all Instruments, in each case from time to time
		deposited or held in or transferred or credited to or carried in any Collateral
		Account of such Grantor from time to time;
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		(c) all Securities, moneys or Property
		representing a dividend on any of the assets of such Grantor described in
		clause (b) of this Section 4.01, or representing a distribution or return of
		capital upon or in respect of any of such assets, or resulting from a split-up,
		revision, reclassification or other like change of any of such assets of such
		Grantor or otherwise received in exchange therefor, and any subscription
		warrants, rights or options issued to the holders of, or otherwise in respect
		of, any of such assets of such Grantor; 
	 

	 
		(d) all Proceeds of any and all of the
		foregoing (including, without limitation, all causes of action, claims and
		warranties now or hereafter held by such Grantor in respect of any of the items
		listed above), all interest on or other income from the Cash and other Property
		from time to time held in any Collateral Account of such Grantor, and all
		collections and distributions with respect to any of the assets of such Grantor
		described in clauses (a) through (c) of this Section 4.01; and
	 

	 
		(e) to the extent related to any property
		described in the preceding clauses of this Section 4.01, all books,
		correspondence, credit files, records and other papers.
	 

	 
		Section 4.02 Establishment of Collateral Accounts. (a) On or prior to the Effective Date and upon any
		Person becoming a Grantor hereunder, each such Grantor shall have established
		with the Custodian, and at all times thereafter until the Secured Obligations
		of such Grantor shall have been irrevocably and indefeasibly paid in full and
		this Agreement is terminated in accordance with its terms, such Grantor shall
		maintain with the Custodian:
	 

	 
		(i) each Deposit Account listed in Part A of
		Schedule I hereto (each of which shall be maintained by the Custodian in the
		name of such Grantor) (each, a “Collateral Deposit Account”);
	 

	 
		(ii) each Securities Account listed in Part
		B of Schedule I hereto (each of which shall be maintained by the Custodian in
		the name of such Grantor) (each a “Collateral Securities Account” and, together with each Collateral Deposit
		Account, the “Collateral
		Accounts”).
	 

	 
		(b) The Custodian shall credit any Cash or
		Securities deposited, delivered or transferred by or on behalf of the
		respective Grantor to the Custodian in connection with any Credit Transaction
		in accordance with Section 4.03 to (x) in the case of Cash, such Grantor’s
		Collateral Deposit Account and (y) in the case of Securities, such
		Grantor’s Collateral Securities Account.
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		Section 4.03 Procedures for Depositing
		Cash and Crediting Securities to Collateral Accounts.
	 

	 
		(a) In General. Each
		Grantor may, prior to 1:00 p.m. New York City time, on any Business Day,
		transfer, deliver or deposit or cause to be transferred, delivered or
		deposited, as the case may be, (i) Cash to such Grantor’s Deposit Account
		or (ii) Securities to such Grantor’s Securities Account. 
	 

	 
		(b) Collateral Transfer. (i) Concurrently with, or prior to, any Collateral
		Transfer to the Custodian for inclusion in the respective Grantor’s
		Borrowing Base, the respective Grantor shall (x) deliver customary forms
		provided by the Custodian (completed to the satisfaction of the Custodian) in
		respect of such transfer, delivery or deposit (each, a “Collateral Transfer”) and (y) notify the Collateral Agent and the
		Administrative Agent of such Collateral Transfer in writing, which notice shall
		be substantially in the form of Exhibit B and shall set forth (i) the date of
		such Collateral Transfer, (ii) in reasonable detail, a description of the
		Securities (and the respective fair market value thereof as of the date of such
		Collateral Transfer), (iii) the Borrowing Base of such Grantor both before and
		after giving effect to such Collateral Transfer and (iv) an officer’s
		certificate certified by an Authorized Officer that the Cash and/or Securities
		subject to such Collateral Transfer constitutes Collateral of such Grantor
		under this Agreement and is subject to security interests granted herein. Each
		Collateral Transfer shall be made in accordance with customary procedures of
		the Custodian, which procedures shall be deemed to be incorporated by reference
		in this Agreement as if set forth in full herein.
	 

	 
		(c) Upon the occurrence of each Credit
		Transaction, the Parent Borrower and the respective Grantor shall be deemed to
		represent and warrant to the Collateral Agent with respect to each item of
		Property subject to such Collateral Transfer or otherwise constituting
		Collateral of such Grantor that:
	 

	 
		(i) if such Property is a Security, it is an
		Eligible Security;
	 

	 
		(ii) such Grantor has noted on its books and
		records that such Property is pledged to the Collateral Agent under this
		Agreement; 
	 

	 
		(iii) the Borrowing Base of such Grantor is
		equal to or exceeds 100% of the amount of the Secured Obligations of such
		Grantor on and as of the date of such Collateral Transfer; and
	 

	 
		(iv) with respect to each such Property (and
		all other Property theretofore transferred to the Collateral Agent and included
		in the Collateral hereunder), this Agreement, the Account Control Agreement and
		the delivery of such Property to the respective Collateral Account creates a
		valid first Lien on and first priority perfected security interest in such
		Property in favor of the Collateral Agent, subject to no other Liens other than
		Liens which are permitted under Section 8.03(a), (k) or (l) of the Credit
		Agreement and which are not prior to the Liens created by this Agreement, and
		enforceable as such against all other creditors of such Grantor.
	 

	 
		(d) Form of Transfer. The Grantor shall transfer each item of Collateral to
		the Custodian in a form and manner sufficient to create a perfected first
		priority security interest 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		therein in favor of the Collateral Agent
		under the UCC, and otherwise in a form and manner reasonably acceptable to the
		Collateral Agent and the Custodian. 
	 

	 
		(e) Rights of the Collateral Agent. Notwithstanding anything to the contrary in this
		Agreement, the Collateral Agent and/or the Custodian shall have the right to
		reject or return any Security transferred to any Collateral Account to the
		extent that it has determined, with the advice of its counsel (which may be
		in-house counsel), that acceptance of such Security as Collateral or otherwise,
		would violate or conflict with any law, treaty, rule or regulation or
		determination of any Governmental Authority or other requirements of law
		binding upon the Collateral Agent or the Custodian. 
	 

	 
		(f) Further Assurances. In connection with any Collateral Transfer under this
		Section 4.03 or otherwise in respect hereof, each Grantor shall take such
		action, at its own expense, as the Collateral Agent may reasonably request
		(including, without limitation, to the extent that the Collateral Agent may
		reasonably request, delivering undated bond powers or other instruments of
		transfer or entering into one or more control agreements on terms reasonably
		satisfactory to the Collateral Agent) for the purpose of ensuring that the
		Collateral Agent will have a perfected first priority security interest with
		respect to each item of Collateral so transferred. In addition, each Grantor
		will furnish to the Administrative Agent and the Collateral Agent from time to
		time statements and schedules identifying and describing the Collateral
		(including, without limitation, each Borrowing Base Certificate delivered
		pursuant to Section 7.01(h) of the Credit Agreement) with respect to such
		Grantor and such other reports in connection with such Collateral as the
		Collateral Agent may reasonably request, all in reasonable detail.
	 

	 
		Section 4.04 Procedures for Requesting
		Releases of Collateral from Collateral Accounts. 
	 

	 
		(a) In General. Each
		Grantor may, prior to 1:00 p.m. New York City time, on any Business Day,
		deliver to the Collateral Agent and the Custodian a request for release of
		Collateral from one or more of its Collateral Accounts in accordance with the
		procedures set forth in Section 4.04(b). 
	 

	 
		(b) Collateral Release Request. Prior to each release by the Collateral Agent and the
		Custodian of Collateral to the respective Grantor, such Grantor shall deliver
		to the Collateral Agent and the Custodian a Collateral Release Request
		substantially in the form of Exhibit A (appropriately completed) with respect
		thereto. Each Collateral Release Request shall be delivered in writing together
		with such customary documents as may be required by the Custodian and/or the
		Collateral Agent in accordance with their customary procedures which shall be
		reasonably acceptable to such Grantor, which procedures shall be deemed to be
		incorporated by reference in this Agreement as if set forth in full herein.
		
	 

	 
		(c) Notwithstanding anything to the contrary
		contained in this Agreement or any other Credit Document, no Collateral shall
		be released by the Custodian or the Collateral Agent on behalf of any Grantor
		pursuant to any Collateral Release Request (i) if, immediately before or after
		giving effect thereto, the Borrowing Base of such Grantor would be less than
		100% of the amount of the Secured Obligations of such Grantor on and as of the
		date of such
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		Collateral Release Request or (ii) if a
		Default or an Event of Default has occurred and is continuing, unless, in each
		case, in the reasonable determination of the Collateral Agent, such release is
		(x) of Securities against simultaneous deposit of Cash by such Grantor to such
		Grantor’s Deposit Account in an amount equal to the aggregate Market Value
		of the released Securities or (y) made simultaneously with the transfer or
		delivery by such Grantor to the Custodian of Securities (to be credited to such
		Grantor’s Securities Account) having an aggregate Market Value at least
		equal to the aggregate Market Value of the released Securities; provided that,
		in each case under clauses (i) and (ii) of this paragraph, the Administrative
		Agent has provided notice to the Custodian and the Collateral Agent of such
		deficiency or such Default or Event of Default in accordance with Section
		10.02.
	 

	 
		(d) Neither the Collateral Agent nor the
		Custodian shall have any liability whatsoever to any other Secured Creditor as
		the result of any release of Collateral by it in accordance with (or which the
		Collateral Agent reasonably believes to be in accordance with) this Section
		4.04.
	 

	 
		Section 5. Effecting Credit Events.
	 

	 
		Section 5.01 Effecting the Making of a Loan or the Issuance of a
		Letter of Credit. Notwithstanding
		anything to the contrary, no Lender nor the Issuing Agent shall be required to
		make any Tranche 1 Revolving Loan or issue any Tranche 1 Letter of Credit to a
		Borrower whose Borrowing Base immediately upon giving effect to such Credit
		Event would be less than 100% of the Secured Obligations of such Grantor as
		confirmed by the Custodian and the Collateral Agent to the Administrative Agent
		immediately prior to such Credit Event. In confirming whether such Borrowing
		Base is less than 100% of the Secured Obligations of such Grantor, the
		Custodian and the Collateral Agent shall be entitled to rely on any information
		provided by the Administrative Agent concerning the amount of Secured
		Obligations then outstanding.
	 

	 
		Section 6. Notices and
		Reports.
	 

	 
		Section 6.01 Notices
		and Reports; Recordkeeping. 
	 

	 
		(a) Notices from Administrative Agent. On each Business Day, the Administrative Agent may,
		but shall have no obligation to, deliver to the Collateral Agent a notice (the
		“Administrative Agent’s
		Notice”) of the aggregate amount
		of the outstanding Secured Obligations of each Grantor. The Collateral Agent
		may conclusively rely without further investigation on each Administrative
		Agent’s Notice for purposes of determining whether the aggregate amount of
		the Secured Obligations of each Grantor exceeds the Borrowing Base of such
		Grantor and for preparing the Borrowing Base Report in respect of such Grantor.
		The Administrative Agent’s Notice shall have no purpose other than to
		enable the Collateral Agent to make such determination and to prepare such
		Borrowing Base Reports, shall not be conclusive evidence of the amount of any
		Grantor’s Secured Obligations and may not evidence any claim or assertion
		by any Grantor of the amount of its Secured Obligations. Any failure by the
		Administrative Agent to deliver an Administrative Agent’s Notice shall not
		constitute a breach or default by the Administrative Agent, and the Collateral
		Agent may rely on the last Administrative Agent’s Notice delivered to the
		Collateral Agent. The Administrative Agent
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		shall have no liability whatsoever to the
		Collateral Agent, any Grantor or any other Person relating to the information
		in any Administrative Agent’s Notice or to any delivery or failure to
		deliver any Administrative Agent’s Notice.
	 

	 
		(b) Borrowing Base Report. By 3:00 p.m. (New York time) on each Business Day, the
		Collateral Agent shall deliver to the Administrative Agent a report (a
		“Borrowing Base
		Report”) containing (i) the Market
		Value of all Collateral, (ii) the product of the Market Value of each item of
		Collateral and the applicable Advance Rate, and the amount by which the
		Borrowing Base of each Grantor exceeds or is less than the Secured Obligations
		of such Grantor, determined on the basis of the most recent Administrative
		Agent’s Notice delivered to the Collateral Agent in respect of such
		Grantor. If the Collateral Agent receives an Administrative Agent’s Notice
		by 1:00 p.m. (New York time) on any Business Day, then the Collateral Agent
		shall prepare its Borrowing Base Report for that Business Day using the
		information contained in such Administrative Agent’s Notice. If the
		Collateral Agent does not receive an Administrative Agent’s Notice by 1:00
		p.m. (New York time) on any Business Day, then the Collateral Agent shall
		prepare its Borrowing Base Report for that Business Day using the information
		contained in the last Administrative Agent’s Notice that was received by
		the Collateral Agent.
	 

	 
		(c) Recordkeeping.
		The Collateral Agent and the Custodian shall maintain books and records
		necessary to enable them to determine at any time all Collateral Transfers and
		all releases of Collateral which have occurred on or prior to such time. Each
		Grantor agrees that such books and records of the Custodian and the Collateral
		Agent shall be conclusive as to the matters contained therein absent manifest
		error.
	 

	 
		Section 6.02 Rights of Collateral Agent with Respect to
		Calculations.
	 

	 
		(a) Notices, Reports, Requests, etc. In making the
		calculations in connection with any notice, request or report or otherwise, (i)
		the Collateral Agent shall be entitled (but not obligated) to rely on the
		Custodian, (ii) the Administrative Agent shall be entitled to rely on the
		Custodian and/or the Collateral Agent, and (iii) the Collateral Agent and the
		Custodian shall be entitled to rely on any independent pricing service in the
		determination of the Market Value with respect to the Eligible Securities
		described therein.
	 

	 
		(b) Agency Securities. In producing the Borrowing Base Report, the Collateral
		Agent (and the Custodian in furnishing any Market Values therefor) shall not be
		required to consider or recognize any reduction in the principal amount of any
		Agency Securities held as Collateral until after the Collateral Agent has
		received written notice (including electronic communications) of such reduction
		by or behalf of the issuer of such Agency Securities. 
	 

	 
		(c) Dispute. The
		Collateral Agent and/or the Administrative Agent upon a reasonable basis may
		disagree with and dispute any request for a Collateral Transfer, any Collateral
		Release Request, Borrowing Base Report, or other notice or information at any
		time.
	 

	 
		(d) Limitation on Liability. In no event shall the Collateral Agent, the Custodian
		or the Administrative Agent be liable to any Grantor or any other Person for
		the accuracy of its determination of the aggregate amount of the Grantor’s
		Secured Obligations, the
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		Grantor’s Borrowing Base or the Market
		Value of any item of Collateral, for any determination regarding the
		eligibility of any Securities for inclusion in the Borrowing Base or for any
		other determination or calculation except in the case of its gross negligence
		or willful misconduct (as determined in a court of competent jurisdiction in a
		final and non-appealable decision).
	 

	 
		Section 7. Additional Covenants of the Grantors. In furtherance of the grant of the pledge and security
		interest pursuant to Section 4.01 hereof, each Grantor (solely as to itself)
		hereby agrees with the Collateral Agent as follows: 
	 

	 
		Section 7.01 Delivery and Other Perfection. Each Grantor shall:
	 

	 
		(a) take such action as the Administrative
		Agent or the Collateral Agent shall deem necessary or appropriate to duly
		record the Lien created hereunder in the Collateral with respect to such
		Grantor;
	 

	 
		(b) give, authorize, execute, deliver, file
		and/or record any financing statement, notice, instrument, document, agreement
		or other papers that may be necessary or desirable (in the reasonable judgment
		of the Administrative Agent or the Collateral Agent) to create, preserve,
		perfect or validate the pledge and security interest granted pursuant hereto or
		to enable the Collateral Agent to exercise and enforce its rights hereunder
		with respect to such pledge and security interest, including, without
		limitation, (i) causing any or all of the Collateral with respect to such
		Grantor to be transferred of record into the name of the Collateral Agent or
		the Custodian or the Collateral Agent’s nominee (and the Collateral Agent
		agrees that if any such Collateral is transferred into its name or the name of
		its nominee, the Collateral Agent will thereafter promptly give to such Grantor
		copies of any notices and communications received by it with respect to such
		Collateral), (ii) in the case of any Securities to be included in the
		Collateral that are held on the books of any Clearing Corporation, causing such
		Securities to be credited to an account of a Securities Intermediary designated
		by the Collateral Agent maintained with such Clearing Corporation, and (iii)
		entering into one or more control agreements;
	 

	 
		(c) if (i) such Grantor is not entitled to
		receive from the Collateral Agent distributions with respect to any Collateral
		pursuant to Section 7.04(a), (ii) any distribution in respect of any of such
		Collateral shall be evidenced by, or any of such Collateral shall otherwise be
		converted to, any Instrument and (iii) such Instrument is transferred to such
		Grantor or otherwise at its direction (other than to the Collateral Agent) in a
		physical form, such Grantor shall immediately transfer, or cause to be
		transferred, such Instrument to the Custodian for credit to such Grantor’s
		Collateral Account, and the Custodian shall credit such Instrument to such
		Grantor’s Collateral Account, duly endorsed in a manner reasonably
		satisfactory to the Collateral Agent and the Custodian, to be held as
		Collateral with respect to such Grantor pursuant to this Agreement, and such
		Grantor shall transfer any cash distributions or interest received by such
		Grantor immediately to the Custodian for credit to such Grantor’s
		Collateral Account, and the Custodian shall promptly credit such Instrument to
		such Grantor’s Collateral Account; and
	 

	 
		(d) keep full and accurate books and records
		relating to the Collateral with respect to such Grantor, and stamp or otherwise
		mark such books and records in such 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		manner as the Collateral Agent may
		reasonably require in order to reflect the security interests granted by this
		Agreement.
	 

	 
		Section 7.02 Other Financing Statements and Liens. No Grantor shall file or permit to be on file, or
		authorize or permit to be filed or to be on file, in any jurisdiction, any
		financing statement or like instrument with respect to the Collateral in which
		the Collateral Agent is not named as the sole secured party or be a party to
		any control agreement related to the Collateral except in favor of the
		Collateral Agent, and shall not otherwise create or permit to exist any Lien or
		any other interest of any kind upon or with respect to any of such Collateral,
		except Liens which are permitted under Section 8.03(a), (k) or (l) of the
		Credit Agreement and which are not prior to the Liens created by this
		Agreement.
	 

	 
		Section 7.03 Maintenance of Borrowing Base Percentage. Subject to Section 4.02 of the Credit Agreement, each
		Grantor will take all such actions as shall be necessary to cause the Borrowing
		Base of such Grantor at all times to be at least 100% of the Secured
		Obligations of such Grantor.
	 

	 
		Section 7.04 Voting Rights; Dividends; etc. (a) So long as no Default or Event of Default shall
		have occurred and be continuing, each Grantor shall be entitled (i) to exercise
		or refrain from exercising any or all voting and other consensual rights in
		respect of such respective Grantor’s Collateral or any part thereof for
		all purposes not inconsistent with the provisions of this Agreement and (ii) to
		receive from the Custodian any cash dividend, interest or other cash
		distribution with respect to the respective Grantor’s Collateral actually
		received by the Custodian (except for any distribution specified by the issuer
		in a writing delivered or otherwise notified to the Collateral Agent as a
		special, extraordinary or liquidating dividend), net of withholding for any
		tax, assessment, charge or levy. In order to release such dividend, interest or
		distribution, the respective Grantor may execute an appropriate Collateral
		Release Request in respect thereof, subject to its Borrowing Base being equal
		to at least 100% of such Grantor’s Secured Obligations upon the release
		thereof.
	 

	 
		(b) The Collateral Agent shall notify each
		Grantor of such rights or discretionary actions or of the date or dates by when
		such rights must be exercised or such action must be taken provided that the
		Custodian has received, from the issuer or the relevant depository (with
		respect to Securities issued in the United States) or from the relevant
		subcustodian, depository or a nationally or internationally recognized bond or
		corporate action service to which the Custodian subscribes, timely notice of
		such rights or discretionary corporate action and of the date or dates such
		rights must be exercised or such action must be taken. Absent actual receipt of
		such notice, the Collateral Agent and the Custodian shall have no liability for
		failing to so notify a Grantor.
	 

	 
		(c) Whenever Securities (including, but not
		limited to, warrants, options, tenders, options to tender or non-mandatory puts
		or calls) confer optional rights on a Grantor or provide for discretionary
		action or alternative courses of action by such Grantor, such Grantor shall be
		responsible for making any decisions relating thereto and for directing the
		Collateral Agent. In order for the Collateral Agent to act, it must receive the
		Grantor’s written instructions at its offices, addressed as the Collateral
		Agent may from time to time request, not later than noon (New York time) at
		least two Business Days prior to the last scheduled date to act with
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		respect to such Securities (or such earlier
		date or time as the Collateral Agent may notify the Grantor). Absent the
		Collateral Agent’s timely receipt of such written instructions, the
		Collateral Agent shall not be liable for failure to take any action relating to
		or to exercise any rights conferred by such Securities.
	 

	 
		(d) Except as provided in Section 7.04(e),
		all voting rights with respect to Securities, however registered, shall be
		exercised by the Grantor or its designee. For Securities issued in the United
		States, the Collateral Agent’s only duty shall be to mail to the
		respective Grantor any documents (including proxy statements, annual reports
		and signed proxies) received by the Collateral Agent relating to the exercise
		of such voting rights. With respect to Securities issued outside of the United
		States, the Collateral Agent’s only duty shall be to provide the
		respective Grantor with access to a provider of global proxy services at such
		Grantor’s request. Such Grantor shall be responsible for all costs
		associated with its use of such services.
	 

	 
		(e) Upon the occurrence of a Default or
		Event of Default, (i) each Grantor shall hold any dividends, interest or other
		distributions which it receives with respect to its respective Collateral in
		trust for the Collateral Agent, separate from all other moneys of such Grantor,
		and forthwith transfer such dividends, interest or other distributions to the
		Custodian for crediting to the relevant Collateral Accounts, (ii) the
		Collateral Agent shall be entitled to register all or any item of such
		Collateral in its own name or in the name of its nominee or designee and (iii)
		the Collateral Agent shall be entitled to exercise all voting rights, and to
		give any and all consents in connection with, any and all Securities, and each
		Grantor hereby grants the Collateral Agent an irrevocable proxy and irrevocably
		appoints the Collateral Agent its attorney-in-fact coupled with an interest to
		vote or otherwise act in furtherance of the purposes hereof. Upon request from
		any Grantor, the Collateral Agent shall forthwith make and deliver to such
		Grantor such powers of attorney, consents or waivers as such Grantor shall
		reasonably request in order to permit such Grantor to exercise its rights under
		this Section 7.04. Upon request, each Grantor shall forthwith make and deliver
		to the Collateral Agent such powers of attorney, consents and waivers (in
		addition to the power of attorney and consent set forth in this Section
		7.04(e)) as the Collateral Agent shall reasonably request in order to permit
		the Collateral Agent to exercise its rights under this Section 7.04 and this
		Agreement. Notwithstanding the foregoing, no Grantor may take any action under
		this Section 7.04 with respect to any Collateral that, in the Administrative
		Agent’s reasonable judgment, (i) would in any way adversely affect
		the Lien created under this Agreement with respect to an item of Collateral or
		impair the interest or rights of the Collateral Agent therein, except as
		permitted by Section 4.04, or (ii) would otherwise be inconsistent with the
		provisions of this Agreement or result in a violation hereof. No Grantor shall
		give any consent or waiver, authorize any assumption, make any modification and
		supplement, or take other action with respect to any Collateral in any manner
		inconsistent with the manner in which such Grantor acts with respect to
		investments of the same type held by such Grantor for its own account.
	 

	 
		(f) With respect to the duties of the
		Collateral Agent, the provisions of paragraphs (b), (c) and (d) of this Section
		that are applicable to each Grantor shall apply to the Collateral Agent in any
		exercise of its rights under paragraph (e) of this Section.
	 

	 
		Section 7.05 No Removals, etc. Without at least 30 days’ prior written notice to
		the Collateral Agent, no Grantor shall maintain any of its books and
		records with respect to any 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		Collateral at any office or maintain its
		principal place of business at any place other than at the notice address
		indicated to the Administrative Agent pursuant to the Credit Agreement.
	 

	 
		Section 7.06 U.S. Securities.
		The Securities delivered, contained and maintained in the Securities Accounts
		shall be Securities that are primarily cleared and settled within the United
		States.
	 

	 
		Section 8. Remedies; Distribution of Collateral.
	 

	 
		Section 8.01 Remedies. Each
		Grantor agrees that, if any Event of Default shall have occurred and be
		continuing, then and in every such case, the Collateral Agent, in addition to
		any rights now or hereafter existing under applicable law and under the other
		provisions of this Agreement, shall have all rights as a secured creditor under
		the UCC, and such additional rights and remedies to which a secured creditor is
		entitled under the laws in effect in all relevant jurisdictions and when
		directed by the Administrative Agent may:
	 

	 
		(a) personally, or by agents or attorneys,
		immediately take possession of the Collateral or any part thereof, from such
		Grantor or any other Person who then has possession of any part thereof
		(including, without limitation, the Custodian) with or without notice or
		process of law, and for that purpose may enter upon such Grantor’s
		premises where any of the Collateral is located and remove the same and use in
		connection with such removal any and all services, supplies, aids and other
		facilities of such Grantor;
	 

	 
		(b) instruct the obligor or obligors on any
		agreement, instrument or other obligation constituting the Collateral to make
		any payment required by the terms of such agreement, instrument or other
		obligation directly to the Collateral Agent and may exercise any and all
		remedies of such Grantor in respect of such Collateral;
	 

	 
		(c) instruct the Custodian to transfer all
		Collateral of such Grantor held by the Custodian to the Collateral Agent for
		the benefit of the Secured Creditors;
	 

	 
		(d) sell, assign or otherwise liquidate any
		or all of such Grantor’s Collateral or any part thereof in accordance with
		Section 8.02, or direct such Grantor or the Custodian to sell, assign or
		otherwise liquidate any or all of such Grantor’s Collateral or any part
		thereof, and, in each case, take possession of the proceeds of any such sale or
		liquidation;
	 

	 
		(e) take possession of the Collateral or any
		part thereof, by directing such Grantor and/or the Custodian in writing to
		deliver the same to the Collateral Agent at any reasonable place or places
		designated by the Collateral Agent (including, without limitation, to an
		account or accounts in the name of the Collateral Agent designated by the
		Collateral Agent), in which event such Grantor and/or the Custodian shall at
		such Grantor’s expense:
	 

	 
		(x) forthwith cause the same to be moved,
		held, transferred, credited or deposited to the place or places (or account or
		accounts) so designated by the Collateral Agent and there delivered to the
		Collateral Agent; and
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		(y) store and keep any Collateral so
		delivered to the Collateral Agent at such place or places pending further
		action by the Collateral Agent as provided in Section 8.02; 
	 

	 
		(f) apply any monies constituting Collateral
		or proceeds thereof in accordance with the provisions of Section 8.04; 
	 

	 
		(g) set-off any and all Collateral of such
		Grantor against any and all Secured Obligations of such Grantor, and to
		withdraw any and all Cash or other Collateral from any and all such
		Grantor’s Collateral Accounts and to apply such Cash and other Collateral
		to the payment of any and all Secured Obligations of the respective Grantor;
		
	 

	 
		(h) vote all or any part of such
		Grantor’s Collateral (whether or not transferred into the name of the
		Collateral Agent) and give all consents, waivers and ratifications in respect
		of such Grantor’s Collateral and otherwise act with respect thereto as
		though it were the outright owner thereof (each Grantor hereby irrevocably
		constituting and appointing the Collateral Agent the proxy and attorney-in-fact
		of such Grantor, with full power of substitution to do so), in each case
		subject to the terms and conditions of Section 7.04(f);
	 

	 
		(i) receive all amounts payable in respect
		of the Collateral otherwise payable to the respective Grantor under Section
		7.04;
	 

	 
		(j) take any other action as specified in
		clauses (1) through (5), inclusive, of Section 9-607(a) of the UCC; and
	 

	 
		(k) take the actions referred to in Sections
		8.04(h) and 8.05;
	 

	 
		it is understood and agreed that each
		Grantor’s obligation so to deliver the Collateral is of the essence of
		this Agreement and that, accordingly, upon application to a court of equity
		having jurisdiction, the Collateral Agent shall be entitled to a decree
		requiring specific performance by such Grantor of said obligation. By accepting
		the benefits of this Agreement and each other Security Document, the Secured
		Creditors expressly acknowledge and agree that this Agreement and each other
		Security Document may be enforced only by the action of the Collateral Agent
		acting upon the instructions of the Majority Tranche 1 Lenders and that no
		other Secured Creditor shall have any right individually to seek to enforce or
		to enforce this Agreement or to realize upon the security to be granted hereby,
		it being understood and agreed that such rights and remedies may be exercised
		by the Collateral Agent for the benefit of the Secured Creditors upon the terms
		of this Agreement and the other Security Documents.
	 

	 
		Section 8.02 Disposition of the Collateral. If any Event of Default shall have occurred and be
		continuing, then any Collateral may be sold, assigned or otherwise disposed of
		under one or more contracts or as an entirety, and without the necessity of
		gathering at the place of sale the property to be sold, and in general in such
		manner, at such time or times, at such place or places and on such terms as the
		Administrative Agent or the Collateral Agent may, in compliance with any
		mandatory requirements of applicable law, determine to be commercially
		reasonable (including, without limitation, on the NYSE or any other established
		market). Any such sale, lease or other disposition may be effected by means of
		a public disposition or private 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		disposition, effected in accordance with the
		applicable requirements (in each case if and to the extent applicable) of
		Sections 9-610 through 9-613 of the UCC and/or such other mandatory
		requirements of applicable law as may apply to the respective disposition. The
		Collateral Agent may, without notice or publication, adjourn any public or
		private disposition or cause the same to be adjourned from time to time by
		announcement at the time and place fixed for the disposition, and such
		disposition may be made at any time or place to which the disposition may be so
		adjourned. To the extent permitted by any such requirement of law, the
		Collateral Agent may bid for and become the purchaser (and may pay all or any
		portion of the purchase price by crediting Secured Obligations of the
		respective Grantor against the purchase price) of such Grantor’s
		Collateral or any item thereof, offered for disposition in accordance with this
		Section 8.02 without accountability to the relevant Grantor. If, under
		applicable law, the Collateral Agent shall be permitted to make disposition of
		such Grantor’s Collateral within a period of time which does not permit
		the giving of notice to the relevant Grantor as hereinabove specified, the
		Collateral Agent need give such Grantor only such notice of disposition as
		shall be required by such applicable law. Each Grantor agrees to do or cause to
		be done all such other acts and things as may be reasonably necessary to make
		such disposition or dispositions of all or any portion of such Grantor’s
		Collateral valid and binding and in compliance with any and all applicable laws
		(including, without limitation, any state or federal securities laws),
		regulations, orders, writs, injunctions, decrees or awards of any and all
		courts, arbitrators or governmental instrumentalities, domestic or foreign,
		having jurisdiction over any such sale or sales, all at such Grantor’s
		expense.
	 

	 
		Section 8.03 Waiver of Claims. Except as otherwise provided in this Agreement, EACH
		GRANTOR HEREBY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, NOTICE AND
		JUDICIAL HEARING IN CONNECTION WITH THE COLLATERAL AGENT’S TAKING
		POSSESSION OR THE COLLATERAL AGENT’S DISPOSITION OF ANY OF THE COLLATERAL,
		INCLUDING, WITHOUT LIMITATION, ANY AND ALL PRIOR NOTICE AND HEARING FOR ANY
		PREJUDGMENT REMEDY OR REMEDIES, and each Grantor hereby further waives, to the
		extent permitted by law:
	 

	 
		(a) all damages occasioned by such taking of
		possession or any such disposition except any damages which are the direct
		result of the Collateral Agent’s gross negligence or willful misconduct
		(as determined by a court of competent jurisdiction in a final and
		non-appealable decision);
	 

	 
		(b) all other requirements as to the time,
		place and terms of sale or other requirements with respect to the enforcement
		of the Collateral Agent’s rights hereunder; and
	 

	 
		(c) all rights of redemption, appraisement,
		valuation, stay, extension or moratorium now or hereafter in force under any
		applicable law in order to prevent or delay the enforcement of this Agreement
		or the absolute sale of the Collateral or any portion thereof, and each
		Grantor, for itself and all who may claim under it, insofar as it or they now
		or hereafter lawfully may, hereby waives the benefit of all such laws.
	 

	 
		Any sale of, or the grant of options to
		purchase, or any other realization upon, any Collateral shall operate to divest
		all right, title, interest, claim and demand, either at law or in equity, of
		the 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		relevant Grantor therein and thereto, and
		shall be a perpetual bar both at law and in equity against such Grantor and
		against any and all Persons claiming or attempting to claim the Collateral so
		sold, optioned or realized upon, or any part thereof, from, through and under
		such Grantor.
	 

	 
		Section 8.04 Application of Proceeds. (a) All moneys collected by the Collateral Agent upon
		any sale or other disposition of any Grantor’s Collateral, together with
		all other moneys received by the Collateral Agent hereunder, shall be applied
		as follows:
	 

	 
		(i) first, to the
		payment of all amounts owing the Collateral Agent or the Custodian by such
		Grantor of the type described in clauses (ii), (iii) and (iv) of the definition
		of “Secured Obligations”;
	 

	 
		(ii) second, to the
		extent proceeds remain after the application pursuant to the preceding clause
		(i), to the payment of all amounts owing to the Administrative Agent by such
		Grantor of the type described in clause (v) of the definition of “Secured
		Obligations”;
	 

	 
		(iii) third, to the
		extent proceeds remain after the application pursuant to the preceding clauses
		(i) and (ii), an amount equal to the outstanding Primary Obligations of the
		respective Grantor shall be paid to the Secured Creditors as provided in
		Section 8.04(e), with each Secured Creditor receiving an amount equal to its
		outstanding Primary Obligations owed by the respective Grantor or, if the
		proceeds are insufficient to pay in full all such Primary Obligations, its Pro
		Rata Share of the amount remaining to be distributed;
	 

	 
		(iv) fourth, to the
		extent proceeds remain after the application pursuant to the preceding clauses
		(i) through (iii), inclusive, an amount equal to the outstanding Secondary
		Obligations of the respective Grantor shall be paid to the Secured Creditors as
		provided in Section 8.04(e), with each Secured Creditor receiving an amount
		equal to its outstanding Secondary Obligations owed by the respective Grantor
		or, if the proceeds are insufficient to pay in full all such Secondary
		Obligations, its Pro Rata Share of the amount remaining to be distributed; and
		
	 

	 
		(v) fifth, to the
		extent proceeds remain after the application pursuant to the preceding clauses
		(i) through (iv), inclusive, and following the termination of this Agreement
		pursuant to Section 10.08, to the respective Grantor or to whomever may be
		lawfully entitled to receive such surplus. 
	 

	 
		(b) For purposes of this Agreement, (x)
		“Pro Rata Share” shall mean, when calculating a Secured
		Creditor’s portion of any distribution or amount with respect to any
		Grantor, that amount (expressed as a percentage) equal to a fraction the
		numerator of which is the then unpaid amount of such Secured Creditor’s
		Primary Obligations or Secondary Obligations, as the case may be, of such
		Grantor and the denominator of which is the then outstanding amount of all
		Primary Obligations or Secondary Obligations, as the case may be, of such
		Grantor (y) “Primary
		Obligations” shall mean all
		principal of, premium, fees and interest on, all Tranche 1 Revolving Loans, all
		Tranche 1 Unpaid Drawings, the Stated Amount of all 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		outstanding Tranche 1 Letters of Credit and
		all fees and (z) “Secondary
		Obligations” shall mean all
		Secured Obligations other than Primary Obligations.
	 

	 
		(c) When payments to Secured Creditors are
		based upon their respective Pro Rata Shares, the amounts received by such
		Secured Creditors hereunder shall be applied (for purposes of making
		determinations under this Section 8.04 only) (i) first, to their Primary
		Obligations and (ii) second, to their Secondary Obligations, in each case of
		the respective Grantor. If any payment to any Secured Creditor of its Pro Rata
		Share of any distribution would result in overpayment to such Secured Creditor,
		such excess amount shall instead be distributed in respect of the unpaid
		Primary Obligations or Secondary Obligations, as the case may be, of the other
		Secured Creditors, with each Secured Creditor whose Primary Obligations or
		Secondary Obligations, as the case may be, have not been paid in full to
		receive an amount equal to such excess amount multiplied by a fraction the
		numerator of which is the unpaid Primary Obligations or Secondary Obligations,
		as the case may be, of such Secured Creditor and the denominator of which is
		the unpaid Primary Obligations or Secondary Obligations, as the case may be, of
		all Secured Creditors entitled to such distribution.
	 

	 
		(d) Each of the Secured Creditors, by their
		acceptance of the benefits hereof and of the other Security Documents, agrees
		and acknowledges that if any Secured Creditor receives a distribution on
		account of undrawn amounts with respect to Letters of Credit issued under the
		Credit Agreement (which shall only occur after all outstanding Loans under the
		Credit Agreement and Unpaid Drawings have been paid in full), such amounts
		shall be paid to the Administrative Agent under the Credit Agreement and held
		by it, for the equal and ratable benefit of the Secured Creditors, as cash
		security for the repayment of Secured Obligations owing to the Secured
		Creditors as such. If any amounts are held as cash security pursuant to the
		immediately preceding sentence, then upon the termination of all outstanding
		Letters of Credit under the Credit Agreement, and after the application of all
		such cash security to the repayment of all Secured Obligations owing to the
		Secured Creditors after giving effect to the termination of all such Letters of
		Credit, if there remains any excess cash, such excess cash shall be returned by
		the Administrative Agent to the Collateral Agent for distribution in accordance
		with Section 8.04(a).
	 

	 
		(e) All payments required to be made
		hereunder shall be made to the Administrative Agent for the account of the
		Secured Creditors.
	 

	 
		(f) For purposes of applying payments
		received in accordance with this Section 8.04, the Collateral Agent shall be
		entitled to rely upon the Administrative Agent for a determination (which the
		Administrative Agent agrees to provide upon request of the Collateral Agent) of
		the outstanding Primary Obligations and Secondary Obligations of each Grantor
		owed to the Secured Creditors. Unless it has received written notice from a
		Secured Creditor to the contrary, the Administrative Agent, in furnishing
		information pursuant to the preceding sentence, and the Collateral Agent, in
		acting hereunder, shall be entitled to assume that no Secondary Obligations are
		outstanding.
	 

	 
		(g) It is understood that the Grantors shall
		remain severally (and not jointly) liable to the extent of any deficiency
		between the amount of the proceeds of the Collateral of such Grantor and the
		aggregate amount of such Grantor’s Secured Obligations.
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		(h) If at any time when the Administrative
		Agent or the Collateral Agent shall determine that the Collateral Agent will
		exercise its right to sell all or any part of the Collateral consisting of
		Securities pursuant to Section 8.02, either (i) such Collateral or the part
		thereof to be sold shall not, for any reason whatsoever, be effectively
		registered under any applicable securities laws, or (ii) such Collateral is
		effectively registered under applicable securities laws, the Collateral Agent
		may, in its sole and absolute discretion or in the sole and absolute discretion
		of the Administrative Agent, sell such Collateral or part thereof by private
		sale in such manner and under such circumstances as the Collateral Agent may
		deem necessary or advisable in order that such sale may legally be effected
		without registration. Without limiting the generality of the foregoing, in any
		such event the Collateral Agent, in its sole and absolute discretion or in the
		sole and absolute discretion of the Administrative Agent: (i) may proceed to
		make such private sale notwithstanding that a registration statement for the
		purpose of registering such Collateral or part thereof shall have been filed
		under any applicable securities law; (ii) may approach and negotiate with a
		single possible purchaser to effect such sale; and (iii) may restrict such sale
		to a purchaser who will represent and agree that such purchaser is purchasing
		for its own account, for investment, and not with a view to the distribution or
		sale of such Collateral or part thereof. In the event of any such sale, neither
		the Administrative Agent nor the Collateral Agent shall incur any
		responsibility or liability for selling all or any part of the Collateral at a
		price which the Administrative Agent or the Collateral Agent, in its sole and
		absolute discretion, may in good faith deem reasonable under the circumstances,
		notwithstanding the possibility that a substantially higher price might be
		realized if the sale were deferred until the registration as aforesaid.
	 

	 
		Section 8.05 Remedies Cumulative. Each and every right, power and remedy hereby
		specifically given to the Administrative Agent or the Collateral Agent shall be
		in addition to every other right, power and remedy specifically given to the
		Administrative Agent or the Collateral Agent under this Agreement, the other
		Security Documents or now or hereafter existing at law, in equity or by statute
		and each and every right, power and remedy whether specifically herein given or
		otherwise existing may be exercised from time to time or simultaneously and as
		often and in such order as may be deemed expedient by the Administrative Agent
		or the Collateral Agent. All such rights, powers and remedies shall be
		cumulative and the exercise or the beginning of the exercise of one shall not
		be deemed a waiver of the right to exercise any other or others. No delay or
		omission of the Administrative Agent or the Collateral Agent in the exercise of
		any such right, power or remedy and no renewal or extension of any of the
		Secured Obligations shall impair any such right, power or remedy or shall be
		construed to be a waiver of any Default or Event of Default or an acquiescence
		thereof. No notice to or demand on any Grantor in any case shall entitle it to
		any other or further notice or demand in similar or other circumstances or
		constitute a waiver of any of the rights of the Administrative Agent or the
		Collateral Agent to any other or further action in any circumstances without
		notice or demand. In the event that the Collateral Agent shall bring any suit
		to enforce any of its rights hereunder and shall be entitled to judgment, then
		in such suit the Collateral Agent may recover reasonable expenses, including
		reasonable attorneys’ fees, and the amounts thereof shall be included in
		such judgment.
	 

	 
		Section 8.06 Discontinuance of Proceedings. In case the Collateral Agent shall have instituted any
		proceeding to enforce any right, power or remedy under this Agreement by
		foreclosure, sale, entry or otherwise, and such proceeding shall have been
		discontinued or abandoned for any reason or shall have been determined
		adversely to the Collateral Agent, then 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		and in every such case the relevant Grantor,
		the Collateral Agent and each holder of any of the Secured Obligations shall be
		restored to their former positions and rights hereunder with respect to the
		Collateral subject to the security interest created under this Agreement, and
		all rights, remedies and powers of the Collateral Agent shall continue as if no
		such proceeding had been instituted.
	 

	 
		Section 8.07 Rights of Collateral Agent. In making the determinations and allocations required
		by this Section 8, the Collateral Agent may rely upon its records and
		information supplied by any Grantor, the Administrative Agent, the Custodian
		and any other Person, and the Collateral Agent shall have no liability to any
		Grantor for actions taken in reliance on such information, except in the case
		of its gross negligence or willful misconduct (as determined by a court of
		competent jurisdiction in a final non-appealable decision) in applying or
		utilizing such information.
	 

	 
		Section 8.08 Effect of Bankruptcy; Obligations
		Absolute. (a) If, through the operation
		of any bankruptcy, reorganization, insolvency or other laws or otherwise, the
		Collateral Agent’s Lien hereunder is avoided, disallowed or otherwise not
		enforced with respect to some, but not all, of the Secured Obligations then
		outstanding, the Collateral Agent shall make the calculations required by
		Section 8 without giving effect to such Secured Obligations and shall apply the
		proceeds of the Collateral in the proportions and subject to the priorities
		specified herein.
	 

	 
		(b) The obligations of each Grantor
		hereunder shall remain in full force and effect without regard to, and shall
		not be impaired by, (a) any bankruptcy, insolvency, reorganization,
		arrangement, readjustment, composition, liquidation or the like of such Grantor
		or any other Grantor; (b) any exercise or non-exercise, or any waiver of, any
		right, remedy, power or privilege under or in respect of this Agreement or any
		other Security Document; or (c) any amendment to or modification of any Credit
		Document or any security for any of the Secured Obligations; whether or not
		such Grantor shall have notice or knowledge of any of the foregoing.
	 

	 
		Section 9. The Collateral Agent; The Custodian. 
	 

	 
		Section 9.01 Limitation of Duties. (a) Neither the Collateral Agent nor the Custodian
		(which term as used in this sentence shall include reference to their
		Affiliates and their own and their Affiliates’ officers, directors,
		employees and agents) shall (i) have any duties or responsibilities except
		those expressly set forth in this Agreement (and in the Account Control
		Agreement, in the case of the Custodian) and shall not by reason of this
		Agreement be a trustee for, or a fiduciary with respect to, any Grantor or any
		other Person; (ii) be responsible to any Grantor for any recitals,
		statements, representations or warranties contained in any notice or report, or
		in any other certificate or other document referred to or provided for in, or
		received by it under, the Credit Agreement, this Agreement or any other Credit
		Document, or for the value, validity, effectiveness, genuineness,
		enforceability or sufficiency of the Credit Agreement, this Agreement or any
		other Credit Document or for any failure by any Person to perform any of its
		obligations hereunder or thereunder, except for its own gross negligence or
		willful misconduct (as determined by a court of competent jurisdiction in a
		final and non-appealable decision); (iii) be required to initiate or
		conduct any litigation or collection proceedings hereunder; (iv) take
		
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		any action pursuant to Sections 4.03(f),
		7.01(a) or (b), or 8.02 except as instructed by the Administrative Agent; and
		(v) be responsible for any action taken or omitted to be taken by it under
		the Credit Agreement, this Agreement or any other Credit Document or under any
		other document or instrument referred to or provided for herein or therein or
		in connection herewith or therewith, except for its own gross negligence or
		willful misconduct (as determined by a court of competent jurisdiction in a
		final and non-appealable decision).
	 

	 
		(b) In no event shall the Collateral Agent,
		the Custodian or the Administrative Agent be liable for indirect, special or
		consequential damages of any kind whatsoever (including lost profits and lost
		business opportunity) even if it is advised of the possibility of such damages
		and regardless of the form of action in which any such damages may be
		claimed.
	 

	 
		(c) In no event shall the Collateral Agent,
		the Custodian or the Administrative Agent be responsible for, or have any
		liability with respect to, any losses due to forces beyond its reasonable
		control, including without limitation, strikes, work stoppages, acts of war or
		terrorism, insurrection, revolution, nuclear or natural catastrophes or act of
		God, and interruptions, loss or malfunction of utilities, communications or
		computer (software or hardware) services.
	 

	 
		(d) Neither the Custodian nor the Collateral
		Agent shall have any liability for the acts or omissions of any Securities
		Intermediary (including DTC or any Federal Reserve Bank) or Deposit Account
		Bank in which any Collateral is held, except for its negligence in retaining or
		maintaining any such Securities Intermediary (other than DTC or any Federal
		Reserve Bank) or Deposit Account Bank.
	 

	 
		(e) Neither the Custodian nor the Collateral
		Agent shall have any liability with respect to information received from third
		parties, including pricing information services.
	 

	 
		Section 9.02 Reliance by Collateral Agent and the
		Custodian. The Collateral Agent and the
		Custodian shall be entitled to rely upon any certification, notice or other
		communication (including, without limitation, any thereof by telephone,
		facsimile, telegram or cable) believed by it to be genuine and correct and to
		have been signed or sent by or on behalf of the proper Person or Persons, and
		upon advice and statements of legal counsel, independent accountants and other
		experts selected by the Collateral Agent. If in one or more instances the
		Collateral Agent or the Custodian takes any action or assumes any
		responsibility not specifically delegated to it pursuant to this Agreement,
		neither the taking of such action nor the assumption of such responsibility
		shall be deemed to be an express or implied undertaking on the part of the
		Collateral Agent or the Custodian that it will take the same or similar action
		or assume the same or similar responsibility in any other instance.
	 

	 
		Section 9.03 Appointment of Agents. (a) The Collateral Agent may perform its duties and
		exercise its rights and powers under this Agreement by or through such agents
		and custodians (including, without limitation, the Custodian) as it shall
		appoint. Each Grantor hereby agrees that the Custodian shall be the Securities
		Intermediary and Deposit Account Bank of such Grantor with respect to the
		Collateral Accounts. As a condition to appointing any agent or custodian, the
		Collateral Agent, at the expense of the Parent Borrower, may obtain an opinion
		of 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		counsel, in form and substance reasonably
		satisfactory to the Collateral Agent, as to the continued perfection of the
		security interests in the Collateral in favor of the Collateral Agent. 
	 

	 
		(b) In the event that the Collateral Agent
		appoints an agent pursuant to this Section 9.03, each and every remedy, power,
		right, claim, demand, cause of action, estate, title, interest and Lien
		expressed or intended by this Agreement to be exercised by or vested in or
		conveyed to the Collateral Agent with respect thereto shall be exercisable by
		and vest in such agent but only in order to exercise such powers, rights and
		remedies, and every covenant and obligation necessary to the exercise thereof
		by such agent shall run to and be enforceable by either of them. In particular,
		and without limiting the generality of the foregoing, upon the determination by
		the Collateral Agent that any such agent or custodian may be required or
		appropriate, the Collateral Agent may appoint such agents or custodians to
		hold, maintain, invest, reinvest, collect upon or liquidate any Collateral and
		to make such payments or disbursements, including payments and disbursements to
		any Grantor as the Collateral Agent shall direct consistent with this
		Agreement. The Collateral Agent shall have the right to terminate the
		appointment of any agent or custodian hereunder without the consent of any
		Grantor or any other Person.
	 

	 
		(c) The Collateral Agent may perform its
		duties and exercise its rights and powers under this Agreement by or through
		the Custodian pursuant to and in accordance with the terms hereof.
	 

	 
		Section 10. Miscellaneous.
		
	 

	 
		Section 10.01 No Waiver. No
		failure on the part of the Collateral Agent to exercise and no delay in
		exercising, and no course of dealing with respect to, any right, power or
		privilege under this Agreement shall operate as a waiver thereof, nor shall any
		single or partial exercise of any right, power or privilege under this
		Agreement preclude any other or further exercise thereof or the exercise of any
		other right, power or privilege. The remedies provided herein are cumulative
		and not exclusive of any remedies provided by law.
	 

	 
		Section 10.02 Notices. All
		notices, requests and other communications provided for herein (including,
		without limitation, any modifications of, or waivers, requests or consents
		under, this Agreement) shall be given or made in writing (including, without
		limitation, by facsimile) delivered to the intended recipient as set forth
		below:
	 

	 
		(a) in the case of any Grantor, at the
		address for notices specified for such Person in of the Credit
		Agreement;
	 

	 
		(b) as to the Custodian, at the following
		address:
	 

	 
		The Bank of New York
	 

	 
		One Wall Street, 14th
		Floor
	 

	 
		New York, New York 10286
	 

	 
		Attention: Kwame Gordon-Martin
	 

	 
		Telephone: (212) 815-2479
	 

	 
		Facsimile: (212) 815-2830;
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		(c) as to the Collateral Agent, at the
		following address for any Administrative Agent’s Notice, Collateral
		Transfer Request or Collateral Release Request: 
	 

	 
		The Bank of New York
	 

	 
		Corporate Trust - Dealing & Trading
		Unit
	 

	 
		101 Barclay Street, 8th Floor
		E
	 

	 
		New York, New York 10286
	 

	 
		Attention: [Darrel Thompson]
	 

	 
		Telephone: (212) 815-2886
	 

	 
		Facsimile: (212) 815-2850
	 

	 
		or at the following address for all other
		notices:
	 

	 
		The Bank of New York
	 

	 
		Corporate Trust - Dealing & Trading
		Dept.
	 

	 
		101 Barclay Street, 8E
	 

	 
		New York, New York 10286
	 

	 
		Attention: Kwame Gordon-Martin
	 

	 
		Telephone: (212) 815-2479
	 

	 
		Facsimile: (212) 815-2830; or
	 

	 
		(d) as to the Administrative Agent, at the
		following address:
	 

	 
		JPMorgan Chase Bank, N.A.
	 

	 
		1111 Fannin, 10th Floor
	 

	 
		Houston, Texas 77002
	 

	 
		Attention: Andrew Perkins
	 

	 
		Telephone: (713) 750-3510
	 

	 
		Facsimile: (713) 750-2223
	 

	 
		Except as otherwise provided in this
		Agreement, all such communications shall be deemed to have been duly given when
		transmitted by telecopier or personally delivered or, in the case of a mailed
		notice, upon receipt, in each case given or addressed as aforesaid.
		Notwithstanding the foregoing, any Administrative Agent’s Notice or
		Borrowing Base Report may be sent be electronic mail, shall be effective when
		received and shall be confirmed by telephone at the respective telephone number
		above; provided that failure to confirm such notice shall not affect
		the effectiveness of such notice. Such electronic mail shall be directed to the
		following address: (a) if to the Administrative Agent,
		andrew.c.perkins@chase.com or (b) if to the Collateral Agent,
		dathompson@bankofny.com. Any party may change its mailing address, telephone
		number, facsimile number or electronic mail address by notifying the other
		parties hereto in accordance with the provisions set forth above.
	 

	 
		Section 10.03 Fees and Expenses of Custodian. The Parent Borrower agrees to pay any and all fees,
		expenses, charges and costs of the Custodian upon demand, and in no event or
		circumstance will the Collateral Agent, the Administrative Agent or any Lender
		have any liability therefor.
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		Section 10.04 Expenses etc. of Collateral Agent, Custodian and
		Administrative Agent; Indemnity. (a)
		The Parent Borrower agrees to pay or reimburse each of the Collateral Agent,
		the Custodian and the Administrative Agent for (i) all reasonable
		out-of-pocket costs and expenses of the Collateral Agent, the Custodian or the
		Administrative Agent (including, without limitation, the reasonable fees and
		expenses of legal counsel) in connection with (x) any enforcement or
		collection proceedings, including, without limitation, all manner of
		participation in or other involvement with (a) bankruptcy, insolvency,
		receivership, foreclosure, winding up or liquidation proceedings, (b) judicial
		or regulatory proceedings and (c) workout, restructuring or other negotiations
		or proceedings (whether or not the workout, restructuring or transaction
		contemplated thereby is consummated) and (y) the enforcement of this
		Section 10.04; and (ii) all transfer, stamp, documentary or other
		similar taxes, assessments or charges levied by any governmental or revenue
		authority in respect of this Agreement or any other document referred to herein
		and all costs, expenses, taxes, assessments and other charges incurred in
		connection with any filing, registration, recording or perfection of any
		security interest contemplated hereby. 
	 

	 
		(b) The Parent Borrower agrees to indemnify,
		reimburse and hold the Collateral Agent, the Custodian, the Administrative
		Agent, each other Secured Creditor and their respective successors, assigns,
		employees, affiliates and agents (hereinafter referred to individually as
		“Indemnitee,” and collectively as “Indemnitees”) harmless from any and all liabilities,
		obligations, damages, injuries, penalties, claims, demands, actions, suits,
		judgments and any and all costs, expenses or disbursements (including
		reasonable attorneys’ fees and expenses) (for the purposes of this Section
		10.04(b), the foregoing are collectively called “expenses”) of
		whatsoever kind and nature imposed on, asserted against or incurred by any of
		the Indemnitees in any way relating to or arising out of this Agreement, any
		other Security Document or any other document executed in connection herewith
		or therewith or in any other way connected with the administration of the
		transactions contemplated hereby or thereby or the enforcement of any of the
		terms of, or the preservation of any rights under any thereof, or in any way
		relating to or arising out of the ownership, purchase, delivery, control,
		acceptance, lease, financing, possession, sale, return or other disposition, or
		use of the Collateral, the violation of the laws of any country, state or other
		governmental body or unit, any tort, or contract claim; provided that no
		Indemnitee shall be indemnified pursuant to this Section 10.04(b) for losses,
		damages or liabilities to the extent caused by the gross negligence or willful
		misconduct of such Indemnitee (as determined by a court of competent
		jurisdiction in a final and non-appealable decision). The Parent Borrower
		agrees that upon written notice by any Indemnitee of the assertion of such a
		liability, obligation, damage, injury, penalty, claim, demand, action, suit or
		judgment, the Parent Borrower shall assume full responsibility for the defense
		thereof. Each Indemnitee agrees to use its best efforts to promptly notify the
		Parent Borrower of any such assertion of which such Indemnitee has
		knowledge.
	 

	 
		(c) Without limiting the application of
		Section 10.04(a) hereof, the Parent Borrower agrees to pay or reimburse the
		Collateral Agent and the Administrative Agent for any and all reasonable fees,
		costs and expenses of whatever kind or nature incurred in connection with the
		creation, preservation or protection of the Collateral Agent’s Liens on,
		and security interest in, the Collateral, including, without limitation, all
		fees and taxes in connection with the recording or filing of instruments and
		documents in public offices, payment or discharge of any taxes or Liens upon or
		in respect of the Collateral, premiums for insurance with respect to the
		Collateral and all other fees, costs and expenses in connection with
		protecting, maintaining or 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		preserving the Collateral and the Collateral
		Agent’s interest therein, whether through judicial proceedings or
		otherwise, or in defending or prosecuting any actions, suits or proceedings
		arising out of or relating to the Collateral.
	 

	 
		(d) Without limiting the application of
		Section 10.04(a) or (b) hereof, the Parent Borrower agrees to pay, indemnify
		and hold each Indemnitee harmless from and against any loss, costs, damages and
		expenses which such Indemnitee may suffer, expend or incur in consequence of or
		growing out of any misrepresentation by any Grantor in this Agreement, any
		other Credit Document or in any writing contemplated by or made or delivered
		pursuant to or in connection with this Agreement or any other Credit
		Document.
	 

	 
		(e) If and to the extent that the
		obligations of the Parent Borrower under this Section 10.04 are unenforceable
		for any reason, the Parent Borrower hereby agrees to make the maximum
		contribution to the payment and satisfaction of such obligations which is
		permissible under applicable law.
	 

	 
		Section 10.05 Indemnity Obligations Secured by Collateral;
		Survival. Any amounts paid by any
		Indemnitee as to which such Indemnitee has the right to reimbursement shall
		constitute Secured Obligations secured by the Collateral. The indemnity
		obligations of the Parent Borrower contained in Section 10.04(b) shall continue
		in full force and effect notwithstanding the full payment of all of the other
		Secured Obligations and notwithstanding the full payment of all the notes
		issued, and Loans made, under the Credit Agreement, the termination of all
		Letters of Credit issued under the Credit Agreement and the payment of all
		other Secured Obligations and notwithstanding the discharge thereof and the
		occurrence of the Termination Date.
	 

	 
		Section 10.06 Waiver; Amendment. Except as otherwise expressly provided in this
		Agreement, none of the terms and conditions of this Agreement may be changed,
		waived, modified or varied in any manner whatsoever unless in writing duly
		signed by each Grantor directly affected thereby (it being understood that the
		addition or release of any Grantor hereunder shall not constitute a change,
		waiver, discharge or termination affecting any Grantor other than the Grantor
		so added or released) and by the Collateral Agent (with the written consent of
		the Majority Tranche 1 Lenders or, to the extent provided in the Credit
		Agreement, each of the Lenders).
	 

	 
		Section 10.07 Successors and Assigns. This Agreement shall be binding upon and inure to the
		benefit of the parties hereto and their respective successors and permitted
		assigns; provided that no Grantor nor the Custodian may assign any of its
		respective rights or obligations hereunder without the prior consent of the
		Collateral Agent. 
	 

	 
		Section 10.08 Termination.
		After the Termination Date, this Agreement shall terminate (provided that all
		indemnities set forth herein including, without limitation, those in Section
		10.04(b) hereof, shall survive such termination) and the Collateral Agent, at
		the request and expense of the Grantor, will promptly execute and deliver to
		such Grantor and/or authorize the filing of a proper instrument or instruments
		(including a release of all Liens granted hereunder and Uniform Commercial Code
		termination statements on form UCC-3) acknowledging the satisfaction and
		termination of this Agreement as to such Grantor, and will 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		duly assign, transfer and deliver to such
		Grantor (without recourse and without any representation or warranty) such of
		the Collateral of such Grantor as may be in the possession of the Collateral
		Agent or Custodian and as has not theretofore been sold or otherwise applied or
		released pursuant to this Agreement. As used in this Agreement,
		“Termination Date” shall mean the date upon which the Total Tranche
		1 Commitment under the Credit Agreement has been terminated and, no Tranche 1
		Note under the Credit Agreement is outstanding and all Tranche 1 Revolving
		Loans thereunder have been repaid in full, all Tranche 1 Letters of Credit
		issued under the Credit Agreement have been terminated and all Secured
		Obligations then due and payable have been paid in full. Upon termination of
		this Agreement pursuant to this Section 10.08, the Collateral Agent will, at
		each Grantor’s expense and upon its request, return to the respective
		Grantor such of the Collateral as shall not have been sold, previously released
		or otherwise applied pursuant to the terms of this Agreement or any other
		Credit Document and execute and deliver to the respective Grantor such
		documents as such Grantor shall reasonably request to evidence such
		termination.
	 

	 
		Section 10.09 Powers Coupled with an Interest. Except to the extent otherwise expressly provided
		herein, all authorizations and agencies herein contained with respect to the
		Collateral are irrevocable and powers coupled with an interest. 
	 

	 
		Section 10.10 Captions. The
		table of contents and captions and section headings appearing herein are
		included solely for convenience of reference and are not intended to affect the
		interpretation of any provision of this Agreement.
	 

	 
		Section 10.11 Counterparts.
		This Agreement may be executed in any number of counterparts, all of which
		taken together shall constitute one and the same instrument and any of the
		parties hereto may execute this Agreement by signing any such
		counterpart.
	 

	 
		Section 10.12 Additional Grantors. It is understood and agreed that any Person that
		desires to become a Grantor hereunder, or is required to execute a counterpart
		of this Agreement after the date hereof pursuant to the requirements of the
		Credit Agreement or any other Credit Document, shall become a Grantor hereunder
		by (x) executing a counterpart hereof and delivering same to the Collateral
		Agent, or by executing an assumption agreement in form and substance reasonably
		satisfactory to the Collateral Agent, (y) delivering supplements to Annex A as
		are necessary to cause such Annex to be complete and accurate with respect to
		such additional Grantor on such date and (z) taking all actions as specified in
		this Agreement (including, without limitation, the establishment of the
		appropriate Collateral Accounts with the Custodian in accordance with Section
		4.02) as would have been taken by such Grantor had it been an original party to
		this Agreement, in each case with all documents required above to be delivered
		to the Collateral Agent and with all documents and actions required above to be
		taken to the reasonable satisfaction of the Collateral Agent.
	 

	 
		Section 10.13 Governing Law; Jurisdiction; Consent to Service of
		Process. (a) This Agreement shall be
		construed in accordance with and governed by the law of the State of New
		York.
	 

	 
		(b) Each party hereto hereby irrevocably and
		unconditionally submits, for itself and its property, to the non-exclusive
		jurisdiction of the Supreme Court of the State of New 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		York sitting in New York County and of the
		United States District Court of the Southern District of New York, and any
		appellate court from any thereof, in any action or proceeding arising out of or
		relating to this Agreement, or for recognition or enforcement of any judgment,
		and each of the parties hereto hereby irrevocably and unconditionally agrees
		that all claims in respect of any such action or proceeding may be heard and
		determined in such New York State court or, to the extent permitted by
		law, in such Federal court. Each of the parties hereto agrees that a final
		judgment in any such action or proceeding shall be conclusive and may be
		enforced in other jurisdictions by suit on the judgment or in any other manner
		provided by law. Nothing in this Agreement shall affect any right that the
		Collateral Agent or any Secured Creditor may otherwise have to bring any action
		or proceeding relating to this Agreement against any Grantor or its properties
		in the courts of any jurisdiction.
	 

	 
		(c) Each party hereto hereby irrevocably and
		unconditionally waives, to the fullest extent it may legally and effectively do
		so, any objection which it may now or hereafter have to the laying of venue of
		any suit, action or proceeding arising out of or relating to this Agreement in
		any court referred to in paragraph (b) of this Section. Each of the parties
		hereto hereby irrevocably waives, to the fullest extent permitted by law, the
		defense of an inconvenient forum to the maintenance of such action or
		proceeding in any such court.
	 

	 
		(d) Each Grantor hereby irrevocably consents
		to service of process in the manner provided for notices in Section 12.08
		of the Credit Agreement. Nothing in this Agreement will affect the right of any
		party to this Agreement to serve process in any other manner permitted by
		law.
	 

	 
		(e) Each Grantor hereby irrevocably
		designates, appoints and empowers C T Corporation, with offices on the date
		hereof at 111 Eighth Avenue, 13th Floor, New York, New York 10011,
		as its designee, appointee and agent to receive, accept and acknowledge for and
		on its behalf, and in respect of its property, service of any and all legal
		process, summons, notices and documents which may be served in any such action
		or proceeding. If for any reason such designee, appointee and agent shall cease
		to be available to act as such, each Grantor agrees to designate a new
		designee, appointee and agent in New York City on the terms and for the
		purposes of this provision reasonably satisfactory to the Collateral Agent
		under this Agreement.
	 

	 
		Section 10.14 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
		PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
		LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
		AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT,
		TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
		REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
		OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
		TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
		PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
		THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		Section 10.15 Integration.
		This Agreement embodies the entire agreement and understanding among the
		parties hereto with respect to the subject matter hereof and supersedes all
		prior agreements and understandings between any Grantor and the Collateral
		Agent with respect to the subject matter thereof.
	 

	 
		Section 10.16 Financial Assets. Each Grantor, the Custodian and the Collateral Agent
		hereby agree that the Custodian will treat any and all Securities and any and
		all other Property and assets (other than Cash) credited from time to time to
		each Grantor’s Securities Account as Financial Assets. 
	 

	 
		*****
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

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

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ENDURANCE SPECIALTY HOLDINGS LTD.,
				  
 as a Grantor
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				  /s/ John V. Del Col
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: General Counsel &
				  Secretary
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  ENDURANCE SPECIALTY INSURANCE LTD.,
				  
 as a Grantor
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ John V. Del Col
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: General Counsel &
				  Secretary
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  ENDURANCE U.S. HOLDINGS CORP., 

				  as a Grantor
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				  /s/ Kenneth J. LeStrange
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: Chairman of the Board and
				  President
				

			 

 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
 

				

			 
	
				
				  
				

			 	
				
				   
				

			 	
				
				  ENDURANCE WORLDWIDE HOLDINGS
				  LIMITED, 
 as a Grantor
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				  /s/ Jon Godfray
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: Chief Operating
				  Officer
				

			 

 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  ENDURANCE WORLDWIDE INSURANCE
				  LIMITED, as a Grantor
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				  /s/ Jon Godfray
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: Chief Operating
				  Officer
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  THE BANK OF NEW YORK, as Collateral
				  Agent
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				  /s/ Kwame Gordon-Martin
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: Assistant Vice
				  President
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  THE BANK OF NEW YORK, as
				  Custodian
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				  /s/ Kwame Gordon-Martin
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: Assistant Vice
				  President
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  JPMORGAN CHASE BANK, N.A., as
				  Administrative Agent
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				  /s/ Erin O'Rourke
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: Executive Director

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