Document:

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                                                                    Exhibit 10.7

                                 MASTER SERVICES
                                    AGREEMENT

                                     BETWEEN

                   CONVERGYS INFORMATION MANAGEMENT GROUP INC.

                                       AND

          TELECORP COMMUNICATIONS, INC. AND TRITEL COMMUNICATIONS, INC.

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                                TABLE OF CONTENTS

1.   DEFINITIONS...............................................................2
2.   SERVICES..................................................................8
3.   EXCLUSIVITY..............................................................10
4.   CHANGES..................................................................11
5.   ACCEPTANCE AND REJECTION.................................................12
6.   SCHEDULE AND DELAYS......................................................13
7.   SERVICE LEVELS...........................................................15
8.   PERSONNEL................................................................16
9.   MANAGEMENT...............................................................16
10.  USE OF SUBCONTRACTORS....................................................18
11.  SOFTWARE.................................................................19
12.  EQUIPMENT................................................................20
13.  RIGHT OF ACCESS; COOPERATION.............................................21
14.  DATA.....................................................................22
15.  DISASTER RECOVERY........................................................23
16.  SECURITY.................................................................23
17.  AUDIT....................................................................24
18.  FEES AND CHARGES.........................................................26
19.  INVOICING AND PAYMENT....................................................27
20.  CONTINUOUS IMPROVEMENT; BENCHMARKING.....................................28
21.  CLIENT RESPONSIBILITIES..................................................29
22.  CONFIDENTIALITY AND NONDISCLOSURE; PUBLICITY.............................29
23.  OWNERSHIP OF INTELLECTUAL PROPERTY.......................................30
24.  WARRANTIES...............................................................31
25.  INDEMNIFICATION AND DEFENSE..............................................32
26.  LIMITATION OF LIABILITY..................................................34
27.  INSURANCE................................................................34
28.  TERM AND TERMINATION.....................................................35
29.  DISPUTE RESOLUTION.......................................................38
30.  HIRING OF EMPLOYEES......................................................38
31.  GENERAL..................................................................39
EXHIBIT A:  CONFIDENTIALITY AGREEMENT.........................................44

Schedule 1    Statement of Work
Schedule 2    Implementation and Customization Work Order
Schedule 3    Conversion Work Order
Schedule 4    Charges
Schedule 5    Change Control Process
Schedule 6    Atlys Product Release Process
Schedule 7    Scope Change and Issue Management
Schedule 8    Service Level Agreement
Schedule 9    Key Convergys Personnel
Schedule 10   Source Code Escrow Agreement
Schedule 11   Third Party Software

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Schedule 12   Disaster Recovery Plan
Schedule 13   Benchmarking
Schedule 14   Termination Assistance

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      This Master Services Agreement ("Agreement") is effective September 5,
2001, ("Effective Date") between Convergys Information Management Group Inc., an
Ohio Corporation, with offices located at 600 Vine Street, Cincinnati, Ohio
45202 ("Convergys"), and TeleCorp Communications, Inc., and Tritel
Communications, Inc., each a Delaware corporation having a place of business at
1010 North Glebe Road, Suite 800, Arlington, Virginia 22201 (collectively,
"Client").

      WHEREAS, the parties acknowledge that Client has made a decision to
outsource its billing functions, which are a critical part of its business; and

      WHEREAS, Convergys agrees to provide such billing services to Client in
accordance with this Agreement;

      NOW, THEREFORE, In consideration of the terms and conditions set forth
herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties agree as follows:

1. DEFINITIONS

Capitalized terms used throughout this Agreement shall have the meanings set
forth below.

"Active Subscriber" means a Subscriber for whom, during a bill cycle, Convergys
creates a bill, processes an account for collections purposes, and/or creates a
billable transaction in accordance with Client's business requirements.

"Additional Services" means those services provided to Client by Convergys
pursuant to one or more Work Orders other than the Initial Work Orders.

"Affiliate" means any other person or entity that directly or indirectly
controls, is controlled by or is under common control with a party. For the
purposes of this definition, "control" means ownership, directly or indirectly,
of more than 50% of the voting stock of such entity, if a corporation, and
ownership of more than 50% of the equity or beneficial interest in any other
entity. The general partner of any entity that is a partnership will be deemed
to control such entity. Without limiting the foregoing, Client Affiliates
include the subsidiaries of TeleCorp Communications, Inc. and Tritel
Communications, Inc. and any additional entities that Client may acquire during
the Term.

"Agreement" or "MSA" means this agreement and all exhibits, schedules, Work
Orders and documents incorporated herein or therein by reference.

"Atlys(R)" means the Convergys customer care and billing system, the
functionality of which is described in Schedule 1 and the User Guides.

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"Atlys GUI Client Workstation Application" means the component of Atlys licensed
to Client under Section 11.1 herein that allows Client to access the Services.

"Atlys(R) Reports" means those reports that Convergys is required to provide to
Client as specified in Section 3.0 of Attachment 1 to Schedule 1.

"AWS" means AT&T Wireless Group.

"Bill Production Schedule" means the bill production schedule agreed upon by the
parties in advance of each month in accordance with the Bill Production Process
Guide as described in Schedule 1.

"Business Continuity Plan" is defined in Section 2.1.9 of Schedule 1.

"Business Days" means Monday through Friday, 8 a.m. to 5 p.m. ET, excluding
Holidays.

"Change Control Process" means the procedures set forth in Schedule 5 and
Schedule 7 which are utilized to manage change and problem resolution under this
Agreement, as applicable.

"Change in Control" means, with respect to any entity, (a) the consolidation or
merger of such entity with or into any other entity, (b) sale, transfer or other
disposition of all or substantially all of the assets of such entity, or (c)
acquisition by any other entity of beneficial ownership of more than 50% of the
outstanding voting securities or other ownership interests of such entity.

"Client" means TeleCorp Communications, Inc., Tritel Communications, Inc. and
their Affiliates as they may exist from time to time.

"Client Data" means all data and information relating to Client, Client's
business and operations and Client's subscribers. Client Data includes, without
limitation, all information specific to Client's subscribers, such as subscriber
names, addresses, phone numbers, mobile identification numbers, IP addresses,
rates, rate plans, usage data and statistics, equipment records and customer
notices.

"Commercial Launch Date" means the date on which Subscribers are first processed
by Convergys in a production environment.

"Confidential Information" is defined in Section 22.1 herein.

"Confidentiality Agreement" means the Confidentiality Agreements effective as of
March 13, 2001 and attached hereto as Exhibit A.

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"Convergys Program Manager" means the individual appointed by Convergys who has
responsibility for the daily management of the provision of Services to Client
under this Agreement.

"Conversion Services" means those services provided by Convergys under Schedule
3 to this Agreement.

"Core Development" means Convergys' development of features and functionality
for Atlys that will be made available to Convergys' general customer base and
that are not made pursuant to an Enhancement Request.

"Core Release" means a major or minor release of Atlys which provides for new
functionality or extensions of existing functionality.

"Custom Development" means Convergys' development of features and functionality
at the request of Client pursuant to an Enhancement Request.

"Cycle Cut Date" means the date beyond which no further usage is applied to the
calculation of the bill for that cycle.

"Data Center" means the Convergys data centers located in Orlando, FL, and
Cincinnati, OH, which will house all applications, networks and servers used to
provide Services to Client as well as all Client Data and at which all data
processing services will be performed for Client.

"Data Processing Services" means those services provided by Convergys in
accordance with Section 2.1 of Schedule 1.

"Data Processing Charges" means the charges for Data Processing Services as set
out in Schedule 4.

"Deliverables" means those products, Services and developments to be provided by
Convergys pursuant to the Statement of Work and any Work Order.

"Documentation" means the process guides set forth in Section 4.1 of Schedule 1
as provided to Client and updated from time to time.

"ECI" is defined in Section 2.6 to this Agreement.

"EDGE" means enhanced data rates for GSM evolution.

"Effective Date" means the date first written in the introduction paragraph of
this Agreement.

"Enhancement Requests" means Client requests to change system requirements or
functionality.

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"Event" means a derived measure of wireless usage that normalizes the various
wireless usage types (i.e., voice calls, data transfers, short message service)
into a single unit based on size and complexity from a billing perspective.

"Executive Steering Committee" means the management committee referenced in
Section 9.1 herein.

"Force Majeure" is defined in Section 31.2 herein.

"GSM" means "Groupe Special Mobile" also known as Global System for Mobile
Communications. GSM is a set of standards from the European Telecommunications
Standards Institute specifying the infrastructure for a digital cellular
service.

"GPRS" means general packet radio service, a 2.5G GSM technology that delivers
high speed packet data services to mobile terminals.

"Holidays" means those holidays listed in Section 6.1 of Schedule 1.

"Implementation and Customization Services" means those services to be provided
by Convergys in accordance with Schedule 2.

"Implementation, Customization and Conversion Fee" means the fee specified in
Schedule 4 for the Implementation, Customization and Conversion Services.

"Initial Work Orders" means the Work Orders comprising Schedule 2 and Schedule
3.

"Investigation Request" means a query about system functionality, documentation,
feasibility or estimates that requires research and possible review of code but
does not require changes to code.

"Joint Program Management Office" means the office formed by both Client and
Convergys that must mutually agree to project affecting changes.

"Key Convergys Personnel" means those personnel with primary responsibility for
providing the Services to Client and who fill the positions designated on
Schedule 9.

"Out of Scope Services" is defined in Section 2.4 herein.

"Outsourced Services" means those services provided by Convergys in accordance
with the Statement of Work attached as Schedule 1.

"PCS" means personal communications services.

"Pre-existing Intellectual Property" is defined in Section 23.1 herein.

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"Professional Services" means Services other than Data Processing Services
provided to Client on a time and materials basis at the Professional Services
Fee rate set out in Schedule 4.

"Professional Services Fee" means the fee for Professional Services which is
billed in accordance with the rates set out in Schedule 4.

"Product Review Board" means the review board referenced in Section 2.3.2 of
Schedule 1 and in Schedule 6.

"Product Release Process" means the process described in Schedule 6 to this
Agreement

"Project Management Team" means the team of Convergys personnel that will mange
the Services for Client.

"Project Plan" means the plan jointly developed by the parties under a Work
Order for performance of the services to be completed under such Work Order.

"Reports" means those management reports that Convergys is required to provide
to Client as specified in Section 9.3 herein.

"Releases" is defined in Section 4.2 herein.

"Sales Taxes" is defined in Section 18.3.2 herein.

"Services" means the Outsourced Services, Professional Services and Additional
Services provided by Convergys to Client pursuant to the terms of this
Agreement.

"Service Level" means the performance service levels that Convergys is required
to meet with respect to certain Services provided to Client as set forth in
Schedule 8.

"Service Level Agreement" or "SLA" means Schedule 8 to this Agreement which sets
out the Service Levels and Service Level Credits.

"Service Level Credit" means the credit amount payable to Client if Convergys
fails to meet the Service Level for any Service as set forth in Schedule 8.

"Software" means any software used to perform the Services under this Agreement.

"Solution Test Cases" means a description of the testing done by Convergys to
determine whether the Deliverable will operate without error when implemented as
part of the Services and the results of such testing.

"Source Code" means software in human-readable form.

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"Source System" is defined in Section 3.1 of Schedule 3.

"Standard Interfaces" are defined in Attachment A to Schedule 2.

"Statement of Work" or "SOW" means the service description, including all
functional and technical specifications for System Software, hardware and other
products used to provide the Services, as set out in Schedule 1 as it may be
amended from time to time by mutual agreement of the parties and supplemented by
new Releases of the System Software or other agreed upon changes to the
Services.

"Subscriber" means an individual user of the service(s) offered by Client. An
individual, also known in Atlys(R) as a subscription, can have zero to n
services tied to his/her subscription. For example, a subscriber could have both
wireless voice services and a wireless data service as part of his/her
subscription with Client.

"Subscriber Data Processing Charges" means the modified cliff per subscriber
rates set forth in section 1.1 of Schedule 4.

"System Software" means (a) Convergys' proprietary Atlys(R) software (including
those modules formerly known as Switch Manager and RPM) in use for Client
pursuant to this Agreement, (b) any Releases of Atlys(R), and any new
functionality related thereto which Client elects to implement, (c) all Third
Party Software provided by Convergys, and (d) all other software used in or that
is part of the system, which is owned or operated by Convergys to provide the
Data Processing Services to Client pursuant to this Agreement.

"TDMA" means Time Division Multiple Access, a digital transmission scheme that
multiplexes three signals over a single channel.

"Term" means the term of this Agreement, including any renewals, as set out in
Section 28.1 herein.

"Termination Assistance" means the assistance to be provided by Convergys upon
expiration or termination of this Agreement in accordance with Schedule 14.

"Third Party Software" means any program, or component of a program, that is
licensed to Client or Convergys by a third party and is necessary to provide the
Services. As of the Effective Date, the Third Party Software and the party
responsible for the licensing of such Third Party Software are listed on
Schedule 11.

"3G" means third generation technologies for wireless systems that provide
high-speed wireless access to wideband multimedia services wherever spectrum and
licenses are made available.

"UMTS" means Universal Mobile Telecommunications Systems.

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"User Guides" means those guides provided by Convergys which explain how to
complete a System Software procedure and which include field attributes, edit
controls, user tasks and glossaries and which explain why a procedure would be
performed and which include window flow diagrams.

"Wireless Local Number Portability" or "WLNP" means the ability of end users to
retain their geographic or non-geographic wireless telephone number when they
change their service provider, location or service.

"Work Order" means the Statement of Work and any other written statement of work
signed by each party describing the Outsourced Services, Professional Services,
Additional Services and any Deliverables to be provided by Convergys to Client.

2. SERVICES

2.1 Outsourced Services. Convergys shall provide to Client and its Affiliates
the outsourced billing operations and related activities and functionality,
including data processing and professional services, described in Schedule 1,
"Statement of Work," (the "Outsourced Services") pursuant to the terms of this
Agreement and such Schedule, including without limitation all new Releases of
the System Software which Client elects to implement.

2.2 Additional Services.

2.2.1 Work Order. In addition to the Outsourced Services, Convergys agrees to
perform from time to time at the request of Client, on such terms and conditions
as are negotiated by the parties in good faith and consistent with the terms of
this Agreement, certain professional services ("Additional Services") as
specified in written statements of work (each a "Work Order"). Within ten (10)
business days following Convergys' receipt of Client's request for Additional
Services, unless otherwise agreed, Convergys agrees to provide Client with a
quotation for the requested services in accordance with the rates set out in
Schedule 4, Charges. Upon agreement on the Additional Services, the parties will
each execute the Work Order, which will be effective when signed by Convergys
and Client. Each such Work Order will be numbered and titled, and will set forth
the respective responsibilities of Convergys and Client. Work Orders will
include, but will not be limited to, each of the following items whenever such
item is applicable:

                  1.    the effective date and term of the Work Order;
                  2.    the incorporation of this Agreement by reference;
                  3.    a description of the professional services and
                        Deliverables to be provided;
                  4.    specifications for Deliverables regarding functionality,
                        configuration, compatibility and integration;
                  5.    delivery and implementation schedules;
                  6.    testing and acceptance criteria;

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                  7.    operational and maintenance specifications;
                  8.    required service levels, including technical and user
                        support;
                  9.    a description of Client's responsibilities;
                  10.   any additional or special terms and conditions; and
                  11.   pricing.

2.2.2 Incorporation. Unless the parties otherwise expressly agree in writing,
each Work Order will be deemed to incorporate by reference all of the terms and
conditions of this Agreement, including any exhibits and schedules, as
applicable. This Agreement will continue to apply to a Work Order pursuant to
the terms of this Agreement until all obligations herein and thereunder are
performed.

2.2.3 Initial Work Orders. Convergys shall provide those implementation,
customization, conversion, integration and migration services as set forth in
Schedule 2, "Implementation and Customization Work Order," and Schedule 3,
"Conversion Work Order," (collectively, the "Initial Work Orders"), each of
which shall be deemed a Work Order hereunder.

2.3 Incidental Services. If any incidental services, functions or
responsibilities not specifically described in this Agreement are reasonably
necessary for the proper functioning of the System Software in accordance with
the Documentation, but do not arise from Client's unique business requirements
or Custom Developments, they shall be deemed to be included within the scope to
be performed by Convergys for the charges specified in Schedule 4, "Charges," as
if they were specifically described herein. The foregoing shall not be construed
to require Convergys to provide any Professional Services which are not
requested and agreed to be paid for as provided herein.

2.4 Out of Scope Services. Client may request that Convergys perform functions
or provide Professional Services that are materially different from, and outside
the scope of, the Services described in this Agreement ("Out of Scope
Services"). At Client's option, it may elect to solicit and receive bids from
third parties to perform such Out of Scope Services. If Client elects to utilize
such third party services, Convergys shall reasonably cooperate with those third
parties to enable the third party to perform the Out of Scope Services, subject
to appropriate confidentiality provisions. The parties anticipate that Services
provided under this Agreement will evolve and be supplemented, enhanced, or
modified over time to keep pace with technological advancements and improvements
in the methods of delivering Services. The parties acknowledge that such
evolutionary changes will not be Out of Scope Services and shall be provided to
Client at the agreed upon charges. Out of Scope Services explicitly do not
include enhancements and new functionality required to be delivered under this
Agreement under Section 4.2.

2.5 Compliance with Law and Regulations. Convergys shall perform the Services in
accordance with all applicable laws and regulations governing the Services and
Client's business. Any changes in the Services occasioned by changes in laws or
regulations

<PAGE>

shall be subject to the procedures set out in Schedule 7. If such changes
prevent Convergys from performing its obligations under this Agreement, subject
to the procedures in Schedule 7, Convergys shall develop and, upon the
applicable Client approval, implement a suitable workaround until such time as
Convergys can perform its obligations under this Agreement without such
workaround. [OMITTED*] Notwithstanding the foregoing, Convergys
shall not be liable for any failure to notify Client of any changes in laws or
regulations affecting Client's business as they may relate to the Services, nor
shall Convergys be liable for any failure to implement any change not requested
by Client. Without limiting any of the foregoing, Convergys shall ensure that
the Services comply at all times with all laws and regulations regarding
Wireless Local Number Portability ("WLNP").

2.6 ECI. Except as otherwise provided in a Work Order, effective as of September
1 of each year, Convergys shall have the right to increase the Professional
Service Fee rate only, in accordance with this Section 2.6. The increase set out
in this Section does not apply to any other fees or rates charged under this
Agreement or set out in any Schedule.[OMITTED*]

3. EXCLUSIVITY

3.1 [OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities
   and Exchange Commission.

<PAGE>

3.2 [OMITTED*]

3.3 [OMITTED*]

4. CHANGES

4.1 Change Management Services. Any changes to the Services to be provided under
this Agreement shall be performed in accordance with Schedule 5, "Change Control
Procedures" and Schedule 7, "Scope and Issue Management." Changes to the
Services include, without limitation, changes to the System Software.

4.2 [OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities
   and Exchange Commission.

<PAGE>

4.3 Problem Management Services. Convergys will manage all problems in the
delivery of the Services in accordance with Schedule 7, "Scope Change and Issue
Management." Problem management services will include at a minimum, the
following activities:

         a)   problem definition
         b)   impact assessment
         c)   severity classification (1, 2, 3, or 4)
         d)   initial diagnosis
         e)   notifications (including third parties)
         f)   escalation
         g)   resolution
         h)   resolution timeframes
         i)   post problem review (root cause analysis and process improvement)
         j)   settlement and/or charges, if applicable.

4.4  [OMITTED*]

5. ACCEPTANCE AND REJECTION

5.1 Acceptance Period. All Deliverables specified in a Work Order will be
subject to acceptance by Client before being utilized in a production
environment. Unless otherwise specified in a Work Order, for each Deliverable,
Client shall have a period of thirty (30) days to review and test the
Deliverable in accordance with the acceptance test plans for such Deliverable.

5.2 Acceptance Test Plans/Criteria. Convergys will provide Client with Solution
Test Cases for Deliverables upon request. Client shall provide Convergys with
acceptance test plans for each Deliverable at least four (4) weeks prior to the
start of the acceptance test and the parties shall mutually agree on the
acceptance criteria for each Deliverable. The acceptance test plans and
acceptance test criteria will be used to ensure that such Deliverables are free
from material defects and function in all material respects in accordance with
the applicable functional and technical specifications set out or referenced in
the Work Order or applicable Documentation. All Deliverables shall have
completed successfully Convergys' internal testing without material defect or

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities
   and Exchange Commission.

<PAGE>

failure prior to initial delivery to Client. Client shall be permitted to
observe and monitor Convergys' solution testing at Convergys' site.

5.3 Rejection and Cure. In the event that Client, in its reasonable judgment,
concludes (i) that a Deliverable fails to meet the applicable acceptance test
criteria other than due to the fault of Client or any Client contractor, or (ii)
where there are no acceptance test criteria, that there are one or more material
deficiencies in a Deliverable other than due to the fault of Client or any
Client contractor, Client shall promptly report to Convergys each such failure
or deficiency in a reasonably detailed writing and Convergys shall track the
problem and its resolution in accordance with Schedule 7, and Convergys shall
use its best efforts to cure or remove the failures or deficiencies within ten
(10) business days from receipt of such notice, unless otherwise instructed by
Client. The process set out in this Section 5.3 shall be repeated until the
failures and deficiencies have been remedied as provided herein. Client's
acceptance of a prior Deliverable shall not affect its ability to test and
accept all elements of a subsequent Deliverable that incorporates, or interacts
with, the prior Deliverable. This section shall not limit Client's termination
rights as set out in this Agreement.

5.4 Final Acceptance. Final acceptance will be completed when Client signs an
acceptance certificate. Notwithstanding anything to the contrary in this Section
5, the Services will be regarded as finally accepted and approved if the
Deliverables are used in production and no uncorrected Severity 1 or Severity 2
problems exist within the first thirty (30) days of use in production.

6. SCHEDULE AND DELAYS

6.1 Schedule. Convergys shall meet the following schedule with respect to
implementation of Release 7.0 and Release 8.0 of the System Software, unless
otherwise agreed in a writing signed by a representative of each party who is
authorized to amend this Agreement.

         Deliverable                                        Date
         -----------                                        ----

         Release 7.0 in production for TeleCorp             [OMITTED*]

         Release 7.0 in production for Tritel               [OMITTED*]

         Release 8.0 available for testing by               [OMITTED*]
         Client of WLNP and GSM/GPRS
         functionality

         Release 8.0 available for production               [OMITTED*]

Release 8.0 includes a single instance of TDMA and GSM/GPRS.

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities
   and Exchange Commission.

<PAGE>

6.2 Notice. Whenever there is an actual or potential delay to Convergys'
performance under this Agreement, Convergys will immediately notify Client of
the delay, the party responsible for the delay and the reasons for the delay.

6.3 [OMITTED*]

6.4 Resources/Meetings. With respect to the final delivery of any Deliverable
under any Work Order that is delayed more than ten (10) days, where such delay
is not due to the fault of Client or any Client contractor, whether or not such
Deliverable is the final Deliverable:

      a)    Convergys shall use its best efforts to ensure that the Deliverable
            is not further delayed and that subsequent Deliverables are not
            delayed and are completed in accordance with the applicable Work
            Order schedule; and

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities and
   Exchange Commission.

<PAGE>

      b)    Client may require the Executive Steering Committee to participate
            in daily meetings to apprise Client of the progress on Deliverables
            until such time as Convergys is in compliance with the applicable
            Work Order schedule.

6.5 Other Remedies. Client's rights under this Section 6 are in addition to, and
not in lieu of, any other rights of Client under this Agreement, including,
without limitation, rights of termination, provided that the amount of any
credit received by Client under this Section shall be set off against any final
damages award.

7. SERVICE LEVELS

7.1 Service Level Agreement. Convergys shall provide all Services under this
Agreement in accordance with Schedule 8, "Service Level Agreement."

7.2 Failure to Perform. In addition to any remedial obligations or penalties set
out in the Service Level Agreement, if Convergys fails to meet a Service Level,
Convergys shall (i) promptly investigate the underlying cause of the problem;
(ii) prepare and deliver to Client a report identifying the same; (iii) use its
best efforts to promptly correct the problem and to meet the Service Levels as
soon as practicable, including but not limited to dedicating all necessary
resources to the performance of the Services as necessary to meet the Service
Levels; and (iv) advise Client of the status of remedial efforts being
undertaken with respect to the underlying cause of the problem and communicate
with Client on a daily basis or as otherwise agreed with respect to the status
of such Service Levels until such time as the Service Levels are met.

7.3 [OMITTED*]

7.4 Measurement and Monitoring Tools. Convergys shall implement necessary
measurement and monitoring tools and procedures required to measure and report
Convergys' performance of Services against applicable Service Levels. Such
measurement and monitoring shall permit reporting at a level of detail
sufficient to verify compliance with the Service Levels and the applicable
provisions set forth in this Agreement, and shall be subject to audit by Client.
Convergys shall provide Client, on a monthly basis, a written report stating its
compliance and/or non-compliance with the Service Levels and how such compliance
or non-compliance was determined.

7.5 Periodic Reviews. Within six (6) months after the Commercial Launch Date,
and at least annually thereafter, Client and Convergys shall review the Service
Levels and Service Level Credits and may adjust them if appropriate to reflect
improved performance capabilities associated with advances in technology and
methods and

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities and
   Exchange Commission.

<PAGE>

evolving industry standards used to perform Services. The parties expect and
understand that the Service Levels achieved by Convergys and received by Client
should improve over time consistent with the introduction of such technology and
methods.

8. PERSONNEL

8.1 Key Convergys Personnel. Client may provide Convergys with direct feedback
relating to performance of Key Convergys Personnel, which feedback, if provided,
shall be considered by Convergys during its internal employee review and
evaluation process, but which shall not obligate Convergys to take any actions
with respect to such employee contrary to Convergys' human resource policies or
employment laws applicable to such employee.

8.2 Replacement and Qualifications of Convergys Personnel

8.2.1 Replacement. If Client makes a good faith objection to any person
fulfilling a Key Convergys Personnel role, Client may request that such person
be removed from the provision of Services to Client. Upon receipt of such
request, Convergys agrees to use its best efforts to replace such person as soon
as possible with a person of suitable ability and equal or better qualifications
than the person being replaced. Nothing in this Section 8 gives Client the right
to require Convergys to terminate any person's employment or otherwise control
any aspect of that person's employment. Convergys shall at all times have and
exercise complete and exclusive control over all employees and contractors of
Convergys and its subcontractor(s). Such control includes responsibility for
directing each such employee's work, evaluation of employee performance and the
resolution of all employee complaints and grievances.

8.2.2 Qualifications. The personnel Convergys assigns to perform Services shall
be properly trained, experienced and qualified for the Services they are to
perform and Convergys will discuss any good faith concerns that Client has with
respect to any Convergys personnel and shall take reasonable and appropriate
corrective actions in response to such concerns.

8.2.3 General. In addition to Key Convergys Personnel, Convergys shall use an
adequate number of qualified individuals with suitable training, experience and
skill to perform the Services throughout the Term.

9. MANAGEMENT

9.1 Executive Steering Committee. The parties shall form an "Executive Steering
Committee" to facilitate communications between them. The Executive Steering
Committee shall consist initially of: (a) for Client, its Chief Information
Officer, and two others appointed by the Chief Information Officer; and (b) for
Convergys, its President, Communications Solution Group, and a minimum of two
others appointed by the President, Communications Solutions Group. The parties
may designate other senior

<PAGE>

management personnel for membership on the Executive Steering Committee from
time to time, provided that Client's representatives must include its Chief
Information Officer or an executive of equivalent or higher seniority and
Convergys' representative must include its President, Communication Solutions
Group, or an executive of equivalent or higher seniority. The presiding member
of the Executive Steering Committee for either party may designate a
representative to attend a meeting on his/her behalf from time to time, provided
that such representative is of equal or higher rank in the organization. The
Executive Steering Committee shall meet quarterly to (i) review the Reports,
(ii) review Convergys' performance under this Agreement, (iii) review progress
on the resolution of issues, (iv) provide, update and maintain a strategic plan
for Client's billing systems requirements, and (v) discuss such other matters as
appropriate. The meetings will be held in a mutually agreed upon location or via
teleconference. Each party will bear the cost of its participation in meetings
of the Executive Steering Committee.

9.2 Program Management Team. Convergys will establish a Program Management Team
which will consist of the Convergys Program Manager and other Key Convergys
Personnel responsible for the day to day operation and delivery of the Services.
The Convergys Program Manager will devote his or her full time and effort to
managing the Services. The Convergys Program Manager shall be authorized to act
as Convergys' primary contact for Client under this Agreement. The Program
Management Team will meet with Client's designated personnel at least twice a
month to review performance of Services, and will be in contact with Client on a
daily basis during the term of the Initial Work Orders until such time as the
Outsourced Services are fully transitioned to Convergys. Program Management Team
meetings will take place at an agreed upon location, or via teleconference at
the mutual agreement of the parties. Each party will bear the cost of its
participation in Program Management Team meetings.

9.3 Reports. Convergys shall provide Client with the Atlys(R) Reports in
accordance with Attachment 1 to Schedule 1. In addition to the Atlys(R) Reports,
Convergys shall issue to Client detailed, comprehensive periodic management
reports in accordance with this section ("Reports"). There will be no separate
charges to Client for such Reports. Reports will include the following:

9.3.1 Weekly Management Reports:

      a.    Open Items Reports/Review Call
      b.    Project Status Report (Status Calls Held Weekly)
      c.    Implementation Issues Report (through completion of the Initial Work
            Orders and the Work Order for Release 8.0); this report shall
            include progress against the schedules set out in the Initial Work
            Orders and the Work Order for Release 8.0.

9.3.2 Monthly Management Reports and Invoices:

      a. Production/Operations Report Summary (Production SLAs). This report
      shall address all Service objectives and billing system operations,
      including any

<PAGE>

      changes to the Services and billing system operations. The report shall
      document Convergys' performance with respect to the Service Levels,
      specifications and other requirements set forth in this Agreement.
      Convergys shall deliver this report to Client within ten (10) business
      days after the end of each month. Deviations from the Service Levels and
      other performance or delivery requirements, including a plan for
      corrective action where appropriate, will be addressed according to
      Schedule 7 as needed. In addition, Convergys shall provide Client with
      such documentation and other information as may reasonably be requested by
      Client from time to time in order to verify that Convergys' performance of
      Services is in compliance with the Service Levels and the terms of this
      Agreement.

      b.    Client Metrics Report (Remaining SLAs not covered in Section 9.3.2
            (a))

      c.    Professional & Consulting Invoice

      d.    Data Processing Invoice

9.3.3 Quarterly Management Reports:

      a.    Quarterly Summary Letter/ Quarterly Management Meeting

9.3.4 Other Reports. From time to time during the Term, Client may request
additional management reports and Convergys may charge for the development of
such reports on a time and materials basis at the Professional Services Fee
rate.

9.4 Meetings. The parties shall participate in a set of regular meetings to be
held between representatives of Client and Convergys, including the following:
(i) a weekly meeting among operational personnel representing Client and
Convergys to discuss daily performance and planned or anticipated activities and
changes that might adversely affect performance; (ii) a bi-monthly meeting of
the Program Management Team to review the Reports described above; and (iii) a
quarterly meeting of the Executive Steering Committee to review relevant
contract and performance issues as described above. Convergys shall prepare and
circulate an agenda sufficiently in advance of each meeting to give participants
an opportunity to prepare for the meeting and shall incorporate into such agenda
items that Client wishes to discuss. At Client's request, Convergys shall
prepare and circulate minutes promptly after a meeting. Meetings may be
conducted by teleconference upon mutual agreement.

10. USE OF SUBCONTRACTORS

10.1 Right to Subcontract. With respect to any subcontractors that Convergys
utilizes to provide any portion of the Services specified in this Section 10.1
specifically for Client, Convergys shall notify Client of the identity of such
subcontractor and the scope of the Services that such subcontractor will provide
for Client's account. The Services applicable to the previous sentence are
production team services, project management services, development and testing.
Convergys agrees that it will not subcontract any

<PAGE>

responsibilities of Key Convergys Personnel, nor will it use any subcontractors
to fulfill Key Convergys Personnel roles.

10.2 Responsibility. Convergys is and shall remain responsible for the Services
and other Convergys obligations performed by subcontractors to the same extent
as if they were performed by Convergys. In addition, Convergys shall not
disclose any Confidential Information of Client to any subcontractor unless and
until such subcontractor has agreed in writing to protect the confidentiality of
such Confidential Information in a manner no less protective than that required
of Convergys under this Agreement and the Confidentiality Agreement. With
respect to any Confidential Information of Client that Convergys provides to any
subcontractor, Convergys agrees to enforce the confidentiality provision in its
subcontractor agreements on Client's behalf when requested by Client, or, in the
alternative, Convergys agrees to permit Client to enforce such provision
directly. If Client expresses any concerns to Convergys about any subcontracted
services in good faith, Convergys shall discuss such concerns with Client and
work in good faith to resolve Client's concerns on a mutually acceptable basis,
including, if reasonably agreed, replacing such subcontractor with a suitably
experienced and qualified subcontractor.

11. SOFTWARE

11.1 Convergys Software. The Convergys customer care and billing system used to
process Client's data under this Agreement is Atlys(R), the functionality of
which is described in Schedule 1 and the User Guides. Except as provided in the
following sentence, Atlys(R) is operated by Convergys in a service bureau
environment and no licenses, express or implied, are granted by Convergys under
this Agreement. Convergys hereby grants Client a non-exclusive, worldwide
license during the Term of this Agreement to install the Atlys(R) GUI Client
Workstation Application to be provided by Convergys under this Agreement on
Client's workstations and to use such application to access the Services
provided hereunder. The source code for Atlys(R) as provided in escrow under
Section 11.3 herein includes the source code for the Atlys(R) GUI Client
Workstation Application. This license shall terminate upon the expiration or
termination of this Agreement for any reason.

11.2 Developed Software. To the extent that any Work Order requires the
development of Software by Convergys, such Software shall be developed in
accordance with Section 2.3 of Schedule 1.

11.3 Source Code Escrow. Simultaneous with the execution of this Agreement, the
parties are executing a source code escrow agreement as set out in Schedule 10
that provides for release of the Source Code to the System Software (excluding
Third Party Software) upon the occurrence of any of the following events: (i)
cessation of Convergys' business operations generally; or (ii) insolvency or
bankruptcy of Convergys or the commencement of any insolvency procedure or
proceeding by Convergys or against Convergys which is not dismissed within sixty
(60) days. Upon release of the Source Code, Client shall have the right to copy
and use the Source Code solely to maintain the Services to Client or to enable a
third party to perform Services for Client,

<PAGE>

and Client may grant to such third party a non-exclusive right to maintain and
modify such Source Code solely for the benefit of Client, provided that such
third party agrees to be bound by the confidentiality provisions of this
Agreement with respect to the Source Code.

11.4 Third Party Software. Convergys has financial and administrative
responsibility during the Term for Convergys provided Third Party Software and
related maintenance obligations for all Convergys provided Third Party Software
required for performance of the Services and listed on Schedule 11, "Third Party
Software." Convergys will manage and administer all licenses for Convergys
provided Third Party Software obtained pursuant to this Section, comply with and
perform all of Convergys' obligations thereunder, and pay all costs associated
therewith. Client shall have financial and administrative responsibility and
related maintenance obligations for all Third Party Software licensed to Client.

12. EQUIPMENT

12.1 General. Except as expressly provided otherwise in this Agreement,
Convergys shall be responsible for providing all facilities, personnel,
equipment, software and other resources necessary to provide the Services and to
meet the SLAs. Equipment shall not be operated in excess of the capacity
specified in the manufacturer's specifications. Convergys shall use and maintain
adequate equipment (where such equipment is under Convergys' control in
accordance with this Agreement), including, without limitation, hardware and
software resources, to provide the Services in accordance with growth in
Client's Subscriber base and the provision by Client of new post-paid PCS voice
and data services (including TDMA and GSM/GPRS, UMTS, 3G and EDGE) during the
Term. Convergys shall ensure that all equipment is available, and shall upgrade
and purchase additional equipment as necessary, to accommodate such growth and
changes in and additions to the Services approved hereunder, throughout the
Term.

12.2 Client Resources. Unless otherwise specifically agreed in writing, Client
shall acquire, at its expense, the personal computers, compatible terminals,
modems, data collection units and/or telephone equipment and telephone lines
which are specified as Client resources in the process guides described in
Section 4.1 of Schedule 1 or as otherwise set out in Schedule 1, as necessary
for accessing Convergys' system or data collection devices ("Client Resources").
The cost of installing, operating, maintaining and removing such equipment will
be borne by Client. Convergys agrees to act as an advisor for Client equipment
purchases or leases insofar as to supply information both written and oral, as
needed, to state whether proposed equipment purchases will work in conjunction
with Convergys services and equipment. In the event Convergys installs and
maintains the equipment at Client's request and as agreed by the parties in
writing, Client agrees to promptly provide and permit reasonable access to such
equipment by Convergys personnel and to provide the necessary environment for
such equipment; provided that Convergys is responsible for identifying such
requirements for such environment.

<PAGE>

      CLIENT RESOURCES (IF ANY) ARE PROVIDED TO CONVERGYS BY CLIENT ON AN "AS
      IS, WHERE IS" BASIS, WITH NO EXPRESS OR IMPLIED WARRANTIES WHATSOEVER.
      WITHOUT LIMITING THE FOREGOING, THE IMPLIED WARRANTIES OF MERCHANTABILITY,
      NON-INFRINGEMENT (WITH RESPECT TO THIRD PARTY RESOURCES ONLY) AND FITNESS
      FOR A PARTICULAR PURPOSE, EXPRESS OR IMPLIED, ARE EXPRESSLY EXCLUDED.

12.3 Equipment Ownership. Unless otherwise agreed, Convergys shall be
responsible for providing, and shall be the owner, lessee or licensee of, all
interest in equipment, software, systems or networks necessary to provide the
Services, excluding any Client Resources.

12.4 Responsibility for Equipment and Networks. Convergys is responsible for
managing and maintaining all equipment and networks used to provide the Services
throughout the Term up to the Convergys firewall separating Convergys equipment
from any Client Resources. Convergys is also responsible for upgrading such
equipment and networks as necessary, including costs, to enable it to meet the
high standards and obligations set forth herein. Convergys will use commercially
reasonable and diligent efforts to identify and implement efficiencies and
increased levels of service.

12.5 Equipment Leases. If Convergys leases any equipment to provide the
Services, to the extent permitted by the equipment lease, Convergys shall, upon
expiration or termination of this Agreement, assign to Client its rights to
purchase such equipment and shall reasonably assist Client in its dealings with
the lessor to affect such assignment and purchase.

13. RIGHT OF ACCESS; COOPERATION

13.1 Facilities. Subject to Convergys' security procedures, Convergys shall
permit Client reasonable access to its facilities in connection with work
hereunder. No charge shall be made for such visits. It is agreed that prior
notification will be given when access is requested.

13.2 Releases Void. Convergys shall not require waivers or releases of any
personal rights from Client or its representatives in connection with visits to
Convergys' premises, and no such releases or waivers shall be pleaded by
Convergys or third persons in any action or proceeding.

13.3 Company and Work Rules; Responsibility. Client employees and agents, while
on the premises of Convergys, shall comply with all company rules and
regulations including, where required by government regulations, submission of
satisfactory clearance from the U.S. Department of Defense and other federal
authorities concerned. Convergys employees and agents, while on the premises of
Client, shall

<PAGE>

comply with all company rules and regulations including, where required by
government regulations, submission of satisfactory clearance from the U.S.
Department of Defense and other federal authorities concerned.

14. DATA

14.1 Ownership and Use. Client Data shall be and remain the exclusive property
of Client. Convergys shall maintain Client Data and ensure its on-line
availability to Client for a period of six (6) months from the creation of the
Client Data. Thereafter, at Client's option and at a mutually agreed upon cost,
Convergys shall convert Client Data to tapes and either store the tapes or send
them to Client. Client Data shall not be utilized by Convergys for any purpose
other than rendering Services under this Agreement, nor shall Client Data or any
part thereof be sold, assigned, leased, or otherwise disposed of to third
parties by Convergys or commercially exploited by or on behalf of Convergys, its
employees or agents. Convergys shall not possess or assert any lien or other
right against Client Data or fail to return Client Data under any circumstances
for any reason.

14.2 Data Protection. Convergys shall establish and maintain safeguards against
the unauthorized access, destruction, loss or alteration of Client Data in the
possession of Convergys, including but not limited to, in accordance with
Section 15. Client is responsible for initiating and maintaining externally to
Convergys' System, backup copies of data that are provided to Convergys as input
to the Services provided by Convergys.

14.3 Client Access to Data. Convergys agrees that Client will have full access
at all times to all Client Data, in whatever format it exists at the time,
stored on the Convergys systems and Convergys shall deliver promptly to Client
any or all such Client Data upon Client's request. Access to Client Data may be
subject to maintenance and upgrade schedules as set out in this Agreement or the
applicable Schedule, provided that Convergys has provided Client with advance
notice of such maintenance and upgrade schedules. Access to Client Data will be
provided through mutually agreed upon methods that will provide Client access in
a timely manner to meet its needs, subject to Section 2.3 of Schedule 4.
Convergys shall provide Client with a daily ftp data feed (in accordance with a
schedule provided by Client monthly in advance) of Client specified data in "as
is" format at no additional charge, excluding any required circuits, which shall
be paid for by Client. Client agrees that scheduling of the daily ftp data feed
will occur in such a manner as to minimize System Software disruption. Any
Client requests to receive the daily ftp data feed other than as scheduled must
be agreed upon by Convergys.

14.4 Data Conversion. At any time during the Term, Convergys will assist Client
as reasonably necessary, upon Client's request, in the conversion of Client Data
to any format which Client may require for internal purposes, on a time and
materials basis at the Professional Service Fee rate.

<PAGE>

15. DISASTER RECOVERY

As more fully set forth in Section 2.1.9 of Schedule 1 and Schedule 12,
"Disaster Recovery Plan," Convergys shall (i) assume responsibility for disaster
recovery plans, (ii) implement and manage disaster recovery plans, (iii)
maintain such facilities as set out in Schedule 12, (iv) within one hundred
eighty (180) days of the Commercial Launch Date, and no more than once every
calendar year during the Term, update and test the operability of the disaster
recovery plan in effect at that time, (v) upon Client's request, certify to
Client that the disaster recovery plans are operational in all material
respects, and (vi) upon discovery by Convergys, promptly provide Client with
written notice of a disaster and implement the disaster recovery plans upon the
occurrence of a disaster. The disaster recovery services outlined in Schedule 12
will be provided at no additional charge to Client.

16. SECURITY

16.1 Requirements. While the Services are being provided by Convergys to Client
in Convergys' Data Center, back-up data center, and any other location where
there is access to Client Data or Confidential Information or the ability to
access the production environment for the Outsourced Services, Convergys shall
ensure that its facilities, customer care and billing services environment,
system operations and data remain strictly secured against unauthorized access
or disclosure and that requisite protections are provided that are satisfactory
to Client, in recognition that all said operations and data are highly sensitive
and confidential, and that competitive harm to Client, as well as Client's legal
liabilities, may foreseeably flow from breaches of said security. Convergys will
use reliable, tested technology to perform its obligations under this Section.
Convergys shall not relocate the Data Center without the express written consent
of Client.

16.2 Objectives. Requisite protection shall consist of a combination of controls
to ensure the following: (i) Integrity - the ability to ensure system software,
applications, data, hardware configuration, connectivity, and the
state-of-privilege settings cannot be altered during storage or transmission;
(ii) Availability - the ability to ensure systems, applications, and data are
accessible only by authorized persons when needed; and (iii) Confidentiality -
the ability to ensure information is disclosed only to those who have a valid
need to use it.

16.3 Data Transition. Client Data residing in Convergys databases assumes many
states and resides in many environments prior to final output. With each
transition from one state to another, Convergys shall use consistent and
continuous procedures to protect the information from unauthorized disclosure.
For example, data transmitted over communications lines must be afforded
protection at its source, while in transmission, and at its destination, to the
extent of Convergys' direct control. Convergys shall use best efforts to ensure
that all components/activities involved in processing Client Data residing in
Convergys databases shall operate to protect the integrity, availability and
confidentiality of the system operations and Client Data.

<PAGE>

Complementary security policies and procedures shall be implemented within all
relevant portions of the Convergys system.

16.4 Communication. Convergys is responsible for communicating with Client's
business security department in the event an external or internal fraudulent
activity with respect to the Services or any Client Data is suspected or
detected by either Client or Convergys. In the event fraud is suspected or
detected, Client and Convergys agree to the following process: Convergys must
contact Client and Client's designated security officer to inform them of the
activity (whether suspected or actual). The parties will work together in good
faith and Convergys will use its best efforts to correct the problem
immediately. Material fraud issues will be treated as Severity 1 issues. If
Convergys fails to comply with its obligations set forth in this Section 16.4,
Client may then terminate this Agreement immediately and without penalty. During
any investigation, Convergys must be available to meet with Client's security
representatives on a daily basis until the matter has been resolved to Client's
satisfaction. Convergys must use best efforts to comply with Client's requests
for information regarding an ongoing investigation within a 24-hour period.

16.5 Security Audit. After providing reasonable prior notice to Convergys,
Client shall have the right at its own cost to conduct a security audit during
normal business hours to ensure compliance with the foregoing security
requirements. Client shall use commercially reasonable efforts to minimize any
disruption to Convergys' operations during any such audit. Such an audit shall
be conducted in accordance with Section 17.

16.6 Service Location. Convergys shall provide the Services to Client from, and
shall house the applications, servers and networks used to provide Services to
Client in, a secure location in the Data Center. With respect to servers and
networks which contain or can provide access to any Client Data or Client
Confidential Information, Convergys shall restrict access to such servers and
networks to those Convergys personnel who are employed in providing Services to
Client under this Agreement.

17. AUDIT

17.1 Audit Rights. Client shall have the right to conduct audits (or appoint a
mutually acceptable third party independent auditor to conduct audits) of the
Services and related invoicing, facilities, systems, security procedures and
records as set forth in this Section for the purpose of auditing Convergys'
compliance with the provisions of this Agreement and for audit of revenue and
all other records related to this Agreement and the Services. The foregoing
audit rights shall include, to the extent applicable to Services, audits of: (i)
fees and costs charged to Client for the Services, including pass through
expenses and any other costs that are paid by Client on a similar basis, (ii)
practices and procedures, (iii) systems and equipment, (iv) general controls and
security practices and procedures, (v) disaster recovery and backup procedures,
(vi) efficiency in performing Services, including Service Levels, and (vii) any
audits necessary to enable Client to meet applicable regulatory requirements.

<PAGE>

17.2 Procedure and Assistance. Audits may be conducted from time to time during
the Term and, with respect to fee and cost audits, for a period of two (2) years
following the expiration or termination of this Agreement. Audits will be
conducted during regular business hours. Convergys shall provide Client or its
designees with access to Convergys' staff, records, and supporting documentation
as pertains to this Agreement and as may be necessary for Client or its
designees to perform such audits. Convergys shall provide such auditors any
reasonable assistance that they may require. Such reasonable assistance shall be
provided as part of the Services at no additional charge, excluding any
extraordinary expenses and out of pocket expenses. Such audits shall be
conducted with as minimal disruption as possible to Convergys' operations.

17.3 Record Retention. Convergys shall maintain complete and accurate records of
its performance of the Services as well as complete and accurate accounting
records, in a form in accordance with generally accepted accounting practices,
to substantiate Convergys' performance and charges hereunder. Convergys shall
retain such records for a period of two (2) years from the date of expiration or
termination of this Agreement.

17.4 Results of Payment Audit. If an audit of any invoiced charges reveals a
discrepancy of [OMITTED*] or more, Convergys will pay for the reasonable costs
of the audit relating to the invoiced charges. Within thirty (30) days of
completion of the audit, Convergys will refund or credit to Client all excess
amounts paid, and if such audit reveals a discrepancy of [OMITTED*] or more,
interest at the rate of the lesser of [OMITTED*] per annum or the maximum amount
permitted by law. In all other cases, Client will pay for the cost of the audit.

17.5 Results of Other Audits. If any audit other than a payment audit reveals a
substantial performance failure of Convergys, Convergys will pay for the
reasonable costs of the audit. The parties will meet promptly upon completion of
the audit to review the audit findings. Any changes to processes or systems
suggested by the auditor as a result of the audit will be subject to the mutual
agreement of both parties. Charges for agreed changes shall be negotiated by the
parties and subject to the Professional Services Fee Rates. With respect to
Service Level audits, the obligations of this paragraph shall not relieve
Convergys of its obligations under Section 7 herein or any Service Level
Agreement.

17.6 Subcontractors. Convergys will use its best efforts to assist Client in
obtaining from all subcontractors engaged by Convergys in connection with this
Agreement any data or records that may be in such subcontractor's possession and
which are needed to complete an audit under this Agreement. Convergys agrees to
pass through to Client any audit rights it may have in any subcontracts with
subcontractors performing Services, to the extent permitted.

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities and
   Exchange Commission.

<PAGE>

18. FEES AND CHARGES

18.1 General. Client shall pay to Convergys the charges set forth in Schedule 4,
"Charges," for all Services. Except as expressly set forth in this Agreement,
Client is not obligated to pay Convergys any amounts other than the charges
payable to Convergys under Schedule 4. Consistent with its obligation to provide
Services hereunder, Convergys shall use commercially reasonable efforts,
including maintaining and enhancing efficient utilization of resources, to
minimize charges to and expenses payable by Client.

18.2 Pass-Through Expenses. All pass-through expense categories are listed in
Schedule 4. The parties agree that all pass-through expenses are to be paid by
Client to Convergys only in accordance with Schedule 4. Convergys shall provide
to Client upon request the original invoice for each such expense, together with
a statement that Convergys has reviewed the invoiced charges and determined such
charges are proper and valid. Any taxes payable on or incident to pass-through
expenses shall be the responsibility of Client.

18.3 Taxes. The parties' respective responsibilities for taxes arising under or
in connection with this Agreement shall be as follows.

18.3.1 Each party shall be responsible for (i) personal property taxes on
property, including equipment and circuits, it owns or leases; (ii) for
franchise and privilege taxes on its business; and (iii) for taxes based on its
net or gross income or gross receipts or capital. Gross receipts taxes shall
include, without limitation, excise, business, occupation, license, privilege,
service, and other similar taxes (a) which are imposed on or measured by the
gross volume of a party's business, in terms of gross receipts or in other
terms, and in the determination of which the deductions allowed would not cause
the tax to be an income tax or value added tax; and (b) which are not, pursuant
to law or custom, separately stated from the selling price. Applicable personal
property taxes, if any, on existing equipment purchased by or assigned to
Convergys shall be prorated between the parties as of the Effective Date for the
tax year of the taxing jurisdiction in which each item of existing equipment is
located as of the Effective Date of this Agreement.

18.3.2 Convergys shall be responsible for any sales, use, excise, value-added,
services, consumption, and other taxes and duties payable on any goods or
services (collectively, "Sales Taxes") used or consumed by Convergys in
providing Services or other work, including taxes imposed on Convergys'
acquisition or use of such goods or services, but excluding taxes on
pass-through expenses. Any services or Software acquired by Convergys for use by
Client shall be purchased exempt for resale where permitted by statute or
regulation. If during the course of the performance of the Agreement, Convergys
creates or purchases software for Client on which tax could be imposed,
Convergys shall, if possible, either obtain or transmit, as appropriate, such
Software to Client electronically or separately invoice the Software and the
tape, compact disk, or other media to Client.

<PAGE>

18.3.3 Each party agrees to fully cooperate with the other to enable each to
accurately determine its own tax liability and to minimize such liability to the
extent legally permissible. To this end:

(i) Convergys' invoices shall separately state the amounts of any taxes
Convergys collects from Client;

(ii) each party shall provide and make available to the other any resale
certificates, information regarding out-of-state or out-of-country sales or use
of equipment, materials or services, and other exemption certificates or
information reasonably requested by the other party; and

(iii) if a tax is assessed on the provision of all or any part of the Services,
Software or other work provided to Client, or if a party determines in good
faith that such an assessment may be made, the parties shall cooperate in
structuring the arrangements between them with respect to the affected items and
related invoices so as to exempt the non-taxable portion (if any) of such items
from the tax to the extent permitted by law.

18.3.4 Convergys shall promptly notify Client of, and coordinate with Client the
response to and settlement of, any claim for taxes asserted by applicable taxing
authorities for which Client is responsible hereunder. With respect to any claim
arising out of a form or return signed by a party to the Agreement, such party
shall have the right to elect to control the response to and settlement of the
claim, but the other party shall have the right to participate in responses and
settlements appropriate to its potential responsibilities or liabilities.
Notwithstanding the foregoing, Convergys shall permit Client to control the
response to and settlement of any claim which is to be borne 95% or more by
Client. Client shall be entitled to any tax refunds or rebates granted to the
extent such refunds or rebates are attributable to taxes paid by Client.

19. INVOICING AND PAYMENT

19.1 Invoicing. Convergys shall invoice Client for the Services on a monthly
basis. Convergys shall provide billing detail on invoices as reasonably
specified by Client. To the extent a credit may be due Client pursuant to the
Agreement, Convergys shall provide Client with an appropriate credit against
amounts then due and owing; if no further payments are due Convergys, Convergys
shall pay the credit to Client within thirty (30) days. All charges and credits
to be made or given in a particular month shall be consolidated into a single
invoice. Related charges shall be grouped together in a logical manner to
facilitate review and verification by Client. Except as expressly stated to the
contrary, periodic charges under the Agreement are to be computed on a calendar
month basis, and shall be prorated for any partial month.

19.2 Payment Due. Subject to other provisions of this Section, each invoice
shall be payable within thirty (30) days after the date of the invoice. Any
amount due under this

<PAGE>

Agreement for which a time for payment is not otherwise specified shall be
payable within thirty (30) days after the date of the invoice for such amount
from Convergys. Client shall pay a late charge equal to one and one half percent
(1.5%) per month of the undisputed portion of any past due invoice until such
delinquent invoice is paid.

19.3 Prepaid Amounts. Where Client has prepaid for a service or function for
which Convergys is assuming financial responsibility under this Agreement,
Convergys shall reimburse Client, upon either party identifying the prepayment,
for that portion of such prepaid expense which is attributable to periods on and
after the Effective Date. Where Convergys has prepaid for a service or function
for which Client or an alternative service provider shall assume financial
responsibility following expiration or termination of this Agreement, Client
shall reimburse Convergys, upon either party identifying the prepayment, for
that portion of such prepaid expense which is attributable to periods on and
after expiration or termination of this Agreement.

19.4 Disputed Charges. Client shall pay undisputed charges when such payments
are due. Client may withhold payment of particular charges that Client disputes
in good faith and in such case, Client shall advise Convergys in writing of the
nature of the dispute and the parties shall immediately commence dispute
resolution in accordance with the dispute resolution mechanism herein. No
interest shall accrue on disputed amounts. No matter what the nature of the
dispute, Convergys' obligation to provide Services continues during such
dispute, and Convergys and its personnel will continue to use all best efforts
to deliver Services in accordance with the terms of the Agreement. Charges must
be disputed by Client within one hundred and twenty (120) days of the invoice
date or they shall be deemed to be approved by Client, except where charges are
disputed as the result of an audit under this Agreement.

20. CONTINUOUS IMPROVEMENT; BENCHMARKING

20.1 Continuous Improvement. Convergys shall use commercially reasonable efforts
to cause all aspects of the Services (including performance, quality,
comprehensiveness, cost-effectiveness, timeliness and efficiency of the
Services) to improve for the benefit of Client. Such improvements shall continue
through the Term and performance and scope of Services shall improve over time
to reflect improvements in technology and Convergys' processes. Convergys shall
research and develop new technology and applications to be used with the
Services in the ordinary course of its business operations. Convergys and Client
shall meet on a regular basis, but no less than every six (6) months, to discuss
Convergys' research and development efforts and the applications thereof for the
benefit of Client. Continuous improvement includes an obligation to make
available to Client all technologies and billing functionalities that are
generally available in the wireless marketplace, including without limitation
functionality to support TDMA and GSM/GPRS in a single instance and UMTS. In
order to continually improve the quality of the Services to Client, Convergys
may propose changes to the Services in accordance with the procedures set out in
Schedule 5.

<PAGE>

20.2 Benchmarking. Client may, at its own cost, use benchmarking procedures and
may utilize independent third parties acceptable to Convergys to conduct such
benchmarking procedures to obtain an objective measurement and industry
comparison of the Services and Service Levels throughout the Term. The
benchmarking procedures are set out in Schedule 13, "Benchmarking." If the
benchmarking process shows Convergys is not competitive with leaders in the
industry in any material respect, Convergys will take appropriate remedial
actions.

21. CLIENT RESPONSIBILITIES

21.1 Business Requirements. Client shall advise Convergys of the requirements
and nature of Client's business, but the parties acknowledge that Client is
relying on Convergys' expertise in the subject matter of this Agreement to
ensure that the Services meet the stated business requirements of Client.

21.2 Information Requests. Client shall provide timely, complete and accurate
information, data, requirements or specifications that it is obligated to
provide pursuant to this Agreement and shall not unreasonably interfere with
Convergys' performance of its obligations.

22. CONFIDENTIALITY AND NONDISCLOSURE; PUBLICITY

22.1 Confidentiality And Non-Disclosure. Convergys and Client agree that all
Confidential Information exchanged under this Agreement shall be subject to the
Confidentiality Agreements entered into by the parties effective as of March 13,
2001, and attached hereto as Exhibit A and incorporated herein by this reference
(collectively, the "Confidentiality Agreement"). Without limiting the generality
of the foregoing, the parties hereby expressly acknowledge and agree that all
information that would be considered Confidential Information under the
Confidentiality Agreement shall retain such designation. Without limiting any of
the terms of the Confidentiality Agreement, Client's "Confidential Information"
shall include, but shall not be limited to: (i) Client Data provided to or
collected by Convergys or any of its agents either prior to or during the Term
of this Agreement, (ii) any and all other information relating to Client's
business, operations or Subscribers, (iii) Client's system, software, source
code, object code, procedures, drawings, designs, specifications, technology
and/or user documentation therefore provided to Convergys or any of its agents
during the Term of this Agreement; (ii) technical and business development
methods and processes used by Client, and program listings, manuals and
documentation related to Client's software and applications; (iii) Client's
business information, including but not limited to nonpublic financial
information, pricing, customer information or lists and (iv) all other
proprietary information relating to Client's business which is provided to
Convergys in tangible form during the Term of this Agreement. Except as
otherwise expressly set forth in writing, Convergys' "Confidential Information"
shall include: (i) Convergys' system, software, source code, object code,
procedures, drawings, designs, specifications, technology and/or user
documentation therefore provided to Client or any of its agents during the Term
of this Agreement; (ii) technical and business

<PAGE>
development methods and processes used by Convergys, and program listings,
manuals and documentation related to Convergys' software and applications; (iii)
Convergys business information, including but not limited to nonpublic financial
information, pricing, customer information or lists and (iv) all other
proprietary information relating to Convergys' Services which are provided to
Client in tangible form during the Term of this Agreement. Confidential
Information and any copies made by either party are the property of the
disclosing party.

22.2 Publicity. Convergys and Client agree to issue two joint press releases
announcing the existence and nature of this Agreement. The wording of each press
release shall be mutually agreed prior to release, and neither party shall
unreasonably withhold its approval. The first press release will be issued at
the time of execution of this Agreement, and the second press release will be
issued at the time of the Commercial Launch Date. At Client's discretion and
with Client's prior written approval, Convergys may (a) include Client in lists
of Convergys customers in marketing materials, including the Convergys Web Sites
identified with the URLs of www.convergys.com, www.convergys.fr,
www.convergys.de, www.convergys.es, and www.convergys.br and any similar site,
along with its properly formatted logo as provided by Client, and (b) reference
the existence and nature of this Agreement as required in reporting for SEC
purposes, including the Convergys annual report, and as otherwise required by
law, provided that, any public disclosure required for SEC purposes or as
otherwise required by law shall be subject to confidential treatment to the
extent permitted by law whenever such treatment is requested by Client and
provided further that Client is given an opportunity to comment, if not
prohibited by law, whenever it is mentioned in such a disclosure.

23. OWNERSHIP OF INTELLECTUAL PROPERTY

23.1 Pre-Existing Intellectual Property. Each Party shall retain ownership of
all right, title and interest in and to any intellectual property it owned or
had an interest in prior to the Effective Date of this Agreement or which is
developed outside of this Agreement, including, without limitation, all
copyright, patent, trademark, service mark and trade secret rights, technical
documents, technical data, documentation, and engineering materials
(collectively, the "Pre-existing Intellectual Property"). Unless expressly
stated herein, nothing in this Agreement shall be deemed to imply a license or
transfer of ownership of either party's Pre-existing Intellectual Property to
the other party or any third party.

23.2 Work Product. As between Convergys and Client, unless otherwise specified
in a Work Order, the Deliverables developed under this Agreement and all
intellectual property rights therein shall be owned by Convergys, excluding any
Client Data and Client Confidential Information contained in or used to develop
such Deliverables. Client hereby assigns and transfers to Convergys all right,
title and interest that Client may now or hereafter have in the Deliverables
excluding any Client Data or Client Confidential Information. Any software,
documentation or other materials developed by

<PAGE>

or on behalf of Client, (other than by Convergys), including without limitation
any interfaces to any System Software or Third Party Software, will be owned by
Client.

23.3 Further Acts. Client will take such action (including, but not limited to,
the execution, acknowledgment, delivery and assistance in preparation of
documents or the giving of testimony) as may be reasonably requested by
Convergys to evidence, transfer, vest or confirm Convergys' right, title and
interest in the Deliverables.

23.4 Limitation. Notwithstanding any other provision of this Agreement to the
contrary, this Section 23 will not obligate Client to assign or offer to assign
to Convergys any of Client's rights in Client owned material or Client
proprietary materials.

24. WARRANTIES

24.1 Performance Standards. Convergys warrants that the Services provided
hereunder will be provided in a professional and workmanlike manner consistent
with leading industry standards. Convergys warrants that it has all requisite
knowledge, know-how, skill, expertise and experience to perform its obligations
in accordance with this Agreement.

24.2 Defects. Convergys warrants that all Services and Deliverables will be free
of material errors, defects, malfunctions or omissions and will function in
accordance with the applicable functional and technical specifications.

24.3 Releases. Convergys warrants that any Releases which have been approved by
Client for implementation will not result in a Convergys caused (i) material
delay or interruption of performance of the System Software; or (ii) material
loss or corruption of data within the System Software.

24.4 Ownership. Convergys represents and warrants that Convergys owns all right,
title and interest in or to, or possesses valid and binding licenses for use of
the System Software without infringement of the proprietary rights of any other
person, including, without limitation, rights arising from U.S. or foreign
patents, copyrights and trade secrets. Client represents and warrants that
Client owns all right, title and interest in or to, or possesses valid and
binding licenses for Client provided Software without infringement of the
proprietary rights of any other person, including, without limitation, rights
arising from U.S. or foreign patents, copyrights and trade secrets.

24.5 No Default/Conflict. Convergys and Client each warrants that its signing,
delivery and performance of this Agreement shall not constitute a violation of
any judgment, order or decree or a material default under any material contract
by which it or any of its material assets are bound. Convergys and Client each
further warrants that the performance of this Agreement will not conflict with
or be hindered by any obligation of Convergys or Client respectively under any
other agreement, whether in effect as of the Effective Date or entered into
thereafter.

<PAGE>

24.6 Authorization. Convergys and Client each warrants that (i) it has the
requisite corporate power and authority to enter into this Agreement and to
carry out the transactions contemplated by this Agreement; and (ii) the signing,
delivery and performance of this Agreement and the consummation of the
transactions contemplated by this Agreement have been duly authorized through
requisite corporate action.

24.7 Compliance with Laws. Convergys and Client each warrants that it will
comply with all federal, state and local laws, ordinances, rules, regulations
and orders with respect to its performance of the Services and/or its
obligations under this Agreement, including identifying and procuring required
permits, certificates, approvals and inspections. This warranty does not change
the parties' obligations under Section 2.5 herein.

24.8 EXCEPT FOR THE WARRANTIES STATED IN THIS AGREEMENT, CONVERGYS DISCLAIMS ALL
WARRANTIES WITH REGARD TO THE SERVICES OR PRODUCTS FURNISHED UNDER THIS
AGREEMENT, INCLUDING ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A
PARTICULAR PURPOSE.

25. INDEMNIFICATION AND DEFENSE

25.1 Convergys Indemnity. In addition to and not in lieu of any other remedies
provided for herein and under applicable law, Convergys will indemnify, defend
and hold Client (and Client's officers, directors, agents, employees, successors
and assigns) harmless from all claims, damages, liabilities, losses, costs and
expenses (including without limitation attorneys' fees) arising out of or
resulting from any third party claim (actual or threatened), action or other
proceeding (including any proceeding by any of Convergys' employees, agents or
contractors) that is based upon or relates to (i) Convergys' breach of this
Agreement or breach of any warranty in this Agreement, (ii) the negligence or
willful misconduct of Convergys or any party under direction or control of
Convergys, (iii) the damage, loss or destruction of any real property or
tangible personal property of Client or injury or death to any persons resulting
from the actions or inactions of any employee, agent or subcontractor of
Convergys insofar as such damage arises out of or in the course of fulfilling
its obligations under this Agreement, (iv) the actual or alleged infringement or
misappropriation of any patent, copyright, trademark, trade secret or other
proprietary right by all or any portion of the Services or the Deliverables
delivered pursuant hereto or the wrongful use of any trade secret or
Confidential Information involving all or any portion of the Convergys-owned
Services or the Deliverables delivered pursuant hereto, (v) failure to pay any
taxes, interest and penalties for which Convergys is responsible, (vi) violation
of any law, regulation, rule or order for which Convergys is responsible, and
(vii) failure to pay all contributions, taxes or payments required to be made
with respect to its employees or their employment.

<PAGE>

25.2 Client Indemnity. In addition to and not in lieu of any other remedies
provided for herein and under applicable law, Client will indemnify, defend and
hold Convergys (and Convergys' officers, directors, agents, employees,
successors and assigns) harmless from all claims, damages, liabilities, losses,
costs and expenses (including without limitation attorneys' fees) arising out of
or resulting from any third party claim (actual or threatened), action or other
proceeding (including any proceeding by any of Client's employees, agents or
contractors) that is based upon or relates to (i) Client's breach of this
Agreement or breach of any warranty in this Agreement, (ii) the negligence or
willful misconduct of Client or any party under direction or control of Client,
(iii) the damage, loss or destruction of any real property or tangible personal
property of Convergys or injury or death to any persons resulting from the
actions or inactions of any employee, agent or subcontractor of Client insofar
as such damage arises out of or in the course of fulfilling its obligations
under this Agreement, (iv) the actual or alleged infringement or
misappropriation of any patent, copyright, trademark, trade secret or other
proprietary right by all or any portion of the Client-owned Client Resources
delivered pursuant hereto or the wrongful use of any trade secret or
Confidential Information of Convergys involving all or any portion of the
Services or the Deliverables delivered pursuant hereto, (v) failure to pay any
taxes, interest and penalties for which Client is responsible, (vi) violation of
any law, regulation, rule or order for which Client is responsible, and (vii)
failure to pay all contributions, taxes or payments required to be made with
respect to its employees or their employment.

25.3 Infringement Remedies. If any item used or provided by Convergys to provide
Services becomes, or in Convergys' reasonable opinion is likely to become, the
subject of an infringement or misappropriation claim or proceeding, in addition
to indemnifying Client as provided in this Section, Convergys shall promptly
take the following actions at no charge to Client, and in the listed order of
priority: (i) secure the right to continue using the item; or (ii) replace or
modify the item to make it non-infringing, provided that any such replacement or
modification will not degrade functionality performance or quality of the
affected component of the Services.

25.4 Indemnification Procedures. Promptly after receipt by either party of
notice of the commencement or threatened commencement of any civil, criminal,
administrative, or investigative action or proceeding involving a claim in
respect of which the indemnified party will seek indemnification, the
indemnified party shall notify the other party of such claim in writing. Failure
to so notify the indemnifying party shall not relieve the indemnifying party of
its obligations under this Agreement, except to the extent that it can
demonstrate harm attributable to such failure. The indemnifying party shall be
entitled to have, and shall promptly take, sole control over the defense and
settlement of such claim; provided, however, that (i) the indemnified party
shall be entitled to participate in the defense of such claim and to employ
counsel at its own expense to assist in the handling of such claim, and (ii) the
indemnifying party shall obtain the prior written approval of the indemnified
party before entering into any settlement of such claim or ceasing to defend
against such claim. If the indemnifying party fails to assume the defense
following receipt of a notice of any claim, the indemnified party shall have the
right to defend the claim in such manner as it may deem appropriate, at the cost

<PAGE>

and expense of the indemnifying party, and the indemnifying party shall promptly
reimburse the indemnified party for all such costs and expenses.

26. LIMITATION OF LIABILITY

[OMITTED*], EACH PARTY'S TOTAL LIABILITY FOR LOSS, DAMAGE OR EXPENSE IN
CONNECTION WITH OR ARISING FROM THIS AGREEMENT SHALL BE LIMITED TO DIRECT
DAMAGES PROVEN NOT TO EXCEED [OMITTED*] PER YEAR AND AN AGGREGATE AMOUNT OF
[OMITTED*] DURING THE INITIAL TERM OF THIS AGREEMENT.

[OMITTED*], NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR ANY INCIDENTAL,
CONSEQUENTIAL, OR INDIRECT DAMAGES OF ANY KIND, NOR FOR LOSS OF PROFITS, LOSS OF
REVENUE, BUSINESS OR GOODWILL, UNDER OR ARISING OUT OF THIS AGREEMENT, HOWEVER
CAUSED. [OMITTED*]

ANY AMOUNTS FOR WHICH CONVERGYS IS LIABLE HEREUNDER SHALL BE PROVIDED TO CLIENT,
AT CLIENT'S OPTION VIA (i) CERTIFIED CHECK OR WIRE TRANSFER, (ii) CREDIT TO
CLIENT DESIGNATED CONVERGYS INVOICE, OR (iii) CONVERGYS CREDIT MEMO.

27. INSURANCE

27.1 Requirements. Convergys shall maintain and keep in force, at its own
expense, during the Term hereof, the following insurance coverage:

(i) Workers' Compensation insurance as prescribed by the law of the state in
which the work is performed;

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities and
   Exchange Commission.

<PAGE>

(ii) employer's liability insurance with limits of at least Five Hundred
Thousand Dollars ($500,000) each occurrence;

(iii) commercial general liability insurance and, if the use of automobiles is
required, comprehensive automobile liability insurance, each with limits of at
least One Million Dollars ($1,000,000) combined single limit per occurrence for
bodily injury and property damage liability;

(iv) crime insurance covering employee dishonesty and computer fraud coverage
for loss arising out of or in connection with any fraudulent or dishonest acts
committed by the employees of Convergys, acting alone or in collusion with
others, in a minimum amount of One Million Dollars ($1,000,000) and

(v) umbrella liability coverage in an amount of at least One Million Dollars
($1,000,000) in excess of the insurance coverage designated in subsections (i)
through (iii) above.

The policy listed in subsection (iii) above shall be endorsed to name Client as
an additional insured, but only with respect to Client's vicarious legal
liability caused by Convergys' negligence. In no event shall any of the above
insurance be deemed to be a limitation of liability.

27.2 Certificates/Cancellation. The foregoing insurance shall be primary and
non-contributing with respect to any other insurance or self insurance which may
be maintained by Client. Convergys shall cause its insurers to issue
certificates of insurance to Client evidencing that the coverage and policy
endorsements required under this Agreement are maintained in force on the
Effective Date and each anniversary thereof, and that not less than thirty (30)
days written notice shall be given to Client prior to any material modification
or cancellation or non-renewal of the polices. The insurers selected by
Convergys must have a B+ rating or better from Best's Key rating guide or an
equivalent rating service that is acceptable to Client. All liability insurance
policies shall be written on an "occurrence" policy form. Convergys shall be
responsible for payment of any and all deductibles from insured claims under its
policies.

28. TERM AND TERMINATION

28.1 Term. The term of this Agreement will be five (5) years from the Effective
Date unless earlier terminated or extended as permitted herein. Client may elect
to renew this Agreement by providing Convergys with notice of its intent to
renew at least one hundred and twenty (120) days prior to the end of the Term.

28.2 Termination of Work Orders.

28.2.1 Initial Work Orders. Client may terminate the Initial Work Orders if they
are not finally accepted pursuant to Section 5.4 or if Convergys fails to meet
the deadlines set out in Section 6.1. Convergys shall have an obligation to
mitigate all costs as a result of such termination. If Client terminates the
Initial Work Orders, then Client shall have the

<PAGE>

right to terminate this Agreement without penalty or further liability to
Convergys, and Convergys shall refund to Client all amounts paid to Convergys
through the date of such termination.

28.2.2 Release 8.0. Client may terminate the Work Order implementing Release 8.0
and this Agreement if it is not finally accepted pursuant to Section 5.4 or if
Convergys fails to meet the deadlines set out in Section 6.1. Convergys shall
have an obligation to mitigate all costs as a result of such termination. If
Client desires to terminate this Agreement under this Section 28.2.2, Client
will provide written notice to Convergys and Convergys will have sixty (60) days
after receipt of such notice to cure. If Convergys has not cured within such
sixty (60) day period, Client may immediately terminate this Agreement,
notwithstanding any other terms hereof. If Client terminates this Agreement
under this Section, Convergys shall refund to Client all amounts paid to
Convergys under the Work Order implementing Release 8.0 through the date of such
termination.

28.2.3 Other Work Orders. Unless otherwise stated in a Work Order, Client will
have the right at any time to terminate, in whole or in part, any Work Order for
Professional Services (other than the Initial Work Orders and the Work Order for
Release 8.0) upon written notice to Convergys. Convergys shall have an
obligation to mitigate all costs as a result of such termination. Client shall
be responsible to pay for all costs and expenses due and payable in accordance
with Schedule 4 through the effective date of termination of the Work Order.

28.2.4 Effect of Agreement Termination. Termination of this Agreement for any
reason shall automatically terminate any pending Work Orders, except as provided
pursuant to Schedule14, "Termination Assistance."

28.3 Client Termination of Agreement

28.3.1 Breach. Client may terminate this Agreement if any of the following
events of default occur: (i) if Convergys materially fails to perform or comply
with this Agreement and such failure is not cured within thirty (30) days (or
such longer period as may be agreed to by Client) after written notice to
correct such default is received from Client; (ii) if Convergys becomes
insolvent or is unable to pay its debts as they mature, or makes an assignment
for the benefit of creditors; (iii) if a petition under any foreign, state, or
U.S. bankruptcy act, receivership statute, or the like, as they now exist, or as
they may be amended, is filed by Convergys; or (iv) if such a petition is filed
by any third party, or an application for a receiver of Convergys is made by
anyone and such petition or application is not resolved favorably within sixty
(60) days. Notwithstanding anything in this Agreement to the contrary, Client
will have the right to terminate this Agreement immediately upon notice to
Convergys in the event of any Convergys material breach of (i) its obligations
to implement and maintain security as provided in Section 16 if such breach has
caused actual harm to Client or disclosure of Client Data or Confidential
Information to unauthorized third parties; or (ii) Section 22 (Confidentiality).

<PAGE>

28.3.2 [OMITTED*]

28.3.3 Client Change in Control. If, during the Term, Client undergoes a Change
in Control with AWS or Triton PCS, Inc., then Client and its successors may
terminate this Agreement, subject to payment of the exit fees set out in
Schedule 4. Such exit fees shall not apply if Client is acquired by or succeeded
by any other person or entity. Any such acquisition party or successor shall be
bound by the terms and conditions of this Agreement for the remainder of the
Term of this Agreement.

28.4 Convergys Termination of Agreement. Convergys may terminate this Agreement
for non-payment if any such non-payment is not cured within thirty (30) days (or
such longer period as may be agreed to by Convergys) after written notice to
correct such default is received from Convergys. Convergys shall not terminate
this Agreement for non-payment if such payment amount or the Services underlying
such payment amount is being disputed in good faith by Client. Convergys will
have the right to terminate this Agreement immediately upon notice to Client in
the event of any Client material breach of Section 22 if such breach has caused
actual harm to Convergys or disclosure of Convergys Confidential Information to
unauthorized third parties (Confidentiality).

28.5 Termination Assistance. For a period up to six (6) months following
expiration or termination of this Agreement for any reason except nonpayment by
Client, except if such payment amount or the Services underlying such payment
amount is being disputed in good faith by Client, Convergys shall provide
termination assistance to Client to allow the Services to continue without
interruption or adverse effect and to facilitate the orderly transfer of
Services to Client or its designees. The termination assistance to be provided
is defined in Schedule 14, "Termination Assistance."

28.6 Return of Client Confidential Information. Upon the expiration or
termination of this Agreement and any transition period, Convergys shall
promptly deliver to Client all copies and embodiments, in whatever form, of
Client's Confidential Information or, at Client's option, destroy or erase any
embodiments of Client's Confidential Information existing in electronic media,
including but not limited to, written records, notes, photographs, manuals,
notebooks, documentation, and all other materials containing any of Client's
Confidential Information, no matter where such material is located and no matter
what form the material may be in and, if requested by Client, shall provide
Client with written confirmation that all such materials have been returned or
have been destroyed.

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities and
   Exchange Commission.

<PAGE>

28.7 Return of Convergys Confidential Information. Upon the expiration or
termination of this Agreement and any transition period, Client shall promptly
deliver to Convergys all copies and embodiments, in whatever form, of Convergys'
Confidential Information or, at Convergys' option, destroy or erase any
embodiments of Convergys' Confidential Information existing in electronic media,
including but not limited to, written records, notes, photographs, manuals,
notebooks, documentation, and all other materials containing any of Convergys'
Confidential Information, no matter where such material is located and no matter
what form the material may be in and, if requested by Convergys, shall provide
Convergys with written confirmation that all such materials have been returned
or have been destroyed.

28.8 Survival of Rights and Obligations. To the extent applicable, Sections
14.1, 17, 22.1, 23, 25, 26, 28.5, 28.6, 28.7, 28.8 and 31 shall survive
expiration or termination of this Agreement.

29. DISPUTE RESOLUTION

29.1 Informal Dispute Resolution Procedure. During the Term and any extension
during which Convergys is providing Services to Client, the parties will attempt
to settle any claim or controversy among them through consultation and
negotiation in good faith and with a spirit of mutual cooperation. If either
party believes that attempts to resolve a dispute by the parties have failed,
either party may, at any time upon written notice to the other, request that
such controversy or claim be referred to the Executive Steering Committee for
negotiation and resolution. If such a request is made, the Executive Steering
Committee shall meet in person or by telephone within seven (7) days after such
request and shall review and attempt to negotiate a mutually acceptable
resolution of the controversy or claim in dispute. Any resolution reached under
this Section 29.1 will be reduced to writing and signed by the parties. If,
after such meeting, such attempt to resolve the dispute has failed, the parties
may pursue their available remedies at law or in equity.

29.2 Injunctive Relief. Nothing in this Section 29 is intended to restrict or
limit either party's ability to apply at any time to a court of competent
jurisdiction for specific performance or injunctive relief as such court may
deem just and proper in order to enforce this Agreement or prevent any violation
hereof to the extent permitted by applicable law, and each party waives any
objection to the availability of such relief.

29.3 Continued Performance. Each party agrees to continue performing its
obligations under this Agreement while any dispute is being resolved, informally
or otherwise, including litigation, unless and until such obligations are
expressly terminated by this Agreement.

30. HIRING OF EMPLOYEES

Convergys agrees that it will not solicit for employment Client's employees who
are involved with the work relating to this Agreement for a period of one
hundred and eighty

<PAGE>

(180) days following termination of the employment of said employee by Client,
unless mutually agreed upon in writing. Client agrees that it will not solicit
for employment Convergys' employees who are involved with the work relating to
this Agreement for a period of one hundred and eighty (180) days following
termination of the employment of said employee by Convergys, unless mutually
agreed upon in writing. The terms of this Section 30 shall survive the
expiration or termination of this Agreement for a period of one hundred and
eighty (180) days.

31. GENERAL

31.1 Assignment. Neither party shall assign any right or obligation under this
Agreement without the prior written consent of the other party, which shall not
be unreasonably withheld, delayed or conditioned. Any assignment without such
written consent shall be void. Notwithstanding the preceding sentence, either
party may assign this Agreement, in whole or in part, to an Affiliate upon
notice, (provided that the original contracting party remains liable under this
Agreement) but without the consent of the other party. Further, either party may
assign its rights and obligations under this Agreement to an entity into which
it may merge or consolidate or which acquires substantially all of its assets or
stock, upon notice, but without the consent of the other party. Any authorized
assignment under this Section 31.1shall be binding upon and inure to the benefit
of the parties, their respective successors (whether by stock or asset transfer
or any change of control by any other means), personal representatives and
permitted assigns.

31.2 Force Majeure. For the purposes of this Agreement, the expression "Force
Majeure" shall mean any cause affecting the performance by a party of its
obligations arising from acts, events, omissions, happenings or non-happenings
beyond its reasonable control including (but without limiting the generality
thereof) governmental regulations (excluding changes in tax legislation and
excluding compliance with law as set out in Section 2.5 above), fire, flood, or
any disaster or the unavailability of parts or essential support for third party
products worldwide. In the case of Convergys, such cause will only be considered
Force Majeure if it is not attributable to a failure by Convergys to provide
disaster recovery services as specified in this Agreement or to utilize other
operations as a backup where reasonably practicable.

31.2.1 Neither party shall in any circumstances be liable to the other for any
loss of any kind whatsoever including but not limited to any damages or
abatement of charges whether directly or indirectly caused to or incurred by the
other party by reason of any failure or delay in the performance of its
obligations hereunder which is due to Force Majeure.

31.2.2 If either of the parties shall become aware of circumstances of Force
Majeure which give rise to or which are likely to give rise to any such failure
or delay on its part, it shall forthwith notify the other by the most
expeditious method then available and shall inform the other of the period which
it is estimated that such failure or delay shall continue.

<PAGE>

31.2.3 It is expressly agreed that any failure by Convergys to perform or any
delay by Convergys in performing its obligations under this Agreement which
results from any failure or delay in the performance of its obligations by any
person, firm or company with which Convergys shall have entered into any
contract, supply arrangement or sub-contract or otherwise, shall be regarded as
a failure or delay due to Force Majeure only in the event that that person, firm
or company shall itself be prevented from or delayed in complying with its
obligations under such contract, supply arrangement or sub-contract or otherwise
as a result of circumstances of Force Majeure.

31.2.4 Client shall not be required to pay for Services which were not performed
by Convergys during a Force Majeure condition, and shall be entitled to deduct
the price of such Services from any payment due hereunder.

31.2.5 If a Force Majeure event occurs, the party injured by the other's
inability to perform may elect to: (a) suspend its performance for the duration
of the delaying cause, buy or sell elsewhere the items or Services to be bought
or sold hereunder during such time; or (b) resume performance once the delaying
cause ceases with an option in the injured party to extend the delivery date up
to the length of time the contingency endured. Unless such written notice is
given within thirty (30) days after such injured party is apprised of the
contingency, (b), above, shall be deemed selected. If any Force Majeure event
continues for more than sixty (60) days, the party injured by such event may
elect to terminate this Agreement without further penalty or liability to the
other party, except for any liability which arose prior to the commencement of
the Force Majeure event.

31.3 Applicable Law and Jurisdiction. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, excluding its
conflicts of law rules. The parties consent to the jurisdiction of any state
court located within a district which encompasses assets of a party against
which a judgment has been rendered for the enforcement of such judgment or award
against the assets of such party.

31.4 Notices. All notices given hereunder will be given in writing, will refer
to this Agreement and will be personally delivered, sent by facsimile
transmission or by registered or certified mail (return receipt requested) or by
hand delivery via a nationally recognized overnight delivery service to the
address set forth below. Any party may from time to time change such address by
giving the other party notice of such change in accordance with this Section.
All notices shall be deemed given as of the day they are received.

If to Client:     TeleCorp PCS, Inc.
                  1010 North Glebe Road
                  Arlington, VA  22201

                  Attn: Thomas H. Sullivan, President

                  Fax:  (703) 236-1104

<PAGE>

With a copy to:   Mintz Levin Cohn Ferris Glovksy & Popeo PC
                  One Financial Center
                  Boston, MA 02111

                  Attn: John Pomerance

If to Convergys:  Convergys Information Management Group
                  201 East Fourth Street
                  Cincinnati, Ohio 45202

                  Attn: President of Communications Solutions Group

                  Fax: 513-784-5062

With a copy to:   Legal Department
                  201 East Fourth Street
                  Cincinnati, Ohio 45202

                  Attn: General Counsel
                  Fax:  513-723-7734

31.5 Severability. If any provision of this Agreement is held invalid, illegal
or unenforceable in any jurisdiction, for any reason, then, to the full extent
permitted by law (a) all other provisions hereof will remain in full force and
effect in such jurisdiction and will be liberally construed in order to carry
out the intent of the parties hereto as nearly as may be possible, (b) such
invalidity, illegality or unenforceability will not affect the validity,
legality or enforceability of any other provision hereof, and (c) any court
having jurisdiction thereover will have the power to reform such provision to
the extent necessary for such provision to be enforceable under applicable law.

31.6 Waiver; Amendment. No delay or failure by any party hereto in exercising or
enforcing any of its rights or remedies hereunder, and no course of dealing or
performance with respect thereto, will constitute a waiver thereof. The express
waiver by a party hereto of any right or remedy in a particular instance will
not constitute a waiver thereof in any other instance. All rights and remedies
are cumulative and not exclusive of any other rights or remedies. Except as
expressly provided in this Agreement, no amendment, waiver or discharge of any
provision of this Agreement will be effective unless made in a writing that
specifically identifies this Agreement and the provision intended to be amended,
waived or discharged and signed by both parties. Each such amendment, waiver or
discharge will be effective only in the specific instance and for the specific
purpose for which given.

31.7 Section and Paragraph Headings. Section and paragraph headings used
throughout this Agreement are for reference and convenience and in no way
define, limit or describe the scope or intent of this Agreement or affect its
provisions.

<PAGE>

31.8 Conflicting Terms. The parties agree that in the event of any conflicting
terms or conditions between this Agreement, and any Schedule or Work Order, the
order of priority and controlling terms and conditions shall be as follows: MSA,
Schedule, Work Order.

31.9 Entire Agreement. This Agreement supersedes any and all prior negotiations,
understandings and agreements with respect hereto, and, together with the
exhibits and schedules constitutes the entire agreement of the parties hereto
with respect to the subject matter hereof.

31.10 Counterparts. This Agreement may be executed in several counterparts, all
of which taken together shall constitute one single agreement between the
parties hereto.

31.11 Relationship of Parties. Convergys, in furnishing services to Client
hereunder, is acting as an independent contractor, and Convergys has the sole
right and obligation to supervise, manage, contract, direct, procure, perform or
cause to be performed, all work to be performed by Convergys under this
Agreement. Convergys is not an agent of Client and has no authority to represent
Client as to any matters, except as expressly authorized in this Agreement.

31.12 Third Party Beneficiaries. This Agreement is entered into solely between,
and may be enforced only by, Convergys and Client, and shall not be deemed to
create any rights in third parties, including suppliers and subscribers of a
party, or to create any obligations of a party to any such third parties.

               [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

<PAGE>

The parties have executed this Agreement as of the Effective Date first set
forth above.

Convergys Information Management            TeleCorp Communications, Inc.
Group Inc.

By:                                         By:

Print Name: Robert J. Marino                Print Name: Thomas H. Sullivan

Title: President                            Title: President

Date:                                       Date:

Tritel Communications, Inc.

By:

Print Name: Thomas H. Sullivan

Title: President

Date:

<PAGE>

                      EXHIBIT A: CONFIDENTIALITY AGREEMENT

                             See attached document.

<PAGE>

                                   SCHEDULE 1

                                STATEMENT OF WORK

1.0   Scope of Work

Convergys shall furnish to Client Professional Services and Data Processing
Services in a service bureau environment using Atlys(R), Convergys' proprietary
wireless billing and customer care system. Services include the use of
proprietary software furnished and/or owned by Convergys, a Convergys
subcontractor or by third party vendors in accordance with and subject to the
terms and conditions set forth in this Statement of Work, the Attachments hereto
("SOW") and the Master Services Agreement ("MSA"). Capitalized terms not
otherwise defined herein shall have the meanings given to such terms in the MSA.

2.0   Services to be Performed by Convergys

      2.1.  Data Processing Services

      Unless expressly provided in the Agreement, the Data Processing Services
      described herein will be provided in consideration of the Data Processing
      Charges set forth on Schedule 4, with no additional charges to Client.

            2.1.1. Atlys(R) System Functionality

                   Convergys will make available to Client the Atlys(R)
                   functionality listed in Attachment 1 to this SOW.

            2.1.2. [OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities and
   Exchange Commission.

<PAGE>

            2.1.3. [OMITTED*]

            2.1.4. [OMITTED*]

            2.1.5. [OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities and
   Exchange Commission.

<PAGE>

            2.1.6. [OMITTED*]

            2.1.7. [OMITTED*]

            2.1.8. [OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities and
   Exchange Commission.

<PAGE>

            2.1.9. [OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities and
   Exchange Commission.

<PAGE>

            2.1.10. [OMITTED*]

      2.2. Professional Services

      [OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities and
   Exchange Commission.

<PAGE>

2.3. Software Development Services

[OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities
   and Exchange Commission.

<PAGE>

2.4. Conversion Services

[OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities
   and Exchange Commission.

<PAGE>

3.0    Proprietary Materials

       [OMITTED*]

4.0    Commitments

       [OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities
   and Exchange Commission.

<PAGE>

5.0    Client Responsibilities

       [OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities
   and Exchange Commission.

<PAGE>

6.0    Hours of Operation

       [OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities
   and Exchange Commission.

<PAGE>

7.0    Performance Targets

       The parties have agreed to establish and measure the performance of
       Convergys' products and services, by using the SLAs set forth in Schedule
       8 to the MSA.

8.0    Charges

       Charges for Convergys Professional Services and Data Processing Services
       shall be in accordance with the schedule of charges detailed in Schedule
       4 to the MSA.

<PAGE>

9.0    Signature

In WITNESS WHEREOF, the parties have duly executed and delivered this Statement
of Work.

Convergys Information Management                  TeleCorp Communications, Inc.
Group Inc.

By:                                               By:
   -----------------------------------------         ---------------------------
Name:    Robert J. Marino                         Name:  Thomas H. Sullivan
Title:   President                                Title:  President
Date Signed:                                      Date Signed:
            --------------------------------                  ------------------

Tritel Communications, Inc.

By:
     ---------------------------------------
Name:  Thomas H. Sullivan
Title:  President
Date Signed:
            --------------------------------

<PAGE>

                                   SCHEDULE 1

                                  ATTACHMENT 1

                                  ATLYS(R) SOW

                          ATLYS(R) FUNCTIONAL BASELINE

[OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities
   and Exchange Commission.

<PAGE>

                                   SCHEDULE 1

                                  ATTACHMENT 2

                                  ATLYS(R) SOW

                         ATLYS(R) STANDARD USER TRAINING

[OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities
   and Exchange Commission.

<PAGE>

                                   SCHEDULE 1

                                  ATTACHMENT 3

                              CREDIT CARD INTERFACE

Upon receipt of written request from Client received no later than September 14,
2001, Convergys will provide Client with a customized interface in support of
one-time and recurring credit card payments and debit card payments, in
accordance with the specifications provided by Client on or before September 14,
2001, provided, however, that the specifications provided by Client will work
within the current functionality of the Atlys graphical user interface. This
custom interface will support authorization and settlement for one-time credit
card payments, a single pre-authorization and recurring settlement for recurring
credit card payments, and settlement for debit card payments. [OMITTED*] The
interface will be provided to Client no later than May 5, 2002, unless otherwise
mutually agreed by both parties. As used in this Attachment, the term "credit
card" includes Master Card, Visa, American Express and Discover.

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities
   and Exchange Commission.

<PAGE>

                                   SCHEDULE 1

                                  ATTACHMENT 4

                            ATLYS TAXATION PROCESSING

[OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities
   and Exchange Commission.

<PAGE>

                                   SCHEDULE 2

                   IMPLEMENTATION AND CUSTOMIZATION WORK ORDER

1.0   Incorporation

This Implementation and Customization Work Order ("Work Order 001") is made
pursuant to the Master Services Agreement dated September 5, 2001 ("Agreement"
or "MSA") between Convergys Information Management Group Inc. ("Convergys") and,
TeleCorp Communications, Inc. and Tritel Communications, Inc. (collectively
"Client"). The Agreement is incorporated herein by reference and the terms and
conditions of the Agreement shall apply to all work performed under this Work
Order. Capitalized terms not otherwise defined herein shall have the meanings
given to such terms in the MSA.

2.0   Term

This Work Order is effective as of September 5, 2001, ("Effective Date") and
extends until all work has been completed and accepted by Client in accordance
with the acceptance terms as defined in the MSA Section 5.

3.0   Scope of Work

Convergys will provide Client with Professional Services associated with the
integration, testing, implementation and customization of Atlys(R) for Client.

      3.1.  Charges for Implementation and Customization Services shall be in
            accordance with Schedule 4 of the Agreement.

            3.1.1. Implementation of Release 7.0 as defined in Attachment A to
                   Schedule 1 for TDMA shall be included in the Implementation,
                   Customization and Conversion Fee set forth in Schedule 4 of
                   the Agreement.

            3.1.2. Customization Services described in section 4.3 hereof and
                   defined in Attachment B shall be included in the
                   Implementation, Customization and Conversion Fee set forth in
                   Schedule 4 of the Agreement, unless otherwise provided in
                   Attachment B.

4.0   Services to be Performed by Convergys

      [OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities
   and Exchange Commission.

<PAGE>

5.0   Project Milestones

[OMITTED*]

6.0   Deliverables

[OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities
   and Exchange Commission.

<PAGE>

7.0   Client Responsibilities

      [OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities
   and Exchange Commission.

<PAGE>

8.0   Signatures

In WITNESS WHEREOF, the parties, by their authorized representatives, have
executed this Work Order as of the date first written above.

Convergys Information Management    TeleCorp Communications, Inc
Group Inc.

By:                                     By:
   --------------------------------        -------------------------------------
Print: Robert J. Marino                 Print: Thomas H. Sullivan
Title: President                        Title: President
Date:                                   Date:
     ------------------------------          -----------------------------------

Tritel Communications, Inc.

By:
   --------------------------------
Print: Thomas H. Sullivan
Title: President
Date:
     ------------------------------

<PAGE>

                                   SCHEDULE 2

                                  ATTACHMENT A

                               STANDARD INTERFACES

[OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities
   and Exchange Commission.

<PAGE>

                                   SCHEDULE 2

                                  ATTACHMENT B

                                 CUSTOM FEATURES

[OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities
   and Exchange Commission.

<PAGE>

                                   SCHEDULE 2

                                  ATTACHMENT C

                               PROJECT MILESTONES

[OMITTED*]

*  This material has been omitted pursuant to a request for confidential
   treatment and such material has been filed separately with the Securities
   and Exchange Commission.

<PAGE>

                                   SCHEDULE 2

                                  ATTACHMENT D

                          REFERENCE DATA RESPONSIBILITY

[OMITTED*]

*    This material has been omitted pursuant to a request for confidential
     treatment and such material has been filed separately with the Securities
     and Exchange Commission.

<PAGE>

                                   SCHEDULE 3

                              CONVERSION WORK ORDER

1.0   Incorporation

      This Conversion Work Order ("Work Order 002") is made pursuant to the
      Master Services Agreement dated September 5, 2001, ("Agreement") between
      Convergys Information Management Group Inc. ("Convergys") and TeleCorp
      Communications, Inc. and Tritel Communications, Inc. (collectively
      "Client"). The Agreement is incorporated herein by reference and the terms
      and conditions of the Agreement shall apply to all work performed under
      this Work Order. Capitalized terms not otherwise defined herein shall have
      the meanings given to such terms in the MSA.

2.0   Term

      This Work Order is effective as of September 5, 2001, ("Effective Date")
      and shall extend until all work has been completed and accepted by
      TeleCorp in accordance with the acceptance terms as defined in the MSA
      Section 5.

3.0   Scope of Work

      3.1.  Convergys will provide Client with Professional Services for the
            purpose of converting and shall convert all active subscribers at
            the time of conversion in existing TeleCorp and Tritel markets from
            current billing and collection systems, BSCS and RSI for TeleCorp
            and HO for Tritel ("Source Systems") to Atlys(R), Convergys'
            proprietary wireless billing, collection and customer care system.
            Existing TeleCorp and Tritel markets are defined in Attachment A.

      3.2.  Charges for Conversion Services shall be included in the
            Implementation, Customization and Conversion Fee set out in Schedule
            4 to the Agreement.

4.0   Services to be Performed by Convergys

      Convergys shall provide the Conversion Services in accordance with
      Schedule 2 Attachment C - Project Milestones. Communication between the
      parties regarding the Conversion Services will be managed in accordance
      with the Joint Program Management Office.

      4.1.  [OMITTED*]

*    This material has been omitted pursuant to a request for confidential
     treatment and such material has been filed separately with the Securities
     and Exchange Commission.

<PAGE>

5.0   Conversion Deliverables

      [OMITTED*]

6.0   Conversion Project Schedule

      The objective of the conversion process is to identify the data to be
      converted, the process to do this and the actual conversion in order to
      minimize the business impact to Client. A detailed project plan will be
      jointly developed.

      The planning of the conversion process parallels the implementation
      process.

*    This material has been omitted pursuant to a request for confidential
     treatment and such material has been filed separately with the Securities
     and Exchange Commission.

<PAGE>

      6.1.  Responsibilities of Convergys

            Additional Responsibilities of Convergys can be found in Attachment
            C - Conversion Team Responsibilities. Schedule 2 Attachment C -
            Project Milestones provides the timelines for these deliverables.

      6.2.  Responsibilities of the Client

            Additional Responsibilities of Client can be found in Attachment C -
            Conversion Team Responsibilities.

            [OMITTED*]

*    This material has been omitted pursuant to a request for confidential
     treatment and such material has been filed separately with the Securities
     and Exchange Commission.

<PAGE>

      6.3.  Responsibilities of Both Parties

            Additional responsibilities of both parties can be found in
            Attachment C - Conversion Team Responsibilities.

            Client and Convergys will form a Joint Project Management Office,
            ("JPMO") which must mutually agree to project affecting changes
            until the data migration is complete. The JPMO governs items such as
            the migration strategy, changes to the source system data
            structures, and the data mapping specifications. Changes may result
            in delays and additional cost. Schedule 2 Attachment C - Project
            Milestones provides the timelines for these deliverables. Neither
            the JPMO nor Convergys may make any changes to the project plan that
            would add cost or may delay either HO or BSCS conversion without
            prior written approval of Client's Chief Information Officer.

7.0   Scope Assumptions

      The fees and timeline associated with this Work Order are based on the
      assumptions as outlined in Attachment B - Client Atlys Conversion
      Assumption Document. Any alternative to these assumptions may entail
      changes to the fee structure and/or the committed timeline.

<PAGE>

8.0   IN WITNESS WHEREOF, the parties have duly executed and delivered this Work
      Order as of the date first written above.

          CONVERGYS INFORMATION                       TELECORP
          MANAGEMENT GROUP INC.                       COMMUNICATIONS, INC.

          By:                                         By:
             ---------------------------                 -----------------------

          Name: Robert J. Marino                      Name: Thomas H. Sullivan

          Title: President                            Title: President

          Date Signed:                                Date Signed:
                      ------------------                          --------------

          TRITEL COMMUNICATIONS, INC.

          By:
             ---------------------------

          Name: Thomas. H. Sullivan

          Title: President

          Date Signed:
                      ------------------

<PAGE>

                                   SCHEDULE 3

                                  ATTACHMENT A

                           TELECORP AND TRITEL MARKETS

TeleCorp Territory:

      Market                                         BTA Market Designator

I.    From New Orleans MTA

      Baton Rouge, LA                                         32
      Lafayette-New Iberia, LA                                236
      New Orleans, LA                                         320
      Alexandria, LA                                          009
      Houma-Thibodeaux, LA                                    195
      Hammond, LA                                             180

II.   From Dallas-Forth Worth MTA

      Portions of the Monroe, LA BTA:                         304
            Ashley, AR
            Caldwell, LA
            Catahoula, LA

III.  From Houston, MTA

      Beaumont, TX                                            34
      Lake Charles, LA                                        238

IV.   From St. Louis MTA

      Cape Giradeau-Sikeston, MO                              66
      Carbondale-Marion, IL                                   67
      Columbia, MO                                            90
      Jefferson City, MO                                      217
      Kirksville, MO                                          230
      Mount Vernon-Centralia, IL                              308
      Poplar Bluff, MO                                        355

<PAGE>

      Quincy, IL-Hannibal, MO                                 367
      Rolla, MO                                               383
      Springfield, MO                                         428
      West Plains, MO                                         470

V.    From Little Rock MTA

      El Dorado-Magnolia-Camden, AR                           125
      Fayetteville-Springdale-Rogers, AR                      140
      Fort Smith, AR                                          153
      Harrison, AR                                            182
      Hot Springs, AR                                         193
      Jonesboro-Paragould, AR                                 219
      Little Rock, AR                                         257
      Pine Bluff, AR                                          348
      Russellville, AR                                        387

VI.   From Memphis-Jackson MTA

      Blytheville, AR                                         49
      Dyersburg-Union City, TN                                120
      Jackson, TN                                             211
      Memphis, TN                                             290

VII.  From Louisville-Lexington-Evansville
      MTA

      Evansville, IN                                          135
      Paducah-Murray-Mayfield, KY                             339

VIII. Portions of the Puerto Rico-U.S. Virgin
      Islands MTA

      San Juan-Arecibo, Humacao                               488
      Mayaguez Aguadilla-Ponce                                489
      U.S. Virgin Islands                                     491

IX.   From Milwaukee MTA

      Milwaukee                                               297
      Appleton-Oshkosh, WI                                    18
      Fond du Lac, WI                                         148
      Green Bay, WI BTA                                       173
      Janesville-Beloit, WI                                   216
      Madison, WI                                             272
      Manitowoc, WI                                           276

<PAGE>

      Sheboygan, WI                                           417
      Portions of Marquette, MI                               282
      Escabana, MI                                            132
      Stevens Point-Marshfield, WI                            432
      Portions of the La Crosse, WI-
      Winona, MN                                              234

X.    From Des Moines-Quad City, IA MTA

      Fort Dodge, IA                                          150
      Waterloo-Cedar Falls, IA                                462
      Davenport, IA - Moline, IL                              105
      Dubuque, IA                                             118
      Iowa City, IA                                           205
      Burlington, IA                                          61
      Clinton, IA - Sterling, IL                              86
      Des Moines, IA                                          111
      Marshall Town, IA(3)                                    283
      Mason City, LA(3)                                       285
      Ottumwa, IA(3)                                          337
      Cedar Rapids, IA (4)                                    70
      Sioux City, IA (3)                                      421

Tritel Territory

Market                                              BTA Market Designator

I.    From Atlanta MTA

      Carroll County, GA                                      (1)
      Haralson County, GA                                     (2)
      Opelika-Auburn, AL                                      334
      Chattanooga, TN                                         076
      Cleveland, TN                                           085
      Dalton, GA                                              102
      LaGrange, GA                                            237
      Rome, GA                                                384

II.   From Knoxville MTA

      Knoxville, TN                                           232

III.  From Louisville-Lexington-Evansville MTA

      Louisville, KY                                          263
      Lexington, KY                                           252

<PAGE>

      Bowling Green-Glasgow, KY                               052
      Owensboro, KY                                           338
      Corbin, KY                                              098
      Somerset, KY                                            423
      Madisonville, KY                                        273

IV.   From Memphis-Jackson MTA

      Montgomery County, MS                                   (2)
      Jackson, MS                                             210
      Tupelo-Corinth, MS                                      449
      Greenville-Greenwood, MS                                175
      Meridian, MS                                            292
      Columbus-Starkville, MS                                 094
      Natchez, MS                                             315
      Vicksburg, MS                                           455

V.    From Nashville MTA

      Nashville, TN                                           314
      Clarksville, TN-Hopkinsville, KY                        083
      Cookeville, TN                                          096

VI.  From Birmingham MTA

      Anniston, AL                                            017
      Birmingham, AL                                          044
      Decatur, AL                                             108
      Dothan-Enterprise, AL                                   115
      Florence, AL                                            146
      Gladsden, AL                                            158
      Huntsville, AL                                          198
      Montgomery, AL                                          305
      Selma, AL                                               415
      Tuscaloosa, AL                                          450

VII.  From New Orleans MTA

      Biloxi-Gulfport-Pascagoula, MS                          042
      Hattiesburg, MS                                         186
      Laurel, MS                                              246
      McComb-Brookhaven, MS                                   269
      Mobile, AL                                              302

<PAGE>

(1)   Carrol County and Haralson County are both located within the Atlanta BTA
      (B024).

(2)   Montgomery County is located within the Memphis BTA (B290).

<PAGE>

                                   SCHEDULE 3

                                  ATTACHMENT B

                  TELECORP ATLYS CONVERSION ASSUMPTION DOCUMENT

                                   [OMITTED*]

*    This material has been omitted pursuant to a request for confidential
     treatment and such material has been filed separately with the Securities
     and Exchange Commission.

<PAGE>

                                   SCHEDULE 3

                                  ATTACHMENT B

                                    EXHIBIT 1

                                   [OMITTED*]

*    This material has been omitted pursuant to a request for confidential
     treatment and such material has been filed separately with the Securities
     and Exchange Commission.

<PAGE>

                                   SCHEDULE 3

                                  ATTACHMENT C

                        CONVERSION TEAM RESPONSIBILITIES

                                   [OMITTED*]

*    This material has been omitted pursuant to a request for confidential
     treatment and such material has been filed separately with the Securities
     and Exchange Commission.

<PAGE>

                                   SCHEDULE 4

                                     CHARGES

Capitalized terms not otherwise defined herein shall have the meanings given to
such terms in the MSA.

                                   [OMITTED*]

*    This material has been omitted pursuant to a request for confidential
     treatment and such material has been filed separately with the Securities
     and Exchange Commission.

<PAGE>

                                   SCHEDULE 5

                             CHANGE CONTROL PROCESS

                                   [OMITTED*]

*    This material has been omitted pursuant to a request for confidential
     treatment and such material has been filed separately with the Securities
     and Exchange Commission.

<PAGE>

                                   SCHEDULE 6

                          ATLYS PRODUCT RELEASE PROCESS

                                   [OMITTED*]

*    This material has been omitted pursuant to a request for confidential
     treatment and such material has been filed separately with the Securities
     and Exchange Commission.

<PAGE>

                                   SCHEDULE 7

                        SCOPE CHANGE AND ISSUE MANAGEMENT

      This document provides for a system of identifying the severity of and the
response to and resolution of problems arising from the performance of the
Services, and sets forth certain parameters for Convergys maintenance as well as
procedures for introducing and processing changes in the scope of the Services.

                                   [OMITTED*]

*    This material has been omitted pursuant to a request for confidential
     treatment and such material has been filed separately with the Securities
     and Exchange Commission.

<PAGE>

                                   SCHEDULE 8

                            SERVICE LEVEL AGREEMENTS

Convergys will provide TeleCorp by the tenth (10th) business day of each month
the Reports specified in Section 9.3 of the MSA that will detail Convergys'
previous month actual performance against the performance metrics and their
related targets as detailed in this Schedule.

                                   [OMITTED*]

*    This material has been omitted pursuant to a request for confidential
     treatment and such material has been filed separately with the Securities
     and Exchange Commission.

<PAGE>

                                   SCHEDULE 9

                             KEY CONVERGYS PERSONNEL

The following positions are designated as Key Convergys Personnel:

      1.    Program Director
      2.    Program Manager
      3.    Conversion Director
      4.    Conversion Manager
      5.    Implementation Director
      6.    Implementation Manager
      7.    Solution Test Manager

<PAGE>

                                   SCHEDULE 11

                              THIRD PARTY SOFTWARE

                                   [OMITTED*]

*    This material has been omitted pursuant to a request for confidential
     treatment and such material has been filed separately with the Securities
     and Exchange Commission.

<PAGE>

                                   SCHEDULE 12

                             DISASTER RECOVERY PLAN

Document Definition

This document describes Convergys' disaster recovery approach and plan.

Plan Description

Convergys will provide a cold site disaster recover plan (the "Disaster Recovery
Plan" or "DRP") to provide for the continued Services of this Agreement after an
initial recovery period as set forth in the Disaster Recovery Plan. Convergys
will perform simulated disaster recovery testing on an annual basis. Convergys
will keep the Disaster Recovery Plan current and provide updates to Client with
each software enhancement release.

[OMITTED*]

*    This material has been omitted pursuant to a request for confidential
     treatment and such material has been filed separately with the Securities
     and Exchange Commission.

<PAGE>

                                   SCHEDULE 13

                                  BENCHMARKING

                                   [OMITTED*]

*    This material has been omitted pursuant to a request for confidential
     treatment and such material has been filed separately with the Securities
     and Exchange Commission.

<PAGE>

                                   Schedule 14

                             TERMINATION ASSISTANCE

      1. Introduction. Beginning on the delivery of any notice of termination by
either party, or six (6) months prior to expiration of the term of the
Agreement, regardless of the reason for such expiration or termination (except
for termination by Convergys for Client's intentional breach of its
confidentiality obligations or non-payment in accordance with the MSA),
Convergys will cooperate with Client and provide Client with the assistance
described in this Schedule 14 for the length of time denoted in Section 28.5 of
the Agreement ("Termination Assistance"). Convergys shall provide Termination
Assistance at the Professional Services Fee rate set forth in Schedule 4. The
purpose of the Termination Assistance, and Convergys' goal in providing it, is
(i) to enable Client to obtain from another vendor, or provide for itself,
services and other work to substitute for or replace those provided by
Convergys, and (ii) to minimize any adverse effect of transferring Subscribers
to a new provider or providers selected by Client.

      2. Termination Transition Plan. If Client assumes primary responsibility
for billing services, Convergys will assist Client in the development of a plan
for transition of Subscribers and Client Data from Convergys to Client, which
assistance at a minimum will include preparing that portion of the transition
plan detailing Convergys' responsibilities, including schedules and resource
commitments. If Client designates a third party (the "designee") to assume
primary responsibility for the billing services, Convergys will support Client's
preparation and implementation of a transition plan by providing the designee
with reasonable information necessary to transition Subscribers and Client Data
provided that the third party provider executes a nondisclosure agreement
acceptable to Convergys agreeing to protect Convergys' Confidential Information.

      3. Other Termination Assistance. If and to the extent that Client and/or a
designee (including a third party provider) assumes responsibility for billing
services for Client, Convergys will provide Termination Assistance to Client
and/or its designee. The Termination Assistance will include:

      (a)   Performing the specific Services and obligations listed in Schedule
            28-1.

      (b)   Making available equipment in accordance with the MSA.

      (c)   Using commercially reasonably efforts to minimize or eliminate any
            potential transfer fees or taxes that might be incurred as a result
            of the transition.

      (d)   Providing Client and its designee with other information necessary
            to transition Subscribers and Client Data to the new provider's
            system subject to an acceptable non disclosure agreement from any
            third party provider receiving such information.

      (e)   Providing copies of all Client Data on tape.

<PAGE>

                                  SCHEDULE 14-1

                    SPECIFIC TERMINATION ASSISTANCE SERVICES

      The specific Termination Assistance to be provided by Convergys under
Schedule 14to this Agreement will include the following:

1)    Pre-Migration Services and other Work

      (a)   Provide Client with any Client problem logs from WMS (as defined in
            Schedule 7) that Client does not already have, reporting back at
            least two years prior to the effective date of termination or
            expiration;

      (b)   Freeze all discretionary Custom Development, other than
            modifications necessary to address processing problems;

      (c)   Provide and coordinate assistance in notifying Convergys' outside
            vendors of the procedures to be followed during the turnover phase;

      (d)   Assist Client or its designee in the analysis of the space required
            for data file libraries;

      (e)   Provide asset listings for all leased equipment used by Convergys
            primarily to perform Services for Client;

      (f)   Provide reasonable access to Key Personnel who were performing
            Services; and

      (g)   Provide interim tapes of Client Data, as reasonably requested.

2)    Migration Services and other Work

      (a)   Deliver to Client all requested Client Data files and other Client
            Confidential Information;

      (b)   In conjunction with Client or its designee, conduct a rehearsal of
            the migration prior to cutover as scheduled by Client;

      (c)   Deliver content listings of all requested data files to Client or
            its designee;

      (d)   Provide reasonable assistance to Client or its designee in loading
            the data files including assistance in understanding and
            interpreting fields for data conversion and transfer;

      (e)   Provide all reasonable assistance to Client or its designee with the
            movement of data from the then existing databases to the new
            environment;

      (f)   Provide reasonable assistance to Client or its designee with the
            data communications turnover; and

<PAGE>

      (g) Provide reasonable assistance to Client or its designee in the
execution of parallel testing.

      3.    Post-Migration Services and other Work.

      Convergys shall return to Client, at Client's request, any remaining
property of Client in Convergys' possession or under Convergys' control. This
shall include any remaining reports, data, materials and other Confidential
Information of Client and its customers. At Client's request, Convergys will
erase, wipe clean or otherwise destroy any remaining copies of Client system or
data files and all other Confidential Information, and provide, at Client's
election, an affidavit affirming such action signed by an officer of Convergys.<PAGE>

                                                                   Exhibit 10(a)

                                                                  EXECUTION COPY

                                U.S. $200,000,000

                            364-DAY CREDIT AGREEMENT

                         Dated as of September 26, 2001

                                      Among

                     INTERNATIONAL FLAVORS & FRAGRANCES INC.

                                   as Borrower

                                       and

                        THE INITIAL LENDERS NAMED HEREIN

                               as Initial Lenders

                                       and

                                 CITIBANK, N.A.

                             as Administrative Agent

                                       and

                            SALOMON SMITH BARNEY INC.

                                   as Arranger

<PAGE>

                                TABLE OF CONTENTS

ARTICLE I                                                                      1

       SECTION 1.01.  Certain Defined Terms                                    1

       SECTION 1.02.  Computation of Time Periods                             11

       SECTION 1.03.  Accounting Terms                                        11

ARTICLE II

       SECTION 2.01.  The Revolving Credit Advances                           11

       SECTION 2.02.  Making the Revolving Credit Advances                    11

       SECTION 2.03.  The Competitive Bid Advances                            12

       SECTION 2.04.  Fees                                                    15

       SECTION 2.05.  Termination or Reduction of the Commitments             15

       SECTION 2.06.  Repayment of Revolving Credit Advances                  15

       SECTION 2.07.  Interest on Revolving Credit Advances                   15

       SECTION 2.08.  Interest Rate Determination                             16

       SECTION 2.09.  Optional Conversion of Revolving Credit Advances        17

       SECTION 2.10.  Prepayments of Revolving Credit Advances                17

       SECTION 2.11.  Increased Costs                                         17

       SECTION 2.12.  Illegality                                              18

       SECTION 2.13.  Payments and Computations                               18

       SECTION 2.14.  Taxes                                                   19

       SECTION 2.15.  Sharing of Payments, Etc.                               20

       SECTION 2.16.  Evidence of Debt                                        20

       SECTION 2.17.  Use of Proceeds                                         21

       SECTION 2.18.  Increase in the Aggregate Commitments                   21

       SECTION 2.19.  Extension of Termination Date                           22

                                        i

<PAGE>

ARTICLE III

       SECTION 3.01.  Conditions Precedent to Effectiveness of
                      Sections 2.01 and 2.03                                  24

       SECTION 3.02.  Conditions Precedent to Each Revolving Credit
                      Borrowing, Commitment Increase and Extension Date.      25

       SECTION 3.03.  Conditions Precedent to Each Competitive Bid Borrowing  25

       SECTION 3.04.  Determinations Under Section 3.01                       26

ARTICLE IV

       SECTION 4.01.  Representations and Warranties of the Borrower          26

ARTICLE V

       SECTION 5.01.  Affirmative Covenants                                   27

       SECTION 5.02.  Negative Covenants                                      29

       SECTION 5.03.  Financial Covenant                                      30

ARTICLE VI

       SECTION 6.01.  Events of Default                                       30

ARTICLE VII

       SECTION 7.01.  Authorization and Action                                32

       SECTION 7.02.  Agent's Reliance, Etc.                                  32

       SECTION 7.03.  Citibank and Affiliates                                 33

       SECTION 7.04.  Lender Credit Decision                                  33

       SECTION 7.05.  Indemnification                                         33

       SECTION 7.06.  Successor Agent                                         33

       SECTION 7.07.  Other Agents.                                           33

ARTICLE VIII

       SECTION 8.01.  Amendments, Etc.                                        34

       SECTION 8.02.  Notices, Etc.                                           34

       SECTION 8.03.  No Waiver; Remedies                                     34

                                       ii

<PAGE>

       SECTION 8.04.  Costs and Expenses                                      34

       SECTION 8.05.  Right of Set-off                                        35

       SECTION 8.06.  Binding Effect                                          35

       SECTION 8.07.  Assignments and Participations                          36

       SECTION 8.08.  Confidentiality                                         37

       SECTION 8.09.  Governing Law                                           37

       SECTION 8.10.  Execution in Counterparts                               37

       SECTION 8.11.  Jurisdiction, Etc.                                      38

       SECTION 8.12.  Integration                                             38

       SECTION 8.13.  WAIVER OF JURY TRIAL                                    39

                                       iii

<PAGE>

Schedules

Schedule I - List of Applicable Lending

Schedule 5.02(a) - Existing Liens

Exhibits

Exhibit A-1   -   Form of Revolving Credit Note

Exhibit A-2   -   Form of Competitive Bid Note

Exhibit B-1   -   Form of Notice of Revolving Credit Borrowing

Exhibit B-2   -   Form of Notice of Competitive Bid Borrowing

Exhibit C     -   Form of Assignment and Acceptance

Exhibit D     -   Form of Opinion of Counsel for the Borrower

                                       iv

<PAGE>

                            364-DAY CREDIT AGREEMENT

                         Dated as of September 26, 2001

            INTERNATIONAL FLAVORS & FRAGRANCES INC., a New York corporation (the
"Borrower"), the banks, financial institutions and other institutional lenders
(the "Initial Lenders") listed on the signature pages hereof, and CITIBANK, N.A.
("Citibank"), as administrative agent (the "Agent"), and SALOMON SMITH BARNEY
INC., as arranger, for the Lenders (as hereinafter defined), 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):

            "Advance" means a Revolving Credit Advance or a Competitive Bid
      Advance.

            "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 5% or more of the
      Voting Stock of such Person or to direct or cause the direction of the
      management and policies of such Person, whether through the ownership of
      Voting Stock, by contract or otherwise.

            "Agent's Account" means the account of the Agent maintained by the
      Agent at Citibank at its office at 399 Park Avenue, New York, New York
      10043, Account No. 36852248, Attention: Melissa Hamilton.

            "Applicable Lending Office" means, with respect to each Lender, such
      Lender's Domestic Lending Office in the case of a Base Rate Advance and
      such Lender's Eurodollar Lending Office in the case of a Eurodollar Rate
      Advance and, in the case of a Competitive Bid Advance, the office of such
      Lender notified by such Lender to the Agent as its Applicable Lending
      Office with respect to such Competitive Bid Advance.

            "Applicable Margin" means (a) for Base Rate Advances, 0% per annum
      and (b) for Eurodollar Rate Advances as of any date, a percentage per
      annum determined by reference to the Public Debt Rating in effect on such
      date as set forth below:

<TABLE>
<CAPTION>

                       -------------------------------------------------------------------------------------------
                            Public Debt Rating         Applicable Margin for           Applicable Margin for
                               S&P/Moody's                 Eurodollar Rate                Eurodollar Rate
                                                       Advances prior to the           Advances on and after
                                                       Term Loan Conversion                the Term Loan
                                                                Date                      Conversion Date
                       -------------------------------------------------------------------------------------------
<S>                                                            <C>                            <C>
                       Level 1
                       A+/A1or above                           0.190%                         0.425%
                       -------------------------------------------------------------------------------------------
                       Level 2
                       A/A2                                    0.255%                         0.550%
                       -------------------------------------------------------------------------------------------
                       Level 3
                       A-/A3                                   0.315%                         0.750%
                       -------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>

<S>                                                            <C>                            <C>
                       -------------------------------------------------------------------------------------------
                       Level 4
                       BBB+/Baa1                               0.400%                         1.000%
                       -------------------------------------------------------------------------------------------
                       Level 5
                       BBB/Baa2                                0.625%                         1.375%
                       -------------------------------------------------------------------------------------------
                       Level 6
                       Lower than Level 5                      0.800%                         1.500%
                       -------------------------------------------------------------------------------------------
</TABLE>

            "Applicable Percentage" means, as of any date, a percentage per
             ---------------------
      annum determined by reference to the Public Debt Rating in effect on such
      date as set forth below:

<TABLE>
<CAPTION>

                       ---------------------------------------------------------------------
                              Public Debt Rating                    Applicable
                                 S&P/Moody's                        Percentage
                       ---------------------------------------------------------------------
<S>                                                                   <C>
                       Level 1
                       A+/A1or above                                  0.060%
                       ---------------------------------------------------------------------
                       Level 2
                       A/A2                                           0.070%
                       ---------------------------------------------------------------------
                       Level 3
                       A-/A3                                          0.085%
                       ---------------------------------------------------------------------
                       Level 4
                       BBB+/Baa1                                      0.100%
                       ---------------------------------------------------------------------
                       Level 5
                       BBB/Baa2                                       0.125%
                       ---------------------------------------------------------------------
                       Level 6
                       Lower than Level 5                             0.200%
                       ---------------------------------------------------------------------
</TABLE>

            "Applicable Utilization Fee" means, as of any date prior to the Term
             --------------------------
      Loan Conversion Date that the aggregate Advances exceed 33% of the
      aggregate Commitments, a percentage per annum determined by reference to
      the Public Debt Rating in effect on such date as set forth below:

<TABLE>
<CAPTION>

                       ---------------------------------------------------------------------
                              Public Debt Rating                    Applicable
                                 S&P/Moody's                     Utilization Fee
                       ---------------------------------------------------------------------
<S>                                                                   <C>
                       Level 1
                       A+/A1or above                                  0.100%
                       ---------------------------------------------------------------------
                       Level 2
                       A/A2                                           0.100%
                       ---------------------------------------------------------------------
                       Level 3
                       A-/A3                                          0.100%
                       ---------------------------------------------------------------------
                       Level 4
                       BBB+/Baa1                                      0.125%
                       ---------------------------------------------------------------------
                       Level 5
                       BBB/Baa2                                       0.250%
                       ---------------------------------------------------------------------
                       Level 6
                       Lower than Level 5                             0.250%
                       ---------------------------------------------------------------------
</TABLE>

            "Assignment and Acceptance" means an assignment and acceptance
      entered into by a Lender and an Eligible Assignee, and accepted by the
      Agent, in substantially the form of Exhibit C hereto.

            "Assuming Lender" has the meaning specified in Section 2.18(d).

            "Assumption Agreement" has the meaning specified in Section
      2.18(d)(ii).

                                        2

<PAGE>

            "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
      highest of:

                  (a) the rate of interest announced publicly by Citibank in New
            York, New York, from time to time, as Citibank's base rate;

                  (b) the sum (adjusted to the nearest 1/4 of 1% or, if there is
            no nearest 1/4 of 1%, to the next higher 1/4 of 1%) of (i) 1/2 of 1%
            per annum, plus (ii) the rate obtained by dividing (A) the latest
            three-week moving average of secondary market morning offering rates
            in the United States for three-month certificates of deposit of
            major United States money market banks, such three-week moving
            average (adjusted to the basis of a year of 360 days) being
            determined weekly on each Monday (or, if such day is not a Business
            Day, on the next succeeding Business Day) for the three-week period
            ending on the previous Friday by Citibank on the basis of such rates
            reported by certificate of deposit dealers to and published by the
            Federal Reserve Bank of New York or, if such publication shall be
            suspended or terminated, on the basis of quotations for such rates
            received by Citibank from three New York certificate of deposit
            dealers of recognized standing selected by Citibank, by (B) a
            percentage equal to 100% minus the average of the daily percentages
            specified during such three-week period by the Board of Governors of
            the Federal Reserve System (or any successor) for determining the
            maximum reserve requirement (including, but not limited to, any
            emergency, supplemental or other marginal reserve requirement) for
            Citibank with respect to liabilities consisting of or including
            (among other liabilities) three-month U.S. dollar non-personal time
            deposits in the United States, plus (iii) the average during such
            three-week period of the annual assessment rates estimated by
            Citibank for determining the then current annual assessment payable
            by Citibank to the Federal Deposit Insurance Corporation (or any
            successor) for insuring U.S. dollar deposits of Citibank in the
            United States; and

                  (c) 1/2 of one percent per annum above the Federal Funds Rate.

            "Base Rate Advance" means a Revolving Credit Advance that bears
      interest as provided in Section 2.07(a)(i).

            "Borrowing" means a Revolving Credit Borrowing or a Competitive Bid
      Borrowing.

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

            "Commitment" means as to any Lender (a) the amount set forth
      opposite such Lender's name on the signature pages hereof, (b) if such
      Lender has become a Lender hereunder pursuant to an Assumption Agreement,
      the amount set forth in such Assumption Agreement or (c) if such Lender
      has entered into any Assignment and Acceptance, the amount set forth for
      such Lender in the Register maintained by the Agent pursuant to Section
      8.07(d) or increased pursuant to Section 2.18.

            "Commitment Date" has the meaning specified in Section 2.18(b).

            "Commitment Increase" has the meaning specified in Section 2.18(a).

            "Competitive Bid Advance" means an advance by a Lender to the
      Borrower as part of a Competitive Bid Borrowing resulting from the
      competitive bidding procedure described in Section 2.03 and refers to a
      Fixed Rate Advance or a LIBO Rate Advance.

            "Competitive Bid Borrowing" means a borrowing consisting of
      simultaneous Competitive Bid Advances from each of the Lenders whose offer
      to make one or more Competitive Bid Advances as part of such borrowing has
      been accepted under the competitive bidding procedure described in Section
      2.03.

                                        3

<PAGE>

            "Competitive Bid Note" means a promissory note of the Borrower
      payable to the order of any Lender, in substantially the form of Exhibit
      A-2 hereto, evidencing the indebtedness of the Borrower to such Lender
      resulting from a Competitive Bid Advance made by such Lender.

            "Competitive Bid Reduction" has the meaning specified in Section
      2.01.

            "Confidential Information" means information that the Borrower
      furnishes to the Agent or any Lender, 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 the Borrower.

            "Consenting Lender" has the meaning specified in Section 2.19(b).

            "Consolidated" refers to the consolidation of accounts in accordance
      with GAAP.

            "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 2.08 or 2.09.

            "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 not overdue by more than 60 days 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 GAAP, recorded as capital leases, (f) all obligations,
      contingent or otherwise, of such Person in respect of 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 (1) to pay or
      purchase such Debt or to advance or supply funds for the payment or
      purchase of such Debt, (2) 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, (3) 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 (4) 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 Lien on property
      (including, without limitation, accounts and contract rights) owned by
      such Person, even though such Person has not assumed or become liable for
      the payment of such Debt.

            "Debt for Borrowed Money" of a Person means all items that, in
      accordance with GAAP, would be classified as indebtedness on a
      Consolidated balance sheet of such Person.

            "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.

            "Domestic Lending Office" means, with respect to any Lender, the
      office of such Lender specified as its "Domestic Lending Office" opposite
      its name on Schedule I hereto or in the Assumption Agreement or 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.

            "EBITDA" means, for any period, net income (or net loss) plus the
      sum of (a) interest expense, (b) income tax expense, (c) depreciation
      expense, (d) amortization expense and all other non-cash charges

                                        4

<PAGE>

      and (e) extraordinary or unusual losses deducted in calculating net income
      less extraordinary or unusual gains added in calculating net income, in
     each case determined in accordance with GAAP for such period.

            "Effective Date" has the meaning specified in Section 3.01.

            "Eligible Assignee" means (i) a Lender; (ii) an Affiliate of a
      Lender; and (iii) any other Person approved by the Agent and, unless an
      Event of Default has occurred and is continuing at the time any assignment
      is effected in accordance with Section 8.07, the Borrower, such approval
      not to be unreasonably withheld or delayed; provided, however, that
     neither the Borrower nor an Affiliate of the Borrower shall qualify as an
      Eligible Assignee.

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

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

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

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

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

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

                                        5

<PAGE>

            "Eurocurrency Liabilities" has the meaning assigned to that term in
      Regulation D of the Board of Governors of the Federal Reserve System, as
      in effect from time to time.

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

            "Eurodollar Rate" means, for any Interest Period for each Eurodollar
      Rate Advance comprising part of the same Revolving Credit Borrowing, an
      interest rate per annum equal to the rate per annum obtained by dividing
      (a) the rate per annum (rounded upward to the nearest whole multiple of
      1/16 of 1% per annum) appearing on Telerate Markets Page 3750 (or any
      successor page) as the London interbank offered rate for deposits in U.S.
      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 1/16 of 1% per
      annum, if such average is not such a multiple) of the rate per annum at
      which deposits in U.S. dollars 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 before the
      first day of such Interest Period in an amount substantially equal to such
      Reference Bank's Eurodollar 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 by (b) a percentage equal to 100%
      minus the Eurodollar Rate Reserve Percentage for such Interest Period. If
      the Telerate Markets Page 3750 (or any successor page) is unavailable, the
      Eurodollar Rate for any Interest Period for each Eurodollar Rate Advance
      comprising part of the same Revolving Credit Borrowing shall be determined
      by the Agent on the basis of applicable rates furnished to and received by
      the Agent from the Reference Banks two Business Days before the first day
      of such Interest Period, subject, however, to the provisions of Section
      2.08.

            "Eurodollar Rate Advance" means a Revolving Credit Advance that
      bears interest as provided in Section 2.07(a)(ii).

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

            "Extension Date" has the meaning specified in Section 2.19(b).

            "Events of Default" has the meaning specified in Section 6.01.

            "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.

            "Fixed Rate Advances" has the meaning specified in Section
      2.03(a)(i).

                                        6

<PAGE>

            "Founder" means (a) each Person who is a beneficial owner (within
      the meaning of Rule 13d-3 of the Securities and Exchange Commission under
      the Securities Exchange Act of 1934) of 20% or more of the outstanding
      shares of Voting Stock of the Borrower on the date hereof or any Person
      that is or becomes a fiduciary of any Person who is a beneficial owner of
      (or any Person for whose account were held) outstanding shares of Voting
      Stock of the Borrower on the date hereof (in any such case, an "Existing
      Shareholder"), including any group that is comprised solely of Existing
      Shareholders and (b) any such Existing Shareholder or group comprised
      solely of Existing Shareholders who shall become the beneficial owner of
      20% or more of the outstanding shares of Voting Stock of the Borrower
      solely as a result of an acquisition by the Borrower of shares of its
      Voting Stock, in each case until such time as the Persons or group
      described in clause (a) or (b) above shall become the beneficial owner
      (other than by means of a stock dividend, stock split, gift or inheritance
      or receipt or exercise of, or accrual of any right to exercise, any stock
      options of shares of stock granted by the Borrower) of any additional
      shares of Voting Stock of the Borrower. In addition, the Borrower, any
      wholly-owned Subsidiary of the Borrower and any employee stock ownership
      or other employee benefit plan of the Borrower or a wholly-owned
      Subsidiary of the Borrower shall be a "Founder".

            "GAAP" has the meaning specified in Section 1.03.

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

            "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.

            "Increase Date" has the meaning specified in Section 2.18(a).

            "Increasing Lender" has the meaning specified in Section 2.18(b).

            "Information Memorandum" means the information memorandum dated
      __________, 2001 used by the Agent in connection with the syndication of
      the Commitments.

            "Interest Period" means, for each Eurodollar Rate Advance comprising
      part of the same Revolving Credit Borrowing and each LIBO Rate Advance
      comprising part of the same Competitive Bid Borrowing, the period
      commencing on the date of such Eurodollar Rate Advance or LIBO Rate
      Advance or the date of the Conversion of any Base Rate Advance into such
      Eurodollar Rate Advance and ending on the last day of the period selected
      by the Borrower pursuant to the provisions below and, thereafter, with
      respect to Eurodollar 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, as the Borrower may, upon notice received by the
      Agent not later than 11:00 A.M. (New York City time) on the third Business
      Day prior to the first day of such Interest Period, select; provided,
      however, that:

                  (i) the Borrower may not select any Interest Period that ends
            after the Termination Date or, if the Revolving Credit Advances have
            been converted to a term loan pursuant to Section 2.06 prior to such
            selection, that ends after the Maturity Date;

                  (ii) Interest Periods commencing on the same date for
            Eurodollar Rate Advances comprising part of the same Revolving
            Credit Borrowing or for LIBO Rate Advances comprising part of the
            same Competitive Bid Borrowing shall be of the same duration;

                                        7

<PAGE>

                  (iii) 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

                  (iv) 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 the Initial Lenders, each Assuming Lender that shall
      become a party hereto pursuant to Section 2.18 or 2.19 and each Person
      that shall become a party hereto pursuant to Section 8.07.

            "LIBO Rate" means, for any Interest Period for all LIBO Rate
      Advances comprising part of the same Competitive Bid Borrowing, an
      interest rate per annum equal to the rate per annum obtained by dividing
      (a) the rate per annum (rounded upward to the nearest whole multiple of
      1/16 of 1% per annum) appearing on Telerate Markets Page 3750 (or any
      successor page) as the London interbank offered rate for deposits in U.S.
      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 1/16 of 1% per
      annum, if such average is not such a multiple) of the rate per annum at
      which deposits in U.S. dollars 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 before the
      first day of such Interest Period in an amount substantially equal to the
      amount that would be the Reference Banks' respective ratable shares of
      such Borrowing if such Borrowing were to be a Revolving Credit Borrowing
      to be outstanding during such Interest Period and for a period equal to
      such Interest Period by (b) a percentage equal to 100% minus the
      Eurodollar Rate Reserve Percentage for such Interest Period. If the
      Telerate Markets Page 3750 (or any successor page) is unavailable, the
      LIBO Rate for any Interest Period for each LIBO Rate Advance comprising
      part of the same Competitive Bid Borrowing shall be determined by the
      Agent on the basis of applicable rates furnished to and received by the
      Agent from the Reference Banks two Business Days before the first day of
      such Interest Period, subject, however, to the provisions of Section 2.08.

            "LIBO Rate Advances" means a Competitive Bid Advance bearing
      interest based on the LIBO Rate.

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

            "Material Adverse Change" means any material adverse change in the
      business, condition (financial or otherwise) or results of operations of
      the Borrower and its Subsidiaries taken as a whole.

            "Material Adverse Effect" means a material adverse effect on (a) the
      business, condition (financial or otherwise) or results of operations of
      the Borrower and its Subsidiaries taken as a whole, (b) the rights and
      remedies of the Agent or any Lender under this Agreement or any Note or
      (c) the ability of the Borrower to perform its obligations under this
      Agreement or any Note.

                                        8

<PAGE>

            "Maturity Date" means the earlier of (a) the first anniversary of
      the Termination Date and (b) the date of termination in whole of the
      aggregate Commitments pursuant to Section 2.05 or 6.01.

            "Moody's" means Moody's Investors Service, Inc., or any successor by
      merger or change of name which is a nationally recognized rating agency.

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

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

            "Non-Consenting Lender" has the meaning specified in Section
      2.19(b).

            "Note" means a Revolving Credit Note or a Competitive Bid Note.

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

            "Notice of Competitive Bid Borrowing" has the meaning specified in
      Section 2.03(a).

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

            "Permitted Liens" means such of the following as to which no
      enforcement, collection, execution, levy or foreclosure proceeding shall
      have been commenced: (a) Liens for taxes, assessments and governmental
      charges or levies to the extent not required to be paid under Section
      5.01(b) hereof; (b) Liens imposed by law, such as materialmen's,
      mechanics', carriers', workmen's and repairmen's Liens and other similar
      Liens arising in the ordinary course of business securing obligations that
      are not overdue for a period of more than 30 days; (c) pledges or deposits
      to secure obligations under workers' compensation laws or similar
      legislation or to secure public or statutory obligations; and (d)
      easements, rights of way and other encumbrances on title to real property
      that do not render title to the property encumbered thereby unmarketable
      or materially adversely affect the use of such property for its present
      purposes.

            "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.

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

            "Public Debt Rating" means, as of any date, the lowest rating that
      has been most recently announced by either S&P or Moody's, as the case may
      be, for any class of non-credit enhanced long-term senior unsecured debt
      issued by the Borrower. For purposes of the foregoing, (a) if only one of
      S&P and Moody's shall have in effect a Public Debt Rating, the Applicable
      Margin, the Applicable Percentage and the Applicable Utilization Fee shall
      be determined by reference to the available rating; (b) if neither S&P nor
      Moody's shall have in effect a Public Debt Rating, the Applicable Margin,
      the Applicable Percentage and the Applicable Utilization Fee will be set
      in accordance with Level 5 under the definition of "Applicable Margin",
      "Applicable Percentage" or "Applicable Utilization Fee", as the case may
      be; (c) if the ratings established by S&P and Moody's shall fall within
      different levels, the Applicable Margin, the Applicable Percentage and the
      Applicable Utilization Fee shall be based upon the higher rating, except
      that, in the event that the lower of such ratings is more than one level
      below the higher of such ratings, the Applicable Margin, the Applicable
      Percentage and the Applicable Utilization Fee shall be based upon the

                                        9

<PAGE>

      level immediately above the lower of such ratings; (d) if any rating
      established by S&P or Moody's shall be changed, such change shall be
      effective as of the date on which such change is first announced publicly
      by the rating agency making such change; and (e) if S&P or Moody's shall
      change the basis on which ratings are established, each reference to the
      Public Debt Rating announced by S&P or Moody's, as the case may be, shall
      refer to the then equivalent rating by S&P or Moody's, as the case may be.

            "Reference Banks" means Citibank and First Union National Bank.

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

            "Required Lenders" means at any time Lenders owed at least a
      majority in interest of the then aggregate unpaid principal amount of the
      Revolving Credit Advances owing to Lenders, or, if no such principal
      amount is then outstanding, Lenders having at least a majority in interest
      of the Commitments.

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

            "Revolving Credit Borrowing" means a borrowing consisting of
      simultaneous Revolving Credit Advances of the same Type made by each of
      the Lenders pursuant to Section 2.01.

            "Revolving Credit Note" means a promissory note of the Borrower
      payable to the order of any Lender, delivered pursuant to a request made
      under Section 2.16 in substantially the form of Exhibit A-1 hereto,
      evidencing the aggregate indebtedness of the Borrower to such Lender
      resulting from the Revolving Credit Advances made by such Lender.

            "S&P" means Standard & Poor's, a division of The McGraw-Hill
      Companies, Inc., or any successor by merger or change of name which is a
      nationally recognized rating agency

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

            "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.

            "Term Loan Conversion Date" means the Termination Date on which all
      Revolving Credit Advances outstanding on such date are converted into a
      term loan pursuant to Section 2.06.

            "Term Loan Election" has the meaning specified in Section 2.06.

            "Termination Date" means the earlier of (a) September 24, 2002,
      subject to the extension thereof pursuant to Section 2.19 and (b) the date
      of termination in whole of the Commitments pursuant to Section 2.05 or
      6.01; provided, however, that the Termination Date of any Lender that is a
      Non-Consenting Lender to any requested extension pursuant to Section 2.19
      shall be the Termination Date in effect immediately prior to the
      applicable Extension Date for all purposes of this Agreement.

                                       10

<PAGE>

            "Voting Stock" 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".

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

                                   ARTICLE II

                        AMOUNTS AND TERMS OF THE 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 Effective Date until the Termination Date in an aggregate amount
not to exceed at any time outstanding such Lender's Commitment provided that the
aggregate amount of the Commitments of the Lenders shall be deemed used from
time to time to the extent of the aggregate amount of the Competitive Bid
Advances then outstanding and such deemed use of the aggregate amount of the
Commitments shall be allocated among the Lenders ratably according to their
respective Commitments (such deemed use of the aggregate amount of the
Commitments being a "Competitive Bid Reduction"). Each Revolving Credit
Borrowing shall be in an aggregate amount of $10,000,000 or an integral multiple
of $1,000,000 in excess thereof 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. Within the limits of each Lender's Commitment, the
Borrower may borrow under this Section 2.01, prepay pursuant to Section 2.10 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 (x)
11:00 A.M. (New York City time) on the third Business Day prior to the date of
the proposed Revolving Credit Borrowing in the case of a Revolving Credit
Borrowing consisting of Eurodollar Rate Advances or (y) 11:00 A.M. (New York
City time) on 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 telex. Each such notice of a Revolving Credit Borrowing (a "Notice
of Revolving Credit Borrowing") shall be by telephone, confirmed immediately in
writing, or telecopier or telex in substantially the form of Exhibit B-1 hereto,
specifying therein the requested (i) date of such Revolving Credit Borrowing,
(ii) Type of Advances comprising such Revolving Credit Borrowing, (iii)
aggregate amount of such Revolving Credit Borrowing, and (iv) in the case of a
Revolving Credit Borrowing consisting of Eurodollar Rate Advances, initial
Interest Period for each such Revolving Credit Advance. Each Lender shall,
before 12:00 Noon (New York City time) on the date of such Revolving Credit
Borrowing make available for the account of its Applicable Lending Office 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 at the Agent's address
referred to in Section 8.02.

            (b) Anything in subsection (a) above to the contrary
notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for
any Revolving Credit Borrowing if the aggregate amount of such Revolving Credit
Borrowing is less than $10,000,000 or if the obligation of the Lenders to make
Eurodollar Rate Advances shall then be suspended pursuant to Section 2.08 or
2.12 and (ii) the Eurodollar Rate Advances may not be outstanding as part of
more than six separate Revolving Credit Borrowings.

            (c) Each Notice of Revolving Credit Borrowing shall be irrevocable
and binding on the Borrower. In the case of any Revolving Credit Borrowing that
the related Notice of Revolving Credit Borrowing

                                       11

<PAGE>

specifies is to be comprised of Eurodollar 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 ratable portion 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.

            (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. The Competitive Bid Advances. (a) Each Lender
severally agrees that the Borrower may make Competitive Bid Borrowings under
this Section 2.03 from time to time on any Business Day during the period from
the date hereof until the date occurring 30 days prior to the Termination Date
in the manner set forth below; provided that, following the making of each
Competitive Bid Borrowing, the aggregate amount of the Advances then outstanding
shall not exceed the aggregate amount of the Commitments of the Lenders
(computed without regard to any Competitive Bid Reduction).

            (i) The Borrower may request a Competitive Bid Borrowing under this
      Section 2.03 by delivering to the Agent, by telecopier or telex, a notice
      of a Competitive Bid Borrowing (a "Notice of Competitive Bid Borrowing"),
      in substantially the form of Exhibit B-2 hereto, specifying therein the
      requested (v) date of such proposed Competitive Bid Borrowing, (w)
      aggregate amount of such proposed Competitive Bid Borrowing, (x) in the
      case of a Competitive Bid Borrowing consisting of LIBO Rate Advances,
      Interest Period, or in the case of a Competitive Bid Borrowing consisting
      of Fixed Rate Advances, maturity date for repayment of each Fixed Rate
      Advance to be made as part of such Competitive Bid Borrowing (which
      maturity date may not be earlier than the date occurring 30 days after the
      date of such Competitive Bid Borrowing or later than the Termination
      Date), (y) interest payment date or dates relating thereto, and (z) other
      terms (if any) to be applicable to such Competitive Bid Borrowing, not
      later than 10:00 A.M. (New York City time) (A) at least one Business Day
      prior to the date of the proposed Competitive Bid Borrowing, if the
      Borrower shall specify in the Notice of Competitive Bid Borrowing that the
      rates of interest to be offered by the Lenders shall be fixed rates per
      annum (the Advances comprising any such Competitive Bid Borrowing being
      referred to herein as "Fixed Rate Advances") and (B) at least four
      Business Days prior to the date of the proposed Competitive Bid Borrowing,
      if the Borrower shall instead specify in the Notice of Competitive Bid
      Borrowing that the Advances comprising such Competitive Bid Borrowing
      shall be LIBO Rate Advances. Each Notice of Competitive Bid Borrowing
      shall be irrevocable and binding on the Borrower. The Agent shall in turn
      promptly notify each Lender of each request for a Competitive Bid
      Borrowing received by it from the Borrower by sending such Lender a copy
      of the related Notice of Competitive Bid Borrowing.

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<PAGE>

            (ii) Each Lender may, if, in its sole discretion, it elects to do
      so, irrevocably offer to make one or more Competitive Bid Advances to the
      Borrower as part of such proposed Competitive Bid Borrowing at a rate or
      rates of interest specified by such Lender in its sole discretion, by
      notifying the Agent (which shall give prompt notice thereof to the
      Borrower), (A) before 9:30 A.M. (New York City time) on the date of such
      proposed Competitive Bid Borrowing, in the case of a Competitive Bid
      Borrowing consisting of Fixed Rate Advances and (B) before 10:00 A.M. (New
      York City time) three Business Days before the date of such proposed
      Competitive Bid Borrowing, in the case of a Competitive Bid Borrowing
      consisting of LIBO Rate Advances of the minimum amount and maximum amount
      of each Competitive Bid Advance which such Lender would be willing to make
      as part of such proposed Competitive Bid Borrowing (which amounts of such
      proposed Competitive Bid may, subject to the proviso to the first sentence
      of this Section 2.03(a), exceed such Lender's Commitment, if any), the
      rate or rates of interest therefor and such Lender's Applicable Lending
      Office with respect to such Competitive Bid Advance; provided that if the
      Agent in its capacity as a Lender shall, in its sole discretion, elect to
      make any such offer, it shall notify the Borrower of such offer at least
      30 minutes before the time and on the date on which notice of such
      election is to be given to the Agent, by the other Lenders. If any Lender
      shall elect not to make such an offer, such Lender shall so notify the
      Agent before 10:00 A.M. (New York City time), and such Lender shall not be
      obligated to, and shall not, make any Competitive Bid Advance as part of
      such Competitive Bid Borrowing; provided that the failure by any Lender to
      give such notice shall not cause such Lender to be obligated to make any
      Competitive Bid Advance as part of such proposed Competitive Bid
      Borrowing.

            (iii) The Borrower shall, in turn, (A) before 10:30 A.M. (New York
      City time) on the date of such proposed Competitive Bid Borrowing, in the
      case of a Competitive Bid Borrowing consisting of Fixed Rate Advances and
      (B) before 11:00 A.M. (New York City time) three Business Days before the
      date of such proposed Competitive Bid Borrowing, in the case of a
      Competitive Bid Borrowing consisting of LIBO Rate Advances, either:

                  (x) cancel such Competitive Bid Borrowing by giving the Agent
            notice to that effect, or

                  (y) accept one or more of the offers made by any Lender or
            Lenders pursuant to paragraph (ii) above, in its sole discretion, by
            giving notice to the Agent of the amount of each Competitive Bid
            Advance (which amount shall be equal to or greater than the minimum
            amount, and equal to or less than the maximum amount, notified to
            the Borrower by the Agent on behalf of such Lender for such
            Competitive Bid Advance pursuant to paragraph (ii) above) to be made
            by each Lender as part of such Competitive Bid Borrowing, and reject
            any remaining offers made by Lenders pursuant to paragraph (ii)
            above by giving the Agent notice to that effect. The Borrower shall
            accept the offers made by any Lender or Lenders to make Competitive
            Bid Advances in order of the lowest to the highest rates of interest
            offered by such Lenders. If two or more Lenders have offered the
            same interest rate, the amount to be borrowed at such interest rate
            will be allocated among such Lenders in proportion to the amount
            that each such Lender offered at such interest rate.

            (iv) If the Borrower notifies the Agent that such Competitive Bid
      Borrowing is cancelled pursuant to paragraph (iii)(x) above, the Agent
      shall give prompt notice thereof to the Lenders and such Competitive Bid
      Borrowing shall not be made.

            (v) If the Borrower accepts one or more of the offers made by any
      Lender or Lenders pursuant to paragraph (iii)(y) above, the Agent shall in
      turn promptly notify (A) each Lender that has made an offer as described
      in paragraph (ii) above, of the date and aggregate amount of such
      Competitive Bid Borrowing and whether or not any offer or offers made by
      such Lender pursuant to paragraph (ii) above have been accepted by the
      Borrower, (B) each Lender that is to make a Competitive Bid Advance as
      part of such Competitive Bid Borrowing, of the amount of each Competitive
      Bid Advance to be made by such Lender as part of such Competitive Bid
      Borrowing, and (C) each Lender that is to make a Competitive Bid

                                       13

<PAGE>

      Advance as part of such Competitive Bid Borrowing, upon receipt, that the
      Agent has received forms of documents appearing to fulfill the applicable
      conditions set forth in Article III. Each Lender that is to make a
      Competitive Bid Advance as part of such Competitive Bid Borrowing shall,
      before 11:00 A.M. (New York City time) on the date of such Competitive Bid
      Borrowing specified in the notice received from the Agent pursuant to
      clause (A) of the preceding sentence or any later time when such Lender
      shall have received notice from the Agent pursuant to clause (C) of the
      preceding sentence, make available for the account of its Applicable
      Lending Office to the Agent at its address referred to in Section 8.02, in
      same day funds, such Lender's portion of such Competitive Bid Borrowing.
      Upon fulfillment of the applicable conditions set forth in Article III and
      after receipt by the Agent of such funds, the Agent will make such funds
      available to the Borrower at the location specified by the Borrower in its
      Notice of Competitive Bid Borrowing. Promptly after each Competitive Bid
      Borrowing the Agent will notify each Lender of the amount of the
      Competitive Bid Borrowing, the consequent Competitive Bid Reduction and
      the dates upon which such Competitive Bid Reduction commenced and will
      terminate.

            (vi) If the Borrower notifies the Agent that it accepts one or more
      of the offers made by any Lender or Lenders pursuant to paragraph (iii)(y)
      above, such notice of acceptance shall be irrevocable and binding on the
      Borrower. 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 the related Notice of Competitive Bid
      Borrowing for such Competitive Bid 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 Competitive Bid Advance to be made by such Lender as
      part of such Competitive Bid Borrowing when such Competitive Bid Advance,
      as a result of such failure, is not made on such date.

            (b) Each Competitive Bid Borrowing shall be in an aggregate amount
of $10,000,000 or an integral multiple of $1,000,000 in excess thereof and,
following the making of each Competitive Bid Borrowing, the Borrower shall be in
compliance with the limitation set forth in the proviso to the first sentence of
subsection (a) above.

            (c) Within the limits and on the conditions set forth in this
Section 2.03, the Borrower may from time to time borrow under this Section 2.03,
repay or prepay pursuant to subsection (d) below, and reborrow under this
Section 2.03, provided that a Competitive Bid Borrowing shall not be made within
three Business Days of the date of any other Competitive Bid Borrowing.

            (d) The Borrower shall repay to the Agent for the account of each
Lender that has made a Competitive Bid Advance, on the maturity date of each
Competitive Bid Advance (such maturity date being that specified by the Borrower
for repayment of such Competitive Bid Advance in the related Notice of
Competitive Bid Borrowing delivered pursuant to subsection (a)(i) above and
provided in the Competitive Bid Note evidencing such Competitive Bid Advance),
the then unpaid principal amount of such Competitive Bid Advance. The Borrower
shall have no right to prepay any principal amount of any Competitive Bid
Advance unless, and then only on the terms, specified by the Borrower for such
Competitive Bid Advance in the related Notice of Competitive Bid Borrowing
delivered pursuant to subsection (a)(i) above and set forth in the Competitive
Bid Note evidencing such Competitive Bid Advance.

            (e) The Borrower shall pay interest on the unpaid principal amount
of each Competitive Bid Advance from the date of such Competitive Bid Advance to
the date the principal amount of such Competitive Bid Advance is repaid in full,
at the rate of interest for such Competitive Bid Advance specified by the Lender
making such Competitive Bid Advance in its notice with respect thereto delivered
pursuant to subsection (a)(ii) above, payable on the interest payment date or
dates specified by the Borrower for such Competitive Bid Advance in the related
Notice of Competitive Bid Borrowing delivered pursuant to subsection (a)(i)
above, as provided in the Competitive Bid Note evidencing such Competitive Bid
Advance. Upon the occurrence and during the continuance of an Event of Default
under Section 6.01(a), the Borrower shall pay interest on the amount of unpaid
principal of and interest on each Competitive Bid Advance owing to a Lender,
payable in arrears on the date or dates interest is payable thereon, at a rate
per annum equal at all times to 1% per annum above the rate per annum required
to be

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<PAGE>

paid on such Competitive Bid Advance under the terms of the Competitive Bid Note
evidencing such Competitive Bid Advance unless otherwise agreed in such
Competitive Bid Note.

            (f) The indebtedness of the Borrower resulting from each Competitive
Bid Advance made to the Borrower as part of a Competitive Bid Borrowing shall be
evidenced by a separate Competitive Bid Note of the Borrower payable to the
order of the Lender making such Competitive Bid Advance.

            SECTION 2.04. Fees. (a) Facility Fee. The Borrower agrees to pay to
the Agent for the account of each Lender a facility fee on the aggregate amount
of such Lender's Commitment from the date hereof in the case of each Initial
Lender and from the effective date specified in the Assumption Agreement or 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 the
Applicable Percentage, payable in arrears quarterly on the last day of each
March, June, September and December, commencing December 31, 2001, and on the
Termination Date.

            (b) Utilization Fee. The Borrower agrees to pay to the Agent for the
account of each Lender for each date prior to the Term Loan Conversion Date on
which the aggregate outstanding Advances exceed 33% of the Commitments, a fee on
the aggregate amount of the outstanding Advances at a rate per annum equal to
the Applicable Utilization Fee, payable in arrears quarterly on the last day of
each March, June, September and December, commencing December 31, 2001, and on
the Termination Date.

            (c) Agent's Fees. The Borrower shall pay to the Agent for its own
account such fees as may from time to time be agreed between the Borrower and
the Agent.

            SECTION 2.05. 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
portions of the respective Commitments of the Lenders, provided that each
partial reduction shall be in the aggregate amount of $10,000,000 or an integral
multiple of $1,000,000 in excess thereof and provided further that the aggregate
amount of the Commitments of the Lenders shall not be reduced to an amount that
is less than the aggregate principal amount of the Competitive Bid Advances then
outstanding.

            (b) Mandatory. On the Termination Date, if the Borrower has made the
      Term Loan Election in accordance with Section 2.06 prior to such date, and
      from time to time thereafter upon each prepayment of the Revolving Credit
      Advances, the Commitments of the Lenders shall be automatically and
      permanently reduced on a pro rata basis by an amount equal to the amount
      by which (i) the aggregate Commitments immediately prior to such reduction
      exceeds (ii) the aggregate unpaid principal amount of all Revolving Credit
      Advances outstanding at such time.

            SECTION 2.06. Repayment of Revolving Credit Advances. The Borrower
shall, subject to the next succeeding sentence, repay to the Agent for the
ratable account of the Lenders on the Termination Date the aggregate principal
amount of the Revolving Credit Advances then outstanding. The Borrower may, upon
not less than 15 days' notice to the Agent, elect (the "Term Loan Election") to
convert all of the Revolving Credit Advances outstanding on the Termination Date
in effect at such time into a term loan which the Borrower shall repay in full
ratably to the Lenders on the Maturity Date; provided that the Term Loan
Election may not be exercised if a Default has occurred and is continuing on the
date of notice of the Term Loan Election or on the date on which the Term Loan
Election is to be effected. All Revolving Credit Advances converted into a term
loan pursuant to this Section 2.06 shall continue to constitute Revolving Credit
Advances except that the Borrower may not reborrow pursuant to Section 2.01
after all or any portion of such Revolving Credit Advances have been prepaid
pursuant to Section 2.10.

            SECTION 2.07. Interest on Revolving Credit Advances. (a) Scheduled
Interest. The Borrower shall pay interest on the unpaid principal amount of each
Revolving Credit Advance 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

                                       15

<PAGE>

      time plus (y) the Applicable Margin in effect from time to time, payable
      in arrears quarterly on the last day of each March, June, September and
      December during such periods and on the date such Base Rate Advance shall
      be Converted or paid in full.

            (ii) Eurodollar Rate Advances. During such periods as such Revolving
      Credit Advance is a Eurodollar 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 Eurodollar Rate for such Interest Period for such Revolving
      Credit Advance plus (y) the Applicable Margin in effect from time to time,
      payable in arrears on the last day of such Interest Period and, if such
      Interest Period has a duration of more than three months, on each day that
      occurs during such Interest Period every three months from the first day
      of such Interest Period and on the date such Eurodollar Rate Advance shall
      be Converted or paid in full.

            (b) Default Interest. Upon the occurrence and during the continuance
of an Event of Default under Section 6.01(a), the Borrower shall pay interest on
(i) the unpaid principal amount of each Revolving Credit Advance owing to each
Lender, payable in arrears on the dates referred to in clause (a)(i) or (a)(ii)
above, at a rate per annum equal at all times to 1% 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 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 1% per annum above the rate
per annum required to be paid on Base Rate Advances pursuant to clause (a)(i)
above.

            SECTION 2.08. Interest Rate Determination. (a) Each Reference Bank
agrees to furnish to the Agent timely information for the purpose of determining
each Eurodollar Rate and each LIBO Rate. If any one or more of the Reference
Banks shall not furnish such timely information to the Agent for the purpose of
determining any such interest rate, the Agent shall determine such interest rate
on the basis of timely information furnished by the remaining Reference Banks.
The Agent shall give prompt notice to the Borrower and the Lenders of the
applicable interest rate determined by the Agent for purposes of Section
2.07(a)(i) or (ii), and the rate, if any, furnished by each Reference Bank for
the purpose of determining the interest rate under Section 2.07(a)(ii).

            (b) If, with respect to any Eurodollar Rate Advances, the Required
Lenders notify the Agent that the Eurodollar Rate for any Interest Period for
such Advances will not adequately reflect the cost to such Required Lenders of
making, funding or maintaining their respective Eurodollar Rate Advances for
such Interest Period, the Agent shall forthwith so notify the Borrower and the
Lenders, whereupon (i) each Eurodollar Rate Advance will automatically, on the
last day of the then existing Interest Period therefor, Convert into a Base Rate
Advance, and (ii) the obligation of the Lenders to make, or to Convert Revolving
Credit Advances into, Eurodollar Rate Advances shall be suspended until the
Agent shall notify the Borrower and 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 Eurodollar 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 the Lenders and such Advances
will automatically, on the last day of the then existing Interest Period
therefor, be Converted into Base Rate Advances.

            (d) On the date on which the aggregate unpaid principal amount of
Eurodollar Rate Advances comprising any Borrowing shall be reduced, by payment
or prepayment or otherwise, to less than $10,000,000, such Advances shall
automatically Convert into Base Rate Advances.

            (e) Upon the occurrence and during the continuance of any Event of
Default under Section 6.01(a), (i) each Eurodollar Rate Advance will
automatically, on the last day of the then existing Interest Period therefor,
Convert into a Base Rate Advance and (ii) the obligation of the Lenders to make,
or to Convert Advances into, Eurodollar Rate Advances shall be suspended.

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<PAGE>

            (f) If Telerate Markets Page 3750 is unavailable and fewer than two
Reference Banks furnish timely information to the Agent for determining the
Eurodollar Rate or LIBO Rate for any Eurodollar Rate Advances or LIBO Rate
Advances, as the case may be,

            (i) the Agent shall forthwith notify the Borrower and the Lenders
      that the interest rate cannot be determined for such Eurodollar Rate
      Advances or LIBO Rate Advances, as the case may be,

            (ii) with respect to Eurodollar Rate Advances, each such Advance
      will automatically, on the last day of the then existing Interest Period
      therefor, be prepaid by the Borrower or be automatically Converted into a
      Base Rate Advance (or if such Advance is then a Base Rate Advance, will
      continue as a Base Rate Advance), and

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

            SECTION 2.09. Optional Conversion of Revolving Credit Advances. The
Borrower may on any Business Day, upon notice given to the Agent not later than
11:00 A.M. (New York City time) on the third Business Day prior to the date of
the proposed Conversion and subject to the provisions of Sections 2.08 and 2.12,
Convert all Revolving Credit Advances of one Type comprising the same Borrowing
into Revolving Credit Advances of the other Type; provided, however, that any
Conversion of Eurodollar Rate Advances into Base Rate Advances shall be made
only on the last day of an Interest Period for such Eurodollar Rate Advances,
any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in
an amount not less than the minimum amount specified in Section 2.02(b) and no
Conversion of any Revolving Credit Advances shall result in more separate
Revolving Credit Borrowings than permitted under Section 2.02(b). Each such
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, and (iii) if such Conversion is into Eurodollar Rate Advances, the
duration of the initial Interest Period for each such Advance. Each notice of
Conversion shall be irrevocable and binding on the Borrower.

            SECTION 2.10. Prepayments of Revolving Credit Advances. The Borrower
may, upon notice at least two Business Days' prior to the date of such
prepayment, in the case of Eurodollar Rate Advances, and not later than 11:00
A.M. (New York City time) on the date of such prepayment, in the case of Base
Rate Advances, to the Agent stating the proposed date and aggregate principal
amount of the prepayment, and if such notice is given the Borrower 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 (x) each partial prepayment shall be in
an aggregate principal amount of $10,000,000 or an integral multiple of
$1,000,000 in excess thereof and (y) in the event of any such prepayment of a
Eurodollar Rate Advance, the Borrower shall be obligated to reimburse the
Lenders in respect thereof pursuant to Section 8.04(c).

            SECTION 2.11. Increased Costs. (a) If after the date hereof, due to
either (i) the introduction of or any change in or in the interpretation of any
law or regulation or (ii) the compliance with any guideline or request from any
central bank or other governmental authority (whether or not having the force of
law), there shall be any increase in the cost to any Lender of agreeing to make
or making, funding or maintaining Eurodollar Rate Advances or LIBO Rate Advances
(excluding for purposes of this Section 2.11 any such increased costs resulting
from (i) Taxes or Other Taxes (as to which Section 2.14 shall govern) and (ii)
changes in the basis of taxation of overall net income or overall gross income
by the United States or by the foreign jurisdiction or state under the laws of
which such Lender is organized or has its Applicable Lending Office or any
political subdivision thereof), then the Borrower shall from time to time, upon
demand by such Lender (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, submitted to the Borrower and the Agent by such Lender, shall be
conclusive and binding for all purposes, absent manifest error.

                                       17

<PAGE>

            (b) If after the date hereof any Lender determines that compliance
with any law or regulation or any guideline or request from any central bank or
other governmental authority (whether or not having the force of law) affects or
would affect the amount of capital required or expected to be maintained by such
Lender or any corporation controlling such Lender and that the amount of such
capital is increased by or based upon the existence of such Lender's commitment
to lend hereunder and other commitments of this type, then, upon 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 the 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 such amounts
submitted to the Borrower and the Agent by such Lender shall be conclusive and
binding for all purposes, absent manifest error.

            SECTION 2.12. 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 Eurodollar Lending Office to perform its
obligations hereunder to make Eurodollar Rate Advances or to fund or maintain
Eurodollar Rate Advances hereunder, (a) each Eurodollar Rate Advance will
automatically, upon such demand, Convert into a Base Rate Advance and (b) the
obligation of the Lenders to make Eurodollar Rate Advances or LIBO Rate Advances
or to Convert Revolving Credit Advances into Eurodollar Rate Advances shall be
suspended until the Agent shall notify the Borrower and the Lenders that the
circumstances causing such suspension no longer exist.

            SECTION 2.13. Payments and Computations. (a) The Borrower shall make
each payment hereunder not later than 11:00 A.M. (New York City time) on the day
when due to the Agent at the Agent's Account in same day funds without
deduction, set-off or counterclaim. The Agent will promptly thereafter cause to
be distributed like funds relating to the payment of principal or interest or
facility fees ratably (other than amounts payable pursuant to Section 2.03,
2.11, 2.14 or 8.04(c)) to the Lenders for the account of their respective
Applicable Lending Offices, and like funds relating to the payment of any other
amount payable to any Lender to such Lender for the account of its Applicable
Lending Office, in each case to be applied in accordance with the terms of this
Agreement. Upon any Assuming Lender becoming a Lender hereunder as a result of a
Commitment Increase pursuant to Section 2.18 or an extension of the Termination
Date pursuant to Section 2.19, and upon the Agent's receipt of such Lender's
Assumption Agreement and recording of the information contained therein in the
Register, from and after the applicable Increase Date or Extension Date, as the
case may be, the Agent shall make all payments hereunder and under any Notes
issued in connection therewith in respect of the interest assumed thereby to the
Assuming Lender. Upon its acceptance of an Assignment and Acceptance and
recording of the information contained therein in the Register pursuant to
Section 8.07(c), from and after the effective date specified in such Assignment
and Acceptance, the Agent shall make all payments hereunder and under the Notes
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) The Borrower hereby authorizes each Lender, if and to the extent
payment owed to such Lender is not made when due hereunder or under the Note
held by such Lender, to charge from time to time against any or all of the
Borrower's accounts with such Lender any amount so due.

            (c) 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,
all computations of interest based on the Eurodollar Rate, the LIBO Rate or the
Federal Funds Rate or in respect of Fixed Rate Advances and of fees 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 or facility fees are payable.
Each determination by the Agent of an interest rate hereunder shall be
conclusive and binding for all purposes, absent manifest error.

            (d) Whenever any payment hereunder or under the Notes shall be
stated to be due on a day other than a Business Day, such payment shall be made
on the next succeeding Business Day, and such extension of time shall in such
case be included in the computation of payment of interest or facility fee, as
the case may be; provided, however, that, if such extension would cause payment
of interest on or principal of Eurodollar Rate

                                       18

<PAGE>

Advances or LIBO Rate Advances to be made in the next following calendar month,
such payment shall be made on the next preceding Business Day.

            (e) 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 the Federal Funds Rate.

            SECTION 2.14. Taxes. (a) Any and all payments by the Borrower
hereunder or under the Notes shall be made, in accordance with Section 2.13,
free and clear of and without deduction for any and all present or future taxes,
levies, imposts, deductions, charges or withholdings, and all liabilities with
respect thereto, excluding, in the case of each Lender and the Agent, taxes
imposed on its overall net income, and franchise taxes imposed on it in lieu of
net income taxes, by the jurisdiction under the laws of which such Lender or the
Agent (as the case may be) is organized or any political subdivision thereof
and, in the case of each Lender, taxes imposed on its overall net income, and
franchise taxes imposed on it in lieu of net income taxes, by the jurisdiction
of such Lender's Applicable Lending Office or any political subdivision thereof
(all such non-excluded taxes, levies, imposts, deductions, charges, withholdings
and liabilities in respect of payments hereunder or under the Notes being
hereinafter referred to as "Taxes"). If the Borrower shall be required by law to
deduct any Taxes from or in respect of any sum payable hereunder or under any
Note to any Lender or the Agent, (i) the sum payable shall be increased as may
be necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section 2.14) 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, (ii) the Borrower shall make such
deductions and (iii) the Borrower shall pay the full amount deducted to the
relevant taxation authority or other authority in accordance with applicable
law.

            (b) In addition, the Borrower shall pay any present or future stamp
or documentary taxes or any other excise or property taxes, charges or similar
levies that arise from any payment made hereunder or under the Notes or from the
execution, delivery or registration of, performing under, or otherwise with
respect to, this Agreement or the Notes (hereinafter referred to as "Other
Taxes").

            (c) The Borrower shall indemnify each Lender and the Agent for and
hold it harmless against the full amount of Taxes or Other Taxes (including,
without limitation, taxes of any kind imposed by any jurisdiction on amounts
payable under this Section 2.14) imposed on or paid by such Lender or the Agent
(as the case may be) and any liability (including penalties, interest and
expenses) arising therefrom or with respect thereto. This indemnification shall
be made within 30 days from the date such Lender or the Agent (as the case may
be) makes written demand therefor.

            (d) Within 30 days after the date of any payment of Taxes, the
Borrower shall furnish to the Agent, at its address referred to in Section 8.02,
the original or a certified copy of a receipt evidencing such payment. In the
case of any payment hereunder or under the Notes by or on behalf of the Borrower
through an account or branch outside the United States or by or on behalf of the
Borrower by a payor that is not a United States person, if the Borrower
determines that no Taxes are payable in respect thereof, the Borrower shall
furnish, or shall cause such payor to furnish, to the Agent, at such address, an
opinion of counsel reasonably acceptable to the Agent stating that such payment
is exempt from Taxes. For purposes of this subsection (d) and subsection (e),
the terms "United States" and "United States person" shall have the meanings
specified in Section 7701 of the Internal Revenue Code.

            (e) Each Lender organized under the laws of a jurisdiction outside
the United States, on or prior to the date of its execution and delivery of this
Agreement in the case of each Initial Lender and on the date of the Assignment
and Acceptance pursuant to which it becomes a Lender in the case of each other
Lender, and from time to time thereafter as requested in writing by the Borrower
(but only so long as such Lender remains lawfully able to do so), shall provide
each of the Agent and the Borrower with two original Internal Revenue Service

                                       19

<PAGE>

forms W-8BEN or W-8EC1, as appropriate, or any successor or other form
prescribed by the Internal Revenue Service, certifying that such Lender is
exempt from or entitled to a reduced rate of United States withholding tax on
payments pursuant to this Agreement or the Notes. If the form provided by a
Lender at the time such Lender first becomes a party to this Agreement indicates
a United States interest withholding tax rate in excess of zero, withholding tax
at such rate shall be considered excluded from Taxes unless and until such
Lender provides the appropriate forms certifying that a lesser rate applies,
whereupon withholding tax at such lesser rate only shall be considered excluded
from Taxes for periods governed by such form; provided, however, that, if at the
date of the Assignment and Acceptance pursuant to which a Lender assignee
becomes a party to this Agreement, the Lender assignor was entitled to payments
under subsection (a) in respect of United States withholding tax with respect to
interest paid at such date, then, to such extent, the term Taxes shall include
(in addition to withholding taxes that may be imposed in the future or other
amounts otherwise includable in Taxes) United States withholding tax, if any,
applicable with respect to the Lender assignee on such date. If any form or
document referred to in this subsection (e) requires the disclosure of
information, other than information necessary to compute the tax payable and
information required on the date hereof by Internal Revenue Service form 1001 or
4224, that the Lender reasonably considers to be confidential, the Lender shall
give notice thereof to the Borrower and shall not be obligated to include in
such form or document such confidential information.

            (f) For any period with respect to which a Lender has failed to
provide the Borrower with the appropriate form described in Section 2.14(e)
(other than if such failure is due to a change in law occurring subsequent to
the date on which a form originally was required to be provided, or if such form
otherwise is not required under subsection (e) above), such Lender shall not be
entitled to indemnification under Section 2.14(a) or (c) with respect to Taxes
imposed by the United States by reason of such failure; provided, however, that
should a Lender become subject to Taxes because of its failure to deliver a form
required hereunder, the Borrower shall take such steps as the Lender shall
reasonably request to assist the Lender to recover such Taxes.

            (g) Any Lender claiming any additional amounts payable pursuant to
this Section 2.14 agrees to use reasonable efforts (consistent with its internal
policy and legal and regulatory restrictions) to change the jurisdiction of its
Eurodollar Lending Office if the making of such a change would avoid the need
for, or reduce the amount of, any such additional amounts that may thereafter
accrue and would not, in the reasonable judgment of such Lender, be otherwise
disadvantageous to such Lender.

            SECTION 2.15. 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 2.11, 2.14 or 8.04(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 2.15 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 2.16. 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
hereunder in respect of Revolving Credit Advances. 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 Revolving Credit Note 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
Revolving Credit Note payable to the order of such Lender in a principal amount
up to the Commitment of such Lender.

                                       20

<PAGE>

            (b) The Register maintained by the Agent pursuant to Section 8.07(d)
shall include a control account, and a subsidiary account for each Lender, in
which accounts (taken together) shall be recorded (i) the date and amount of
each Borrowing made hereunder, the Type of Advances comprising such Borrowing
and, if appropriate, the Interest Period applicable thereto, (ii) the terms of
each Assumption Agreement and 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. Use of Proceeds. The proceeds of the Advances shall be
available (and the Borrower agrees that it shall use such proceeds) for general
corporate purposes of the Borrower and its Subsidiaries, including commercial
paper backstop.

            SECTION 2.18. Increase in the Aggregate Commitments. (a) The
Borrower may, at any time but in any event not more than once in any calendar
year prior to the Termination Date, by notice to the Agent, request that the
aggregate amount of the Commitment be increased by an amount of $50,000,000 or
an integral multiple of $10,000,000 in excess thereof (each a "Commitment
Increase") to be effective as of a date that is at least 90 days prior to the
scheduled Termination Date then in effect (the "Increase Date") as specified in
the related notice to the Agent; provided, however that (i) in no event shall
the aggregate amount of the Commitments at any time exceed $300,000,000 and (ii)
on the date of any request by the Borrower for a Commitment Increase and on the
related Increase Date, the applicable conditions set forth in Article III shall
be satisfied.

            (b) The Agent shall promptly notify the Lenders of a request by the
Borrower for a Commitment Increase, which notice shall include (i) the proposed
amount of such requested Commitment Increase, (ii) the proposed Increase Date
and (iii) the date by which Lenders wishing to participate in the Commitment
Increase must commit to an increase in the amount of their respective
Commitments (the "Commitment Date"). Each Lender that is willing to participate
in such requested Commitment Increase (each an "Increasing Lender") shall, in
its sole discretion, give written notice to the Agent on or prior to the
Commitment Date of the amount by which it is willing to increase its Commitment.
If the Lenders notify the Agent that they are willing to increase the amount of
their respective Commitments by an aggregate amount that exceeds the amount of
the requested Commitment Increase, the requested Commitment Increase shall be
allocated among the Lenders willing to participate therein in such amounts as
are agreed between the Borrower and the Agent.

            (c) Promptly following each Commitment Date, the Agent shall notify
the Borrower as to the amount, if any, by which the Lenders are willing to
participate in the requested Commitment Increase. If the aggregate amount by
which the Lenders are willing to participate in any requested Commitment
Increase on any such Commitment Date is less than the requested Commitment
Increase, then the Borrower may extend offers to one or more Eligible Assignees
to participate in any portion of the requested Commitment Increase that has not
been committed to by the Lenders as of the applicable Commitment Date; provided,
however, that the Commitment of each such Eligible Assignee shall be in an
amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof.

            (d) On each Increase Date, each Eligible Assignee that accepts an
offer to participate in a requested Commitment Increase in accordance with
Section 2.18(b) (each such Eligible Assignee and each Eligible Assignee that
agrees to an extension of the Termination Date in accordance with Section
2.19(c), an "Assuming Lender") shall become a Lender party to this Agreement as
of such Increase Date and the Commitment of each Increasing Lender for such
requested Commitment Increase shall be so increased by such amount (or by the
amount allocated to such Lender pursuant to the last sentence of Section
2.18(b)) as of such Increase Date; provided, however, that the Agent shall have
received on or before such Increase Date the following, each dated such date:

                                       21

<PAGE>

            (i) (A) certified copies of resolutions of the Board of Directors of
      the Borrower or the Executive Committee of such Board approving the
      Commitment Increase and the corresponding modifications to this Agreement
      and (B) an opinion of counsel for the Borrower (which may be in-house
      counsel), in substantially the form of Exhibit D hereto;

            (ii) an assumption agreement from each Assuming Lender, if any, in
      form and substance satisfactory to the Borrower and the Agent (each an
      "Assumption Agreement"), duly executed by such Eligible Assignee, the
      Agent and the Borrower; and

            (iii) confirmation from each Increasing Lender of the increase in
      the amount of its Commitment in a writing satisfactory to the Borrower and
      the Agent.

On each Increase Date, upon fulfillment of the conditions set forth in the
immediately preceding sentence of this Section 2.18(d), the Agent shall notify
the Lenders (including, without limitation, each Assuming Lender) and the
Borrower, on or before 1:00 P.M. (New York City time), by telecopier or telex,
of the occurrence of the Commitment Increase to be effected on such Increase
Date and shall record in the Register the relevant information with respect to
each Increasing Lender and each Assuming Lender on such date.

            SECTION 2.19. Extension of Termination Date. (a) At least 30 days
but not more than 45 days prior to the Termination Date in effect at such time,
the Borrower, by written notice to the Agent, may request an extension of the
Termination Date in effect at such time by 364 days from its then scheduled
expiration; provided, however, that the Borrower shall not have made the Term
Loan Election for Revolving Credit Advances outstanding on such Termination Date
prior to such time. The Agent shall promptly notify each Lender of such request,
and each Lender shall in turn, in its sole discretion, not later than 20 days
prior to the Termination Date, notify the Borrower and the Agent in writing as
to whether such Lender will consent to such extension. If any Lender shall fail
to notify the Agent and the Borrower in writing of its consent to any such
request for extension of the Termination Date at least 20 days prior to the
Termination Date, such Lender shall be deemed to be a Non-Consenting Lender with
respect to such request. The Agent shall notify the Borrower not later than 15
days prior to the Termination Date of the decision of the Lenders regarding the
Borrower's request for an extension of the Termination Date.

            (b) If all the Lenders consent in writing to any such request in
accordance with subsection (a) of this Section 2.19, the Termination Date in
effect at such time shall, effective as at the Termination Date (the "Extension
Date"), be extended for 364 days; provided that on each Extension Date the
applicable conditions set forth in Article III shall be satisfied. If less than
all of the Lenders consent in writing to any such request in accordance with
subsection (a) of this Section 2.19, the Termination Date in effect at such time
shall, effective as at the applicable Extension Date and subject to subsection
(d) of this Section 2.19, be extended as to those Lenders that so consented
(each a "Consenting Lender") but shall not be extended as to any other Lender
(each a "Non-Consenting Lender"). To the extent that the Termination Date is not
extended as to any Lender pursuant to this Section 2.19 and the Commitment of
such Lender is not assumed in accordance with subsection (c) of this Section
2.19 on or prior to the applicable Extension Date, the Commitment of such
Non-Consenting Lender shall automatically terminate in whole on such unextended
Termination Date without any further notice or other action by the Borrower,
such Lender or any other Person; provided that such Non-Consenting Lender's
rights under Sections 2.11, 2.14 and 8.04, and its obligations under Section
7.05, shall survive the Termination Date for such Lender as to matters occurring
prior to such date. It is understood and agreed that no Lender shall have any
obligation whatsoever to agree to any request made by the Borrower for any
requested extension of the Termination Date.

            (c) If less than all of the Lenders consent to any such request
pursuant to subsection (a) of this Section 2.19, the Agent shall promptly so
notify the Consenting Lenders, and each Consenting Lender may, in its sole
discretion, give written notice to the Agent not later than 10 days prior to the
Termination Date of the amount of the Non-Consenting Lenders' Commitments for
which it is willing to accept an assignment. If the Consenting Lenders notify
the Agent that they are willing to accept assignments of Commitments in an
aggregate amount that exceeds the amount of the Commitments of the
Non-Consenting Lenders, such Commitments shall be allocated among the Consenting
Lenders willing to accept such assignments in such amounts as are agreed between
the Borrower and the Agent. If after giving effect to the assignments of
Commitments described above there

                                       22

<PAGE>

remains any Commitments of Non-Consenting Lenders, the Borrower may arrange for
one or more Consenting Lenders or other Eligible Assignees as Assuming Lenders
to assume, effective as of the Extension Date, any Non-Consenting Lender's
Commitment and all of the obligations of such Non-Consenting Lender under this
Agreement thereafter arising, without recourse to or warranty by, or expense to,
such Non-Consenting Lender; provided, however, that the amount of the Commitment
of any such Assuming Lender as a result of such substitution shall in no event
be less than $10,000,000 unless the amount of the Commitment of such
Non-Consenting Lender is less than $10,000,000, in which case such Assuming
Lender shall assume all of such lesser amount; and provided further that:

            (i) any such Consenting Lender or Assuming Lender shall have paid to
      such Non-Consenting Lender (A) the aggregate principal amount of, and any
      interest accrued and unpaid to the effective date of the assignment on,
      the outstanding Advances, if any, of such Non-Consenting Lender plus (B)
      any accrued but unpaid facility fees owing to such Non-Consenting Lender
      as of the effective date of such assignment;

            (ii) all additional costs reimbursements, expense reimbursements and
      indemnities payable to such Non-Consenting Lender, and all other accrued
      and unpaid amounts owing to such Non-Consenting Lender hereunder, as of
      the effective date of such assignment shall have been paid to such
      Non-Consenting Lender; and

            (iii) with respect to any such Assuming Lender, the applicable
      processing and recordation fee required under Section 8.07(a) for such
      assignment shall have been paid;

provided further that such Non-Consenting Lender's rights under Sections 2.11,
2.14 and 8.04, and its obligations under Section 7.05, shall survive such
substitution as to matters occurring prior to the date of substitution. At least
three Business Days prior to any Extension Date, (A) each such Assuming Lender,
if any, shall have delivered to the Borrower and the Agent an Assumption
Agreement, duly executed by such Assuming Lender, such Non-Consenting Lender,
the Borrower and the Agent, (B) any such Consenting Lender shall have delivered
confirmation in writing satisfactory to the Borrower and the Agent as to the
increase in the amount of its Commitment and (C) each Non-Consenting Lender
being replaced pursuant to this Section 2.19 shall have delivered to the Agent
any Note or Notes held by such Non-Consenting Lender. Upon the payment or
prepayment of all amounts referred to in clauses (i), (ii) and (iii) of the
immediately preceding sentence, each such Consenting Lender or Assuming Lender,
as of the Extension Date, will be substituted for such Non-Consenting Lender
under this Agreement and shall be a Lender for all purposes of this Agreement,
without any further acknowledgment by or the consent of the other Lenders, and
the obligations of each such Non-Consenting Lender hereunder shall, by the
provisions hereof, be released and discharged.

            (d) If (after giving effect to any assignments or assumptions
pursuant to subsection (c) of this Section 2.19) Lenders having Commitments
equal to at least 50% of the Commitments in effect immediately prior to the
Extension Date consent in writing to a requested extension (whether by execution
or delivery of an Assumption Agreement or otherwise) not later than one Business
Day prior to such Extension Date, the Agent shall so notify the Borrower, and,
subject to the satisfaction to the applicable conditions in Article III, the
Termination Date then in effect shall be extended for the additional 364-day
period as described in subsection (a) of this Section 2.19, and all references
in this Agreement, and in the Notes, if any, to the "Termination Date" shall,
with respect to each Consenting Lender and each Assuming Lender for such
Extension Date, refer to the Termination Date as so extended. Promptly following
each Extension Date, the Agent shall notify the Lenders (including, without
limitation, each Assuming Lender) of the extension of the scheduled Termination
Date in effect immediately prior thereto and shall thereupon record in the
Register the relevant information with respect to each such Consenting Lender
and each such Assuming Lender.

                                   ARTICLE III

                     CONDITIONS TO EFFECTIVENESS AND LENDING

                                       23

<PAGE>

            SECTION 3.01. Conditions Precedent to Effectiveness of Sections 2.01
and 2.03. Sections 2.01 and 2.03 of this Agreement shall become effective on and
as of the first date (the "Effective Date") on which the following conditions
precedent have been satisfied:

            (a) There shall have occurred no Material Adverse Change since
      December 31, 2000.

            (b) There shall exist no action, suit, investigation, litigation or
      proceeding affecting the Borrower or any of its Subsidiaries pending or
      threatened before any court, governmental agency or arbitrator that (i)
      could be reasonably likely to have a Material Adverse Effect or (ii)
      purports to affect the legality, validity or enforceability of this
      Agreement or any Note or the consummation of the transactions contemplated
      hereby.

            (c) Nothing shall have come to the attention of the Lenders during
      the course of their due diligence investigation to lead them to believe
      that the Information Memorandum was or has become misleading, incorrect or
      incomplete in any material respect; without limiting the generality of the
      foregoing, the Lenders shall have been given such access to the
      management, records, books of account, contracts and properties of the
      Borrower and its Subsidiaries as they shall have requested.

            (d) All governmental and third party consents and approvals
      necessary in connection with the transactions contemplated hereby shall
      have been obtained (without the imposition of any conditions that are not
      acceptable to the Lenders) and shall remain in effect, and no law or
      regulation shall be applicable in the reasonable judgment of the Lenders
      that restrains, prevents or imposes materially adverse conditions upon the
      transactions contemplated hereby.

            (e) The Borrower shall have notified each Lender and the Agent in
      writing as to the proposed Effective Date.

            (f) The Borrower shall have paid all accrued fees and expenses of
      the Agent and the Lenders (including the accrued fees and expenses of
      counsel to the Agent).

            (g) On the Effective 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 officer of the Borrower, dated the
      Effective Date, stating that:

                  (i) The representations and warranties contained in Section
            4.01 are correct on and as of the Effective Date, and

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

            (h) The Agent shall have received on or before the Effective Date
      the following, each dated such day, in form and substance satisfactory to
      the Agent and (except for the Revolving Credit Notes) in sufficient copies
      for each Lender:

                  (i) The Revolving Credit Notes to the order of the Lenders to
            the extent requested by any Lender pursuant to Section 2.16.

                  (ii) Certified copies of the resolutions of the Board of
            Directors of the Borrower approving this Agreement and the Notes,
            and of all documents evidencing other necessary corporate action and
            governmental approvals, if any, with respect to this Agreement and
            the Notes.

                  (iii) A certificate of the Secretary or an Assistant Secretary
            of the Borrower certifying the names and true signatures of the
            officers of the Borrower authorized to sign this Agreement and the
            Notes and the other documents to be delivered hereunder.

                                       24

<PAGE>

                  (iv) A favorable opinion of Stephen A. Block, Senior Vice
            President and General Counsel, counsel for the Borrower,
            substantially in the form of Exhibit D hereto and as to such other
            matters as any Lender through the Agent may reasonably request.

                  (v) A favorable opinion of Shearman & Sterling, counsel for
            the Agent, in form and substance satisfactory to the Agent.

            (i) The Borrower shall have terminated the commitments, and paid in
      full all Debt, interest, fees and other amounts outstanding, under (x) the
      364-Day Credit Agreement dated as of November 28, 2001, as amended, among
      the Borrower, the lenders parties thereto, Citibank, as administrative
      agent for the lenders, and (y) the 180-Day Credit Agreement dated as of
      November 2, 2000 among the Borrower, Citibank, N.A., as lender and as
      administrative agent, and Salomon Smith Barney Inc., as arranger, and each
      of the Lenders that is a party to any such credit agreement hereby waives,
      upon execution of this Agreement, the requirement of prior notice under
      such credit agreement relating to the termination of commitments
      thereunder.

            SECTION 3.02. Conditions Precedent to Each Revolving Credit
Borrowing, Commitment Increase and Extension Date. The obligation of each Lender
to make a Revolving Credit Advance on the occasion of each Revolving Credit
Borrowing, each Commitment Increase and each extension of Commitments pursuant
to Section 2.19 shall be subject to the conditions precedent that the Effective
Date shall have occurred and on the date of such Revolving Credit Borrowing, the
applicable Increase Date or the applicable Extension Date (a) the following
statements shall be true (and each of the giving of the applicable Notice of
Revolving Credit Borrowing, request for Commitment Increase, request for
Commitment Extension 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 Borrowing, such Increase Date or such
Extension Date such statements are true):

            (i) the representations and warranties contained in Section 4.01
      (except, in the case of Revolving Credit Borrowings, the representations
      set forth in the last sentence of subsection (e) thereof and in subsection
      (f)(i) thereof) are correct on and as of such date, before and after
      giving effect to such Revolving Credit Borrowing, such Commitment Increase
      or such Extension Date 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, such Commitment Increase or such
      Extension Date 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 any Lender through the Agent may reasonably request.

            SECTION 3.03. Conditions Precedent to Each Competitive Bid
Borrowing. The obligation of each Lender that is to make a Competitive Bid
Advance on the occasion of a Competitive Bid Borrowing to make such Competitive
Bid Advance as part of such Competitive Bid Borrowing is subject to the
conditions precedent that (a) the Agent shall have received the written
confirmatory Notice of Competitive Bid Borrowing with respect thereto, (b) on or
before the date of such Competitive Bid Borrowing, but prior to such Competitive
Bid Borrowing, the Agent shall have received a Competitive Bid Note payable to
the order of such Lender for each of the one or more Competitive Bid Advances to
be made by such Lender as part of such Competitive Bid Borrowing, in a principal
amount equal to the principal amount of the Competitive Bid Advance to be
evidenced thereby and otherwise on such terms as were agreed to for such
Competitive Bid Advance in accordance with Section 2.03, and (c) on the date of
such Competitive Bid Borrowing the following statements shall be true (and each
of the giving of the applicable Notice of Competitive Bid Borrowing and the
acceptance by the Borrower of the proceeds of such Competitive Bid Borrowing
shall constitute a representation and warranty by the Borrower that on the date
of such Competitive Bid Borrowing such statements are true):

                                       25

<PAGE>

            (i) the representations and warranties contained in Section 4.01 are
      correct on and as of the date of such Competitive Bid Borrowing, before
      and after giving effect to such Competitive Bid 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 Competitive Bid Borrowing or from the application of the proceeds
      therefrom, that constitutes a Default.

            SECTION 3.04. 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 date that the Borrower,
by notice to the Lenders, designates as the proposed Effective Date, specifying
its objection thereto. The Agent shall promptly notify the Lenders of the
occurrence of the Effective Date.

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

            SECTION 4.01. Representations and Warranties of the Borrower. The
Borrower represents and warrants as follows:

            (a) The Borrower is a corporation duly organized, validly existing
      and in good standing under the laws of the State of New York.

            (b) The execution, delivery and performance by the Borrower of this
      Agreement and the Notes to be delivered by it, and the consummation of the
      transactions contemplated hereby, are within the Borrower's corporate
      powers, have been duly authorized by all necessary corporate action, and
      do not contravene (i) the Borrower's charter or by-laws or (ii) any law or
      any contractual restriction binding on or affecting the Borrower.

            (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 the Borrower of this Agreement or the Notes to be delivered
      by it.

            (d) This Agreement has been, and each of the Notes to be delivered
      by it when delivered hereunder will have been, duly executed and delivered
      by the Borrower. This Agreement is, and each of the Notes when delivered
      hereunder will be, the legal, valid and binding obligation of the Borrower
      enforceable against the Borrower in accordance with their respective
      terms.

            (e) The Consolidated balance sheet of the Borrower and its
      Subsidiaries as at December 31, 2000, and the related Consolidated
      statements of income and cash flows of the Borrower and its Subsidiaries
      for the fiscal year then ended, accompanied by an opinion of
      PricewaterhouseCoopers LLP, independent public accountants, and the
      Consolidated balance sheet of the Borrower and its Subsidiaries as at June
      30, 2001, and the related Consolidated statements of income and cash flows
      of the Borrower and its Subsidiaries for the six months then ended, duly
      certified by the chief financial officer of the Borrower, copies of which
      have been furnished to each Lender, fairly present subject, in the case of
      said balance sheet as at June 30, 2001 and said statements of income and
      cash flows for the six months then ended, to year-end audit adjustments,
      the Consolidated financial condition of the Borrower and its Subsidiaries
      as at such dates and the Consolidated results of the operations of the
      Borrower and its Subsidiaries for the periods ended on such date, all in
      accordance with generally accepted accounting principles consistently
      applied. Since December 31, 2000, there has been no Material Adverse
      Change.

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<PAGE>

            (f) There is no pending or threatened action, suit, investigation,
      litigation or proceeding, including, without limitation, any Environmental
      Action, affecting the Borrower or any of its Subsidiaries before any
      court, governmental agency or arbitrator that (i) could be reasonably
      likely to have a Material Adverse Effect or (ii) purports to affect the
      legality, validity or enforceability of this Agreement or any Note 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 Advance will be used to purchase or carry
      any margin stock or to extend credit to others for the purpose of
      purchasing or carrying any margin stock.

            (h) 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.

                                    ARTICLE V

                            COVENANTS OF THE BORROWER

            SECTION 5.01. Affirmative Covenants. So long as any Advance shall
remain unpaid or any Lender shall have any Commitment hereunder, the Borrower
will:

            (a) Compliance with Laws, Etc. Comply, and cause each of its
      Subsidiaries to comply, in all material respects, with all applicable
      laws, rules, regulations and orders, such compliance to include, without
      limitation, compliance with ERISA and Environmental Laws.

            (b) Payment of Taxes, Etc. Pay and discharge, and cause each of its
      Subsidiaries to pay and discharge, before the same shall become
      delinquent, (i) all taxes, assessments and governmental charges or levies
      imposed upon it or upon its property and (ii) all lawful claims that, if
      unpaid, might by law become a Lien upon its property; provided, however,
      that neither the Borrower nor any of its Subsidiaries shall be required to
      pay or discharge any such tax, assessment, charge or claim that is being
      contested in good faith and by proper proceedings and as to which
      appropriate reserves are being maintained, unless and until any Lien
      resulting therefrom attaches to its property and becomes enforceable
      against its other creditors.

            (c) Maintenance of Insurance. Maintain, and cause each of its
      Subsidiaries to maintain, insurance with responsible and reputable
      insurance companies or associations in such amounts and covering such
      risks as is usually carried by companies engaged in similar businesses and
      owning similar properties in the same general areas in which the Borrower
      or such Subsidiary operates; provided, however, that the Borrower and its
      Subsidiaries may self-insure to the same extent as other companies engaged
      in similar businesses and owning similar properties in the same general
      areas in which the Borrower or such Subsidiary operates and to the extent
      consistent with prudent business practice.

            (d) Preservation of Corporate Existence, Etc. Preserve and maintain,
      and cause each of its Subsidiaries to preserve and maintain, its corporate
      existence, rights (charter and statutory) and franchises; provided,
      however, that the Borrower and its Subsidiaries may consummate any merger
      or consolidation permitted under Section 5.02(b) and provided further that
      neither the Borrower nor any of its Subsidiaries shall be required to
      preserve any right or franchise or, in the case of any Subsidiary, its
      corporate existence, if the Board of Directors of the Borrower shall
      determine that the preservation thereof is no longer desirable in the
      conduct of the business of the Borrower, and that the loss thereof is not
      disadvantageous in any material respect to the Borrower or the Lenders.

            (e) Visitation Rights. At any reasonable time and from time to time,
      permit the Agent or any of the Lenders or any agents or representatives
      thereof, to examine and make copies of and abstracts from the records and
      books of account of, and visit (subject to applicable safety laws and
      regulations) the

                                       27

<PAGE>

      properties of, the Borrower and any of its Subsidiaries, and to discuss
      the affairs, finances and accounts of the Borrower and any of its
      Subsidiaries with any of their officers or directors and with their
      independent certified public accountants.

            (f) Keeping of Books. Keep, and cause each of its Subsidiaries to
      keep, proper books of record and account, in which full and correct
      entries shall be made of all financial transactions and the assets and
      business of the Borrower and each such Subsidiary in accordance with
      generally accepted accounting principles in effect from time to time.

            (g) Maintenance of Properties, Etc. Maintain and preserve, and cause
      each of its Subsidiaries to maintain and preserve, all of its properties
      that are used or useful in the conduct of its business in good working
      order and condition, ordinary wear and tear excepted.

            (h) Reporting Requirements. Furnish to the Lenders:

                  (i) as soon as available and in any event within 45 days after
            the end of each of the first three quarters of each fiscal year of
            the Borrower, the Consolidated balance sheet of the Borrower and its
            Subsidiaries as of the end of such quarter and Consolidated
            statements of income and cash flows of the Borrower and its
            Subsidiaries for the period commencing at the end of the previous
            fiscal year and ending with the end of such quarter, duly certified
            (subject to year-end audit adjustments) by the chief financial
            officer of the Borrower as having been prepared in accordance with
            generally accepted accounting principles and certificates of the
            chief financial officer of the Borrower as to compliance with the
            terms of this Agreement and setting forth in reasonable detail the
            calculations necessary to demonstrate compliance with Section 5.03,
            provided that in the event of any change in GAAP used in the
            preparation of such financial statements, the Borrower shall also
            provide, if necessary for the determination of compliance with
            Section 5.03, a statement of reconciliation conforming such
            financial statements to GAAP;

                  (ii) as soon as available and in any event within 90 days
            after the end of each fiscal year of the Borrower, a copy of the
            annual audit report for such year for the Borrower and its
            Subsidiaries, containing the Consolidated balance sheet of the
            Borrower and its Subsidiaries as of the end of such fiscal year and
            Consolidated statements of income and cash flows of the Borrower and
            its Subsidiaries for such fiscal year, in each case accompanied by
            an opinion acceptable to the Required Lenders by
            PricewaterhouseCoopers LLP or other "Big Five" independent public
            accountants, provided that in the event of any change in GAAP used
            in the preparation of such financial statements, the Borrower shall
            also provide, if necessary for the determination of compliance with
            Section 5.03, a statement of reconciliation conforming such
            financial statements to GAAP;

                  (iii) as soon as possible and in any event within five days
            after the occurrence of each Default continuing on the date of such
            statement, a statement of the chief financial officer of the
            Borrower setting forth details of such Default and the action that
            the Borrower has taken and proposes to take with respect thereto;

                  (iv) 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 Subsidiary files with the Securities and Exchange
            Commission or any national securities exchange;

                  (v) 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

                                       28

<PAGE>

                  (vi) such other information respecting the Borrower or any of
            its Subsidiaries as any Lender through the Agent may from time to
            time reasonably request.

            Reports and financial statements required to be delivered by the
Borrower pursuant to paragraphs (i), (ii) and (iv) of this Section 5.01(h) shall
be deemed to have been delivered on the date on which it posts such reports, or
reports containing such financial statements, on its website on the Internet at
www.iff.com and when such reports, or reports containing such financial
statements are posted on the SEC's website at www.sec.gov; provided that it
shall deliver paper copies of the reports and financial statements referred to
in paragraphs (i), (ii) and (iv) of this Section 5.01(h) to the Agent or any
Lender who requests it to deliver such paper copies until written notice to
cease delivering paper copies is given by the Agent or such Lender; and provided
further that in every instance it shall provide paper copies of the certificates
required by subsection (i) and (ii) to the Agent and each of the Lenders until
such time as the Agent shall provide it written notice otherwise.

            SECTION 5.02. Negative Covenants. So long as any Advance shall
remain unpaid or any Lender shall have any Commitment hereunder, the Borrower
will not:

            (a) Liens, Etc. Create or suffer to exist, or permit any of its
      Subsidiaries to create or suffer to exist, any Lien on or with respect to
      any of its properties, whether now owned or hereafter acquired, or assign,
      or permit any of its Subsidiaries to assign, any right to receive income,
      other than:

                  (i) Permitted Liens,

                  (ii) purchase money Liens upon or in any real property or
            equipment acquired or held by the Borrower or any Subsidiary in the
            ordinary course of business to secure the purchase price of such
            property or equipment or to secure Debt incurred solely for the
            purpose of financing the acquisition of such property or equipment,
            or Liens existing on such property or equipment at the time of its
            acquisition (other than any such Liens created in contemplation of
            such acquisition that were not incurred to finance the acquisition
            of such property) or extensions, renewals or replacements of any of
            the foregoing for the same or a lesser amount, provided, however,
            that no such Lien shall extend to or cover any properties of any
            character other than the real property or equipment being acquired,
            and no such extension, renewal or replacement shall extend to or
            cover any properties not theretofore subject to the Lien being
            extended, renewed or replaced, provided further that the aggregate
            principal amount of the indebtedness secured by the Liens referred
            to in this clause (ii) shall not exceed $50,000,000 at any time
            outstanding,

                  (iii) the Liens existing on the Effective Date and described
            on Schedule 5.02(a) hereto,

                  (iv) Liens on property of a Person existing at the time such
            Person is merged into or consolidated with the Borrower or any
            Subsidiary of the Borrower or becomes a Subsidiary of the Borrower;
            provided that such Liens were not created in contemplation of such
            merger, consolidation or acquisition and do not extend to any assets
            other than those of the Person so merged into or consolidated with
            the Borrower or such Subsidiary or acquired by the Borrower or such
            Subsidiary,

                  (v) other Liens securing Debt in an aggregate principal amount
            not to exceed $100,000,000 at any time outstanding, and

                  (vi) the replacement, extension or renewal of any Lien
            permitted by clause (iii) or (iv) above upon or in the same property
            theretofore subject thereto or the replacement, extension or renewal
            (without increase in the amount or change in any direct or
            contingent obligor) of the Debt secured thereby.

                                       29

<PAGE>

            (b) Mergers, Etc. Merge or consolidate with or into, or convey,
      transfer, lease or otherwise dispose of (whether in one transaction or in
      a series of transactions) all or substantially all of the assets (whether
      now owned or hereafter acquired) of the Borrower and its Subsidiaries,
      taken as a whole, to, any Person, or permit any of its Subsidiaries to do
      so, except that any Subsidiary of the Borrower may merge or consolidate
      with or into, or dispose of assets to, any other Subsidiary of the
      Borrower, and except that any Subsidiary of the Borrower may merge into or
      dispose of assets to the Borrower and the Borrower may merge with any
      other Person so long as the Borrower is the surviving corporation,
      provided, in each case, that no Default shall have occurred and be
      continuing at the time of such proposed transaction or would result
      therefrom.

            (c) Accounting Changes. Make or permit, or permit any of its
      Subsidiaries to make or permit, any change in accounting policies or
      reporting practices, except as required or permitted by generally accepted
      accounting principles.

            (d) Change in Nature of Business. Make, or permit any of its
      Subsidiaries to make, any material change in the nature of the business of
      the Borrower and its Subsidiaries, taken as a whole, as carried on at the
      date hereof.

            (e) Subsidiary Debt. Permit any of its Subsidiaries to create or
      suffer to exist, any Debt other than:

                  (i) Debt owed to the Borrower or to a wholly owned Subsidiary
            of the Borrower,

                  (ii) Debt aggregating for all of the Borrower's Subsidiaries
            not more than $400,000,000 at any one time outstanding, and

                  (iii) endorsement of negotiable instruments for deposit or
            collection or similar transactions in the ordinary course of
            business.

            SECTION 5.03. Financial Covenant. So long as any Advance shall
remain unpaid or any Lender shall have any Commitment hereunder, the Borrower
will maintain a ratio of Debt for Borrowed Money as at the end of each fiscal
quarter ending in the periods set forth below to EBITDA for the period of four
fiscal quarters then ended of not more than 3.25:1.0.

                                   ARTICLE VI

                                EVENTS OF DEFAULT

            SECTION 6.01. Events of Default. If any of the following events
("Events of Default") shall occur and be continuing:

            (a) The Borrower shall fail to pay any principal of any Advance when
      the same becomes due and payable; or the Borrower shall fail to pay any
      interest on any Advance or make any other payment of fees or other amounts
      payable under this Agreement or any Note within three Business Days after
      the same becomes due and payable; or

            (b) Any representation or warranty made by the Borrower herein or by
      the Borrower (or any of its officers) in connection with this Agreement
      shall prove to have been incorrect in any material respect when made; or

            (c) (i) The Borrower shall fail to perform or observe any term,
      covenant or agreement contained in Section 5.01(d), (e) or (h), 5.02 or
      5.03, or (ii) the Borrower shall fail to perform or observe any other
      term, covenant or agreement contained in this Agreement on its part to be
      performed or observed

                                       30

<PAGE>

      if such failure shall remain unremedied for 10 days after written notice
      thereof shall have been given to the Borrower by the Agent or any Lender;
      or

            (d) The Borrower or any of its Subsidiaries shall fail to pay any
      principal of or premium or interest on any Debt that is outstanding in a
      principal or notional amount of at least $50,000,000 in the aggregate (but
      excluding Debt outstanding hereunder) of the Borrower or such Subsidiary
      (as the case may be), when the same becomes due and payable (whether by
      scheduled maturity, required prepayment, acceleration, demand or
      otherwise), and such failure shall continue after the applicable grace
      period, if any, specified in the agreement or instrument relating to such
      Debt; or any other event shall occur or condition shall exist under any
      agreement or instrument relating to any such Debt and shall continue after
      the applicable grace period, if any, specified in such agreement or
      instrument, if the effect of such event or condition is to accelerate, or
      to permit the acceleration of, the maturity of such Debt; or any such Debt
      shall be declared to be due and payable, or required to be prepaid or
      redeemed (other than by a regularly scheduled required prepayment or
      redemption), purchased or defeased, or an offer to prepay, redeem,
      purchase or defease such Debt shall be required to be made, in each case
      prior to the stated maturity thereof; or

            (e) The Borrower or any of its Subsidiaries shall generally not pay
      its debts as such debts become due, or shall admit in writing its
      inability to pay its debts generally, or shall make a general assignment
      for the benefit of creditors; or any proceeding shall be instituted by or
      against the Borrower or any of its Subsidiaries seeking to adjudicate it a
      bankrupt or insolvent, or seeking liquidation, winding up, reorganization,
      arrangement, adjustment, protection, relief, or composition of it or its
      debts under any law relating to bankruptcy, insolvency or reorganization
      or relief of debtors, or seeking the entry of an order for relief or the
      appointment of a receiver, trustee, 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 30
      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 or any
      of its Subsidiaries shall take any corporate action to authorize any of
      the actions set forth above in this subsection (e); or

            (f) Judgments or orders for the payment of money in excess of
      $50,000,000 in the aggregate shall be rendered against the Borrower or any
      of its Subsidiaries and either (i) enforcement proceedings shall have been
      commenced by any creditor upon such judgment or order or (ii) there shall
      be any period of 20 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; provided, however, that any such judgment or order shall
      not be an Event of Default under this Section 6.01(f) 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

            (g) (i) Any Person or two or more Persons acting in concert (other
      than any Founder) shall have acquired beneficial ownership (within the
      meaning of Rule 13d-3 of the Securities and Exchange Commission under the
      Securities Exchange Act of 1934), directly or indirectly, of Voting Stock
      of the Borrower (or other securities convertible into such Voting Stock)
      representing 20% or more of the combined voting power of all Voting Stock
      of the Borrower; or (ii) during any period of up to 24 consecutive months,
      commencing before or after the date of this Agreement, individuals who at
      the beginning of such 24-month period were directors of the Borrower shall
      cease for any reason (other than due to death or disability) to constitute
      a majority of the board of directors of the Borrower (except to the extent
      that individuals who at the beginning of such 24-month period were
      replaced by individuals (x) elected by a majority of the remaining members
      of the board of directors of the Borrower or (y) nominated for election by
      a majority of the remaining members of the board of directors of the
      Borrower and thereafter elected as directors by the shareholders of the
      Borrower); or (iii) any Person or two or more Persons acting in concert
      (other than any Founder) shall have acquired by contract or otherwise, or
      shall

                                        31

<PAGE>

      have entered into a contract or arrangement that, upon consummation, will
      result in its or their acquisition of the power to exercise, directly or
      indirectly, a controlling influence over the management or policies of the
      Borrower; or

            (h) The Borrower or any of its ERISA Affiliates shall incur, or
      shall be reasonably likely to incur liability in excess of $50,000,000 in
      the aggregate as a result of one or more of the following: (i) the
      occurrence of any ERISA Event; (ii) the partial or complete withdrawal of
      the Borrower or any of its ERISA Affiliates from a Multiemployer Plan; or
      (iii) the reorganization or termination of a Multiemployer Plan;

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 Advances to be terminated, whereupon the same
shall forthwith terminate, and (ii) shall at the request, or may with the
consent, of the Required Lenders, by notice to the Borrower, declare the
Advances, all interest thereon and all other amounts payable under this
Agreement to be forthwith due and payable, whereupon the Advances, all such
interest and all such amounts shall become and be forthwith due and payable,
without presentment, demand, protest or further notice of any kind, all of which
are hereby expressly waived by the Borrower; provided, however, that in the
event of an actual or deemed entry of an order for relief with respect to the
Borrower under the Federal Bankruptcy Code, (A) the obligation of each Lender to
make Advances shall automatically be terminated and (B) the Advances, all such
interest and all such amounts shall automatically become and be due and payable,
without presentment, demand, protest or any notice of any kind, all of which are
hereby expressly waived by the Borrower.

                                   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 as are delegated to the
Agent by the terms hereof, together with such powers and discretion as are
reasonably incidental thereto. As to any matters not expressly provided for by
this Agreement (including, without limitation, enforcement or collection of the
Notes), 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 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 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.

            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, except for its or their own gross negligence or willful misconduct.
Without limitation of the generality of the foregoing, the Agent: (i) may treat
the Lender that made any Advance as the holder of the Debt resulting therefrom
until the Agent receives and accepts an Assumption Agreement entered into by an
Assuming Lender as provided in Section 2.18 or 2.19, as the case may be, or an
Assignment and Acceptance entered into by such Lender, as assignor, and an
Eligible Assignee, as assignee, as provided in Section 8.07; (ii) may consult
with legal counsel (including counsel for the Borrower), independent public
accountants and other experts selected by it and shall not be liable for any
action taken or omitted to be taken in good faith 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; (iv) shall not have any duty to ascertain or
to inquire as to the performance or observance of any of the terms, covenants or
conditions of this Agreement on the part of the Borrower or to inspect the
property (including the books and records) of the Borrower; (v) shall not be
responsible to any Lender for the due execution, legality, validity,
enforceability, genuineness, sufficiency or value of this Agreement or any other
instrument or document furnished pursuant hereto; and (vi) shall incur no
liability under or in respect of this Agreement by acting upon any notice,
consent, certificate or other instrument or writing (which may be by telecopier,
telegram or telex) believed by it to be genuine and signed or sent by the proper
party or parties.

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<PAGE>

            SECTION 7.03. Citibank and Affiliates. With respect to its
Commitment, the Advances made by it and the Note issued to it, Citibank 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 Citibank in its
individual capacity. Citibank 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, the
Borrower, any of its Subsidiaries and any Person who may do business with or own
securities of the Borrower or any such Subsidiary, all as if Citibank 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 Borrower), ratably according to the
respective principal amounts of the Revolving Credit Advances then owed to each
of them (or if no Revolving Credit Advances are at the time outstanding, 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 action taken or
omitted by the Agent under this Agreement (collectively, the "Indemnified
Costs"), provided that no Lender shall be liable for any portion of the
Indemnified Costs resulting from the Agent's gross 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 reasonable 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 Borrower. 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 Required Lenders. Upon any such
resignation or removal, the Required Lenders shall have the right to appoint a
successor Agent, provided that, so long as no Default has occurred and is
continuing, the Borrower shall have the right to consent to such successor Agent
(which consent shall not be unreasonably withheld or delayed) . If no successor
Agent shall have been so appointed by the Required Lenders, 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. 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.

            SECTION 7.07. Other Agents. Each Lender hereby acknowledges that
neither any co-agent nor any other Lender designated as any "Agent" on the
signature pages hereof has any liability hereunder other than in its capacity as
a Lender.

                                  ARTICLE VIII

                                       33

<PAGE>

                                  MISCELLANEOUS

            SECTION 8.01. Amendments, Etc. No amendment or waiver of any
provision of this Agreement or the Revolving Credit Notes, nor consent to any
departure by the Borrower therefrom, shall in any event be effective unless the
same shall be in writing and signed by 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 all the Lenders, do any of the
following: (a) waive any of the conditions specified in Section 3.01, (b)
increase the Commitments of the Lenders or subject the Lenders to any additional
obligations, (c) reduce the principal of, or interest on, the Revolving Credit
Advances or any fees or other amounts payable hereunder, (d) postpone any date
fixed for any payment of principal of, or interest on, the Revolving Credit
Advances or any fees or other amounts payable hereunder, (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 or (f) amend this
Section 8.01; and provided further that no amendment, waiver or consent shall,
unless in writing and signed by the Agent in addition to the Lenders required
above to take such action, affect the rights or duties of the Agent under this
Agreement or any Note.

            SECTION 8.02. Notices, Etc. All notices and other communications
provided for hereunder shall be in writing (including telecopier, telegraphic or
telex communication) and mailed, telecopied, telegraphed, telexed or delivered,
if to the Borrower, at its address at 521 West 57th Street, New York, New York
10019, Attention: Treasurer, with a copy to Corporate Secretary; if to any
Initial Lender, at its Domestic Lending Office specified opposite its name on
Schedule I hereto; if to any other Lender, at its Domestic Lending Office
specified in the Assumption Agreement or the Assignment and Acceptance pursuant
to which it became a Lender; and if to the Agent, at its address at Two Penns
Way, New Castle, Delaware 19720, Attention: Bank Loan Syndications Department;
or, as to the Borrower 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 and the Agent. All such notices and
communications shall, when mailed, telecopied, telegraphed or telexed, be
effective when deposited in the mails, telecopied, delivered to the telegraph
company or confirmed by telex answerback, respectively, except that notices and
communications to the Agent pursuant to Article II, III or VII shall not be
effective until received by the Agent. Delivery by telecopier of an executed
counterpart of any amendment or waiver of any provision of this Agreement or the
Notes or of any Exhibit hereto to be executed and delivered hereunder shall be
effective as delivery of a manually executed counterpart thereof.

            SECTION 8.03. No Waiver; Remedies. No failure on the part of any
Lender or the Agent to exercise, and no delay in exercising, any right hereunder
or under any Note shall operate as a waiver thereof; nor shall any single or
partial exercise of any such right preclude any other or further exercise
thereof or the exercise of any other right. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law.

            SECTION 8.04. Costs and Expenses. (a) The Borrower agrees to pay on
demand all costs and expenses of the Agent in connection with the preparation,
execution, delivery, administration, modification and amendment of this
Agreement, the Notes and the other documents to be delivered hereunder,
including, without limitation, (A) all due diligence, syndication (including
printing, distribution and bank meetings), transportation, computer,
duplication, appraisal, consultant, and audit expenses and (B) 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. The Borrower further agrees to pay on demand all costs and expenses
of the Agent and the Lenders, if any (including, without limitation, reasonable
counsel fees and expenses), in connection with the enforcement (whether through
negotiations, legal proceedings or otherwise) of this Agreement, the Notes and
the other documents to be delivered hereunder, including, without limitation,
reasonable fees and expenses of counsel for the Agent and each Lender in
connection with the enforcement of rights under this Section 8.04(a), provided
that in the case of any enforcement of this Agreement, the Notes and the other
documents to be delivered hereunder, the Agent and the Lenders shall retain one
counsel at the expense of the Borrower, provided, further, that if there exists
or is reasonably likely to exist a conflict of interest that would make it
inappropriate for the same counsel to represent all the Lenders, then each
Lender with such a conflict of interest shall be entitled to retain its own
counsel at the expense of the Borrower.

                                       34

<PAGE>

            (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") from and against
any and all claims, damages, losses, liabilities and expenses (including,
without limitation, reasonable fees and expenses of counsel) 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) (i) the Notes, this Agreement, any of the
transactions contemplated herein or the actual or proposed use of the proceeds
of the Advances or (ii) the actual or alleged presence of Hazardous Materials on
any property of the Borrower or any of its Subsidiaries or any Environmental
Action relating in any way to the Borrower or any of its Subsidiaries, except to
the extent such claim, damage, loss, liability or expense is found in a final,
non-appealable judgment by a court of competent jurisdiction to have resulted
from such Indemnified Party's gross negligence or willful misconduct. In the
case of an investigation, litigation or other proceeding to which the indemnity
in this Section 8.04(b) applies, such indemnity shall be effective whether or
not such investigation, litigation or proceeding is brought by the Borrower, its
directors, shareholders or creditors 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 also agrees not
to assert any claim for special, indirect, consequential or punitive damages
against the Agent, any Lender, any of their Affiliates, or any of their
respective directors, officers, employees, attorneys and agents, and the Agent
and each Lender agrees not to assert any claim for special, indirect,
consequential or punitive damages against the Borrower, any of its Affiliates,
or any of their respective directors, officers, employees, attorneys and agents,
on any theory of liability arising out of or otherwise relating to the Notes,
this Agreement, any of the transactions contemplated herein or the actual or
proposed use of the proceeds of the Advances.

            (c) If any payment of principal of, or Conversion of, any Eurodollar
Rate Advance, LIBO 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 2.08(d) or (e), 2.10 or
2.12, acceleration of the maturity of the Notes pursuant to Section 6.01 or for
any other reason or by an Eligible Assignee to a Lender other than on the last
day of the Interest Period for such Advance upon an assignment of rights and
obligations under this Agreement pursuant to Section 8.07 as a result of a
demand by the Borrower pursuant to Section 8.07(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
Borrower hereunder, the agreements and obligations of the Borrower contained in
Sections 2.11, 2.14 and 8.04 shall survive the payment in full of principal,
interest and all other amounts payable hereunder and under the Notes.

            SECTION 8.05. Right of Set-off. Upon (i) the occurrence and during
the continuance of any Event of Default and (ii) the making of the request or
the granting of the consent specified by Section 6.01 to authorize the Agent to
declare the Notes due and payable pursuant to the provisions of Section 6.01,
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 and the Note held by such Lender, whether or not such Lender shall
have made any demand under this Agreement or such Note 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 8.06. Binding Effect. This Agreement shall become effective
(other than Sections 2.01 and 2.03, which shall only become effective upon
satisfaction of the conditions precedent set forth in Section 3.01) when it
shall have been executed by the Borrower 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

                                       35

<PAGE>

to the benefit of the Borrower, the Agent and each Lender and their respective
successors and assigns, except that the Borrower shall not have the right to
assign its rights hereunder or any interest herein without the prior written
consent of the Lenders.

            SECTION 8.07. Assignments and Participations. (a) Each Lender may
and, if demanded by the Borrower (following a demand by such Lender pursuant to
Section 2.11 or 2.14 or a notification by such Lender pursuant to Section 2.12)
upon at least five Business Days' notice to such Lender and the Agent, will
assign to one or more Persons 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 the Revolving Credit
Note or Notes held by it); provided, however, that (i) each such assignment
shall be of a constant, and not a varying, percentage of all rights and
obligations under this Agreement (other than any right to make Competitive Bid
Advances, Competitive Bid Advances owing to it and Competitive Bid Notes), (ii)
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, the amount of the Commitment of the assigning
Lender being assigned pursuant to each such assignment (determined as of the
date of the Assignment and Acceptance with respect to such assignment) shall in
no event be less than $10,000,000 or an integral multiple of $1,000,000 in
excess thereof, (iii) each such assignment shall be to an Eligible Assignee,
(iv) each such assignment made as a result of a demand by the Borrower pursuant
to this Section 8.07(a) shall be arranged by the Borrower after consultation
with the Agent and 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, (v) no Lender shall be
obligated to make any such assignment as a result of a demand by the Borrower
pursuant to this Section 8.07(a) unless and until such Lender shall have
received one or more payments from either the Borrower or one or more Eligible
Assignees in an aggregate amount at least equal to the aggregate outstanding
principal amount of the 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, and (vi) the parties to
each such assignment shall execute and deliver to the Agent, for its acceptance
and recording in the Register, an Assignment and Acceptance, together with any
Revolving Credit Note subject to such assignment and a processing and
recordation fee of $3,500. Upon such execution, delivery, acceptance and
recording, from and after the effective date specified in each Assignment and
Acceptance, (x) the assignee thereunder shall be a party hereto and, to the
extent that rights and obligations hereunder have been assigned to it pursuant
to such Assignment and Acceptance, have the rights and obligations of a Lender
hereunder and (y) 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
the execution, legality, validity, enforceability, genuineness, sufficiency or
value of this Agreement or any other instrument or document furnished pursuant
hereto; (ii) such assigning Lender makes no representation or warranty and
assumes no responsibility with respect to the financial condition of the
Borrower or the performance or observance by the Borrower of any of its
obligations under this Agreement or any other instrument or document furnished
pursuant hereto; (iii) such assignee confirms that it has received a copy of
this Agreement, together with copies of the financial statements referred to in
Section 4.01 and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into such
Assignment and Acceptance; (iv) such assignee will, independently and without
reliance upon 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 confirms that it is an Eligible Assignee; (vi)
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 as
are delegated to the Agent by the terms hereof, together with such powers and
discretion as are reasonably incidental thereto; and (vii) such assignee agrees
that it will perform in accordance with their terms all of the obligations that
by the terms of this Agreement are required to be performed by it as a Lender.

                                       36

<PAGE>

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

            (d) The Agent shall maintain at its address referred to in Section
8.02 a copy of each Assumption Agreement and 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 the Commitment of, and principal amount of the
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 the Borrower, the Agent and the Lenders may treat each
Person whose name is recorded in the Register as a Lender hereunder for all
purposes of this Agreement. The Register shall be available for inspection by
the Borrower or any Lender at any reasonable time and from time to time upon
reasonable prior notice.

            (e) Each Lender may sell participations to one or more banks or
other entities (other than the Borrower or any of its Affiliates) 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 Advances owing to it
and any Note or Notes held by it); provided, however, that (i) such Lender's
obligations under this Agreement (including, without limitation, its Commitment
to the Borrower 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 Note for all
purposes of this Agreement, (iv) the Borrower, 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 Note, or any consent to any
departure by the Borrower therefrom, except to the extent that such amendment,
waiver or consent would reduce the principal of, or interest on, the Notes or
any fees or other amounts payable hereunder, in each case to the extent subject
to such participation, or postpone any date fixed for any payment of principal
of, or interest on, the Notes or any fees or other amounts payable hereunder, in
each case to the extent subject to such participation.

            (f) Any Lender may, in connection with any assignment or
participation or proposed assignment or participation pursuant to this Section
8.07, disclose to the assignee or participant or proposed assignee or
participant, any information relating to the Borrower furnished to such Lender
by or on behalf of the Borrower; provided that, prior to any such disclosure,
the assignee or participant or proposed assignee or participant shall agree to
preserve the confidentiality of any Confidential Information relating to the
Borrower received by it from such Lender.

            (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 Advances
owing to it and any Note or Notes held by it) in favor of any Federal Reserve
Bank in accordance with Regulation A of the Board of Governors of the Federal
Reserve System.

            SECTION 8.08. 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 Section 8.07(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.

            SECTION 8.09. Governing Law. This Agreement and the Notes shall be
governed by, and construed in accordance with, the laws of the State of New
York.

            SECTION 8.10. 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

                                       37

<PAGE>

an executed counterpart of a signature page to this Agreement by telecopier
shall be effective as delivery of a manually executed counterpart of this
Agreement.

            SECTION 8.11. Jurisdiction, Etc. (a) Each of the parties hereto
hereby irrevocably and unconditionally submits, for itself and its property, to
the nonexclusive jurisdiction of any New York State court or federal court of
the United States of America sitting in New York City, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this
Agreement or the Notes, or for recognition or enforcement of any judgment, and
each of the parties hereto hereby irrevocably and unconditionally agrees that
all claims in respect of any such action or proceeding may be heard and
determined in any such New York State court or, to the extent permitted by law,
in such federal court. Each of the parties hereto agrees that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by
law. Nothing in this Agreement shall affect any right that any party may
otherwise have to bring any action or proceeding relating to this Agreement or
the Notes 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 the Notes
in any New York State or federal court. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such
court.

            SECTION 8.12. Integration. This Agreement and the commitment letter
dated __________ __, 2001 among the Borrower, Citibank, N.A. and Salomon Smith
Barney Inc. constitute the entire contract among the parties relating to the
subject matter hereof and supersedes any and all previous arrangements and
understandings, oral or written, relating to the subject matter hereof.

                                       38

<PAGE>

            SECTION 8.13. WAIVER OF JURY TRIAL. EACH OF THE BORROWER, THE AGENT
AND 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 THE NOTES OR THE
ACTIONS OF THE AGENT OR ANY LENDER IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE OR ENFORCEMENT THEREOF.

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

                                         INTERNATIONAL FLAVORS & FRAGRANCES INC.

                                         By_____________________________________
                                             Title:

                                         CITIBANK, N.A.,
                                             as Agent

                                         By_____________________________________
                                             Title:

                                 Initial Lenders

                      Administrative Agent and Book Manager

Commitment

$22,000,000                              CITIBANK, N.A.

                                         By_____________________________________
                                             Title:

                               Syndication Agents

$20,600,000                              BANK OF TOKYO-MITSUBISHI TRUST COMPANY

                                         By_____________________________________
                                             Title:

$20,600,000                              BANK ONE, NA (Main Office Chicago)

                                         By_____________________________________
                                             Title:

                                       39

<PAGE>

                             Co-Documentation Agents

$20,600,000                              ABN AMRO BANK N.V.

                                         By_____________________________________
                                             Title:

                                         By_____________________________________
                                             Title:

$20,600,000                              FIRST UNION NATIONAL BANK

                                         By_____________________________________
                                             Title:

                                 Senior Co-Agent

$19,600,000                              FLEET NATIONAL BANK

                                         By_____________________________________
                                             Title:

                             Senior Managing Agents

$18,000,000                              BNP PARIBAS

                                         By_____________________________________
                                             Title:

                                         By_____________________________________
                                             Title:

$18,000,000                              ING (U.S.) CAPITAL LLC

                                         By_____________________________________
                                             Title:

$10,000,000                              INTESABCI NEW YORK BRANCH

                                         By_____________________________________
                                             Title:

                                         By_____________________________________
                                             Title:

                                       40

<PAGE>

$10,000,000                              FORTIS (USA) FINANCE LLC

                                         By_____________________________________
                                             Title:

                                         By_____________________________________
                                             Title:

$10,000,000                              THE BANK OF NEW YORK

                                         By_____________________________________
                                             Title:

$10,000,000                              MELLON BANK, N.A.

                                         By_____________________________________
                                             Title:

$200,000,000   Total of the Commitments

                                       41

<PAGE>

                                                                      SCHEDULE I
                                         INTERNATIONAL FLAVORS & FRAGRANCES INC.
                                                        364-DAY CREDIT AGREEMENT
                                                      APPLICABLE LENDING OFFICES

<TABLE>
<CAPTION>

-----------------------------------------------------------------------------------------------------------------
        Name of Initial Lender                 Domestic Lending Office              Eurodollar Lending Office
-----------------------------------------------------------------------------------------------------------------
<S>                                         <C>                                   <C>
ABN AMRO BANK N.V.                          208 South LaSalle, Suite 1500         208 South LaSalle, Suite 1500
                                            Chicago, IL 60604-1003                Chicago, IL 60604-1003
                                            Attn: Loan Administration             Attn: Loan Administration
                                            T: 312 992-5151                       T: 312 992-5151
                                            F: 312 992-5156                       F: 312 992-5156
-----------------------------------------------------------------------------------------------------------------
THE BANK OF NEW YORK                        One Wall Street                       One Wall Street
                                            New York, NY 10286                    New York, NY 10286
                                            Attn: Rose Leonard                    Attn: Rose Leonard
                                            T: 212 635-1471                       T: 212 635-1471
                                            F: 212 635-6397/6426                  F: 212 635-6397/6426
-----------------------------------------------------------------------------------------------------------------
BANK ONE, NA
-----------------------------------------------------------------------------------------------------------------
BANK OF TOKYO-MITSUBISHI TRUST COMPANY      1251 Avenue of the Americas           1251 Avenue of the Americas
                                            12th Floor                            12th Floor
                                            New York, NY 10020                    New York, NY 10020
                                            Attn: Mr. Rolando                     Attn: Mr. Rolando
                                            T: 212 782-5637                       T: 212 782-5637
                                            F: 212 782-5635                       F: 212 782-5635
-----------------------------------------------------------------------------------------------------------------
BNP PARIBAS
-----------------------------------------------------------------------------------------------------------------
CITIBANK, N.A.                              Two Penns Way                         Two Penns Way
                                            New Castle, DE 19720                  New Castle, DE 19720
                                            Attn: Meaghan McCormack               Attn:  Meaghan McCormack
                                            T: 302 894-6017                       T: 302 894-6017
                                            F: 302 894-6120                       F: 302 894-6120
-----------------------------------------------------------------------------------------------------------------
FIRST UNION NATIONAL BANK                   50 Main Street                        50 Main Street
                                            White Plains, NY 10606                White Plains, NY 10606
                                            Attn: David Ring                      Attn: David Ring
                                            T: 914 286-5039                       T: 914 286-5039
                                            F: 914 681-8755                       F: 914 681-8755
-----------------------------------------------------------------------------------------------------------------
FLEET NATIONAL BANK                         100 Federal Street                    100 Federal Street
                                            Mail Code: 01-10-04                   Mail Code: 01-10-04
                                            Boston, MA  02110                     Boston, MA  02110
                                            Attn: Deborah Dobbins                 Attn: Deborah Dobbins
                                            T: 617 434-5455                       T: 617 434-5455
                                            F: 617 434-1574                       F: 617 434-1574
-----------------------------------------------------------------------------------------------------------------
FORTIS (USA) FINANCE LLC                    520 Madison Avenue                    520 Madison Avenue
                                            New York, NY 10022                    New York, NY 10022
                                            Attn: Douglas Riahi                   Attn: Douglas Riahi
                                            T: 212 418-8736                       T: 212 418-8736
                                            F: 212 750-7597                       F: 212 750-7597
-----------------------------------------------------------------------------------------------------------------
ING (U.S.) CAPITAL LLC
-----------------------------------------------------------------------------------------------------------------
INTESABCI NEW YORK BRANCH                   One William Street                    One William Street
                                            New York, NY 10004                    New York, NY 10004
                                            Attn: Charles Dougherty               Attn: Charles Dougherty
                                            T: 212 607-3656                       T: 212 607-3656
                                            F: 212 809-2124                       F: 212 809-2124
-----------------------------------------------------------------------------------------------------------------
MELLON BANK, N.A.
-----------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                                           EXHIBIT A-1 - FORM OF
                                                                REVOLVING CREDIT
                                                                 PROMISSORY NOTE

U.S.$_______________                    Dated:  _______________, 200_

      FOR VALUE RECEIVED, the undersigned, INTERNATIONAL FLAVORS & FRAGRANCES
INC., a New York corporation (the "Borrower"), HEREBY PROMISES TO PAY to the
order of __________ (the "Lender") for the account of its Applicable Lending
Office on the later of Termination Date and the date designated pursuant to
Section 2.06 of the Credit Agreement (each as defined in the Credit Agreement
referred to below) the principal sum of U.S.$[amount of the Lender's Commitment
in figures] or, if less, the aggregate principal amount of the Revolving Credit
Advances made by the Lender to the Borrower pursuant to the 364-Day Credit
Agreement dated as of September 26, 2001 among the Borrower, the Lender and
certain other lenders parties thereto, and Citibank, N.A. as Agent for the
Lender and such other lenders (as amended or modified from time to time, the
"Credit Agreement"; the terms defined therein being used herein as therein
defined) outstanding on such date.

      The Borrower promises to pay interest on the unpaid principal amount of
each Revolving Credit Advance from the date of such Revolving Credit Advance
until such principal amount is paid in full, at such interest rates, and payable
at such times, as are specified in the Credit Agreement.

      Both principal and interest are payable in lawful money of the United
States of America to Citibank, as Agent, at 399 Park Avenue, New York, New York
10043, in same day funds. Each Revolving Credit Advance owing to the Lender by
the Borrower pursuant to the Credit Agreement, and all payments made on account
of principal thereof, shall be recorded by the Lender and, prior to any transfer
hereof, endorsed on the grid attached hereto which is part of this Promissory
Note.

      This Promissory Note is one of the Revolving Credit Notes referred to in,
and is entitled to the benefits of, the Credit Agreement. The Credit Agreement,
among other things, (i) provides for the making of Revolving Credit Advances by
the Lender to the Borrower from time to time in an aggregate amount not to
exceed at any time outstanding the U.S. dollar amount first above mentioned, the
indebtedness of the Borrower resulting from each such Revolving Credit Advance
being evidenced by this Promissory Note and (ii) contains provisions for
acceleration of the maturity hereof upon the happening of certain stated events
and also for prepayments on account of principal hereof prior to the maturity
hereof upon the terms and conditions therein specified.

                                 INTERNATIONAL FLAVORS & FRAGRANCES INC.

                                 By______________________________________
                                     Title:

<PAGE>

                       ADVANCES AND PAYMENTS OF PRINCIPAL

<TABLE>
<CAPTION>

-----------------------------------------------------------------------------------------
                                       Amount of

        Date          Amount of     Principal Paid   Unpaid Principal   Notation
                       Advance        or Prepaid         Balance         Made By
-----------------------------------------------------------------------------------------
<S>                   <C>             <C>               <C>              <C>

-----------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------

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</TABLE>

                                        2

<PAGE>

                                                           EXHIBIT A-2 - FORM OF
                                                                 COMPETITIVE BID
                                                                 PROMISSORY NOTE

U.S.$_______________                       Dated:  _______________, 200_

      FOR VALUE RECEIVED, the undersigned, INTERNATIONAL FLAVORS & FRAGRANCES
INC., a New York corporation (the "Borrower"), HEREBY PROMISES TO PAY to the
order of __________ (the "Lender") for the account of its Applicable Lending
Office (as defined in the 364-Day Credit Agreement dated as of September 26,
2001 among the Borrower, the Lender and certain other lenders parties thereto,
and Citibank, N.A., as Agent for the Lender and such other lenders (as amended
or modified from time to time, the "Credit Agreement"; the terms defined therein
being used herein as therein defined)), on _______________, 200_, the principal
amount of U.S.$_______________.

      The Borrower promises to pay interest on the unpaid principal amount
hereof from the date hereof until such principal amount is paid in full, at the
interest rate and payable on the interest payment date or dates provided below:

      Interest Rate: _____% per annum (calculated on the basis of a year of
      _____ days for the actual number of days elapsed).

      Both principal and interest are payable in lawful money of the United
States to Citibank, as agent, for the account of the Lender at the office of
Citibank at 399 Park Avenue, New York, New York 10043 in same day funds.

      This Promissory Note is one of the Competitive Bid Notes referred to in,
and is entitled to the benefits of, the Credit Agreement. The Credit Agreement,
among other things, contains provisions for acceleration of the maturity hereof
upon the happening of certain stated events.

      The Borrower hereby waives presentment, demand, protest and notice of any
kind. No failure to exercise, and no delay in exercising, any rights hereunder
on the part of the holder hereof shall operate as a waiver of such rights.

      This Promissory Note shall be governed by, and construed in accordance
with, the laws of the State of New York.

                                         INTERNATIONAL FLAVORS & FRAGRANCES INC.

                                         By_____________________________________
                                            Title:

<PAGE>

                                                 EXHIBIT B-1 - FORM OF NOTICE OF
                                                      REVOLVING CREDIT BORROWING

Citibank, N.A., as Agent
  for the Lenders parties
  to the Credit Agreement
  referred to below
  Two Penns Way
  New Castle, Delaware 19720

                                              [Date]

      Attention: Bank Loan Syndications Department

Ladies and Gentlemen:

      The undersigned, International Flavors & Fragrances Inc., refers to the
364-Day Credit Agreement, dated as of September 26, 2001 (as amended or modified
from time to time, the "Credit Agreement", the terms defined therein being used
herein as therein defined), among the undersigned, certain Lenders parties
thereto and Citibank, N.A., as Agent for said Lenders, and hereby gives you
notice, irrevocably, pursuant to Section 2.02 of the Credit Agreement that the
undersigned hereby requests a Revolving Credit Borrowing under the Credit
Agreement, and in that connection sets forth below the information relating to
such Revolving Credit Borrowing (the "Proposed Revolving Credit Borrowing") as
required by Section 2.02(a) of the Credit Agreement:

      (i) The Business Day of the Proposed Revolving Credit Borrowing is
_______________, 200_.

      (ii) The Type of Advances comprising the Proposed Revolving Credit
Borrowing is [Base Rate Advances] [Eurodollar Rate Advances].

      (iii) The aggregate amount of the Proposed Revolving Credit Borrowing is
$_______________.

      [(iv) The initial Interest Period for each Eurodollar Rate Advance made as
part of the Proposed Revolving Credit Borrowing is _____ month[s].]

      The undersigned hereby certifies that the following statements are true on
the date hereof, and will be true on the date of the Proposed Revolving Credit
Borrowing:

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

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

                                        Very truly yours,

                                        INTERNATIONAL FLAVORS & FRAGRANCES INC.

                                        By______________________________________
                                           Title:

<PAGE>

                                                 EXHIBIT B-2 - FORM OF NOTICE OF
                                                       COMPETITIVE BID BORROWING

Citibank, N.A., as Agent
  for the Lenders parties
  to the Credit Agreement
  referred to below
  Two Penns Way
  New Castle, Delaware 19720

                                                 [Date]

         Attention: Bank Loan Syndications Department

Ladies and Gentlemen:

      The undersigned, International Flavors & Fragrances Inc., refers to the
364-Day Credit Agreement, dated as of September 26, 2001 (as amended or modified
from time to time, the "Credit Agreement", the terms defined therein being used
herein as therein defined), among the undersigned, certain Lenders parties
thereto and Citibank, N.A., as Agent for said Lenders, and hereby gives you
notice, irrevocably, pursuant to Section 2.03 of the Credit Agreement that the
undersigned hereby requests a Competitive Bid Borrowing under the Credit
Agreement, and in that connection sets forth the terms on which such Competitive
Bid Borrowing (the "Proposed Competitive Bid Borrowing") is requested to be
made:

(A)   Date of Competitive Bid Borrowing      ________________________
(B)   Amount of Competitive Bid Borrowing    ________________________
(C)   [Maturity Date] [Interest Period]      ________________________
(D)   Interest Rate Basis                    ________________________
(E)   Interest Payment Date(s)               ________________________
(F)   ___________________                    ________________________

      The undersigned hereby certifies that the following statements are true on
the date hereof, and will be true on the date of the Proposed Competitive Bid
Borrowing:

      (a) the representations and warranties contained in Section 4.01 are
correct, before and after giving effect to the Proposed Competitive Bid
Borrowing and to the application of the proceeds therefrom, as though made on
and as of such date;

      (b) no event has occurred and is continuing, or would result from the
Proposed Competitive Bid Borrowing or from the application of the proceeds
therefrom, that constitutes a Default;

      (c) no event has occurred and no circumstance exists as a result of which
the information concerning the undersigned that has been provided to the Agent
and each Lender by the undersigned in connection with the Credit Agreement would
include an untrue statement of a material fact or omit to state any material
fact or any fact necessary to make the statements contained therein, in the
light of the circumstances under which they were made, not misleading; and

      (d) the aggregate amount of the Proposed Competitive Bid Borrowing and all
other Borrowings to be made on the same day under the Credit Agreement is within
the aggregate amount of the unused Commitments of the Lenders.

<PAGE>

         The undersigned hereby confirms that the Proposed Competitive Bid
Borrowing is to be made available to it in accordance with Section 2.03(a)(v) of
the Credit Agreement.

                                         Very truly yours,

                                         INTERNATIONAL FLAVORS & FRAGRANCES INC.

                                         By ___________________________________
                                             Title:

                                        2

<PAGE>

                                                             EXHIBIT C - FORM OF
                                                       ASSIGNMENT AND ACCEPTANCE

      Reference is made to the 364-Day Credit Agreement dated as of September
26, 2001 (as amended or modified from time to time, the "Credit Agreement")
among International Flavors & Fragrances Inc., a New York corporation (the
"Borrower"), the Lenders (as defined in the Credit Agreement) and Citibank,
N.A., as agent for the Lenders (the "Agent"). Terms defined in the Credit
Agreement are used herein with the same meaning.

      The "Assignor" and the "Assignee" referred to on Schedule I hereto agree
as follows:

      1. The Assignor hereby sells and assigns to the Assignee, and the Assignee
hereby purchases and assumes from the Assignor, an interest in and to the
Assignor's rights and obligations under the Credit Agreement as of the date
hereof (other than in respect of Competitive Bid Advances and Competitive Bid
Notes) equal to the percentage interest specified on Schedule 1 hereto of all
outstanding rights and obligations under the Credit Agreement (other than in
respect of Competitive Bid Advances and Competitive Bid Notes). After giving
effect to such sale and assignment, the Assignee's Commitment and the amount of
the Revolving Credit Advances owing to the Assignee will be as set forth on
Schedule 1 hereto.

      2. The Assignor (i) represents and warrants that it is the legal and
beneficial owner of the interest being assigned by it hereunder and that such
interest is free and clear of any adverse claim; (ii) makes no representation or
warranty and assumes no responsibility with respect to any statements,
warranties or representations made in or in connection with the Credit Agreement
or the execution, legality, validity, enforceability, genuineness, sufficiency
or value of the Credit Agreement or any other instrument or document furnished
pursuant thereto; (iii) makes no representation or warranty and assumes no
responsibility with respect to the financial condition of the Borrower or the
performance or observance by the Borrower of any of its obligations under the
Credit Agreement or any other instrument or document furnished pursuant thereto;
and (iv) attaches the Revolving Credit Note, if any held by the Assignor.

      3. The Assignee (i) confirms that it has received a copy of the Credit
Agreement, together with copies of the financial statements referred to in
Section 4.01 thereof and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this
Assignment and Acceptance; (ii) agrees that it will, independently and without
reliance upon the Agent, the Assignor 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 the Credit
Agreement; (iii) confirms that it is an Eligible Assignee; (iv) appoints and
authorizes the Agent to take such action as agent on its behalf and to exercise
such powers and discretion under the Credit Agreement as are delegated to the
Agent by the terms thereof, together with such powers and discretion as are
reasonably incidental thereto; (v) agrees that it will perform in accordance
with their terms all of the obligations that by the terms of the Credit
Agreement are required to be performed by it as a Lender; and (vi) attaches any
U.S. Internal Revenue Service forms required under Section 2.14 of the Credit
Agreement.

      4. Following the execution of this Assignment and Acceptance, it will be
delivered to the Agent for acceptance and recording by the Agent. The effective
date for this Assignment and Acceptance (the "Effective Date") shall be the date
of acceptance hereof by the Agent, unless otherwise specified on Schedule 1
hereto.

      5. Upon such acceptance and recording by the Agent, as of the Effective
Date, (i) the Assignee shall be a party to the Credit Agreement and, to the
extent provided in this Assignment and Acceptance, have the rights and
obligations of a Lender thereunder and (ii) the Assignor shall, to the extent
provided in this Assignment and Acceptance, relinquish its rights and be
released from its obligations under the Credit Agreement.

      6. Upon such acceptance and recording by the Agent, from and after the
Effective Date, the Agent shall make all payments under the Credit Agreement and
the Revolving Credit Notes in respect of the interest assigned hereby
(including, without limitation, all payments of principal, interest and facility
fees with respect thereto) to the Assignee. The Assignor and Assignee shall make
all appropriate adjustments in payments under the

<PAGE>

Credit Agreement and the Revolving Credit Notes for periods prior to the
Effective Date directly between themselves.

      7. This Assignment and Acceptance shall be governed by, and construed in
accordance with, the laws of the State of New York.

      8. This Assignment and Acceptance 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 Schedule 1 to this Assignment and Acceptance by telecopier shall
be effective as delivery of a manually executed counterpart of this Assignment
and Acceptance.

      IN WITNESS WHEREOF, the Assignor and the Assignee have caused Schedule 1
to this Assignment and Acceptance to be executed by their officers thereunto
duly authorized as of the date specified thereon.

                                        2

<PAGE>

                                   Schedule 1

                                       to

                            Assignment and Acceptance

<TABLE>

<S>                                                                                     <C>
Percentage interest assigned:                                                                    _____%

Assignee's Commitment:                                                                  $__________

Aggregate outstanding principal amount of Revolving Credit Advances assigned:           $__________

Principal amount of Revolving Credit Note payable to Assignee:                          $__________

Principal amount of Revolving Credit Note payable to Assignor:                          $__________

Effective Date*:  _______________, 200_
</TABLE>

                                       [NAME OF ASSIGNOR], as Assignor

                                       By_______________________________
                                          Title:

                                       Dated: _______________, 200_

                                       [NAME OF ASSIGNEE], as Assignee

                                       By_______________________________
                                          Title:

                                       Dated: _______________, 200_

                                       Domestic Lending Office:
                                             [Address]

                                       Eurodollar Lending Office:
                                             [Address]

Accepted [and Approved] this
__________ day of _______________, 200_

CITIBANK, N.A., as Agent

By_______________________________
    Title:

[Approved this __________ day

----------
*     This date should be no earlier than five Business Days after the delivery
      of this Assignment and Acceptance to the Agent.

                                        3

<PAGE>

of _______________, 200_

INTERNATIONAL FLAVORS & FRAGRANCES INC.

By_____________________________________]*
   Title:

----------
*     Required if the Assignee is an Eligible Assignee solely by reason of
      clause (iii) of the definition of "Eligible Assignee".

                                        4

<PAGE>

                                                             EXHIBIT D - FORM OF
                                                              OPINION OF COUNSEL
                                                                FOR THE BORROWER

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