Document:

Exhibit 4.1

 

[Monster Worldwide, Inc. LOGO]

 

Monster Worldwide, Inc.

INCORPORATED UNDER THE LAWS OF THE STATE OF
DELAWARE

 

	
  COMMON STOCK

  	
   

  	
  COMMON STOCK

  

 

 

	
  This certifies that

  	
   

  	
  CUSIP 611742 10 7

  
	
   

  	
   

  	
  SEE REVERSE FOR CERTAIN DEFINITIONS

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  is the owner of

  	
   

  	
   

  

 

FULLY PAID AND NON-ASSESSABLE SHARES OF THE
COMMON STOCK, PAR VALUE $.001 PER SHARE, OF

Monster Worldwide, Inc.

 

(hereinafter the
“Corporation”), transferable on the books of the Corporation by the holder
hereof in person or by duly authorized attorney upon surrender of this
certificate properly endorsed. This certificate is not valid until
countersigned by the Transfer Agent and Registrar.

 

WITNESS the
facsimile seal of the Corporation and the facsimile signatures of its duly
authorized officers.

 

Dated:

 

 

	
  /s/ Andrew
  J. McKelvey

  	
   

  	
  [SEAL]

  	
  /s/ Myron F. Olesnyckyj

  
	
  CHAIRMAN OF
  THE BOARD

  	
   

  	
  SECRETARY

  

 

 

	
  COUNTERSIGNED
  AND REGISTERED:

  	
   

  	
   

  
	
  THE BANK OF NEW YORK

  	
   

  	
   

  
	
  (NEW YORK N.Y.)

  	
   

  	
  TRANSFER AGENT

  AND REGISTRAR

  
	
   

  	
   

  	
   

  
	
  BY

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  AUTHORIZED SIGNATURE

  

 

 

[Monster Worldwide, Inc. LOGO]

 

The
Corporation will furnish without charge to each stockholder who so requests a
statement of the powers, designations, preferences, and relative,
participating, optional or other special rights of each class of stock or
series thereof of the Corporation, and the qualifications, limitations or
restrictions of such preferences and/or rights.

 

The following
abbreviations, when used in the inscription on the face of this certificate,
shall be construed as though they were written out in full according to
applicable laws or regulations:

 

	
  TEN COM

  	
   

  	
  – as tenants in common

  	
   

  	
  UNIF GIFT
  MIN ACT –
                   Custodian                  

  
	
  TEN ENT

  	
   

  	
  – as tenants by the entireties

  	
   

  	
   

  	
  (Cust)

  	
   

  	
  (Minor)

  
	
  JT TEN

  	
   

  	
  – as joint tenants with right of

  survivorship and not as tenants

  in common

  	
   

  	
   

  	
  under
  Uniform Gifts to Minors

  

  Act
                                 

  
	
   

  	
   

  	
   

  	
   

  	
  (State)

  

 

Additional abbreviations may also be used though not in the above list.

 

Important Notice:
When you sign your name to this Assignment Form without filling in the name of
your “Assignee” or “Attorney”, this stock certificate becomes fully negotiable,
similar to a check endorsed in blank. Therefore, to safeguard a signed
certificate, it is recommended that you either (i) fill in the name of the new
owner in the “Assignee” blank, or (ii) if you are sending the signed
certificate to your bank or broker, fill in the name of the bank or broker in
the “Attorney” blank. Alternatively, instead of using the Assignment Form, you
may sign a separate “stock power” form and then mail the unsigned stock
certificate and the signed “stock power” in separate envelopes. For added
protection, use certified or registered mail for a stock certificate.

 

For value
received,
                                                             
hereby sell, assign and transfer unto

 

	
  PLEASE INSERT SOCIAL SECURITY OR OTHER

  IDENTIFYING NUMBER OF ASSIGNEE

  	
   

  

 

 

                                                                                                                                                                                                                    

Please print or typewrite name and address, including postal zip code,
of assignee

 

                                                                                                                                                                                                                    

 

                                                                                                                                                                                                                    

 

                                                                                                                                                                                                         
Shares of the Common Stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint

 

                                                                                                                                                                                                                     
Attorney to transfer the said stock on the books of the within named
Corporation with full power of substitution in the premises.

 

Dated
                                                

 

 

NOTICE: The signature to this
assignment must correspond with the name as written upon the face of the
Certificate, in every particular, without alteration or enlargement, or any
change whatever.Exhibit
10.1

 

EXECUTION COPY

 

 

$ 100,000,000

 

SECURED REVOLVING CREDIT
AGREEMENT

 

among

 

TMP WORLDWIDE INC.

TMP WORLDWIDE LIMITED,

BARTLETT SCOTT EDGAR LIMITED,

as Borrowers,

 

The Several Lenders

from Time to Time Parties Hereto,

 

LASALLE BANK NATIONAL ASSOCIATION,

as Documentation Agent

 

THE ROYAL BANK OF
SCOTLAND plc,

as Syndication Agent

 

FLEET NATIONAL BANK,

as Administrative Agent

 

 

Dated as of April 7, 2003

 

 

FLEET NATIONAL BANK,

as Sole Lead Arranger

 

 

TABLE
OF CONTENTS

 

	
  SECTION 1

  	
  DEFINITIONS

  
	
   

  	
  1.1.

  	
  Defined Terms

  
	
   

  	
  1.2.

  	
  Other Definitional
  Provisions

  
	
   

  	
  1.3.

  	
  Currency Conversion

  
	
   

  	
   

  
	
  SECTION
  2

  	
  AMOUNT
  AND TERMS OF REVOLVING COMMITMENTS

  
	
   

  	
  2.1.

  	
  Revolving Commitments

  
	
   

  	
  2.2.

  	
  Procedure for
  Revolving Loan Borrowing

  
	
   

  	
  2.3.

  	
  Swingline Commitment

  
	
   

  	
  2.4.

  	
  Procedure for
  Swingline Borrowing; Refunding of Swingline Loans

  
	
   

  	
  2.5.

  	
  Commitment Fees, etc

  
	
   

  	
  2.6.

  	
  Termination of Revolving Commitments

  
	
   

  	
  2.7.

  	
  L/C Commitment

  
	
   

  	
  2.8.

  	
  Procedure for Issuance of
  Letter of Credit

  
	
   

  	
  2.9.

  	
  Fees and Other Charges

  
	
   

  	
  2.10.

  	
  L/C Participations

  
	
   

  	
  2.11.

  	
  Reimbursement Obligation of
  TMP

  
	
   

  	
  2.12.

  	
  Obligations Absolute

  
	
   

  	
  2.13.

  	
  Letter
  of Credit Payments

  
	
   

  	
  2.14.

  	
  Applications

  
	
   

  	
  2.15.

  	
  Foreign Currency Loans and UK Foreign
  Currency Loans

  
	
   

  	
  2.16.

  	
  Procedure for Foreign Currency
  Loan and UK Foreign Currency Loan Borrowings

  
	
   

  	
  2.17.

  	
  Foreign
  Currency Charges

  
	
   

  	
   

  
	
  SECTION
  3

  	
  AMOUNTS
  AND TERMS OF COMMITMENT DECREASES

  
	
   

  	
  3.1.

  	
  Revolving Credit Commitment Decreases

  
	
   

  	
   

  
	
  SECTION
  4

  	
  GENERAL
  PROVISIONS APPLICABLE TO LOANS AND LETTERS OF CREDIT

  
	
   

  	
  4.1.

  	
  Optional Prepayments

  
	
   

  	
  4.2.

  	
  Mandatory Prepayments

  
	
   

  	
  4.3.

  	
  Conversion and Continuation Options

  
	
   

  	
  4.4.

  	
  Limitations on Eurocurrency Tranches

  
	
   

  	
  4.5.

  	
  Interest Rates and Payment Dates

  
	
   

  	
  4.6.

  	
  Computation of Interest and Fees

  
	
   

  	
  4.7.

  	
  Inability to Determine Interest Rate

  
	
   

  	
  4.8.

  	
  Pro
  Rata Treatment and Payments

  
	
   

  	
  4.9.

  	
  Requirements of Law

  
	
   

  	
  4.10.

  	
  Taxes

  
	
   

  	
  4.11.

  	
  Indemnity

  
	
   

  	
  4.12.

  	
  Change
  of Lending Office

  

 

i

 

	
   

  	
  4.13.

  	
  Replacement of Lenders

  
	
   

  	
  4.14.

  	
  Evidence of Debt

  
	
   

  	
  4.15.

  	
  Illegality

  
	
   

  	
  4.16.

  	
  Foreign
  Currency Exchange Rate

  
	
   

  	
   

  
	
  SECTION 5

  	
  REPRESENTATIONS
  AND WARRANTIES

  
	
   

  	
  5.1.

  	
  Formation
  and Qualification

  
	
   

  	
  5.2.

  	
  Corporate Power and Authority

  
	
   

  	
  5.3.

  	
  Legally Enforceable
  Agreement

  
	
   

  	
  5.4.

  	
  Executive Offices

  
	
   

  	
  5.5.

  	
  ERISA

  
	
   

  	
  5.6.

  	
  Compliance with Laws

  
	
   

  	
  5.7.

  	
  Solvency

  
	
   

  	
  5.8.

  	
  Investment Company Act; Other
  Regulations

  
	
   

  	
  5.9.

  	
  No Litigation

  
	
   

  	
  5.10.

  	
  Federal Regulations

  
	
   

  	
  5.11.

  	
  Labor

  
	
   

  	
  5.12.

  	
  Subsidiaries

  
	
   

  	
  5.13.

  	
  Material Contracts

  
	
   

  	
  5.14.

  	
  Financial Statements

  
	
   

  	
  5.15.

  	
  Patents, Trademarks, Copyrights and
  Licenses

  
	
   

  	
  5.16.

  	
  Accountants

  
	
   

  	
  5.17.

  	
  No Defaults

  
	
   

  	
  5.18.

  	
  Taxes

  
	
   

  	
  5.19.

  	
  No
  Change

  
	
   

  	
  5.20.

  	
  Accounts

  
	
   

  	
  5.21.

  	
  Accuracy of Information, etc

  
	
   

  	
  5.22.

  	
  Cash Balance

  
	
   

  	
   

  
	
  SECTION
  6

  	
  CONDITIONS
  PRECEDENT AND ADDITION OF BORROWERS

  
	
   

  	
  6.1.

  	
  Conditions to Initial Extension
  of Credit

  
	
   

  	
  6.2.

  	
  Conditions to Each
  Extension of Credit

  
	
   

  	
  6.3.

  	
  Addition of  Borrowers

  
	
   

  	
   

  
	
  SECTION 7

  	
  AFFIRMATIVE COVENANTS

  
	
   

  	
  7.1.

  	
  Financial
  Statements

  
	
   

  	
  7.2.

  	
  Certificates; Other Information

  
	
   

  	
  7.3.

  	
  Payment of Obligations

  
	
   

  	
  7.4.

  	
  Maintenance of Existence;
  Compliance

  
	
   

  	
  7.5.

  	
  Maintenance of
  Property; Insurance

  
	
   

  	
  7.6.

  	
  Annual Field Exam, Inspection of
  Property; Books and Records; Discussions

  
	
   

  	
  7.7.

  	
  Notices

  
	
   

  	
  7.8.

  	
  Environmental Laws

  
	
   

  	
  7.9.

  	
  Additional Collateral, etc

  
	
   

  	
  7.10.

  	
  Use of Proceeds

  
	
   

  	
  7.11.

  	
  Further Assurances

  
	
   

  	
  7.12.

  	
  Pledge of Foreign
  Subsidiary Stock

  

 

ii

 

	
   

  	
  7.13.

  	
  Post-Closing Matters

  
	
   

  	
   

  
	
  SECTION 8

  	
  NEGATIVE COVENANTS

  
	
   

  	
  8.1.

  	
  Financial Condition
  Covenants.

  
	
   

  	
  8.2.

  	
  Indebtedness

  
	
   

  	
  8.3.

  	
  Liens

  
	
   

  	
  8.4.

  	
  Fundamental Changes

  
	
   

  	
  8.5.

  	
  Disposition of Property

  
	
   

  	
  8.6.

  	
  Restricted Payments

  
	
   

  	
  8.7.

  	
  Hedge Agreements

  
	
   

  	
  8.8.

  	
  Investments

  
	
   

  	
  8.9.

  	
  Transactions with
  Affiliates

  
	
   

  	
  8.10.

  	
  Sales and Leasebacks

  
	
   

  	
  8.11.

  	
  Changes in Fiscal Periods

  
	
   

  	
  8.12.

  	
  Negative Pledge Clauses

  
	
   

  	
  8.13.

  	
  Clauses
  Restricting Subsidiary Distributions

  
	
   

  	
  8.14.

  	
  Lines of Business

  
	
   

  	
   

  
	
  SECTION 9

  	
  EVENTS OF DEFAULT

  
	
   

  	
   

  
	
  SECTION 10

  	
  THE AGENTS

  
	
   

  	
  10.1.

  	
  Appointment

  
	
   

  	
  10.2.

  	
  Delegation of Duties

  
	
   

  	
  10.3.

  	
  Exculpatory Provisions

  
	
   

  	
  10.4.

  	
  Reliance by Agent

  
	
   

  	
  10.5.

  	
  Notice of Default

  
	
   

  	
  10.6.

  	
  Non-Reliance on
  Agents and Other Lenders

  
	
   

  	
  10.7.

  	
  Indemnification

  
	
   

  	
  10.8.

  	
  Agent in Its
  Individual Capacity

  
	
   

  	
  10.9.

  	
  Successor Administrative
  Agent

  
	
   

  	
  10.10.

  	
  Agent Generally

  
	
   

  	
  10.11.

  	
  The Documentation Agent, Syndication
  Agent and Lead Arranger

  
	
   

  	
   

  
	
  SECTION 11

  	
  MISCELLANEOUS

  
	
   

  	
  11.1.

  	
  Amendments and Waivers

  
	
   

  	
  11.2.

  	
  Notices

  
	
   

  	
  11.3.

  	
  No Waiver; Cumulative
  Remedies

  
	
   

  	
  11.4.

  	
  Survival of
  Representations and Warranties

  
	
   

  	
  11.5.

  	
  Payment of Expenses and
  Taxes

  
	
   

  	
  11.6.

  	
  Successors
  and Assigns; Participations and Assignments

  
	
   

  	
  11.7.

  	
  Adjustments; Set-off

  
	
   

  	
  11.8.

  	
  Counterparts

  
	
   

  	
  11.9.

  	
  Severability

  
	
   

  	
  11.10.

  	
  Integration

  
	
   

  	
  11.11.

  	
  GOVERNING LAW

  
	
   

  	
  11.12.

  	
  Submission To
  Jurisdiction; Waivers

  
	
   

  	
  11.13.

  	
  Acknowledgments

  

 

iii

 

	
   

  	
  11.14.

  	
  Releases of Guarantees and
  Liens

  
	
   

  	
  11.15.

  	
  Confidentiality

  
	
   

  	
  11.16.

  	
  WAIVERS OF JURY TRIAL

  
	
   

  	
  11.17.

  	
  Addition of Foreign
  Subsidiaries as Borrowers

  
	
   

  	
  11.18.

  	
  Conversion of Currencies

  
	
   

  	
  11.19.

  	
  Interest Rate Limitation

  
	
   

  	
  11.20.

  	
  Borrowings by the UK Borrowers

  

 

	
  ANNEX:

  	
   

  	
   

  
	
   

  
	
  A

  	
  Pricing Grid

  
	
  B

  	
  Commitment Schedule

  
	
   

  
	
  SCHEDULES:

  
	
   

  
	
  1.1(b)

  	
  Specified Hedge Agreements

  
	
  5.2

  	
  Consents, Authorizations,
  Filings and Notices

  
	
  5.4

  	
  Offices Where Books/Records re
  Collateral Located

  
	
  5.9

  	
  Litigation

  
	
  5.12(a)

  	
  Subsidiaries

  
	
  5.12(b)

  	
  Outstanding Equity Commitments

  
	
  5.13

  	
  Material Contracts

  
	
  7.13(a)

  	
  UK Borrowers Post-Closing
  Matters

  
	
  7.13(b)

  	
  US Borrowers Post-Closing
  Matters

  
	
  8.2(d)

  	
  Existing Indebtedness

  
	
  8.3(k)

  	
  Existing Liens

  
	
  8.8(e)

  	
  Existing Investments

  
	
  8.12(c)

  	
  Specified Contracts-Liens

  
	
   

  	
   

  	
   

  
	
  EXHIBITS:

  
	
   

  
	
  A

  	
  Form of Guarantee and
  Collateral Agreement

  
	
  B

  	
  Form of Compliance Certificate

  
	
  C

  	
  Form of Closing Certificate

  
	
  D

  	
  Form of Assignment and
  Assumption

  
	
  E-1

  	
  Form of Legal Opinion of
  Fulbright & Jaworski, LLP

  
	
  E-2

  	
  Form of Legal Opinion of UK
  Counsel

  
	
  F

  	
  Form of Exemption Certificate

  
	
  G-1

  	
  Form of Note of TMP

  
	
  G-2

  	
  Form of Note of UK Borrowers

  
	
  G-3

  	
  Form of Swingline Note

  
	
  H

  	
  Form of Borrowing Base
  Certificate

  
	
  I

  	
  Form of Debenture

  
	
  J

  	
  Form of Share Charge

  
	
  K

  	
  Form of Borrower Supplement

  
					

 

iv

 

SECURED REVOLVING CREDIT
AGREEMENT, dated as of April 7, 2003, among TMP WORLDWIDE INC., a Delaware
corporation (“TMP”), TMP WORLDWIDE LIMITED (“TMPWL”), an indirect
wholly owned subsidiary of TMP organized under the laws of the United Kingdom,
BARTLETT SCOTT EDGAR LIMITED (“BSEL”, with TMPWL, the “UK Borrowers”),
an indirect wholly owned subsidiary of TMP organized under the laws of the
United Kingdom, the other “Subsidiary Borrowers” party from time to time hereto
(each a “Borrower,” collectively the “Borrowers”), the several
banks and other financial institutions or entities from time to time parties to
this Agreement (the “Lenders”), FLEET NATIONAL BANK, as sole lead
arranger (in such capacity, the “Lead Arranger”) and as administrative
agent (in such capacity, the “Administrative Agent”), THE ROYAL BANK OF
SCOTLAND plc, as syndication agent (in such capacity, the “Syndication Agent”),
and LASALLE BANK NATIONAL ASSOCIATION, as documentation agent (in such capacity,
the “Documentation Agent”).

 

W I T N E S S E T H:

 

WHEREAS, (i) TMP was a party to
that certain Third Amended and Restated Accounts Receivable Management Security
Agreement, dated as of November 5, 1998 (as amended, supplemented or otherwise
modified through the date hereof, the “Existing Credit Agreement”),
among TMP, GMAC Commercial Credit LLC, as successor-in-interest to BNY
Financial Corporation (“GMACCC”), as administrative agent for the
financial institutions from time to time parties thereto (with GMACCC,
collectively the “Existing Lenders”), the Existing Lenders, (ii) certain
of TMP’s U.K. Subsidiaries are parties to invoice discounting arrangements with
GMAC Commercial Finance Limited, as successor-in-interest to BNY Financial
Limited (the “Existing UK Facility”) and (iii) certain of TMP’s Canadian
Subsidiaries are parties to that certain Accounts Receivable Management
Agreement, dated March 13, 1995, with GMAC Commercial Finance Corporation, as
successor-in-interest to BNY Financial Corporation-Canada (together with the
Existing Credit Agreement and the Existing UK Facility, the “Existing Credit
Facilities”); and

 

WHEREAS, the Existing Credit
Facilities have been terminated;

 

WHEREAS, TMP has requested that
the Lenders hereto make available a secured revolving multicurrency credit
facility with letter of credit and swingline subfacilities, the proceeds of
which will be used for general corporate purposes and for certain other
transactions specified herein; and

 

WHEREAS, the Lenders have agreed
to make such credit facilities available upon and subject to the terms and
conditions set forth herein;

 

NOW, THEREFORE, in consideration
of the premises, the covenants and agreements set forth herein, the parties
hereto hereby agree as follows:

 

SECTION 1            DEFINITIONS

 

1.1.          Defined Terms.  As used in this Agreement, the terms listed
in this Section 1.1 shall have the respective meanings set forth in this
Section 1.1.

 

 

“Account”: has the
meaning assigned to such term under the UCC.

 

“Account Receivable”:
means (a) a present or future right of any Borrower or Domestic Subsidiary
to payment for goods sold, consigned or leased, or for services rendered,
including without limitation, with respect to any Borrower incorporated under
the laws of any State in the United States, an “account” (as such term is used
and/or defined in the UCC) and, with respect to any other Borrower, an
“account” (or such similar term as is used and/or defined in the applicable
Security Agreement of such Borrower) and (b) the proceeds thereof.

 

“Adjustment Date”:  as defined in the Pricing Grid.

 

“Administrative Agent”:  as defined in the preamble to this
Agreement.

 

“Affected Foreign Currency”:  as defined in Section 4.7(c).

 

“Affiliate”:  means as to any Person, any other Person
that, directly or indirectly, is in control of, is controlled by, or is under
common control with, such Person.  For
purposes of this definition, “control” (including, with correlative meanings,
the terms “controlling”, “controlled by” and “under common control with”), as
applied to any Person, means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of
that Person, whether through the ownership of voting securities, membership
interests, by contract or otherwise.

 

“Agents”:  the collective reference to the Syndication
Agent, the Lead Arranger,  the
Administrative Agent, the Documentation Agent and any successor agent arising
under Section 10.9 hereunder, which term shall include, for purposes of Section 10
only, the Issuing Lender.

 

“Aggregate Exposure”:  with respect to any Lender at any time, an
amount equal to (a) until the Closing Date, the aggregate amount of such
Lender’s Commitments at such time and (b) thereafter, the amount of such
Lender’s Revolving Commitment then in effect or, if the Revolving Commitments
have been terminated, the amount of such Lender’s Revolving Extensions of
Credit then outstanding.

 

“Aggregate Exposure
Percentage”:  with respect to any
Lender at any time, the ratio (expressed as a percentage) of such Lender’s
Aggregate Exposure at such time to the Aggregate Exposure of all Lenders at
such time.

 

“Agreement”:  this Secured Revolving Credit Agreement.

 

“Agreement Currency”:  as defined in Section 11.18(b).

 

“Alternate Base Rate”:  means, for any day, a rate per annum equal
to the greater of (a) the rate of interest announced or quoted by the
Administrative Agent from time to time as its prime rate for commercial loans,
whether or not such rate is the lowest rate charged by the Administrative Agent
to its most preferred borrowers (or such comparable reference rate designated
by the Administrative Agent as a substitute therefor if such prime rate is
discontinued

 

2

 

by the Administrative Agent as a standard), and
(ii) the Federal Funds Rate in effect on such day plus 0.5%.

 

“Alternate Base Rate Loan”:  shall mean any loan that bears interest
based upon the Alternate Base Rate.

 

“Applicable Creditor”:  as defined in Section 11.18(b).

 

“Applicable Margin”:  for any period shall be the percentage
determined in accordance with the Pricing Grid by calculating the Consolidated
Leverage Ratio for the most recent fiscal quarter.  The Applicable Margin with respect to Alternate Base Rate Loans
and Eurocurrency Loans shall be the percentage set forth in the Pricing Grid.

 

“Application”:  an application, in such form as the Issuing
Lender may specify from time to time, requesting the Issuing Lender to open a
Letter of Credit.

 

“Assignee”:  as defined in Section 11.6(b).

 

“Assignment and Assumption”:  an Assignment and Assumption, substantially
in the form of Exhibit D.

 

“Available Revolving
Commitment”:  means, as to any
Revolving Lender at any time, an amount equal to the excess, if any, of (a) the
lesser of such Lender’s Revolving Commitment then in effect and such Lender’s
Revolving Percentage of the Borrowing Base or Borrowing Base (US), as
applicable over (b) such Lender’s Revolving Extensions of Credit then
outstanding.

 

“Benefited Lender”:  as defined in Section 11.7(a).

 

“Board”:  the Board of Governors of the Federal
Reserve System of the United States (or any successor).

 

“Borrower”:  as defined in the preamble to this
Agreement.

 

“Borrower Supplement”:  shall mean the supplement attached hereto as
Exhibit K.

 

“Borrowing Base”:  means at any date of determination thereof,
an amount equal to 85% of Eligible Billed Accounts Receivable plus the
lesser of (a) 70% of Eligible Unbilled Accounts Receivables and (b) 50% of the
aggregate amount of the Total Revolving Commitments.

 

“Borrowing Base (US)”:  means at any date of determination thereof,
an amount equal to 85% of Eligible Billed Accounts Receivable of TMP and all
Domestic Subsidiaries which are Subsidiary Guarantors plus the lesser of
(a) 70% of the Eligible Unbilled Accounts Receivables of TMP and all Domestic
Subsidiaries which are Subsidiary Guarantors and (c) 50% of the aggregate
amount of the Total Revolving Commitments.

 

3

 

“Borrowing Base Certificate”:  means a certificate by a responsible officer
of TMP substantially in the form of Exhibit H (or such other form acceptable to
the Administrative Agent) setting forth the calculation of the Borrowing Base
and Borrowing Base (US), including a calculation of each component thereof, all
in such detail as shall be reasonably satisfactory to the Administrative
Agent.  All calculations of the
Borrowing Base and Borrowing Base (US) in connection with any Borrowing Base
Certificate shall originally be made by TMP and certified as true and correct
to the Administrative Agent; provided that the Administrative Agent shall have
the right to review and adjust, in the exercise of its credit judgment and
after consultation with TMP, any such calculation to the extent such
calculation is not in accordance with this Agreement.

 

“Borrowing Date”:  any Business Day specified by the Borrowers
as a date on which the Borrowers request the relevant Lenders to make Loans
hereunder.

 

“Business Day”:  means a day other than a Saturday, Sunday or
other day on which commercial banks in New York City are authorized or required
by law to close, provided, that (a) when used in connection with a
Eurocurrency Loan, the term “Business Day” shall also exclude any day on which
banks are not open for dealings in deposits in the applicable currency in the
London interbank market and (b) when used in connection with a Foreign
Currency Loan, the term “Business Day” shall also exclude any day on which
banks in (i) the jurisdiction of the account to which the proceeds of such
Loan are to be disbursed and (ii) the jurisdiction in which payments of
principal of and interest on such Loan are to be made are authorized or
required by law to close.

 

“Calculation Date”:  with respect to each Foreign Currency, the
last day of each calendar month (or, if such day is not a Business Day, the
next succeeding Business Day), provided that the second Business Day
preceding each Borrowing Date with respect to any Foreign Currency Loans or UK
Foreign Currency Loans in a Foreign Currency shall also be a “Calculation Date”
with respect to such Foreign Currency.

 

“Capital Expenditures”:  for any period, with respect to any Person,
whether paid in cash or accrued as liabilities, the aggregate of all expenditures
by such Person and its Subsidiaries in the period for (a) the acquisition
or leasing (pursuant to a capital lease) of fixed or capital assets or
additions to equipment (including replacements, capitalized repairs and
improvements during such period) that should be capitalized under GAAP on a
consolidated balance sheet of such Person and its Subsidiaries, (b) the
purchase or development of computer software or systems to the extent such
expenditures are capitalized on the consolidated balance sheet of the Borrower
and its Subsidiaries in conformity with GAAP and (c) deferred installation
costs; provided that, Capital Expenditures shall not include
expenditures recorded as consideration paid in connection with acquisitions
permitted by Section 8.8(h) or any other related expenditure made
substantially contemporaneously therewith and provided further that with
respect to Capital Expenditures made pursuant to a capital lease, the full
amount of the Capital Lease Obligation shall be deemed to have been actually
made in the fiscal period in which such capital lease was entered into.

 

“Capital Lease Obligations”:  as to any Person, the obligations of such
Person to pay rent or other amounts under any lease of (or other arrangement
conveying the right to use)

 

4

 

real or personal property, or a combination
thereof, which obligations are required to be classified and accounted for as
capital leases on a balance sheet of such Person under GAAP and, for the purposes
of this Agreement, the amount of such obligations at any time shall be the
capitalized amount thereof at such time determined in accordance with GAAP.

 

“Capital Stock”:  any and all shares, interests,
participations or other equivalents (however designated) of capital stock of a
corporation, any and all equivalent ownership interests in a Person (other than
a corporation), including without limitation, membership interests (however
designated) in any limited liability corporation and partnership interests
(however designated) in any limited partnership, and any and all warrants,
rights or options to purchase any of the foregoing.

 

“Cash Equivalents”:  (a) marketable direct obligations
issued by, or unconditionally guaranteed by, the United States government or
issued by any agency thereof and backed by the full faith and credit of the
United States, in each case maturing within one year from the date of
acquisition; (b) certificates of deposit, time deposits, eurodollar time
deposits or overnight bank deposits having maturities of eighteen months or
less from the date of acquisition issued by any Lender or by any commercial
bank organized under the laws of the United States or any state thereof having
combined capital and surplus of not less than $500,000,000; (c) commercial
paper of an issuer rated at least A-1 by Standard & Poor’s Ratings Services
(“S&P”) or P-1 by Moody’s Investors Service, Inc. (“Moody’s”),
or carrying an equivalent rating by a nationally recognized rating agency, if
both of the two named rating agencies cease publishing ratings of commercial
paper issuers generally, and maturing within six months from the date of
acquisition; (d) repurchase obligations of any Lender or of any commercial
bank satisfying the requirements of clause (b) of this definition, having
a term of not more than 30 days, with respect to securities issued or
fully guaranteed or insured by the United States government;
(e) securities with maturities of eighteen months or less from the date of
acquisition issued or fully guaranteed by any state, commonwealth or territory
of the United States, by any political subdivision or taxing authority of any
such state, commonwealth or territory or by any foreign government, the
securities of which state, commonwealth, territory, political subdivision,
taxing authority or foreign government (as the case may be) are rated at least
A by S&P or A by Moody’s; (f) securities with maturities of eighteen
months or less from the date of acquisition backed by standby letters of credit
issued by any Lender or any commercial bank satisfying the requirements of
clause (b) of this definition; (g) shares of Dollar denominated money
market mutual or similar funds which invest exclusively in assets satisfying
the requirements of clauses (a) through (f) of this definition or money
market funds that (i) comply with the criteria set forth in SEC
Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated
AAA by S&P and Aaa by Moody’s or (iii) have portfolio assets of at least
$1,000,000,000 or (h) in the case of Subsidiaries doing business outside
of the United States, substantially similar investments to those set forth in
clauses (a) through (g) above denominated in foreign currencies; provided
that, references to the United States shall be deemed to mean foreign countries
having a sovereign rating of A or better from either S&P or Moody’s.

 

“Charges”:  as defined in Section 11.19.

 

“Close Date”:  the final date for the submission of or the
cancellation of a yellow pages advertisement as determined by the respective
directory publisher.

 

5

 

“Close Date Receivable”:  Account Receivables (including without
limitation Media Billing Receivables and Recruitment Media Billing Receivables)
where the Close Date has passed but the Publication Date has not yet occurred
and the Account Receivable has not yet been invoiced.

 

“Closing Date”:  the date on which the conditions precedent
set forth in Section 6.1 shall have been satisfied, which date shall be no
later than April 30, 2003.

 

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

 

“Collateral”:  all Property of the Loan Parties, now owned
or hereafter acquired, upon which a Lien is purported to be created by any
Security Document.

 

“Commitment”:  as to any Lender, the Revolving Commitment
of such Lender.

 

“Commitment Fee Rate”:  shall mean the rate per annum as calculated
pursuant to the Pricing Grid.

 

“Commitment Schedule”:  shall mean the schedule attached as Annex B
hereto.

 

“Commonly Controlled Entity”:  an entity, whether or not incorporated, that
is under common control with any Borrower within the meaning of
Section 4001 of ERISA or is part of a group that includes any Borrower and
that is treated as a single employer under Section 414 of the Code.

 

“Compliance Certificate”:  a certificate duly executed by a Responsible
Officer substantially in the form of Exhibit B.

 

“Conduit Lender”:  any special purpose entity organized and
administered by any Lender for the purpose of making Loans otherwise required
to be made by such Lender and designated by such Lender in a written
instrument, subject to the consent of the Administrative Agent and TMP (which
consent shall not be unreasonably withheld); provided, that the
designation by any Lender of a Conduit Lender shall not relieve the designating
Lender of any of its obligations to fund a Loan under this Agreement if, for
any reason, its Conduit Lender fails to fund any such Loan, and the designating
Lender (and not the Conduit Lender) shall have the sole right and
responsibility to deliver all consents and waivers required or requested under
this Agreement with respect to its Conduit Lender, and provided, further,
that no Conduit Lender shall (a) be entitled to receive any greater amount
pursuant to Section 4.9, 4.10, 4.11 or 11.5 than the designating Lender
would have been entitled to receive in respect of the extensions of credit made
by such Conduit Lender or (b) be deemed to have any Commitment.

 

“Consolidated”:  means the consolidation in accordance with
GAAP of the accounts or other items as to which such term applies.

 

“Consolidated EBITDA”:  shall mean, with respect to TMP on a
Consolidated basis for any applicable fiscal period, each calculated for such
period in accordance with GAAP, the sum of: 
(a) net income for such period (excluding extraordinary or
non-recurring non-cash charges, gains or losses but including losses
attributable to foreign currency transactions) plus

 

6

 

(b) all charges against income for such
period for federal, state and local income taxes actually paid or accrued, plus
(c) total interest expense, plus (d) depreciation,
amortization (including amortization of any goodwill or other general
intangibles) and impairment charges, minus (e) gains attributable
to any asset sales calculated in determining net income for such period, plus
(f) losses attributable to any asset sales calculated in determining net
income for such period, plus (g) restructuring and reorganization
charges charged in the quarters subsequent to the quarter ended March 31, 2003
related to the Spin-off Transaction.

 

“Consolidated Interest
Expense”:  for any period, total
cash interest expense (including that attributable to Capital Lease
Obligations) of TMP and its Consolidated Subsidiaries for such period with
respect to all outstanding Indebtedness of the Borrowers and their Subsidiaries
(including all commissions, discounts and other fees and charges owed with
respect to letters of credit and bankers’ acceptance financing and net costs
under Hedge Agreements in respect of interest rates to the extent such net
costs are allocable to such period in accordance with GAAP).

 

“Consolidated Leverage Ratio”:  as of the last day of any period, the ratio
of (a) Consolidated Total Debt on such day to (b) Consolidated EBITDA for
the twelve month period ending on such day.

 

“Consolidated Net Income”:  for any period of determination, the
consolidated net income (or loss) of TMP and its Consolidated Subsidiaries, determined
on a consolidated basis in accordance with GAAP.

 

“Consolidated Total Debt”:  means at any date, the aggregate principal
amount of all Indebtedness of TMP and its Consolidated Subsidiaries at such
date, determined on a Consolidated basis and required to be reflected on the
Borrowers’ balance sheet in accordance with GAAP.

 

“Continuing Directors”:  the directors of TMP on the Closing Date and
each other director, if, in each case, such other director’s nomination for
election to the board of directors of TMP is recommended by a majority of the
then Continuing Directors.

 

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

 

“Customer”:  means and includes the account debtor with
respect to any Account Receivable, and/or the prospective purchaser of goods,
services or both with respect to any contract or contract right, and/or any
party who enters into or proposes to enter into any contract or other
arrangement with any Borrower or Domestic Subsidiary, pursuant to which any
Borrower or Domestic Subsidiary is to deliver any personal property or perform
any services.

 

“Cycle Billing”:  means yellow page billings made by the
Borrowers to a Customer on the basis of equal monthly installments, the first
installment to be billed no later than the first month following the
Publication Date in an amount equal to between 1/2 and 1/12 of the billings to
such Customer with respect to the applicable directory; provided that the
Borrowers may not change the billing terms with respect to specific services
rendered.

 

7

 

“Debentures”:  means (i) the debenture to be executed by
TMPWL, and (ii) the debenture to be executed by BSEL, each in favor of the
Administrative Agent substantially in the form of Exhibit I (each a “Debenture”).

 

“Default”:  any of the events specified in
Section 9, whether or not any requirement for the giving of notice, the
lapse of time, or both, has been satisfied.

 

“Disposition”:  with respect to any Property, any sale,
lease, sale and leaseback, assignment, conveyance, transfer or other
disposition thereof.  The terms “Dispose”
and “Disposed of” shall have correlative meanings.

 

“Documentation Agent”:  as defined in the preamble to this
Agreement.

 

“Dollar Equivalent”:  at any time as to any amount denominated in
a Foreign Currency, the equivalent amount in Dollars as determined by the
Administrative Agent at such time on the basis of the Exchange Rate for the
purchase of Dollars with such Foreign Currency on the most recent Calculation
Date for such Foreign Currency.

 

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

 

“Domestic Subsidiary”:  any Subsidiary of TMP organized under the
laws of any jurisdiction within the United States, excluding subsidiaries that
are directly or indirectly owned by Persons that are not organized under the
laws of any jurisdiction within the United States.

 

“EBITDAR”:  means shall mean, with respect to TMP on a
Consolidated basis for any applicable fiscal period, each calculated for such
period in accordance with GAAP, the sum of: Consolidated EBITDA plus
rent expense for such period.

 

“Eligible Billed Account
Receivable”:  means and includes
each Account Receivable which conforms to the following criteria:

 

(a)           Administrative Agent
is, and continues to be, in the good faith exercise of its reasonable
discretion satisfied with the credit standing of the Customer in relation to
the amount of credit extended;

 

(b)           it is documented by an invoice in a
form approved by the Administrative Agent (evidence of which has been received
by the Administrative Agent or, in the Administrative Agent’s sole discretion,
has been sent to but not yet received by the Administrative Agent) and shall
not be unpaid more than:  (x) ninety
(90) days from due date, (y) one hundred and twenty (120) days from
invoice date, all with respect to regular billing and (z) three hundred
sixty (360) days from the first invoice date with respect to Cycle Billing;

 

(c)           less than 75% of the unpaid amount of
invoices due from such Customer remain unpaid more than ninety (90) days from
due date; and

 

(d)           is otherwise satisfactory to the
Administrative Agent as determined in good faith by the Administrative Agent in
the reasonable exercise of its discretion.

 

8

 

For purposes hereof, the net amount of Eligible Account Receivables at
any time shall be the face amount of such Eligible Account Receivables less any
and all returns, rebates, discounts (which may, at the Lenders’ option, be
calculated on shortest terms), credits, allowances or excise taxes of any
nature at any time issued, owing claimed by Customers, granted, outstanding or
payable in connection with such accounts at such time.

 

“Eligible Unbilled Account Receivable”:  means and includes each (i) Recruitment
Media Billing Receivable and Media Billing Receivable until the earlier of the
invoice date or 60 days after Publication Date, (ii) Close Date Receivable
where the Publication Date is less than 60 days in the future and (iii) Cycle
Billing which is not unpaid more than 360 days from the first invoice date with
respect thereto, and the first invoice date is not later than one month after
the Publication Date and in each case which would constitute an Eligible Billed
Account Receivable except that it has not been documented by an invoice but
which shall not be duplicative of Eligible Billed Account Receivable.  An Eligible Unbilled Account Receivable
shall become an Eligible Billed Account Receivable once it is invoiced.

 

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

 

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

 

“Eurocurrency Base Rate”:  with respect to each day during each
Interest Period pertaining to a Eurocurrency Loan, the rate per annum
determined on the basis of the rate for deposits in Dollars (or, in the case of
a Eurocurrency Loan that is a Foreign Currency Loan or UK Foreign Currency
Loan, the applicable Foreign Currency) for a period equal to such Interest
Period commencing on the first day of such Interest Period appearing on
Page 3750 (or on the Page for the applicable Foreign Currency) of the
Telerate screen as of 11:00 A.M., New York City time, two Business Days
prior to the beginning of such Interest Period.  In the event that such rate does not appear on Page 3750 (or
on the Page for the applicable Foreign Currency) of the Telerate screen (or
otherwise on such screen), the Eurocurrency Base Rate shall be determined by
reference to such other comparable publicly available service for displaying
Eurocurrency Rates as may be selected by the Administrative Agent or, in the
absence of such availability, by reference to the rate at which the
Administrative Agent is offered Dollar deposits (or, in the case of a
Eurocurrency Loan that is a Foreign Currency Loan or UK Foreign Currency Loan,
deposits in the applicable Foreign Currency) at or about 11:00 A.M., local
time, two Business Days prior to the beginning of such Interest Period in the
interbank eurocurrency market where its eurocurrency and foreign currency and
exchange operations are then being conducted for delivery on the first day of
such Interest Period for the number of days comprised therein.

 

“Eurocurrency Loans”:  Loans the rate of interest applicable to
which is based upon the Eurocurrency Rate, including Foreign Currency Loans and
UK Foreign Currency Loans.

 

9

 

“Eurocurrency Rate”:  with respect to each day during each
Interest Period pertaining to a Eurocurrency Loan, a rate per annum determined
for such day in accordance with the following formula (rounded upward to the
nearest 1/16th of 1%):

 

	
   

  	
  Eurocurrency
  Base Rate

  	
   

  
	
   

  	
  1.00 - Eurocurrency Reserve Requirements

  	
   

  

 

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

 

“Eurocurrency Tranche”:  with respect to the Facility, the collective
reference to Eurocurrency Loans in the same currency under the Facility for the
then current Interest Periods with respect to all of which begin on the same
date and end on the same later date (whether or not such Loans shall originally
have been made on the same day).

 

“Event of Default”:  any of the events specified in
Section 9, provided that any requirement for the giving of notice,
the lapse of time, or both, has been satisfied.

 

“Exchange Act”:  as defined in Section 9(k).

 

“Exchange Rate”:  on any day, with respect to any currency,
the rate at which such currency may be exchanged into any other currency, as
set forth at approximately 11:00 A.M., New York City time, on such date on
the Reuters World Currency Page for such currency.  In the event that such rate does not appear on any Reuters World
Currency Page, the Exchange Rate shall be determined by reference to such other
publicly available service for displaying exchange rates as may be agreed upon
by the Administrative Agent and the Borrower, or, in the absence of such
agreement, such Exchange Rate shall instead be the arithmetic average of the
spot rates of exchange of the Administrative Agent in the market where its
foreign currency exchange operations in respect of such currency are then being
conducted, at or about 10:00 A.M., local time, on such date for the
purchase of Dollars with the relevant currency for delivery two Business Days
later; provided that if at the time of any such determination, for any
reason, no such spot rate is being quoted, the Administrative Agent, after
consultation with the Borrowers, may use any reasonable method it deems
appropriate to determine such rate, and such determination shall be presumed
correct absent manifest error.

 

“Existing Credit Facilities”:  as defined in the recitals to this
Agreement.

 

“Facility”:  the Revolving Commitments and the extensions
of credit made thereunder (the “Revolving Facility”).

 

“Federal Funds Effective Rate”:  for any day, 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 on the next
succeeding Business Day by the Federal Reserve

 

10

 

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
the day of such transactions received by the Reference Lender from three
federal funds brokers of recognized standing selected by it.

 

“Fee Payment Date”:  the last day of each March, June, September
and December and the last day of the Revolving Commitment Period (or on such
earlier date as the Revolving Commitments shall terminate as provided herein).

 

“Fixed Charge Coverage Ratio”:  for any period, the ratio of Consolidated
EBITDAR for the twelve month period ending on such day to (b) Consolidated
Interest Expense for the twelve month period ending on such day plus
rent expense payable for the twelve month period ending on such day plus
scheduled payments of principal of Indebtedness of TMP and its Consolidated
Subsidiaries for the twelve month period ending on such day.

 

“Foreign Currency”:  (a) with respect to any Loan, each of
British Pounds Sterling, the Euro and any other currency approved by the
Lenders, Issuing Lender and the Administrative Agent, provided that, the
Eurocurrency Rate applicable to Foreign Currency Loans and UK Foreign Currency
Loans in any other currency approved after the Closing Date may be amended as
agreed by the Lenders, the Administrative Agent and the Borrowers and (b)
solely with respect to any Letter of Credit, each of British Pounds Sterling,
the Euro and any other currency approved by the Required Lenders.

 

“Foreign Currency Equivalent”:  at any time as to any amount denominated in
Dollars, the equivalent amount in the relevant Foreign Currency or Currencies
as determined by the Administrative Agent at such time on the basis of the
Exchange Rate for the purchase of such Foreign Currency or Currencies with
Dollars on the date of determination thereof.

 

“Foreign Currency Loans”:  as defined in Section 2.15.

 

“Foreign Subsidiary”:  any Subsidiary of the Borrowers that is not
a Domestic Subsidiary.

 

“Funding Office”:  the office of the Administrative Agent,
either in the United States or in London, as applicable, specified in
Section 11.2 or such other office as may be specified from time to time by
the Administrative Agent as its funding office by written notice to the
Borrowers and the Lenders.

 

“GAAP”:  generally accepted accounting principles in
the United States as in effect from time to time.  In the event that any Accounting Change (as defined below) shall
occur and such change results in a change in the method of calculation of
financial covenants, standards or terms in this Agreement, then the Borrowers,
and the Administrative Agent agree to enter into negotiations in order to amend
such provisions of this Agreement so as to equitably reflect such Accounting
Changes with the desired result that the criteria for evaluating each
Borrower’s financial condition shall be the same after such Accounting Changes
as if such Accounting Changes had not been made.  Until such time as such an amendment shall have been executed and
delivered by the Borrowers, Administrative Agent, and the Required Lenders, all
financial covenants, standards and terms in this Agreement shall continue to be
calculated or construed as if such Accounting Changes had not occurred.  “Accounting Changes” refers to

 

11

 

changes in accounting principles required by the
promulgation of any rule, regulation, pronouncement or opinion by the Financial
Accounting Standards Board of the American Institute of Certified Public
Accountants or, if applicable, the SEC.

 

“Governmental Authority”:  any nation or government, any state or other
political subdivision thereof, any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative functions of or
pertaining to government, any securities exchange and any self-regulatory
organization (including the National Association of Insurance Commissioners).

 

“Guarantee and Collateral
Agreement”:  the Guarantee and
Collateral Agreement to be executed and delivered by TMP and each Subsidiary
Guarantor, substantially in the form of Exhibit A.

 

“Guarantee Obligation”:  as to any Person (the “guaranteeing
person”), any obligation of (a) the guaranteeing person or
(b) another Person (including any bank under any letter of credit) to
induce the creation of which the guaranteeing person has issued a
reimbursement, counterindemnity or similar obligation, in either case
guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or
other obligations (the “primary obligations”) of any other third Person
(the “primary obligor”) in any manner, whether directly or indirectly,
including any obligation of the guaranteeing person, whether or not contingent,
(i) to purchase any such primary obligation or any property constituting
direct or indirect security therefor, (ii) to advance or supply funds
(1) for the purchase or payment of any such primary obligation or
(2) to maintain working capital or equity capital of the primary obligor
or otherwise to maintain the net worth or solvency of the primary obligor,
(iii) to purchase property, securities or services primarily for the purpose
of assuring the owner of any such primary obligation of the ability of the
primary obligor to make payment of such primary obligation or
(iv) otherwise to assure or hold harmless the owner of any such primary
obligation against loss in respect thereof; provided, however,
that the term Guarantee Obligation shall not include endorsements of
instruments for deposit or collection in the ordinary course of business.  The amount of any Guarantee Obligation of
any guaranteeing person shall be deemed to be the lower of (a) an amount
equal to the stated or determinable amount of the primary obligation in respect
of which such Guarantee Obligation is made and (b) the maximum amount for
which such guaranteeing person may be liable pursuant to the terms of the instrument
embodying such Guarantee Obligation, unless such primary obligation and the
maximum amount for which such guaranteeing person may be liable are not stated
or determinable, in which case the amount of such Guarantee Obligation shall be
such guaranteeing person’s maximum reasonably anticipated liability in respect
thereof as determined by the Borrowers in good faith.

 

“Hedge Agreements”:  any agreement with respect to any swap,
forward, future or derivative transaction or option or similar agreement
involving, or settled by reference to, one or more rates, currencies,
commodities, equity or debt instruments or securities, or economic, financial
or pricing indices or measures of economic, financial or pricing risk or value
or any similar transaction or any combination of these transactions; provided
that no phantom stock or similar plan providing for payments only on account of
services provided by current or former directors, officers, employees or
consultants of the Borrowers or the Subsidiaries shall be a Hedge Agreement.

 

12

 

“Indebtedness”:  of any Person at any date, 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 current trade payables incurred in the ordinary course
of such Person’s business), (c) all obligations of such Person evidenced
by notes, bonds, debentures or other similar instruments, (d) all
indebtedness 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 Capital Lease Obligations of such Person, (f) all obligations
of such Person, contingent or otherwise, as an account party or applicant under
or in respect of acceptances, letters of credit, surety bonds or similar arrangements,
(g) the liquidation value of all mandatorily redeemable preferred Capital
Stock of such Person that is mandatorily redeemable prior to the Revolving
Termination Date, (h) all Guarantee Obligations of such Person in respect
of obligations of the kind referred to in clauses (a) through (g) above,
(i) all obligations of the kind referred to in clauses (a) through
(h) above secured by (or for which the holder of such obligation has an
existing right, contingent or otherwise, to be secured by) any Lien on property
(including accounts and contract rights) owned by such Person, whether or not
such Person has assumed or become liable for the payment of such obligation,
and (j) for the purposes of Section 8.2 and Section 9(e) only, all
obligations of such Person in respect of Hedge Agreements.  The Indebtedness of any Person shall include
the Indebtedness of any other entity (including any partnership in which such
Person is a general partner) to the extent such Person is liable therefor as a
result of such Person’s ownership interest in or other relationship with such
entity, except to the extent the terms of such Indebtedness expressly provide
that such Person is not liable therefor. 
For the avoidance of doubt, the AMP-Hudson Obligations (as defined in
Section 8.2(g)) will not constitute Indebtedness.

 

“Indemnified Liabilities”:  as defined in Section 11.5.

 

“Indemnitee”:  as defined in Section 11.5.

 

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

 

“Insolvent”:  pertaining to a condition of Insolvency.

 

“Intellectual Property”:  the collective reference to all rights,
priorities and privileges relating to intellectual property, whether arising
under United States, multinational or foreign laws or otherwise, including
copyrights, copyright licenses, patents, patent licenses, trademarks, trademark
licenses, technology, know-how and processes, and all rights to sue at law or
in equity for any infringement or other impairment thereof, including the right
to receive all proceeds and damages therefrom.

 

“Interest Payment Date”:  (a) as to any Alternate Base Rate Loans
(other than a Swingline Loan), the last day of each March, June, September and
December to occur while such Loan is outstanding and the final maturity date of
such Loan, (b) as to any Eurocurrency Loan, the last day of such Interest
Period, (c) as to any Swingline Loan, the day that such Loan is required
to be repaid, provided however, that if any Interest Period for a Eurocurrency
Loan

 

13

 

exceeds three months, the date that falls three
months after the beginning of such Interest Period and after each Interest
Payment Date thereafter is also an Interest Payment Date.

 

“Interest Period”:  as to any Eurocurrency Loan,
(a) initially, the period commencing on the borrowing or conversion date,
as the case may be, with respect to such Eurocurrency Loan and ending one week,
one month, two, three or six months thereafter, as selected by the Borrowers in
its notice of borrowing or notice of conversion, as the case may be, given with
respect thereto; and (b) thereafter, each period commencing on the last
day of the next preceding Interest Period applicable to such Eurocurrency Loan and
ending one, two, three or six months thereafter, as selected by the Borrowers
by irrevocable notice to the Administrative Agent not later than
11:00 A.M., New York City time, three Business Days prior to the last day
of the then current Interest Period with respect thereto; provided that,
all of the foregoing provisions relating to Interest Periods are subject to the
following:

 

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

 

(ii)           the Borrowers may not select an
Interest Period that would extend beyond the Revolving Termination Date;

 

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

 

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

 

“Inventory”: 
has the meaning assigned to such term under the UCC.

 

“Investments”:  as defined in Section 8.8.

 

“Issuing Lender”:  any Revolving Lender from time to time
designated by the Borrowers as an Issuing Lender with the consent of such Revolving
Lender and the Administrative Agent.

 

“Judgment Currency”:  as defined in Section 11.18(b).

 

“Lead Arranger”:  as defined in the recitals to this
Agreement.

 

“L/C Commitment”:  $20,000,000.

 

“L/C Fee Payment Date”:  the last day of each March, June, September
and December and the last day of the Revolving Commitment Period.

 

14

 

“L/C Obligations”:  at any time, an amount equal to the sum of
(a) the aggregate then undrawn and unexpired amount of the then
outstanding Letters of Credit (including the Dollar Equivalent of Letters of
Credit issued in Foreign Currencies) and (b) the aggregate amount of
drawings under Letters of Credit (including the Dollar Equivalent of Letters of
Credit issued in Foreign Currencies to the extent such amounts have not been
converted to Dollars in accordance with the terms hereof) that have not then
been reimbursed pursuant to Section 2.11.

 

“L/C Participants”:  the collective reference to all the
Revolving Lenders other than the Issuing Lender that issued the relevant Letter
of Credit.

 

“Lender Affiliate”:  (a) any Affiliate of any Lender,
(b) any Person that is administered or managed by any Lender and that is
engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course of its business
and (c) with respect to any Lender which is a fund that invests in
commercial loans and similar extensions of credit, any other fund that invests
in commercial loans and similar extensions of credit and is managed or advised
by the same investment advisor as such Lender or by an Affiliate of such Lender
or investment advisor.

 

“Lenders”:  as defined in the preamble hereto; provided,
that unless the context otherwise requires, each reference herein to the
Lenders shall be deemed to include any Conduit Lender.

 

“Letters of Credit”:  as defined in Section 2.7(a).

 

“Lien”:  any mortgage, pledge, hypothecation,
assignment, deposit arrangement, encumbrance, lien (statutory or other), charge
or other security interest or any preference, priority or other security
agreement or preferential arrangement of any kind or nature whatsoever
(including any conditional sale or other title retention agreement and any
capital lease having substantially the same economic effect as any of the
foregoing).

 

“Loan”:  any loan made by any Lender pursuant to this
Agreement.

 

“Loan Documents”:  this Agreement, the Security Documents, and
the Notes.

 

“Loan Parties”:  each Borrower that is a party to a Loan
Document and each Subsidiary Guarantor.

 

“Material Adverse Effect”:  a material adverse effect on (a) the
business, assets, property, condition (financial or otherwise), results of
operations or prospects of TMP and its Subsidiaries, taken as a whole or
(b) the validity or enforceability of this Agreement or any of the other
Loan Documents or the rights or remedies of the Agents or the Lenders hereunder
or thereunder.

 

“Material Contract”:  each contract of the Borrowers described on
Schedule 5.13.

 

“Materials of Environmental
Concern”:  any gasoline or petroleum
(including crude oil or any fraction thereof) or petroleum products, asbestos,
polychlorinated biphenyls, urea-formaldehyde insulation, any hazardous or toxic
substances, materials or wastes, defined as

 

15

 

such or regulated in or under any applicable
Environmental Laws, and any other substances that could reasonably be expected
to result in liability under any applicable Environmental Laws.

 

“Maximum Rate”:  as defined in Section 11.19.

 

“Media Billing Receivables”:  means Account Receivables (other than
Recruitment Media Billing Receivables) where the Account Receivable is not
invoiced until the Publication Date has passed, generally because the holder of
such Account Receivable must deliver to the Customer a copy of the
advertisement which appears in the directory publication with the invoice.

 

“Money Borrowed”:  means (i) Indebtedness arising from the
lending of money by any Person to each Borrower; (ii) Indebtedness, whether or
not in any such case arising from the lending by any Person of money to each
Borrower, (A) which is represented by notes payable or drafts accepted that
evidence extensions of credit, (B) which constitutes obligations evidenced by
bonds, debentures, notes or similar instruments, or (C) upon which interest
charges are customarily paid (other than accounts payable) or that was issued
or assumed as full or partial payment for Property; (iii) Indebtedness that
constitutes a Capitalized Lease Obligation; (iv) reimbursement obligations with
respect to letters of credit or guaranties of letters of credit and (v)
Indebtedness of any Borrower under any guaranty of obligations that would
constitute Indebtedness for Money Borrowed under clauses (i) through (iii)
hereof, if owed directly by any Borrower.

 

“Multiemployer Plan”:  a “multiemployer” plan as defined in
Section 4001(a)(3) of ERISA.

 

“Net Worth”:  at a particular date means (a) the aggregate
amount of all assets of TMP on a Consolidated basis as may be properly
classified as such in accordance with GAAP consistently applied (including such
assets as are properly classified as intangible assets under GAAP), less (b)
the aggregate amount of all liabilities of TMP on a Consolidated basis as may
be properly classified as such in accordance with GAAP consistently applied.

 

“Non-Excluded Taxes”:  as defined in Section 4.10(a).

 

“Non-Guarantor Subsidiary”:  any Subsidiary that is not a Subsidiary
Guarantor.

 

“Non-U.S. Lender”:  as defined in Section 4.10(d).

 

“Notes”:  the collective reference to any promissory
note evidencing Loans.

 

“Obligations”:  the unpaid principal of and interest on
(including interest accruing after the maturity of the Loans and Reimbursement
Obligations and interest accruing after the filing of any petition in
bankruptcy, or the commencement of any insolvency, reorganization or like
proceeding, relating to each Borrower, whether or not a claim for post-filing
or post-petition interest is allowed in such proceeding) the Loans, the
Reimbursement Obligations and all other obligations and liabilities of each
Borrower  to any Agent or to any Lender
(or, in the case of Specified Hedge Agreements, any affiliate of any Lender),
whether direct or indirect, absolute or contingent, due or to become due, or
now existing or hereafter incurred, which may arise under,

 

16

 

out of, or in connection with, this Agreement,
any other Loan Document, the Letters of Credit, any Specified Hedge Agreement
or any other document made, delivered or given in connection herewith or
therewith, whether on account of principal, interest, reimbursement
obligations, fees, indemnities, costs, expenses (including all fees, charges
and disbursements of counsel to any Agent or to any Lender that are required to
be paid by the Borrowers pursuant hereto) or otherwise; provided, that
(i) obligations of the Borrowers or any Subsidiary under any Specified
Hedge Agreement shall be secured and guaranteed pursuant to the Security
Documents only to the extent that, and for so long as, the other Obligations
are so secured and guaranteed and (ii) any release of Collateral or
Subsidiary Guarantors effected in the manner permitted by this Agreement shall
not require the consent of holders of obligations under Specified Hedge
Agreements.

 

“Other Taxes”:  any and all present or future stamp or
documentary taxes or any other excise or property taxes, charges or similar
levies arising from any payment made hereunder or from the execution, delivery
or enforcement of, or otherwise with respect to, this Agreement or any other
Loan Document.

 

“Participant”:  as defined in Section 11.6(c).

 

“PBGC”:  the Pension Benefit Guaranty Corporation
established pursuant to Subtitle A of Title IV of ERISA (or any
successor).

 

“Permitted Acquisition”:  the acquisition by the Borrowers or any of
their Subsidiaries of the Capital Stock of another Person which is primarily
engaged in the same or related line of business of the Borrowers and their
Subsidiaries (or any other Person that is engaged in a business that is a
reasonable extension of the business of the Borrowers and their Subsidiaries
and that utilizes the same or similar technology as that used by the Borrowers
and their Subsidiaries immediately prior to such acquisition) so long as
following such acquisition: (i) such other Person becomes a Subsidiary of such
Person and to the extent such Subsidiary is a Domestic Subsidiary, such
Domestic Subsidiary becomes a party to this Agreement, (ii) prior to and after
giving effect to such acquisition, the Borrowers are in compliance, on a
pro-forma historical basis, with all the financial covenants specified in
Section 8 herein as evidenced by a Compliance Certificate in the form of
Exhibit B, and (iii) no Default or Event of Default shall have occurred and
then be continuing or would occur after giving effect to such acquisition

 

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

 

“Plan”:  at a particular time, any “pension plan”
(within the meaning of Section 3(2) of ERISA), other than a Multiemployer Plan,
that is covered by Title IV of ERISA and in respect of which each Borrower or a
Commonly Controlled Entity is (or, if such plan were terminated at such time,
would under Section 4069 of ERISA be deemed to be) an “employer” as
defined in Section 3(5) of ERISA.

 

“Pledged Stock”:  means any Capital Stock pledged as
collateral under any Security Document.

 

17

 

“Pricing Grid”:  the pricing grid attached hereto as
Annex A.

 

“Prime Rate”:  shall mean the variable rate of interest per
annum publicly announced from time to time by the Reference Lender as its prime
rate in effect at its principal office in New York City (the Prime Rate not
being intended to be the lowest rate of interest charged by the Reference
Lender in connection with extensions of credit to debtors).  Any change in the Alternate Base Rate due to
a change in the Prime Rate or the Federal Funds Effective Rate shall be
effective as of the opening of business on the effective day of such change in
the Prime Rate or the Federal Funds Effective Rate, respectively.  Changes in the rate of interest resulting
from changes in the Prime Rate shall take place immediately without notice or
demand of any kind.

 

“Pro-Forma Net Cash Balance”:  means as of the most recently reported quarter,
the amount of TMP’s global cash and Cash Equivalents on a consolidated basis minus
the amount of cash and Cash Equivalents consideration paid by the Borrowers for
all Permitted Acquisitions since TMP’s most recently reported quarter end minus
any outstanding borrowings under this Facility.

 

“Projections”:  as defined in Section 7.2(c).

 

“Property”:  any right or interest in or to property of
any kind whatsoever, whether real, personal or mixed and whether tangible or
intangible, including, without limitation, Capital Stock.

 

“Publication Date”:  shall mean (a) with respect to directory
publications, the date on which such issue takes effect, (b) with respect to
publications other than directory publications, the date on which such
publication is released to the general public, and (c) with respect to TV,
radio and other electronic media, the date an advertisement is aired to the
general public.

 

“Recruitment Media Billing
Receivables”:  shall mean Account
Receivables (other than Media Billing Receivables) arising out of recruitment
advertising services where the Account Receivable is not invoiced until the
respective advertisement has been published in the newspaper, magazine, or
other publication or where the advertisement has been broadcast on the radio,
television or other electronic media.

 

“Reference Lender”:  Fleet National Bank.

 

“Refunded Swingline Loans”:  as defined in Section 2.4.

 

“Refunding Date”:  as defined in Section 2.4.

 

“Register”:  as defined in Section 11.6(b).

 

“Regulation U”:  Regulation U of the Board as in effect
from time to time.

 

18

 

“Reimbursement Obligation”:  the obligation of TMP to reimburse each
Issuing Lender pursuant to Section 2.11 for amounts drawn under Letters of
Credit issued by such Issuing Lender.

 

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

 

“Reportable Event”:  any of the events set forth in
Section 4043(c) of ERISA, other than those events as to which the
30 day notice period is waived under subsections .27, .28, .29, .30,
..31, .32, .34 or .35 of PBGC Reg. § 4043.

 

“Required Lenders”:  at any time, (a) until the Closing
Date, the holders of more than 51% of the Total Revolving Commitments then in
effect and (b) thereafter, the holders of more than 51% of the Total
Revolving Commitments then in effect or, if the Revolving Commitments have been
terminated, the Total Revolving Extensions of Credit then outstanding.

 

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

 

“Reset Date”:  as defined in Section 4.16(a).

 

“Reserve Percentage”:  means the maximum aggregate reserve
requirement (including all basic, supplemental, marginal and other reserves)
which is imposed on member banks of the Federal Reserve System against
“Euro-currency Liabilities” as defined in Regulation D.

 

“Responsible Officer”:  the chief executive officer, president,
general counsel, chief financial officer or the treasurer of each Borrower, but
in any event, with respect to financial matters, the chief financial officer or
the treasurer of each Borrower.

 

“Restricted Payments”  as defined in Section 8.6.

 

“Revolving Commitment”:  means as to any Lender, the obligation of
such Lender, if any, to make Revolving Loans and participate in Swingline
Loans, Letters of Credit, Foreign Currency Loans and UK Foreign Currency Loans
in an aggregate principal and/or face amount not to exceed the amount set forth
under the heading “Revolving Commitment” under such Lender’s name on the
Commitment Schedule or in the Assignment and Assumption pursuant to which such
Lender became a party hereto, as the same may be changed from time to time
pursuant to the terms hereof.

 

“Revolving Commitment Period”:  means the period from and including the
Closing Date to the Revolving Termination Date.

 

“Revolving Extensions of
Credit”:  means as to any Revolving
Lender at any time, an amount equal to the sum of (a) the aggregate
principal amount of all Revolving Loans

 

19

 

held by such Lender then outstanding,
(b) such Lender’s Revolving Percentage of the L/C Obligations then
outstanding, (c) such Lender’s Revolving Percentage of the aggregate
principal amount of Swingline Loans then outstanding and (d) such Lender’s
Revolving Percentage of the Dollar Equivalent of the aggregate principal amount
of Foreign Currency Loans and UK Foreign Currency Loans then outstanding.

 

“Revolving Lender”:  means each Lender that has a Revolving
Commitment or that holds Revolving Loans.

 

“Revolving Loans”:  as defined in Section 2.1(a).

 

“Revolving Percentage”:  means as to any Revolving Lender at any time,
the percentage which such Lender’s Revolving Commitment then constitutes of the
Total Revolving Commitments (or, at any time after the Revolving Commitments
shall have expired or terminated, the percentage which the aggregate principal
amount of such Lender’s Revolving Extensions of Credit then outstanding
constitutes of the aggregate principal amount of the Revolving Extensions of
Credit then outstanding).

 

“Revolving Termination Date”:  means the third anniversary of the Closing
Date.

 

“SEC”:  the Securities and Exchange Commission, any
successor thereto and any analogous Governmental Authority.

 

“Security Documents”:  means 
the collective reference to the Guarantee and Collateral Agreement, the
Share Charges, the Debentures and all other security documents hereafter
delivered to the Administrative Agent granting a Lien on any property of any
Person to secure the obligations and liabilities of any Loan Party under any
Loan Document.

 

“Share Charges”:  means (i) the charge over shares in TMPWL to
be executed by TMP Worldwide Holdings Limited (“TMPWHL”), and (ii) the
charge over shares in BSEL to be executed by Bartlett Merton Holdings Limited
(“BHL”), each in favor of the Administrative Agent substantially in the
form of Exhibit J.

 

“Single Employer Plan”:  any Plan that is covered by Title IV of
ERISA, but that is not a Multiemployer Plan.

 

“Solvent”:  when used with respect to any Person, means
that, as of any date of determination, (a) the amount of the “present fair
saleable value” of the assets of such Person will, as of such date, exceed the
amount of all “liabilities of such Person, contingent or otherwise”, as of such
date, as such quoted terms are determined in accordance with applicable federal
and state laws governing determinations of the insolvency of debtors,
(b) the present fair saleable value of the assets of such Person will, as
of such date, be greater than the amount that will be required to pay the
liability of such Person on its debts as such debts become absolute and
matured, (c) such Person will not have, as of such date, an unreasonably
small amount of capital with which to conduct its business, and (d) such
Person will be able to pay its debts as they mature.  For purposes of this definition, (i) ”debt” means liability
on a “claim”, and (ii) ”claim” means any (x) right to payment,
whether or not such a right is reduced to judgment, liquidated, unliquidated,
fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable,

 

20

 

secured or unsecured or (y) right to an
equitable remedy for breach of performance if such breach gives rise to a right
to payment, whether or not such right to an equitable remedy is reduced to
judgment, fixed, contingent, matured or unmatured, disputed, undisputed,
secured or unsecured.

 

“Specified Hedge Agreement”:  any Hedge Agreement (a) entered into by
(i) any Borrowers or any of its Subsidiaries and (ii) any Agent or
Lender or any affiliate thereof, as counterparty and (b) that has been
designated by such Agent or Lender, as the case may be, and such Borrower, by
notice to the Administrative Agent, as a Specified Hedge Agreement, and any
other Hedge Agreements listed on Schedule 1.1(b) without given effect to any
extension of the termination or maturity date thereof.  The designation of any Hedge Agreement as a
Specified Hedge Agreement shall not create in favor of the Agent, Lender or
affiliate thereof that is a party thereto any rights in connection with the
management or release of any Collateral or of the obligations of any Subsidiary
Guarantor under the Guarantee and Collateral Agreement.

 

“Spin-off Transaction”:  the distribution of all of the Capital Stock
of Hudson Highland Group, Inc. to the stockholders of TMP Worldwide, Inc.

 

“Stock Repurchase”:  a purchase by TMP of its outstanding Capital
Stock in the open market pursuant to a stock repurchase program in accordance
with SEC Rule 10b-18.

 

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

 

“Subsidiary Guarantor”:  a Subsidiary that (i) is a Domestic
Subsidiary that is a Wholly Owned Subsidiary, (ii) provides a guarantee of any
Indebtedness of the Borrowers (other than the Loans) or (iii) becomes a party
to the Loan Documents pursuant to Section 7.9(b).

 

“Swingline Commitment”:  the obligation of the Swingline Lender to
make Swingline Loans pursuant to Section 2.3 in an aggregate principal
amount at any one time outstanding not to exceed $5,000,000.

 

“Swingline Lender”:  Fleet National Bank or such other Lender as
is acceptable to the Administrative Agent and the Lenders, in its capacity as
the lender of Swingline Loans.

 

“Swingline Loans”:  as defined in Section 2.3.

 

“Swingline Participation
Amount”:  as defined in
Section 2.4.

 

“Syndication Agent”:  as defined in the preamble to this
Agreement.

 

21

 

“Total Revolving Commitments”:  at any time, the aggregate amount of the
Revolving Commitments of all the Lenders.

 

“Total Revolving Extensions
of Credit”:  at any time, the
aggregate amount of the Revolving Extensions of Credit of the Revolving Lenders
outstanding at such time.

 

“Transferee”:  any Assignee or Participant.

 

“Type”:  as to any Loan, its nature as a Alternate
Base Rate Loan or a Eurocurrency Loan.

 

“UCC”:  means the Uniform Commercial Code in as in
effect in the State of New York.

 

“UK Borrowers”:  has the meaning specified in the preamble
hereto.

 

“UK Foreign Currency Loans”:  has the meaning specified in Section 2.15.

 

“UK Subsidiary Sublimit”:  $25,000,000.

 

“Upfront Fee”:  means an amount in Dollars equal to 0.625%
of the Revolving Commitment of each Lender.

 

“United States”:  the United States of America.

 

“US Borrowers”:  TMP and any Domestic Wholly-Owned Subsidiary
that has executed a Borrower Supplement.

 

“Wholly Owned Subsidiary”:  as to any Person, any other Person all of
the Capital Stock of which (other than directors’ qualifying shares required by
law) is owned by such Person directly and/or through other Wholly Owned
Subsidiaries.

 

1.2.          Other Definitional Provisions. 
(a)  Unless otherwise specified
therein, all terms defined in this Agreement shall have the defined meanings
when used in the other Loan Documents or any certificate or other document made
or delivered pursuant hereto or thereto.

 

(b)           As used herein and in
the other Loan Documents, and any certificate or other document made or
delivered pursuant hereto or thereto, (i) accounting terms relating to any
Borrower not defined in Section 1.1 and accounting terms partly defined in
Section 1.1, to the extent not defined, shall have the respective meanings
given to them under GAAP, (ii) the words “include”, “includes” and
“including” shall be deemed to be followed by the phrase “without limitation”,
(iii) the word “incur” shall be construed to mean incur, create, issue,
assume, become liable in respect of or suffer to exist (and the words
“incurred” and “incurrence” shall have correlative meanings), (iv) the
words “asset” and “property” shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and
properties, including cash, Capital Stock, securities, revenues, accounts,
leasehold interests and contract rights, and (v) references to agreements
or other Contractual Obligations shall, unless otherwise specified, be deemed
to refer to such agreements or Contractual Obligations as amended,

 

22

 

supplemented, restated or otherwise modified from
time to time (subject to any applicable restrictions hereunder).

 

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

 

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

 

1.3.          Currency Conversion.  (a)  If more than one currency or currency unit are at the same time
recognized by the central bank of any country as the lawful currency of that
country, then (i) any reference in the Loan Documents to, and any
obligations arising under the Loan Documents in, the currency of that country
shall be translated into or paid in the currency or currency unit of that
country designated by the Administrative Agent and (ii) any translation
from one currency or currency unit to another shall be at the official rate of
exchange recognized by the central bank for conversion of that currency or
currency unit into the other, rounded up or down by the Administrative Agent as
it reasonably deems appropriate.

 

(b)           If a change in any
currency of a country occurs, this Agreement shall be amended (and each party
hereto agrees to enter into any supplemental agreement necessary to effect any
such amendment) to the extent that the Administrative Agent determines such
amendment to be necessary to reflect the change in currency and to put the
Lenders in the same position, so far as possible, that they would have been in
if no change in currency had occurred.

 

SECTION 2            AMOUNT
AND TERMS OF REVOLVING COMMITMENTS

 

2.1.          Revolving Commitments. 
(a)  Subject to the terms and
conditions hereof, each Revolving Lender severally agrees to make revolving
credit loans denominated in Dollars (“Revolving Loans”) to the US Borrowers
from time to time during the Revolving Commitment Period in an aggregate
principal amount at any one time outstanding which, when added to such Lender’s
Revolving Percentage of the sum of (i) the L/C Obligations then
outstanding, (ii) the aggregate principal amount of the Swingline Loans
then outstanding, and (iii) the Dollar Equivalent of the aggregate principal
amount of the Foreign Currency Loans and the UK Foreign Currency Loans then
outstanding, does not exceed the amount of such Lender’s Available Revolving
Commitment or such Lender’s Revolving Percentage of the Borrowing Base (US),
whichever is less.  During the Revolving
Commitment Period, the US Borrowers may use the Revolving Commitments by
borrowing, prepaying and reborrowing the Revolving Loans, in whole or in part,
all in accordance with the terms and conditions hereof.  The Revolving Loans may from time to time be
Eurocurrency Loans or Alternate Base Rate Loans, as determined by the
applicable US Borrowers and notified to the Administrative Agent in accordance
with Sections 2.2 and 4.3.

 

(b)           The US Borrowers shall
repay all outstanding Revolving Loans on the Revolving Termination Date.

 

23

 

2.2.          Procedure for Revolving Loan
Borrowing.  The US Borrowers may borrow under
Section 2.1 during the Revolving Commitment Period on any Business Day, provided
that the applicable US Borrowers shall give the Administrative Agent
irrevocable notice (which notice must be received by the Administrative Agent
prior to 12:00 Noon, New York City time, (a) three Business Days
prior to the requested Borrowing Date, in the case of Eurocurrency Loans, or
(b) on the Business Day of the requested Borrowing Date, in the case of
Alternate Base Rate Loans), specifying (i) the amount and Type of
Revolving Loans to be borrowed, (ii) the requested Borrowing Date and
(iii) in the case of Eurocurrency Loans, the respective amounts of each
such Type of Loan and the respective lengths of the initial Interest Period
therefor.  Any Revolving Loans made on
the Closing Date shall initially be Alternate Base Rate Loans.  Each borrowing under the Revolving
Commitments shall be in an amount equal to (x) in the case of Alternate
Base Rate Loans, $3,000,000 or a whole multiple of $100,000 in excess thereof
(or, if the then aggregate Available Revolving Commitments are less than
$3,000,000 or $100,000, as applicable, such lesser amount) and (y) in the
case of Eurocurrency Loans denominated in Dollars, $3,000,000 or a whole
multiple of $100,000 in excess thereof; provided, that the Swingline
Lender may request, on behalf of TMP, borrowings under the Revolving
Commitments that are Alternate Base Rate Loans in other amounts pursuant to
Section 2.4.  Upon receipt of any
such notice from a US Borrower, the Administrative Agent shall promptly notify
each Revolving Lender thereof.  Each
Revolving Lender will make the amount of its pro rata share of each such
borrowing available to the Administrative Agent for the account of the
applicable US Borrowers at the Funding Office prior to 2:00 PM, New York
City time, on the Borrowing Date requested by such US Borrower in funds
immediately available to the Administrative Agent.  Such borrowing will then be made available to TMP by the
Administrative Agent crediting the account of TMP on the books of such office
with the aggregate of the amounts made available to the Administrative Agent by
the Lenders and in like funds as received by the Administrative Agent.

 

2.3.          Swingline Commitment.  (a)  Subject to the terms and conditions hereof, the Swingline Lender
agrees to make a portion of the credit otherwise available to TMP under the
Revolving Commitments from time to time during the Revolving Commitment Period
by making swingline loans denominated in Dollars (“Swingline Loans”) to
TMP; provided that (i) the aggregate principal amount of Swingline
Loans outstanding at any time shall not exceed the Swingline Commitment then in
effect, and (ii) TMP shall not request, and the Swingline Lender shall not
make, any Swingline Loan if, after giving effect to the making of such
Swingline Loan, the aggregate amount of the Available Revolving Commitments
would be less than zero; provided further, TMP can only request a
Swingline Loan in an amount such that after giving effect to the making of such
Swingline Loan, the aggregate principal amount of Swingline Loans outstanding
at any time, when aggregated with the Swingline Lender’s other outstanding
Revolving Extensions of Credit hereunder, does not exceed such Swingline
Lender’s Available Revolving Commitment. During the Revolving Commitment
Period, TMP may use the Swingline Commitment by borrowing, repaying and
reborrowing, all in accordance with the terms and conditions hereof.  Swingline Loans shall be Alternate Base Rate
Loans only.

 

(b)           TMP shall repay
to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Revolving Termination
Date and the 30th day after such Swingline Loan is made; provided that,
during each calendar month, there shall be

 

24

 

at
least two consecutive Business Days during which the outstanding balance of the
Swingline Loans shall be zero.

 

2.4.          Procedure for Swingline Borrowing;
Refunding of Swingline Loans.  (a) Whenever TMP desires that the
Swingline Lender make Swingline Loans it shall give the Swingline Lender
irrevocable telephonic notice confirmed promptly in writing (which telephonic
notice must be received by the Swingline Lender not later than 1:00 P.M.,
New York City time, on the proposed Borrowing Date), specifying (i) the
amount to be borrowed and (ii) the requested Borrowing Date (which shall
be a Business Day during the Revolving Commitment Period).  Each borrowing under the Swingline
Commitment shall be in an amount equal to $500,000 or a whole multiple of
$100,000 in excess thereof.  Not later
than 3:00 P.M., New York City time, on the Borrowing Date specified in a
notice in respect of Swingline Loans, the Swingline Lender shall make available
to the Administrative Agent at the Funding Office an amount in immediately
available funds equal to the amount of the Swingline Loan to be made by the
Swingline Lender.  The Administrative
Agent shall make the proceeds of such Swingline Loan available to TMP on such
Borrowing Date by either depositing such proceeds in the account of TMP with
the Administrative Agent on such Borrowing Date in immediately available funds
or wiring such proceeds to another account as directed by TMP.

 

(b)           The Swingline
Lender, at any time and from time to time in its sole and absolute discretion may, on behalf of TMP (which
hereby irrevocably directs the Swingline Lender to act on its behalf), on one
Business Day’s notice given by the Swingline Lender no later than
12:00 Noon, New York City time, request each Revolving Lender to make, and
each Revolving Lender hereby agrees to make, a Revolving Loan, in an amount
equal to such Revolving Lender’s Revolving Percentage of the aggregate amount
of the Swingline Loans (the “Refunded Swingline Loans”) outstanding on
the date of such notice, to repay the Swingline Lender.  Each Revolving Lender shall make the amount
of such Revolving Loan available to the Administrative Agent at the Funding
Office in immediately available funds, not later than 10:00 A.M., New York
City time, one Business Day after the date of such notice.  The proceeds of such Revolving Loans shall
be immediately made available by the Administrative Agent to the Swingline
Lender for application by the Swingline Lender to the repayment of the Refunded
Swingline Loans.  TMP irrevocably
authorizes the Swingline Lender to charge TMP’s account with the Administrative
Agent (up to the amount available in each such account) in order to immediately
pay the amount of such Refunded Swingline Loans to the extent amounts received
from the Revolving Lenders are not sufficient to repay in full such Refunded
Swingline Loans.

 

(c)           If prior to the
time a Revolving Loan would have otherwise been made pursuant to Section 2.4(b), one of the events described in
Section 9(f) shall have occurred and be continuing with respect to TMP or
if for any other reason, as determined by the Swingline Lender in its sole
discretion, Revolving Loans may not be made as contemplated by
Section 2.4(b), each Revolving Lender shall, on the date such Revolving
Loan was to have been made pursuant to the notice referred to in
Section 2.4(b) (the “Refunding Date”), purchase for cash an
undivided participating interest in the then outstanding Swingline Loans by
paying to the Swingline Lender an amount (the “Swingline Participation
Amount”) equal to (i) such Revolving Lender’s Revolving Percentage times
(ii) the sum of the aggregate principal amount of Swingline Loans then
outstanding that were to have been repaid with such Revolving Loans.

 

25

 

(d)           Whenever, at
any time after the Swingline Lender has received from any Revolving Lender such
Lender’s Swingline Participation Amount,
the Swingline Lender receives any payment on account of the Swingline Loans,
the Swingline Lender will distribute to such Lender its Swingline Participation
Amount (appropriately adjusted, in the case of interest payments, to reflect
the period of time during which such Lender’s participating interest was outstanding
and funded and, in the case of principal and interest payments, to reflect such
Lender’s pro  rata portion of such payment if such payment is not
sufficient to pay the principal of and interest on all Swingline Loans then
due); provided, however, that in the event that such payment
received by the Swingline Lender is required to be returned, such Revolving
Lender will return to the Swingline Lender any portion thereof previously
distributed to it by the Swingline Lender.

 

(e)           Each Revolving
Lender’s obligation to make the Loans referred to in Section 2.4(b) and to
purchase participating interests pursuant to Section 2.4(c) shall be
absolute and unconditional and shall not be affected by any circumstance,
including (i) any setoff, counterclaim, recoupment, defense or other right
that such Revolving Lender or TMP may have against the Swingline Lender, the
Borrowers or any other Person for any reason whatsoever; (ii) the
occurrence or continuance of a Default or an Event of Default or the failure to
satisfy any of the other conditions specified in Section 6; (iii) any
adverse change in the condition (financial or otherwise) of the Borrowers;
(iv) any breach of this Agreement or any other Loan Document by the
Borrowers, any other Loan Party or any other Revolving Lender; or (v) any
other circumstance, happening or event whatsoever, whether or not similar to
any of the foregoing, provided, however, that no Revolving Lender shall
be required to make Loans or purchase participations pursuant to this Section
2.4 if, as a result thereof, its Revolving Extensions of Credit will exceed its
Commitment then in effect or in effect immediately preceding its termination.

 

2.5.          Commitment Fees, etc.  (a)  TMP agrees to pay to the Administrative Agent for
the account of each Revolving Lender a commitment fee for the period from and
including the Closing Date to the last day of the Revolving Commitment Period,
computed at the Commitment Fee Rate on the average daily amount of the
Available Revolving Commitment of such Lender during the period for which
payment is made, payable quarterly in arrears on each Fee Payment Date,
commencing on the first of such dates to occur after the date hereof, provided
that, in calculating any Lender’s Revolving Extensions of Credit for the purpose
of determining such Lender’s Available Revolving Commitment pursuant to this
Section 2.5, (x) the aggregate principal amount of Swingline Loans then
outstanding shall be deemed to be zero, (y) the amount of the Borrowing Base at
such time shall be deemed to be equal to the Revolving Commitment, and (z) the
Dollar Equivalent of Foreign Currency Loans and UK Foreign Currency Loans shall
be calculated for Foreign Currency Loans and UK Foreign Currency Loans on the
first day of the Interest Period therefor.

 

(b)           TMP agrees to pay to
the Administrative Agent the fees in the amounts and on the dates previously
agreed to in writing by the Borrowers and the Administrative Agent.

 

2.6.          Termination of Revolving Commitments.  The
Borrowers shall have the right, upon not less than five Business Days’ notice
to the Administrative Agent, to terminate the Revolving Commitments; provided
that no such termination of the Revolving Commitments

 

26

 

shall
be permitted unless all outstanding Revolving Loans, Swingline Loans, Foreign
Currency Loans and UK Foreign Currency Loans are repaid on or before the
effective date thereof and all L/C Obligations are either cash collateralized
in an amount equal to the L/C Obligations or otherwise secured by arrangements
reasonably satisfactory to the Administrative Agent and the Required Lenders.

 

2.7.          L/C Commitment.  (a) 
Subject to the terms and conditions hereof, each Issuing Lender, in
reliance on the agreements of the other Revolving Lenders set forth in
Section 2.10(a), agrees to issue letters of credit (“Letters of Credit”)
for the account of TMP on any Business Day during the Revolving Commitment
Period in such form as may be approved from time to time by such Issuing
Lender; provided that no Issuing Lender shall have any obligation to
issue any Letter of Credit if, after giving effect to such issuance,
(i) the L/C Obligations would exceed the L/C Commitment or (ii) the
aggregate amount of the Available Revolving Commitments would be less than
zero. Each Letter of Credit shall (i) be denominated in Dollars or a
Foreign Currency and (ii) expire no later than the earlier of (x) the
first anniversary of its date of issuance and (y) the date that is five
Business Days prior to the Revolving Termination Date, provided that any
Letter of Credit with a one-year term may provide for the renewal thereof for
additional one-year periods (which shall in no event extend beyond the date
referred to in clause (y) above).

 

(b)           No Issuing Lender
shall at any time issue any Letter of Credit hereunder if such issuance would
conflict with, or cause such Issuing Lender or any L/C Participant to exceed
any limits imposed by, any applicable Requirement of Law.

 

2.8.          Procedure for Issuance of Letter of
Credit.  TMP may from time to time request that an Issuing Lender issue a
Letter of Credit by delivering to such Issuing Lender at its address for
notices specified herein an Application therefor, completed to the satisfaction
of such Issuing Lender, and such other certificates, documents and other papers
and information as such Issuing Lender may request.  Upon receipt of any Application, an Issuing Lender will notify
the Administrative Agent of the amount, the beneficiary and the requested
expiration of the requested Letter of Credit, and upon receipt of confirmation
from the Administrative Agent that after giving effect to the requested
issuance, the Available Revolving Commitments would not be less than zero, such
Issuing Lender will process such Application and the certificates, documents
and other papers and information delivered to it in connection therewith in
accordance with its customary procedures and shall promptly issue the Letter of
Credit requested thereby (but in no event shall such Issuing Lender be required
to issue any Letter of Credit earlier than three Business Days after its
receipt of the Application therefor and all such other certificates, documents
and other papers and information relating thereto) by issuing the original of
such Letter of Credit to the beneficiary thereof or as otherwise may be agreed
to by such Issuing Lender and TMP.  Each
Issuing Lender shall furnish a copy of such Letter of Credit to TMP (with a
copy to the Administrative Agent) promptly following the issuance thereof.  Each Issuing Lender shall promptly furnish to
the Administrative Agent, which shall in turn promptly furnish to the Lenders,
notice of the issuance of each Letter of Credit issued by such Issuing Lender
(including the amount thereof).

 

2.9.          Fees and Other Charges. 
(a)  TMP will pay a fee on all
outstanding Letters of Credit at a per annum rate equal to the Applicable
Margin then in effect with respect to

 

27

 

Eurocurrency
Loans under the Revolving Facility, shared ratably among the Revolving Lenders
and payable quarterly in arrears on each L/C Fee Payment Date after the
issuance date.  In addition, TMP shall
pay to the relevant Issuing Lender for its own account a fronting fee on the
undrawn and unexpired amount of each Letter of Credit equal to 0.125% per
annum, payable quarterly in arrears on each L/C Fee Payment Date after the
Issuance Date.

 

(b)           In addition to the
foregoing fees, TMP shall pay or reimburse each Issuing Lender for such normal
and customary costs and expenses as are incurred or charged by such Issuing
Lender in issuing, negotiating, effecting payment under, amending or otherwise
administering any Letter of Credit to the extent that the fees and expenses
associated with the issuance of such Letter of Credit exceed the fronting fee
therefore as specified in Section 2.9(a).

 

2.10.        L/C Participations.  (a)  Each Issuing Lender irrevocably agrees to grant and hereby grants
to each L/C Participant, and, to induce such Issuing Lender to issue Letters of
Credit hereunder, each L/C Participant irrevocably agrees to accept and
purchase and hereby accepts and purchases from such Issuing Lender, on the
terms and conditions set forth below, for such L/C Participant’s own account
and risk an undivided interest equal to such L/C Participant’s Revolving
Percentage in each Issuing Lender’s obligations and rights under and in respect
of each Letter of Credit issued by such Issuing Lender hereunder and the amount
of each draft paid by such Issuing Lender thereunder.  Each L/C Participant unconditionally and irrevocably agrees with
each Issuing Lender that, if a draft is paid under any Letter of Credit issued
by such Issuing Lender for which such Issuing Lender is not reimbursed in full
by TMP in accordance with the terms of this Agreement, the related
Reimbursement Obligation shall be converted to Dollars pursuant to
Section 2.11 and such L/C Participant shall pay to the Administrative
Agent upon demand of such Issuing Lender an amount equal to such L/C Participant’s
Revolving Percentage of the amount of such draft, or any part thereof, that is
not so reimbursed.  The Administrative
Agent shall promptly forward such amounts to the relevant Issuing Lender.

 

(b)           If any amount
required to be paid by any L/C Participant to the Administrative Agent for the account of such Issuing Lender
pursuant to Section 2.10(a) in respect of any unreimbursed portion of any
payment made by such Issuing Lender under any Letter of Credit is paid to the
Administrative Agent for the account of such Issuing Lender within three
Business Days after the date such payment is due, such L/C Participant shall
pay to the Administrative Agent for the account of such Issuing Lender on
demand an amount equal to the product of (i) such amount, times
(ii) the daily average Federal Funds Effective Rate during the period from
and including the date such payment is required to the date on which such
payment is immediately available to such Issuing Lender, times
(iii) a fraction the numerator of which is the number of days that elapsed
during such period and the denominator of which is 360.  If any such amount required to be paid by
any L/C Participant pursuant to Section 2.10(a) is not made available to
the Administrative Agent for the account of the relevant Issuing Lender by such
L/C Participant within three Business Days after the date such payment is due,
such Issuing Lender shall be entitled to recover from such L/C Participant, on
demand, such amount with interest thereon calculated from such due date at the
rate per annum applicable to Alternate Base Rate Loans under the Revolving
Facility.  A certificate of such Issuing
Lender submitted to any L/C Participant with respect to any amounts owing under
this Section shall be conclusive in the absence of manifest error.

 

28

 

(c)           Whenever, at
any time after an Issuing Lender has made payment under any Letter of Credit and has received from any L/C Participant
its pro  rata share of such payment in accordance with Section 2.10(a),
the Administrative Agent or such Issuing Lender receives any payment related to
such Letter of Credit (whether directly from TMP or otherwise, including
proceeds of Collateral applied thereto by such Issuing Lender), or any payment
of interest on account thereof, the Administrative Agent or such Issuing
Lender, as the case may be, will distribute to such L/C Participant its pro
rata share thereof; provided, however, that in the event
that any such payment received by Administrative Agent or such Issuing Lender,
as the case may be, shall be required to be returned by the Administrative
Agent or such Issuing Lender, such L/C Participant shall return to the
Administrative Agent for the account of such Issuing Lender the portion thereof
previously distributed by the Administrative Agent or such Issuing Lender, as
the case may be, to it.

 

(d)           Each L/C Participant’s
obligation to purchase participating interests pursuant to Section 2.10(b)
shall be absolute and unconditional and shall not be affected by any
circumstance, including (i) any setoff, counterclaim, recoupment, defense
or other right that such L/C Participant or TMP may have against any Issuing
Lender, TMP or any other Person for any reason whatsoever; (ii) the
occurrence or continuance of a Default or an Event of Default or the failure to
satisfy any of the other conditions specified in Section 7; (iii) any
adverse change in the condition (financial or otherwise) of each Borrower;
(iv) any breach of this Agreement or any other Loan Document by any
Borrower, any other Loan Party or any other L/C Participant; or (v) any
other circumstance, happening or event whatsoever, whether or not similar to
any of the foregoing,  provided,
however, that no L/C Participant shall be required to purchase participations
pursuant to this Section 2.10 if, as a result thereof, its Revolving Extensions
of Credit will exceed its Commitment then in effect or in effect immediately
preceding its termination.

 

2.11.        Reimbursement Obligation of TMP.  TMP
agrees to reimburse each Issuing Lender on the Business Day (or the third
Business Day in the event of a Foreign Currency draft) next succeeding the
Business Day on which such Issuing Lender notifies TMP of the date and amount
of a draft presented under any Letter of Credit and paid by such Issuing Lender
for the amount of (a) such draft so paid and (b) any taxes, fees,
charges or other reasonable costs or expenses incurred by such Issuing Lender
in connection with such payment.  Each
such payment shall be made to the relevant Issuing Lender at its address for
notices referred to herein in Dollars and in immediately available funds, provided
that if TMP does not reimburse such Issuing Lender for any draft paid by such
Issuing Lender under any Letter of Credit issued by such Issuing Lender in a
Foreign Currency on the date required pursuant to the first sentence of this
Section 2.11, such Issuing Lender shall convert such Reimbursement
Obligation into Dollars at the rate of exchange then available to such Issuing
Lender in the interbank market where its foreign currency exchange operations
in respect of such Foreign Currency are then being conducted and TMP shall
thereafter be required to reimburse such Issuing Lender in Dollars for such
Reimbursement Obligation (in the amount so converted).  Interest shall be payable on any such
amounts denominated in Dollars from the date on which the relevant draft is
paid until the relevant Issuing

 

29

 

Lender
receives payment in full at the rate set forth in (i) until the Business
Day next succeeding the date of the relevant notice, Section 4.5(b) and
(ii) thereafter, Section 4.5(c). 
Interest shall be payable on any such amounts denominated in a Foreign
Currency from the date on which the relevant draft is paid until the relevant
Issuing Lender receives payment in full or conversion to Dollars as provided
herein at the rate determined by the relevant Issuing Lender as its cost of
funding such payment.  Each drawing
under any Letter of Credit shall (unless an event of the type described in
clause (i) or (ii) of Section 9(f) shall have occurred and be
continuing with respect to TMP, in which case the procedures specified in
Section 2.10 for funding by L/C Participants shall apply) constitute a
request by TMP to the Administrative Agent for a borrowing pursuant to Section
2.2 of Alternate Base Rate Loans (or, at the option of the Administrative Agent
and the Swingline Lender in their sole discretion, a borrowing pursuant to
Section 2.4 of Swingline Loans) in the amount of such drawing except that,
in such event, TMP is not deemed to have given any representations and
warranties pursuant to Section 6.2.  The
Borrowing Date with respect to such borrowing shall be the first date on which
a borrowing of Revolving Loans (or, if applicable, Swingline Loans) could be
made, pursuant to Section 2.2 or, if applicable, Section 2.4, if the
Administrative Agent had received a notice of such borrowing at the time the
Administrative Agent receives notice from such Issuing Lender of such drawing
under such Letter of Credit.

 

2.12.        Obligations Absolute.  TMP’s obligations under
Section 2.11 shall be absolute and unconditional under any and all
circumstances and irrespective of any setoff, counterclaim or defense to
payment that TMP may have or have had against any Issuing Lender, any
beneficiary of a Letter of Credit or any other Person.  TMP also agrees with each Issuing Lender
that such Issuing Lender shall not be responsible for, and TMP’s Reimbursement
Obligations under Section 2.11 shall not be affected by, among other
things, the validity or genuineness of documents or of any endorsements
thereon, even though such documents shall in fact prove to be invalid,
fraudulent or forged, or any dispute between or among TMP and any beneficiary
of any Letter of Credit or any other party to which such Letter of Credit may
be transferred or any claims whatsoever of TMP against any beneficiary of such
Letter of Credit or any such transferee. 
No Issuing Lender shall be liable for any error, omission, interruption
or delay in transmission, dispatch or delivery of any message or advice,
however transmitted, in connection with any Letter of Credit, except for errors
or omissions found by a final and nonappealable decision of a court of
competent jurisdiction to have resulted from the gross negligence or willful
misconduct of such Issuing Lender. TMP agrees that any action taken or omitted
by an Issuing Lender under or in connection with any Letter of Credit or the
related drafts or documents, if done in the absence of gross negligence or
willful misconduct and in accordance with the standards of care specified in
the Uniform Commercial Code of the State of New York and UCP 500, shall be
binding on TMP and shall not result in any liability of such Issuing Lender to
TMP.

 

2.13.        Letter of Credit Payments.  If any
draft shall be presented for payment under any Letter of Credit, the relevant
Issuing Lender shall promptly notify TMP of the date and amount thereof.  The responsibility of the relevant Issuing
Lender to TMP in connection with any draft presented for payment under any
Letter of Credit issued by such Issuing Lender shall, in addition to any
payment obligation expressly provided for in such Letter of Credit, be limited
to determining in compliance with UCP 500 that the documents (including each
draft) delivered under such Letter of Credit in connection with such
presentment are substantially in conformity with the requirements of such
Letter of Credit.

 

30

 

2.14.        Applications.  To the extent that any provision of any
Application related to any Letter of Credit is inconsistent with the provisions
of this Section 2, the provisions of this Section 2 shall apply.

 

2.15.        Foreign Currency Loans and UK Foreign
Currency Loans.  (a) 
Subject to the terms and conditions hereof, each Lender, to the extent
of its Available Revolving Commitment, severally agrees to make loans (each, a
“Foreign Currency Loan”) in one or more Foreign Currencies to TMP from
time to time during the Revolving Commitment Period, provided that,
after giving effect to any such Foreign Currency Loan and any concurrent
Revolving Extensions of Credit, the Total Revolving Extensions of Credit at
such time do not exceed the lesser of the Total Revolving Commitments and the
Borrowing Base (US) at such time. 
During the Revolving Commitment Period, TMP may borrow, prepay and
reborrow Foreign Currency Loans in whole or in part, all in accordance with the
terms and conditions hereof.

 

(b)           TMP shall repay all
outstanding Foreign Currency Loans on the Revolving Termination Date.

 

(c)           Subject to the terms
and conditions hereof including Section 11.20, each Lender severally agrees, to
the extent of its Available Revolving Commitment, to make loans (each, a “UK
Foreign Currency Loan”) in one or more Foreign Currencies to the UK
Borrowers from time to time during the Revolving Commitment Period, provided
that, after giving effect to any such UK Foreign Currency Loan and any
concurrent Revolving Extensions of Credit, the Total Revolving Extensions of
Credit at such time do not exceed the lesser of the Total Revolving Commitments
and the Borrowing Base at such time, and provided further, the Total
Revolving Extensions of Credit to the UK Subsidiaries outstanding at any one
time shall not exceed the UK Subsidiary Sublimit.  During the Revolving Commitment Period, the UK Borrowers may
borrow, prepay and reborrow UK Foreign Currency Loans in whole or in part, all
in accordance with the terms and conditions hereof.

 

(d)           The UK Borrowers shall
repay all outstanding UK Foreign Currency Loans on the Revolving Termination
Date.

 

2.16.        Procedure for Foreign Currency Loan and
UK Foreign Currency Loan Borrowings.  The Borrowers may borrow under
Section 2.15 during the Revolving Commitment Period on any Business Day, provided
that, (i) in the case of Foreign Currency Loans, TMP shall give the
Administrative Agent irrevocable notice (which notice must be received by the
Administrative Agent prior to 10:00 A.M., New York City time, four
Business Days prior to the requested Borrowing Date) specifying (a) the
amount to be borrowed and the Foreign Currency with respect thereto,
(b) the requested Borrowing Date and (c) the initial Interest Periods
with respect thereto, and (ii) in the case of UK Foreign Currency Loans, the UK
Borrowers shall give the Administrative Agent (at the office located in the
United Kingdom specified in Section 11.2 herein) irrevocable notice (which
notice must be received by the Administrative Agent in its office located in
the United Kingdom prior to 10:00 A.M., London time, three Business Days prior
to the requested Borrowing Date) specifying (a) the amount to be borrowed and
the Foreign Currency with respect thereto, (b) the requested Borrowing Date and
(c) the initial Interest Periods with respect thereto.  Upon receipt of such notice, the
Administrative Agent shall

 

31

 

promptly
notify each Lender thereof and of the amount of such Lender’s Loan to be made
as part of the requested borrowing. 
Each borrowing of Foreign Currency Loans or UK Foreign Currency Loans
shall be a Eurocurrency Loan in a minimum amount equal to the Foreign Currency
Equivalent of $3,000,000 in the relevant Foreign Currency or a whole multiple
of $100,000.  Each Lender shall make
each Foreign Currency Loan or UK Foreign Currency Loan, as applicable, to be
made by it hereunder on the proposed date thereof by wire transfer of immediately
available funds, by (i) 11:00 A.M., New York City time, in the case of
Foreign Currency Loans, or (ii) 11:00 A.M. London time, in the case of UK
Foreign Currency Loans, in each case, to the account of the Administrative
Agent most recently designated by it for such purposes for Foreign Currency
Loans and UK Foreign Currency Loans by notice to the Lenders.  The Administrative Agent will make such
Foreign Currency Loans and UK Foreign Currency Loans available to TMP or the UK
Borrowers, as applicable, by promptly crediting the amounts so received, in
like funds, to an account in accordance with instructions provided by TMP or
the UK Borrowers, as applicable, to the Administrative Agent.

 

2.17.        Foreign
Currency Charges.  TMP or the UK Borrowers, as applicable,
shall pay or reimburse each Lender and the Administrative Agent for such normal
and customary costs and expenses as are incurred or charged by such Lender or
the Administrative Agent in connection with the conversion of any Foreign
Currency into Dollars.

 

SECTION 3            AMOUNTS
AND TERMS OF COMMITMENT DECREASES

 

3.1.          Revolving
Credit Commitment Decreases. 
TMP may, upon not less than five (5) Business Days’ prior written notice
(such notice, a “Revolving Commitment Decrease Notice”) to the
Administrative Agent, decrease the Total Revolving Commitments in a minimum
amount equal to at least $5,000,000 or any whole multiple of $1,000,000 in
excess thereof, unless, after giving effect thereto and to any
prepayments of Loans made on the effective date thereof, the total amount of
all Revolving Loans, Swingline Loans, Foreign Currency Loans, UK Foreign
Currency Loans and L/C Obligations together would exceed the amount of the
Total Revolving Commitments.  In
accordance with the terms of this Section, the Revolving Commitment Decrease
Notice must specify the amount of the proposed decrease and the date upon which
the decrease is requested to be effective. 
Once reduced in accordance with this Section, the Total Revolving
Commitments may not be increased.  Any
reduction of the Total Revolving Commitments shall be applied to each Lender
according to such Lender’s Revolving Percentage.

 

SECTION 4            GENERAL
PROVISIONS APPLICABLE

TO LOANS AND LETTERS OF CREDIT

 

4.1.          Optional Prepayments.  (a)  The Borrowers may at any time and from time to time prepay the
Loans (other than Foreign Currency Loans and UK Foreign Currency Loans), in
whole or in part, without premium or penalty, upon irrevocable notice delivered
to the Administrative Agent at least three Business Days prior thereto in the
case of Eurocurrency Loans denominated in Dollars and at least one Business Day
prior thereto in the case of Alternate Base Rate Loans, which notice shall
specify the date and amount of prepayment and whether the prepayment is of
Eurocurrency Loans denominated in Dollars or Alternate Base Rate Loans;

 

32

 

provided, that if a Eurocurrency Loan denominated in
Dollars is prepaid on any day other than the last day of the Interest Period
applicable thereto, the Borrower shall also pay any amounts owing pursuant to
Section 4.11.  Upon receipt of any
such notice the Administrative Agent shall promptly notify each relevant Lender
thereof.  If any such notice is given,
the amount specified in such notice shall be due and payable on the date specified
therein, together with (except in the case of Revolving Loans that are
Alternate Base Rate Loans and Swingline Loans) accrued interest to such date on
the amount prepaid.  Partial prepayments
Revolving Loans shall be in an aggregate principal amount of $1,000,000 or a
whole multiple of $100,000 in excess thereof. 
Partial prepayments of Swingline Loans shall be in an aggregate
principal amount of $100,000 or a whole multiple thereof.

 

(b)           The Borrowers may at
any time and from time to time prepay Foreign Currency Loans and UK Foreign
Currency Loans, in whole or in part, without premium or penalty except as
specified in Section 4.11, upon irrevocable notice (which notice must be
received by the Administrative Agent prior to 11:00 A.M., New York City
time, four Business Days before the date of prepayment) specifying the date and
amount of prepayment.  If any such
notice is given, the amount specified in such notice shall be due and payable
on the date specified therein, together with any amounts payable pursuant to
Section 4.11 and accrued interest to such date on the amount prepaid.  Partial prepayments of Foreign Currency
Loans and UK Foreign Currency Loans shall be in a minimum principal amount
equal to the Foreign Currency Equivalent of $1,500,000 in the relevant Foreign
Currency or a multiple of the Foreign Currency Equivalent of $100,000 in the
relevant Foreign Currency in excess thereof.

 

4.2.          Mandatory Prepayments. 
(a)  The application of any
prepayment pursuant to Section 4.2 shall be made, first, to
Alternate Base Rate Loans and, second, to Eurocurrency Loans.  Each prepayment of the Loans under
Section 4.2 shall be accompanied by accrued interest to the date of such
prepayment on the amount prepaid.

 

(b)           If, on any
Calculation Date, (i) the Dollar Equivalent of the aggregate outstanding principal amount of the Revolving
Extensions of Credit to the UK Borrowers exceeds an amount equal to 105% of the
UK Subsidiary Sublimit or (ii) the Total Revolving Extensions of Credit to
the Borrowers exceeds the lesser of Total Revolving Commitments and the
Borrowing Base on such date, the UK Borrowers (in the case of clause (i) of
this Section 4.2(b)), or the Borrowers (in the case of clause (ii) of this
Section 4.2(b)), as applicable, shall, without notice or demand, immediately
repay such of the outstanding Loans in an aggregate principal amount such that,
after giving effect thereto, (x) the Total Revolving Extensions of Credit to
the UK Borrowers do not exceed the UK Subsidiary Sublimit and (y) the Total Revolving
Extensions of Credit to the Borrowers does not exceed the lesser of the Total
Revolving Commitments and the Borrowing Base, together with interest accrued to
the date of such payment or prepayment on the principal so prepaid if required
hereby and any amounts payable under Section 4.11 in connection therewith;
provided that in the case of clause (ii), the UK Borrowers shall not be
required to repay an amount in excess of the outstanding UK Foreign Currency
Loans.  Any prepayment of Revolving
Loans shall first be applied to prepay any outstanding Swingline Loans.  The Borrowers may in lieu of prepaying
Eurocurrency Loans, Foreign Currency Loans and/or UK Foreign Currency Loans in
order to comply with this paragraph deposit amounts in Dollars (in the case of
Eurocurrency Loans) or the relevant Foreign Currency, in a Cash Collateral
Account in accordance with the next succeeding sentence equal to

 

33

 

the
aggregate principal amount of Eurocurrency Loans, Foreign Currency Loans and/or
UK Foreign Currency Loans required to be prepaid.  To the extent that after giving effect to any prepayment of Loans
required by this paragraph and any deposits made pursuant to the next sentence
by the US Borrowers, the Total Revolving Extensions of Credit at such time
exceed the lesser of Total Revolving Commitments and the Borrowing Base, the UK
Borrowers, shall, without notice or demand, immediately deposit in a Cash
Collateral Account upon terms reasonably satisfactory to the Administrative
Agent an amount equal to the amount by which Total Revolving Extensions of
Credit exceed the amount equal to the lesser of the Total Revolving Commitment
and the Borrowing Base, provided that the UK Borrowers shall not be
required to deposit an amount in excess of the outstanding UK Foreign Currency
Loans. To the extent that after giving effect to any prepayment of Loans
required by this paragraph and any deposits made purusant to the preceding
sentence by the UK Borrowers, the Total Revolving Extensions of Credit at such
time exceed the lesser of Total Revolving Commitments and the Borrowing Base
(US), the US Borrowers, shall, without notice or demand, immediately deposit in
a Cash Collateral Account upon terms reasonably satisfactory to the Administrative
Agent an amount equal to the amount by which Total Revolving Extensions of
Credit exceed the amount equal to the lesser of the Total Revolving Commitment
and the Borrowing Base (US).  The
Administrative Agent shall apply any cash deposited in the Cash Collateral
Account (to the extent thereof) to pay any Reimbursement Obligations which are
or become due thereafter and/or to repay Foreign Currency Loans, UK Foreign
Currency Loans and Eurocurrency Loans at the end of the Interest Periods therefor,
provided that, (x) the Administrative Agent shall release to the
Borrowers from time to time such portion of the amount on deposit in the Cash
Collateral Account to the extent such amount is not required to be so deposited
in order for the Borrowers to be in compliance with this paragraph,
(y) the Administrative Agent may so apply such cash at any time after the
occurrence and during the continuation of an Event of Default and (z) the
Administrative Agent shall not use any amounts deposited by the UK Borrowers to
repay any amounts owed by the US Borrowers. 
“Cash Collateral Account” means an account specifically
established by the Borrowers with the Administrative Agent for purposes of this
Section 4.2 and hereby pledged to the Administrative Agent and over which
the Administrative Agent shall have exclusive dominion and control, including
the right of withdrawal for application in accordance with this
Section 4.2.

 

4.3.          Conversion and Continuation Options. 
(a)  The US Borrowers may elect
from time to time to convert Eurocurrency Loans denominated in Dollars to
Alternate Base Rate Loans by giving the Administrative Agent at least two
Business Days’ prior irrevocable notice of such election, provided that
any such conversion of Eurocurrency Loans denominated in Dollars may only be
made on the last day of an Interest Period with respect thereto.  The US Borrowers may elect from time to time
to convert Alternate Base Rate Loans to Eurocurrency Loans denominated in Dollars
by giving the Administrative Agent at least three Business Days’ prior
irrevocable notice of such election (which notice shall specify the length of
the initial Interest Period therefor), provided that no Alternate Base
Rate Loan may be converted into a Eurocurrency Loan denominated in Dollars when
any Event of Default has occurred and is continuing and the Administrative
Agent or the Required Lenders in respect of such Facility have determined in
its or their sole discretion not to permit such conversions.  Upon receipt of any such notice the
Administrative Agent shall promptly notify each relevant Lender thereof.

 

34

 

(b)           Any
Eurocurrency Loan may be continued as such upon the expiration of the then
current Interest Period with respect
thereto by the Borrower giving irrevocable notice to the Administrative Agent,
in accordance with the applicable provisions of the term “Interest Period” set
forth in Section 1.1, of the length of the next Interest Period to be
applicable to such Loans, provided that no Eurocurrency Loan may be
continued as such when any Event of Default has occurred and is continuing and
the Administrative Agent has or the Required Lenders have determined in its or
their sole discretion not to permit such continuations, and provided, further,
that if the Borrowers shall fail to give any required notice as described above
in this paragraph or if such continuation is not permitted pursuant to the
preceding proviso such Eurocurrency Loans denominated in Dollars shall be
automatically converted to Alternate Base Rate Loans on the last day of such
then expiring Interest Period and, if the Borrowers shall fail to give such
notice of continuation of a Foreign Currency Loan, such Foreign Currency Loan
shall be automatically continued for an Interest Period of one month.  Upon receipt of any such notice the
Administrative Agent shall promptly notify each relevant Lender thereof.

 

4.4.          Limitations on Eurocurrency Tranches. 
Notwithstanding anything to the contrary in this Agreement, all borrowings,
conversions and continuations of Eurocurrency Loans hereunder and all
selections of Interest Periods hereunder shall be in such amounts and be made
pursuant to such elections so that, (a) after giving effect thereto, the
aggregate principal amount of the Eurocurrency Loans comprising each
Eurocurrency Tranche shall be equal to $3,000,000 or a whole multiple of
$100,000 in excess thereof and (b) no more than ten Eurocurrency Tranches
shall be outstanding at any one time.

 

4.5.          Interest Rates and Payment Dates. 
(a)  Each Eurocurrency Loan shall
bear interest for each day during each Interest Period with respect thereto at
a rate per annum equal to the Eurocurrency Rate determined for such day plus
the Applicable Margin.

 

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

 

(c)           (i) If all
or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the
stated maturity, by acceleration or otherwise), such overdue amount shall bear
interest at a rate per annum equal to (x) in the case of the Loans, the
rate that would otherwise be applicable thereto pursuant to the foregoing
provisions of this Section plus 2% or (y) in the case of
Reimbursement Obligations, the rate applicable to Alternate Base Rate Loans
under the Revolving Facility plus 2%, and (ii) if all or a portion
of any interest payable on any Loan or Reimbursement Obligation or any
commitment fee or other amount payable hereunder shall not be paid when due
(whether at the stated maturity, by acceleration or otherwise), such overdue
amount shall bear interest at a rate per annum equal to (A) the rate then
applicable to Alternate Base Rate Loans under the relevant Facility plus
2% (or, in the case of any such other amounts that do not relate to a
particular Facility, the rate then applicable to Alternate Base Rate Loans
under the Revolving Facility plus 2%), in the case of amounts that are
owing in Dollars, or (B)(I) the Eurocurrency Rate in respect of the
relevant Foreign Currency plus (II) 2%, in the case of amounts
owing that are denominated in Foreign Currencies, in each case, with respect to
clauses (i) and (ii) above, from the date of such non-payment until such amount
is paid in full (as well after as before judgment).

 

35

 

(d)           Interest shall
be payable in arrears on each Interest Payment Date, provided that
interest accruing pursuant to
paragraph (c) of this Section shall be payable from time to time on
demand.

 

4.6.          Computation of Interest and Fees. 
(a)  Interest and fees payable
pursuant hereto shall be calculated on the basis of a 360-day year for the
actual days elapsed, except that, with respect to (i) Alternate Base Rate Loans the rate of interest on which is
calculated on the basis of the Prime Rate and (ii) Foreign Currency Loans
and UK Foreign Currency Loans denominated in British Pounds Sterling, the
interest thereon shall be calculated on the basis of a 365- (or 366-, as the
case may be) day year for the actual days elapsed.  The Administrative Agent shall as soon as practicable notify the
Borrowers and the relevant Lenders of each determination of a Eurocurrency Rate.  Any change in the interest rate on a Loan
resulting from a change in the Alternate Base Rate shall become effective as of the opening of business on the day
on which such change becomes effective. 
The Administrative Agent shall as soon as practicable notify the
Borrowers and the relevant Lenders of the effective date and the amount of each
such change in interest rate.

 

(b)           Each determination of
an interest rate by the Administrative Agent pursuant to any provision of this
Agreement shall be conclusive and binding on the Borrowers and the Lenders in
the absence of manifest error.  The
Administrative Agent shall, at the request of the Borrowers, deliver to the
Borrowers a statement showing the quotations used by the Administrative Agent
in determining any interest rate pursuant to Section 4.5(a).

 

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

 

(a)           the Administrative
Agent shall have determined (which determination shall be conclusive and
binding upon the Borrowers absent manifest error) that, by reason of
circumstances affecting the relevant market, adequate and reasonable means do
not exist for ascertaining the Eurocurrency Rate for such Interest Period, or

 

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

 

(c)           a Lender shall
have determined (which determination shall be conclusive and binding upon the Borrowers, absent manifest error) that, by
reason of circumstances affecting the relevant market, adequate and reasonable
means do not exist for ascertaining the Eurocurrency Rate for such Interest
Period in respect of any Foreign Currency (any such Foreign Currency is
referred to as an “Affected Foreign Currency”),

 

the
Administrative Agent (or the relevant Lender in the case of clause (c)
above) shall give telecopy or telephonic notice thereof to the Borrowers and
the relevant Lenders (and, in the case of any notice by a Lender, the
Administrative Agent) as soon as practicable thereafter.  If such notice is given (x) pursuant to
clause (a) or (b) of this Section 4.7 in respect of Eurocurrency
Loans denominated in Dollars, then (i) any Eurocurrency Loans denominated
in Dollars

 

36

 

requested
to be made on the first day of such Interest Period shall be made as Alternate
Base Rate Loans, (ii) any Loans under the relevant Facility that were to
have been converted on the first day of such Interest Period to Eurocurrency
Loans denominated in Dollars shall be continued as Alternate Base Rate Loans
and (iii) any outstanding Eurocurrency Loans denominated in Dollars shall
be converted, on the last day of the then-current Interest Period, to Alternate
Base Rate Loans and (y) in respect of any Foreign Currency Loans, then
(i) any Foreign Currency Loans in an Affected Foreign Currency requested
to be made on the first day of such Interest Period shall not be made and
(ii) any outstanding Foreign Currency Loans in an Affected Foreign
Currency shall be due and payable on the first day of such Interest Period.  Until such notice has been withdrawn by the
Administrative Agent (or the relevant Lender in the case of clause (c)
above), no further Eurocurrency Loans denominated in Dollars under the relevant
Facility or Foreign Currency Loans in an Affected Foreign Currency shall be
made or continued as such, nor shall the Borrowers have the right to convert
Loans under the relevant Facility to Eurocurrency Loans.

 

4.8.          Pro Rata Treatment and Payments. 
(a)  Each borrowing by the
Borrowers from the Lenders hereunder, each payment by the Borrowers on account
of any commitment fee and any reduction of the Commitments of the Lenders shall
be made pro rata according to the Revolving Percentages of the relevant
Lenders.  Each borrowing by the Borrowers
from the Lenders, each payment by the Borrowers on account of any fronting fee
and any reduction of the UK Subsidiary Sublimit shall be made pro  rata
to the Lenders.

 

(b)           Each payment
(including each prepayment) by the Borrowers on account of principal of and interest on the Revolving Loans shall be made pro
rata according to the respective outstanding principal amounts of the
Revolving Loans then held by the Revolving Lenders.  Each payment in respect of Reimbursement Obligations in respect
of any Letter of Credit shall be made to the Issuing Lender that issued such
Letters of Credit.  Each payment
(including each prepayment) by the Borrowers on account of principal of and
interest on the Foreign Currency Loans and UK Foreign Currency Loans shall be
made pro  rata according to the respective outstanding principal
amounts of the Foreign Currency Loans and UK Foreign Currency Loans then held
by the Lenders.

 

(c)           All payments
(including prepayments) to be made by the Borrowers hereunder, whether on
account of principal, interest, fees or otherwise, shall be made without setoff
or counterclaim and, subject to Section 4.10, free and clear of, and without
any deduction or withholding for, any taxes or other payments and shall be made
prior to 1 PM, New York City time, on the due date thereof to the Administrative
Agent, for the account of the Lenders, at the Funding Office, in Dollars and in
immediately available funds.  The
Administrative Agent shall distribute such payments to the Lenders or the
Lenders, as applicable, promptly upon receipt in like funds as received.  If any payment hereunder (other than
payments on the Eurocurrency Loans) becomes due and payable on a day other than
a Business Day, such payment shall be extended to the next succeeding Business
Day.  If any payment on a Eurocurrency
Loan becomes due and payable on a day other than a Business Day, the maturity
thereof shall be extended to the next succeeding Business Day unless the result
of such extension would be to extend such payment into another calendar month,
in which event such payment shall be made on the immediately preceding Business
Day.  In the case of any extension of
any payment of principal

 

37

 

pursuant
to the preceding two sentences, interest thereon shall be payable at the then
applicable rate during such extension.

 

(d)           Unless the
Administrative Agent shall have been notified in writing by any Lender prior to
a borrowing that such Lender will not make the amount that would constitute its
share of such borrowing available to the Administrative Agent, the
Administrative Agent may assume that such Lender is making such amount
available to the Administrative Agent, and the Administrative Agent may, in
reliance upon such assumption, make available to the Borrowers a corresponding
amount.  If such amount is not made
available to the Administrative Agent by the required time on the Borrowing
Date therefor, such Lender shall pay to the Administrative Agent, on demand,
such amount with interest thereon at a rate per annum reasonably determined by
the Administrative Agent to be the cost to it of funding such amount for the
period until such Lender makes such amount immediately available to the
Administrative Agent.  A certificate of
the Administrative Agent submitted to any Lender with respect to any amounts
owing under this paragraph shall be conclusive in the absence of manifest
error.  If such Lender’s share of
Revolving Loans is not made available to the Administrative Agent by such
Lender within three Business Days of such Borrowing Date, the Administrative
Agent shall also be entitled to recover such amount with interest thereon at
the rate per annum applicable to Alternate Base Rate Loans, on demand, from the
relevant Borrowers. With respect to Foreign Currency Loans and UK Foreign
Currency Loans, if such Lender’s share of such borrowing is not made available
to the Administrative Agent by such Lender within three Business Days of such
Borrowing Date, the Administrative Agent shall also be entitled to recover such
amount with interest thereon at a rate per annum reasonably determined by the
Administrative Agent to be the cost to it of funding such amount, on demand,
from the relevant Borrowers with respect to such Foreign Currency Loans and UK
Foreign Currency Loans.

 

(e)           Unless the
Administrative Agent shall have been notified in writing by the Borrowers prior
to the date of any payment due to be made
by the Borrowers hereunder that the Borrowers will not make such payment to the
Administrative Agent, the Administrative Agent may assume that the Borrowers
are making such payment, and the Administrative Agent may, but shall not be
required to, in reliance upon such assumption, make available to the Lenders or
the Lenders their respective pro  rata shares of a corresponding
amount.  If such payment is not made to
the Administrative Agent by the Borrowers within three Business Days after such
due date, the Administrative Agent shall be entitled to recover, on demand,
from each Lender to which any amount which was made available pursuant to the
preceding sentence, such amount with interest thereon at the rate per annum
equal to (i) in the case of amounts denominated in Dollars, the daily
average Federal Funds Effective Rate, and (ii) in the case of amounts not
denominated in Dollars, the amount reasonably determined by the Administrative
Agent to be the cost to it of funding such amount.  Nothing herein shall be deemed to limit the rights of the
Administrative Agent, or any Lender against the Borrowers; provided,
that no UK Borrower shall be liable for any Obligations of TMP.

 

4.9.          Requirements of Law. 
(a)  If the adoption of or any
change in any law or in the official interpretation or application thereof or
compliance by any Lender with any request or directive (whether or not having
the force of law) from any central bank or other Governmental Authority made
subsequent to the date hereof or in the case of an Assignee or Participant,
subsequent to the date of assignment or participation:

 

38

 

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

 

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

 

and
the result of any of the foregoing is to increase the cost to such Lender, by
an amount that such Lender deems to be material, of making, converting into,
continuing or maintaining Eurocurrency Loans or issuing or participating in
Letters of Credit or participating in Foreign Currency Loans or UK Foreign Currency
Loans, or to reduce any amount receivable hereunder in respect thereof, then,
in any such case, TMP shall promptly pay such Lender, upon its demand, any
additional amounts necessary to compensate such Lender for such increased cost
or reduced amount receivable.  If any
Lender becomes entitled to claim any additional amounts pursuant to this
paragraph, it shall promptly notify the Borrowers (with a copy to the
Administrative Agent) of the event by reason of which it has become so
entitled.

 

(b)           If any Lender
shall have determined that the adoption of or any change in any Requirement of Law regarding capital adequacy or in the
interpretation or application thereof or compliance by such Lender or any
corporation controlling such Lender with any request or directive regarding
capital adequacy (whether or not having the force of law) from any Governmental
Authority made subsequent to the date hereof shall have the effect of reducing
the rate of return on such Lender’s or such corporation’s capital as a consequence
of its obligations hereunder or under or in respect of any Letter of Credit to
a level below that which such Lender or such corporation could have achieved
but for such adoption, change or compliance (taking into consideration such
Lender’s or such corporation’s policies with respect to capital adequacy) by an
amount deemed by such Lender to be material, then from time to time, after
submission by such Lender to TMP (with a copy to the Administrative Agent) of a
written request therefor, TMP shall pay to such Lender such additional amount
or amounts as will compensate such Lender or such corporation for such
reduction; provided that TMP shall not be required to compensate a
Lender pursuant to this paragraph for any amounts incurred more than six months
prior to the date that such Lender notifies TMP of such Lender’s intention to
claim compensation therefor; and provided, further, that, if the
circumstances giving rise to such claim have a retroactive effect, then such
six-month period shall be extended to include the period of such retroactive
effect.

 

(c)           If any Governmental
Authority of the jurisdiction of any Foreign Currency (or any other
jurisdiction in which the funding operations of any Lender shall be conducted
with respect to such Foreign Currency) shall have in effect any reserve, liquid
asset or similar requirement with respect to any category of deposits or
liabilities customarily used to fund loans in such Foreign Currency, or by
reference to which interest rates applicable to loans in such Foreign Currency
are determined, and the result of such requirement shall be to increase the
cost to such Lender of making or maintaining any Foreign Currency Loan or UK
Foreign Currency Loan in such Foreign Currency, and such Lender shall deliver
to the relevant Borrowers a notice requesting compensation under this
paragraph, then the relevant Borrowers will pay to such Lender on each Interest
Payment Date with respect to each affected Foreign Currency Loan or

 

39

 

UK
Foreign Currency Loan, in an amount that will compensate such Lender for such
additional cost.

 

(d)           A certificate as to
any additional amounts payable pursuant to this Section submitted by any Lender
to TMP (with a copy to the Administrative Agent) setting forth the basis of
calculation of such additional amounts shall be conclusive in the absence of
manifest error.  The obligations of the
Borrowers pursuant to this Section shall survive the termination of this
Agreement and the payment of the Loans and all other amounts payable hereunder.

 

(e)           Notwithstanding any
other provision of this Agreement, if, (i) (A) the adoption of any law, rule or
regulation after the date of this Agreement, (B) any change in any law, rule or
regulation or in the interpretation or application thereof by any Governmental
Authority after the date of this Agreement or (C) compliance by any Lender with
any request, guideline or directive (whether or not having the force of law) of
any Governmental Authority made or issued after the date of this Agreement,
shall make it unlawful for any such Lender to make or maintain any Foreign
Currency Loan or UK Foreign Currency Loan or to give effect to its obligations
as contemplated hereby with respect to any Foreign Currency Loan or UK Foreign
Currency Loan, or (ii) there shall have occurred any change in national or
international financial, political or economic conditions (including the
imposition of or any change in exchange controls, but excluding conditions
otherwise covered by this Section 4.9) which would make it impracticable
for any Lenders to make or maintain Foreign Currency Loans or UK Foreign
Currency Loans denominated in the relevant currency after the date hereof to,
or for the account of, the Borrowers, then:

 

(i)            by written notice to
the Borrowers and to the Administrative Agent, such Lender or Lenders may
declare that Foreign Currency Loans and/or UK Foreign Currency Loans (in the
affected currency or currencies) will not thereafter (for the duration of such
unlawfulness) be made by such Lender or Lenders hereunder (or be continued for
additional Interest Periods), whereupon any request for a Foreign Currency Loan
or UK Foreign Currency Loan (in the affected currency or currencies) or to
continue a Foreign Currency Loan or UK Foreign Currency Loan (in the affected
currency or currencies), as the case may be, for an additional Interest Period)
shall, as to such Lender or Lenders only, be of no force and effect, unless
such declaration shall be subsequently withdrawn; and

 

(ii)           all outstanding
Foreign Currency Loans and UK Foreign Currency Loans (in the affected currency
or currencies), made by such Lender or Lenders shall be repaid on the last day
of the then current Interest Period with respect thereto or, if earlier, the date
on which the applicable notice becomes effective.

 

(f)            For purposes of
Section 4.9(e), a notice to the Borrowers by any Lender shall be effective
as to each Foreign Currency Loan and UK Foreign Currency Loan made by such
Lender, if lawful, on the last day of the Interest Period currently applicable
to such Foreign Currency Loan or UK Foreign Currency Loan; in all other cases
such notice shall be effective on the date of receipt thereof by the Borrowers.

 

4.10.        Taxes. 
(a)  All payments made by the
Borrowers under this Agreement shall be made in accordance with Section 4.8
free and clear of, and without deduction or

 

40

 

withholding
for or on account of, any present or future income, stamp or other taxes, levies,
imposts, duties, charges, fees, deductions or withholdings, now or hereafter
imposed, levied, collected, withheld or assessed by any Governmental Authority,
excluding net income taxes and franchise taxes (imposed in lieu of net income
taxes) imposed on any Agent or any Lender as a result of a present or former
connection between such Agent or such Lender and the jurisdiction of the
Governmental Authority imposing such tax or any political subdivision or taxing
authority thereof or therein (other than any such connection arising solely
from such Agent or such Lender having executed, delivered or performed its
obligations or received a payment under, or enforced, this Agreement or any
other Loan Document).  If any such
non-excluded taxes, levies, imposts, duties, charges, fees, deductions or
withholdings (“Non-Excluded Taxes”) or Other Taxes are required to be
withheld from any amounts payable to any Agent or any Lender hereunder or
payable by any Agent or any Lender, the amounts so payable to such Agent or
such Lender shall be increased to the extent necessary to yield to such Agent
or such Lender (after payment of all Non-Excluded Taxes and Other Taxes)
interest or any such other amounts payable hereunder at the rates or in the
amounts specified in this Agreement, provided, however, that the
Borrowers shall not be required to increase any such amounts payable to any
Lender with respect to any Non-Excluded Taxes (i) that are attributable to
such Lender’s failure for any reason to provide the Borrowers with properly
completed and executed forms demonstrating such Lender’s qualification for
total exemption or reduction from U.S. withholding tax as set forth in
paragraph (d) or (e) of this Section (including a change in circumstances
of a Lender that renders such Lender unable to so qualify) or (ii) that
are United States withholding taxes imposed on amounts payable to such Lender
at the time such Lender becomes a party to this Agreement or designates a new
lending office, except (i) to the extent that such Lender’s assignor (if any)
was entitled, at the time of assignment, to receive additional amounts from the
Borrowers with respect to such Non-Excluded Taxes pursuant to this paragraph or
(ii) such failure to comply with the provisions of Section 4.10(d) or (e) is as
a result of a change in applicable law, treaty regulation or official
interpretation thereof after the date hereof (or, in the case of an Assignee,
after the date of assignment or transfer).

 

(b)           In addition, the
Borrowers shall pay any Other Taxes to the relevant Governmental Authority in
accordance with applicable law.

 

(c)           Whenever any
Non-Excluded Taxes or Other Taxes are payable by the Borrowers, as promptly as
possible thereafter the Borrowers shall send to the Administrative Agent for
its own account or for the account of the relevant Agent or Lender, as the case
may be, a certified copy of an original official receipt received by the
Borrowers showing payment thereof.  If
the Borrowers fail to pay any Non-Excluded Taxes or Other Taxes when due to the
appropriate taxing authority or fail to remit to the Administrative Agent the
required receipts or other required documentary evidence, the Borrowers shall
indemnify the Agents and the Lenders for any incremental taxes, interest or
penalties that may become payable by any Agent or any Lender as a result of any
such failure.

 

(d)           Each Lender (or
Transferee) that is not a “U.S. Person” as
defined in Section 7701(a)(30) of the Code (a “Non-U.S. Lender”)
shall deliver to the Borrowers and the Administrative Agent (or, in the case of
a Participant, to the Lender from which the related participation shall have
been purchased) two copies of either U.S. Internal Revenue Service Form W-8BEN
or Form W-8ECI, or, in the case of a Non-U.S. Lender claiming exemption or a

 

41

 

reduced
rate of  from U.S. federal withholding
tax under Section 871(h) or 881(c) of the Code with respect to payments of
“portfolio interest”, a statement substantially in the form of Exhibit F and a
Form W-8BEN, or any subsequent versions thereof or successors thereto, properly
completed and duly executed by such Non-U.S. Lender claiming complete exemption
or reduction from U.S. federal withholding tax on all payments by the Borrowers
under this Agreement and the other Loan Documents.  Such forms shall be delivered by each Non-U.S. Lender on or
before the date it becomes a party to this Agreement (or, in the case of any
Participant, on or before the date such Participant purchases the related
participation).  In addition, each
Non-U.S. Lender shall deliver such forms promptly upon the obsolescence or
invalidity of any form previously delivered by such Non-U.S. Lender.  Each Non-U.S. Lender shall promptly notify
the Borrowers at any time it determines that it is no longer in a position to
provide any previously delivered certificate to the Borrowers (or any other
form of certification adopted by the U.S. taxing authorities for such
purpose).  Notwithstanding any other
provision of this paragraph, a Non-U.S. Lender shall not be required to deliver
any form pursuant to this paragraph that such Non-U.S. Lender is not legally
able to deliver.

 

(e)           A Lender that
is entitled to an exemption from or reduction of non-U.S. withholding tax under the law of the jurisdictions in which each
Borrower is located, or any treaty to which such jurisdiction is a party, with
respect to payments under this Agreement shall deliver to each Borrower (with a
copy to the Administrative Agent), at the time or times prescribed by
applicable law or reasonably requested by such Borrower, such properly
completed and executed documentation prescribed by applicable law as will
permit such payments to be made without withholding, provided that such
Lender is legally entitled to complete, execute and deliver such documentation
and in such Lender’s judgment such completion, execution or submission would
not materially prejudice the legal position of such Lender.

 

(f)            The agreements in
this Section 4.10 shall survive the termination of this Agreement and the
payment of the Loans and all other amounts payable hereunder.

 

(g)           If any Lender or the
Administrative Agent receives a refund attributable to any Non-Excluded Taxes
or Other Taxes paid by the Borrowers or for which the Lender or the
Administrative Agent has received payment from the Borrowers hereunder, such
Lender or the Administrative Agent, within 30 days of such receipt, shall
deliver to the Borrowers the amount of such refund (including any interest paid
by the relevant Governmental Authority with respect to such refund); provided
however, that each Borrower agrees to repay the amount paid over to the
Borrowers (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) to such Lender or the Administrative Agent in
the event that such Lender or the Administrative Agent is required to repay
such refund to such Governmental Authority. 
In addition, upon a written request by the Borrowers, any Lender and the
Administrative Agent shall timely execute and deliver to the Borrowers such
certificates, forms or other documents which can be reasonably furnished
consistent with the facts to assist the Borrowers in applying for refunds of
Non-Excluded Taxes or Other Taxes remitted hereunder, unless to do so will
unduly prejudice or cause undue hardship to such Lender or the Administrative
Agent (as determined in the reasonable discretion of such Lender or the
Administrative Agent).  This paragraph
shall not be construed to require any Lender or the

 

42

 

Administrative
Agent to make available its tax returns (or any other information relating to
its Taxes that it deems confidential) to the Borrowers or any other Person.

 

(h)           Any Lender claiming
any additional amounts payable pursuant to this Section 4.10 shall use
reasonable efforts (consistent with legal and regulatory restrictions) to file
any certificate or document reasonably requested by the Borrowers or to change
the jurisdiction of its applicable lending office if the making of such a
filing or change would avoid the need for or reduce the amount of any such
additional amounts which may thereafter accrue and would not, in the sole
determination of such Lender, be otherwise disadvantageous to such Lender.

 

(i)            The UK Borrowers are
not required to make an increased payment to any Lender or Agent under Section
4.8(c) or this Section 4.10 in respect of tax imposed by the United Kingdom and
required to be withheld from a payment of interest on any loan made under this
Agreement if on the date on which the payment falls due (i) the payment could
have been made to the relevant Lender without any withholding if it was a
Qualifying Lender (as defined below), but on that date that Lender is not or
has ceased to be a Qualifying Lender other than as a result of any changes
after the date it became a Lender under this Agreement in any law or Treaty (as
defined below) or any published practice or concession of the UK Inland
Revenue, or (ii) (A) the relevant Lender is a UK Non-Bank Lender (as defined
below), or would have been a UK Non-Bank Lender were it not for any change
after the date it became a Lender under this Agreement in any law or Treaty, or
any published practice or concession of the UK Inland Revenue, and (B) the
Board of the Inland Revenue has given (and not revoked or varied in a material
particular) a direction under section 349C of the Taxes Act (as that provision
has effect on the date on which the relevant Lender became a party to this
Agreement) which relates to that payment and that the UK Borrower has notified
that UK Non-Bank Lender of the precise terms of that notice, or (iii) the
relevant Lender is a Treaty Lender and the UK Borrower making the payment is
able to demonstrate that the payment could have been made to the Lender without
the Tax Deduction had that Lender complied with its obligations under paragraph
4.10 (e) above.

 

For
purposes of the preceding paragraph,

 

“Qualifying
Lender” means a Lender which is beneficially entitled to the relevant interest
payable to that Lender in respect of a loan under this Agreement and is:

 

(i)            a
Lender:

 

(A)                              which
is a bank (as defined for the purpose of section 349 of the Taxes Act) making a
loan under this Agreement; or

 

(B)                                in
respect of an advance made under this Agreement by a person that was a bank (as
defined for the purpose of section 349 of the Taxes Act) at the time that the
loan was made,

 

and which is within the charge to United Kingdom
corporation tax as respects any payments of interest made in respect of that
loan.

 

(ii)           a
Lender which is:

 

43

 

(A)                              a
company resident in the United Kingdom for United Kingdom tax purposes;

 

(B)                                a
partnership each member of which is a company resident in the United Kingdom
for United Kingdom tax purposes; or

 

(C)                                a
company not so resident in the United Kingdom which carries on a trade in the
United Kingdom through a branch or agency and which brings into account
interest payable in respect of that advance in computing its chargeable profits
(within the meaning given by section 11(2) of the Taxes Act); or

 

(iii)          a Treaty Lender.

 

“Taxes Act” means the Income and Corporation Taxes
Act 1988.

 

“Tax Confirmation” means a confirmation by a Lender that the
person beneficially entitled to interest payable to that Lender in respect of a
Loan under this Agreement is either:

 

(i)  a company
resident in the United Kingdom, or a partnership each member of which is a
company resident in the United Kingdom, for United Kingdom tax purposes; or

 

(ii) a company not so resident in the United Kingdom
which carries on a trade in the United Kingdom through a branch or agency and
that interest payable in respect of that advance falls to be brought into
account in computing the chargeable profits of that company for the purposes of
section 11(2) of the Taxes Act.

 

“Treaty Lender” means a Lender which:

 

(i)  is treated
as a resident of a Treaty State for the purposes of the Treaty; and

 

(ii) does not carry on a business in the United
Kingdom through a permanent establishment with which that Lender’s
participation in the Loan is effectively connected.

 

“Treaty State” means a jurisdiction having a double taxation
agreement (a “Treaty”) with the United Kingdom which makes provision for
full exemption from tax imposed by the United Kingdom on interest.

 

“UK Non-Bank Lender” means:

 

(i)  where a
Lender becomes a party to this Agreement on the day on which this Agreement is
entered into, a Lender which is an original party to this Agreement and who has
provided the Tax Confirmation to the UK Borrowers at the time of execution of
this Agreement; and

 

(ii) where a Lender becomes a party to this Agreement
after the day on which this Agreement is entered into, a Lender which gives Tax
Confirmation in the Assignment and Assumption which it executes on becoming a
party to this Agreement,

 

44

 

and, in respect of such Lender, such confirmation remains true on the
date on which the relevant payment falls due.

 

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

 

4.12.        Change of Lending Office.  Each Lender agrees that, upon
the occurrence of any event giving rise to the operation of Section 4.9,
4.10(a) or 4.10(b) with respect to such Lender, it will, if requested by the
Borrowers, use reasonable efforts (subject to overall policy considerations of
such Lender) to designate another lending office for any Loans affected by such
event with the object of avoiding the consequences of such event; provided,
that such designation is made on terms that, in the sole judgment of such
Lender, cause such Lender and its lending office(s) to suffer no economic,
legal or regulatory disadvantage, and provided, further, that
nothing in this Section shall affect or postpone any of the obligations of the
Borrowers or the rights of any Lender pursuant to Section 4.9, 4.10(a) or
4.10(b).

 

4.13.        Replacement of Lenders.  The
Borrowers shall be permitted to replace any Lender that (a) requests
reimbursement for amounts owing pursuant to Section 4.9, 4.10(a) or
4.10(b) or (b) defaults in its obligation to make Loans hereunder, with a
replacement financial institution; provided that (i) such
replacement does not conflict with any Requirement of Law, (ii) no Event
of Default shall have occurred and be continuing at the time of such
replacement, (iii) prior to any such replacement, such Lender shall have
taken no action under Section 4.12 so as to eliminate the continued need for
payment of amounts owing pursuant to Section 4.9, 4.10(a) or 4.10(b),
(iv) the replacement financial institution shall purchase, at par, all
Loans and other amounts owing to such replaced Lender on or prior to the date
of replacement, (v) TMP shall be liable to such replaced Lender under
Section 4.11 if any Eurocurrency Loan owing to such replaced Lender shall
be purchased other than on the last day of the Interest Period relating thereto
and shall pay such amounts on demand, (vi) the replacement financial
institution, if not

 

45

 

already
a Lender, shall be reasonably satisfactory to the Administrative Agent,
(vii) the replaced Lender shall be obligated to make such replacement in
accordance with the provisions of Section 11.6, (viii) until such
time as such replacement shall be consummated, the applicable Borrower(s) shall
pay all additional amounts (if any) required pursuant to Section 4.9,
4.10(a) or 4.10(b), or otherwise under this Agreement, as the case may be, and
(ix) any such replacement shall not be deemed to be a waiver of any rights
that the Borrowers, the Administrative Agent or any other Lender shall have
against the replaced Lender.

 

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

 

(b)           The Administrative
Agent, on behalf of the Borrowers, shall maintain the Register pursuant to
Section 11.6(b), and a subaccount therein for each Lender, in which shall
be recorded (i) the amount of each Loan made hereunder and any Note
evidencing such Loan, the Type of such Loan and each Interest Period applicable
thereto, (ii) the amount of any principal or interest due and payable or
to become due and payable from each Borrower to each Lender hereunder and (iii) both
the amount of any sum received by the Administrative Agent hereunder from each
Borrower and each Lender’s share thereof.

 

(c)           The entries
made in the Register and the accounts of each Lender maintained pursuant to
Section 4.14(a) shall, to the extent
permitted by applicable law, be prima  facie evidence of the
existence and amounts of the obligations of each Borrower therein recorded; provided,
however, that the failure of any Lender or the Administrative Agent to
maintain the Register or any such account, or any error therein, shall not in
any manner affect the obligation of the Borrowers to repay (with applicable
interest) the Loans made to the Borrowers by such Lender in accordance with the
terms of this Agreement.

 

(d)           Each Borrower agrees
that, upon the request to the Administrative Agent by any Lender, each Borrower
will execute and deliver to such Lender a promissory note of each Borrower
evidencing any Revolving Credit Loans, UK Foreign Currency Loans, Swingline
Loans, as the case may be, of such Lender, substantially in the forms of
Exhibit G-1, G-2 or G-3, respectively, with appropriate insertions as to date
and principal amount.

 

4.15.        Illegality.  Notwithstanding any other provision herein,
if the adoption of or any change in any Requirement of Law or in the
interpretation or application thereof shall make it unlawful for any Lender to
make or maintain Eurocurrency Loans as contemplated by this Agreement,
(a) the commitment of such Lender hereunder to make Eurocurrency Loans,
continue Eurocurrency Loans as such and convert Alternate Base Rate Loans to
Eurocurrency Loans shall forthwith be canceled and (b) such Lender’s Loans
then outstanding as Eurocurrency Loans, if any, shall be converted
automatically to Alternate Base Rate Loans on the respective last days of the
then current Interest Periods with respect to such Loans or within such earlier
period as required by law.  If any such
conversion of a Eurocurrency Loan occurs on a day which is not the last day of
the then current Interest Period with respect thereto, the applicable
Borrower(s) shall pay to such Lender such amounts, if any, as may be required
pursuant to Section 4.11.

 

46

 

4.16.        Foreign Currency Exchange Rate.  (a) 
No later than 1:00 P.M., New York City time, on each Calculation
Date with respect to a Foreign Currency, the Administrative Agent shall
determine the Exchange Rate as of such Calculation Date with respect to such
Foreign Currency, provided that, upon receipt of a borrowing request
pursuant to Section 2.16 or a request for a Letter of Credit denominated
in a Foreign Currency pursuant to Section 2.8, the Administrative Agent shall
determine the Exchange Rate with respect to the relevant Foreign Currency in
accordance with the foregoing (it being acknowledged and agreed that the
Administrative Agent shall use such Exchange Rate for the purposes of
determining compliance with Section 2.15 with respect to such borrowing
request or Application).  The Exchange
Rates so determined shall become effective on the first Business Day
immediately following the relevant Calculation Date (a “Reset Date”),
shall remain effective until the next succeeding Reset Date and shall for all
purposes of this Agreement (other than Sections 2.5, 4.7, 4.16, 11.18 or
any other provision expressly requiring the use of a current Exchange Rate) be
the Exchange Rates employed in converting any amounts between Dollars and
Foreign Currencies.

 

(b)           No later than
5:00 P.M., New York City time, on each Reset Date and each Borrowing Date
with respect to Foreign Currency Loans, the Administrative Agent shall
determine the aggregate amount of the Dollar Equivalents of the principal
amounts of the Foreign Currency Loans then outstanding (after giving effect to
any Foreign Currency Loans to be made or repaid on such date and the aggregate
amount of the L/C Obligations then outstanding).

 

(c)           The Administrative
Agent shall promptly notify each Borrower of each determination of an Exchange
Rate hereunder.

 

SECTION 5            REPRESENTATIONS
AND WARRANTIES

 

To induce the Agents and the
Lenders to enter into this Agreement and to make the Loans and issue or
participate in the Letters of Credit, each Borrower hereby represents and
warrants to each Agent and each Lender that:

 

5.1.          Formation
and Qualification.  Each Loan Party
is a corporation duly organized and validly existing under the laws of its
jurisdiction of organization and, to the extent applicable, duly qualified and
in good standing in every other state or jurisdiction in which the nature of
such Loan Party’s business requires such qualification except where the failure
to so qualify could not reasonably be expected to have a Material Adverse
Effect;

 

5.2.          Corporate
Power and Authority. 
Each Loan Party is duly authorized and empowered to enter into, execute,
deliver and perform this Agreement and each of the other Loan Documents to
which it is a party.  Except as
described in Schedule 5.2, the execution, delivery and performance of this Agreement
and each of the other Loan Documents have been duly authorized by all necessary
corporate action and do not and will not (i) require any consent or approval of
the shareholders of such Loan Party or any consent or the authorization of,
filing with, notice to or other act by or in respect of, any Governmental
Authority or any other Person (except as specifically contemplated by the Loan
Documents); (ii) contravene any Loan Parties’ charter, articles or certificate
of incorporation or by-laws; (iii) violate, or cause such Loan Party to be in default
under, any provision of any law, rule, regulation, order, writ, judgment,

 

47

 

injunction, decree,
determination or award in effect having applicability to such Loan Party;
(iv) result in a breach of or constitute a default under any indenture or
loan or credit agreement, or any other agreement, lease or instrument to which
such Loan Party is a party or by which it or its Properties may be bound or
affected that could reasonably be expected to have a Material Adverse Effect;
or (v) result in, or require, the creation or imposition of any Lien upon or
with respect to any of the Properties now owned or hereafter acquired by such
Loan Party (except as specifically contemplated by the Loan Documents).

 

5.3.          Legally
Enforceable Agreement.  This
Agreement is, and each of the other Loan Documents when delivered under this
Agreement will be, a legal, valid and binding obligation of each Loan Party
enforceable against it in accordance with its respective terms, except as the
enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally, by general equitable principles (whether
enforcement is sought by proceedings in equity or at law) and an implied
covenant of good faith and fair dealing.

 

5.4.          Executive
Offices.  Each Loan Party keeps
and will continue to keep all of its books and records concerning the
Collateral at its offices located at the addresses set forth in Schedule 5.4
and will not move such books and records to any location other than as set
forth in Schedule 5.4 without giving the Administrative Agent at least thirty
(30) days prior written notice.

 

5.5.          ERISA.  Except as would not result in material
liability to a Borrower, (i) no Borrower or a Commonly Controlled Entity
has received any written notice that it is not in full compliance with any of
the requirements of ERISA, and the regulations and published interpretations
thereunder, (ii) no Borrower or a Commonly Controlled Entity has engaged
in any “prohibited transactions” (as defined in Section 406 of ERISA and
Section 4975 of the Code) involving any plan (subject to ERISA or Section 4975
of the Code) sponsored by a Borrower or a Commonly Controlled Entity;
(iii) each Borrower and Commonly Controlled Entity has met all applicable
minimum funding requirements under Section 302 of ERISA in respect of its
Plans; (iv) no Borrower or a Commonly Controlled Entity has knowledge of any
event or occurrence which would cause the PBGC to institute proceedings under
Title IV of ERISA to terminate any Plan(s); (v) no Borrower or Commonly
Controlled Entity has any fiduciary responsibility under ERISA for investments
with respect to any “employee benefit plan” (as defined in Section 3(3) of
ERISA), other than any employee benefit plan maintained, established or
contributed to by Borrower or such Borrower’s Subsidiaries or Commonly
Controlled Entity; and (v) no Borrower or Commonly Controlled Entity has withdrawn,
completely or partially, from any Multi-Employer Pension Plan so as to incur
liability under the Multiemployer Pension Plan Amendments Act of 1980.

 

5.6.          Compliance
with Laws.  Each Loan Party, has
duly complied in all material respects with, and its Properties, business
operations and leaseholds are in compliance in all material respects with, the
provisions of all federal, state and local laws, rules and regulations
applicable to such Loan Party, its Properties or the conduct of its business and
there have been no citations, notices or orders of noncompliance issued to any
Loan Party under any such law, rule or regulation.  Each Loan Party has established and maintains a monitoring system
that it believes to be adequate to insure that it remains in compliance in all
material respects with

 

48

 

all federal, state and local laws, rules and regulations applicable to
it.  No Inventory has been produced in
violation of the Fair Labor Standards Act (29 U.S.C. §201 et seq.), as amended.

 

5.7.          Solvency.  Each Loan Party is Solvent.

 

5.8.          Investment
Company Act; Other Regulations. 
No Loan Party is an “investment company”, or a company “controlled” by
an “investment company”, within the meaning of the Investment Company Act of
1940, as amended.  No Loan Party is
subject to regulation under any Requirement of Law (other than Regulation X of
the Board) that limits its ability to incur Indebtedness.

 

5.9.          No Litigation. 
Except as described in Schedule 5.9, no
litigation, proceeding or, to the knowledge of the Borrowers, investigation of
or before any arbitrator or Governmental Authority is pending or, to the
knowledge of the Borrowers, threatened by or against any Borrower or Loan Party
or against any of their respective properties or revenues (a) with respect
to any of the Loan Documents or any of the transactions contemplated hereby or
thereby, or (b) that could reasonably be expected to have a Material
Adverse Effect.

 

5.10.        Federal Regulations.  Neither the Borrowers nor any
of their Subsidiaries are generally engaged in the business of purchasing or
selling any “margin stock” or extending credit for the purpose of purchasing or
carrying “margin stock”, within the respective meanings of each of the quoted
terms under Regulation U, as now and from time to time hereafter in effect
or for any purpose that violates the provisions of the Regulations of the
Board.  If requested by any Lender or
the Administrative Agent, the Borrowers will furnish to the Administrative
Agent and each Lender a statement to the foregoing effect in conformity with
the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in
Regulation U.

 

5.11.        Labor.  Except as, in the aggregate, could not
reasonably be expected to have a Material Adverse Effect, each Borrower is not
aware of  (a) any strikes or other
labor disputes against any Borrower pending or, to the knowledge of any
Borrower, threatened; (b) any violation of the Fair Labor Standards Act or
any other applicable Requirement of Law with respect to hours worked by and
payment made to employees by each Borrower; and (c) any non-payments that
are due or non-accrual as a liability on the books of the relevant Borrower on
account of employee health and welfare insurance.

 

5.12.        Subsidiaries.  Except as disclosed to the Administrative
Agent by the Borrowers in writing from time to time after the Closing Date,
(a) Schedule 5.12(a) sets forth the name and jurisdiction of
incorporation of each Subsidiary and, as to each such Subsidiary, the
percentage of each class of Capital Stock owned by any Loan Party and
(b) there are no outstanding subscriptions, options, warrants, calls,
rights or other agreements or commitments (other than stock options granted to
employees, directors or other persons and directors’ qualifying shares) of any
nature relating to any Capital Stock of the Borrowers (other than TMP) or any
Subsidiary, except as created by the Loan Documents or, as of the Closing Date,
except as disclosed on Schedule 5.12(b).

 

5.13.        Material Contracts.  (a)  As of the Closing Date, (i) each Material Contract is in full
force and effect and is a legal, valid and binding obligation of each party
thereto

 

49

 

enforceable
in accordance with its terms, except as the enforceability thereof may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the enforcement of creditors’ rights generally, by
general equitable principles (whether enforcement is sought by proceedings in
equity or at law) and an implied covenant of good faith and fair dealing, and
(ii) no Borrower is in default of any material provision of any Material
Contract.

 

(b)           To the knowledge of
the Borrowers, (i) there has been no default, breach or other violation of any
Material Contract and (ii) no Governmental Authority has any basis for
terminating any Material Contract other than customary termination provisions
relating to convenience and other similar provisions, except, in each case, as
could not reasonably be expected to have a Material Adverse Effect.

 

(c)           To the knowledge of
the Borrowers, no Governmental Authority has delivered notice of or otherwise
demonstrated its intention to exercise its option to terminate a Material
Contract on the basis of clause (b)(ii) above between itself and any of the
Borrowers, except for any such termination that could not reasonably be
expected to have a Material Adverse Effect.

 

5.14.        Financial
Statements.  The audited
consolidated financial statements of TMP for the year ended December 31, 2002
delivered to the Lenders fairly present in all material respects TMP’s
consolidated financial condition on a basis consistent with that of previous
financial statements and there has been no change in TMP’s consolidated
financial condition as reflected in such statements since the date thereof
which could reasonably be expected to have a Material Adverse Effect (other
than the Spin-off Transaction) and such statements do not fail to disclose any
fact or facts which could reasonably be expected to have a Material Adverse
Effect (other than the Spin-off Transaction);

 

5.15.        Patents, Trademarks, Copyrights and Licenses.  (x) Each Borrower and its Subsidiaries
possesses all of the licenses, patents, copyrights, trademarks, tradenames and
permits necessary to conduct its business other than those the failure of which
to have could not reasonably be expected to have a Material Adverse Effect,
(y) there has been no assertion or claim of violation or infringement with
respect thereof and (z) all such licenses, patents, copyrights,
trademarks, tradenames and permits are listed in the Security Documents;

 

5.16.        Accountants.  TMP has (i) advised its independent
auditors that the Administrative Agent and the Lenders will be relying on all
financial and other information prepared by such accountants and
(ii) authorized its accountants to confer directly from time to time with
the Administrative Agent.

 

5.17.        No Defaults.  No event has occurred and no condition
exists which would, upon or after the execution and delivery of this Agreement
and the Loan Documents or any Loan Party’s performance hereunder or thereunder,
constitute a Default or an Event of Default. 
No Borrower nor any of its Subsidiaries is in default, and no event has
occurred and no condition exists which constitutes, or which with the passage
of time or the giving of notice or both would constitute, a default in the
payment of any Indebtedness to any Person for Money Borrowed.

 

50

 

5.18.        Taxes.  TMP’s federal tax identification number is
13-3906555. Each Borrower and each of its Subsidiaries has filed all federal,
state and local tax returns and other reports it is required by law to file and
has paid, or made provision for the payment of, all taxes, assessments, fees,
levies and other governmental charges upon it, its income and Properties as and
when such taxes, assessments, fees, levies and charges are due and payable,
unless and to the extent any thereof are being actively contested in good faith
and by appropriate proceedings and each Borrower maintains reasonable reserves
on its books therefor and except where the failure to file or pay could not, in
the aggregate, reasonably be expected to have a Material Adverse Effect.  The provision for taxes on the books of each
Borrower and its Subsidiaries are adequate for all years not closed by
applicable statutes, and for its current fiscal year.

 

5.19.        No Change.  Since December 31, 2002, there has been no
development or event that has had or could reasonably be expected to have a
Material Adverse Effect.

 

5.20.        Accounts.  Each Lender may rely, in determining which
Accounts are Eligible Billed Account Receivables and Eligible Unbilled Accounts
Receivables, on all statements and representations made by each Borrower with
respect to any Account or Accounts. 
Unless otherwise indicated in writing to the Administrative Agent, with
respect to each Account:

 

(i)            It
is genuine and in all respects what it purports to be, and it is not evidenced
by a judgment;

 

(ii)           It
arises out of a completed, bona fide sale and delivery of goods or rendition of
services by the applicable Borrower or its Subsidiaries in the ordinary course
of its business and in accordance with the terms and conditions of all purchase
orders, contracts or other documents relating thereto and forming a part of the
contract between such Borrower or such Subsidiary and the Customer;

 

(iii)          It
is for a liquidated amount maturing as stated in the duplicate invoice (other
than in the case of Eligible Unbilled Accounts Receivables) covering such sale
or rendition of services, a copy of which has been furnished or is available to
the Administrative Agent;

 

(iv)          No
Borrower or Subsidiary has made any agreement with the Customer thereunder for
any extension, compromise, settlement or modification of any such Account or
any deduction therefrom, except discounts or allowances which are granted by
such Borrower or Subsidiary in the ordinary course of its business for prompt
payment and which are reflected in the calculation of the net amount of each
respective invoice related thereto and are reflected in the schedules of
accounts submitted to the Administrative Agent;

 

(v)           There
are no facts, events or occurrences which in any way impair the validity or
enforceability of any Accounts or tend to reduce the amount payable thereunder
from the face amount of the invoice and statements delivered to the
Administrative Agent with respect thereto;

 

51

 

(vi)          To
each Borrower’s knowledge, the Customer thereunder (1) had the capacity to
contract at the time any contract or other document giving rise to the Account
was executed and (2) such Customer is Solvent; and

 

(vii)         To
each Borrower’s knowledge, there are no proceedings or actions which are
threatened or pending against any Customer thereunder which might result in any
material adverse change in such Account Customer’s financial condition or the
collectibility of such Account.

 

5.21.        Accuracy of Information, etc.  No
statement or information contained in this Agreement, any other Loan Document,
or any other document, certificate or statement furnished by or on behalf of
any Loan Party to the Administrative Agent or the Lenders, or any of them, for
use in connection with the transactions contemplated by this Agreement or the
other Loan Documents, in each case when taken together with all such other
information previously furnished, contained as of the date such statement,
information, document or certificate was so furnished, any untrue statement of
a material fact or omitted to state a material fact necessary to make the
statements contained herein or therein not misleading.  The projections contained in the materials
referenced above are based upon good faith estimates and assumptions believed
by management of each Borrower to be reasonable at the time made, it being
recognized by the Lenders that such financial information as it relates to
future events is not to be viewed as fact and that actual results during the
period or periods covered by such financial information may differ from the
projected results set forth therein by a material amount.  There is no fact, other than facts of a
general economic or political nature not specific to any Borrower, known to any
Loan Party that could reasonably be expected to have a Material Adverse Effect
that has not been expressly disclosed herein, in the other Loan Documents, or
in any other documents, certificates and statements furnished to the
Administrative Agent and the Lenders for use in connection with the
transactions contemplated hereby and by the other Loan Documents.

 

5.22.        Cash
Balance.  As of December
31, 2002, the cash and Cash Equivalents balance of TMP as of such date was at
least $100,000,000, and as of March 31, 2003, the cash  and Cash Equivalents balance of TMP was at
least $75,000,000, in each case after giving pro-forma effect to the Spin-off
Transaction.

 

SECTION 6            CONDITIONS
PRECEDENT AND ADDITION OF BORROWERS

 

6.1.          Conditions to Initial Extension of
Credit.  (A) The agreement of each Lender to make the initial extension of
credit requested to be made by it is subject to the satisfaction, prior to or
concurrently with the making of such extension of credit on the Closing Date
(but in any event no later than April 30, 2003), of the following conditions
precedent:

 

(a)           Credit
Agreement; Guarantee and Collateral Agreement, Share Charges and Debentures.  The Administrative Agent shall have received
(i) this Agreement executed and
delivered by each Lender and each Borrower, (ii) the Guarantee and
Collateral Agreement, executed and delivered by TMP and each Subsidiary
Guarantor and any other Security Documents, (iii) an Acknowledgment and
Consent in the form attached to each Guarantee and Collateral Agreement,
executed and delivered by each Issuer (as defined therein), if any, that is not
a Loan Party, (iv) each of the Share Charges executed and delivered by TMPWHL
and BHL,

 

52

 

respectively,
and (v) each of the Debentures executed and delivered by TMPWL and BSEL, and
(vi) satisfactory evidence that the Existing Credit Facilities shall have been
terminated, all amounts thereunder shall have been paid in full and all Liens
granted in connection therewith have been terminated;

 

(b)           Financial
Statements.  The Lenders shall have
received (i) audited consolidated financial statements of TMP and its consolidated Subsidiaries for the
2001 and 2002 fiscal years and (ii) unaudited interim consolidated
financial statements of TMP and its consolidated Subsidiaries for each
quarterly period ended subsequent to the date of the latest applicable
financial statements delivered pursuant to clause (i) of this paragraph as
to which such financial statements are available, and such financial statements
shall not, in the reasonable judgment of the Lenders, reflect any material
adverse change in the consolidated financial condition of each Borrower and its
consolidated Subsidiaries, as reflected in the financial statements or
projections contained in the Confidential Information Memorandum (such receipt
and judgment to be evidenced by such Lender’s execution of this Agreement);

 

(c)           Approvals.  All governmental and third party approvals
(including landlords’ and other consents) necessary in connection with the borrowing of the Loans hereunder and the
transactions contemplated hereby shall have been obtained and be in full force
and effect, and all applicable waiting periods shall have expired without any
action being taken or threatened by any competent authority that would
restrain, prevent or otherwise impose material adverse conditions on the
financing contemplated hereby;

 

(d)           Lien
Searches.  The Administrative Agent
shall have received the results of a recent
lien search in each of the jurisdictions where assets of the Loan Parties are
located, and such search shall reveal no liens on any of the assets of the Loan
Parties except for liens permitted by Section 8.3 or discharged on or
prior to the Closing Date pursuant to documentation satisfactory to the
Administrative Agent;

 

(e)           Fees.  The Lenders and the Agents shall have
received all fees required to be paid in
respect of this Agreement, and all expenses for which invoices have been
presented (including the reasonable fees and expenses of legal counsel) in
respect of this Agreement, on or before the Closing Date including, without
limitation, payment of the Upfront Fee to each Lender, and payment to the
Administrative Agent of all fees associated with the annual field examination,
as specified in Section 7.6 herein.  All
such amounts will be paid with proceeds of Loans made on the Closing Date and
will be reflected in the funding instructions given by the Borrowers to the
Administrative Agent on or before the Closing Date;

 

(f)            Closing
Certificates.  The Administrative
Agent shall have received (i) a certificate of each Loan Party, dated the Closing Date, substantially in the form of
Exhibit C, with appropriate insertions and attachments, (ii) a certificate
of each Borrower, dated the Closing Date, certifying that the representations
and warranties set forth in Section 5 are true and correct on and as of the
Closing Date, (iii) a certificate of each UK Subsidiary with the following
documents attached thereto: (A) memorandum and articles of association, (B)
resolutions authorizing the execution and delivery of the Loan Documents, (C)
incumbency and representative signatures, and (D) certificate of the share
capital of such UK Subsidiary, and (iv) a written special resolution executed
by the shareholders of each UK Borrower amending their

 

53

 

respective
articles of association to permit free transferability and registration of
their respective Capital Stock;

 

(g)           Legal
Opinions.  The Administrative Agent
shall have received the following executed legal opinions:

 

(i)            the legal opinion of
Fulbright & Jaworski, LLP, counsel to the Borrowers and their Subsidiaries,
substantially in the form of Exhibit E-1;

 

(ii)           the legal opinion of
local counsel in the United Kingdom for TMPWL and BSEL or such other special
and local counsel as may be required by the Administrative Agent, substantially
in the form of Exhibit E-2;

 

Each such legal opinion shall cover such other
matters incident to the transactions contemplated by this Agreement as the
Administrative Agent or the Required Lenders may reasonably require;

 

(h)           Pledged
Stock; Stock Powers; Pledged Notes. 
The Administrative Agent shall have received (i) the certificates representing the shares of Capital Stock pledged
pursuant to the Guarantee and Collateral Agreement, together with an undated
stock power for each such certificate executed in blank by a duly authorized
officer of the pledgor thereor, (ii) the executed certificates representing the
shares of Capital Stock pledged pursuant to the Share Charges by each UK
Borrower (including a certified copy of members of the relevant UK Subsidiary
evidencing the transfer of such Capital Stock pledged to the Administrative
Agent), together with an undated stock power for each such certificate executed
in blank by a duly authorized officer of the pledgor thereof  (to the extent applicable), and (iii) each
promissory note (if any) pledged to the Administrative Agent pursuant to the Guarantee
and Collateral Agreements endorsed (without recourse) in blank (or accompanied
by an executed transfer form in blank) by the pledgor thereof .  All actions with respect to Pledged Stock of
Foreign Subsidiaries to be taken as of the Closing Date as specified in the
Security Documents shall have been taken;

 

(i)            Filings,
Registrations and Recordings. 
Subject to Section 8.12, each document (including any Uniform Commercial Code financing statement) required
by the Security Documents or under law or reasonably requested by the
Administrative Agent to be filed, registered or recorded in order to create in
favor of the Administrative Agent, for the benefit of the Lenders, a perfected
Lien on the Collateral described therein, prior and superior in right to any
other Person (other than with respect to Liens expressly permitted by
Section 8.3), shall be in proper form for filing, registration or
recordation;

 

Insurance.  The Administrative Agent shall have received
insurance certificates satisfying the requirements of Section 7.5 hereof;

 

(j)            Spin-off
Transaction.  The Administrative
Agent shall have received evidence to its satisfaction that the closing of the
Spin-off Transaction has been consummated; and

 

(k)           Borrowing Base
Certificate.  The Administrative
Agent shall have received a Borrowing Base Certificate, dated as of the Closing
Date.

 

54

 

(B).          Subject to Section
11.20 herein, the agreement of each Lender to make the initial extension of
credit requested to be made by any UK Borrower hereunder, is subject to the
receipt, prior to or concurrently with the making of such extension of credit,
by the Administrative Agent to its reasonable satisfaction of all the documents
and certificates specified in the Schedule of UK Borrowers Post-Closing Matters
(as specified in Section 7.13(a)).

 

6.2.          Conditions to Each Extension of
Credit.  The agreement of each Lender to make any extension of credit
requested to be made by it on any date (including its initial extension of
credit) is subject to the satisfaction of the following conditions precedent:

 

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

 

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

 

(c)           Borrowing Base
Compliance.  The Total Revolving
Extensions of Credit after giving effect to such extension of credit shall not
exceed the lesser of:  (A) the Total
Revolving Commitments and (B) in the case of the UK Borrowers, the Borrowing
Base or, in the case of the US Borrowers, the Borrowing Base (US).

 

Each borrowing by and issuance of a Letter of
Credit on behalf of the Borrowers hereunder shall constitute a representation
and warranty by each Borrower as of the date of such extension of credit that
the conditions contained in this Section 6.2 have been satisfied.

 

6.3.          Addition of Borrowers.  Subject to the terms and conditions hereof,
from time to time, one or more Domestic Subsidiaries which is a Wholly Owned
Subsidiary may become a Borrower under this Agreement upon (i) delivery of a
completed Borrower Supplement to the Administrative Agent, (ii) satisfaction of
the conditions precedent specified in the Borrower Supplement, (iii) compliance
with the requirements specified in Section 7.9(b) herein to the extent such
Subsidiary had not so complied prior to such time, and (iv) delivery to the
Administrative Agent of legal opinions in form and substance, and from counsel,
reasonably satisfactory to the Administrative Agent.

 

SECTION 7            AFFIRMATIVE
COVENANTS

 

Each Borrower hereby agrees that, so long as the Commitments remain in
effect, any Letter of Credit remains outstanding or any Loan or other amount is
owing to any Lender or Agent hereunder, each Borrower shall and shall cause
each of its Subsidiaries to:

 

7.1.          Financial Statements.  Furnish to the Administrative
Agent for distribution to each Lender:

 

(a)           as soon as available,
but in any event within 105 days after the end of each fiscal year of TMP,
a copy of the audited consolidated balance sheet of TMP and its Consolidated
Subsidiaries as at the end of such year and the related audited consolidated

 

55

 

statements
of income and of cash flows for such year, setting forth in each case in
comparative form the figures for the previous year, reported on without a
“going concern” or like qualification or exception, or qualification arising
out of the scope of the audit, by BDO Seidman LLP or other independent
certified public accountants of nationally recognized standing; and

 

(b)           as soon as available,
but in any event not later than 50 days after the end of each of the first
three quarterly periods of each fiscal year of TMP, the unaudited consolidated
balance sheet of TMP and its consolidated Subsidiaries as at the end of such
quarter and the related unaudited consolidated statements of income and of cash
flows for such quarter and the portion of the fiscal year through the end of
such quarter, setting forth in each case in comparative form the figures for
the previous year, certified by a Responsible Officer as being fairly stated in
all material respects (subject to normal year-end audit adjustments).

 

All such financial statements shall be complete
and correct in all material respects and shall be prepared in reasonable detail
and in accordance with GAAP (except that the unaudited financial statements
need not include footnotes).

 

7.2.          Certificates; Other Information.  Furnish
to the Administrative Agent for distribution to each Lender (or, in the case of
clause (g), to the relevant Lender):

 

(a)           concurrently with the
delivery of the financial statements referred to in Section 7.1(a), a
certificate of the independent certified public accountants reporting on such
financial statements stating that in making the examination necessary therefor
no knowledge was obtained of any Default or Event of Default, except as
specified in such certificate;

 

(b)           concurrently with the
delivery of any financial statements pursuant to Section 7.1, (i) a
certificate of a Responsible Officer stating that, to the best of each such
Responsible Officer’s knowledge after reasonable due inquiry, each Loan Party
during such period has observed or performed all of its covenants and other
agreements, and satisfied every condition, contained in this Agreement and the
other Loan Documents to which it is a party to be observed, performed or
satisfied by it, and that such Responsible Officer has obtained no knowledge of
any Default or Event of Default except as specified in such certificate and
(ii) a Compliance Certificate containing all information and calculations
necessary for determining compliance by TMP with the provisions of this
Agreement referred to therein as of the last day of the fiscal quarter or
fiscal year of TMP, as the case may be, and, if applicable, for determining the
Applicable Margins and Commitment Fee Rate, and (iii) to the extent not
previously disclosed to the Administrative Agent, a listing of any material
Intellectual Property acquired by any Borrower since the date of the most
recent list delivered pursuant to this clause (iii) (or, in the case of
the first such list so delivered, since the Closing Date);

 

(c)           as soon as
available, and in any event no later than 30 days after the end of each fiscal year of TMP, a detailed
consolidated budget for the following fiscal year (including a projected
consolidated balance sheet of TMP and its Consolidated Subsidiaries as of the
end of the following fiscal year, the related consolidated statements of
projected cash flow, projected changes in financial position and projected
income and a description of the underlying assumptions applicable thereto)
(collectively, the “Projections”), which Projections shall in each case
be accompanied by a certificate of a Responsible Officer stating that such
Projections are

 

56

 

based
on reasonable estimates, information and assumptions and that such Responsible
Officer has no reason to believe that such Projections are incorrect in any
material respect in light of the circumstances under which such estimates and
assumptions were made;

 

(d)           as soon as available,
and in any event no later than 15 days after the end of each month, a Borrowing
Base Certificate;

 

(e)           if at any time TMP is
not required to file periodic reports with the SEC pursuant to Section 13
or 15(d) of the Exchange Act, within 105 days after the end of each fiscal
year of TMP and within 50 days after the end of each other fiscal quarter
of TMP, a narrative discussion and analysis of the financial condition and
results of operations of TMP and its Consolidated Subsidiaries for such fiscal
quarter and for the period from the beginning of the then current fiscal year
to the end of such fiscal quarter, as compared to the comparable periods of the
previous year;

 

(f)            within five days
after the same are sent, copies of all financial statements and reports that
TMP sends to the holders of any class of its debt securities or public equity
securities and, within five days after the same are filed, copies of all
financial statements and reports TMP may make to, or file with, the SEC; and

 

(g)           promptly, such
additional financial and other information as any Lender through the
Administrative Agent may from time to time reasonably request.

 

7.3.          Payment of Obligations.  Pay,
discharge or otherwise satisfy at or before maturity or before they become
delinquent, as the case may be, all its material obligations of whatever
nature, except where the amount or validity thereof is currently being
contested in good faith by appropriate proceedings and reserves in conformity
with GAAP with respect thereto have been provided on the books of the relevant
Borrower or its relevant Subsidiary, as the case may be.

 

7.4.          Maintenance of Existence; Compliance. 
(a)  (i)  Preserve,
renew and keep in full force and effect its corporate existence, except to the
extent permitted by Section 8.4, and (ii) take all reasonable action to
maintain all rights, privileges and franchises necessary in the normal conduct
of its business, except, in each case, as otherwise permitted by
Section 8.4 and except, in the case of clause (ii) above, to the
extent that failure to do so could not reasonably be expected to have a
Material Adverse Effect; and (b) comply with all Contractual Obligations
and Requirements of Law except to the extent that failure to comply therewith
could not, in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

7.5.          Maintenance of Property; Insurance. 
(a)  Keep all Property material
to the conduct of its business in good working order and condition, ordinary
wear and tear excepted and (b) maintain with financially sound and
reputable insurance companies insurance on all its property in at least such
amounts and against at least such risks (but including in any event public
liability, product liability and business interruption) as is, in its
reasonable judgement, adequate to insure against the risks to which it and its
employees, business properties and other assets could reasonably expected to be
exposed to in the operation of its business as currently conducted.

 

57

 

7.6.          Annual Field Exam, Inspection of Property;
Books and Records; Discussions.  (a) 
Keep proper books of records and account in which full, true and correct
entries in conformity with GAAP and all material Requirements of Law shall be
made of all dealings and transactions in relation to its business and
activities, (b) permit representatives of the Administrative Agent, on
behalf of the Lenders, at the applicable Borrowers’ cost, to conduct an annual
field exam no more than once a year, so long as no Default or Event of Default
has occurred and is continuing, and (c) permit representatives of the
Administrative Agent or any Lender, to visit and inspect any of its properties
and examine and make abstracts from any of its books and records at any
reasonable time during regular business hours upon reasonable notice and as
often as may reasonably be desired and to discuss the business, operations,
properties and financial and other condition of the Borrowers and their
Subsidiaries with responsible officers of the Borrowers and with their
independent certified public accountants coordinated through the Administrative
Agent.

 

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

 

(a)           the occurrence of any
Default or Event of Default of which any Borrower has knowledge or notice;

 

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

 

(c)           any litigation or
proceeding affecting any Borrower of which any Borrower has knowledge or notice
(i) in which the amount involved is $5,000,000 or more and not covered by
insurance, (ii) in which injunctive or similar relief is sought, which, if
adversely determined, could reasonably be expected to have a Material Adverse
Effect or (iii) which relates to any Loan Document;

 

(d)           the following events,
as soon as possible and in any event within 30 days after any Borrower
knows or has reason to know thereof: 
(i) the occurrence of any Reportable Event with respect to any
Plan, a failure to make any required contribution to a Plan, the creation of
any Lien in favor of the PBGC or a Plan or any withdrawal from, or the
termination, Reorganization or Insolvency of, any Multiemployer Plan if such
event could reasonably be expected to have a Material Adverse Effect or
(ii) the institution of proceedings or the taking of any other action by
the PBGC or any Borrower or any Commonly Controlled Entity or any Multiemployer
Plan with respect to the withdrawal from, or the termination, Reorganization or
Insolvency of, any Plan if such event could reasonably be expected to have a
Material Adverse Effect; and

 

(e)           any development or
event of which any Borrower has knowledge or notice that has had or could
reasonably be expected to have a Material Adverse Effect.

 

58

 

Each notice pursuant to this Section 7.7
shall be accompanied by a statement of a Responsible Officer setting forth
details of the occurrence referred to therein and stating what action the
Borrowers or the relevant Subsidiary proposes to take with respect thereto.

 

7.8.          Environmental Laws.  (a)  Comply in all material respects with, and use reasonable efforts
to ensure compliance in all material respects by all tenants and subtenants, if
any, with, all applicable Environmental Laws, and obtain and comply in all
material respects with and maintain, and use reasonable efforts to ensure that
all tenants and subtenants obtain and comply in all material respects with and
maintain, any and all licenses, approvals, notifications, registrations or
permits required by applicable Environmental Laws.

 

(b)           Conduct and
complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under
applicable Environmental Laws and promptly comply in all material respects with
all orders and directives of all Governmental Authorities regarding
Environmental Laws, provided, however, that the Borrowers shall
not be deemed in violation of this clause (b) if it promptly challenges any such
order or directive of any Governmental Authorities in a manner consistent with
Environmental Laws and pursues such challenge or challenges diligently and the
pendency of such challenges, in the aggregate, could not reasonably be expected
to have a Material Adverse Effect.

 

(c)           Generate, use, treat,
store, release, dispose of, and otherwise manage Materials of Environmental
Concern in a manner that would not reasonably be expected to result in a
material liability to, or to materially affect any real property owned or
operated by, any Borrower; and take reasonable efforts to prevent any other
person from generating, using, treating, storing, releasing, disposing of, or
otherwise managing hazardous materials in a manner that could reasonably be
expected to result in a material liability to, or materially affect any real
property owned or operated by, any Borrower.

 

7.9.          Additional Collateral, etc.  (a)  With respect to any property acquired after the
Closing Date by any Borrower (other than (x) any property described in
paragraph (b), (c), or (d), below, (y) any property subject to a Lien
expressly permitted by Section 8.3(l) or 8.3(o)) and (z) property acquired
by any Foreign Subsidiary) as to which the Administrative Agent, for the
benefit of the Lenders, does not have a perfected Lien, promptly
(i) execute and deliver to the Administrative Agent such amendments to the
Guarantee and Collateral Agreement or such other documents as the
Administrative Agent reasonably deems necessary or advisable to grant to the
Administrative Agent, for the benefit of the Lenders, a security interest in
such property and (ii) take all actions necessary or advisable to grant to
the Administrative Agent, for the benefit of the Lenders, a perfected first
priority security interest in such property, including the filing of Uniform
Commercial Code financing statements in such jurisdictions as may be required
by the Guarantee and Collateral Agreement or by law or as may be requested by
the Administrative Agent (except in the case of the UK Borrowers, where no such
financing statements will be required to filed).

 

(b)           With respect to any
new Subsidiary (other than a Foreign Subsidiary (or a Domestic Subsidiary that
is owned directly or indirectly by a Foreign Subsidiary) or a non-Wholly Owned
Subsidiary) created or acquired after the Closing Date by TMP (which, for the
purposes of this paragraph (b), shall include any existing Subsidiary that
ceases to be a Foreign

 

59

 

Subsidiary
or any non-Wholly Owned Subsidiary that provides a guarantee of any
Indebtedness of TMP or any of its Subsidiaries (other than the Loans) after the
Closing Date), promptly (i) execute and deliver to the Administrative
Agent such amendments to the Guarantee and Collateral Agreement as the
Administrative Agent deems necessary or advisable to grant to the
Administrative Agent, for the benefit of the Lenders, a perfected first
priority security interest in the Capital Stock of such new Subsidiary that is
owned by TMP, (ii) deliver to the Administrative Agent the certificates
representing such Capital Stock, together with undated stock powers, in blank,
executed and delivered by a duly authorized officer of TMP, (iii) cause
such new Subsidiary (A) to become a party to the Guarantee and Collateral
Agreement, (B) to take such actions necessary or advisable to grant to the
Administrative Agent for the benefit of the Lenders a perfected first priority
security interest in the Collateral described in the Guarantee and Collateral
Agreement with respect to such new Subsidiary, including the filing of Uniform
Commercial Code financing statements in such jurisdictions as may be required
by the Guarantee and Collateral Agreement or by law or as may be requested by
the Administrative Agent and (C) to deliver to the Administrative Agent a
certificate of such Subsidiary, substantially in the form of Exhibit C,
with appropriate insertions and attachments, and (iv) if requested by the
Administrative Agent, deliver to the Administrative Agent legal opinions
relating to the matters described above, which opinions shall be in form and
substance, and from counsel, reasonably satisfactory to the Administrative
Agent.

 

(c)           With respect to any
Domestic Subsidiary created or acquired after the Closing Date by TMP or by a
Domestic Subsidiary that does not become a Subsidiary Guarantor pursuant to
Section 7.9(b), promptly (i) execute and deliver to the Administrative Agent
such amendments to the Guarantee and Collateral Agreement as the Administrative
Agent deems necessary or advisable to grant to the Administrative Agent, for
the benefit of the Lenders, a perfected first priority security interest in the
Capital Stock of such new Subsidiary that is owned by TMP, (ii) deliver to the
Administrative Agent the certificates representing such Capital Stock, together
with undated stock powers, in blank, executed and delivered by a duly
authorized officer of TMP and take such other action as may be necessary or, in
the opinion of the Administrative Agent, desirable to perfect the
Administrative Agent’s security interest therein, and (iii) if requested
by the Administrative Agent, deliver to the Administrative Agent legal opinions
relating to the matters described above, which opinions shall be in form and
substance, and from counsel, reasonably satisfactory to the Administrative
Agent.

 

(d)           With respect to
any new Foreign Subsidiary created or acquired after the Closing Date by TMP or
by a Domestic Subsidiary, promptly
(i) execute and deliver to the Administrative Agent such amendments to the
Guarantee and Collateral Agreement as the Administrative Agent deems necessary
or advisable to grant to the Administrative Agent, for the benefit of the
Lenders, a perfected first priority security interest in the Capital Stock of
such new Subsidiary that is directly owned by TMP (provided that in no
event shall more than 65% of the total outstanding Capital Stock of any such
new Subsidiary be required to be so pledged), (ii) deliver to the
Administrative Agent the certificates representing such Capital Stock, together
with undated stock powers, in blank, executed and delivered by a duly
authorized officer of the relevant Borrower, or take such other action with
respect to Pledged Stock of Foreign Subsidiaries necessary to perfect the first
priority security interest of the Administrative Agent in such Pledged Stock,
as the case may be, and take such other action as may be necessary or, in the
reasonable opinion of the Administrative Agent, desirable to perfect the
Administrative Agent’s

 

60

 

security
interest therein, and (iii) if requested by the Administrative Agent,
deliver to the Administrative Agent legal opinions relating to the matters
described above, which opinions shall be in form and substance, and from
counsel, reasonably satisfactory to the Administrative Agent.

 

7.10.        Use
of Proceeds.  The
Borrowers shall use the proceeds of the Loans, the Letters of Credit, and the
UK Overdraft Facility (as defined in 8.2(i)) for working capital and other
general corporate purposes, Permitted Acquisitions, the Spin-off Transaction,
and Stock Repurchases, in each case, not in contravention of any Requirement of
Law or of any Loan Document.

 

7.11.        Further Assurances.  From time to time execute and
deliver, or cause to be executed and delivered, such additional instruments,
certificates or documents, and take all such actions, as the Administrative
Agent may reasonably request for the purposes of implementing or effectuating
the provisions of this Agreement and the other Loan Documents, or of more fully
perfecting or renewing the rights and priorities of the Administrative Agent
and the Lenders with respect to the Collateral (or with respect to any
additions thereto or replacements or proceeds thereof or with respect to any
other property or assets hereafter acquired by the Borrowers or any of their
Subsidiaries which may be deemed to be part of the Collateral) pursuant hereto
or thereto.  Upon the exercise by the
Administrative Agent or any Lender of any power, right, privilege or remedy
pursuant to this Agreement or the other Loan Documents which requires any
consent, approval, recording qualification or authorization of any Governmental
Authority, the Borrowers will execute and deliver, or will cause the execution
and delivery of, all applications, certifications, instruments and other
documents and papers that the Administrative Agent or such Lenders may be
required to obtain from the Borrowers or any of their Subsidiaries for such governmental
consent, approval, recording, qualification or authorization.

 

7.12.        Pledge of Foreign Subsidiary Stock.  To the
extent not otherwise satisfied on the Closing Date with respect to the Foreign
Subsidiaries directly owned by TMP or any Subsidiary Guarantor, no later than
120 days after the Closing Date, TMP shall, and shall cause each of its
Subsidiary Guarantors directly owning a Foreign Subsidiary to, deliver to the
Administrative Agent pledge documents executed with respect to 65% of the
Capital Stock of each such Foreign Subsidiary and any other document or
instrument reasonably requested by the Administrative Agent and take any other
actions specified in the Guarantee and Collateral Agreement necessary to grant
to the Administrative Agent a perfected Lien on such Capital Stock, all in form
and substance reasonably satisfactory to the Administrative Agent.

 

7.13.        Post-Closing Matters.  (a) 
No later than 10 Business Days after the Closing Date, the UK
Borrowers shall deliver to the Administrative Agent’s reasonable satisfaction
such executed and completed certificates and documents specified in Schedule
7.13(a) hereto (the “Schedule of UK Borrowers Post-Closing Matters”);
and (b) on a best efforts basis, no later than 30 Business Days after
the Closing Date, the US Borrowers shall deliver to the Administrative Agent’s
reasonable satisfaction such executed and completed certificates and documents
specified in Schedule 7.13(b) hereto (the “Schedule of US Borrowers
Post-Closing Matters”).

 

61

 

SECTION 8            NEGATIVE
COVENANTS

 

Each Borrower hereby agrees
that, so long as the Commitments remain in effect, any Letter of Credit remains
outstanding or any Loan or other amount is owing to any Lender or Agent hereunder,
the Borrowers shall not, and shall not permit any of its Subsidiaries to,
directly or indirectly:

 

8.1.          Financial Condition Covenants.

 

(a)           Ratio of
Consolidated Total Debt to Consolidated EBITDA. Permit the ratio of
Consolidated Total Debt to Consolidated EBITDA for the twelve month period
ending on the last day of the most recent fiscal quarter of TMP to exceed 2.00
to 1.00 at any time; provided that for the purposes of this Section 8.1(a),
Consolidated EBITDA for the twelve month period ending on the last day of the
fiscal quarters of TMP ended on June 30, 2003, September 30, 2003 and December
31, 2003 shall be calculated as follows: 
(i) for the fiscal quarter ending on June 30, 2003, Consolidated EBITDA
shall be equal to four times Consolidated EBITDA for the three month period
ending on the last day of such fiscal quarter, (ii) for the fiscal quarter
ending on September 30, 2003, Consolidated EBITDA shall be equal to two times
Consolidated EBITDA for the six month period ending on the last day of such
fiscal quarter and (iii) for the fiscal quarter ending on December 31, 2003,
Consolidated EBITDA shall be equal to 1.3333 times Consolidated EBITDA for the
nine month period ending on the last day of such fiscal quarter.

 

(b)           Fixed Charge Coverage Ratio.
Permit the Fixed Charge Coverage Ratio at the end of any fiscal quarter of TMP,
commencing with the fiscal quarter ending on March 31, 2004, to be less than 3.00 to 1.00 for the twelve-month
period ending on the end of such fiscal quarter.

 

(c)           Net Worth.  Maintain at all times a Net Worth of not
less than   $360,000,000 plus 50%
of the Consolidated Net Income of TMP after the Closing Date.

 

(d)           Minimum Quarterly Consolidated
EBITDA. Permit Consolidated EBITDA to be less than (i) $15,000,000 for
three month period ending on June 30, 2003, (ii) $30,000,000 for the six
month period ending on September 30, 2003, (iii) $45,000,000 for the nine month
period ending on December 31, 2003, 
(iv) $60,000,000 for the twelve month period ending on March 31, 2004,
and (v) $75,000,000 for each four fiscal quarter period ending thereafter. 
Notwithstanding the foregoing, Borrowers will not permit Consolidated
EBITDA to be less than $10,000,000 for each fiscal quarter ending on
September 30, 2003, December 31, 2003 and March 31, 2004.

 

(e)            Capital Expenditures.  Permit the Capital Expenditures of TMP to
exceed (i) $50,000,000 in the aggregate for the fiscal year ending December 31,
2003, and (ii) $60,000,000 in the aggregate for each fiscal year thereafter.

 

8.2.          Indebtedness.  Create, issue, incur, assume, become liable
in respect of or suffer to exist any Indebtedness, except:

 

(a)           Indebtedness of any
Loan Party pursuant to any Loan Document;

 

62

 

(b)           Indebtedness
(i) of the Borrowers to any Subsidiary, (ii) of any Subsidiary
Guarantor to the Borrowers or any other Subsidiary, (iii) of any
Non-Guarantor Subsidiary to any other Non-Guarantor Subsidiary and
(iv) subject to Section 8.8(k), of any Non-Guarantor Subsidiary to
the Borrowers or any Subsidiary Guarantor;

 

(c)           Guarantee Obligations
incurred in the ordinary course of business by the Borrowers or any of their
Subsidiaries of obligations of the Borrowers, any Subsidiary Guarantor and,
subject to Section 8.8(k), of any Non-Guarantor Subsidiary;

 

(d)           Indebtedness
outstanding on the date hereof and listed on Schedule 8.2(d) and any
refinancings, refundings, renewals or extensions thereof (without increasing,
or shortening the maturity of, the principal amount thereof);

 

(e)           Indebtedness
(including, without limitation, Capital Lease Obligations) secured by Liens
permitted by Section 8.3(l) in an aggregate principal amount not to exceed
$25,000,000  at any one time outstanding;

 

(f)            Hedge Agreements
permitted by Section 8.7;

 

(g)           Indebtedness owing by
TMP under that certain 15,000,000 Australian dollar guarantee in favor of AMP
Life Limited, the landlord for property in Sydney, Australia leased by certain
of TMP’s Subsidiaries and certain Subsidiaries of Hudson Highland Group, Inc.
(“HHG”), and TMP’s obligation to reimburse up to $10,000,000 of HHG’s
cash payments related to HHG’s accrued integration, restructuring and business
reorganization obligations during the first year following the Spin-Off
Transaction (collectively, the “AMP-Hudson Obligations”);

 

(h)           contingent consideration incurred in
connection with Permitted Acquisitions;

 

(i)            an overdraft facility in the United
Kingdom in an amount not to exceed an aggregate principal amount Dollar
Equivalent of $5,000,000 at any one time (the “UK Overdraft Facility”);

 

(j)            Indebtedness constituting part of
consideration of a Permitted Acquisition provided that such Indebtedness
is subordinated to the Obligations on terms and conditions reasonably
satisfactory to the Required Lenders and no Default or Event of Default would
result from the incurrance of such Indebtedness; and

 

(k)           additional
Indebtedness of the Borrowers or any of the Subsidiary Guarantors in an
aggregate principal amount (for the Borrowers and all Subsidiary Guarantors)
not to exceed $25,000,000 at any one time outstanding.

 

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

 

(a)           Liens for
taxes, assessments, governmental charges or claims not yet due or that are being contested in good faith by appropriate
proceedings, provided that adequate

 

63

 

reserves
with respect thereto are maintained on the books of the Borrowers or its Subsidiaries,
as the case may be, in conformity with GAAP;

 

(b)           carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s, statutory bank liens,
rights of set-off or other like Liens arising in the ordinary course of
business that are not overdue for a period of more than 30 days or that
are being contested in good faith by appropriate proceedings;

 

(c)           pledges or deposits in
connection with workers’ compensation, unemployment insurance and other social
security legislation and letters of credit issued in lieu of such deposits in
the ordinary course of business, excluding Liens in favor of the PBGC pursuant
to Section 4068 of ERISA;

 

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

 

(e)           easements,
rights-of-way, restrictions and other similar encumbrances incurred in the
ordinary course of business that, in the aggregate, are not substantial in
amount and that do not in any case materially detract from the value of the
property subject thereto or materially interfere with the ordinary conduct of
the business of the Borrowers or any of its Subsidiaries;

 

(f)            attachment or
judgment Liens not constituting an Event of Default under Section 9; provided
that such Lien is released within 60 days
after the entry thereof;

 

(g)           Liens in favor
of customs and revenue authorities to secure payment of customs duties in
connection with the importation of goods
that are not overdue for a period of more than 30 days or that are being
contested in good faith by appropriate proceedings; provided that, such
Liens do not encumber any property other than the goods subject to such customs
duties;

 

(h)           zoning or similar laws
or right reserved to or vested in any Governmental Authority to control or
regulate the use of any real property;

 

(i)            Liens securing
obligations (other than obligations representing Indebtedness for borrowed money)
under operating, reciprocal easement or similar agreements entered into in the
ordinary course of business of the Borrowers and their Subsidiaries;

 

(j)            licenses of
Intellectual Property granted by the Borrowers or any of their Subsidiaries in
the ordinary course of business which do not interfere in any material respect
with the ordinary conduct of the business of the Borrowers or such Subsidiary;

 

(k)           Liens in
existence on the date hereof listed on Schedule 8.3(k), securing Indebtedness permitted by
Section 8.2(d), provided that no such Lien is spread to cover any
additional property after the Closing Date and that the amount of Indebtedness
secured thereby is not increased;

 

64

 

(l)            Liens securing
Indebtedness of the Borrowers or any other Subsidiary incurred pursuant to
Section 8.2(e) to finance the
acquisition or manufacture of fixed or capital assets, provided that
(i) such Liens shall be created within 90 days of the acquisition or
manufacture of such fixed or capital assets, (ii) such Liens do not at any
time encumber any property other than the property financed by such
Indebtedness and (iii) the amount of Indebtedness secured thereby is not
subsequently increased;

 

(m)          Liens created pursuant
to the Security Documents;

 

(n)           any interest or title
of a lessor or licensor under any lease or license entered into by the
Borrowers or any other Subsidiary in the ordinary course of its business and
covering only the assets so leased; and

 

(o)           Liens securing
Indebtedness of the Borrowers or any Subsidiary Guarantors incurred pursuant to
Section 8.2(j) so long as neither (i) the aggregate outstanding
principal amount of the obligations secured thereby nor (ii) the aggregate
fair market value (determined as of the date such Lien is incurred) of the
assets subject thereto exceeds (as to the Borrowers and all Subsidiaries)
$25,000,000 at any one time.

 

8.4.          Fundamental Changes.  Enter into any merger,
consolidation or amalgamation, or liquidate, wind up or dissolve itself (or
suffer any liquidation or dissolution), or Dispose of, all or substantially all
of its property or business, except that so long as no Event of Default exists
or would result therefrom:

 

(a)           any Subsidiary
of the Borrowers may be merged or consolidated with or into TMP (provided that TMP shall be the continuing or surviving Person) or with or into
any Subsidiary Guarantor (provided that the Subsidiary Guarantor shall
be the continuing or surviving corporation) or, subject to Section 8.8(k)
and excluding any Subsidiary Guarantor, with or into any Foreign Subsidiary or
Non-Guarantor Subsidiary; notwithstanding the foregoing, any Non-Guarantor
Subsidiary may be merged or consolidated with another Non-Guarantor Subsidiary
without limitation and any Borrower may be merged or consolidated with or into
TMP (provided that TMP shall be the continuing or surviving Person);

 

(b)           any Subsidiary of TMP
may Dispose of any or all of its assets (upon voluntary liquidation or
otherwise) to TMP or any Subsidiary Guarantor or, subject to
Section 8.8(k) and excluding any Subsidiary Guarantor, any Non-Guarantor
Subsidiary; notwithstanding the foregoing, any Non-Guarantor Subsidiary may
Dispose of any or all of its assets (upon voluntary liquidation or otherwise)
to another Non-Guarantor Subsidiary without limitation;

 

(c)           any Subsidiary may
liquidate, wind up or dissolve after the Disposition of all of its assets as
set forth in Section 8.4(b);

 

(d)           any Borrower or
Subsidiary may enter into a Permitted Acquisition;

 

(e)           TMP may merge into a
wholly-owned Domestic Subsidiary solely for purposes of changing its name to
Monster Worldwide, Inc., provided that TMP is the surviving corporation; and

 

65

 

(f)            any Foreign Subsidiary
may merge into a UK Borrower, provided that such UK Borrower is the surviving
corporation.

 

8.5.          Disposition of Property.  Dispose
of any of its Property, whether now owned or hereafter acquired, or, in the
case of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital
Stock to any Person, except:

 

(a)           the Disposition of
obsolete or worn out Property in the ordinary course of business;

 

(b)           the sale of inventory
in the ordinary course of business;

 

(c)           Dispositions permitted
by Section 8.4(b);

 

(d)           the sale or issuance
of any Subsidiary’s Capital Stock to the Borrowers or any Subsidiary Guarantor;

 

(e)           the Spin-off
Transaction;

 

(f)            (i) the
Disposition of other Property (other than any sale of less than all of the Capital Stock of any Subsidiary then
owned by any Loan Party) or (ii) the Disposition of any Non-Guarantor
Subsidiary or minority interests in joint ventures, having a fair market value
not to exceed 5% of the aggregate value of all assets set forth in the most
recent consolidated balance sheet of TMP and its Consolidated Subsidiaries in
accordance with GAAP for any fiscal year of TMP, provided that,
(A) the aggregate amount of all such Dispositions shall not exceed 15% of
the aggregate value of all assets set forth in the most recent consolidated
balance sheet of TMP and its Consolidated Subsidiaries delivered to the
Lenders, (B) the consideration received in any such Disposition shall be
in an amount at least equal to the fair market value of such Property,
(C) at least 80% of the consideration received in any such Disposition
shall be in cash, provided that the amount of such consideration
required to be paid in cash may be reduced to 50% so long as the remaining
portion of such consideration is comprised of debt or equity securities of the
acquiring Person;

 

(g)           the sale or issuance
by TMP of its Capital Stock; and

 

(h)           an exchange of assets
consisting of equipment and real property by TMP for the assets of another
Person of a similar or related nature (i) on an arm’s length basis, (ii) for
the consideration of equivalent value, (iii) which will be commercially useful
in TMP’s business and (iv) will result in no tax liability on the part of
TMP and its Consolidated Subsidiaries, so long as at the time of such
transaction no Default or Event of Default shall exist or result from such
transaction.

 

8.6.          Restricted Payments.  Declare or pay any dividend
(other than pursuant to the Spin-Off Transaction or dividends payable solely in
common stock of the Person making such dividend) on, or make any payment on
account of, or set apart assets for a sinking or other analogous fund for, the
purchase, redemption, defeasance, retirement or other acquisition of, any
Capital Stock of any Borrower, whether now or hereafter outstanding, or make any
other

 

66

 

distribution
in respect thereof, either directly or indirectly, whether in cash or property
or in obligations of any Borrower (collectively, “Restricted Payments”),
except that:

 

(a)           any Subsidiary may
make Restricted Payments to the Borrowers or any Subsidiary Guarantor; and

 

(b)           TMP may
repurchase shares of its common stock that are publicly traded so long as (1) immediately prior to, and
after giving effect to such repurchase, no Default or Event of Default shall
have occurred or is continuing and (2) the aggregate amount of cash
expended by TMP pursuant to this clause (y) does not exceed $25,000,000
for the period from the Closing Date through December 31, 2003, or $25,000,000
for each fiscal year thereafter of TMP.

 

8.7.          Hedge Agreements.  Enter into any Hedge Agreement,
except (a) Hedge Agreements entered into by the Borrowers to hedge or
mitigate risks to which the Borrowers or any Subsidiary has actual exposure
(other than those in respect of Capital Stock) and (b) Hedge Agreements
entered into in order to effectively cap, collar or exchange interest or
currency rates (from fixed to floating rates, from one floating rate to another
floating rate or otherwise) with respect to any interest-bearing liability or
investment of the Borrowers or any Subsidiary.

 

8.8.          Investments.  Make any advance, loan, extension of credit
(by way of guaranty or otherwise) or capital contribution to, or purchase any
Capital Stock, bonds, notes, debentures or other debt securities of, or any
assets constituting a business unit of, or make any other investment in, any
Person (all of the foregoing, “Investments”), except:

 

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

 

(b)           Investments in Cash
Equivalents;

 

(c)           Guarantee Obligations
permitted by Section 8.2;

 

(d)           loans and advances to
employees of any Borrower in the ordinary course of business (including for
travel, entertainment and relocation expenses) in an aggregate amount for all
Borrowers not to exceed $1,000,000 at any one time outstanding;

 

(e)           Investments
outstanding on the date hereof and listed on Schedule 8.8(e);

 

(f)            Investments
consisting of non-cash consideration received by the Borrowers and its
Subsidiaries in connection with any Disposition of assets permitted under
Section 8.5(e);

 

(g)           intercompany
Investments by any Borrower or Subsidiary in another Borrower or any Person
that, immediately giving effect to such Investment, is a Subsidiary Guarantor;

 

(h)           subject to
Section 8.8(j), Investments consisting of acquisitions of Capital Stock or
assets pursuant to a Permitted Acquisition, provided  that, the aggregate amount of cash consideration
paid for all such acquisitions shall not exceed (i) $50,000,000 during the
fiscal year

 

67

 

ending
on December 31, 2003 and (ii) $50,000,000 during the fiscal year ending on
December 31, 2004 and for each subsequent year thereafter during the term of
this Agreement, provided further that, commencing January 1, 2004, the
aggregate amount of cash consideration (including any debt that is assumed by
the Borrowers in a Permitted Acquisition), payable by the Borrowers in a
Permitted Acquisition will not exceed $75,000,000 in the aggregate provided the
Borrowers have a Pro-Forma Net Cash Balance of no less than $75,000,000 after
giving effect to such an acquisition, and provided further that, commencing
January 1, 2004, the amount of such cash consideration paid for in all
acquisitions may be increased by the addition of no more than 75% of the amount
of cash proceeds generated by TMP from the issuance and sale of its common
stock to the public;

 

(i)            minority Investments
in the securities of any trade creditor, wholesaler, supplier or customer
received pursuant to any plan of reorganization or similar arrangement of such
trade creditor, wholesaler, supplier or customer, as applicable;

 

(j)            loans not to exceed
$15,000,000 in the aggregate at any one time to Hudson Highland Group, Inc.
(the “Newco Line”), provided however, any amounts of Investments
permitted under Section 8.8(h), shall be reduced by any amounts outstanding
under the Newco Line;

 

(k)           intercompany
Investments by the Borrowers or any of its Consolidated Subsidiaries in any
Person, that, after such Investment, is a Non-Guarantor Subsdidiary (including,
without limitation, Guarantee Obligations with respect to obligations of any
such Non-Guarantor Subsidiary and Investments resulting from mergers and sales
of assets to any such Non-Guarantor Subsidiary) in an aggregate amount (valued
at cost) not to exceed $15,000,000 at any one time outstanding during the term
of this Agreement (and loans to such Non-Guarantor Subsidiaries in an aggregate
amount not to exceed $50,000,000 at any one time outstanding during the term of
this Agreement) provided that, Investments into a Subsidiary in
connection with such Subsidiary making a Permitted Acquisition permitted
pursuant to Section 8.8(h), shall not be subject to the restrictions of this
Section 8.8(k); and

 

(l)            in addition to
Investments otherwise expressly permitted by this Section, Investments by the
Borrowers or any of their Subsidiaries in an aggregate amount (valued at cost)
not to exceed $25,000,000 during the term of this Agreement.

 

8.9.          Transactions with Affiliates.  Enter
into any transaction (other than the Spin-off Transaction), including any
purchase, sale, lease or exchange of property, the rendering of any service or
the payment of any management, advisory or similar fees, with any Affiliate
(other than any Borrower or any Subsidiary Guarantor) unless such transaction
is (a) otherwise permitted under this Agreement, (b) in the ordinary
course of business of the relevant Borrower, and (c) upon fair and
reasonable terms no less favorable to the relevant Borrower, than it would
obtain in a comparable arm’s length transaction with a Person that is not an
Affiliate.

 

8.10.        Sales and Leasebacks.  Enter into any arrangement with
any Person providing for the leasing by any Borrower of real or personal
property that has been or is to be sold or transferred by such Borrower to such
Person or to any other Person to whom funds have been or are to be advanced by
such Person on the security of such property or rental obligations

 

68

 

of
such Borrower, other than any such arrangement that (i) if such
arrangement is a Capital Lease Obligation, is permitted pursuant to
Section 8.2(e), or (ii) the consideration received from such
arrangement is at least equal to the fair market value of the property sold as
determined in good faith by the Borrower’s board of directors.

 

8.11.        Changes in Fiscal Periods.  Permit
the fiscal year of TMP to end on a day other than December 31 or change
TMP’s method of determining fiscal quarters.

 

8.12.        Negative Pledge Clauses.  Enter
into or suffer to exist or become effective any agreement that prohibits or
limits the ability of any Borrower to create, incur, assume or suffer to exist
any Lien upon any of its property or revenues, whether now owned or hereafter
acquired, to secure its obligations under the Loan Documents to which it is a
party other than (a) this Agreement and the other Loan Documents, and
(b) any agreements governing any Liens or Capital Lease Obligations
otherwise permitted under Sections 8.3(l), (m) and (o), provided that,
in each case, any prohibition or limitation shall only be effective against the
assets financed thereby, and (c) to the extent existing on the Closing
Date, contracts with customers prohibiting Liens on any equipment used in the
performance of any such contracts as set forth on Schedule 8.12(c).

 

8.13.        Clauses Restricting Subsidiary
Distributions.  Enter into or suffer to exist or become
effective any consensual encumbrance or restriction on the ability of any Subsidiary
of the Borrowers to (a) make Restricted Payments in respect of any Capital
Stock of such Subsidiary held by, or pay any Indebtedness owed to, the
Borrowers or any other Subsidiary of the Borrowers, (b) make loans or
advances to, or other Investments in, the Borrowers or any other Subsidiary of
the Borrowers or (c) transfer any of its assets to the Borrowers or any
other Subsidiary of the Borrowers, except for such encumbrances or restrictions
existing under or by reason of (i) any restrictions existing under the
Loan Documents and (ii) any restrictions with respect to a Subsidiary
imposed pursuant to an agreement that has been entered into in connection with
the Disposition of all or substantially all of the Capital Stock or assets of
such Subsidiary.

 

8.14.        Lines of Business.  Enter into any business, either
directly or through any Subsidiary, except for those businesses in which the
Borrowers and their Subsidiaries are engaged on the date of this Agreement or
that are reasonably related thereto and business utilizing the same or similar
technology.

 

SECTION 9            EVENTS
OF DEFAULT

 

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

 

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

 

(b)           any representation or
warranty made or deemed made by any Loan Party herein or in any other Loan
Document or that is contained in any certificate, document or

 

69

 

financial
or other statement furnished by it at any time under or in connection with this
Agreement or any such other Loan Document shall prove to have been inaccurate
in any material respect on or as of the date made or deemed made; or

 

(c)           (i)  any Loan
Party shall default in the observance or performance of any agreement contained
in clause (i) or (ii) of Section 7.4(a), Section 7.7(a)(only
with respect to the Borrowers and any one or more Loan Parties that
individually or collectively as a group 
constitutes a Significant Subsidiary (as defined in Rule 1-02(w) of
Regulation S-X promulgated under the Exchange Act)) or Section 8 of this
Agreement or Sections 5.5 and 5.7(b) of the Guarantee and Collateral
Agreement; or

 

(d)           any Borrower or any
one or more Loan Parties that individually or collectively as a group
constitutes a Significant Subsidiary of TMP shall default in the observance or
performance of any other agreement contained in this Agreement or any other
Loan Document (other than as provided in paragraphs (a) through (c) of this
Section), and such default shall continue unremedied for a period of
30 days after notice to the Borrowers from the Administrative Agent or any
Lenders; or

 

(e)           any Loan Party
(i) defaults in making any payment of any principal of any Indebtedness (including any Guarantee Obligation,
but excluding the Loans) on the scheduled or original due date with respect
thereto; or (ii) defaults in making any payment of any interest on any
such Indebtedness beyond the period of grace, if any, provided in the
instrument or agreement under which such Indebtedness was created; or
(iii) defaults in the observance or performance of any other agreement or
condition relating to any such Indebtedness or contained in any instrument or
agreement evidencing, securing or relating thereto, or any other event shall
occur or condition exist, the effect of which default or other event or
condition is to cause, or to permit the holder or beneficiary of such
Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to
cause, with the giving of notice if required, such Indebtedness to become due
prior to its stated maturity or to become subject to a mandatory offer to
purchase by the obligor thereunder or (in the case of any such Indebtedness
constituting a Guarantee Obligation) to become payable; provided, that a
default, event or condition described in clause (i), (ii) or (iii) of this
paragraph (e) shall not at any time constitute an Event of Default unless,
at such time, one or more defaults, events or conditions of the type described
in clauses (i), (ii) and (iii) of this paragraph (e) shall have
occurred and be continuing with respect to Indebtedness the outstanding
principal amount of which exceeds in the aggregate $5,000,000; or

 

(f)            (i) any Borrower
or any one or more Loan Parties that individually or collectively as a group
constitutes a Significant Subsidiary of TMP shall commence any case, proceeding
or other action (A) under any existing or future law of any jurisdiction,
domestic or foreign, relating to bankruptcy, insolvency, reorganization or
relief of debtors, seeking to have an order for relief entered with respect to
it, or seeking to adjudicate it a bankrupt or insolvent, or seeking
reorganization, arrangement, adjustment, winding-up, liquidation, dissolution,
composition or other relief with respect to it or its debts, or
(B) seeking appointment of a receiver, trustee, custodian, conservator or
other similar official for it or for all or any substantial part of its assets,
or any Borrower or any one or more Loan Parties that individually or
collectively as a group constitutes a Significant Subsidiary of TMP shall make
a general

 

70

 

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

 

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

 

(h)           one or more judgments
or decrees shall be entered against any Loan Party involving in the aggregate a
liability (not paid or fully covered by insurance (subject to applicable
deductibles) as to which the relevant insurance company has acknowledged
coverage) of $5,000,000 or more, and all such judgments or decrees shall not
have been vacated, discharged, stayed or bonded pending appeal within
30 days from the entry thereof; or

 

(i)            any of the Security
Documents shall cease, for any reason, to be in full force and effect, or any
Loan Party or any Affiliate of any Loan Party shall so assert, or any Lien
created by any of the Security Documents shall cease to be enforceable and of
the same effect and priority purported to be created thereby; or

 

71

 

(j)            the guarantee
contained in Section 2 of the Guarantee and Collateral Agreement shall
cease, for any reason, to be in full force and effect or any Loan Party or any
Affiliate of any Loan Party shall so assert; or

 

(k)           (i) any
“person” or “group” (as such terms are used
in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)) shall become, or obtain rights (whether by
means or warrants, options or otherwise) to become, the “beneficial owner” (as
defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or
indirectly, of securities of TMP representing 35% or more of the combined
voting power of TMP’s then-outstanding voting securities; or (ii) the
board of directors of TMP shall cease to consist of a majority of Continuing
Directors;

 

then, and in any such event, (A) if such
event is an Event of Default specified in clause (i) or (ii) of
paragraph (f) above with respect to the Borrowers, automatically the
Commitments shall immediately terminate and the Loans hereunder (with accrued
interest thereon) and all other amounts owing under this Agreement and the
other Loan Documents (including all amounts of L/C Obligations, whether or not
the beneficiaries of the then outstanding Letters of Credit shall have
presented the documents required thereunder) shall immediately become due and
payable, and (B) if such event is any other Event of Default, either or both
of the following actions may be taken: 
(i) with the consent of the Required Lenders, the Administrative
Agent may, or upon the request of the Required Lenders, the Administrative
Agent shall, by notice to the Borrowers declare the Revolving Commitments to be
terminated forthwith, whereupon the Revolving Commitments shall immediately
terminate; and (ii) with the consent of the Required Lenders, the
Administrative Agent may, or upon the request of the Required Lenders, the
Administrative Agent shall, by notice to the Borrowers, declare the Loans
hereunder (with accrued interest thereon) and all other amounts owing under
this Agreement and the other Loan Documents (including all amounts of L/C
Obligations, whether or not the beneficiaries of the then outstanding Letters
of Credit shall have presented the documents required thereunder) to be due and
payable forthwith, whereupon the same shall immediately become due and
payable.  With respect to all Letters of
Credit with respect to which presentment for honor shall not have occurred at
the time of an acceleration pursuant to this paragraph, the Borrowers shall at
such time deposit in a cash collateral account opened by the Administrative
Agent an amount equal to the aggregate then undrawn and unexpired amount of
such Letters of Credit.  Amounts held in
such cash collateral account shall be applied by the Administrative Agent to
the payment of drafts drawn under such Letters of Credit, and the unused
portion thereof after all such Letters of Credit shall have expired or been
fully drawn upon, if any, shall be applied to repay other obligations of the
Borrowers hereunder and under the other Loan Documents.  After all such Letters of Credit shall have
expired or been fully drawn upon, all Reimbursement Obligations shall have been
satisfied and all other obligations of the Borrowers hereunder and under the
other Loan Documents shall have been paid in full, the balance, if any, in such
cash collateral account shall be returned to the Borrowers (or such other
Person as may be lawfully entitled thereto). 
Except as expressly provided above in this Section, presentment, demand,
protest and all other notices of any kind are hereby expressly waived by the
Borrower.

 

72

 

SECTION 10          THE AGENTS

 

10.1.        Appointment.  (a)  Each Lender hereby
irrevocably designates and appoints each Agent as the agent of such Lender
under this Agreement and the other Loan Documents, and each such Lender
irrevocably authorizes such Agent, in such capacity, to take such action on its
behalf under the provisions of this Agreement and the other Loan Documents and
to exercise such powers and perform such duties as are expressly delegated to
such Agent by the terms of this Agreement and the other Loan Documents,
together with such other powers as are reasonably incidental thereto.  Notwithstanding any provision to the
contrary elsewhere in this Agreement, no Agent shall have any duties or
responsibilities, except those expressly set forth herein, or any fiduciary
relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this
Agreement or any other Loan Document or otherwise exist against any Agent.

 

(b)           The Issuing Lender
shall act on behalf of the Revolving Lenders with respect to Letters of Credit
issued under this Agreement and the documents associated therewith.  It is understood and agreed that the Issuing
Lender (i) shall have all of the benefits and immunities (x) provided to
the Agent in this Section 10 with respect to acts taken or omissions
suffered by the Issuing Lender and Lenders in connection with Letters of Credit
and Foreign Currency Loans issued or made under this Agreement and the
documents associated therewith as fully as if the term “Agents”, as used in
this Section 10, included the Issuing Lender with respect to such acts or
omissions and (y) as additionally provided in this Agreement and
(ii) shall have all of the benefits of the provisions of Section 10.7
as fully as if the term “Agent”, as used in Section 10.7, included the
Issuing Lender.

 

10.2.        Delegation of Duties.  Each Agent may execute any of
its duties under this Agreement and the other Loan Documents by or through
agents or attorneys-in-fact and shall be entitled to advice of counsel
concerning all matters pertaining to such duties.  No Agent shall be responsible for the negligence or misconduct of
any agents or attorneys-in-fact selected by it with reasonable care.

 

10.3.        Exculpatory Provisions.  Neither
any Agent nor any of their respective officers, directors, employees, agents,
attorneys-in-fact or affiliates shall be (i) liable for any action
lawfully taken or omitted to be taken by it or such Person under or in
connection with this Agreement or any other Loan Document (except to the extent
that any of the foregoing are found by a final and nonappealable decision of a
court of competent jurisdiction to have resulted from its or such Person’s own
gross negligence or willful misconduct) or (ii) responsible in any manner
to any of the Lenders for any recitals, statements, representations or
warranties made by any Loan Party or any officer thereof contained in this
Agreement or any other Loan Document or in any certificate, report, statement
or other document referred to or provided for in, or received by the Agents
under or in connection with, this Agreement or any other Loan Document or for
the value, validity, effectiveness, genuineness, enforceability or sufficiency
of this Agreement or any other Loan Document or for any failure of any Loan
Party a party thereto to perform its obligations hereunder or thereunder.  The Agents shall not be under any obligation
to any Lender to ascertain or to inquire as to the observance or performance of
any of the agreements contained in, or conditions of, this Agreement or any
other Loan Document, or to inspect the properties, books or records of any Loan
Party.

 

73

 

10.4.        Reliance by Agent.  Each Agent shall be entitled to
rely, and shall be fully protected in relying, upon any instrument, writing,
resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or
teletype message, statement, order or other document or conversation reasonably
believed by it to be genuine and correct and to have been signed, sent or made
by the proper Person or Persons and upon advice and statements of legal counsel
(including counsel to the Borrowers), independent accountants and other experts
selected by such Agent.  The Administrative
Agent may deem and treat the payee of any Note as the owner thereof for all
purposes unless a written notice of assignment, negotiation or transfer thereof
shall have been filed with the Administrative Agent.  Each Agent shall be fully justified in failing or refusing to
take any action under this Agreement or any other Loan Document unless it shall
first receive such advice or concurrence of the Required Lenders (or, if so
specified by this Agreement, all Lenders) as it deems appropriate or it shall
first be indemnified to its satisfaction by the Lenders against any and all
liability and expense that may be incurred by it by reason of taking or
continuing to take any such action.  The
Agents shall in all cases be fully
protected in acting, or in refraining from acting, under this Agreement and the
other Loan Documents in accordance with a request of the Required Lenders (or,
if so specified by this Agreement, all Lenders), and such request and any
action taken or failure to act pursuant thereto shall be binding upon all the
Lenders and all future holders of the Loans.

 

10.5.        Notice of Default.  No Agent shall be deemed to
have knowledge or notice of the occurrence of any Default or Event of Default
hereunder (except a payment default) unless such Agent has received notice from
a Lender or the Borrowers referring to this Agreement, describing such Default
or Event of Default and stating that such notice is a “notice of default.”  In the event that the Administrative Agent
receives such a notice, the Administrative Agent shall give notice thereof to
the Lenders.  The Administrative Agent
shall take such action with respect to such Default or Event of Default as
shall be reasonably directed by the Required Lenders (or, if so specified by
this Agreement, all Lenders or any other instructing group of Lenders specified
by this Agreement); provided that unless and until the Administrative
Agent shall have received such directions, the Administrative Agent may (but
shall not be obligated to) take such action, or refrain from taking such
action, with respect to such Default or Event of Default as it shall deem
advisable in the best interests of the Lenders.

 

10.6.        Non-Reliance on Agents and Other Lenders.  Each
Lender expressly acknowledges that neither the Agents nor any of their
respective officers, directors, employees, agents, attorneys-in-fact or
affiliates have made any representations or warranties to it and that no act by
any Agent hereafter taken, including any review of the affairs of a Loan Party
or any affiliate of a Loan Party, shall be deemed to constitute any
representation or warranty by any Agent to any Lender.  Each Lender represents to the Agents that it
has, independently and without reliance upon any Agent or any other Lender, and
based on such documents and information as it has deemed appropriate, made its
own appraisal of and investigation into the business, operations, property,
financial and other condition and creditworthiness of the Loan Parties and
their affiliates and made its own decision to make its Loans hereunder and
enter into this Agreement.  Each Lender
also represents that it will, independently and without reliance upon any Agent
or any other Lender, and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit analysis,
appraisals and decisions in taking or not taking action under this Agreement
and the other Loan Documents, and to make such investigation as it deems
necessary to inform itself as to the business, operations, property,

 

74

 

financial
and other condition and creditworthiness of the Loan Parties and their
affiliates.  Except for notices, reports
and other documents expressly required to be furnished to the Lenders by the
Administrative Agent hereunder, the Administrative Agent shall not have any
duty or responsibility to provide any Lender with any credit or other
information concerning the business, operations, property, condition (financial
or otherwise), prospects or creditworthiness of any Loan Party or any affiliate
of a Loan Party that may come into the possession of the Administrative Agent
or any of its officers, directors, employees, agents, attorneys-in-fact or
affiliates.

 

10.7.        Indemnification.  Whether or not the transactions
contemplated hereby are consummated, the Lenders agree to indemnify each Agent
in its capacity as such (to the extent not reimbursed by the Borrowers and
without limiting the obligation of the Borrowers to do so), ratably according
to their respective Aggregate Exposure Percentages in effect on the date on
which indemnification is sought under this Section (or, if indemnification is
sought after the date upon which the Commitments shall have terminated and the
Loans shall have been paid in full, ratably in accordance with such Aggregate
Exposure Percentages immediately prior to such date), from and against any and
all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind whatsoever that may at any
time (whether before or after the payment of the Loans) be imposed on, incurred
by or asserted against such Agent in any way relating to or arising out of, the
Commitments, this Agreement, any of the other Loan Documents or any documents
contemplated by or referred to herein or therein or the transactions
contemplated hereby or thereby or any action taken or omitted by such Agent
under or in connection with any of the foregoing; provided that no
Lender shall be liable for the payment of any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements that are found by a final and nonappealable decision
of a court of competent jurisdiction to have resulted from such Agent’s gross
negligence or willful misconduct.  The
agreements in this Section shall survive the payment of the Loans and all other
amounts payable hereunder and the resignation or replacement of the Agent.

 

10.8.        Agent in Its Individual Capacity.  Agent
and its affiliates may make loans to, accept deposits from and generally engage
in any kind of business with any Loan Party as though such Agent were not an
Agent.  With respect to its Loans made
or renewed by it and with respect to any Letter of Credit issued or
participated in by it, each Agent shall have the same rights and powers under
this Agreement and the other Loan Documents as any Lender and may exercise the
same as though it were not an Agent, and the terms “Lender” and “Lenders” shall
include each Agent in its individual capacity.

 

10.9.        Successor Administrative Agent.  The
Administrative Agent may resign as Administrative Agent upon ten days’ notice
to the Lenders and the Borrowers.  If
the Administrative Agent shall resign as Administrative Agent under this
Agreement and the other Loan Documents, then the Required Lenders shall appoint
from among the Lenders a successor agent for the Lenders, which successor agent
shall be subject to approval by the Borrowers (which approval shall not be
unreasonably withheld or delayed and shall not be required if an Event of
Default exists and is continuing), whereupon such successor agent shall succeed
to the rights, powers and duties of the Administrative Agent, and the term
“Administrative Agent” shall mean such successor agent effective upon such
appointment and approval, and the former Administrative Agent’s rights, powers
and duties as Administrative Agent shall be terminated,

 

75

 

without
any other or further act or deed on the part of such former Administrative
Agent or any of the parties to this Agreement or any holders of the Loans.  If no successor agent has accepted
appointment as Administrative Agent by the date that is ten days following a
retiring Administrative Agent’s notice of resignation, the retiring
Administrative Agent’s resignation shall nevertheless thereupon become
effective and the Lenders shall assume and perform all of the duties of the
Administrative Agent hereunder until such time, if any, as the Required Lenders
appoint a successor agent, which agent shall be (a) a bank organized and
doing business under the laws of the United States or any state thereof,
subject to supervision or examination by federal or state authority and having
a total shareholder equity aggregating at least $1,000,000,000 and
(b) unless an Event of Default under Section 9(a) or
Section 9(f) with respect to the Borrowers shall have occurred and be
continuing, be subject to approval by the Borrowers (which approval shall not
be unreasonably withheld or delayed). 
The Syndication Agent may, at any time, by notice to the Lenders and the
Administrative Agent, resign as Syndication Agent hereunder, whereupon the
duties, rights, obligations and responsibilities of the Syndication Agent
hereunder shall automatically be assumed by, and inure to the benefit of, the
Administrative Agent, without any further act by the Syndication Agent, the
Administrative Agent or any Lender. 
After any retiring Administrative Agent’s resignation as Administrative
Agent, the provisions of this Section 10 shall inure to its benefit as to
any actions taken or omitted to be taken by it while it was Administrative
Agent under this Agreement and the other Loan Documents.

 

10.10.      Agent Generally.  Except as expressly set forth
herein, no Agent shall have any duties or responsibilities hereunder in its
capacity as such.

 

10.11.      The Documentation Agent, Syndication Agent
and Lead Arranger.  None of the Lenders or other Persons
identified as “the Documentation Agent”, “the Syndication Agent” or the “Lead
Arranger”, in their capacity as such, shall have any rights, powers,
obligations, duties or responsibilities, and shall incur no liability, under
this Agreement and other Loan Documents other than in the case of such Lenders,
those applicable to all Lenders as such. 
Without limiting the foregoing, none of the Lenders or other Persons so
identified shall have or be deemed to have any fiduciary relationship with any
Lender.

 

SECTION 11          MISCELLANEOUS

 

11.1.        Amendments and Waivers.  Neither
this Agreement, any other Loan Document, nor any terms hereof or thereof may be
amended, supplemented or modified except in accordance with the provisions of
this Section 11.1.  The Required
Lenders and each Loan Party to the relevant Loan Document may, or, with the
written consent of the Required Lenders, the Administrative Agent and each Loan
Party to the relevant Loan Document may, from time to time, (a) enter into
written amendments, consents, supplements or modifications hereto and to the
other Loan Documents for the purpose of adding any provisions to this Agreement
or the other Loan Documents or changing in any manner the rights of the Lenders
or of the Loan Parties hereunder or thereunder or (b) waive, on such terms
and conditions as the Required Lenders or the Administrative Agent, as the case
may be, may specify in such instrument, any of the requirements of this
Agreement or the other Loan Documents or any Default or Event of Default and
its consequences; provided, however, that no such waiver and no
such amendment, supplement or modification shall (i) forgive the principal
amount or extend the final scheduled

 

76

 

date
of maturity of any Loan or Reimbursement Obligation, reduce the stated rate of
any interest or fee payable hereunder (except (x) in connection with the
waiver of applicability of any post-default increase in interest rates, which
waiver shall be effective with the consent of the Required Lenders and
(y) that any amendment or modification of defined terms used in the
financial covenants in this Agreement shall not constitute a reduction in the
rate of interest or fees for purposes of this clause (i)) or extend the
scheduled date of any payment thereof, or increase the amount or extend the
expiration date of any Lender’s Revolving Commitment, in each case without the
written consent of all Lenders; (ii) eliminate or reduce the voting rights
of any Lender under this Section 11.1 without the written consent of such
Lender; (iii) reduce any percentage specified in the definition of
Required Lenders, consent to the assignment or transfer by the Borrowers of any
of its rights and obligations under this Agreement and the other Loan
Documents, release all or substantially all of the Collateral or release all or
substantially all of the Subsidiary Guarantors from their obligations under the
Guarantee and Collateral Agreement, in each case without the written consent of
all Lenders; (iv) amend, modify or waive any provision of
Sections 2.15 through 2.16, 4.8 or 11.17, or any provision of this
Agreement that requires the consent of or action by all the Lenders, without
the written consent of all the Lenders; (vii) amend, modify or waive any
provision of Section 11.1 without the written consent of the Lenders;
(viii) amend, modify or waive any provision of Section 2.3 or 2.4
without the written consent of the Swingline Lender; or (ix) amend, modify
or waive any provision of Sections 2.7 to 2.14 without the written consent
of each Issuing Lender.  Any such waiver
and any such amendment, supplement or modification shall apply equally to each
of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Agents and all future holders of the Loans.  In the case of any waiver, the Loan Parties,
the Lenders and the Agents shall be
restored to their former position and rights hereunder and under the other Loan
Documents, and any Default or Event of Default waived shall be deemed to be
cured and not continuing; but no such waiver shall extend to any subsequent or
other Default or Event of Default, or impair any right consequent thereon.

 

11.2.        Notices.  All
notices, requests and demands to or upon the respective parties hereto to be
effective shall be in writing (including by telecopy), and, unless otherwise
expressly provided herein, shall be deemed to have been duly given or made when
delivered, or three Business Days after being deposited in the mail, postage
prepaid, or, in the case of telecopy notice, when received, addressed as
follows in the case of the Borrowers and the Agents, and as set forth in an administrative
questionnaire delivered to the Administrative Agent in the case of the Lenders,
or to such other address as may be hereafter notified by the respective parties
hereto (or in the case of the Lenders, to the Administrative Agent and TMP):

 

	
  the Borrowers:

  	
   

  	
  TMP Worldwide,
  Inc.

  
	
   

  	
   

  	
  622 Third
  Avenue, 39th Floor

  
	
   

  	
   

  	
  New York, New
  York 10017

  
	
   

  	
   

  	
  Attention:  Myron Olesnyckyj

  
	
   

  	
   

  	
  Telephone:  (212) 351-7000

  
	
   

  	
   

  	
  Telecopy:    (917) 256-8526

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TMP Worldwide Limited

  
	
   

  	
   

  	
  Chancery House

  

 

77

 

	
   

  	
   

  	
  53-64 Chancery Lane

  
	
   

  	
   

  	
  London, WC2A IQS

  
	
   

  	
   

  	
  Attention: 
  Stephen Cooney

  
	
   

  	
   

  	
  Telephone: 
  (44) 207 406 3505

  
	
   

  	
   

  	
  Telecopy:   
  (44) 207 406 3501

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Bartlett Scott Edgar Limited

  
	
   

  	
   

  	
  Bartlett House

  
	
   

  	
   

  	
  65-67 Wilson Street

  
	
   

  	
   

  	
  London, EC2A 2LT

  
	
   

  	
   

  	
  Attention: 
  Simon Dickerson

  
	
   

  	
   

  	
  Telephone: 
  (44) 207 562 5780

  
	
   

  	
   

  	
  Telecopy: (44) 207 562 5702

  
	
   

  	
   

  	
   

  
	
  The Administrative Agent:

  	
   

  	
  Fleet National Bank

  
	
   

  	
   

  	
  1133 Avenue of the Americas

  
	
   

  	
   

  	
  New York, NY 11217

  
	
   

  	
   

  	
  Attention: Lung Huang

  
	
   

  	
   

  	
  Telephone: 
  (212) 703-1574

  
	
   

  	
   

  	
  Telecopy: 
  (212) 703-1598

  
	
   

  	
   

  	
   

  
	
  (if to London Office)

  	
   

  	
  Fleet National Bank

  
	
   

  	
   

  	
  c/o FleetBoston Financial

  
	
   

  	
   

  	
  39 Victoria Street,

  
	
   

  	
   

  	
  London SW1H OED

  
	
   

  	
   

  	
  Attention: Lisa Verdigi

  
	
   

  	
   

  	
  Telephone: (44) 207 932 9305

  
	
   

  	
   

  	
  Telecopy: (44) 207 932 9245

  
	
   

  	
   

  	
   

  
	
  (with a copy to)

  	
   

  	
  Fleet National Bank

  
	
   

  	
   

  	
  1185 Avenue of the Americas

  
	
   

  	
   

  	
  New York, NY 10036

  
	
   

  	
   

  	
  Attention: 
  Thomas J. Levy

  
	
   

  	
   

  	
  Telephone: 
  (212) 819-5751

  
	
   

  	
   

  	
  Telecopy: 
  (212) 819-6166

  
	
   

  	
   

  	
   

  
	
  The Syndication Agent:

  	
   

  	
  The Royal Bank of Scotland plc

  
	
   

  	
   

  	
  101 Park Avenue

  
	
   

  	
   

  	
  New York, NY 10178

  
	
   

  	
   

  	
  Attention: Shiela Shaw

  
	
   

  	
   

  	
  Telecopy: (212) 401-1406

  
	
   

  	
   

  	
  Telephone: (212) 401-1494

  
	
   

  	
   

  	
   

  
	
  Issuing Lender:

  	
   

  	
  As notified by such Issuing Lender to the
  Administrative Agent and the Borrowers

  

 

78

 

provided that any notice, request or demand to or upon
any Agent, the Issuing Lender or the Lenders shall not be effective until
received.

 

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

 

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

 

11.5.        Payment of Expenses and Taxes.  TMP
agrees (a) to pay or reimburse the Administrative Agent on demand for all
its reasonable out-of-pocket costs and expenses incurred in connection with the
administration, development, preparation and execution of, and any amendment,
supplement or modification to, this Agreement and the other Loan Documents and
any other documents prepared in connection herewith or therewith, and the
consummation and administration of the transactions contemplated hereby and
thereby, including the reasonable fees and disbursements of counsel to the
Administrative Agent and filing and recording fees and expenses, with
statements with respect to the foregoing to be submitted to TMP prior to the
Closing Date (in the case of amounts to be paid on the Closing Date) and from
time to time thereafter on a quarterly basis or such other periodic basis as
the Administrative Agent shall deem appropriate, (b) to pay or reimburse
each Lender and Agent for all its reasonable costs and reasonable expenses
incurred in connection with the enforcement or preservation of any rights under
this Agreement, the other Loan Documents and any such other documents,
including the reasonable fees and disbursements of counsel (including the
allocated fees and expenses of in-house counsel) to each Lender and of counsel
to such Agent, provided that, the fees and disbursements of counsel to
any such Lender shall only be paid or reimbursed to the extent incurred in
connection with a Default or an Event of Default, (c) to pay, indemnify,
and hold each Lender and Agent harmless from, any and all recording and filing
fees and any and all liabilities with respect to, or resulting from any delay
in paying, stamp, excise and other similar taxes, if any, that may be payable
or determined to be payable in connection with the execution and delivery of,
or consummation or administration of any of the transactions contemplated by,
or any amendment, supplement or modification of, or any waiver or consent under
or in respect of, this Agreement, the other Loan Documents and any such other
documents, (d) to pay or reimburse the Issuing Lender and each Lender for
all its reasonable out-of-pocket costs and expenses incurred in connection with
the conversion of any Letter of Credit denominated in a Foreign Currency or any
Foreign Currency pursuant to the terms of this Agreement, and (e) to pay,
indemnify, and hold each Lender and Agent and their respective officers,
directors, employees, affiliates, agents, trustees, advisors and controlling
persons (each, an “Indemnitee”) harmless from and against any and all
other liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind or nature whatsoever with
respect to the execution, delivery, enforcement, performance and administration
of this

 

79

 

Agreement,
the other Loan Documents and any such other documents, including any of the
foregoing relating to the use of proceeds of the Loans or the violation of,
noncompliance with or liability under, any Environmental Law applicable to the
operations of any Borrower or any of the Properties and the reasonable fees and
expenses of legal counsel in connection with claims, actions or proceedings by
any Indemnitee against any Loan Party under any Loan Document (all the
foregoing in this clause (e), collectively, the “Indemnified
Liabilities”), provided, that TMP shall have no obligation hereunder
to any Indemnitee with respect to Indemnified Liabilities of such Indemnitee to
the extent such Indemnified Liabilities are found by a final and nonappealable
decision of a court of competent jurisdiction to have resulted from the gross
negligence or willful misconduct of such Indemnitee.  Without limiting the foregoing, and to the extent permitted by
applicable law, each Borrower agrees not to assert and to cause its
Subsidiaries not to assert, and hereby waives and agrees to cause its
Subsidiaries to waive, all rights for contribution or any other rights of
recovery with respect to all claims, demands, penalties, fines, liabilities,
settlements, damages, costs and expenses of whatever kind or nature, under or
related to Environmental Laws, that any of them may have by statute or
otherwise against any Indemnitee, except to the extent resulting from the gross
negligence or willful misconduct of such Indemnitee.  All amounts due under this Section 11.5 shall be payable not
later than twenty days after written demand therefor.  Statements payable by TMP pursuant to this Section 11.5
shall be submitted to David Trapani (Telephone No. 212-351-7106) (Telecopy
No. 917-256-8506), at the address of TMP set forth in Section 11.2,
or to such other Person or address as may be hereafter designated by TMP in a
written notice to the Administrative Agent. 
The agreements in this Section 11.5 shall survive repayment of the
Loans and all other amounts payable hereunder.

 

11.6.        Successors and Assigns;
Participations and Assignments.  (a)  The provisions
of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby (including
any affiliate of the Issuing Lender that issues any Letter of Credit), except
that (i) the Borrowers may not assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of each
Lender (and any attempted assignment or transfer by the Borrowers without such
consent shall be null and void) and (ii) no Lender may assign or otherwise
transfer its rights or obligations hereunder except in accordance with this
Section.

 

(b)           (i)  Subject
to the conditions set forth in paragraph (ii) below, any Lender may assign
to one or more assignees (each, an “Assignee”) all or a portion of its rights
and obligations under this Agreement (including all or a portion of its
Commitments and the Loans at the time owing to it) with the prior written
consent (such consent not to be unreasonably withheld) of:

 

(A)          the Borrowers, provided that, no consent of the
Borrowers shall be required for (x) any assignment to a Lender, an affiliate
of a Lender or an Approved Fund (as defined below), or (y) any assignment of
the Revolving Commitments, Revolving Loans if an Event of Default has occurred
and is continuing;

 

(B)           the Administrative Agent, provided that no consent
of the Administrative Agent shall be required for an assignment to an Assignee
that is a Lender immediately prior to giving effect to such assignment, except
in the case of an assignment of a

 

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Revolving Commitment to an
Assignee that does not already have a Revolving Commitment; and

 

(C)           in the case of any assignment of a Revolving Commitment,
each Issuing Lender and the Swingline Lender; and

 

in the case of all such assignments, subject to
notice to the Administrative Agent.

 

(ii)           Assignments shall be
subject to the following additional conditions:

 

(A)          except in the case of an assignment to a Lender, an
affiliate of a Lender or an Approved Fund or an assignment of the entire
remaining amount of the assigning Lender’s Commitments or Loans under any
Facility, the amount of the Commitments or Loans of the assigning Lender
subject to each such assignment (determined as of the date the Assignment and
Assumption with respect to such assignment is delivered to the Administrative
Agent) shall not be less than $5,000,000 unless each Borrower and the
Administrative Agent otherwise consent, provided that (1) no such
consent of the Borrowers shall be required if an Event of Default has occurred
and is continuing and (2) such amounts shall be aggregated in respect of
each Lender and its affiliates or Approved Funds, if any;

 

(B)           the parties to each assignment shall execute and deliver
to the Administrative Agent an Assignment and Assumption, together with a
processing and recordation fee of $3,500 (treating simultaneous assignments by
a Lender to two or more Approved Funds of such Lender as a single assignment);

 

(C)           the Assignee, if it shall not be a Lender, shall deliver
to the Administrative Agent an administrative questionnaire; and

 

(D)          in the case of an assignment by a Lender to a CLO (as
defined below) managed or administered by such Lender or an Affiliate of such
Lender, the assigning Lender shall retain the sole right to approve any
amendment, modification or waiver of any provision of this Agreement and the
other Loan Documents, provided that the Assignment and Assumption
between such Lender and such CLO may provide that such Lender will not, without
the consent of such CLO, agree to any amendment, modification or waiver that (1) requires
the consent of each Lender directly affected thereby pursuant to the proviso to
the second sentence of Section 12.1 and (2) directly affects such
CLO.

 

For the purposes of this Section 11.6, the
terms “Approved Fund” and “CLO” have the following meanings:

 

“Approved Fund”
means (a) with respect to any Lender, a CLO managed by such Lender or an
Affiliate of such Lender and (b) with respect to any Lender that is a fund
which invests in bank loans and similar extensions of credit, any other fund that
invests in bank loans and similar extensions of credit and is managed by the
same investment advisor as such Lender or by an affiliate of such investment
advisor.

 

81

 

“CLO” means any
entity (whether a corporation, partnership, trust or otherwise) that is engaged
in making, purchasing, holding or otherwise investing in bank loans and similar
extensions of credit in the ordinary course of its business and is administered
or managed by a Lender or an affiliate of such Lender.

 

(iii)          Subject to acceptance
and recording thereof pursuant to paragraph (b)(iv) below, from and after
the effective date specified in each Assignment and Assumption the Assignee
thereunder shall be a party hereto and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender
under this Agreement, and the assigning Lender thereunder shall, to the extent
of the interest assigned by such Assignment and Assumption, be released from its
obligations under this Agreement (and, in the case of an Assignment and
Assumption covering all of the assigning Lender’s rights and obligations under
this Agreement, such Lender shall cease to be a party hereto but shall continue
to be entitled to the benefits of Sections 4.9, 4.10, 4.11 and 11.5
relating to the period during which it was a Lender).  Any assignment or transfer by a Lender of rights or obligations
under this Agreement that does not comply with this Section 11.6 shall be
treated for purposes of this Agreement as a sale by such Lender of a
participation in such rights and obligations in accordance with
paragraph (c) of this Section.

 

(iv)          The
Administrative Agent, acting for this purpose as an agent of the Borrowers,
shall maintain at one of its offices a copy
of each Assignment and Assumption delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitments of,
and principal amount of the Loans and L/C Obligations owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be
conclusive, and the Borrower, the Administrative Agent, the Issuing Lender and
the Lenders may treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary.

 

(v)           Upon its receipt of a
duly completed Assignment and Assumption executed by an assigning Lender and an
Assignee, the Assignee’s completed administrative questionnaire (unless the
Assignee shall already be a Lender hereunder) and any written consent to such
assignment required by paragraph (b) of this Section, the Administrative
Agent shall accept such Assignment and Assumption and record the information
contained therein in the Register.  No
assignment shall be effective for purposes of this Agreement unless it has been
recorded in the Register as provided in this paragraph.

 

(c)           (i)  Any
Lender may, without the consent of the Borrowers or the Administrative Agent, sell participations to one or more banks
or other entities (a “Participant”) in all or a portion of such Lender’s
rights and obligations under this Agreement (including all or a portion of its
Commitments and the Loans owing to it); provided that (A) such Lender’s
obligations under this Agreement shall remain unchanged, (B) such Lender
shall remain solely responsible to the other parties hereto for the performance
of such obligations and (C) the Borrowers, the Agents, the Issuing Lender 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.  Any agreement pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to
enforce this Agreement and to approve any

 

82

 

amendment,
modification or waiver of any provision of this Agreement; provided that such
agreement may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, modification or waiver that
(1) requires the consent of each Lender directly affected thereby pursuant
to the proviso to the second sentence of Section 11.1 and (2) directly
affects such Participant.  Subject to
paragraph (c)(ii) of this Section, each Borrower agrees that each
Participant shall be entitled to the benefits of Sections 4.9, 4.10 and
4.11 to the same extent as if it were a Lender and had acquired its interest by
assignment pursuant to paragraph (b) of this Section.  To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section 12.7(b) as
though it were a Lender, provided such Participant shall be subject to
Section 12.7(a) as though it were a Lender.

 

(ii)           A Participant shall
not be entitled to receive any greater payment under Section 4.9, 4.10 or
4.11 than the applicable Lender would have been entitled to receive with
respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with each Borrower’s prior written
consent.  Any Participant that is a
Non-U.S. Lender shall not be entitled to the benefits of Section 5.10 unless
such Participant complies with Section 5.10(d).

 

(d)           Any Lender may,
without the consent of the Borrowers or the Administrative Agent, at any time pledge or assign a security interest in
all or any portion of its rights under this Agreement to secure obligations of
such Lender, including any pledge or assignment to secure obligations to a
Federal Reserve Bank, and this Section shall not apply to any such pledge or
assignment of a security interest; provided that no such pledge or
assignment of a security interest shall release a Lender from any of its
obligations hereunder or substitute any such pledgee or Assignee for such
Lender as a party hereto.  In the case
of any Lender that is a fund that invests in bank loans, such Lender may,
without the consent of the Borrowers or the Administrative Agent, assign or
pledge all or any portion of its rights under this Agreement, including the
Notes or any other instrument evidencing its rights as a Lender under this
Agreement, to any holder or, trustee for, or any other representative of
holders of, obligations owed or securities issued, by such fund, as security
for such obligations or securities; provided that any foreclosure or similar
action by such trustee or representative shall be subject to the provisions of
this Section concerning assignments.

 

(e)           Each Borrower, upon
receipt of written notice from the relevant Lender, agrees to issue Notes to
any Lender requiring Notes to facilitate transactions of the type described in
paragraph (d) above.

 

(f)            Notwithstanding
the foregoing, any Conduit Lender may assign any or all of the Loans it may have funded hereunder to its designating
Lender without the consent of the Borrowers or the Administrative Agent and
without regard to the limitations set forth in Section 11.6(b).  Each Borrower, each Lender and the Agents
hereby confirm that it will not institute against a Conduit Lender or join any
other Person in instituting against a Conduit Lender any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding under any
state bankruptcy or similar law, for one year and one day after the payment in
full of the latest maturing commercial paper note issued by such Conduit
Lender; provided, however, that each Lender designating any Conduit
Lender hereby agrees to indemnify, save and hold harmless

 

83

 

each
other party hereto for any loss, cost, damage or expense arising out of its
inability to institute such a proceeding against such Conduit Lender during
such period of forbearance.

 

11.7.        Adjustments; Set-off. 
(a)  Except to the extent that this Agreement expressly
provides for payments to be allocated to a particular Lender or to the Lenders
under a particular Facility, if any Lender (a “Benefited Lender”) shall,
at any time after the Loans and other amounts payable hereunder shall
immediately become due and payable pursuant to Section 9, receive any
payment of all or part of the Obligations owing to it, or receive any
collateral in respect thereof (whether voluntarily or involuntarily, by
set-off, pursuant to events or proceedings of the nature referred to in
Section 9(f), or otherwise), in a greater proportion than any such payment
to or collateral received by any other Lender, if any, in respect of the
Obligations owing to such other Lender, such Benefited Lender shall purchase
for cash from the other Lenders a participating interest in such portion of the
Obligations owing to each such other Lender, or shall provide such other
Lenders with the benefits of any such collateral, as shall be necessary to cause
such Benefited Lender to share the excess payment or benefits of such
collateral ratably with each of the Lenders; provided, however,
that if all or any portion of such excess payment or benefits is thereafter
recovered from such Benefited Lender, such purchase shall be rescinded, and the
purchase price and benefits returned, to the extent of such recovery, but
without interest.

 

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

 

11.8.        Counterparts.  This Agreement may be executed by one or
more of the parties to this Agreement on any number of separate counterparts,
and all of said counterparts taken together shall be deemed to constitute one
and the same instrument.  Delivery of an
executed signature page of this Agreement by facsimile transmission shall be
effective as delivery of a manually executed counterpart hereof.  A set of the copies of this Agreement signed
by all the parties shall be lodged with each Borrower and the Administrative
Agent.

 

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

 

11.10.      Integration.  This Agreement and the other Loan Documents
are intended by the parties as the final, complete and exclusive statement of
the transactions evidenced by this

 

84

 

Agreement.  All prior or contemporaneous promises,
agreements, and understandings, whether oral or written, are deemed to be
superceded by this Agreement, and no party is relying on any promise, agreement
or understanding not set forth in this Agreement.

 

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

 

11.12.      Submission To Jurisdiction; Waivers.  Each Borrower hereby irrevocably and
unconditionally:

 

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

 

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

 

(c)           agrees that service of
process in any such action or proceeding may be effected by mailing a copy
thereof by registered or certified mail (or any substantially similar form of
mail), postage prepaid, to each Borrower at its address set forth in
Section 11.2 or at such other address of which the Administrative Agent
shall have been notified pursuant thereto;

 

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

 

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

 

11.13.      Acknowledgments.  Each Borrower hereby
acknowledges that:

 

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

 

(b)           no Agent or Lender has
any fiduciary relationship with or duty to the Borrowers arising out of or in
connection with this Agreement or any of the other Loan Documents, and the
relationship between the Agents and Lenders, on one hand, and the Borrowers, on
the other hand, in connection herewith or therewith is solely that of debtor
and creditor; and

 

85

 

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

 

11.14.      Releases of Guarantees and Liens. 
(a)  Notwithstanding anything to the contrary contained herein
or in any other Loan Document, the Administrative Agent is hereby irrevocably
authorized by each Lender (without requirement of notice to or consent of any
Lender except as expressly required by Section 11.1) to take any action
requested by the Borrowers having the effect of releasing any Collateral or
guarantee obligations (i) to the extent necessary to permit consummation
of any transaction not prohibited by any Loan Document or that has been
consented to in accordance with Section 11.1 or (ii) under the
circumstances described in paragraph (b) below.

 

(b)           At such time as the Loans,
the Reimbursement Obligations and the other obligations under the Loan
Documents (other than obligations under or in respect of Hedge Agreements)
shall have been paid in full, the Commitments have been terminated and no
Letters of Credit shall be outstanding, the Collateral shall be released from
the Liens created by the Security Documents, and the Security Documents and all
obligations (other than those expressly stated to survive such termination) of
the Administrative Agent and each Loan Party under the Security Documents shall
terminate, all without delivery of any instrument or performance of any act by
any Person.

 

11.15.      Confidentiality.  Each Agent and each Lender
agrees to keep confidential all non-public information provided to it by any
Loan Party pursuant to this Agreement that is designated by such Loan Party as
confidential; provided that nothing herein shall prevent any Agent or
any Lender from disclosing any such information (a) to any Agent, any
other Lender or any Lender Affiliate, (b) subject to an agreement to
comply with the provisions of this Section, to any actual or prospective
Transferee or any direct or indirect counterparty to any Hedge Agreement (or
any professional advisor to such counterparty), (c) to its employees,
directors, agents, attorneys, accountants and other professional advisors or
those of any of its affiliates, (d) upon the request or demand of any
Governmental Authority, (e) in response to any order of any court or other
Governmental Authority or as may otherwise be required pursuant to any
Requirement of Law, (f) if requested or required to do so in connection
with any litigation or similar proceeding, (g) that has been publicly
disclosed, (h) to the National Association of Insurance Commissioners or
any similar organization or any nationally recognized rating agency that
requires access to information about a Lender’s investment portfolio in
connection with ratings issued with respect to such Lender, (i) in
connection with the exercise of any remedy hereunder or under any other Loan
Document, or (j) with respect to the “tax treatment” and “tax structure” (in
each case, within the meaning of Treasury Regulation Section 1.6011-4) of the
transactions contemplated hereby and all materials of any kind (including opinions
or other tax analyses) that are provided to the Lenders relating to such tax
treatment and tax structure; provided that with respect to any document
or similar item that in either case contains information concerning the tax
treatment or tax structure of the transaction as well as other information,
this subsection (j) shall only apply to such portions of this Agreement or
similar item that relate to the tax treatment or tax structure of the Loans and
the transactions contemplated hereby.

 

86

 

11.16.      WAIVERS OF JURY TRIAL.  EACH BORROWER, THE
AGENTS AND EACH LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE
THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED HEREON, ARISING OUT
OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENTS
CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH OR ANY COURSE OF CONDUCT,
COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY
PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF
DEALINGS, STATEMENTS OR ACTIONS OF THE LENDERS AND THE AGENTS RELATING TO THE
ADMINISTRATION OF THE LOANS OR ENFORCEMENT OF THE LOAN DOCUMENTS, AND AGREE
THAT NEITHER PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER
ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EXCEPT AS
PROHIBITED BY LAW, EACH BORROWER HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM
OR RECOVER IN ANY LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL
DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. EACH
BORROWER CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY LENDER OR
THE ADMINISTRATIVE AGENT HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT ANY
LENDER OR THE ADMINISTRATIVE AGENT WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER. THIS WAIVER CONSTITUTES A MATERIAL INDUCEMENT
FOR EACH LENDER AND THE ADMINISTRATIVE AGENT TO ACCEPT THIS AGREEMENT AND MAKE
THE LOANS.

 

11.17.      Addition of Foreign Subsidiaries as
Borrowers.  Notwithstanding Section
11.1 herein, no Foreign Subsidiary may be added as a Borrower to this Agreement
without the written consent of each Lender and the Administrative Agent.

 

11.18.      Conversion of Currencies. 
(a)  If, for the purpose of
obtaining judgment in any court, it is necessary to convert a sum owing
hereunder in one currency into another currency, each party hereto agrees, to
the fullest extent that it may effectively do so, that the rate of exchange
used shall be that at which, in accordance with normal banking procedures in
the relevant jurisdiction, the first currency could be purchased with such
other currency on the Business Day immediately preceding the day on which final
judgment is given.

 

(b)           The obligations
of the Borrowers in respect of any sum due to any party hereto or any holder of the obligations owing hereunder
(the “Applicable Creditor”) shall, notwithstanding any judgment in a
currency (the “Judgment Currency”) other than the currency in which such
sum is stated to be due hereunder (the “Agreement Currency”), be
discharged only to the extent that, on the Business Day following receipt by
the Applicable Creditor of any sum adjudged to be so due in the Judgment
Currency, the Applicable Creditor may in accordance with normal banking procedures
in the relevant jurisdiction purchase the Agreement Currency with the Judgment
Currency; if the amount of the Agreement Currency so purchased is less than the
sum originally due to the Applicable Creditor in the Agreement Currency, each
Borrower agrees, as a separate obligation and notwithstanding any such
judgment, to indemnify the

 

87

 

Applicable
Creditor against such loss.  The
obligations of the Borrowers contained in this Section 11.18 shall survive
the termination of this Agreement and the payment of all other amounts owing
hereunder.

 

11.19.      Interest Rate Limitation. 
Notwithstanding anything herein to the contrary, if at any time the
interest rate applicable to any Loan, together with all fees, charges and other
amounts which are treated as interest on such Loan under applicable law
(collectively the “Charges”), shall exceed the maximum lawful rate (the
“Maximum Rate”) which may be contracted for, charged, taken, received or
reserved by the Lender holding such Loan in accordance with applicable law, the
rate of interest payable in respect of such Loan hereunder, together with all
Charges payable in respect thereof, shall be limited to the Maximum Rate and,
to the extent lawful, the interest and Charges that would have been payable in
respect of such Loan but were not payable as a result of the operation of this
Section shall be cumulated and the interest and Charges payable to such Lender
in respect of other Loans or periods shall be increased (but not above the
Maximum Rate therefor) until such cumulated amount, together with interest
thereon at the Federal Funds Effective Rate to the date of repayment, shall
have been received by such Lender.

 

11.20.      Borrowings by
the UK Borrowers. 
(a)  No UK Borrower may borrow or
request any borrowings under this Agreement and no Lender shall make Loans to
any UK Borrower under this Agreement, until such date as (i) the UK Borrowers
shall have received confirmation and/or necessary approval from the UK Inland
Revenue (the “Inland Approval”) in respect to proposed loans from each
of LaSalle Bank National Association and Fifth Third Bank (each a “Non-UK
Qualifying Bank”, collectively the “Non-UK Qualifying Banks”) in
order to establish such Non-UK Qualifying Bank’s entitlement to receive
payments made by the UK Borrowers, make loans to the UK Borrowers under this
Agreement, and for the UK Borrowers to make payments, and to borrow money, in
each case, under this Agreement, without deduction or withholding of applicable
United Kingdom withholding taxes, or (ii) this Agreement shall have been
amended and/or amended and restated, subject to the terms and conditions
specified below, to create a UK Borrowing Subfacility (as defined below).  Within 30 days after the Closing Date (the “Filing
Date”), each Non-UK Qualifying Bank shall use commercially reasonable
efforts to make all applicable filings with the US Internal Revenue Service and
that will permit each UK Borrower to borrow and make payments under this
Agreement, and for each Non-UK Qualifying Bank to receive payments and to make
Loans hereunder, without deduction or withholding of applicable United Kingdom
withholding taxes.

 

(b)           If the UK Borrowers do not receive
the Inland Approval within 45 days from the Filing Date, upon the request of
TMP, each Lender, the Agents, and each Borrower hereby agree to enter into a
written amendment and/or amendment and restatement of this Agreement, among
other things, to (i) create a separate subfacility under which only each of Barclays
Bank PLC, Fleet National Bank, and The Royal Bank of Scotland plc (each a “UK
Qualifying Bank, collectively, the “UK Qualifying Banks”) can make
loans, and the UK Borrowers can request borrowings, and (ii) permit any UK
Qualifying Bank to (A) act as a fronting bank (the “Fronting Bank”), in
such bank’s sole discretion, for the Non-UK Qualifying Banks and to make loans
to the UK Borrowers subject to fronting fees and charges payable by the UK
Borrowers, and (B) for the Fronting Bank to sell, and for each Non-UK
Qualifying Bank to purchase, participations in such subfacility (the “UK
Borrowing Subfacility”).

 

88

 

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

 

	
   

  	
  TMP WORLDWIDE INC., as
  Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ David Trapani

  	
   

  
	
   

  	
   

  	
  Name:

  	
  David Trapani

  
	
   

  	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
  TMP WORLDWIDE LIMITED, as
  Borrower and

  UK Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Stephen Cooney

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Stephen Cooneyni

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  
	
   

  	
  BARTLETT SCOTT EDGAR LIMITED,
  as

  Borrower and UK Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ David Moffat

  	
   

  
	
   

  	
   

  	
  Name:

  	
  David Moffat

  
	
   

  	
   

  	
  Title:

  	
  Director

  
										

 

89

 

	
   

  	
  FLEET NATIONAL BANK, as
  Administrative

  Agent and as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Thomas J. Levy

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Thomas J. Levy

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
						

 

90

 

	
   

  	
  THE ROYAL BANK OF SCOTLAND
  plc, as

  Syndication Agent and as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Julian Dakin

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Julian Dakin

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
						

 

91

 

	
   

  	
  LASALLE BANK NATIONAL
  ASSOCIATION,

  as Documentation Agent and as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Anthony M. Buehler

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Anthony M. Buehler

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
						

 

92

 

	
   

  	
  BARCLAYS BANK PLC, as Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Vincent Muldoon

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Vincent Muldoon

  
	
   

  	
   

  	
  Title:

  	
  Relationship Director

  
						

 

93

 

	
   

  	
  FIFTH THIRD BANK, as Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Ann Pierson

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Ann Pierson

  
	
   

  	
   

  	
  Title:

  	
  Corporate Banking Officer

  
						

 

94

 

Annex A

 

PRICING GRID FOR LOANS

 

	
  Pricing Level

  	
   

  	
  Applicable Margin for

  Eurocurrency Loans

  	
   

  	
  Applicable Margin for

  Alt. Base Rate Loans

  	
   

  	
  Commitment Fee Rate

  	
   

  
	
  I

  	
   

  	
  1.50

  	
  %

  	
  0.00

  	
  %

  	
  .300

  	
  %

  
	
  II

  	
   

  	
  1.75

  	
  %

  	
  0.125

  	
  %

  	
  .375

  	
  %

  
	
  III

  	
   

  	
  2.00

  	
  %

  	
  0.250

  	
  %

  	
  .375

  	
  %

  
	
  IV

  	
   

  	
  2.25

  	
  %

  	
  0.500

  	
  %

  	
  .500

  	
  %

  

 

The Applicable Margin for Revolving Loans,
Foreign Currency Loans, UK Foreign Currency Loans and Swingline Loans and the
Commitment Fee Rate shall be adjusted, on and after the first Adjustment Date
(as defined below), based on changes in the Consolidated Leverage Ratio, with
such adjustments to become effective on the date (the “Adjustment Date”)
that is three Business Days after the date on which the relevant financial
statements are delivered to the Lenders pursuant to Section 7.1 and to
remain in effect until the next adjustment to be effected pursuant to this
paragraph.  If any financial statements
referred to above are not delivered within the time periods specified in
Section 7.1, then, until the date that is three Business Days after the
date on which such financial statements are delivered, the highest rate set
forth in each column of the Pricing Grid shall apply.  On each Adjustment Date, the Applicable Margin for Revolving
Loans, Foreign Currency Loans, UK Foreign Currency Loans and Swingline Loans
and the Commitment Fee Rate shall be adjusted to be equal to the Applicable
Margins and Commitment Fee Rate opposite the Pricing Level determined to exist
on such Adjustment Date from the financial statements relating to such
Adjustment Date.

 

As used herein, the following
rules shall govern the determination of Pricing Levels on each Adjustment Date:

 

“Pricing Level I”  shall exist on an Adjustment Date if the
Consolidated Leverage Ratio for the relevant period is less than 0.75 to 1.00.

 

“Pricing Level II”  shall exist on an Adjustment Date if the
Consolidated Leverage Ratio for the relevant period is less than 1.25 to 1.00
but greater than or equal to 0.75 to 1.00.

 

“Pricing Level III”  shall exist on an Adjustment Date if the
Consolidated Leverage Ratio for the relevant period is less than 1.75 to 1.00
but greater than or equal to 1.25 to 1.00.

 

“Pricing Level IV”  shall exist on an Adjustment Date if the
Consolidated Leverage Ratio for the relevant period is greater than or equal to
1.75 to 1.00.

 

Notwithstanding the foregoing, the Applicable
Margin shall be at “Pricing Level III” until the Administrative Agent
receives compliance reporting for TMP’s quarter ending March 31, 2004.

 

95

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