Document:

EXHIBIT 10.1

$1,800,000,000

  REVOLVING CREDIT AGREEMENT

  Dated as of August 31, 2005

  among

  

  GILLETTE GROUP INTERNATIONAL S.A.R.L.

  as the Borrower

  THE GILLETTE COMPANY

  as the Guarantor

  and

  THE LENDERS PARTY HERETO

  as Lenders

  and

  GOLDMAN SACHS CREDIT PARTNERS L.P.

  as Agent

	
          TABLE OF CONTENTS
          
	 

        	 

        	
          Page 
          
	
          ARTICLE I   	DEFINITIONS AND ACCOUNTING
        TERMS	
          1 
        
	
                   SECTION 1.01 
          	
          Certain Defined Terms 
        	
          1 
        
	
                   SECTION 1.02 
          	
          Computation of Time Periods 
        	
          9 
        
	 	 	 
	
          ARTICLE II 	AMOUNTS AND TERMS
        OF THE REVOLVING CREDIT ADVANCES  	
          9 
        
	
                   SECTION 2.01 
          	
          The Revolving Credit Advances 
        	
          9 
        
	
                   SECTION 2.02 
          	
          Making the Revolving Credit Advances 
        	
          9 
        
	
                   SECTION 2.03 
          	
          Facility Fee 
        	
          11 
        
	
                   SECTION 2.04 
          	
          Termination or Reduction of the Commitments 
        	
          11 
        
	
                   SECTION 2.05 
          	
          Repayment of Revolving Credit Advances 
        	
          11 
        
	
                   SECTION 2.06 
          	
          Interest on Revolving Credit Advances 
        	
          11 
        
	
                   SECTION 2.07 
          	
          Interest Rate Determination 
        	
          12 
        
	
                   SECTION 2.08 
          	
          Optional Conversion of Revolving Credit Advances 
        	
          14 
        
	
                   SECTION 2.09 
          	
          Prepayments 
        	
          14 
        
	
                   SECTION 2.10 
          	
          Increased Costs 
        	
          15 
        
	
                   SECTION 2.11 
          	
          Illegality 
        	
          16 
        
	
                   SECTION 2.12 
          	
          Payments and Computations 
        	
          16 
        
	
                   SECTION 2.13 
          	
          Taxes 
        	
          17 
        
	
                   SECTION 2.14 
          	
          Sharing of Payments, Etc 
        	
          20 
        
	
                   SECTION 2.15 
          	
          Use of Proceeds 
        	
          20 
        
	
                   SECTION 2.16 
          	
          Evidence of Debt 
        	
          21 
        
	
                   SECTION 2.17 
          	
          Call Right of Affiliates 
        	
          21 
        
	 	 	 
	
          ARTICLE III	CONDITIONS TO EFFECTIVENESS
        AND LENDING  	
          21 
        
	
                   SECTION 3.01 
          	
          Conditions Precedent to Initial Revolving Credit Borrowing 
        	
          21 
        
	
                   SECTION 3.02 
          	
          Conditions Precedent to Each Revolving Credit Borrowing 
        	
          22 
        
	
                   SECTION 3.03 
          	
          Determinations Under Section 3.01 
        	
          23 
        
	 	 	 
	
          ARTICLE IV 
        	REPRESENTATIONS AND
        WARRANTIES 	
          23 
        
	
                   SECTION 4.01 
          	
          Representations and Warranties of the Loan Parties 
        	
          23 
        
	 	 	 
	
          ARTICLE V  
        	COVENANTS OF THE LOAN
        PARTIES	
          24 
        
	
                   SECTION 5.01 
          	
          Affirmative Covenants 
        	
          24 
        
	
                   SECTION 5.02 
          	
          Negative Covenants 
        	
          25 
        

  -i-

	
          ARTICLE VI 	EVENTS OF DEFAULT  	
          26 
        
	
                   SECTION 6.01 
          	
          Events of Default 
        	
          26 
        
	
                   SECTION 6.02 
          	
          Remedies 
        	
          28 
        
	 	 	 
	
          ARTICLE VII 	THE AGENT  	
          28 
        
	
                   SECTION 7.01 
          	
          Authorization and Action 
        	
          28 
        
	
                   SECTION 7.02 
          	
          Agent’s Reliance, Etc 
        	
          28 
        
	
                   SECTION 7.03 
          	
          The Agent and Affiliates 
        	
          29 
        
	
                   SECTION 7.04 
          	
          Lender Credit Decision 
        	
          29 
        
	
                   SECTION 7.05 
          	
          Indemnification 
        	
          29 
        
	
                   SECTION 7.06 
          	
          Successor Agent 
        	
          29 
        
	 	 	 
	
          ARTICLE VIII 
        	GUARANTY 	
          30 
        
	
                   SECTION 8.01 
          	
          Guaranty 
        	
          30 
        
	
                   SECTION 8.02 
          	
          Guaranty Absolute 
        	
          30 
        
	
                   SECTION 8.03 
          	
          Waivers 
        	
          31 
        
	 	 	 
	
          ARTICLE IX 	MISCELLANEOUS  	
          31 
        
	
                   SECTION 9.01 
          	
          Amendments, Etc 
        	
          31 
        
	
                   SECTION 9.02 
          	
          Notices, Etc 
        	
          32 
        
	
                   SECTION 9.03 
          	
          No Waiver; Remedies 
        	
          33 
        
	
                   SECTION 9.04 
          	
          Costs and Expenses 
        	
          33 
        
	
                   SECTION 9.05 
          	
          Right of Set-off 
        	
          34 
        
	
                   SECTION 9.06 
          	
          Binding Effect 
        	
          34 
        
	
                   SECTION 9.07 
          	
          Assignments and Participations 
        	
          35 
        
	
                   SECTION 9.08 
          	
          Confidentiality 
        	
          37 
        
	
                   SECTION 9.09 
          	
          Judgment Currency 
        	
          37 
        
	
                   SECTION 9.10 
          	
          Governing Law 
        	
          37 
        
	
                   SECTION 9.11 
          	
          Jurisdiction 
        	
          37 
        
	
                   SECTION 9.12 
          	
          Execution in Counterparts 
        	
          38 
        
	
                   SECTION 9.13 
          	
          Waiver of Jury Trial 
        	
          38 
        
	
                   SECTION 9.14 
          	
          Patriot Act 
        	
          38 
        

  -ii-

  

  

	
          Exhibits 
          	 

        	 

        
	 	 	 
	
          Exhibit A 
        	
          – 
        	
          Form of Notice of Revolving Credit Borrowing 
        
	
          Exhibit B 
        	
          – 
        	
          Form of Assignment and Acceptance 
        
	
          Exhibit C-1 
        	
          – 
        	
          Form of Opinion of Swiss Counsel for the Borrower 
        
	
          Exhibit C-2 
        	
          – 
        	
          Form of Opinion of In-house Counsel for the Loan Parties 
        
	
          Exhibit C-3 
        	
          – 
        	
          Form of Opinion of Special Counsel for the Loan Parties 
        
	
          Exhibit D 
        	
          – 
        	
          Form of Revolving Credit Note 
        

  -iii-

  

  

  $1,800,000,000

REVOLVING CREDIT AGREEMENT

  Dated as of August 31, 2005

       GILLETTE GROUP INTERNATIONAL S.A.R.L., a société à responsabilité limitée organized
  under the laws of Switzerland (the “Borrower”), THE GILLETTE
  COMPANY, a corporation organized under the laws of the State of Delaware (the “Guarantor”),
  the LENDERS PARTY HERETO, and GOLDMAN SACHS CREDIT PARTNERS L.P. (“GSCP”),
  as agent for such Lenders (together with any successor thereto appointed pursuant
to Article VII, the “Agent”), agree as follows:

  ARTICLE I

  DEFINITIONS AND ACCOUNTING TERMS

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

     “Act” has
the meaning specified in Section 9.14.

       “Affiliate” means, as to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common
control with such Person or is a director or officer of such Person. For purposes of this definition, the term “control” (including the terms “controlling”, “controlled by” and “under common control with”)
of a Person means the possession, direct or indirect, of the power to vote 10%
or more of the Voting Equity of such Person.

       “Agent” has
the meaning specified in the recital of parties to this Agreement.

       “Agent’s
  Account” means (a) for Revolving Credit Advances denominated in Dollars,
  the account of the Agent maintained thereby at Citibank NA New York, ABA No.
  021000089, Account No. 40717188, Reference: Gillette, Attention: Caroline Maw/Nicola
  Laming, (b) for Revolving Credit Advances denominated in Euros, the account
  of the Agent maintained thereby at Bank of America N.A. London, Swift No. BOFAGB22,
  Account No. 35499012, Reference: Gillette, Attention: Caroline Maw/Nicola Laming,
  and (c) such other account of the Agent as is designated in writing from time
to time by the Agent to the Borrower and each of the Lenders for such purpose.

       “Agreement” means
  this Revolving Credit Agreement dated as of August 31, 2005, by and among the
  Borrower, the Guarantor, the Lenders, and the Agent, as such agreement may
be amended, restated, supplemented or modified from time to time.

       “Applicable Margin” means,
  as of any date, (a) for Base Rate Advances, 0.000% per annum and (b) for Eurocurrency
Rate Advances, 0.060% per annum.

       “Assignment and Acceptance” means
  an assignment and acceptance entered into by a Lender and any Person and approved
by the Borrower and the Agent, in substantially the form of Exhibit B hereto.

       “Attributable Debt” means
  the total net amount of rent (discounted at 10% per annum compounded annually)
required to be paid during the remaining term of any lease.

       “Bank” means
  a person which, in accordance with the explanatory Note No. S-02.12(1.2000),
  in conjunction with Note No. S-02.123 dated September 22, 1986, of the Swiss
  Federal Tax Administration, is, in the place at and from which it performs
  or will perform its obligations and exercises its rights and in the place of
  the office in which it books the relevant loan or Revolving Credit Advance,
  (a) qualified as a bank pursuant to the laws of the relevant jurisdiction;
and (b) carries on a genuine banking activity.

       “Base Rate” means
  a fluctuating interest rate per annum in effect from time to time, which rate
per annum shall at all times be equal to the higher of:

        (a)
        the rate of interest announced publicly by Citibank, N.A. in New York,
  New York, from time to time, as Citibank, N.A.’s base rate; and

        (b) 0.50% per annum above the Federal Funds Rate.

       “Base Rate Advance” means
  a Revolving Credit Advance denominated in Dollars that bears interest as provided
in Section 2.06(a)(i) .

       “beneficial owner” has
the meaning specified in Section 2.13(c)(v) .

       “Borrower” has
the meaning specified in the recital of parties to this Agreement.

       “Business Day” means
  a day of the year on which banks are not required or authorized by law to close
  in either New York City or London and, if the applicable Business Day relates
  to any Eurocurrency Rate Advances, on which dealings are carried on in the
  London interbank market (or, in the case of any Eurocurrency Rate Advance denominated
  in Euros, on which the Trans-European Automated Real-Time Gross Settlement
Express Transfer (TARGET) System is open).

       “Change in Law” means
  the adoption of any law, rule, regulation, court decision or precedential administrative
guidance after the date of this Agreement.

       “Closing Date” has
the meaning specified in Section 3.01.

       “Commitment” means, with respect to each Lender, the amount set forth opposite such Lender’s
  name on the signature pages hereof or, if such Lender has entered into any
  Assignment and Acceptance, set forth for such Lender in the Register maintained
  by the Agent pursuant to Section 9.07(d), as such amount may be reduced pursuant
to Section 2.04.

       “Communications” has
the meaning specified in Section 9.02(b) .

       “Company” means The Procter & Gamble
Company, an Ohio corporation.

       “Confidential Information” means
  information that the Company or any Loan Party or any of their respective Affiliates
  or advisors furnishes to the Agent or any Lender on a confidential basis or
  that a reasonable Person would conclude is confidential or proprietary, but
  does not include any such information that is or becomes generally available
  to the public or that is or becomes available to the Agent or such Lender from
  a source other than any of the Loan Parties, the Company or any of their respective
Affiliates or advisors.

       “Convert”, “Conversion” and “Converted” each
  refers to a conversion of Revolving Credit Advances of one Type into Revolving
Credit Advances of the other Type pursuant to Section 2.07 or 2.08.

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       “Debt” of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of
such Person for the deferred purchase price of property or services (other than trade payables incurred in the ordinary course of such Person’s
business), (c) all obligations of such Person evidenced by notes, bonds, debentures
or other similar instruments, (d) all obligations of such Person created or arising
under any conditional sale or other title retention agreement with respect to
property acquired by such Person (even though the rights and remedies of the
seller or lender under such agreement in the event of default are limited to
repossession or sale of such property), (e) all obligations of such Person as
lessee under leases that have been or should be, in accordance with applicable
generally accepted accounting principles, recorded as capital leases, (f) all
non-contingent obligations to reimburse any Person in respect of any amounts
paid under acceptances, letters of credit or similar extensions of credit, (g)
all obligations of such Person in respect of Hedge Agreements, (h) all Debt of
others referred to in clauses (a) through (g) above or clause (i) below guaranteed
directly or indirectly in any manner by such Person, or in effect guaranteed
directly or indirectly by such Person through an agreement (i) to pay or purchase
such Debt or to advance or supply funds for the payment or purchase of such Debt,
(ii) to purchase, sell or lease (as lessee or lessor) property, or to purchase
or sell services, primarily for the purpose of enabling the debtor to make payment
of such Debt or to assure the holder of such Debt against loss, (iii) to supply
funds to or in any other manner invest in the debtor (including any agreement
to pay for property or services irrespective of whether such property is received
or such services are rendered) or (iv) otherwise to assure a creditor against
loss, and (i) all Debt referred to in clauses (a) through (h) above secured by
(or for which the holder of such Debt has an existing right, contingent or otherwise,
to be secured by) any Mortgage on property (including, without limitation, accounts
and contract rights) owned by such Person, even though such Person has not assumed
or become liable for the payment of such Debt.

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

       “Dollars” and
  the “$” sign each means lawful currency of the United
States of America.

       “Email” has
the meaning specified in Section 9.02(a) .

       “EMU” means
Economic and Monetary Union as contemplated in the Treaty of Rome.

       “EMU Legislation” means
  legislative measures of the European Union for the introduction of, changeover
  to or operation of the Euro in one or more member states, being in part legislative
measures to implement EMU.

       “Equivalent” in Dollars of Euros on any date means the equivalent in Dollars of Euros determined by using the quoted spot rate at
which the Agent’s principal office in London offers to exchange Dollars for Euros in London prior to 4:00 P.M. (London time) (unless otherwise indicated by the terms of this Agreement) on such date as is required pursuant to the terms of this
Agreement, and the “Equivalent” in Euros of Dollars means the equivalent in Euros of Dollars determined by using the quoted spot rate at which the Agent’s
principal office in London offers to exchange Euros for Dollars in London prior
to 4:00 P.M. (London time) (unless otherwise indicated by the terms of this Agreement)
on such date as is required pursuant to the terms of this Agreement.

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

       “EURIBO Rate” means,
  for any Interest Period, the rate per annum (rounded upward to the nearest
  whole multiple of 1/100 of 1% per annum, if such average is not such a multiple)
  appearing on Page 248 of the Moneyline Telerate Service (or on any successor
or substitute page) as the London

-3-

  

  interbank offered
  rate for deposits in Euro at approximately 11:00 A.M. (London time) two Business
  Days prior to the commencement of such Interest Period, for a term comparable
  to such Interest Period or, if for any reason such rate is not available, the
  average (rounded upward to the nearest whole multiple of 1/100 of 1% per annum,
  if such average is not such a multiple) of the respective rates per annum at
  which deposits in Euros are offered by the principal office of each of the
  Reference Banks in London, England to prime banks in the London interbank market
  at 11:00 A.M. (London time) two Business Days prior to the first day of such
  Interest Period in an amount substantially equal to such Reference Bank’s
  Eurocurrency Rate Advance comprising part of such Revolving Credit Borrowing
  to be outstanding during such Interest Period and for a period equal to such
Interest Period, subject, however, to the provisions of Section 2.07.

       “Euro” and “(euro)”means
  the lawful currency of the European Union as constituted by the Treaty of Rome
which established the European Community.

       “Eurocurrency Rate” means, for any Interest Period for each Eurocurrency Rate Advance comprising part of the same Revolving Credit
Borrowing, (a) in the case of any Eurocurrency Rate Advance denominated in Dollars, the rate per annum (rounded upward to the nearest whole multiple of 1/100 of 1% per annum) appearing on Moneyline Telerate Markets Page 3750 (or on any successor or
substitute page) as the London interbank offered rate for deposits in Dollars at approximately 11:00 A.M. (London time) two Business Days prior to the first day of such Interest Period, for a term comparable to such Interest Period or, if for any
reason such rate is not available, the average (rounded upward to the nearest whole multiple of 1/100 of 1% per annum, if such average is not such a multiple) of the rate per annum at which deposits in Dollars is offered by the principal office of
each of the Reference Banks in London, England to prime banks in the London interbank market at 11:00 A.M. (London time) two Business Days prior to the first day of such Interest Period in an amount substantially equal to such Reference Bank’s
Eurocurrency Rate Advance comprising part of such Revolving Credit Borrowing
to be outstanding during such Interest Period and for a period equal to such
Interest Period, subject, however, to the provisions of Section 2.07, or (b)
in the case of any Eurocurrency Rate Advance denominated in Euros, the EURIBO
Rate.

       “Eurocurrency Rate Advance” means
  a Revolving Credit Advance denominated in either Optional Currency that bears
interest as provided in Section 2.06(a)(ii) .

       “Events of Default” has
the meaning specified in Section 6.01.

       “Excluded Taxes” means, with respect to any Lender or the Agent, (a) Taxes imposed on such Person’s
  overall net income (and franchise Taxes imposed on such Person in lieu of net
  income Taxes) as a result of any present or former connection between such
  Person and the relevant taxing authority, in each case, whether in effect as
  of the date hereof or subsequently imposed as a result of a Change in Law,
  and (b) any other Taxes, except to the extent such Taxes are imposed as a direct
  result of a Change in Law occurring after the date on which such Person became
a Lender or the Agent.

       “Facility Fee” has
the meaning specified in Section 2.03(a) .

       “Federal Funds Rate” means,
  for any period, a fluctuating interest rate per annum 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 that is a Business Day,
  the average of the quotations for such day on such transactions received by
  the Agent from three Federal funds brokers of recognized standing selected
by it.

-4-

  

       “GSCP” has
the meaning specified in the recital of parties to this Agreement.

     “Guaranteed Obligations” has
  the meaning specified in Section 8.01.

     “Guarantor” has
  the meaning specified in the recital of parties to this Agreement.

       “Guaranty” means the Guarantor’s absolute and unconditional guarantee of payment of all of the Borrower’s
  the obligations under the Loan Documents, including, without limitation, the
Guaranteed Obligations, provided in Article VIII hereof.

       “Hedge Agreements” means
  interest rate swap, cap or collar agreements, interest rate future or option
  contracts, currency swap agreements, currency future or option contracts and
other similar agreements.

       “Included Subsidiaries” means,
  with respect to each Loan Party, the Subsidiaries of such Loan Party that such
  Loan Party elects to include in the financial statements of such Loan Party
  most recently delivered to the Agent pursuant to Sections 4.01(e) or 5.01(d)(i)
..

       “Indemnified Costs” has
the meaning specified in Section 7.05.

       “Indemnified Party” has
the meaning specified in Section 9.04(b) .

       “Initial Lender” means
  each financial institution identified as an Initial Lender on the signature
pages to this Agreement.

       “Interest Payment Date” means
  (a) with respect to any Base Rate Advance, (i) the last day of each March,
  June, September and December during the period in which such Base Rate Advance
  is outstanding and (ii) the date such Base Rate Advance is Converted or paid
  in full, and (b) with respect to any Eurocurrency Rate Advance, (i) the last
  day of each Interest Period applicable to such Eurocurrency Rate Advance and,
  if such Interest Period has a duration of more than three months, each day
  that occurs during such Interest Period every three months from the first day
  of such Interest Period and (ii) the date such Eurocurrency Rate Advance is
  Converted or paid in full; provided, however, that, notwithstanding
  the foregoing, solely for purposes of Section 2.09(b), the term “Interest Payment
Date” means the last day of each Interest Period applicable to each Eurocurrency
Rate Advance and, if such Interest Period has a duration of more than six months,
each day that occurs during such Interest Period every six months from the first
day of such Interest Period.

       “Interest Period” means,
  for each Eurocurrency Rate Advance comprising part of the same Revolving Credit
  Borrowing, the period commencing on the date of such Eurocurrency Rate Advance
  or the date of the Conversion of any Base Rate Advance into such Eurocurrency
  Rate Advance and ending on the last day of the period selected by the Borrower
  pursuant to the provisions below and, thereafter, with respect to Eurocurrency
  Rate Advances, each subsequent period commencing on the last day of the immediately
  preceding Interest Period and ending on the last day of the period selected
  by the Borrower pursuant to the provisions below. The duration of each such
  Interest Period shall be one, two, three or six months, and, to the extent
  available to all Lenders, nine or twelve months, as the Borrower may, upon
  notice received by the Agent not later than 11:00 A.M. (London time) at least
two Business Days prior to the first day of such Interest Period, select; provided, however, that:

        (a) the Borrower may not select any Interest Period that ends after the Termination Date;

-5-

  

  

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

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

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

       “Internal Revenue Code” means
  the Internal Revenue Code of 1986, as amended from time to time, and the regulations
promulgated and rulings issued thereunder.

       “Lenders” means
  each Initial Lender and each Person that shall become a party hereto pursuant
to Section 9.07.

       “Lending Office” means, with respect to any Lender, the office of such Lender specified as its “Lending Office” opposite
  its name on the signature pages hereof or in the Assignment and Acceptance
  pursuant to which it became a Lender, or such other office of such Lender as
such Lender may from time to time specify to the Borrower and the Agent.

       “Liquidity Event” means,
  as to any Rated Lender Entity, the occurrence of either of the following events:
  (a)(i) the Spread as of the last day of any five consecutive Business Day period
  is 100 basis points or more in excess of the Spread as of the first day of
  such period, and (ii) the average Spread during the ten consecutive Business
  Days commencing immediately after the period referred to in subclause (a)(i)
  above remains 100 basis points or more in excess of the Spread as of the first
  day of the period referred to in subclause (a)(i) above; or (b) at any time,
  the credit ratings of the long-term unsecured debt of such Rated Lender Entity
  are reduced by three or more levels by at least two of the Rating Agencies
  from the credit ratings of such debt by such Rating Agencies as in effect on
the Closing Date.

       “Loan Documents” means,
collectively, this Agreement and each Revolving Credit Note, if any.

       “Loan Parties” means,
collectively, the Borrower and the Guarantor.

       “Material Adverse Change” means
  any material adverse change in the financial condition or results of operations
of the Guarantor and its Subsidiaries, taken as a whole.

       “Material Adverse Effect” means
  a material adverse effect on (a) the financial condition or results of operations
  of the Guarantor and its Subsidiaries, taken as a whole, (b) the rights and
  remedies of the Agent or the Lenders under the Loan Documents, or (c) the ability
of the Loan Parties to perform their obligations under the Loan Documents.

       “Material Subsidiary” means,
  (a) at any time prior to the consummation of the Transaction, any Subsidiary
  of the Borrower that a reasonable Person would believe has a material amount
  of the aggregate assets of, or contributes a material amount of the aggregate
  revenues of, the Guarantor and its Subsidiaries, taken as a whole, and (b)
at any time after the consummation of the Transaction, any

-6-

  

  

  “Material Subsidiary” as such term is defined in the Revolving Credit Agreement, dated as of July 27, 2005, among Procter & Gamble
  International S.A.R.L. and the additional borrowers, as borrowers, the lenders
  party thereto, Citibank, N.A., as administrative agent, Citigroup Global Markets
  Inc., as sole lead arranger and sole book runner, JPMorgan Chase Bank, N.A.,
  as syndication agent, and ABN Amro Bank N.V. and Deutsche Bank Securities,
  Inc., as co-documentation agents, as amended, restated, modified or supplemented
from time to time.

       “Mortgage” means
  any lien or security interest or other charge or encumbrance having the effect
of a lien or security interest.

       “Non-Excluded Taxes” has
the meaning specified in Section 2.13(a) .

       “Notice” has
the meaning specified in Section 9.02(c) .

       “Notice of Revolving Credit Borrowing” has
the meaning specified in Section 2.02(a) .

       “Optional Currency” means
Dollars or Euros, as the context may require.

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

       “Platform” has
the meaning specified in Section 9.02(b) .

       “Primary
Currency” has the meaning
  specified in Section 9.09(b) . 

       “Process Agent” has
the meaning specified in Section 9.11(a) .

       “Principal Manufacturing Property” means any facility (together with the land on which it is erected and fixtures comprising a part
thereof) used primarily for manufacturing or processing, wherever located, owned or leased by the Guarantor or any of its Subsidiaries, and having a gross book value in excess of $300,000,000,
other than any such facility or portion thereof (a) which is a pollution control
or other facility financed by obligations issued by a governmental authority
pursuant to Section 103(b)(4)(E), 103(b)(4)(F) or 103(b)(6) of the Internal Revenue
Code of 1954, or any successor provision thereof, or any similar law, rule or
regulation of any other United States or foreign jurisdiction, or (b) which,
in the opinion of the Board of Directors of the Borrower or the Guarantor, as
the case may be, is not of material importance to the total business conducted
by the Guarantor and its Subsidiaries, considered as a whole.

       “Pro Rata Share” of any amount means, with respect to any Lender at any time, the product of (a) a fraction the numerator of which
is the amount of such Lender’s Unused Commitment at such time and the denominator
of which is the aggregate Unused Commitments of all Lenders at such time, and
(b) such amount.

       “Rated Lender Entity” means,
  with respect to (a) GSCP, GS Group, Inc., and (b) any other Lender, any Affiliate
  of such Lender that (i) is the primary issuer of publicly traded Debt for such
  Lender and its Affiliates, and (ii) has obtained a rating with respect to such
Debt from one or more of the Rating Agencies.

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       “Ratings Agency” means each of (a) Standard & Poors, a division of The McGraw-Hill Companies, Inc., (b) Moody’s
  Investors Service, Inc., and (c) Fitch Ratings, Ltd., a wholly-owned subsidiary
of Fimalac, S.A.

       “Reference Advance” has
the meaning specified in Section 2.06(c) .

       “Reference Banks” means
  the principal office in London of each of Citibank N.A., The Royal Bank of
Scotland, and Barclays Bank plc.

       “Register” has
the meaning specified in Section 9.07(d) .

       “Related Indemnified Party” has
the meaning specified in Section 9.04(b) .

       “Required Lenders” means
  at any time Lenders owed in excess of 50% of the then aggregate unpaid principal
  amount (based on the Equivalent in Dollars at such time) of the Revolving Credit
  Advances owing to Lenders, or, if no such principal amount is then outstanding,
  Lenders having in excess of 50% of the Commitments; provided,
however, that if any Lender shall be an Affiliate of the Borrower at such
time, there shall be excluded from the determination of Required Lenders at such
time the then aggregate unpaid principal amount (based on the Equivalent in Dollars
at such time) of the Revolving Credit Advances owing to such Affiliate (in its
capacity as a Lender) at such time or, if no such principal amount is then outstanding,
such Affiliate’s Commitment at such time.

       “Revolving Credit Advance” means
  an advance by a Lender to the Borrower as part of a Revolving Credit Borrowing
  and refers to either a Base Rate Advance or a Eurocurrency Rate Advance (each
of which shall be a “Type” of Revolving Credit Advance).

       “Revolving Credit Borrowing” means
  a Revolving Credit Borrowing consisting of simultaneous Revolving Credit Advances
  of the same Type and Optional Currency made by each of the Lenders pursuant
to Section 2.01.

       “Revolving Credit Note” has
the meaning specified in Section 2.16(a) .

       “Section 2.13 Certificate” has
the meaning specified in Section 2.13(c)(ii) .

       “Spread” means,
  as to any Rated Lender Entity, the difference, measured in basis points, between
  (a) the interest rate on the outstanding benchmark ten-year long term debt
  of such Rated Lender Entity, and (b) the yield on United States Treasury securities
with a maturity of ten years.

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

       “Taxes” has
the meaning specified in Section 2.13(a) .

       “Termination Date” means
  the earlier of (a) August 31, 2010, and (b) the date of termination in whole
of the aggregate Commitments pursuant to Section 2.05 or 6.02.

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       “Transaction” means the Company’s acquisition of the Guarantor as announced in the Company’s
  press release dated January 28, 2005 filed on Form 8-K with the United States
Securities and Exchange Commission.

       “Treaty of Rome” means
  the Treaty of Rome of 25 March 1957, as amended by the Single European Act
  1986 and the Maastricht Treaty (which was signed at Maastricht on 7 February
  1992 and came into force on 1 November 1993), as such treaty may be amended
from time to time and as referred to in the EMU legislation.

       “Type” has
  the meaning specified in the definition of “Revolving Credit Advance” in
Section 1.01.

       “Unused Commitment” means, with respect to any Lender at any time, (a) such Lender’s
  Commitment at such time, less (b) the sum of the aggregate principal amount
  of all Revolving Credit Advances made by such Lender (in its capacity as a
Lender) and outstanding at such time.

       “Utilization Fee” means,
  as of any date that the sum of the aggregate principal amount of the Revolving
  Credit Advances outstanding exceeds 50% of the aggregate Commitments, 0.015%
per annum.

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

       SECTION 1.02 Computation of Time Periods.
  In this Agreement, in the computation of periods of time from a specified date
to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding”.

  ARTICLE II

  AMOUNTS AND TERMS OF THE REVOLVING CREDIT ADVANCES

       SECTION 2.01 The Revolving Credit Advances.
  Each Lender severally agrees, on the terms and conditions hereinafter set forth,
  to make Revolving Credit Advances to the Borrower from time to time on any
  Business Day during the period from the Closing Date until the Termination
  Date in an aggregate amount (based in respect of any Revolving Credit Advances
  to be denominated in Euros by reference to the Equivalent thereof in Dollars
  determined on the date of delivery of the applicable Notice of Revolving Credit
  Borrowing) not to exceed such Lender’s Unused Commitment at such time. Each Revolving Credit Borrowing shall be in
a minimum amount of $10,000,000, in respect of Revolving Credit Advances
denominated in Dollars, or (euro)10,000,000, in respect of Revolving Credit Advances
denominated in Euros, and shall consist of Revolving Credit Advances of the same
Type made on the same day by the Lenders ratably according to their respective
Commitments; provided, however, that such minimum amount shall not apply
with respect to any Revolving Credit Advances made in accordance with the provisions
of Section 2.03(b) or Section 2.06(c) . Within the limits of each Lender’s
Commitment, the Borrower may borrow under this Section 2.01, prepay pursuant
to Section 2.09 and reborrow under this Section 2.01.

       SECTION 2.02 Making the Revolving Credit Advances.  (a) Each Revolving Credit Borrowing shall be made on notice, given not later than (i)
11:00 A.M. (London time) on the second Business Day prior to the date of the proposed Revolving Credit Borrowing in the case of a Revolving Credit Borrowing consisting of Eurocurrency Rate Advances, or (ii) 10:00 A.M. (New York City time)
on

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  the same Business Day as the
date of the proposed Revolving Credit Borrowing in the case of a Revolving Credit
Borrowing consisting of Base Rate Advances, by the Borrower to the Agent, which
shall give to each Lender prompt notice  thereof by telecopier or Email; provided,
however, the initial Revolving Credit Borrowing
hereunder may be made on notice given to the Agent not later than 8:00 A.M. (New
York City time) on  the same Business Day as the date of the proposed initial
Revolving Credit Borrowing and may consist of Eurocurrency Rate Advances. Each
such notice of a Revolving Credit Borrowing (a “Notice
of Revolving Credit  Borrowing”) shall
be by Email, confirmed promptly by telephone, shall be in substantially the form
of Exhibit A hereto, specifying therein the requested (A) date of such Revolving
Credit Borrowing, (B) Type and  Optional Currency of Revolving Credit Advances
comprising such Revolving Credit Borrowing, (C) aggregate amount of such Revolving
Credit Borrowing, (D) in the case of a Revolving Credit Borrowing consisting
of Eurocurrency Rate Advances, the initial  Interest Period for each such Revolving
Credit Advance, and (E) the account to which the proceeds of the requested Revolving
Credit Borrowing are to be transferred. Each Lender shall, before 12:00 P.M.
(London time) on the date of such Revolving  Credit Borrowing (if such Revolving
Credit Borrowing is comprised of Eurocurrency Rate Advances), or before 1:00
P.M. (New York City time) on the date of such Revolving Credit Borrowing (if
such Revolving Credit Borrowing is comprised of Base Rate  Advances), make available
for its account to the Agent at the Agent’s Account, in same day funds,
such Lender’s ratable portion of such Revolving Credit Borrowing. After
the Agent’s receipt of such funds and upon fulfillment of the
applicable conditions set forth in Article III, the Agent will make such funds
available to the Borrower by transferring the amount thereof to the account designated
by the Borrower for such purpose.

       (b) Anything in subsection (a) above to the contrary notwithstanding, the Borrower may not select Eurocurrency Rate Advances for any Revolving Credit Borrowing if the obligation of the Lenders to make
Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.07 or 2.11.

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

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

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

       SECTION 2.03 Facility Fee.
  (a) The Borrower agrees to pay to the Agent for the account of each Lender
  a facility fee in Dollars on the aggregate amount of such Lender’s Commitment,
  from the Closing Date in the case of each Initial Lender and from the effective
  date specified in the Assignment and Acceptance pursuant to which it became
  a Lender in the case of each other Lender until the Termination Date, at a
  rate per annum equal to 0.025% per annum, payable in arrears quarterly on the
  last day of each March, June, September and December, commencing September
30, 2005, and on the Termination Date (the “Facility Fee”).

       (b) Unless the Borrower shall have notified the Agent in writing on or before 9:00 A.M. (New York City time) on the second Business Day prior to the last day of each March, June, September and
December, commencing September 30, 2005, and the Termination Date, that it will pay, in cash, the Facility Fee that is due and payable by it on such date, the Lenders will be deemed to have made Revolving Credit Advances on such date in an amount
equal to the Facility Fee that would otherwise be due and payable on such date, which Revolving Credit Advances shall, unless the Borrower has otherwise notified the Agent in writing on or before such Business Day, be a Eurocurrency Rate Advance
denominated in Dollars having an initial Interest Period of one month. Each Revolving Credit Advance made pursuant to this Section 2.03(b) shall be deemed to have made pursuant to the Commitments and shall be subject to the limitation that the
aggregate outstanding principal amount of the Revolving Credit Advances may at no time exceed the Commitments then in effect.

       SECTION 2.04 Termination or Reduction of the Commitments.  (a) Optional.
  The Borrower shall have the right, upon at least three Business Days’ notice
  to the Agent, to terminate in whole or reduce ratably in part the Unused Commitments
  of the Lenders; provided, however, that each partial reduction shall
be in the aggregate amount of at least $10,000,000.

       (b) Mandatory. The Commitments shall automatically terminate on the Termination Date.

       SECTION 2.05 Repayment of Revolving Credit Advances. The Borrower shall repay to the Agent for the ratable account of the Lenders on the
Termination Date the aggregate principal amount of all Revolving Credit Advances then outstanding.

       SECTION 2.06 Interest on Revolving Credit Advances.

       (a) Scheduled Interest. Subject to the provisions of Section 2.06(c), the Borrower shall pay interest on the unpaid principal amount of each
Revolving Credit Advance that is owing to each Lender from the date of such Revolving Credit Advance until such principal amount shall be paid in full, at the following rates per annum:

        (i) Base Rate Advances. During such periods as such Revolving Credit Advance is a Base Rate Advance, a rate per annum equal at all times to
    the sum of (x) the Base Rate in effect from time to time, plus (y) the Applicable Margin in effect from time to time, plus (z) the Utilization Fee, if any, in effect from time to time, payable in arrears on each Interest Payment Date with respect to
    such Base Rate Advance.

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        (ii) Eurocurrency Rate Advances.  During such periods as such Revolving Credit Advance is a Eurocurrency Rate Advance, a rate per annum equal
    at all times during each Interest Period for such Revolving Credit Advance to the sum of (x) the Eurocurrency Rate for such Interest Period for such Revolving Credit Advance, plus (y) the Applicable Margin in effect from time to time, plus (z) the
    Utilization Fee, if any, in effect from time to time, payable in arrears on each Interest Payment Date with respect to such Eurocurrency Rate Advance.

       (b) Default Interest. The Borrower shall pay interest on:

        (i) any portion of the unpaid principal amount of each Revolving Credit Advance that is owing to each Lender that is not paid when due, from the date such amount shall be due until such amount shall
    be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on such Revolving Credit Advance pursuant to clause
    (a)(i) or (a)(ii) above, as the case may be; and

        (ii) to the fullest extent permitted by law, the amount of any interest, fee or other amount payable hereunder that is not paid when due, from the date such amount shall be due until such amount shall
    be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on Base Rate Advances pursuant to clause (a)(i)
    above.

       (c) Capitalization of Interest.
  Anything contained in this Agreement to the contrary notwithstanding, unless
  the Borrower has notified the Agent in writing on or before 9:00 A.M. (New
  York City time) on the second Business Day prior to any Interest Payment Date
  or date of a prepayment pursuant to Section 2.09(b)(i), that it will pay, in
  cash, the interest applicable to any Revolving Credit Advance, including any
  applicable Utilization Fee, that is due and payable by it on such Interest
  Payment Date in accordance with Section 2.06(a) or on such prepayment date
  in accordance with Section 2.09(b)(i), as applicable, the Lenders will be deemed
  to have made Revolving Credit Advances on such Interest Payment Date or prepayment
  date, as applicable, in an amount equal to the aggregate amount of interest,
  including any applicable Utilization Fee, that would otherwise be due and payable
  on such date, which Revolving Credit Advance shall, unless the Borrower has
  otherwise notified the Agent in writing on or before such Business Day, (i)
  be of the same Type and Optional Currency as the Revolving Credit Advance (the “Reference Advance”)
  in respect of which such interest (including any applicable Utilization Fee)
  shall have accrued (in each case after giving effect to any Conversion of the
  Reference Advance on such Interest Payment Date), and (ii) if such Revolving
  Credit Advance is a Eurocurrency Rate Advance, have an initial Interest Period
  of the same duration as the Interest Period commencing on such Interest Payment
  Date with respect to the Reference Advance. Each Revolving Credit Advance made
  pursuant to this Section 2.06(c) shall be deemed to have been made pursuant
  to the Commitments and shall be subject to the limitation that the aggregate
  outstanding principal amount of the Revolving Credit Advances may at no time
exceed the Commitments then in effect.

       SECTION 2.07 Interest Rate Determination. (a) If any one or more of the Reference Banks shall not furnish timely information to the Agent for
the purpose of determining each Eurocurrency Rate, the Agent shall determine such Eurocurrency Rate on the basis of timely information furnished by the remaining Reference Banks. The Agent shall give prompt notice to the Borrower and each of the
Lenders of the applicable interest rate determined by the Agent for purposes of Section 2.06(a)(i) or 2.06(a)(ii), and the rate, if any, furnished by each Reference Bank for the purpose of determining the interest rate under Section 2.06(a)(ii)
..

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       (b) If, with respect to any Eurocurrency Rate Advances, the Required Lenders in good faith notify the Agent that the Eurocurrency Rate for any Interest Period for such Eurocurrency Rate Advances will
not adequately reflect the cost to such Required Lenders of making, funding or maintaining their respective Eurocurrency Rate Advances for such Interest Period, the Agent shall forthwith so notify the Borrower and each of the Lenders, whereupon
(i)(A) each Eurocurrency Rate Advance denominated in Dollars will automatically Convert into Base Rate Advances, and (B) each Eurocurrency Rate Advance denominated in Euros will automatically be exchanged for an Equivalent of Dollars and Convert
into Base Rate Advances, and (ii) the obligation of the Lenders to make, or to Convert Base Rate Advances into, Eurocurrency Rate Advances shall be suspended until the Agent shall notify the Borrower and each of the Lenders that the circumstances
causing such suspension no longer exist.

       (c) If the
  Borrower shall fail to select the duration of any Interest Period for any Eurocurrency
  Rate Advances in accordance with the provisions contained in the definition
  of “Interest
Period” in Section 1.01, the Agent will forthwith so notify the Borrower
and each of the Lenders and such Eurocurrency Rate Advances will automatically,
on the last day of the then existing Interest Period therefor, Convert into Eurocurrency
Rate Advances denominated in the same Optional Currency and having an Interest
Period of one month.

       (d) On the
  date on which the aggregate unpaid principal amount of Eurocurrency Rate Advances
  comprising any Revolving Credit Borrowing shall be reduced, by payment or prepayment
  or otherwise, to less than $10,000,000, in respect of Eurocurrency Rate
  Advances denominated in Dollars, or (euro)10,000,000, in respect of Eurocurrency
  Rate Advances denominated in Euros, such Eurocurrency Rate Advances shall automatically
  (i) if such Eurocurrency Rate Advances are denominated in Dollars, Convert
  into Base Rate Advances, and (ii) if such Eurocurrency Rate Advances are denominated
  in Euros, be exchanged for an Equivalent amount of Dollars and Convert into
Base Rate Advances.

       (e) Upon the occurrence and during the continuance of any Event of Default, (i) each Eurocurrency Rate Advance will, upon the written request of the Agent (at the request of the Required Lenders), on
the last day of the then existing Interest Period therefor, (A) if such Eurocurrency Rate Advance is denominated in Dollars, be Converted into a Base Rate Advance, and (B) if such Eurocurrency Rate Advance is denominated in Euros, be exchanged for
an Equivalent amount of Dollars and be Converted into a Base Rate Advance, and (ii) the obligation of the Lenders to make, or to Convert Base Rate Advances into, Eurocurrency Rate Advances shall be suspended.

       (f) If either, with respect to Eurocurrency Rate Advances denominated in Dollars, the Moneyline Telerate Markets Page 3750, or, with respect to Eurocurrency Rate Advances denominated in Euros, the
Page 248 of the Moneyline Telerate Service, is unavailable and, in each such case, fewer than two Reference Banks furnish timely information to the Agent for determining the applicable Eurocurrency Rate,

        (i) the Agent shall forthwith notify the Borrower and each of the Lenders that the interest rate cannot be determined for such Eurocurrency Rate Advances,

        (ii) each such Eurocurrency Rate Advance will automatically, on the last day of the then existing Interest Period therefor, (A) if such Eurocurrency Rate Advance is denominated in Dollars, Convert
    into a Base Rate Advance, and (B) if such Eurocurrency Rate Advance is denominated in Euros, be prepaid by the Borrower or be automatically exchanged for an Equivalent amount of Dollars and be Converted into a Base Rate Advance (or if such Revolving
    Credit Advance is then a Base Rate Advance, will continue as a Base Rate Advance), and

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        (iii) the obligation of the Lenders to make Eurocurrency Rate Advances or to Convert Base Rate Advances into Eurocurrency Rate Advances shall be suspended until the Agent shall notify the Borrower and
    each of the Lenders that the circumstances causing such suspension no longer exist.

       SECTION 2.08 Optional Conversion of Revolving Credit Advances.  The Borrower may, subject to the provisions of Sections 2.07 and 2.11,
Convert all or any portion of Revolving Credit Advances of one Type comprising the same Revolving Credit Borrowing into Revolving Credit Advances of the other Type; provided, however,
that (a) any such Conversion of (i) Base Rate Advances into Eurocurrency Rate
Advances or of Eurocurrency Rate Advances of one Interest Period into Eurocurrency
Rate Advances of another Interest Period shall be made on notice received no
later than 11:00 A.M. (London time) on the second Business Day prior to the date
of the proposed Conversion, or (ii) Eurocurrency Rate Advances into Base Rate
Advances shall be made on notice received no later than 10:00 A.M. (New York
City time) on the same Business Day as the date of the proposed Conversion, (b)
in the case of any Conversion of Eurocurrency Rate Advances other than on the
last day of an Interest Period therefor, the Borrower shall be obligated to reimburse
the Lenders in respect thereof pursuant to Section 9.04(c), (c) any Conversion
of Base Rate Advances into Eurocurrency Rate Advances shall be in an amount not
less than $10,000,000, and (d) the Borrower may not Convert
(i) Base Rate Advances into Eurocurrency Rate Advances denominated in Euros or
(ii) Eurocurrency Rate Advances denominated in Euros into Base Rate Advances.
Any Conversion of a Revolving Credit Advance from one Optional Currency to the
other Optional Currency shall be based on an Equivalent amount of Dollars or
Euros, as the case may be. Each notice of a Conversion shall, within the restrictions
specified above, specify (i) the date of such Conversion, (ii) the Revolving
Credit Advances to be Converted, (iii) the Optional Currency (if different than
the Optional Currency of the Revolving Credit Advance being Converted), and (iv)
if such Conversion is into Eurocurrency Rate Advances, the duration of the initial
Interest Period for each such Eurocurrency Rate Advance. Each notice of Conversion
shall be irrevocable and binding on the Borrower.

       SECTION 2.09 Prepayments.

       (a) Optional.
  The Borrower may, upon at least three Business Days’ notice to the Agent in the case of Eurocurrency Rate Advances, and
upon at least one Business Day’s notice to the Agent in the case of Base
Rate Advances, stating the proposed date and aggregate principal amount of the
prepayment, and, if such notice is given, shall, prepay the outstanding principal
amount of the Revolving Credit Advances comprising part of the same Revolving
Credit Borrowing in whole or ratably in part, together with accrued interest
to the date of such prepayment on the principal amount prepaid; provided, however,
that (i) each partial prepayment shall be in an aggregate principal amount of $10,000,000, in respect of each prepayment of
Revolving Credit Advances denominated in Dollars, or (euro)10,000,000, in respect of each prepayment of Revolving Credit Advances denominated in Euros, and in an integral multiples of $1,000,000
or (euro)1,000,000, as applicable, in excess thereof, and (ii) in the event of
any such prepayment of a Eurocurrency Rate Advance, the Borrower shall be obligated
to reimburse the Lenders in respect thereof pursuant to Section 9.04(c) .

       (b) Mandatory. (i) If, on any date, the Agent notifies the Borrower that, (A) with respect to any Revolving Credit Borrowing with an Interest
Period then in effect that commences on or prior to August 31, 2007, on the last day of such Interest Period, and (B) with respect to any other Revolving Credit Borrowing, on each Interest Payment Date for such Revolving Credit Borrowing, the sum of
(1) the aggregate principal amount of all Revolving Credit Advances denominated in Dollars plus (2) the Equivalent in Dollars (determined on the Business Day immediately preceding such Interest Payment Date) of the aggregate principal amount of all
Revolving Credit Advances denominated in Euros then outstanding exceeds 110% of the aggregate Commitments of the Lenders on such date, the Borrower

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shall, as soon as practicable and in any event within five Business Days after receipt of such notice, subject to the proviso to this sentence below, prepay the outstanding principal amount of any Revolving Credit Advances owing
by the Borrower in an aggregate amount sufficient to reduce such sum to an amount not to exceed 100% of the aggregate Commitments of the Lenders on such date, together with any interest accrued to the date of such prepayment on the aggregate
principal amount of Revolving Credit Advances prepaid; provided, however, that if the aggregate principal amount of Base Rate Advances outstanding at the time of such required prepayment is
less than the amount of such required prepayment, the portion of such required prepayment in excess of the aggregate principal amount of Base Rate Advances then outstanding shall be deferred until the earliest to occur of the last day of the
Interest Period of the outstanding Eurocurrency Rate Advances in an aggregate amount equal to the excess of such required prepayment.  The Agent shall give prompt notice of any prepayment required under this Section 2.09(b)(i) to the Borrower and
each of the Lenders, and shall provide prompt notice to the Borrower of any such notice of required prepayment received by it from any Lender.

        (ii) On each Business Day, the Borrower shall repay the outstanding Revolving Credit Advances by an amount equal to the excess of the outstanding principal amount of the Revolving Credit Advances over
    the aggregate Commitments after giving effect to any reduction of the Commitments pursuant to Section 2.04 on the immediately preceding Business Day.

       SECTION 2.10 Increased Costs.
  (a) If, due to either (i) the introduction of or any change in or in the interpretation
  of any law or regulation enacted or issued after the date of this Agreement
  or (ii) the compliance with any guideline or request from any central bank
  or other governmental authority (whether or not having the force of law) issued
  after the date of this Agreement, there shall be any material increase in the
  cost to any Lender of agreeing to make or making, funding or maintaining Eurocurrency
  Rate Advances (excluding for purposes of this Section 2.10 any such increased
  costs resulting from (A) Taxes (as to which Section 2.13 shall govern), and
  (B) changes in the basis of taxation of overall net income or overall gross
  income by the United States or by the foreign jurisdiction, state or any political
  subdivision thereof under the laws of which such Lender has any present or
  former connection, then the Borrower shall from time to time, and in any event
  within 30 days of written demand by such Lender (with a copy of such demand
  to the Agent), pay to the Agent for the account of such Lender additional amounts
  sufficient to compensate such Lender for such increased cost. A certificate
  as to the amount of such increased cost in reasonable detail and stating the
  basis upon which such amount has been calculated and certifying that such Lender’s method of allocating such costs is fair and reasonable and that such Lender’s
  demand for payment of such costs hereunder is not inconsistent with its treatment
  of other borrowers which, as a credit matter, are similarly situated to the
  Borrower and which are subject to similar provisions, submitted to the Borrower
  and the Agent by such Lender, shall be conclusive and binding for all purposes,
absent error in the calculation of such amount.

       (b) If any
  Lender reasonably determines that compliance with any law or regulation enacted
  or issued after the date of this Agreement, or any guideline or request from
  any central bank or other governmental authority (whether or not having the
  force of law) issued after the date of this Agreement, affects or would affect
  the amount of capital required or expected to be maintained by such Lender
  or any corporation controlling such Lender and that the amount of such capital
  is materially increased by or based upon the existence of such Lender’s commitment to lend hereunder and other commitments of this type, then, within 30 days of written demand by such Lender (with a copy of
such demand to the Agent), the Borrower shall pay to the Agent for the account of such Lender, from time to time as specified by such Lender, additional amounts sufficient to compensate such Lender or such corporation in light of such circumstances,
to the extent that such Lender reasonably determines such increase in capital to be allocable to the existence of such Lender’s commitment to lend hereunder. A certificate as to the amount of such increased cost in reasonable detail and stating
the basis upon which such amount has been calculated and certifying that such Lender’s
method of allocating such costs is fair and reasonable and

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that such Lender’s demand for payment of such
    costs hereunder is not inconsistent with its treatment of other borrowers
    which, as a credit matter, are similarly situated to the Borrower and which
    are subject to similar provisions, submitted to the Borrower and the Agent
    by such Lender, shall be conclusive and binding for all purposes, absent
error in the calculation of such amount.

       (c) If any Lender shall subsequently recoup any costs (other than from the Borrower) for which such Lender has theretofore been compensated by the Borrower under this Section 2.10, such Lender shall
remit to the Borrower an amount equal to the amount of such recoupment.

       (d) Before making any demand under this Section 2.10, each Lender agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different
Lending Office if the making of such a designation would avoid the need for, or reduce the amount of, such increased cost and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.

       SECTION 2.11 Illegality.  Notwithstanding any other provision of this Agreement, if any Lender shall notify the Agent that the introduction
of or any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for any Lender or its Lending Office to perform its obligations hereunder to
make Eurocurrency Rate Advances in Dollars or Euros or to fund or maintain Eurocurrency Rate Advances in Dollars or Euros hereunder, (a) each Eurocurrency Rate Advance, as the case may be, will automatically, upon such demand, (i) if such
Eurocurrency Rate Advance is denominated in Dollars, Convert into a Base Rate Advance, and (ii) if such Eurocurrency Rate Advance is denominated in Euros, be exchanged for an Equivalent amount of Dollars and Convert into a Base Rate Advance, and (b)
the obligation of the Lenders to make Eurocurrency Rate Advances or to Convert Advances into Eurocurrency Rate Advances shall be suspended until the Agent shall notify the Borrower and each of the Lenders that the circumstances causing such
suspension no longer exist; provided, however, that before making any such demand, each Lender agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory
restrictions) to designate a different Lending Office if the making of such a designation would allow such Lender or its Lending Office to continue to perform its obligations to make Eurocurrency Rate Advances or to continue to fund or maintain
Eurocurrency Rate Advances, and would not, in the judgment of such Lender, be otherwise disadvantageous to such Lender.

       SECTION 2.12 Payments and Computations.
  (a) The Borrower shall make each payment hereunder and under the Revolving
  Credit Notes, if any, with respect to principal of, interest on, and other
  amounts relating to, Revolving Credit Advances denominated in Dollars, irrespective
  of any right of counterclaim or set-off, not later than 1:00 P.M. (London time)
  on the day when due in Dollars to the Agent, by deposit of such funds to the
  Agent’s Account in same day funds. The Borrower shall make each payment hereunder and under the Revolving Credit Notes, if any, irrespective of any right of counterclaim or set-off, with respect to
principal of, interest on, and other amounts relating to, Revolving Credit Advances denominated in Euros, not later than 1:00 P.M. (London time) on the day when due in Euros to the Agent, by deposit of such funds to the Agent’s Account in same
day funds. The Guarantor shall make each payment hereunder with respect to any or all of the Guaranteed Obligations in the Optional Currency in which the respective Guaranteed Obligations are then denominated not later than 1:00 P.M. (London time)
on the day that is 30 days after the date on which the Guarantor receives written notice from the Agent that the Borrower has failed to make a payment under this Agreement, including therein the date of such failure and the aggregate amount owing by
the Borrower, and such payment shall be made to the Agent by deposit of such funds to the Agent’s
Account in same day funds. The Agent will promptly thereafter cause to be distributed
like funds relating to the payment of principal, interest, any Facility Fee,
or any Utilization Fee, ratably (other than amounts payable pursuant to Section
2.10, 2.13 or 9.04(c)) to the Lenders for the account of their respective Lending
Offices, and like funds relating to the

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payment of any other amount payable to any Lender to such Lender for its account, in each case to be applied in accordance with the terms of this Agreement.  Upon its acceptance of an Assignment and Acceptance and recording of the
information contained therein in the Register pursuant to Section 9.07(c), from and after the effective date specified in such Assignment and Acceptance, the Agent shall make all payments hereunder and under the Revolving Credit Notes, if any, in
respect of the interest assigned thereby to the Lender assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments for periods prior to such effective date directly between
themselves.

       (b) All computations of interest based on the Base Rate shall be made by the Agent on the basis of a year of 365 or 366 days, as the case may be, and all computations of interest based on the
Eurocurrency Rate or the Federal Funds Rate and of any Facility Fee and Utilization Fee shall be made by the Agent on the basis of a year of 360 days, in each case for the actual number of days (including the first day but excluding the last day)
occurring in the period for which such interest, Facility Fee or Utilization Fee is payable.  Each determination by the Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error.

       (c) Whenever any payment hereunder or under the Revolving Credit Notes, if any, shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business
Day, and such extension of time shall in such case be included in the computation of payment of interest or any Facility Fee or Utilization Fee, as the case may be; provided, however, that, if such extension would cause payment of interest on or principal of Eurocurrency Rate Advances to be made in the next following calendar month, such payment shall be made on the next
preceding Business Day.

       (d) Unless the Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Lenders hereunder that the Borrower will not make such payment in full, the Agent
may assume that the Borrower has made such payment in full to the Agent on such date, and the Agent may, in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If
and to the extent the Borrower shall not have so made such payment in full to the Agent, each Lender shall repay to the Agent, forthwith on demand, such amount distributed to such Lender together with interest thereon, for each day from the date
such amount is distributed to such Lender until the date such Lender repays such amount to the Agent at (i) the Federal Funds Rate, in the case of Revolving Credit Advances denominated in Dollars, or (ii) the cost of funds incurred by the Agent, in
respect of such amount in the case of Revolving Credit Advances denominated in Euros.

       SECTION 2.13 Taxes.
  (a) Each of the Loan Parties shall only be required to pay or reimburse any
  Lender or the Agent for present or future taxes, levies, imposts, deductions,
  charges or withholdings arising from or in connection with any payments made
  by such Loan Party under this Agreement or any of the other Loan Documents,
  or any liabilities with respect to the foregoing (collectively, the “Taxes”),
  other than Excluded Taxes. If any of the Loan Parties shall be required by
  law to deduct any Taxes from or in respect of any sum payable hereunder or
  under any of the other Loan Documents to any Lender or the Agent, (i) such
  Loan Party shall make such deductions in respect of Taxes, (ii) such Loan Party
  shall pay the full amount deducted in respect of Taxes to the relevant taxation
  authority or other governmental or regulatory authority in accordance with
  applicable law, and (iii) solely to the extent there is an increase in any
  Taxes (other than Excluded Taxes) imposed on such Lender or the Agent as a
  result of this Agreement or any of the other Loan Documents (such increased
  amount being the “Non-Excluded Taxes” of such Lender or the
  Agent), the sum payable by such Loan Party shall be increased as may be necessary
  so that after making all required deductions of Non-Excluded Taxes such Lender
  or the Agent (as the case may be) receives an amount equal to the sum it would
  have received had no such deductions been made in respect of Non-Excluded Taxes.
Within thirty days after the date of any

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payment of Non-Excluded Taxes by any of the Loan Parties, such Loan Party shall furnish to the Agent, at its address referred to in Section 9.02, the original or a copy of a receipt evidencing such payment.

       (b) Each of the Loan Parties shall indemnify each Lender and the Agent for, and hold each of them harmless against, the full amount of Non-Excluded Taxes paid by such Lender or the Agent, as the case
may be. This indemnification shall be made within 90 days from the date on which such Lender or the Agent, as the case may be, makes written demand therefor and provides adequate documentary evidence of payment thereof.

       (c) Each Lender and the Agent shall deliver or cause to be delivered to the Loan Parties:

        (i) in order to enable the Loan Parties to comply with any information reporting or backup withholding requirements of the U.S. Internal Revenue Code of 1986, as amended, or the regulations thereunder, the following properly completed
    and duly executed documents:

  
          (A) if such Lender or the Agent is organized under the laws of the United States, any State thereof, or the District of Columbia, (I) a complete and executed U.S. Internal Revenue Service Form W-9 (or
      any successor forms thereto), including all appropriate attachments, or (II) if such Person is disregarded for federal income tax purposes, the documents that would be required under clause this clause (A), or clause (B), (C), and/or (D) of this
      Section 2.13(c)(i) with respect to its beneficial owner as if such beneficial owner were a Lender;

          (B) if such Lender or the Agent (I) is not organized under the laws of the United States, any State thereof, or the District of Columbia, and (II) is treated as a corporation for U.S. federal income
      tax purposes, a complete and executed U.S. Internal Revenue Service Form W-8BEN (or any successor forms thereto), or a U.S. Internal Revenue Service Form W-8ECI (or any successor forms thereto);

          (C) if
          such Lender or the Agent (I) is treated as a partnership or other non-corporate
          entity, and (II) is not organized under the laws of the United States,
          any State thereof, or the District of Columbia, (1) a complete and
          executed U.S. Internal Revenue Service Form W-8IMY (or any successor
          forms thereto) (including all required documents and attachments),
          and, without duplication, with respect to each of its beneficial owners,
          and the beneficial owners of such beneficial owners looking through
          chains of owners to individuals or entities that are treated as corporations
          for U.S. federal income tax purposes (all such owners, “beneficial
      owners”), the documents that would be required by clause (A),
      (B), this clause (C), and/or clause (D) of this Section 2.13(c)(i) with
      respect to each such beneficial owner as if such beneficial owner were
      a Lender, provided, however, that no such documents will be required with respect to a beneficial owner to the extent the actual Lender or
      the Agent is determined to be in compliance with the requirements for certification on behalf of its beneficial owner as may be provided in applicable U.S. Treasury Regulations, or the requirements of this clause (C) of Section 2.13(c)(i) are
      otherwise determined to be unnecessary (all such determinations under this clause (C) of Section 2.13(c)(i) to be made in the sole discretion of the Borrower); or

          (D) (I) if such Lender or the Agent is disregarded for U.S. federal income tax purposes, such Person shall deliver the document that would be required by this clause (D), or by clause (A), (B), or (C)
      of Section 2.13(c)(i) with respect to its sole owner as if such sole owner were such Lender or the Agent, or (II) if such Lender or the

  

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    Agent is not a United States person and is acting
        in the capacity as an “intermediary” (as defined in U.S. Treasury Regulations), (1) a complete and executed U.S. Internal Revenue Service Form W-8IMY (or any successor
        form thereto) (including all required documents and attachments), and (2) if such intermediary is a “non-qualified intermediary” (as defined in U.S. Treasury Regulations), from each person upon whose behalf the “non-qualified
        intermediary” is acting, the documents that would be required by
        clause (A), (B), (C), or this clause (D) of Section 2.13(c)(i) with respect
        to each such Person if each such Person were a Lender; and

  

        (ii) such other forms, certificates and documentation that such Lender or the Agent is legally entitled to furnish as may be necessary or appropriate to obtain any reduction of or exemption from any
  withholding or other Taxes imposed by any governmental authority on payments made by any of the Loan Parties under any Loan Document.

Each Lender and the Agent shall provide the appropriate forms, certificates and other documentation described in this Section 2.13(c): (x) prior to becoming a party to this Agreement; (y) upon a Change in Law or circumstances
requiring or making appropriate a new or additional form, certificate or documentation; and (z) whenever reasonably requested by any of the Loan Parties or the Agent. If the forms referred to above in this Section 2.13(c)(ii) that are provided by a
Lender at the time such Lender becomes a party to this Agreement indicate a withholding tax rate in excess of zero on payments under this Agreement, such withholding tax at such rate shall be treated as Excluded Taxes unless and until such Lender
provides all such forms, duly completed and delivered, establishing that a lesser rate applies, whereupon such withholding tax at such lesser rate shall be considered Excluded Taxes solely for the periods governed by such form.  If, however, on the
date a Lender assigns all or a portion of its Commitment under this Agreement to an Affiliate thereof, such Lender assignor was entitled to additional amounts under Section 2.13(a), then the related Lender assignee shall be entitled to additional
amounts solely to the extent that amounts payable to such Lender assignee are themselves subject to a withholding tax imposed as a direct result of a Change in Law occurring after the date on which the Lender assignor became a party to this
Agreement. Any additional Taxes imposed on any Lender as a direct result of a change in the Lending Office of such Lender shall be treated as Excluded Taxes except to the extent that (I) any such additional Non-Excluded Taxes are imposed as a result
of a Change in Law occurring after the date of change of its Lending Office, or (II) such change is made at the request of the Borrower in which case the additional Non-Excluded Taxes shall be treated as Non-Excluded Taxes imposed by reason of a
Change in Law and indemnified pursuant to subsection (a) above.

       (d) For any period with respect to which any Lender or the Agent has failed to provide the Borrower with the duly completed forms, certificates or other documents described in Section 2.13(c) or any
successor thereto (other than if such failure is due to such Lender or the Agent, as the case may be, not being legally entitled to provide any such form, certificate or other document or if it is legally inadvisable for such Lender or the Agent, as
the case may be, to deliver such form, certificate or other document), such Lender or the Agent shall not be entitled to the payment of any additional amounts pursuant to Section 2.13(a) or to indemnification under Section 2.13(b) with respect to
Non-Excluded Taxes by reason of such failure, and such Taxes shall be considered Excluded Taxes; provided, however,
that should any Lender or the Agent become subject to Non-Excluded Taxes because
of its failure to deliver a form required hereunder, the Borrower shall, at the
Agent’s or such Lender’s sole expense, take such steps (consistent
with legal and regulatory restrictions) as such Lender or the Agent shall reasonably
request to assist such Person in recovering such Non-Excluded Taxes from the
proper governmental or regulatory authority; provided, however, that the Borrower will not be required to take any action that would be inadvisable or overly burdensome.

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       (e) Each Lender and the Agent hereby agrees that, upon the occurrence of any circumstances entitling such Person to any additional amounts under Section 2.13(a) or to indemnification under Section
2.13(b), such Lender or the Agent shall use its best efforts (consistent with its internal policy and legal and regulatory restrictions), at its own expense, to designate a different Lending Office if the making of such a change would avoid the need
for, or reduce the amount of, any such additional amounts or indemnification that may thereafter accrue.

       (f) If any Lender or the Agent entitled to additional compensation under any of the foregoing provisions of this Section 2.13 shall fail to designate a different Lending Office that avoids the need
for additional compensation as provided in Section 2.13, then the Borrower may cause such Lender or the Agent to (and, if the Borrower so demands, such Lender or the Agent shall) assign all of its rights and obligations under this Agreement to one
or more other Persons identified by the Borrower in accordance with the terms of Section 9.07(a) .

       (g) If any Lender or the Agent determines that it has received a refund of or credit against any Taxes as to which it has been indemnified by any of the Loan Parties or with respect to which any of
the Loan Parties has paid additional amounts pursuant to this Section 2.13, it shall pay over such refund or credit to such Loan Party (but only to the extent of amounts paid by such Loan Party under this Section 2.13), net of all out-of-pocket
expenses of such Lender or the Agent and without interest (other than any interest paid by the relevant governmental or regulatory authority with respect to such refund or credit); provided,
however, that each of the Loan Parties, upon the request of such Lender or the Agent, agrees to repay the amount paid over to such Loan Party to such Lender or the Agent in the event such
Lender or the Agent is required to repay such refund to such governmental authority or such credit is subsequently denied, provided nothing in this Section 2.13(g) shall be deemed to require
the Agent or any Lender to provide copies of tax returns or other confidential tax information.

       (h) Each Lender and the Agent shall take all actions reasonably requested by any of the Loan Parties to assist such Loan Party, at the sole expense of such Loan Party, to recover from the relevant
taxation authority or other governmental authority any Taxes in respect of which amounts were paid by such Loan Party pursuant to Section 2.13(a) or 2.13(b) .

       SECTION 2.14 Sharing of Payments, Etc. If any Lender shall obtain any payment (whether voluntary, involuntary, through the exercise of any
right of set-off, or otherwise) on account of the Revolving Credit Advances owing to it (other than pursuant to Section 2.10, 2.13 or 9.04(c)) in excess of its ratable share of payments on account of the Revolving Credit Advances obtained by all the
Lenders, such Lender shall forthwith purchase from the other Lenders such participations in the Revolving Credit Advances owing to them as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of them;
  provided, however, that if all or any portion of such excess
  payment is thereafter recovered from such purchasing Lender, such purchase
  from each Lender shall be rescinded and such Lender shall repay to the purchasing
  Lender the purchase price to the extent of such recovery together with an amount
  equal to such Lender’s ratable share (according to the proportion of (i)
the amount of such Lender’s required repayment to (ii) the total amount
so recovered from the purchasing Lender) of any interest or other amount paid
or payable by the purchasing Lender in respect of the total amount so recovered.
The Borrower agrees that any Lender so purchasing a participation from another
Lender pursuant to this Section 2.14 may, to the fullest extent permitted by
law, exercise all its rights of payment (including the right of set-off) with
respect to such participation as fully as if such Lender were the direct creditor
of the Borrower in the amount of such participation.

       SECTION 2.15 Use of Proceeds. The proceeds of the Revolving Credit Advances shall be available (and the Borrower agrees that it shall use
such proceeds) for general corporate purposes of the Borrower and its Subsidiaries.

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       SECTION 2.16 Evidence of Debt.  (a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the
indebtedness of the Borrower to such Lender resulting from each Revolving Credit Advance owing to such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time on account thereof.
The Borrower agrees that, upon notice by any Lender to the Borrower (with a copy of such notice to the Agent) to the effect that a promissory note or other evidence of indebtedness is required or appropriate in order for such Lender to evidence
(whether for purposes of pledge, enforcement or otherwise) the Revolving Credit Advances owing to, or to be made by, such Lender, the Borrower shall promptly execute and deliver to such Lender a promissory note of the Borrower payable to the order
of such Lender, in substantially the form of Exhibit D hereto (a “Revolving Credit Note”),
in a principal amount equal to the Commitment of such Lender.

       (b) The Register
  maintained by the Agent pursuant to Section 9.07(d) shall include a control
  account, and a subsidiary account for each Lender, in which accounts (taken
  together) shall be recorded (i) the date and amount of each Revolving Credit
  Borrowing made hereunder, the Type of Revolving Credit Advances comprising
  such Revolving Credit Borrowing and, if appropriate, the Interest Period applicable
  thereto, (ii) the terms of each Assignment and Acceptance delivered to and
  accepted by it, (iii) the amount of any principal or interest due and payable
  or to become due and payable from the Borrower to each Lender hereunder, and
  (iv) the amount of any sum received by the Agent from the Borrower hereunder
and each Lender’s share thereof.

       (c) Entries made in good faith by the Agent in the Register pursuant to subsection (b) above, and by each Lender in its account or accounts pursuant to subsection (a) above, shall be prima facie evidence of the amount of principal and interest due and payable or to become due and payable from the Borrower to, in the case of the Register, each Lender and, in the case of such account or
accounts, such Lender, under this Agreement, absent manifest error; provided, however, that the failure of the Agent or such Lender
to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrower under this Agreement.

       SECTION 2.17 Call Right of Affiliates.
  Any Affiliate of the Borrower may, upon at least three Business Days’ notice
  to the Agent stating the proposed date and aggregate principal amount of the
  purchase, and, if such notice is given, such Affiliate shall purchase from
  the Lenders the outstanding principal amount of Revolving Credit Advances comprising
  part of the same Revolving Credit Borrowings in whole or ratably in part, together
  with accrued interest thereon. After giving effect to each such purchase, the
  purchasing Affiliate shall be treated as a Lender to the extent of the rights
  and obligations so purchased, except as otherwise expressly set forth herein.
  Each purchase made pursuant to this Section 2.17 shall also be subject to Section
9.07(a) .

  ARTICLE III

  CONDITIONS TO EFFECTIVENESS AND LENDING

       SECTION 3.01 Conditions Precedent to Initial Revolving Credit Borrowing.
  The initial Revolving Credit Borrowing under this Agreement shall be made on
  and as of the first date (the “Closing Date”) on which the
following conditions precedent have been satisfied:

       (a) The Borrower shall have paid all accrued fees and expenses of the Agent (including reasonable fees and expenses of counsel to the Agent), or made arrangements satisfactory to the Agent to pay such
accrued fees and expenses after the Closing Date.

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       (b) On the Closing Date, the following statements shall be true and the Agent shall have received for the account of each Lender a certificate signed by a duly authorized representative of the
Borrower, dated the Closing Date, stating that:

        (i) The representations and warranties contained in Section 4.01 are correct in all material respects on and as of the Closing Date, and

        (ii) No event has occurred and is continuing that constitutes a Default.

       (c) The Agent shall have received on or before the Closing Date the following, each dated such date, in form and substance satisfactory to the Agent and in sufficient copies for each Lender:

        (i) Certified copies of each of the charter or other organizational documents of each of the Loan Parties and of resolutions of each of the Loan Parties approving this Agreement and of all documents
    evidencing other necessary corporate action and governmental approvals, if any, with respect to this Agreement, together with an English translation of each of the foregoing documents, if any, that are not otherwise being provided in
    English.

        (ii) A certificate of an authorized representative of each of the Loan Parties certifying the names and true signatures of the other authorized representatives of such Loan Party authorized to sign
    this Agreement and the other documents to be delivered hereunder.

        (iii) Favorable written opinions of counsel for the Loan Parties, in the form of (A) Exhibit C-1 hereto from Swiss counsel to the Loan
    Parties, (B) Exhibit C-2 hereto from the Loan Parties’ special
    counsel, and (C) Exhibit C-3 hereto from Davis Polk & Wardwell,
    special counsel to the Loan Parties.

       SECTION 3.02 Conditions Precedent to Each Revolving Credit Borrowing. The obligation of each Lender to make any Revolving Credit Advance on
the occasion of each Revolving Credit Borrowing (other than any deemed Revolving Credit Borrowing pursuant to Section 2.03(b) or Section 2.06(c)) shall be subject to the conditions precedent that:

       (a) on the date of such Revolving Credit Borrowing the following statements shall be true (and each of the giving of each Notice of Revolving Credit Borrowing and the acceptance by the Borrower of the
proceeds of such Revolving Credit Borrowing shall constitute a representation and warranty by the Borrower that on the date of such Revolving Credit Borrowing such statements are true):

        (i) the representations and warranties contained in Section 4.01 (except the representations set forth in subsection (e)(ii) thereof and in subsection (f) thereof) are correct in all material respects
    on and as of the date of such Revolving Credit Borrowing, before and after giving effect to such Revolving Credit Borrowing and to the application of the proceeds therefrom, as though made on and as of such date; and

        (ii) no event has occurred and is continuing, or would result from such Revolving Credit Borrowing or from the application of the proceeds therefrom, that constitutes a Default; and

       (b) the Agent shall have received such other approvals, opinions or documents as the Required Lenders through the Agent may reasonably request.

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       SECTION 3.03 Determinations Under Section 3.01.  For purposes of determining compliance with the conditions specified in Section 3.01, each
Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless an officer of the Agent
responsible for the transactions contemplated by this Agreement shall have received notice from such Lender prior to the Closing Date, specifying its objection thereto.

  ARTICLE IV

  REPRESENTATIONS AND WARRANTIES

       SECTION 4.01 Representations and Warranties of the Loan Parties.  Each of the Loan Parties represents and warrants, as to itself, as
follows:

       (a) Such Loan Party is a Person duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or formation and is duly qualified and in good standing in
each jurisdiction wherein the failure to so qualify would have a material adverse effect on the financial condition or results of operations of the Guarantor and its Subsidiaries, taken as a whole. Each Loan Party further represents and warrants
that each of its respective Subsidiaries is duly organized and validly existing under the laws of its jurisdiction of incorporation or formation.

       (b) The execution, delivery and performance by such Loan Party of each Loan Document to which it is a party, and the consummation of the transactions contemplated hereby, are within its corporate or
other similar organization powers, have been duly authorized by all necessary corporate or other similar organization action, and do not contravene (i) its charter, by-laws or other organizational documents, or (ii) any law or any material
contractual restriction binding on or affecting such Loan Party.

       (c) No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or any other third party is required for the due execution, delivery
and performance by such Loan Party of this Agreement or any other Loan Document to which it is a party, except for any such authorizations, approvals, actions, notices or filings as have already been made or obtained and are in full force and
effect.

       (d) This Agreement has been, and each other Loan Document to which it is a party when delivered hereunder will have been, duly executed and delivered by such Loan Party. This Agreement is, and each
other Loan Document to which it is a party when delivered hereunder will be, the legal, valid and binding obligation of such Loan Party, enforceable against it in accordance with their respective terms.

       (e)      (i)
  (A) The audited consolidated balance sheet and the related statements of income
  and cash flows of the Guarantor and its Included Subsidiaries, together with
  the notes thereto, in each case dated as of December 31, 2004, and (B) the
  balance sheet of the Borrower and its Included Subsidiaries and the related
  profit and loss accounts of the Borrower and its Included Subsidiaries, together
  with the notes thereto, in each case dated as of December 31, 2004, fairly
  present in all material respects the financial condition of the Guarantor and
  its Included Subsidiaries and the Borrower and its Included Subsidiaries, respectively,
  as of such date and the results of operations of the Guarantor and its Included
  Subsidiaries and the Borrower and its Included Subsidiaries, respectively,
for the period ended on such date.

        (ii) Except for the Transaction or as disclosed in writing to the Agent prior to the Closing Date, since December 31, 2004, there has been no Material Adverse Change.

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       (f) There is no pending or overtly threatened action, suit, investigation, litigation or proceeding affecting the Borrower or any of its Subsidiaries or the Guarantor before any court, governmental
agency or arbitrator that could reasonably be expected to adversely affect the legality, validity or enforceability of any Loan Document or the consummation of the transactions contemplated hereby.

       (g) The Borrower
  is not engaged in the business of extending credit for the purpose of purchasing
  or carrying “margin stock” (within the meaning of Regulation U issued
  by the Board of Governors of the Federal Reserve System), and no proceeds of
  any Revolving Credit Advance made to the Borrower will be used to extend credit
to any Person for the purpose of purchasing or carrying any margin stock.

       (h) All written information (other than financial information, projections, estimates and other forward looking statements) heretofore furnished by such Loan Party to the Lenders for purposes of or in
connection with this Agreement or any transaction contemplated hereby, taken as a whole, in each case as such written information may be amended, modified or supplemented by it from time to time, is correct in all material respects and does not omit
to state any material fact or any fact necessary to make the statements contained therein not materially misleading in light of the circumstances under which such statements were made.

       (i) The Borrower
  is not an “investment company”, or a company “controlled” by an “investment company”,
within the meaning of the Investment Company Act of 1940, as amended.

       (j) All of the Revolving Credit Advances and other obligations owing by the Borrower to the Agent and the other Lenders and under this Agreement and the Revolving Credit Notes, if any, rank
pari passu to all of its other senior unsecured indebtedness for money borrowed.

  ARTICLE V

  COVENANTS OF THE LOAN PARTIES

       SECTION 5.01 Affirmative Covenants.  So long as any Revolving Credit Advance shall remain unpaid or any Lender shall have any Commitment
hereunder, each of the Loan Parties will:

       (a) Compliance with Laws, Etc. Comply, and cause each of the Subsidiaries of the Borrower to comply, in all material respects, with all
applicable laws, rules, regulations and orders, except where the failure to so comply would not have a Material Adverse Effect.

       (b) Payment of Taxes, Etc.  Pay and discharge, and cause each of the Subsidiaries of the Borrower to pay and discharge, before the same shall
become delinquent, (i) all material taxes, assessments and governmental charges or levies imposed upon it or upon its property, and (ii) all material lawful claims that, if unpaid, might by law become a Mortgage upon its property; provided, however, that none of the Guarantor, the Borrower or any Subsidiaries of the Borrower shall be required to pay or discharge any such tax,
assessment, charge, levy or claim that is being contested in good faith and by proper proceedings and as to which appropriate reserves are being maintained, unless and until any Mortgage resulting therefrom attaches to its property and enforcement,
collection, execution, levy or foreclosure proceedings shall have been commenced with respect thereto.

       (c) Preservation of Corporate Existence, Etc. Preserve and maintain, and cause each of the Subsidiaries of the Borrower to preserve and
maintain, its existence as a corporation, general partnership or limited liability company, as applicable, its rights (charter and statutory) and franchises; provided,

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  however, that (i) the Borrower and each of its Subsidiaries and the Guarantor may consummate any merger, consolidation or transfer, sale or lease of its assets as an entirety to any Person not
prohibited under Section 5.02(b), (ii) the Borrower and each of its Subsidiaries and the Guarantor may wind up, liquidate or dissolve any inactive or immaterial Subsidiary of such Person, (iii) none of the Guarantor, the Borrower or any Subsidiaries
of the Borrower shall be required to preserve any right or franchise if the Board of Directors of the Guarantor, the Borrower or any such Subsidiary, as the case may be, shall determine that the preservation thereof is no longer desirable in the
conduct of its business, and that the loss thereof is not disadvantageous in any material respect to the Guarantor and its Subsidiaries, taken as a whole, or the Lenders, and (iv) the Guarantor, the Borrower and each of the Subsidiaries of the
Borrower may reincorporate or otherwise change its legal form so long as (A) the Borrower or the Guarantor provides written notice thereof to the Agent reasonably promptly following such reincorporation or change (together with certified copies of
each amended charter or other organizational document), and (B) such reincorporation or change would not result in a Material Adverse Effect.

       (d) Reporting Requirements. Deliver, or cause to be delivered, to the Agent (for distribution by the Agent to the Lenders):

        (i) as soon as available, and in any event within 120 days after the end of each fiscal year of the Borrower, commencing with the 2006 fiscal year of the Borrower, a copy of the annual audit report
    for such fiscal year for the Borrower and its Included Subsidiaries, containing the balance sheet of the Borrower and its Included Subsidiaries as of the last day of such fiscal year, and the related profit and loss accounts of the Borrower and its
    Included Subsidiaries for such fiscal year, accompanied by an unqualified opinion or an opinion reasonably acceptable to the Required Lenders of the independent public accountants of the Borrower;

        (ii) as soon as possible and in any event within five days after the occurrence of each Default or Event of Default continuing on the date of such statement, a statement of any Loan Party setting
    forth details of such Default or Event of Default and the action that one or more of the Loan Parties and their Subsidiaries has taken and propose to take with respect thereto;

        (iii) promptly after the sending or filing thereof, copies of all reports that the Borrower sends to any of its securityholders, and copies of all reports and registration statements that the Borrower
    or any of its Subsidiaries files with the Securities and Exchange Commission or any national securities exchange;

        (iv) promptly after the commencement thereof, notice of all actions and proceedings before any court, governmental agency or arbitrator affecting the Borrower or any of its Subsidiaries of the type
    described in Section 4.01(f); and

        (v) such other information respecting any of the Loan Parties or any of their Subsidiaries as the Required Lenders through the Agent may from time to time reasonably request;

  provided, however, that in the case of clauses (i) and (iii) of this subsection (d), the Borrower may comply with its obligations
thereunder by posting the relevant documents to its website (or the Guarantor posting the relevant documents to its website on behalf of the Borrower), to www.sec.gov, or to such other website as notified to the Agent and the Lenders in lieu of
delivering hard copies thereof to the Lenders.

       SECTION 5.02 Negative Covenants. So long as any Revolving Credit Advance shall remain unpaid or any Lender shall have any Commitment
hereunder, neither the Borrower nor the Guarantor shall:

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       (a) Restrictions on Mortgages.  Incur, assume or guarantee, or permit any Material Subsidiary to incur, assume or guarantee, any Debt secured
by a Mortgage on any Principal Manufacturing Property or on any shares of stock or debt of any Material Subsidiary, unless the Borrower or the Guarantor secures, or causes such Material Subsidiary to secure, the Revolving Credit Advances equally and
ratably with (or prior to) such Debt; provided, however, that neither
the Borrower nor the Guarantor will be required to so secure, or cause any Material
Subsidiary to so secure, the Revolving Credit Advances if, after giving effect
thereto, the aggregate amount of all such Debt so secured, together with all
Attributable Debt in respect of all sale and leaseback transactions involving
any Principal Manufacturing Property, would not exceed $2,000,000,000. This
Section 5.02(a) shall not apply to, and there shall be excluded in computing
secured Debt for the purposes of this Section 5.02(a), Debt secured by (i) Mortgages
on property of or on any shares of stock or debt of, any corporation existing
at the time such corporation becomes a Material Subsidiary, (ii) Mortgages existing
on the Closing Date, (iii) Mortgages in favor of the Borrower, the Guarantor
or a Material Subsidiary, (iv) Mortgages in favor of U.S. governmental bodies
to secure progress or advance payments, (v) Mortgages on property, shares of
stock or debt existing at the time of acquisition thereof (including acquisition
through merger or consolidation), (vi) purchase money and title retention Mortgages,
capitalized leases, and construction- or improvement-cost Mortgages, (vii) Mortgages
securing the performance of, or payment in respect of, tenders, statutory obligations,
contract bids, government or utility obligations, payment, performance, surety
and return-of-money bonds and other similar obligations incurred in the ordinary
course of business and other obligations of a similar nature, (viii) Mortgages
arising under or in connection with Hedge Agreements entered into by the Borrower,
the Guarantor or any of the Material Subsidiaries, and (ix) any extension, renewal
or refunding of any Mortgage referred to in the foregoing clauses (i) through
(viii), inclusive.

       (b) Consolidation, Merger and Sale of Assets.
  Consolidate or merge with or into, or transfer, sell or lease its assets as
  an entirety to, any Person, unless the Person (if other than a Subsidiary of
  the Guarantor or the Company) formed by such consolidation or into which the
  Borrower or the Guarantor is merged or which acquires or leases the assets
  of the Borrower or the Guarantor or substantially as an entirety assumes the
  Borrower’s or the Guarantor’s obligations under the Loan Documents
  (and, upon such assumption, such Person shall be the Borrower or the Guarantor,
  as applicable, for all purposes of the Loan Documents), provided, however, that after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing, and such consolidation, merger, transfer,
sale or lease of assets is not prohibited under the indentures pursuant to which any publicly held debt of the Borrower or the Guarantor was issued.

  ARTICLE VI

  EVENTS OF DEFAULT

       SECTION 6.01 Events of Default.
  Each of the following events shall constitute an “Event of
Default” under this Agreement:

       (a) The Borrower shall fail to pay any principal of any Revolving Credit Advance when the same becomes due and payable; or the Borrower shall fail to pay any interest on any Revolving Credit Advance
or make any other payment of fees payable under this Agreement or any Revolving Credit Note within ten days after the same becomes due and payable; or either Loan Party shall fail to make any payment of any other amount payable under any Loan
Document within ten days after the same becomes due and payable; or

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       (b) Any representation or warranty made by either Loan Party (or any of its authorized representatives) under or in connection with this Agreement or any of the other Loan Documents shall prove to
have been incorrect in any material respect when made; or

       (c) (i) Either Loan Party shall fail to perform or observe any term, covenant or agreement contained in Section 5.01(d) (other than clauses (d)(i) or (d)(ii)) or Section 5.02 on its part to be
performed or observed; or (ii) any Loan Party shall fail to perform any other term, covenant or agreement contained in this Agreement or any of the Loan Documents on its part to be performed or observed if, in the case of this clause (ii), such
failure shall remain unremedied for 30 days after written notice thereof shall have been given to the Borrower by the Agent or any Lender

       (d) The Borrower, the Guarantor or any Subsidiary of the Borrower shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or
any proceeding shall be instituted by or against the Borrower, the Guarantor or any Subsidiary of the Borrower seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection,
relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar
official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain undismissed or unstayed for a period of 90 days, or any of the
actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall
occur; or the Borrower, the Guarantor or any Subsidiary of the Borrower shall take any corporate or other action to authorize any of the actions set forth above in this subsection (d); or

       (e) Any judgment
  or order for the payment of money in excess of $250,000,000 shall be rendered
  against the Borrower, the Guarantor or any Material Subsidiary and not satisfied,
  and there shall be any period of 60 consecutive days during which a stay of
  enforcement of such unsatisfied judgment or order, by reason of a pending appeal
  or otherwise, shall not be in effect; provided,
however, that any such judgment or order shall not be an Event of Default
under this Section 6.01(e) if and for so long as (i) the amount of such judgment
or order is covered by a valid and binding policy of insurance between the defendant
and the insurer covering payment thereof, and (ii) such insurer, which shall
be rated at least “A” by A.M. Best Company, has been notified of, and
has not disputed the claim made for payment of, the amount of such judgment or
order; or

       (f) Any non-monetary judgment or order shall be rendered against the Borrower, the Guarantor or any Subsidiary of the Borrower that would have a Material Adverse Effect and not resolved, and there
shall be any period of 60 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect.

  -27-

       SECTION 6.02 Remedies. (a) If any Event of Default shall occur and be continuing, then, and in any such event, the Agent (i) shall at the
request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the obligation of each Lender to make Revolving Credit Advances to be terminated, whereupon the obligation of each Lender to make such Revolving Credit
Advances shall forthwith terminate, and (ii) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the Revolving Credit Advances, all interest thereon and all other amounts payable under this
Agreement to be forthwith due and payable, whereupon the Revolving Credit Advances, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of
which are hereby expressly waived by the Borrower.

       (b) Notwithstanding anything to the contrary in clause (a) of this Section 6.02, in the event of an actual or deemed entry of an order for relief with respect to the Borrower under Title 11 of the
United States Code, (i) the obligation of each Lender to make Revolving Credit Advances to the Borrower shall automatically be terminated, and (ii) the Revolving Credit Advances made to the Borrower, all interest thereon, and all amounts payable
under this Agreement with respect thereto shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower.

  ARTICLE VII

  THE AGENT

       SECTION 7.01 Authorization and Action. Each Lender hereby appoints and authorizes the Agent to take such action as agent on its behalf and to
exercise such powers and discretion under this Agreement and the other Loan Documents as are delegated to the Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto. As to any matters not
expressly provided for by this Agreement or the other Loan Documents (including, without limitation, enforcement or collection of the Revolving Credit Advances), the Agent shall not be required to exercise any discretion or take any action, but
shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders, and such instructions shall be binding upon all Lenders and all holders of
Revolving Credit Notes; provided, however, that the Agent shall not be required to take any action that exposes the Agent to
personal liability or that is contrary to this Agreement or any of the other Loan Documents under applicable law. The Agent agrees to give to each Lender prompt notice of each notice given to it by the Borrower pursuant to the terms of this
Agreement or the other Loan Documents.

       SECTION 7.02 Agent’s
  Reliance, Etc. Neither the Agent nor any of its directors, officers, agents or employees shall be liable for any
action taken or omitted to be taken by it or them under or in connection with this Agreement or any of the other Loan Documents, except for its or their own negligence or willful misconduct.  Without limitation of the generality of the foregoing,
the Agent: (a) may treat the Lender that made any Revolving Credit Advance as the holder of the Debt resulting therefrom until the Agent receives and accepts an Assignment and Acceptance entered into by such Lender, as assignor, and any assignee
thereof as provided in Section 9.07; (b) may consult with legal counsel (including counsel for either Loan Party), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in
good faith (without negligence or willful misconduct) by it in accordance with the advice of such counsel, accountants or experts; (iii) makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements,
warranties or representations (whether written or oral) made in or in connection with this Agreement or any of the other Loan Documents; (iv) shall not have any duty to

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ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any of the other Loan Documents on the part of either Loan Party or to inspect the property (including
the books and records) of either Loan Party; (v) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any of the other Loan Documents or any other
instrument or document furnished pursuant hereto or thereto; and (vi) shall incur no liability under or in respect of this Agreement or any of the other Loan Documents by acting in good faith upon any notice, consent, certificate or other instrument
or writing (which may be by telecopier or telegram) believed by it to be genuine and signed or sent by the proper party or parties.

       SECTION 7.03 The Agent and Affiliates.
  With respect to its Commitment, the Revolving Credit Advances made by it and
  any Revolving Credit Note or Revolving Credit Notes issued to it, the Agent
  shall have the same rights and powers under this Agreement as any other Lender
  and may exercise the same as though it were not the Agent; and the term “Lender” or “Lenders” shall,
  unless otherwise expressly indicated, include the Agent in its individual capacity.
  The Agent and its Affiliates may accept deposits from, lend money to, act as
  trustee under indentures of, accept investment banking engagements from and
  generally engage in any kind of business with, any of the Loan Parties, any
  of their Subsidiaries, or any Person who may do business with or own securities
  of any of the Loan Parties or their Subsidiaries, all as if the Agent were
not the Agent and without any duty to account therefor to the Lenders.

       SECTION 7.04 Lender Credit Decision.  Each Lender acknowledges that it has, independently and without reliance upon the Agent or any other
Lender, and based on the financial statements referred to in Section 4.01 and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges
that it will, independently and without reliance upon the 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 decisions in taking or not taking action under
this Agreement.

       SECTION 7.05 Indemnification.
  The Lenders agree to indemnify the Agent (to the extent not reimbursed by the
  Loan Parties), ratably according to the respective principal amounts of the
  Revolving Credit Advances then owing to each of them (or if no Revolving Credit
  Advances are at the time outstanding or if any Revolving Credit Advances are
  then owing to Persons that are not Lenders, ratably according to the respective
  amounts of their Commitments), from and against any and all liabilities, obligations,
  losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
  of any kind or nature whatsoever that may be imposed on, incurred by, or asserted
  against the Agent in any way relating to or arising out of this Agreement or
  any of the other Loan Documents or any action taken or omitted by the Agent
  hereunder or thereunder (collectively, the “Indemnified Costs”), provided that
  no Lender shall be liable for any portion of the Indemnified Costs resulting
  from the Agent’s negligence or willful misconduct. Without limitation
  of the foregoing, each Lender agrees to reimburse the Agent promptly upon demand
  for its ratable share of any out-of-pocket expenses (including counsel fees)
  incurred by the Agent in connection with the preparation, execution, delivery,
  administration, modification, amendment or enforcement (whether through negotiations,
  legal proceedings or otherwise) of, or legal advice in respect of rights or
  responsibilities under, this Agreement, to the extent that the Agent is not
  reimbursed for such expenses by the Loan Parties. In the case of any investigation,
  litigation or proceeding giving rise to any Indemnified Costs, this Section
  7.05 applies whether any such investigation, litigation or proceeding is brought
by the Agent, any Lender, or a third party.

       SECTION 7.06 Successor Agent. The Agent may resign at any time by giving written notice thereof to the Lenders and the Borrower, and may be
removed at any time with or without cause by the 

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Required Lenders. Upon any such resignation or removal,
    the Required Lenders shall have the right to appoint a successor Agent acceptable
    to the Borrower. If no successor Agent shall have been so appointed by the
    Required Lenders and approved by the Borrower, and shall have accepted such
    appointment, within 30 days after the retiring Agent’s giving of notice of resignation or the Required Lenders’ removal of the retiring Agent, then the retiring Agent may, on
behalf of the Lenders, appoint a successor Agent, which shall be a commercial bank organized under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $500,000,000. Upon the
acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges and duties of the retiring Agent, and the retiring Agent
shall be discharged from its duties and obligations under this Agreement and the other Loan Documents. After any retiring Agent’s
resignation or removal hereunder as Agent, the provisions of this Article VII
shall inure to its benefit as to any actions taken or omitted to be taken by
it while it was Agent under this Agreement and the other Loan Documents.

  ARTICLE VIII

  GUARANTY

       SECTION 8.01 Guaranty.
  The Guarantor unconditionally and irrevocably guarantees the payment of all
  of the obligations of the Borrower, whether now or hereafter existing, under
  the Credit Agreement and the Revolving Credit Notes, if any (collectively,
  the “Guaranteed Obligations”), and hereby agrees to pay any and
all expenses (including, without limitation, reasonable fees and expenses of counsel) incurred by the Agent or any of the Lenders in enforcing any rights under the Guaranty. Without limiting the generality of the foregoing, the Guarantor’s
liability shall extend to all amounts that constitute part of the Guaranteed
Obligations and would be owed by the Borrower to the Agent or any of the other
Lenders but for the fact that such Guaranteed Obligations are unenforceable or
not allowable due to the existence of a bankruptcy, reorganization or similar
proceeding involving the Borrower.

       SECTION 8.02 Guaranty Absolute.  The Guarantor guarantees that the Guaranteed Obligations will be paid strictly in accordance with the terms
of the Credit Agreement and the Revolving Credit Notes, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of any Lender with respect thereto.  The obligations of the
Guarantor under this Article VIII are independent of the Guaranteed Obligations, and a separate action or actions may be brought and prosecuted against the Guarantor to enforce the Guaranty, irrespective of whether any action is brought against the
Borrower or whether the Borrower is joined in any such action or actions.  The liability of the Guarantor under the Guaranty shall be irrevocable, absolute and unconditional irrespective of, and the Guarantor hereby irrevocably waives any defenses
it may now have or hereafter acquire in any way relating to, any or all of the following:

       (a) any lack of validity or enforceability of this Agreement, the Revolving Credit Notes, if any, or any other agreement or instrument relating thereto;

       (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations under or in respect of this Agreement or the Revolving Credit Notes, or any
other amendment or waiver of or any consent to departure from this Agreement or the Revolving Credit Notes, including, without limitation, any increase in the Guaranteed Obligations resulting from the extension of additional credit to the Borrower
or any of its Subsidiaries or otherwise;

       (c) any change, restructuring or termination of the corporate structure or existence of the Borrower or any of its Subsidiaries;

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       (d) any failure of any Lender to disclose to the Borrower or the Guarantor any information relating to the business, condition (financial or otherwise), operations, performance, properties or
prospects of the Borrower or the Guarantor now or hereafter known to such Lender (the Guarantor waiving any duty on the part of the Lenders to disclose such information);

       (e) the existence of any claim, set-off or other rights which the Guarantor may have at any time against the Borrower or any other Person, whether in connection herewith or with any unrelated
transactions; provided, however, that nothing herein shall prevent the assertion of any such claim by separate suit or compulsory counterclaim; or

       (f) any other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any representation by any Lender that might otherwise constitute a defense
available to, or a discharge of, the Guarantor or any other guarantor or surety.

       The Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be returned by any Lender or any other Person upon
the insolvency, bankruptcy or reorganization of the Borrower, as though such payment had not been made.

       SECTION 8.03 Waivers.  The Guarantor hereby unconditionally and irrevocably waives promptness, diligence, notice of acceptance, presentment,
demand for performance, notice of nonperformance, default, protest, dishonor and any other notice with respect to any and all of the Guaranteed Obligations and this Guaranty, and any requirement that the Agent or any of the Lenders protect, secure,
perfect or insure any Mortgage or any property or assets subject thereto or exhaust any right or take any action against the Borrower. The Guarantor hereby unconditionally waives any right to revoke this Guaranty, and acknowledges that this Guaranty
is continuing in nature.  The Guarantor acknowledges that it will receive substantial direct and indirect benefits from the financing arrangements contemplated by this Agreement, and that the waivers and agreements set forth in this Section 9.02 are
knowingly made in contemplation of such benefits.

  ARTICLE IX

  MISCELLANEOUS

       SECTION 9.01 Amendments, Etc.  No amendment or waiver of any provision of this Agreement or any of the other Loan Documents, nor consent to
any departure by any of the Loan Parties therefrom, shall in any event be effective unless the same shall be in writing and signed by each of the Loan Parties affected thereby and the Required Lenders, and then such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which given; provided, however, that no amendment, waiver
or consent shall, unless in writing and signed by the Borrower and all of the Lenders (other than any Lender that is an Affiliate of the Borrower), do any of the following: (a) waive any of the conditions specified in Section 3.01, (b) increase the
Commitments of the Lenders or postpone the Termination Date, (c) reduce the principal of, or interest on, the Revolving Credit Advances or any fees or other amounts payable hereunder, (d) postpone any scheduled date for any payment of principal of,
or interest on, the Revolving Credit Advances or any fees or other amounts payable hereunder pursuant to Section 2.03, 2.05 or 2.06, (e) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Revolving Credit
Advances, or the number of Lenders, that shall be required for the Lenders or any of them to take any action hereunder, (f) release all or substantially all of the value of the Guaranty, or (g) amend this Section 9.01; and provided further that no amendment, waiver or consent shall, unless in writing and signed by the Agent in addition to the Lenders required

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above to take such action, affect the rights or duties of the Agent under this Agreement or any other Loan Document.

       SECTION 9.02 Notices, Etc. (a)
  All notices and other communications provided for hereunder shall be either
  (x) in writing (including telecopier or telegraphic communication) and mailed,
  telecopied, telegraphed or delivered, or (y) to the extent set forth in Section
  9.02(b) and in the proviso to this Section 9.02(a), by electronic mail (in
  .PDF form) (“Email”), confirmed reasonably promptly thereafter in writing, if to the Borrower, at the address of such Person at BIBC Blandonnet Building, Chemin de Blandonnet 8, CH-1214 Vernier, Switzerland, with a
copy to Peter G.V. Mee, Director (Legal and Government Affairs – Eastern
Hemisphere), Telephone: +41-22-545-2106, Facsimile: +41-22-545-2306, Email: peter_mee@gillette.com;
if to the Guarantor, at the address of such Person at the Prudential Tower Building,
800 Boylston Street, Boston, Massachusetts, 02199-8004, with a copy to Peter
M. Green, Deputy General Counsel, Secretary and Corporate Governance Officer,
Telephone: (617) 421-7511, Facsimile: (617) 463-8600, Email: peter_m_green@gillette.com;
if to any Initial Lender, at its Lending Office specified opposite its name on
the signature pages hereof; if to any other Lender, at its Lending Office specified
in the Assignment and Acceptance pursuant to which it became a Lender, as the
case may be; and if to the Agent, at the address of GSCP, care of Goldman Sachs
International, at Petershill, 1 Carter Lane, London EC4V 5ER, Telephone: +44-207-552-3881/+44-207-552-9732,
Facsimile +44-207-552-7070, Email: loandocumentation@LN.email.gs.com; or, as
to the Borrower, the Guarantor or the Agent, at such other address as shall be
designated by such party in a written notice to the other parties, and, as to
each other party, at such other address as shall be designated by such party
in a written notice to the Borrower, the Guarantor and the Agent; provided, however, that Notices of Revolving Credit Borrowing and materials delivered pursuant
to Section 5.01(d)(i) and (d)(iii) shall be delivered to the Agent as specified in Section 9.02(b) or as otherwise specified by the Agent. All such notices and communications shall, when mailed, telecopied or sent via Email, be effective when
deposited in the mails, telecopied or confirmed by Email, respectively, except that notices and communications to the Agent pursuant to Article II or III shall not be effective until received by the Agent. Delivery by telecopier or facsimile of an
executed counterpart of any amendment or waiver of any provision of this Agreement or any other Loan Document or of any Exhibit hereto or thereto to be executed and delivered hereunder shall be effective as delivery of a manually executed
counterpart thereof.

       (b) Notices
  of Revolving Credit Borrowing and materials required to be delivered pursuant
  to Section 5.01(d)(i) and (d)(iii) may be delivered to the Agent in an electronic
  medium in a format acceptable to the Agent by Email at “loandocumentation@ln.email.gs.com”,
  or such other email address as the Agent shall specify in writing to the Borrower.
  The Borrower agrees that the Agent may make such materials, as well as any
  other written information, documents, instruments and other material relating
  to the Borrower or any of its Subsidiaries or any other materials or matters
  relating to this Agreement, any of the other Loan Documents or any of the transactions
  contemplated hereby or thereby (collectively, the “Communications”)
  available to the Lenders by posting such notices on Intralinks or a substantially
  similar electronic system reasonably approved by the Borrower (the “Platform”). Although the primary web portal is secured with a dual firewall and a User ID/Password Authorization System and the Platform is secured
through a single user per deal authorization method whereby each user may access the Platform only on a deal-by-deal basis, the Borrower acknowledges that (i) the distribution of material through an electronic medium is not necessarily secure and
that there may be confidentiality and other risks associated with such distribution, (ii) the Platform is provided on an “as is” and “as available” basis,
and (iii) neither the Agent nor any of its Affiliates warrants the accuracy,
adequacy or completeness of the Communications or the Platform and each expressly
disclaims liability for errors or omissions in the Communications or the Platform.
No warranty of any kind, express, implied or statutory, including, without limitation,
any warranty of merchantability, fitness for a particular purpose, non-infringement
of third party rights or freedom from viruses or other code defects, is made
by the Agent or any of its Affiliates in connection with the Platform.

  -32-

       (c) Each Lender
  agrees that notice to it (as provided in the next sentence) (a “Notice”) specifying that any Communications have
been posted to the Platform shall constitute effective delivery of such information, documents or other materials to such Lender for purposes of this Agreement. Each Lender agrees (i) to notify the Agent in writing of such Lender’s
Email address to which a Notice may be sent by electronic transmission (including
by electronic communication) on or before the date such Lender becomes a party
to this Agreement (and from time to time thereafter to ensure that the Agent
has on record an effective Email address for such Lender), and (ii) that any
Notice may be sent to such Email address.

       SECTION 9.03 No Waiver; Remedies. No failure on the part of any Lender or the Agent to exercise, and no delay in exercising, any right
hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right.  The remedies provided in
this Agreement, when executed and delivered hereunder, are cumulative and not exclusive of any remedies provided by law.

       SECTION 9.04 Costs and Expenses. (a) The Borrower agrees to pay, reasonably promptly following demand therefor, all reasonable out-of-pocket
costs and expenses of the Agent in connection with the preparation, execution, delivery, administration, modification and amendment of this Agreement, the other Loan Documents and the other documents to be delivered hereunder, including, without
limitation, (i) all due diligence, syndication (including printing, distribution and bank meetings), transportation, computer, duplication, appraisal, consultant, and audit expenses, and (ii) the reasonable fees and expenses of counsel for the Agent
with respect thereto and with respect to advising the Agent as to its rights and responsibilities under this Agreement and the other Loan Documents.  The Borrower further agrees to pay on demand all reasonable out-of-pocket costs and expenses of the
Agent and the Lenders, if any (including, without limitation, reasonable counsel fees and expenses), in connection with the enforcement against the Borrower (whether through negotiations, legal proceedings or otherwise) of this Agreement, the other
Loan Documents and the other documents to be delivered hereunder and thereunder, including, without limitation, reasonable fees and expenses of counsel for the Agent and each Lender in connection with the enforcement of rights against the Borrower
under this Section 9.04(a) .

       (b) The Borrower
  agrees to indemnify and hold harmless the Agent and each Lender and each of
  their Affiliates and their officers, directors, employees, agents and advisors
  (each, an “Indemnified Party”; and each of the Agent and the
  Lenders, and their respective Affiliates, officers, directors, employees, agents
  and advisors being, in relation to each other, a “Related Indemnified Party”)
  from and against any and all claims, damages, losses, liabilities and expenses
  (including, without limitation, reasonable fees and expenses of counsel) that
  may be incurred by or asserted or awarded against any Indemnified Party, in
  each case arising out of or in connection with or by reason of (including,
  without limitation, in connection with any investigation, litigation or proceeding
  or preparation of a defense in connection therewith) the Revolving Credit Advances,
  this Agreement or any of the other Loan Documents, any of the transactions
  contemplated herein or therein or the actual or proposed use of the proceeds
  of the Revolving Credit Advances; provided, however, that the Borrower shall not have any obligation to indemnify an Indemnified Party pursuant to
this Section 9.04(b) with respect to any claim, damage, loss, liability or expense (i) that resulted from negligence, willful misconduct, violation of law or the breach of any Loan Document by such Indemnified Party or a Related Indemnified Party,
(ii) is attributable to Taxes or Other Taxes, which in each case shall be governed solely by Section 2.13, (iii) that arises out of a claim, litigation, arbitration or proceeding of one or more of the Agent and/or any of the Lenders solely against
the Agent and/or any of the other Lenders not attributable to the actions of the Borrower or any of its Subsidiaries or Affiliates, or (iv) that arises out of a claim, litigation, arbitration or proceeding in which one or more of the Borrower and/or
its Subsidiaries or Affiliates prevail. In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 9.04(b) applies, such indemnity shall be effective whether or not such investigation,

  -33-

  

  

litigation or proceeding is brought by the directors, shareholders or creditors of the Borrower or an Indemnified Party or any other Person or any Indemnified Party is otherwise a party thereto and whether or not the transactions
contemplated hereby are consummated.  The Borrower and each of the Indemnified Parties hereby agrees not to assert any claim against each such other Person, on any theory of liability, for special, indirect, consequential or punitive damages arising
out of or otherwise relating to the Revolving Credit Advances, this Agreement or any of the other Loan Documents, any of the transactions contemplated herein or therein or the actual or proposed use of the proceeds of the Revolving Credit Advances.
No Indemnified Party shall settle or otherwise pay or agree to pay any claim, damages, losses liabilities or expenses for which the Borrower is obligated to provide indemnification under this Section 9.04(b) without the prior written consent of the
Borrower.

       (c) If any payment of principal of, or Conversion of, any Eurocurrency Rate Advance is made by the Borrower to or for the account of a Lender other than on the last day of the Interest Period for such
Advance, as a result of a payment or Conversion pursuant to Section 2.07(d) or (e), 2.09 or 2.11, acceleration of the maturity of the Revolving Credit Advances pursuant to Section 6.02, or for any other reason, or by an assignee to a Lender other
than on the last day of the Interest Period for such Eurocurrency Rate Advance upon an assignment of rights and obligations under this Agreement pursuant to Section 9.07 as a result of a demand by the Borrower pursuant to Section 9.07(a), the
Borrower shall, upon demand by such Lender (with a copy of such demand to the Agent), pay to the Agent for the account of such Lender any amounts required to compensate such Lender for any additional losses, costs or expenses that it may reasonably
incur as a result of such payment or Conversion, including, without limitation, any loss (excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender
to fund or maintain such Advance.

       (d) Without prejudice to the survival of any other agreement of the Loan Parties hereunder, the agreements and obligations of the Loan Parties contained in Sections 2.10, 2.13 and 9.04 shall survive
the payment in full of principal, interest and all other amounts payable hereunder and under the other Loan Documents.

       SECTION 9.05 Right of Set-off. Upon (a) the occurrence and during the continuance of any Event of Default, and (b) the making of the request
or the granting of the consent specified by Section 6.02 to authorize the Agent to declare the Revolving Credit Advances due and payable pursuant to the provisions of Section 6.02, each Lender and each of its Affiliates is hereby authorized at any
time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender or such
Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement, whether or not such Lender shall have made any demand under this Agreement and
although such obligations may be unmatured. Each Lender agrees promptly to notify the Borrower after any such set-off and application, provided that the failure to give such notice shall not
affect the validity of such set-off and application. The rights of each Lender and its Affiliates under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) that such Lender and its
Affiliates may have.

       SECTION 9.06 Binding Effect. This Agreement shall become effective when it shall have been executed and delivered by the Borrower, the
Guarantor and the Agent and when the Agent shall have been notified by each Initial Lender that such Initial Lender has executed it and thereafter shall be binding upon and inure to the benefit of the Borrower, the Guarantor, the Agent and each
Lender and their respective successors and assigns, except that (other than in accordance with Section 5.02(b)) the Borrower and the Guarantor shall not have the right to assign their respective rights hereunder or any interest herein without the
prior written consent of the Lenders.

  -34-

       SECTION 9.07 Assignments and Participations.  (a) Without the written consent of the Borrower (which consent may be withheld in its sole and
absolute discretion) and of the Agent (which consent shall not be unreasonably withheld), no Lender may assign all or any portion of its rights and obligations under this Agreement to any Person, except to an Affiliate of such Lender, as provided in
Section 2.10, 2.13 or 2.17, or as set forth in Section 9.07(g); provided, however,
notwithstanding the foregoing, upon the occurrence and continuance of any Liquidity
Event as to any Rated Lender Entity, the Lender that is an Affiliate of such
Rated Lender Entity shall be entitled to assign all or any portion of its Commitment
with the consent of the Borrower, such consent not to be unreasonably withheld
or delayed. If any Lender (i) requests any payment under Section 2.10 or Section
2.13, or (ii) gives notice to the Borrower pursuant to Section 2.11, then, so
long as no Default or Event of Default has occurred and is continuing at such
time, the Borrower may demand upon at least three Business Days’ notice to such Lender and the Agent that such Lender, and, upon such demand, such Lender shall, assign all of its rights and obligations under this Agreement to any Person designated by the Borrower.  Each assignment
pursuant to the terms of this Section 9.07(a) (A) shall be of a constant, and not a varying, percentage of all rights and obligations under this Agreement (and, in the case of an assignment demanded by the Borrower, shall be either an assignment of
all of the rights and obligations of the assigning Lender under this Agreement or an assignment of a portion of such rights and obligations made concurrently with another such assignment or other such assignments that together cover all of the
rights and obligations of the assigning Lender under this Agreement), (B) except in the case of an assignment to a Person that, immediately prior to such assignment, was a Lender or an assignment of all of a Lender’s rights and obligations
under this Agreement, shall in no event be less than $10,000,000, and (C) shall be evidenced by an Assignment and Acceptance executed by each of the parties thereto and delivered to the Agent, for its acceptance and recording in the Register. No
Lender shall be obligated to make any such assignment as a result of a demand by the Borrower pursuant to this Section 9.07(a) unless and until such Lender shall have received one or more payments from either the Borrower or one or more assignees
therefrom in an aggregate amount at least equal to the aggregate outstanding principal amount of the Revolving Credit Advances owing to such Lender, together with accrued interest thereon to the date of payment of such principal amount and all other
amounts payable to such Lender under this Agreement.  Upon such execution, delivery, acceptance and recording, from and after the effective date specified in each Assignment and Acceptance, (1) the assignee thereunder shall be a party hereto and, to
the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender hereunder, and (2) the Lender assignor thereunder shall, to the extent that rights and
obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the
remaining portion of an assigning Lender’s rights and obligations under
this Agreement, such Lender shall cease to be a party hereto).

       (b) By executing and delivering an Assignment and Acceptance, the Lender assignor thereunder and the assignee thereunder confirm to and agree with each other and the other parties hereto as follows:
(i) other than as provided in such Assignment and Acceptance, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this
Agreement or any of the other Loan Documents or the execution, legality, validity, enforceability, genuineness, sufficiency or value of, or perfection or priority of any lien or security interest created or purported to be created under or in
connection with, this Agreement or any of the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto; (ii) such assigning Lender makes no representation or warranty and assumes no responsibility with respect to
the financial condition of either of the Loan Parties or the performance or observance by either of the Loan Parties of any of its obligations under this Agreement or any of the other Loan Documents to which it is a party or any other instrument or
document furnished pursuant hereto or thereto; (iii) such assignee confirms that it has received a copy of this Agreement, together with copies of the financial statements referred to in Section 4.01, and such other documents and information as it
has

  -35-

deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iv) such assignee will, independently and without reliance upon the Agent, such assigning Lender 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 decisions in taking or not taking action under this Agreement; (v) such assignee appoints and authorizes the Agent to take such
action as agent on its behalf and to exercise such powers and discretion under this Agreement and the other Loan Documents as are delegated to the Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably
incidental thereto; and (vi) such assignee agrees that it will perform in accordance with their terms all of the obligations that by the terms of this Agreement are required to be performed by it as a Lender.

       (c) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an assignee in accordance with Section 9.07(a), together with any Revolving Credit Note or Revolving Credit
Notes subject to such assignment, the Agent shall, if such Assignment and Acceptance has been completed and is in substantially the form of Exhibit B hereto, (i) accept such Assignment and
Acceptance, (ii) record the information contained therein in the Register, and (iii) give prompt notice thereof to the Borrower.

       (d) The Agent
  shall maintain at its address referred to in Section 9.02 a copy of each Assignment
  and Acceptance delivered to and accepted by it and a register for the recordation
  of the names and addresses of the Lenders and Commitment of, and principal
  amount of the Revolving Credit Advances owing to, each Lender from time to
  time (the “Register”). The entries in the
Register shall be conclusive and binding for all purposes, absent manifest error,
  and each of the Loan Parties, the Agent and each of the Lenders may treat each
  Person whose name is recorded as a Lender in the Register as a Lender hereunder
  for all purposes of this Agreement. The Register shall be available for inspection
  by either of the Loan Parties or any Lender at any reasonable time and from
time to time upon reasonable prior notice.

       (e) Each Lender
  may, upon not less than five Business Days’ notice to the Borrower, sell
  participations to one or more entities qualifying as a Bank in or to all or
  a portion of its rights and obligations under this Agreement (including, without
  limitation, all or a portion of its Commitment, the Revolving Credit Advances
  owing to it and any Revolving Credit Note or Revolving Credit Notes held by
  it); provided, however, that (i) such Lender’s obligations under this Agreement (including, without limitation, its Commitment hereunder) shall
remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) such Lender shall remain the holder of any such Revolving Credit Note for all purposes of this Agreement,
(iv) the Loan Parties, the Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s
rights and obligations under this Agreement, and (v) no participant under any
such participation shall have any right to approve any amendment or waiver of
any provision of this Agreement or any other Loan Document, or any consent to
any departure by any of the Loan Parties therefrom, except to the extent that
such amendment, waiver or consent would reduce the principal of, or interest
on, the Revolving Credit Advances or any fees or other amounts payable hereunder,
in each case to the extent subject to such participation, or postpone any scheduled
date for any payment of principal of, or interest on, the Revolving Credit Advances
or any fees or other amounts payable hereunder, in each case to the extent subject
to such participation. If any Lender sells a participation as described in this
Section 9.07(e), such Lender shall provide to the Agent on behalf of the Borrower,
or maintain as agent of the Borrower, the information described in Section 9.07(d)
with respect to such participation and shall permit either of the Loan Parties
to review such information (to the extent permitted under applicable law) from
time to time upon request. Neither the sale of any such participation nor the
holding of such a participation by any participant shall increase any obligation
of any of the Loan Parties under Section 2.13.

  -36-

  

       (f) Any Lender may, in connection with any assignment or participation or proposed assignment or proposed participation, disclose to the assignee or participant or proposed assignee or participant any
financial statements and related documents delivered to the Agent in accordance with Section 4.01(e) or Section 5.01(d)(i); provided, however, that, prior to any such disclosure, the
assignee or participant or proposed assignee or proposed participant shall agree to preserve the confidentiality of any Confidential Information received by it in accordance with the terms of Section 9.08.

       (g) Notwithstanding any other provision set forth in this Agreement, any Lender may at any time create a security interest in all or any portion of its rights under this Agreement (including, without
limitation, the Revolving Credit Advances owing to it and any Revolving Credit Note or Revolving Credit Notes held by it) in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve
System.

       SECTION 9.08 Confidentiality.
  Neither the Agent nor any Lender shall disclose any Confidential Information
  to any other Person without the consent of the Borrower, other than (a) to
  the Agent’s or such Lender’s Affiliates and their officers, directors,
  employees, agents and advisors and, as contemplated by 9.07(f), to actual or
  prospective assignees and participants, and then only on a confidential basis,
  (b) as required by any law, rule or regulation or judicial process, and (c)
  as requested or required by any state, federal or foreign authority or examiner
  regulating banks or banking; provided, however, that, with respect to clause (b) above, the Agent and each Lender agree to notify the Borrower promptly of any such request for the disclosure of Confidential Information unless such
notification is prohibited by applicable law, rule or regulation or by judicial process.

       SECTION 9.09 Judgment Currency.
  (a) If for the purposes of obtaining judgment in any court it is necessary
  to convert a sum due hereunder in Dollars or Euros into another currency, the
  parties hereto agree, to the fullest extent that they may effectively do so,
  that the rate of exchange used shall be that at which in accordance with normal
  banking procedures the Agent could purchase Dollars or Euros, as the case may
  be, with such other currency at the Agent’s principal office in London
  at 11:00 A.M. (London time) on the Business Day preceding that on which final
judgment is given.

       (b) The obligation
  of the Borrower in respect of any sum due from it in any currency (the “Primary Currency”)
  to any Lender or the Agent hereunder shall, notwithstanding any judgment in
  any other currency, be discharged only to the extent that on the Business Day
  following receipt by such Lender or the Agent (as the case may be), of any
  sum adjudged to be so due in such other currency, such Lender or the Agent
  (as the case may be) may in accordance with normal banking procedures purchase
  the applicable Primary Currency with such other currency. If the amount of
  the applicable Primary Currency so purchased is less than such sum due to such
  Lender or the Agent (as the case may be) in the applicable Primary Currency,
  the Borrower agrees, as a separate obligation and notwithstanding any such
  judgment, to indemnify such Lender or the Agent (as the case may be) against
  such loss, and if the amount of the applicable Primary Currency so purchased
  exceeds such sum due to any Lender or the Agent (as the case may be) in the
  applicable Primary Currency, such Lender or the Agent (as the case may be)
agrees to remit to the Borrower such excess.

       SECTION 9.10 Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of New
York.

       SECTION 9.11 Jurisdiction.  (a) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to
the nonexclusive jurisdiction of any New York State court or federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement
or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto

-37-

  

  

  

  hereby irrevocably
  and unconditionally agrees that all claims in respect of any such action or
  proceeding may be heard and determined in any such New York State court or,
  to the extent permitted by law, in such federal court. The Loan Parties agree
  that service of process in any such action or proceeding brought in any such
  New York State court or in such federal court may be made upon CT Corporation
  System and its offices at 111 Eighth Avenue, New York, New York 10011 (the “Process Agent”),
  and hereby further agrees that any failure of the Process Agent to give any
  notice of any such service to the Loan Parties shall not impair or affect the
  validity of such service or of any judgment rendered in any action or proceeding
  based thereon. Each of the parties hereto agrees that a final judgment in any
  such action or proceeding shall be conclusive and may be enforced in other
  jurisdictions by suit on the judgment or in any other manner provided by law.
  Nothing in this Agreement shall affect any right that any party may otherwise
  have to bring any action or proceeding relating to this Agreement or any other
Loan Document in the courts of any jurisdiction.

       (b) Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of
venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any New York State or federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the
defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

       SECTION 9.12 Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by
telecopier shall be effective as delivery of a manually executed counterpart of this Agreement.

       SECTION 9.13 Waiver of Jury Trial. The Borrower, the Guarantor, the Agent and each of the Lenders hereby irrevocably waives all right to
trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or any of the other Loan Documents or the actions of the Agent or any Lender in the negotiation,
administration, performance or enforcement thereof.

       SECTION 9.14 Patriot Act.
  Each Lender hereby notifies the Borrower and the Guarantor that, pursuant to
  the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed
  into law on October 26, 2001)) (the “Act”), it is required
  to obtain, verify and record information that identifies the Borrower and the
  Guarantor, which information includes the name and address of the Borrower
  and the Guarantor and other information that will allow such Lender to identify
the Borrower and the Guarantor in accordance with the Act.

  (remainder of page intentionally left blank)

 

-38-

  

  

       IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers or representatives thereunto duly authorized, as of the date first above
written.

	 	GILLETTE GROUP INTERNATIONAL S.A.R.L.,
	 	 	as Borrower
	 	 	 
	 	By	/s/ Edward Lonergan 
	 	 	

	 	 	Name:  Edward
    Lonergan 
	 	 	Title:     Executive
	 	 	 
	 	 	 
	 	 THE GILLETTE COMPANY, 
	 	 	 as Guarantor 
	 	 	 
	 	By	/s/ Gail
    Sullivan 
	 	 	

	 	 	Name:  Gail
    Sullivan
	 	 	Title:     VP
    & Treasurer 
	 	 	 
	 	 	 
	 	 GOLDMAN SACHS CREDIT PARTNERS
    L.P., 
	 	 	 as Agent 
	 	 	 
	 	By	/s/ William
    W. Archer 
	 	 	

	 	 	Name:  William
    W. Archer
	 	 	Title:     Managing
    Director 
	 	 	 

Initial Lender

	
Commitment
		
          GOLDMAN SACHS CREDIT PARTNERS L.P.,
	
	 	 	as a Lender
	
$1,800,000,000
		 
		 
	
	 	 	 
	 	By	/s/ William
     W. Archer 
	 	 	

	 	 	Name:  William
     Archer
	 	 	Title:     Authorized
     Signatory 
	 	 	 

     LENDING OFFICE

	
GOLDMAN SACHS CREDIT PARTNERS L.P.
		
c/o Goldman Sachs International

Petershill,

1 Carter Lane

London, England EC4V 5ER<PAGE>

                                                                    Exhibit 10.2

                           SUBORDINATED NOTE AGREEMENT

      This SUBORDINATED NOTE AGREEMENT, dated as of June 24, 2005, is by and
between Residential Capital Corporation, a Delaware corporation (the "Company"),
and General Motors Acceptance Corporation, a Delaware corporation ("GMAC").

                                   ARTICLE 1
                              DEFINITIONS AND TERMS

      1.1 Specific Definitions. As used in this Agreement, the following terms
have the following meanings:

      "Affiliate" means, with respect to any Person, any other Person that,
directly or indirectly, is in control of, is controlled by, or is under common
control with, such Person. For purposes of this definition, "control" of a
Person means the power, directly or indirectly, either to (a) vote 10% or more
of the securities having ordinary voting power for the election of directors (or
persons performing similar functions) of such Person or (b) direct or cause the
direction of the management and policies of such Person, whether by contract or
otherwise.

      "Agreement" means this Subordinated Note Agreement, as it may be amended
from time to time in accordance with its terms.

      "Applicable Rate" means the meaning specified in Section 2.2(b).

      "Bankruptcy Remote Special Purpose Entity" means a Person that satisfies
each of the following criteria: (i) such Person is an entity that is
consolidated for accounting purposes with the Company and designed to make
remote the possibility that it would enter into bankruptcy or other
receivership; and (ii) all or substantially all of such Person's assets consist
of receivables or securities backed by receivables plus any rights or other
assets (including cash reserves) designed to assure the servicing or timely
distribution of proceeds to the holders of its obligations.

      "Business Day" means any day other than a Saturday, a Sunday or a day on
which banks in Detroit, Michigan, Minneapolis, Minnesota or Horsham,
Pennsylvania are authorized or obligated by law or executive order to close.

      "Capital Lease" means, with respect to any Person, any lease of (or other
agreement conveying the right to use) any real or personal property by such
Person that, in conformity with GAAP, is accounted for as a capital lease on the
balance sheet of such Person.

      "Closing" means the initial issuance of Notes to GMAC.

      "Closing Date" means the date on which the Closing occurs.

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

      "Company" has the meaning specified in the preamble to this Agreement.

<PAGE>

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

      "Default" means any event or condition that, if it continued uncured, with
the giving of notice or the lapse of time or both, would constitute an Event of
Default.

      "Default Rate" has the meaning specified in Section 2.2(a).

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

      "Event of Default" has the meaning specified in Section 8.1.

      "Existing Intercompany Credit Facilities" means [ ].

      "GAAP" means United States generally accepted accounting principles as in
effect from time to time and as applied by the Company in the preparation of its
financial statements.

      "Governmental Authority" means any national or supranational government,
any state or other political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of
government.

      "GMAC" has the meaning specified in the preamble to this Agreement.

      "Indebtedness" of any Person means, without duplication: (i) all
indebtedness of such Person for borrowed money, whether or not evidenced by
bonds, debentures, notes or similar instruments; (ii) all obligations of such
Person as lessee under Capital Leases that have been or should be recorded as
liabilities on a balance sheet of such Person in accordance with GAAP and all
obligations of such Person as lessee under any so-called synthetic, off-balance
sheet or tax retention lease; (iii) all obligations of such Person to pay the
deferred purchase price of property or services (excluding trade accounts
payable in the ordinary course of business); (iv) all indebtedness secured by a
Lien on the property of such Person, whether or not such indebtedness shall have
been assumed by such Person; (v) all obligations, contingent or otherwise, with
respect to the face amount of all letters of credit and banker's acceptances
issued for the account of such Person; (vi) all Suretyship Liabilities of such
Person with respect of obligations of others of the type described in clauses
(i) through (v) above; and (vii) all Indebtedness of any partnership of which
such Person is a general partner, to the extent of such liability.

      "Indemnified Liabilities" has the meaning specified in Section 10.1.

      "Indemnified Party" has the meaning specified in Section 10.1.

      "LIBOR" has the meaning specified in Section 2.2(b).

      "LIBOR Business Day" means any day other than Saturday or Sunday or a day
on which banking institutions or trust companies in the City of London are
required or authorized to close.

                                       2
<PAGE>

      "Liens" means any mortgage, pledge, lien, security interest, conditional
sale or other title retention agreement or other similar encumbrance.

      "Majority Noteholders" means holders of more than 50% of the aggregate
outstanding principal amount of the Notes.

      "Material Adverse Effect" means a material adverse effect on (a) the
financial condition of the Company and its Subsidiaries taken as a whole, (b)
the validity or enforceability of this Agreement or the Notes or (c) the rights
or remedies of the Noteholders under this Agreement or the Notes.

      "Note Documents" means this Agreement and the Notes.

      "Noteholder Register" has the meaning specified in Section 4.10.

      "Noteholders" means the holders of Notes.

      "Notes" has the meaning specified in Section 2.1.

      "Offering Memorandum" means the offering memorandum, dated June 21, 2005,
relating to the offer and sale of $1,000,000,000 aggregate principal amount of
the Company's Floating Rate Notes due 2007, $2,500,000,000 aggregate principal
amount of the Company's 6.375% Notes Due 2010 and $500,000,000 aggregate
principal amount of the Company's 6.875% Notes Due 2015.

      "Payment Date" has the meaning specified in Section 2.2(a).

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

      "Registrar" has the meaning specified in Section 4.9.

      "Reorganization" means any dissolution, winding up, liquidation or
reorganization of the Company, whether in bankruptcy, insolvency, reorganization
or receivership proceedings or upon an assignment for the benefit of creditors
or any other marshaling of the assets and liabilities of the Company or
otherwise.

      "Responsible Officer" means any one of the following officers of the
Company: (i) a Chief Executive Officer; (ii) the Chief Operating Officer; (iii)
the Chief Financial Officer; and (iv) the General Counsel.

      "Requirement of Law" means, as to any Person, 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.

      "SEC" means the United States Securities and Exchange Commission.

                                       3
<PAGE>

      "Securities Act" means the United States Securities Act of 1933, as
amended.

      "Senior Indebtedness" means Indebtedness, whether such Indebtedness is
outstanding as of the date hereof or thereafter created, incurred, assumed or
guaranteed by the Company (including interest accruing after the filing of a
petition in bankruptcy, or the commencement of any insolvency, reorganization or
similar proceeding, regardless of whether the same is allowed as a claim in such
proceeding), unless in the instrument creating or evidencing the same or
pursuant to which the same is outstanding it is specifically provided that such
indebtedness is not superior in right of payment to the Notes and renewals,
extensions, modifications and refundings of any such Indebtedness.

      "Standstill Termination Event" has the meaning specified in Section 9.7.

      "Subsidiary" means, as to any Person, any corporation or other entity of
which at least a majority of the outstanding stock having by the terms thereof
ordinary voting power to elect a majority of the board of directors of such
corporation (irrespective of whether or not at the time stock of any other 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, or by
one or more Subsidiaries, or by such Person and one or more Subsidiaries. Unless
otherwise qualified, all references to a "Subsidiary" or to "Subsidiaries" in
this Agreement shall refer to a Subsidiary or Subsidiaries of the Company;
provided, however, that the term "Subsidiary" shall not include any Bankruptcy
Remote Special Purpose Entity, securitization trust or similar Person
established by any Subsidiary of the Company.

      "Suretyship Liability" means any agreement, undertaking or arrangement by
which any Person guarantees, endorses or otherwise becomes or is contingently
liable upon (by direct or indirect agreement, contingent or otherwise, to
provide funds for payment, to supply funds to or otherwise to invest in a
debtor, or otherwise to assure a creditor against loss) any indebtedness,
obligation or other liability of any other Person (other than by endorsements of
instruments in the course of collection), or guarantees the payment of dividends
or other distributions upon the shares of any other Person. The amount of any
Person's obligation in respect of any Suretyship Liability shall (subject to any
limitation set forth therein) be deemed to be the principal amount of the debt,
obligation or other liability supported thereby.

      "Treasury Regulations" means the income tax regulations, including
temporary and proposed regulations, promulgated under the Code by the United
States Treasury, as such regulations may be amended from time to time, including
corresponding provisions or succeeding regulations.

      1.2 Other Definitional Provisions.

      (a) Any reference to an Article, Section or Exhibit is a reference to an
Article or Section of, or an Exhibit to, this Agreement.

      (b) Terms defined in the singular shall have a comparable meaning when
used in the plural, and vice versa.

      (c) The words "include," "includes" and "including" are not limiting.

                                       4
<PAGE>

      (d) The terms "dollars" and "$" mean United States dollars.

      (e) Unless a clear contrary intention appears or the context otherwise
requires, in this Agreement and the Notes, relative to the determination of any
period of time, "from" means "from and including," "to" and "until" means "to
but excluding" and "through" means "to and including."

      1.3 Accounting Terms. All accounting terms not specifically defined herein
or in the Notes shall be interpreted, all accounting determinations hereunder
shall be made, and all financial statements required to be delivered hereunder
shall be prepared in accordance with GAAP as in effect from time to time,
applied on a basis consistent (except for changes concurred in by the Company's
independent public accountants) with the financial statements included in the
Offering Memorandum.

                                   ARTICLE 2
                      ISSUANCE OF NOTES; INTEREST; MATURITY

      2.1 Issuance. Concurrently with the execution of this Agreement, the
Company shall duly authorize, execute and deliver to GMAC a Subordinated Note
due 2015 (together with any notes issued in exchange for any of the foregoing,
the "Notes") in $5,000,000,000 aggregate principal amount, substantially in the
form of Exhibit A.

      2.2 Payment of Interest; Maturity.

      (a) Interest on the Notes shall be payable in cash on the 30th day of each
March, June, September and December, commencing September 30, 2005 (each such
date, a "Payment Date") provided, however, that if the Company fails to pay any
portion of the cash interest due on any Interest Payment Date or within five
Business Days thereafter, the portion of the interest not so paid on such
Interest Payment Date shall be added, effective as of such Interest Payment
Date, to the outstanding principal amount of the Note, as provided in the Note.
Interest payable on any Payment Date or on the date of maturity will be the
amount of interest accrued from and including the date of original issuance or
from and including the most recent Payment Date on which interest has been paid
or duly made available for payment to but excluding the Payment Date or the date
of maturity, as the case may be. Notwithstanding the foregoing and
notwithstanding anything set forth in Section 2.2(b) to the contrary, the Notes
shall bear interest (so computed) after the occurrence and during the
continuance of an Event of Default, to the extent permitted by Law, at a rate
per annum equal to the sum of (i) the Applicable Rate plus (ii) 2% (the "Default
Rate"); in such instance and during the continuance of any Event of Default the
portion of such interest allocable to clause (ii) above shall be payable in cash
on demand.

      (b) The interest rate on the Notes shall be the one-month London Interbank
offer rate ("LIBOR"), determined as described below, plus 350.86 basis points
(the "Applicable Rate"). LIBOR for the initial interest period will be
determined on June 22, 2005. The interest rate on the Notes for each subsequent
interest period will be reset quarterly on each Payment Date. The Notes will
bear interest at an annual rate (computed on the basis of the actual number of
days elapsed over a 360-day year) equal to the Applicable Rate.

                                       5
<PAGE>

      The interest rate in effect for the Notes on each day will be (a) if that
day is an interest reset date, the interest rate determined as of the
determination date (as defined below) immediately preceding such interest reset
date or (b) if that day is not an interest reset date, the interest rate
determined as of the determination date immediately preceding the most recent
interest reset date. The determination date will be the second LIBOR Business
Day immediately preceding the applicable interest reset date.

      LIBOR will be determined by GMAC as of the applicable determination date
in accordance with the following provisions:

      (i) LIBOR will be determined on the basis of the offered rates for
      deposits in U.S. dollars of not less than U.S. $1,000,000 having a
      one-month maturity, beginning on the second LIBOR Business Day immediately
      following that determination date, which appears on Telerate Page 3750 (as
      defined below) as of approximately 11:00 a.m., London time, on that
      determination date. "Telerate Page 3750" means the display designated on
      page "3750" on Moneyline Telerate, Inc. (or such other page as may replace
      the 3750 page on that service, any successor service or such other service
      or services as may be nominated by the British Bankers' Association for
      the purpose of displaying London interbank offered rates for U.S. dollar
      deposits). If no rate appears on Telerate Page 3750, LIBOR for such
      determination date will be determined in accordance with the provisions of
      paragraph (ii) below.

      (ii) With respect to a determination date on which no rate appears on
      Telerate Page 3750 as of approximately 11:00 a.m., London time, on that
      determination date, GMAC will request the principal London office of each
      of four major reference banks (which may include an affiliate of one or
      more underwriters) in the London interbank market selected by GMAC to
      provide GMAC with a quotation of the rate at which deposits of U.S.
      dollars having a one-month maturity, beginning on the second LIBOR
      Business Day immediately following that determination date, are offered by
      it to prime banks in the London interbank market as of approximately 11:00
      a.m., London time, on that determination date in a principal amount equal
      to an amount of not less than U.S. $1,000,000 that is representative for a
      single transaction in that market at that time. If at least two quotations
      are provided, LIBOR for that determination date will be the arithmetic
      mean of the quotations as calculated by GMAC. If fewer than two quotations
      are provided, LIBOR for that determination date will be the arithmetic
      mean of the rates quoted as of approximately 11:00 a.m., New York City
      time, on that determination date by three major banks selected by GMAC for
      loans in U.S. dollars to leading European banks having a one-month
      maturity beginning on the second LIBOR Business Day immediately following
      that determination date and in a principal amount equal to an amount of
      not less than U.S. $1,000,000 that is representative for a single
      transaction in that market at that time; provided, however, that if the
      banks selected by GMAC are not quoting the rates described in this
      sentence, LIBOR for that determination date will be LIBOR determined with
      respect to the immediately preceding determination date, or in the case of
      the first determination date, LIBOR for the initial interest period.

      If the date of maturity of the Notes falls on a day that is not a LIBOR
Business Day, the related payment of principal and interest will be made on the
next LIBOR Business Day as if it

                                       6
<PAGE>

were made on the date such payment was due, and no interest will accrue on the
amounts so payable for the period from and after such date to the next LIBOR
Business Day. If any interest reset date or Payment Date (other than at the date
of maturity) would otherwise be a day that is not a LIBOR Business Day, that
interest reset date and Payment Date will be postponed to the next date that is
a LIBOR Business Day, except that if such LIBOR Business Day is in the next
calendar month, such interest reset date and Payment Date (other than at the
date of maturity) shall be the immediately preceding LIBOR Business Day.

      (c) The Notes shall mature on September 30, 2015.

                                   ARTICLE 3
                  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

         The Company represents and warrants to GMAC as follows:

      3.1 Corporate Existence and Power. The Company (a) is duly organized,
validly existing and in good standing under the laws of the State of Delaware,
(b) has the corporate power and authority, and the legal right, to own and
operate its property, to lease the property it operates as lessee and to conduct
the business in which it is currently engaged and (c) is duly qualified as a
foreign corporation and in good standing under the laws of each jurisdiction
where its ownership, lease or operation of property or the conduct of its
business requires such qualification, except to the extent that all failures to
be duly qualified and in good standing could not, in the aggregate, have a
Material Adverse Effect.

      3.2 Corporate and Governmental Authorization; No Contravention. The
Company has the corporate power and authority, and the legal right, to make,
deliver and perform this Agreement and the Notes and has taken all necessary
corporate action to authorize the execution, delivery and performance of this
Agreement and the Notes. No consent or authorization of any Governmental
Authority or any other Person is required in connection with the execution,
delivery, performance, validity or enforceability of this Agreement or the
Notes. This Agreement has been duly executed and delivered on behalf of the
Company. This Agreement constitutes, and the Notes, when executed and delivered
by the Company will constitute, a legal, valid and binding obligation of the
Company enforceable against the Company in accordance with their terms, except
as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors' rights generally and by general equitable principles (whether
enforcement is sought by proceedings in equity or at law).

      3.3 No Legal Bar. The execution, delivery and performance of this
Agreement and the Notes and the use of the proceeds thereof will not violate any
Requirement of Law or Contractual Obligation of the Company and will not result
in, or require, the creation or imposition of any Lien on any of its properties
or revenues pursuant to any such Requirement of Law or Contractual Obligation,
except to the extent that all such violations and creation or imposition of
Liens could not, in the aggregate, have a Material Adverse Effect.

      3.4 No Material Litigation. Except as set forth in the Offering
Memorandum, no litigation, investigation or proceeding of or before any
arbitrator or Governmental Authority is

                                       7
<PAGE>

pending or, to the knowledge of the Company, threatened by or against the
Company or any of its Subsidiaries or against any of its or their respective
properties or revenues as of the Closing Date (a) with respect to this Agreement
or any of the actions contemplated hereby, or (b) that involves a probable risk
of an adverse decision that would materially restrict the ability of the Company
to comply with its obligations under this Agreement.

      3.5 Investment Company Act. The Company is not an "investment company", or
a company "controlled" by an "investment company", within the meaning of the
Investment Company Act of 1940, as amended.

      3.6 ERISA. The Company and its Subsidiaries are in compliance with all
material provisions of ERISA, except to the extent that any failure to be in
compliance could not, in the aggregate, reasonably be expected to have a
Material Adverse Effect.

                                   ARTICLE 4
                   GMAC REPRESENTATIONS AND TRANSFER, EXCHANGE
                            AND REPLACEMENT OF NOTES

      4.1 Authorization and Enforceability. GMAC represents and warrants to the
Company that it has taken all action necessary to permit it to execute and
deliver this Agreement and to carry out the terms hereof. This Agreement
constitutes a legal, valid and binding obligation of GMAC, enforceable against
GMAC in accordance with its terms, except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors' rights generally and by general
equitable principles (whether enforcement is sought by proceedings in equity or
at law).

      4.2 Government Approvals. GMAC represents and warrants to the Company that
it is not required to obtain any order, consent, approval or authorization of,
or to make any declaration or filing with, any Governmental Authority in
connection with the execution and delivery of this Agreement and the other
documents and instruments to be executed by it pursuant hereto or thereto or the
consummation of the transactions contemplated hereby and thereby.

      4.3 Brokers. GMAC represents and warrants to the Company that it is not
obligated to any broker or finder or other Person, and GMAC has not retained any
broker or finder or other Person, who is entitled to any broker's or finder's
fee or any other commission or financial advisory fee in connection with the
transactions contemplated hereby.

      4.4 Investment Intent of GMAC. GMAC represents and warrants to the Company
that it is acquiring the Notes for its own account.

      4.5 Status of Notes. GMAC acknowledges it has been informed by the Company
that the Notes have not been and will not be registered under the Securities Act
or under any state securities laws and are being offered and sold in reliance
upon federal and state exemptions for transactions not involving any public
offering.

                                       8
<PAGE>

      4.6 Accredited Investor Status. GMAC represents and warrants to the
Company that it is an "accredited investor" within the meaning of Regulation D
under the Securities Act.

      4.7 Transfer of Notes.

      (a) The Notes may be transferred (i) pursuant to public offerings
registered under the Securities Act (it being understood that the Company has no
obligation to register any such offering), (ii) subject to the conditions set
forth in Section 4.7(b), Rule 144 or 144A promulgated under the Securities Act
(or any similar rule then in force) or (iii) subject to the conditions set forth
in Section 4.7(b), any other legally available means of transfer.

      (b) In connection with any transfer of any Notes described in Section
4.7(a)(iii), the holder of Notes shall deliver written notice to the Company
describing in reasonable detail the proposed transfer, together with an opinion
of counsel (which, to the Company's reasonable satisfaction, is knowledgeable in
securities law matters) to the effect that such transfer may be effected without
registration under the Securities Act. The holder of the Notes being transferred
pursuant to Section 4.7(a)(ii) or Section 4.7(a)(iii) shall not consummate any
such transfer until (i) the prospective transferee has confirmed to the Company
in writing its agreement to be bound by the provisions of this Section 4.7 or
(ii) such holder shall have delivered to the Company an opinion of such counsel
that no subsequent transfer of such Notes shall require registration under the
Securities Act. Promptly upon receipt of any opinion described in clause (ii) of
the immediately preceding sentence, the Company shall prepare and deliver in
connection with the consummation of the proposed transfer new instruments for
the Notes being transferred that do not bear the legend set forth in Section
4.7(c).

      (c) Except as provided in Section 4.7(b), each Note shall be imprinted
with a legend substantially in the following form:

      THIS NOTE [WAS ORIGINALLY ISSUED ON JUNE 24, 2005 AND] HAS NOT BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
      SECURITIES OR "BLUE SKY" LAWS. THE TRANSFER OF THIS NOTE IS SUBJECT TO THE
      CONDITIONS SET FORTH IN THE SUBORDINATED NOTE AGREEMENT DATED AS OF JUNE
      24, 2005 BETWEEN THE ISSUER AND GENERAL MOTORS ACCEPTANCE CORPORATION, AND
      THE ISSUER RESERVES THE RIGHT TO REFUSE ANY TRANSFER OF THIS NOTE UNTIL
      SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO SUCH TRANSFER. A COPY
      OF SUCH CONDITIONS SHALL BE FURNISHED WITHOUT CHARGE TO THE HOLDER HEREOF
      UPON WRITTEN REQUEST TO THE ISSUER.

      4.8 Exchange of Notes. Notes of any denomination may be exchanged or split
up into Notes of smaller denominations or for combination into Notes of larger
denominations, any such exchange to be for Notes of an equivalent aggregate
principal amount. Upon surrender of any Note at the principal executive office
of the Company for transfer or exchange (and, in the case of a surrender for
transfer, duly endorsed or accompanied by a written instrument of transfer duly
executed by the registered holder of such Note or its attorney duly authorized
in writing and

                                       9
<PAGE>

accompanied by the address for notices of each transferee of such Note or part
thereof and any documents or instruments required by Section 4.7(b)), the
Company shall promptly execute and deliver, at the Company's expense, one or
more new Notes (as requested by the holder thereof) in exchange therefor, in an
aggregate principal amount equal to the unpaid principal amount of the
surrendered Note. Each such new Note shall be payable to such Person as such
holder may request. Each such new Note shall be dated and bear interest from the
date to which interest shall have been paid on the surrendered Note or dated the
date of the surrendered Note if no interest shall have been paid thereon.

      4.9 Replacement of Notes. Upon receipt by the Company of evidence
reasonably satisfactory to it of the ownership of and the loss, theft,
destruction or mutilation of any Note, and (i) in the case of loss, theft or
destruction, of indemnity reasonably satisfactory to it, or (ii) in the case of
mutilation, upon surrender and cancellation thereof, the Company at its own
expense shall execute and deliver, in lieu thereof, one or more new Notes, dated
and bearing interest from the date to which interest shall have been paid on
such lost, stolen, destroyed or mutilated Note or dated the date of such lost,
stolen, destroyed or mutilated Note if no interest shall have been paid thereon.

      4.10 Registered Form. The Company shall maintain an office or agency where
the Notes may be presented for registration of transfer, exchange or replacement
(the "Registrar"). The Registrar shall keep a register (the "Noteholder
Register") of the Notes and their transfer through a book entry system, as
defined in Section 5f.103-1(c)(2) of the Treasury Regulations. The Company may
act as Registrar and may appoint one or more co-registrars. The Registrar shall
enter GMAC in the Noteholder Register as the original owner of 100% of the Notes
in the aggregate and shall receive notice of any permitted assignment of a Note,
duly executed by the then-current owner thereof. Prior to the receipt and entry
of such notice of transfer by the Registrar, the Company shall treat the Person
in whose name a Note is registered as the owner thereof for purposes of
receiving all payments thereon and for all other purposes. The Noteholders
hereby agree, and by accepting delivery of any Note their assignees hereby
agree, to provide to the Company notice in accordance with Section 11.3 of any
change of address of such holder and the address of any assignee of any Note and
the Company agrees to update the Noteholder Register promptly upon receipt of
such notice.

                                   ARTICLE 5
                              CONDITIONS PRECEDENT

      5.1 Conditions Precedent to GMAC's Obligations. The obligations of GMAC to
consummate the transactions contemplated hereby are subject to satisfaction (or
written waiver) at or prior to the Closing of the following conditions:

      (a) No action, suit, investigation or proceeding shall be pending or
threatened before any Governmental Authority to restrain, prohibit, collect
damages as a result of or otherwise challenge this Agreement or the Notes or any
transaction contemplated hereby or thereby.

      (b) No Event of Default or Default shall have occurred and be continuing.

      (c) The Company shall have delivered to GMAC:

                                       10
<PAGE>

            (i) a certificate of a duly authorized officer of the Company dated
      the Closing Date stating that the conditions set forth in clauses (a) and
      (b) of this Section 5.1 have been satisfied;

            (ii) a certificate of the Secretary of the Company certifying (A)
      the resolutions of the board of directors of the Company authorizing the
      execution and delivery of the Note Documents and the consummation of the
      transactions contemplated thereby and (B) the names of the officer or
      officers of the Company authorized to sign the Note Documents; and

            (iii) copies of the Certificate of Incorporation of the Company,
      certified by the Secretary of State of the State of Delaware, and the
      By-Laws of the Company, certified by the Secretary of the Company.

      (d) The Existing Intercompany Credit Facilities shall have been terminated
on or prior to the Closing Date and no loans shall be outstanding thereunder.

                                   ARTICLE 6
                            COVENANTS OF THE COMPANY

      6.1 Financial Statements, Reports, Etc. The Company shall furnish to each
holder of a Note (at the request of the holder, in the case of clause (a) or
(b)) (for so long as any Note is outstanding) the following:

      (a) Annual Financial Statements. As soon as available, and, if GMAC is not
the holder of all of the Notes then in any event within 110 days after the end
of each fiscal year of the Company, a copy of the annual audit report of the
Company and its Subsidiaries for such fiscal year containing, on a consolidated
basis, balance sheets and statements of income, stockholders' equity and cash
flows as at the end of such fiscal year and for the twelve-month period then
ended, in each case beginning with fiscal year 2005 setting forth in comparative
form the figures for the preceding fiscal year, all in reasonable detail and
audited and certified by independent certified public accountants of recognized
standing, to the effect that such report has been prepared in accordance with
GAAP.

      (b) Quarterly Financial Statements. As soon as available, and, if GMAC is
not the holder of all of the Notes then in any event within 60 days after the
end of each of the first three fiscal quarters of each fiscal year of the
Company, a copy of an unaudited financial report of the Company and its
Subsidiaries as of the end of such fiscal quarter and for the portion of the
fiscal year then ended containing, on a consolidated and consolidating basis,
balance sheets and statements of income, stockholders' equity and cash flows, in
each case beginning with fiscal year 2005 setting forth in comparative form the
figures for the corresponding period of the preceding fiscal year, all in
reasonable detail and certified by the chief financial officer of the Company to
have been prepared in accordance with GAAP and to fairly and accurately present
(subject to year-end audit adjustments and the absence of footnotes) the
financial condition and results of operations of the Company and its
Subsidiaries, on a consolidated and consolidating basis, at the date and for the
periods indicated therein.

                                       11
<PAGE>

      (c) Notice of Default. As soon as possible and in any event within five
days after a Responsible Officer of the Company becomes aware of any Default or
Event of Default, a written notice setting forth the details of such Default or
Event of Default and the action that the Company has taken and proposes to take
with respect thereto.

The Company may, in its sole discretion, satisfy its obligations under Sections
6.1(a) and (b) by filing with the SEC Annual Reports on Form 10-K and Quarterly
Reports on Form 10-Q at such times and in accordance with the SEC's rules and
the instructions accompanying such forms.

      6.2 Maintenance of Properties. The Company shall, and shall cause each
Subsidiary to, maintain, keep, and preserve all of its properties necessary or
useful in the proper conduct of its business in good repair, working order and
condition and make all necessary repairs, renewals, replacements, betterments
and improvements thereof.

      6.3 Negative Covenants. Until the termination of this Agreement and the
satisfaction in full by the Company of all Notes, unless the Majority
Noteholders shall otherwise consent in writing, the Company shall:

            6.3.1 Mergers, Consolidations, Sales. Not consolidate or merge into,
      or sell, assign, convey, transfer or lease or otherwise dispose of all or
      substantially all of its assets to, any Person unless:

                  (i) the Person is a corporation organized and existing under
            the laws of the United States of America or any State thereof or the
            District of Columbia;

                  (ii) the Person assumes by a supplemental agreement to this
            Agreement all the obligations of the Company under the Notes and
            this Agreement; and

                  (iii) immediately after the transaction no Default shall
            exist, provided, that this clause (iii) shall not restrict or be
            applicable to a consolidation or merger into, or liquidation, sale,
            assignment, conveyance, transfer or lease or other disposition of
            all or substantially all of the assets of the Company with or into a
            Subsidiary that is wholly-owned directly or indirectly by the
            Company.

      The Person formed by or resulting from any such consolidation or merger,
      or which shall have received all or substantially all of such assets,
      shall succeed to and be substituted for the Company as if such Person is a
      party hereto with the same effect as if it had been named herein as a
      party hereto, and thereafter, except in the case of a lease of all or
      substantially all of such assets, the predecessor Person shall be relieved
      of all obligations and covenants under this Agreement and the Notes.

                                   ARTICLE 7
                     PREPAYMENT OF NOTES; PAYMENTS GENERALLY

      7.1 Optional Prepayments. The Company may at any time without penalty or
premium and from time to time redeem all or any portion of the Notes at any time
at par, plus accrued and unpaid interest thereon, if any, to the applicable
redemption date.

                                       12
<PAGE>

      7.2 Notice of Prepayments. Any call for prepayment of the Notes pursuant
to Section 7.1 shall be made by giving written notice to the holders of the
Notes to be prepaid not less than 30 days nor more than 60 days prior to the
date fixed for prepayment, which notice shall specify the principal amount of
such Notes to be prepaid. If all the outstanding Notes are to be prepaid, the
notice of prepayment shall so state. If less than all the Notes are to be
prepaid, the notice of prepayment shall identify the Notes to be prepaid. In
case any Note is to be prepaid in part only (which part must be at least
$100,000 or an integral multiple thereof), the notice of prepayment shall state
the portion of the principal amount thereof to be prepaid and shall refer to the
option available under Section 7.4 to the holder of a Note that is partially
prepaid. Notice of call for prepayment having been given as aforesaid, the
principal amount to be prepaid, together with premium, if any, and interest
thereon to the date of prepayment, shall on the date designated in such notice
become due and payable. From and after such date, unless the Company shall
default in payment of such principal amount when so due and payable, together
with premium, if any, and interest as aforesaid, interest on such principal
amount shall cease to accrue.

      7.3 Allocation and Application of Payments. In the case of the prepayment
of less than all the Notes at the time outstanding, the amount of any such
prepayment shall be allocated to the aggregate principal amount of the Notes (in
units of $100,000 or integral multiples thereof) pro rata among the holders of
all the Notes at the time outstanding in proportion, as nearly as practicable,
to the respective aggregate unpaid principal amounts of the Notes (not
theretofore called for prepayment) then held by them, respectively, with
adjustments, to the extent practicable, to equalize for any prior unequal
prepayments.

      7.4 Notation of Partial Payments. Except as otherwise provided in Section
7.5, upon any partial prepayment of any Note, such Note, at the option of the
holder thereof, shall be either (a) surrendered to the Company in exchange for a
new Note in a principal amount equal to the principal amount remaining unpaid on
the Note surrendered and otherwise having the same terms and provisions as the
Note surrendered or (b) made available to the Company at its office herein
provided for notation thereon of the portion of the principal so prepaid.

      7.5 Direct Payment. Notwithstanding any provision to the contrary herein
or in the Notes with respect to place of payment, so long as GMAC shall hold any
of the Notes, the Company shall pay to GMAC the interest on such Note without
any presentment thereof and without notation of such payment being made thereon,
if a bank account is designated for GMAC or in any written notice to the Company
from GMAC. The Company shall make such payments to a bank account by wire
transfer of immediately available funds, marked for attention as indicated, or
in such other manner or to such other account of GMAC in any bank in the United
States as GMAC may from time to time direct in writing. If GMAC transfers any
Note to a transferee in accordance with the provisions of this Agreement, the
Company shall make payments to such transferee in the manner set forth in this
Section 7.5 upon receipt by the Company of such information for such transferee
as was provided by GMAC pursuant to this Section 7.5 and shall not require
presentment thereof by such transferee or notation thereon to be made; provided,
however, that such transferee's Note is in the initial outstanding principal
amount of $500,000 or more. GMAC agrees that prior to the sale or transfer of
any Note by it, it shall either (a) surrender the same to the Company in
exchange for a new Note in a principal amount equal to the principal amount
remaining unpaid on the Note surrendered and otherwise having the same terms and
provisions as the Note surrendered or (b) make the same available to

                                       13
<PAGE>

the Company, at its office designated as herein provided, for notation thereon
of the extent to which any payment has been made on account of the principal
thereof. Each holder of a Note further agrees that it shall, at any time during
regular business hours, permit the Company to make appropriate notation on any
Note then held by it of the amount of principal that has been paid thereon, if
the Company, at least seven days prior to the date upon which such notation is
to be made, shall have in writing requested permission to make such notation,
specifying the date when the same is to be made.

                                   ARTICLE 8
                                EVENTS OF DEFAULT

      8.1 Events of Default. If any of the following events ("Events of
Default") shall occur:

      (a) the Company defaults in the payment of any part of the principal of
any Note when due, whether at maturity, upon any date upon which any prepayment
is due, by declaration or otherwise (and whether or not such payment is
prohibited by Article 9 hereof);

      (b) the Company defaults in the payment of any installment of interest on
any Note for more than five Business Days after the same shall become due and
payable (other than interest that is added to the principal amount of the Notes,
as provided in the Notes);

      (c) the Company defaults in the performance of or compliance with any term
contained herein or in any Note (other than those referred to elsewhere in this
Section 8.1) and such default is not remedied within 30 days after the date on
which the Company receives written notice of such default from any Noteholder;

      (d) any representation or warranty made or deemed made by the Company in
this Agreement shall prove to have been incorrect on or as of the date made or
deemed made if the facts or circumstances incorrectly represented or certified
result in a Material Adverse Effect and remain incorrect for a period of 30 days
after the Company has become aware of the incorrectness of such facts or
circumstances;

      (e) the Company shall default in any payment of $50,000,000 or more of
principal of or interest on any Indebtedness (other than the Notes) or in the
payment of $50,000,000 or more on account of any guarantee in respect of
Indebtedness (other than the Notes), beyond the period of grace, if any,
provided in the instrument or agreement under which such Indebtedness or
guarantee was created;

      (f) a court of competent jurisdiction enters a decree or order for relief
in respect of the Company or any Subsidiary in an involuntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator (or similar official) of the Company or any Subsidiary or for any
substantial part of its property, or ordering the winding up or liquidation of
its affairs, and such decree or order shall remain unstayed and in effect for a
period of 90 consecutive days; or

                                       14
<PAGE>

      (g) the Company or any Subsidiary commences a voluntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, shall consent to the entry of an order for relief in an involuntary case
under any such law, or shall consent to the appointment of or taking possession
by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other
similar official) of the Company or any Subsidiary or for any substantial part
of its property, or shall make any general assignment for the benefit of
creditors, or shall fail generally to pay its debts as they become due, or shall
take any corporate action in furtherance of any of the foregoing;

then and in any such event the Majority Noteholders may, at any time by written
notice to the Company, declare the Notes to be due and payable, whereupon the
same shall forthwith become immediately due and payable without presentment,
demand, protest or other notice, all of which are hereby waived; provided,
however, that, if any Event of Default specified in Section 8.1(f) or 8.1(g)
shall occur, all the Notes shall thereupon become due and payable concurrently
therewith, without any further action by any holder and without presentment,
demand, protest or other notice, all of which are hereby waived; provided,
further, that, if a declaration of acceleration of the Notes because an Event of
Default described in Section 8.1(e) has occurred and is continuing, the
declaration of acceleration of the Notes shall be automatically annulled if the
payment default triggering such Event of Default pursuant to such section shall
be remedied or cured by the Company or waived by the holders of the relevant
Indebtedness within 20 days after the declaration of acceleration of the
Indebtedness with respect thereto and if (A) the annulment of the acceleration
of the Indebtedness would not conflict with any judgment or decree of a court of
competent jurisdiction and (B) all existing Events of Default, except nonpayment
of principal, premium or interest on the Indebtedness that became due solely
because of the acceleration of the Indebtedness, have been cured or waived.

                                   ARTICLE 9
                                  SUBORDINATION

      9.1 Notes Subordinated to Senior Indebtedness. Each of the Company and
GMAC, for itself, its successors and assigns, covenants and agrees, and each
holder of Notes, by its acceptance thereof, likewise covenants and agrees, that
the payment of the principal of, and premium, if any, and interest on each and
all of the Notes is hereby expressly subordinated, to the extent and in the
manner hereinafter set forth, in right of payment to the prior payment in full
of all Senior Indebtedness.

      9.2 Distribution on Dissolution, Liquidation and Reorganization;
Subrogation of Notes. Upon any distribution of assets of the Company upon any
Reorganization (subject to the power of a court of competent jurisdiction to
make other equitable provision reflecting the rights conferred in this Agreement
upon the Senior Indebtedness and the holders thereof with respect to the Notes
and the holders thereof by a lawful plan of reorganization under applicable
bankruptcy law),

      (a) the holders of all Senior Indebtedness shall be entitled to receive
payment in full of the principal thereof, premium, if any, and the interest due
thereon before the holders of the Notes are entitled to receive any payment upon
the principal of, and premium, if any, or interest on indebtedness evidenced by
the Notes; and

                                       15
<PAGE>

      (b) any payment or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, to which the holders of the
Notes would be entitled except for the provisions of this Article 9 shall be
paid by the liquidating trustee or agent or other person making such payment or
distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee
or otherwise, directly to the holders of Senior Indebtedness or their
representative or representatives or to the trustee or trustees under any
indenture under which any instruments evidencing any of such Senior Indebtedness
may have been issued, ratably according to the aggregate amounts remaining
unpaid on account of the principal of, premium, if any, and interest on the
Senior Indebtedness held or represented by each, to the extent necessary to make
payment in full of all Senior Indebtedness remaining unpaid, after giving effect
to any concurrent payment or distribution to the holders of such Senior
Indebtedness; and

      (c) if, notwithstanding the foregoing, any payment or distribution of
assets of the Company of any kind or character, whether in cash, property or
securities, shall be received by the holders of the Notes before all Senior
Indebtedness is paid in full, such payment or distribution shall be paid over to
the holders of such Senior Indebtedness or their representative or
representatives or to the trustee or trustees under any indenture under which
any instruments evidencing any of such Senior Indebtedness may have been issued,
ratably as aforesaid, for application to the payment of all Senior Indebtedness
remaining unpaid until all such Senior Indebtedness shall have been paid in
full, after giving effect to any concurrent payment or distribution to the
holders of such Senior Indebtedness.

      The consolidation of the Company with, or the merger of the Company into,
another Person or the transfer of all of the Company's assets upon the terms and
conditions provided in Section 6.3.1, shall not be deemed a Reorganization for
the purposes of this Article 9.

      Subject to the payment in full of all Senior Indebtedness, the holders of
the Notes shall be subrogated to the rights of the holders of Senior
Indebtedness to receive payments or distributions of cash, property or
securities of the Company applicable to Senior Indebtedness until the principal
of and interest on the Notes shall be paid in full and no such payments or
distributions to the holders of the Notes of cash, property or securities
otherwise distributable to the holders of Senior Indebtedness shall be deemed to
be a payment by the Company to the holders of or on account of the Notes. It is
understood that the provisions of this Article 9 are and are intended solely for
the purpose of defining the relative rights of the holders of the Notes, on the
one hand, and the holders of Senior Indebtedness, on the other hand. Nothing
contained in this Article 9 or elsewhere in this Agreement or in the Notes is
intended to or shall impair, as between the Company, its creditors other than
the holders of Senior Indebtedness, and the holders of the Notes, the obligation
of the Company, which is unconditional and absolute, to pay to the holders of
the Notes the principal of, premium, if any, and interest on the Notes as and
when the same shall become due and payable in accordance with their terms, or to
affect the relative rights of the holders of the Notes and creditors of the
Company other than the holders of Senior Indebtedness, nor shall anything herein
or in the Notes prevent the holder of any Note from exercising all remedies
otherwise permitted by applicable law upon default under this Agreement, subject
to Section 9.7 and to the rights, if any, under this Article 9 of the holders of
Senior Indebtedness in respect of cash, property or securities of the Company
received upon the exercise of any such remedy. Upon any payment or distribution
of assets of the Company referred to in this Article 9, the holders of the Notes
shall be entitled to rely upon a certificate of

                                       16
<PAGE>

the liquidating trustee or agent or other person making any distribution to the
holders of the Notes for the purpose of ascertaining the persons entitled to
participate in such distribution, the holders of Senior Indebtedness and other
Indebtedness of the Company, the amount thereof or payable thereon, the amount
or amounts paid or distributed thereon and all other facts pertinent thereto or
to this Article 9.

      If any holder of Notes does not file a proper claim or proof of debt in
the form required in any proceeding referred to above prior to 30 days before
the expiration of the time to file such claim in such proceeding, then the
holder of any Senior Indebtedness is hereby authorized, and has the right, to
file an appropriate claim or claims for or on behalf of such holder of Notes.

      9.3 No Payment on Notes in Event of Default on Senior Indebtedness. No
payments by the Company on account of principal, premium, if any, or interest on
the Notes shall be made unless full payment of amounts then due for principal,
premium, if any, sinking funds, and interest on Senior Indebtedness has been
made or duly provided for in money or money's worth. No payment by the Company
on account of principal, premium, if any, or interest on the Notes shall be made
if, at the time of such payment or immediately after giving effect thereto, (i)
there shall exist a default in the payment of principal, premium, if any,
sinking funds or interest with respect to any Senior Indebtedness or (ii) there
shall have occurred an event of default (other than a default in the payment of
principal, premium, if any, sinking funds or interest) with respect to any
Senior Indebtedness, as defined therein or in the instrument under which the
same is outstanding, permitting the holders thereof, or any trustee under any
such instrument, to accelerate the maturity thereof, and such event of default
shall not have been cured or waived or shall not have ceased to exist, other
than a payment under Section 7.1 if the mailing of notice of redemption pursuant
to Section 7.2 relating to such payment is prior in time to such default.

      9.4 Payments on Notes Permitted. Nothing contained in this Agreement or in
any of the Notes shall affect the obligation of the Company to make, or prevent
the Company from making, at any time, except as provided in Sections 9.2 and
9.3, payments of principal of, premium, if any, or interest on the Notes.

      9.5 Notice to Holders. Notwithstanding the provisions of this Article 9 or
any other provisions of this Agreement, no holder of any Note nor any paying
agent (other than the Company) shall be charged with knowledge of the existence
of any Senior Indebtedness or of any event that would prohibit the making of any
payment of moneys to such holder or such paying agent, unless and until such
holder or such paying agent shall have received written notice thereof from the
Company or from the holder of any Senior Indebtedness. Each holder of a Note
shall be entitled to rely on the delivery to it of a written notice by a person
representing himself to be a holder of Senior Indebtedness (or a trustee on
behalf of such Senior Indebtedness) to establish that such a notice has been
given by a holder of Senior Indebtedness or a trustee on behalf of the holders
of such Senior Indebtedness.

      9.6 Modification of Terms of Senior Indebtedness. Any renewal or extension
of the time of payment of any Senior Indebtedness or the exercise by the holders
of any Senior Indebtedness of any of their rights under any instrument creating
or evidencing Senior Indebtedness, including the waiver of default thereunder,
may be made or done all without notice to or assent from the holders of the
Notes.

                                       17
<PAGE>

      No compromise, alteration, amendment, modification, extension, renewal or
other change of, or waiver, consent or other action in respect of, any liability
or obligation under or in respect of, or of any of the terms, covenants or
conditions of any indenture or other instrument under which any Senior
Indebtedness is outstanding or of such Senior Indebtedness, whether or not such
release is in accordance with the provisions of any applicable document, shall
in any way alter or affect any of the provisions of this Article 9 or of the
Notes relating to the subordination thereof.

      9.7 Stay on Exercise of Remedies. If any Event of Default shall occur and
be continuing, the Noteholders shall not, to the extent any of such actions
would be taken with respect to such Event of Default, accelerate the maturity
of, or institute proceedings to enforce, this Agreement or the Notes or commence
or join with any other creditor of the Company in commencing any proceeding
against the Company seeking to effect a Reorganization, notwithstanding any
provision to the contrary contained in this Agreement or the Notes, except (i)
on or after the occurrence of a Standstill Termination Event during the
continuance of such Event of Default or (ii) to the extent necessary to toll any
statute of limitations that would extinguish any remedy of any Noteholder. For
purposes of the foregoing, a "Standstill Termination Event" will be deemed to
occur upon (1) commencement of a Reorganization, or (2) the 91st day following
the date of the acceleration of the maturity of, or the failure to pay at final
stated maturity, any Senior Indebtedness having an aggregate principal amount of
at least $50,000,000 (provided, that if any such acceleration of Senior
Indebtedness is rescinded by the holders of such Senior Indebtedness, the
Noteholders agree promptly to rescind any acceleration then in effect of the
Notes if such acceleration of the Notes was effected solely as a result of such
acceleration of such Senior Indebtedness).

                                   ARTICLE 10
                                 INDEMNIFICATION

      10.1 Indemnification. The Company hereby agrees to indemnify, exonerate
and hold each holder of Notes and each of the officers, directors, employees,
Affiliates and agents of each holder of Notes (each, an "Indemnified Party")
free and harmless from and against any and all actions, causes of action, suits,
losses, liabilities, damages and expenses, including fees and disbursements of
external counsel, incurred by the Indemnified Parties or any of them as a result
of, or arising out of, or relating to the execution, delivery, performance or
enforcement of this Agreement or any other Note Document by any of the
Indemnified Parties, except to the extent resulting from the negligence or
willful misconduct of such Indemnified Party (collectively, the "Indemnified
Liabilities"). If and to the extent that the foregoing undertaking may be
unenforceable for any reason, the Company hereby agrees to make the maximum
contribution to the payment and satisfaction of each of the Indemnified
Liabilities that is permissible under applicable Law.

      10.2 Survival. All obligations provided for in this Article 10 shall
survive repayment of the Notes and termination of this Agreement.

                                       18
<PAGE>

                                   ARTICLE 11
                               GENERAL PROVISIONS

      11.1 Successors and Assigns. This Agreement shall bind and inure to the
benefit of the parties hereto and their respective successors and assigns,
including each subsequent holder of any Note.

      11.2 Entire Agreement. This Agreement and the Related Agreements set forth
the entire understanding and agreement between the parties as to the
transactions contemplated hereby and thereby and supersede and replace any prior
understanding, agreement or statement of intent, in each case, written or oral,
of any and every nature with respect to such understanding, agreement or
statement.

      11.3 Notices. Any notices or other communications required or permitted
under this Agreement or otherwise in connection herewith shall be in writing and
shall be deemed to have been duly given when delivered (in person, by courier
service or other personal method of delivery), upon confirmation of receipt when
transmitted by facsimile transmission or five days after dispatch by registered
or certified mail, postage prepaid, addressed, as follows:

            (a)   If to the Company:

                  Residential Capital Corporation
                  8400 Normandale Lake Boulevard
                  Minneapolis, Minnesota  55437
                  Attention:  Treasurer

            (b)   If to GMAC:

                  General Motors Acceptance Corporation
                  300 Renaissance Center
                  Detroit, Michigan 48625
                  Attention: Treasurer

or such other address as the Person to whom notice is to be given has furnished
in writing to the other party. A notice of change in address shall not be deemed
to have been given until received by the addressee.

      11.4 Expenses. Each party to this Agreement shall pay all fees and
expenses incurred by it in connection with this Agreement, the other Note
Documents and the transactions contemplated hereby and thereby; provided,
however, that the Company shall pay (a) all costs and expenses, including
reasonable external attorneys' fees, of GMAC or any other holder of Notes in
connection with any amendments, waivers or consents under or in respect of this
Agreement or the Notes, and (b) the costs and expenses incurred by GMAC or any
other holder of Notes in enforcing any rights under this Agreement or the Notes.

      11.5 Amendment and Waiver. No amendment to or waiver of any provision of
this Agreement or the Notes shall be effective unless the same shall be in
writing and signed by the

                                       19
<PAGE>

Company and the Majority Noteholders. Notwithstanding the foregoing, if (a) any
amendment would treat any holder of any Note differently than any other holder
of any Note, such amendment shall require the consent of the holder differently
treated and (b) any amendment to this Agreement or the Notes shall postpone or
delay any date fixed for any payment of principal, interest or other amounts due
on the Notes or under this Agreement, reduce the principal of, or the rate of
interest on, or fees or other amounts payable in connection with the Notes or
amend this sentence, such amendment must be signed by the Company and all of the
Noteholders. No such waiver shall operate as a waiver of any subsequent or other
failure. No failure by any party to take any action against any breach of this
Agreement or default by any other party shall constitute a waiver of such
party's right to enforce any provision hereof or to take any such action. Solely
for the purpose of determining whether the holders of the requisite percentage
of the aggregate principal amount of Notes then outstanding approved or
consented to any amendment, waiver or consent to be given under this Agreement
or the Notes, or have directed the taking of any action provided herein or in
the Notes to be taken upon the direction of the holders of a specified
percentage of the aggregate principal amount of Notes then outstanding, Notes
directly or indirectly owned by the Company or any of its Affiliates shall be
deemed not to be outstanding.

      11.6 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, and may be executed and
delivered by facsimile, and all such counterparts and facsimiles together shall
constitute a single instrument.

      11.7 Headings and Schedules. The descriptive headings of the several
Articles and Sections of this Agreement are inserted for convenience only and do
not constitute a part of this Agreement.

      11.8 Remedies Cumulative. Except as otherwise provided herein, the
remedies provided herein shall be cumulative and shall not preclude the
assertion by any party hereto of any other rights or the seeking of any other
remedies against any other party hereto.

      11.9 Applicable Law. This Agreement and the Notes shall be governed by and
construed in accordance with the laws of the State of New York without regard to
the Laws that might otherwise be applicable under conflict of laws principles
(other than Section 5-1401 of the New York General Obligations Law).

      11.10 No Third Party Rights. This Agreement is intended to be solely for
the benefit of the parties to this Agreement and is not intended to confer any
benefits upon, or create any rights in favor of, any Person other than the
parties to this Agreement, except in each case for the provisions of Article 9,
which are also for the benefit of holders of Senior Indebtedness.

      11.11 Severability. If any provision of this Agreement shall be held
invalid, illegal or unenforceable, the validity, legality or enforceability of
the other provisions of this Agreement shall not be affected thereby, and there
shall be deemed substituted for the provision at issue a valid, legal and
enforceable provision as similar as possible to the provision at issue.

      11.12 Consent to Jurisdiction. All disputes, litigation, proceedings or
other legal actions by any party to this Agreement in connection with or
relating to this Agreement, the other Note

                                       20
<PAGE>

Documents or any matters described or contemplated herein or therein shall be
instituted in the courts of the State of New York or of the United States
sitting in the State of New York. Each party to this Agreement irrevocably
submits to the exclusive jurisdiction of the courts of the State of New York and
of the United States sitting in the State of New York in connection with any
such dispute, litigation, action or proceeding arising out of or relating to
this Agreement. Each party to this Agreement will maintain at all times a duly
appointed agent in the State of New York for the service of any process or
summons in connection with any such dispute, litigation, action or proceeding
brought in any such court and, if it fails to maintain such an agent during any
period, any such process or summons may be served on it by mailing a copy of
such process or summons to it at its address set forth, and in the manner
provided, in Section 11.3, with such service deemed effective on the 15th day
after the date of such mailing.

                                       21
<PAGE>

      Each of the parties to this Agreement has caused this Agreement to be
executed on its behalf by a duly authorized officer, all as of the day and year
first above written.

                     RESIDENTIAL CAPITAL CORPORATION

                     By    /s/ Davee L. Olson
                        --------------------------------------------------------
                     Name:  Davee L. Olson
                     Title: Chief Financial Officer and Director

                     GENERAL MOTORS ACCEPTANCE CORPORATION

                     By    /s/ Sanjiv Khattri
                        --------------------------------------------------------
                     Name:  Sanjiv Khattri
                     Title: Executive Vice President and Chief Financial Officer

<PAGE>

                                    EXHIBIT A

      THIS NOTE WAS ORIGINALLY ISSUED ON JUNE 24, 2005 AND HAS NOT BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
      SECURITIES OR "BLUE SKY" LAWS. THE TRANSFER OF THIS NOTE IS SUBJECT TO THE
      CONDITIONS SET FORTH IN THE SUBORDINATED NOTE AGREEMENT DATED AS OF JUNE
      24, 2005 BETWEEN THE ISSUER AND GENERAL MOTORS ACCEPTANCE CORPORATION, AND
      THE ISSUER RESERVES THE RIGHT TO REFUSE ANY TRANSFER OF THIS NOTE UNTIL
      SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO SUCH TRANSFER. A COPY
      OF SUCH CONDITIONS SHALL BE FURNISHED WITHOUT CHARGE TO THE HOLDER HEREOF
      UPON WRITTEN REQUEST TO THE ISSUER.

                           SUBORDINATED NOTE DUE 2015

                                                                   June 24, 2005

      FOR VALUE RECEIVED, the undersigned, Residential Capital Corporation, a
Delaware corporation (the "Company"), hereby unconditionally promises to pay to
the order of General Motors Acceptance Corporation (the "Payee"), the principal
sum of FIVE BILLION DOLLARS ($5,000,000,000), together with all Capitalized
Interest Amounts (as hereinafter defined), payable on September 30, 2015. The
Company also promises to pay interest (computed on the basis of a 360-day year
comprised of twelve 30-day months) on the unpaid principal amount hereof at a
rate of per annum equal to the Applicable Rate, payable in cash on the 30th day
of each March, June, September and December, commencing September 30, 2005 (each
such date, a "Payment Date").

      Notwithstanding the foregoing, to the extent permitted by applicable law,
upon the occurrence and during the continuance of an Event of Default, the
unpaid principal amount hereof shall bear interest at the Default Rate;
provided, however, that in no event shall this Note bear interest at a rate in
excess of that, or shall interest be calculated in a manner that is not,
permitted by applicable law.

      If the Company fails to pay any interest due on any Payment Date or within
five Business Days thereafter in cash, such amount shall be added, effective as
of such Payment Date, as a Capitalized Interest Amount, to the outstanding
principal amount of this Note (each such addition with respect to this Note, a
"Capitalized Interest Amount"); provided, however, that no amount of interest on
any overdue payment of principal and premium may be added to the outstanding
principal of the Notes as a Capitalized Interest Amount.

      Interest shall begin to accrue on each Capitalized Interest Amount
beginning on and including the Payment Date on which such Capitalized Interest
Amount is added to the principal amount of this Note, and such interest shall
accrue and be paid, together with the interest on the remaining principal amount
of this Note, in accordance with this Note. Notwithstanding anything herein to
the contrary, all interest due and payable on the date that the entire then

                                       A-1
<PAGE>

outstanding principal amount of this Note becomes due and payable, whether on
the maturity date hereof, by acceleration or otherwise, shall be due and payable
in full in cash on such date. All Capitalized Interest Amounts will for all
purposes of this Note and the Note Agreement (as defined below) constitute
outstanding principal on this Note.

      This Note is issued pursuant to, is entitled to the benefits of, and is
subject to the terms of, a Subordinated Note Agreement, dated as of June 24,
2005 (as amended, the "Note Agreement"), between the Company and General Motors
Acceptance Corporation, providing for, among other things, the issuance by the
Company of its Subordinated Notes due 2015 in the aggregate initial principal
amount of $5,000,000,000. THIS NOTE IS SUBJECT TO OPTIONAL PREPAYMENT TO THE
EXTENT AND IN THE MANNER SET FORTH IN THE NOTE AGREEMENT AND THE INDEBTEDNESS
EVIDENCED BY THIS NOTE IS SUBORDINATE AND JUNIOR, TO THE EXTENT AND IN THE
MANNER SET FORTH IN THE NOTE AGREEMENT, IN RIGHT OF PAYMENT TO SENIOR
INDEBTEDNESS (AS DEFINED THEREIN) OF THE COMPANY. By accepting this Note, the
holder agrees to the payment subordination terms and the other terms and
provisions set forth in the Note Agreement.

      If an Event of Default shall occur and be continuing, the principal of
this Note may be declared due and payable in the manner and with the effect
provided in the Note Agreement.

      The Company and each surety, endorser, guarantor and other party ever
liable for payment of any sums of money payable on this Note, jointly and
severally waive demand for payment, presentment, protest, notice of protest and
nonpayment, or other notice of default, notice of acceleration and intention to
accelerate, and agree that their liability under this Note shall not be affected
by any renewal or extension in the time of payment hereof, or in any
indulgences, or by any release or change in any security for the payment of this
Note, and hereby consent to any and all renewals, extensions, indulgences,
releases or changes, regardless of the number of such renewals, extensions,
indulgences, releases or changes.

      Capitalized terms used but not defined in this Note shall have the
meanings assigned to such terms in the Note Agreement.

                                      A-2
<PAGE>

      IN WITNESS WHEREOF, the Company has caused its duly authorized
representative to execute this Note as of the day and year first above written.

                                          RESIDENTIAL CAPITAL CORPORATION

                                          By: __________________________________
                                          Name: ________________________________
                                          Title: _______________________________

                                       A-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]