Document:

exv10w6

 

Exhibit 10.6

RECAPITALIZATION AGREEMENT

     THIS
RECAPITALIZATION AGREEMENT (the “Agreement”) is made as of
August 4,
2004 among Commercial Vehicle Group, Inc., a Delaware corporation (the
“Company”) and the stockholders listed on the signatory pages hereto (the
“Stockholders”). Except as otherwise indicated herein, capitalized terms used
herein are defined in Section 5 hereof.

     The Company’s outstanding capital stock consists of 6,968.01 shares of
Class A Common Stock, par value $.01 per share (the “Class A Common”),
121,296.25 shares of Class B Common Stock, par value $.01 per share (the “Class
B Common”), 30,324.00 shares of Class C Common Stock, par value $.01 per share
(the “Class C Common”), 97,964.00 shares of Class D-1 Common Stock, par value
$.01 per share (the “Class D-1 Common”), zero shares of Class D-2 Common Stock,
par value $.01 per share (the “Class D-2 Common”) and 24,491.00 shares of Class
E Common Stock, par value $.01 per share (the “Class E Common”). The Company’s
outstanding classes of Common Stock generally differ with respect to dividend,
liquidation preference and voting rights as provided in the Company’s existing
certificate of incorporation (the “Current Certificate”). The holders of the
Company’s outstanding capital stock own such shares in the respective amounts
set forth opposite their individual names on Schedule I hereto. The Class A
Common, Class B Common, Class C Common, Class D-1 Common, Class D-2 Common and
Class E Common are collectively referred to herein as the “Common Stock.”

     On May 20, 2004, the Company and its wholly owned subsidiary, Trim Merger
Co., entered into an Agreement and Plan of Merger with Trim Systems, Inc.
(“Trim”), pursuant to which Trim Merger Co. will be merged with and into Trim
(the “Trim Merger”), upon and subject to the terms and conditions outlined
therein. Pursuant to the Trim Merger, the holders of outstanding shares of
capital stock and warrants of Trim will receive in the aggregate 41,018.69
shares of Class A Common, 27,932.06 shares of Class B Common and 5,568.75
shares of Class C Common. The holders of outstanding shares of capital stock
and warrants of Trim will be issued shares of Common Stock in connection with
the Trim Merger in the respective amounts set forth opposite their individual
names on Schedule II hereto. Trim Merger will be effected prior to
consummation of the transactions contemplated by the Agreement. All such
shares of Common Stock to be issued in the Trim Merger are referred to herein
as the “Trim Shares.”

     The Company has filed a Registration Statement on Form S-l (Registration
No. 333-115708) with the Securities and Exchange Commission relating to an
initial public offering (the “Initial Public Offering”) of the Company’s common
stock, par value $.01 per share (the “New Common”), under the Securities Act.
In connection with the Initial Public Offering, the Company intends to amend
and restate its certificate of incorporation in order to, among other things,
reclassify all of its outstanding classes of Common Stock into a single class
of New Common on a share-for-share basis (the “Reclassification”) and,
immediately thereafter, effect a 38.991-to-one stock split of the New Common
(the “Stock Split”). The terms of the New Common are set forth in the
Company’s Amended and Restated Certificate of Incorporation (the “Restated
Certificate”), to be filed with the Secretary of State of the State of Delaware
and to be effective in accordance with the terms of this Agreement.

 

 

     In order to adjust the ownership of the Company among the Stockholders so
as to give effect to the relative rights and privileges of the existing Common
Stock, which will be eliminated in the Reclassification, the parties hereto
agree as follows:

     Section 1. Common Stock Ownership Reallocation.

     1A. Reallocation Transactions. Each of the Stockholders listed on the
schedule attached hereto as Exhibit A (each a “Contributing Stockholder”)
hereby agrees to deliver to the Company that number of shares of Class C Common
or Class E Common, as the case may be, as will be set forth opposite their
individual names on Exhibit A as of the Closing and, upon such delivery, such
shares of Class C Common and Class E Common shall be canceled by the Company
(the “Canceled Shares”). The Company shall immediately thereafter issue to
those Stockholders listed on Exhibit B (each an “Adjusted Stockholder”) that
number and class of shares of Common Stock of the Company as will be set forth
opposite their individual names on Exhibit B as of the Closing on account of
the shares of Common Stock held by such Stockholders (the “Additional Shares”
and together with the Canceled Shares, the “Subject Shares”).

     1B. Calculation of the Subject Shares. The number of Canceled Shares to
be delivered to the Company by the Contributing Stockholders as set forth on
Exhibit A as of the Closing and the number of Additional Shares to be issued by
the Company to each Adjusted Stockholder as will be set forth on Exhibit B as
of the Closing shall be calculated in a manner so that each Stockholder will
hold, after giving effect to the Reclassification and Stock Split, that number
of shares of New Common such Stockholder would receive under the Current
Certificate upon a Distribution (as defined in the Current Certificate) by the
Company of a number of shares of New Common equal to the Pre-IPO Company Value
divided by (ii) the Pre-Split IPO Price. “Pre-IPO Company Value” means an
amount equal to (i) the Pre-Split IPO Price multiplied by (ii) the aggregate
number of shares of Common Stock outstanding (including the Trim Shares).
“Pre-Split IPO Price” means an amount equal to (A) the initial price to the
public per share of New Common in the Initial Public Offering multiplied by (B)
38.991.

     1C. Restated Certificate of Incorporation. The Company has previously
authorized the amendment (the “Charter Amendment”) of the Current Certificate
attached hereto as Exhibit C and the further amendment and restatement of the
Current Certificate in the form of the Restated Certificate attached hereto as
Exhibit D, and submitted the same to the Stockholders for approval. The
Charter Amendment will be filed with the Secretary of State of the State of
Delaware and become effective prior to the Closing. The Reclassification and
Stock Split will be effected upon the effectiveness of the Restated
Certificate. The Restated Certificate shall be filed with the Secretary of
State of the State of Delaware and become effective immediately after the
Closing. Each of the Stockholders agrees to vote in favor of the adoption of
the Charter Amendment and the Restated Certificate.

     1D. Notice. Prior to the Closing (as defined in Section 1F), the Company
shall calculate the number of Canceled Shares to be delivered to the Company by
the Contributing Stockholders and the number of Additional Shares to be issued
to each Adjusted Stockholder as set forth above in Section 1B, and shall
deliver notice to each Stockholder of the results of such

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calculation in accordance with Section 6K as soon as possible thereafter.
The Company’s calculations shall be conclusive and binding upon each
Stockholder.

     1E. Delivery/Issuance of the Subject Shares. At the Closing or as soon as
practicable thereafter, the Company shall, subject to the terms and conditions
set forth herein, issue and deliver, or cause the Company’s transfer agent to
deliver, to each Adjusted Stockholder stock certificates evidencing the
Additional Shares to be issued by the Company to each such Adjusted
Stockholder, registered in each such Adjusted Stockholder’s name or its
nominee’s name, on account of the shares of Common Stock held by such Adjusted
Stockholder and each Contributing Stockholder shall deliver to the Company the
stock certificates representing the Canceled Shares duly endorsed for transfer
to the Company, which shall be canceled by the Company. The number of Canceled
Shares delivered to the Company and the number of Additional Shares to be
issued by the Company shall be that as calculated pursuant to Section 1B
hereof.

     1F. The Closing. The closing of the transactions contemplated hereby (the
“Closing”) shall take place at the offices of Kirkland & Ellis LLP, 200 E.
Randolph Drive, Chicago, IL, immediately after the execution of the
Underwriting Agreement and completion of calculations required to effect the
transactions contemplated by Section 1A and delivery of the required notice
pursuant to Section 1D (the “Closing Time”), or at such other place as may be
mutually agreeable to the Company and the Stockholders. The transactions
contemplated by this Agreement shall be deemed effective as of the Closing
Time.

     Section 2. Conditions of Each Stockholder’s Obligation at the Closing.
The obligation of each Stockholder to effect the transactions contemplated
hereby at the Closing is subject to the satisfaction as of the Closing of the
following conditions:

     2A. Representations and Warranties. The representations and warranties
contained in Section 4 hereof shall be true and correct in all material
respects at and as of the Closing as though then made, except to the extent of
changes caused by the transactions expressly contemplated herein.

     2B. Underwriting Agreement. The Company shall have executed the
Underwriting Agreement.

     2C. Amendment/Restatement of Certificate of Incorporation. The Charter
Amendment in the form attended hereto as Exhibit C shall have been filed and
effective under the General Corporation Law of the State of Delaware and the
Restated Certificate in the form attached hereto as Exhibit D shall have been
approved by the stockholders of the Company in accordance with the General
Corporation Law of the State of Delaware and shall not have been further
amended or modified.

     2D. Securities Law Compliance. The Company shall have made all filings
under all applicable federal and state securities laws necessary to consummate
the acquisition of the Canceled Shares and the issuance of the Additional
Shares pursuant to this Agreement in compliance with such laws.

3

 

     2E. Closing Documents. The Company shall have delivered to each
Stockholder such documents relating to the transactions contemplated by this
Agreement as any Stockholder may reasonably request.

     2F. Proceedings. All corporate and other proceedings taken or required to
be taken by the Company in connection with the transactions contemplated hereby
to be consummated at or prior to the Closing and all documents incident thereto
shall be reasonably satisfactory in form and substance to each Stockholder.

     2G. Waiver. Any condition specified in this Section 2 may be waived if
consented to by each Stockholder; provided, that no such waiver shall be
effective against any Stockholder unless it is set forth in a writing executed
by such Stockholder.

     Section 3. Representations and Warranties of the Company. As a material
inducement to the Stockholders to enter into this Agreement and to effect the
transactions contemplated hereby, the Company represents and warrants that:

     3A. Organization and Corporate Power. The Company is a corporation duly
organized, validly existing and in good standing under the laws of Delaware and
is qualified to do business in every jurisdiction in which the failure to so
qualify would reasonably be expected to have a material adverse effect on the
financial condition, operating results, assets, operations or business
prospects of the Company and its Subsidiaries taken as a whole.

     3B. Authorization: No Breach. The execution, delivery and performance of
this Agreement, and all other agreements contemplated hereby and thereby to
which the Company is a party, the Charter Amendment and the amendment and
restatement of the Current Certificate have been duly authorized by the
Company. This Agreement and all other agreements contemplated hereby and
thereby to which the Company is a party each constitutes a valid and binding
obligation of the Company, enforceable in accordance with its terms. The
execution and delivery by the Company of this Agreement, and all other
agreements contemplated hereby and thereby to which the Company is a party, the
issuance of the shares of New Common in the Initial Public Offering, the
Charter Amendment the amendment and restatement of the Current Certificate and
the fulfillment of and compliance with the respective terms hereof and thereof
by the Company, do not and shall not (i) conflict with or result in a breach of
the terms, conditions or provisions of, (ii) constitute a default under, (iii)
result in the creation of any lien, security interest, charge or encumbrance
upon the Company’s or any Subsidiary’s capital stock or assets pursuant to,
(iv) give any third party the right to modify, terminate or accelerate any
obligation under, (v) result in a violation of, or (vi) require any
authorization; consent, approval, exemption or other action by or notice or
declaration to, or filing with, any court or administrative or governmental
body or agency pursuant to, the Current Certificate or the certificate of
incorporation of any Subsidiary, or any law, statute, rule or regulation to
which the Company or any Subsidiary is subject, or any agreement, instrument,
order, judgment or decree to which the Company or any Subsidiary is a party or
by which their respective property is bound, other than as expressly
contemplated in such agreements described above and other than those made and
obtained.

4

 

     3C. Capital Stock and Related Matters. As of the Closing and immediately
thereafter, the authorized capital stock of the Company shall consist of
30,000,000 shares of New Common, of which 16,988,752 shares (17,682,502 shares
if the underwriters’ over-allotment option is exercised in full) will be issued
and outstanding, and 5,000,000 shares of Preferred Stock, par value $.01 per
share, none of which will be issued and outstanding. As of the Closing, all of
the outstanding shares of the Company’s capital stock shall be validly issued,
fully paid and nonassessable. There are no statutory or contractual
stockholders preemptive rights or rights of refusal with respect to the
issuance of the Additional Shares pursuant to this Agreement or the New Common
in the Initial Public Offering, which have not been or will not be waived or
terminated. The Company has not violated any applicable federal or state
securities laws in connection with the offer, sale or issuance of any of its
capital stock, and the offer, sale and issuance of the Additional Shares
hereunder does not require registration under the Securities Act or any
applicable state securities laws.

     Section 4. Representations and Warranties of the Stockholders. The
Stockholders hereby represent and warrant to the Company that:

     4A. Authorization; Enforceability. The execution, delivery and
performance of this Agreement, all other agreements contemplated hereby and
thereby to which any Stockholder is a party each constitutes a valid and
binding obligation of such Stockholder, enforceable in accordance with its
term.

     4B. No Violation. Neither the execution and the delivery of this
Agreement or any other documents contemplated hereby to which each Stockholder
is a party, nor the consummation of the transactions contemplated hereby and
thereby, will (a) conflict with, result in a breach of any of the provisions
of, (b) constitute a default under, (c) result in the violation of, (d) give
any third party the right to terminate or to accelerate any obligation under,
or (e) require any authorization, consent, approval, execution or other action
by or notice to or filing with any court or administrative or governmental body
under, the provisions of the certificate of incorporation or bylaws of the
Stockholder (where the Stockholder is an incorporated entity) or any statute,
regulation, rule, judgment, order, decree or other restriction of any
government, governmental agency or court to which the Stockholder is subject.

     4C. Ownership. Each Stockholder owns the Common Stock set forth on
Schedule I hereto or, upon consummation of the Trim Merger, the Common Stock
set forth on Schedule II hereto, free and clear of any restrictions on
transfer, claims, taxes, liens, charges, encumbrances, pledges, security
interests, options, warrants, rights, contracts, calls, commitments, equities
and demands, except for applicable restrictions on transfer under securities
laws.

     Section 5. Definitions. For the purposes of this Agreement, the following
terms have the meanings set forth below:

     “Person” means any individual, partnership, corporation, limited liability
company, association, joint stock company, trust, joint venture, unincorporated
organization or governmental entity or any department, agency or political
subdivision thereof.

5

 

     “Securities Act” means the Securities Act of 1933, as amended, or any
similar federal law then in force.

     “Subsidiary” means, with respect to any Person, any corporation, limited
liability company, partnership, association or other business entity of which
(i) if a corporation, a majority of the total voting power of shares of stock
entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person or a combination thereof, or (ii) if a limited
liability company, partnership, association or other business entity, a
majority of the partnership or other similar ownership interest thereof is at
the time owned or controlled, directly or indirectly, by any Person or one or
more Subsidiaries of that Person or a combination thereof. For purposes
hereof, a Person or Persons shall be deemed to have a majority ownership
interest in a limited liability company, partnership, association or other
business entity if such Person or Persons shall be allocated a majority of
limited liability company, partnership, association or other business entity
gains or losses or shall be or control any managing director or general partner
of such limited liability company, partnership, association or other business
entity.

     “Underwriting Agreement” means the Underwriting Agreement entered into by
and among the Company, and the Underwriters and Selling Stockholders named
therein, pursuant to which the Initial Public Offering of the Company’s New
Common shall be distributed through a firm commitment underwriting led by
Credit Suisse First Boston LLC as representative of the Underwriters.

     Section 6. Miscellaneous.

     6A. Termination. This Agreement shall terminate upon the earlier of (i)
August 31, 2004, if the Underwriting Agreement has not been executed by the
parties thereto prior to such date, or (ii) the sending of notice by the
Company to each Stockholder that the Underwriting Agreement has not been
executed by the parties thereto and the transactions contemplated thereby
(including Initial Public Offering) will not be consummated prior to September
15, 2004.

     6B. Tax Treatment. The parties hereto intend that the transactions
contemplated by this Agreement, together with the Reclassification, shall be
treated as an integrated transaction constituting both (1) a “reorganization”
pursuant to section 368(a)(1)(E) of the Internal Revenue Code of 1986, as
amended (the “Code”) and (2) a tax-free exchange of common stock for common
stock of the same issuer pursuant to section 1036 of the Code. Each of the
parties hereto shall file all tax returns in a manner consistent with the
foregoing.

     6C. Remedies. Any Person having any rights under any provision of this
Agreement shall be entitled to enforce such rights specifically (without
posting a bond or other security), to recover damages by reason of any breach
of any provision of this Agreement and to exercise all other rights granted by
law.

     6D. Consent to Amendments. Except as otherwise expressly provided herein,
the provisions of this Agreement may be amended and the Company may take any
action herein prohibited, or omit to perform any act herein required to be
performed by it, only if the Company

6

 

has obtained the written consent of the holders of at least two-thirds of
the outstanding shares of Common Stock (including the Trim Shares) held by the
parties subject to this Agreement.

     6E. Survival of Representations and Warranties. All representations and
warranties contained herein or made in writing by any party in connection
herewith shall survive the execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby, regardless of any
investigation made by any Stockholder or on its behalf.

     6F. Successors and Assigns. Except as otherwise expressly provided
herein, all covenants and agreements contained in this Agreement by or on
behalf of any of the parties hereto shall bind and inure to the benefit of the
respective successors and assigns of the parties hereto whether so expressed or
not. In addition, and whether or not any express assignment has been made, the
provisions of this Agreement which are for any Stockholder’s benefit as a
Stockholder or holder of Common Stock are also for the benefit of, and
enforceable by, any subsequent holder of such Common Stock.

     6G. Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be prohibited
by or invalid under applicable law, such provision shall be ineffective only to
the extent of such prohibition or invalidity, without invalidating the
remainder of this Agreement.

     6H. Counterparts. This Agreement may be executed simultaneously in two or
more counterparts, anyone of which need not contain the signatures of more than
one party, and all of which such counterparts taken together shall constitute
one and the same Agreement.

     6I. Descriptive Headings; Interpretation. The descriptive headings of this
Agreement are inserted for convenience only and do not constitute a substantive
part of this Agreement. The use of the word “including” in this Agreement
shall be by way of example rather than by way of limitation.

     6J. Governing Law. The corporate law of the state of Delaware shall
govern all issues concerning the relative rights of the Company and its
stockholders. All other questions concerning the construction, validity and
interpretation of this Agreement and the exhibits and schedules hereto shall be
governed by the internal law, and not the law of conflicts, of the state of New
York.

     6K. Notices. All notices, demands or other communications to be given or
delivered under or by reason of the provisions of this Agreement shall be in
writing and, except for notice by any Stockholder in response to the Company’s
notification of share calculations pursuant to Section 1D, shall be deemed to
have been given when delivered personally to the recipient, sent to the
recipient by reputable overnight courier service (charges prepaid) or
telecopied to the recipient. Such notices, demands and other communications
shall be sent to each Stockholder at the address indicated next to such party’s
name on the signature pages hereto or to such other address or to the attention
of such other person as the recipient party has specified by prior written
notice to the sending party. All notices given or delivered by a Stockholder
to the

7

 

Company in response to the Company’s notification of share calculations
pursuant to Section 1D shall be deemed to have been given when actually
received by the Company.

     6L. Rescission. The parties hereto agree that if the closing of the
Initial Public Offering has not occurred within 15 calendar days following the
Closing, (a) the transactions effected pursuant to this Agreement will be
rescinded in their entirety, (b) the deliveries made pursuant to Section 1E
hereof shall be reversed and the parties hereto will be returned to their
respective positions immediately prior to the Closing, and (c) any rights or
obligations of the parties under this Agreement shall be terminated.

*     *     *     *

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     IN WITNESS WHEREOF, the parties hereto have executed this Recapitalization
Agreement on the date first written above.

	 	 	 
	Address:
	 	 
	6530 Campus Way

	 	COMMERCIAL VEHICLE GROUP, INC.
	New Albany, Ohio 43054
	 	 
	Attention: President

	 	By:    /s/ Chad M. Utrup
	

	 	

	

	 	Its:    Vice President & CFO

	 	 	 
	Address:
	 	 
	c/o OG Partners

	 	/s/ S.A. Johnson
	294 Grove Lane East, Ste. 260

	 	

	Wayzata, MN 55391

	 	S.A. Johnson
	 
	 	 
	Address:
	 	 
	c/o Thayer Capital Partners

	 	/s/ Scott D. Rued
	1455 Pennsylvania Avenue, NW

	 	

	Suite 3500

	 	Scott D. Rued
	Washington, D.C. 20004
	 	 
	 
	 	 
	Address:
	 	 
	c/o Hidden Creek

	 	/s/ Carl E. Nelson
	4508 IDS Center

	 	

	Minneapolis, MN 55402

	 	Carl E. Nelson
	 
	 	 
	Address:
	 	 
	c/o Hidden Creek

	 	/s/ David J. Huls
	4508 IDS Center

	 	

	Minneapolis, MN 55402

	 	David J. Huls
	 
	 	 
	Address:
	 	 
	c/o Hidden Creek

	 	/s/ Daniel F. Moorse
	4508 IDS Center

	 	

	Minneapolis, MN 55402

	 	Daniel F. Moorse
	 
	 	 
	Address:
	 	 
	c/o Hidden Creek

	 	/s/ Judith A. Vijums
	4508 IDS Center

	 	

	Minneapolis, MN 55402

	 	Judith A. Vijums
	 
	 	 
	Address:
	 	 
	c/o Hidden Creek

	 	/s/ Kenneth W. Hager
	4508 IDS Center

	 	

	Minneapolis, MN 55402

	 	Kenneth W. Hager

 

 

	 	 	 
	Address:
	 	 
	c/o Onex Investment Corp.

	 	/s/ Donald F. West
	712 Fifth Avenue

	 	

	New York, NY 10019

	 	Tim Duncanson
	 
	 	 
	Address:
	 	 
	c/o Onex Investment Corp.

	 	/s/ Donald F. West
	712 Fifth Avenue

	 	

	New York, NY 10019

	 	Serge Gouin
	 
	 	 
	Address:
	 	 
	c/o Onex Investment Corp.

	 	/s/ Donald F. West
	712 Fifth Avenue

	 	

	New York, NY 10019

	 	Brian King
	 
	 	 
	Address:
	 	 
	c/o Onex Investment Corp.

	 	/s/ Donald F. West
	712 Fifth Avenue

	 	

	New York, NY 10019

	 	J.W.E. Mingo
	 
	 	 
	Address:
	 	 
	c/o Onex Investment Corp.

	 	/s/ Donald F. West
	712 Fifth Avenue

	 	

	New York, NY 10019

	 	Robert Prichard
	 
	 	 
	Address:
	 	 
	3415
NE 2nd Avenue Suite 203

	 	/s/ Robert R. Hibbs
	Miami, FL 33137

	 	

	

	 	Robert R. Hibbs
	 
	 	 
	Address:
	 	 
	100 Mystery Pt. Rd.

	 	/s/ John C. Read
	Garrison, NY 10524

	 	

	

	 	John C. Read
	 
	 	 
	Address:
	 	 
	c/o Hidden Creek

	 	/s/ Mary-Louise R. Johnson
	4508 IDS Center

	 	

	Minneapolis, MN 55402

	 	Mary-Louise R. Johnson and her successors in
trust, as Trustees of the Mary-Louise R.
Johnson Revocable Trust under Agreement dated
November 12, 2001
	 
	 	 
	Address:

	 	1170698 Ontario Inc.
	c/o Onex Investment Corp.
	 	 
	712 Fifth Avenue

	 	By:  /s/ Donald W. Lewtas
	New York, NY 10019

	 	

	

	 	Its:  Donald W. Lewtas, Authorized Signer
	

	 	 

 

 

	 	 	 	 	 
	Address:	 	1170809 Ontario Inc.
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald W. Lewtas
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Donald W. Lewtas, Authorized Signer
	 
	 	 	 	 
	Address:	 	1170812 Ontario Inc.
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald W. Lewtas
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Donald W. Lewtas, Authorized Signer
	 
	 	 	 	 
	Address:	 	1170819 Ontario Inc.
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald W. Lewtas
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Donald W. Lewtas, Authorized Signer
	 
	 	 	 	 
	Address:	 	1170821 Ontario Inc.
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald W. Lewtas
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Donald W. Lewtas, Authorized Signer
	 
	 	 	 	 
	Address:	 	1299039 Ontario Inc.
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald F. West
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Authorized Signer
	 
	 	 	 	 
	Address:	 	1301449 Ontario Inc.
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald W. Lewtas
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Donald W. Lewtas, Authorized Signer
	 
	 	 	 	 
	Address:	 	1352536 Ontario Inc.
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald W. Lewtas
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Donald W. Lewtas, Authorized Signer

 

 

	 	 	 	 	 
	Address:	 	1352537 Ontario Inc.
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald W. Lewtas
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Donald W. Lewtas, Authorized Signer
	 
	 	 	 	 
	Address:	 	1376653 Ontario Inc.
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald W. Lewtas
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Donald W. Lewtas, Authorized Signer
	 
	 	 	 	 
	Address:	 	2668921 Manitoba Ltd.
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald F. West
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Authorized Signer
	 
	 	 	 	 
	Address:	 	3062601 Nova Scotia Company
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald W. Lewtas
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Donald W. Lewtas, Authorized Signer
	 
	 	 	 	 
	Address:	 	3-G Investments Limited
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald F. West
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Authorized Signer
	 
	 	 	 	 
	Address:	 	AMON Canadian Investments, Ltd.
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald F. West
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Authorized Signer
	 
	 	 	 	 
	Address:	 	Bostrom Executive Investco LLC
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald F. West
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Director

 

 

	 	 	 	 	 
	Address:	 	Bostrom Partners LP
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald F. West
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Representative
	 
	 	 	 	 
	Address:	 	CVS Executive Investco LLC
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald F. West
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Director
	 
	 	 	 	 
	Address:	 	CVS Partners, LP
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald F. West
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Representative
	 
	 	 	 	 
	Address:	 	J2R Partners II
	c/o Hidden Creek
	 	 	 	 
	4508 IDS Center

	 	By:
	 	/s/ S.A. Johnson
	

	 	 	 	

	Minneapolis, MN 55402
	 	 	 	 
	

	 	Its:
	 	Managing Partner
	 
	 	 	 	 
	Address:	 	J2R Partners VII
	c/o Hidden Creek
	 	 	 	 
	4508 IDS Center

	 	By:
	 	/s/ S.A. Johnson
	

	 	 	 	

	Minneapolis, MN 55402
	 	 	 	 
	

	 	Its:
	 	Managing Partner
	 
	 	 	 	 
	Address:	 	J2R Partners VI
	c/o Hidden Creek
	 	 	 	 
	4508 IDS Center

	 	By:
	 	/s/ S.A. Johnson
	

	 	 	 	

	Minneapolis, MN 55402
	 	 	 	 
	

	 	Its:
	 	Managing Partner
	 
	 	 	 	 
	Address:	 	Kyzalea Company
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald W. Lewtas
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Donald W. Lewtas, Authorized Signer

 

 

	 	 	 	 	 
	Address:	 	MHON Canadian Investments, Ltd.
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald F. West
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Authorized Signer
	 
	 	 	 	 
	Address:	 	Onex Advisor III LLC
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald F. West
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Director
	 
	 	 	 	 
	Address:	 	Onex American Holdings II LLC
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald F. West
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Director
	 
	 	 	 	 
	Address:	 	Onex DHC LLC
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald F. West
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Representative
	 
	 	 	 	 
	Address:	 	Trim Systems Executive Investco LLC
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald F. West
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Representative
	 
	 	 	 	 
	Address:	 	Trim Systems Executive Investco II LLC
	c/o Onex Investment Corp.
	 	 	 	 
	712 Fifth Avenue

	 	By:
	 	/s/ Donald F. West
	

	 	 	 	

	New York, NY 10019
	 	 	 	 
	

	 	Its:
	 	Director
	 
	 	 	 	 
	Address:	 	Baird Capital Partners III Limited Partnership
	c/o Baird Capital Partners
	 	 	 	 
	227 West Monroe Street

	 	By:
	 	/s/ [Illegible]
	Suite 2200
	 	 	 	

	

	 	 	 	 
	Chicago, IL 60606

	 	Its:
	 	Director
	Attn: C. Andrew Brickman
	 	 	 	 
	 
	 	 	 	 

 

 

	 	 	 	 	 
	Address:	 	BCP III Affiliates Fund Limited Partnership
	c/o Baird Capital Partners
	 	 	 	 
	227 West Monroe Street

	 	By:
	 	/s/ [Illegible]
	

	 	 	 	

	Suite 2200
	 	 	 	 
	Chicago, IL 60606

	 	Its:
	 	Director
	Attn: C. Andrew Brickman
	 	 	 	 
	 
	Address:	 	BCP III Special Affiliates Limited Partnership
	c/o Baird Capital Partners
	 	 	 	 
	227 West Monroe Street

	 	By:
	 	/s/ [Illegible]
	

	 	 	 	

	Suite 2200
	 	 	 	 
	Chicago, IL 60606

	 	Its:
	 	Director
	Attn: C. Andrew Brickman
	 	 	 	 
	 
	 	 	 	 
	Address:	 	Baird Capital Partners II Limited Partnership
	c/o Baird Capital Partners
	 	 	 	 
	227 West Monroe Street

	 	By:
	 	/s/ [Illegible]
	

	 	 	 	

	Suite 2200
	 	 	 	 
	Chicago, IL 60606

	 	Its:
	 	Managing Director
	Attn: C. Andrew Brickman
	 	 	 	 
	 
	 	 	 	 
	Address:	 	BCP II Affiliates Fund Limited Partnership
	c/o Baird Capital Partners
	 	 	 	 
	227 West Monroe Street

	 	By:
	 	/s/ [Illegible]
	

	 	 	 	

	Suite 2200
	 	 	 	 
	Chicago, IL 60606

	 	Its:
	 	Managing Director
	Attn: C. Andrew Brickman
	 	 	 	 
	 
	Address:

	 	Randolph Street Partners II

	c/o Kirkland & Ellis LLP
	 	 	 	 
	200 E. Randolph Drive

	 	By:
	 	/s/ Jack S. Levin
	

	 	 	 	

	Chicago, IL 60601
	 	 	 	 
	

	 	Its:
	 	Managing Partner
	 
	 	 	 	 
	Address:	 	Norwest Equity Partners VII, LP
	3600 IDS Center
	 	 	 	 
	80 South 8th Street	 	By: Itasca LBO Partners VII, LLP, its General Partner
	Minneapolis, MN 55402
	 	 	 	 
	

	 	By:
	 	/s/ [Illegible]
	

	 	 	 	

	 
	

	 	Its:
	 	Partner<PAGE>

                                                                    Exhibit 10.1

________________________________________________________________________________
                                               Published CUSIP Number: 18450JAC9

                                CREDIT AGREEMENT

                            DATED AS OF JULY 13, 2004

                                      AMONG

                       CLEAR CHANNEL COMMUNICATIONS, INC.
                                 AS THE COMPANY,

                       CLEAR CHANNEL INTERNATIONAL LIMITED
                         CLEAR CHANNEL INTERNATIONAL BV
                          CLEAR CHANNEL NETHERLANDS BV
                  CLEAR CHANNEL INTERNATIONAL HOLDINGS BV, AND
                              CCW INTERNATIONAL BV
                           AS THE OFFSHORE BORROWERS,

                             BANK OF AMERICA, N.A.,
           AS ADMINISTRATIVE AGENT, OFFSHORE SUB-ADMINISTRATIVE AGENT,
                        SWING LINE LENDER AND L/C ISSUER

                              JPMORGAN CHASE BANK,
                              AS SYNDICATION AGENT,

                                       AND

                                BARCLAYS BANK PLC
                                 CITIBANK, N.A.
                           CREDIT SUISSE FIRST BOSTON
                         DEUTSCHE BANK SECURITIES INC.,
                           AS CO-DOCUMENTATION AGENTS,

                         THE OTHER LENDERS PARTY HERETO

                                      WITH

                         BANC OF AMERICA SECURITIES LLC,
                  AS JOINT LEAD ARRANGER AND JOINT BOOK MANAGER

                                       AND

                          J.P. MORGAN SECURITIES INC.,
                  AS JOINT LEAD ARRANGER AND JOINT BOOK MANAGER

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
Section                                                                                                                       Page
-------                                                                                                                       ----
<S>                                                                                                                           <C>
ARTICLE I.
DEFINITIONS AND ACCOUNTING TERMS...........................................................................................     1
            1.01        Defined Terms......................................................................................     1
            1.02        Other Interpretive Provisions......................................................................    33
            1.03        Accounting Terms...................................................................................    33
            1.04        Exchange Rates; Currency Equivalents...............................................................    34
            1.05        Additional Alternative Currencies..................................................................    34
            1.06        Change of Currency.................................................................................    36
            1.07        Times of Day.......................................................................................    37
            1.08        Letter of Credit Amounts...........................................................................    37

ARTICLE II.
THE DOMESTIC FACILITY......................................................................................................    37
            2.01        Domestic Committed Loans...........................................................................    37
            2.02        Borrowings, Conversions and Continuations of Domestic Committed Loans..............................    38
            2.03        Domestic Bid Loans.................................................................................    40
            2.04        Domestic Letters of Credit.........................................................................    44
            2.05        Domestic Swing Line Loans..........................................................................    55
            2.06        Prepayments of Domestic Loans and Credit Extensions................................................    59
            2.07        Termination or Reduction of Domestic Commitments...................................................    60
            2.08        Repayment of Domestic Loans and Credit Extensions..................................................    61
            2.09        Interest on Domestic Loans and Credit Extensions...................................................    61
            2.10        Increase in Domestic Commitments...................................................................    62
            2.11        Company Purchase of Domestic Loans.................................................................    63

ARTICLE III.
THE OFFSHORE FACILITY......................................................................................................    65
            3.01        Offshore Loans.....................................................................................    65
            3.02        Prepayments of UK Offshore Loans...................................................................    67
            3.03        Termination or Reduction of Offshore Commitments...................................................    68
            3.04        Repayment of Offshore Loans........................................................................    68
            3.05        Interest on Offshore Loans.........................................................................    69
            3.06        Hybrid Offshore Loans..............................................................................    70
            3.07        Additional Offshore Borrowers......................................................................    74

ARTICLE IV.
THE DOMESTIC FACILITY AND OFFSHORE FACILITY, GENERALLY.....................................................................    75
            4.01        Interest after Default.............................................................................    75
            4.02        Fees...............................................................................................    76
            4.03        Computation of Interest and Fees...................................................................    76
            4.04        Excess of Commitments..............................................................................    77
            4.05        Evidence of Debt...................................................................................    77
</TABLE>

                                       i

<PAGE>

<TABLE>
<S>                                                                                                                           <C>
            4.06        Payments Generally; Administrative Agent's Clawback................................................    78
            4.07        Sharing of Payments by Lenders.....................................................................    81

ARTICLE V.
TAXES, YIELD PROTECTION AND ILLEGALITY.....................................................................................    82
            5.01        Taxes..............................................................................................    82
            5.02        Illegality.........................................................................................    85
            5.03        Inability to Determine Rates.......................................................................    85
            5.04        Increased Costs....................................................................................    86
            5.05        Compensation for Losses............................................................................    88
            5.06        Mitigation Obligations; Replacement of Lenders.....................................................    89
            5.07        Survival...........................................................................................    89

ARTICLE VI.
CONDITIONS PRECEDENT TO CREDIT EXTENSIONS..................................................................................    90
            6.01        Conditions of Initial Credit Extension.............................................................    90
            6.02        Conditions to all Credit Extensions................................................................    92

ARTICLE VII.
REPRESENTATIONS AND WARRANTIES.............................................................................................    93
            7.01        Existence, Qualification and Power; Compliance with Laws...........................................    93
            7.02        Authorization; No Contravention....................................................................    93
            7.03        Governmental Authorization; Other Consents.........................................................    93
            7.04        Binding Effect.....................................................................................    93
            7.05        Financial Statements; No Material Adverse Effect...................................................    94
            7.06        Litigation.........................................................................................    94
            7.07        Ownership of Property; Liens.......................................................................    94
            7.08        Environmental Compliance...........................................................................    95
            7.09        Insurance..........................................................................................    95
            7.10        Taxes..............................................................................................    95
            7.11        ERISA Compliance...................................................................................    95
            7.12        Margin Regulations; Investment Company Act; Public Utility Holding Company Act.....................    96
            7.13        Disclosure.........................................................................................    96
            7.14        Compliance with Laws...............................................................................    97
            7.15        Intellectual Property; Licenses, Etc...............................................................    97
            7.16        Representations as to Foreign Obligors.............................................................    97
            7.17        Solvent............................................................................................    98
            7.18        Blocked Persons List...............................................................................    98

ARTICLE VIII.
AFFIRMATIVE COVENANTS......................................................................................................    99
            8.01        Financial Statements...............................................................................    99
            8.02        Certificates; Other Information....................................................................    99
            8.03        Notices............................................................................................   101
            8.04        Payment of Obligations.............................................................................   102
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                                                                           <C>
            8.05        Preservation of Existence, Etc.....................................................................   102
            8.06        Maintenance of Properties..........................................................................   103
            8.07        Maintenance of Insurance...........................................................................   103
            8.08        Compliance with Laws...............................................................................   103
            8.09        Books and Records..................................................................................   103
            8.10        Inspection Rights..................................................................................   103
            8.11        Use of Proceeds....................................................................................   103
            8.12        Approvals and Authorizations.......................................................................   103
            8.13        Primary Lines of Business..........................................................................   104

ARTICLE IX.
NEGATIVE COVENANTS.........................................................................................................   104
            9.01        Liens..............................................................................................   104
            9.02        Investments and Acquisitions.......................................................................   105
            9.03        Indebtedness.......................................................................................   105
            9.04        Sale and Leaseback Transactions....................................................................   106
            9.05        Fundamental Changes................................................................................   106
            9.06        Dispositions.......................................................................................   107
            9.07        Restricted Payments................................................................................   107
            9.08        Transactions with Affiliates.......................................................................   108
            9.09        Restrictive Agreements.............................................................................   108
            9.10        Financial Covenants................................................................................   108

ARTICLE X.
EVENTS OF DEFAULT AND REMEDIES.............................................................................................   108
            10.01       Events of Default..................................................................................   108
            10.02       Remedies Upon Event of Default.....................................................................   111
            10.03       Application of Funds...............................................................................   111

ARTICLE XI.
ADMINISTRATIVE AGENT AND OFFSHORE SUB-ADMINISTRATIVE AGENT.................................................................   113
            11.01       Appointment and Authority..........................................................................   113
            11.02       Rights as a Lender.................................................................................   113
            11.03       Exculpatory Provisions.............................................................................   113
            11.04       Reliance by Administrative Agent and the Offshore Sub-Administrative Agent.........................   114
            11.05       Delegation of Duties...............................................................................   115
            11.06       Resignation of Administrative Agent and the Offshore Sub-Administrative Agent......................   115
            11.07       Non-Reliance on Administrative Agent and Other Lenders.............................................   116
            11.08       No Other Duties, Etc...............................................................................   116
            11.09       Administrative Agent and the Offshore Sub-Administrative Agent May File Proofs of Claim............   116

ARTICLE XII.
MISCELLANEOUS..............................................................................................................   117
            12.01       Amendments, Etc....................................................................................   117
            12.02       Notices; Effectiveness; Electronic Communication...................................................   119
</TABLE>

                                      iii

<PAGE>

<TABLE>
<S>                                                                                                                           <C>
            12.03       No Waiver; Cumulative Remedies.....................................................................   121
            12.04       Expenses; Indemnity; Damage Waiver.................................................................   121
            12.05       Payments Set Aside.................................................................................   123
            12.06       Successors and Assigns.............................................................................   124
            12.07       Treatment of Certain Information; Confidentiality..................................................   129
            12.08       Right of Setoff....................................................................................   129
            12.09       Interest Rate Limitation...........................................................................   130
            12.10       Counterparts; Integration; Effectiveness...........................................................   130
            12.11       Survival of Representations and Warranties.........................................................   130
            12.12       Severability.......................................................................................   131
            12.13       Replacement of Lenders.............................................................................   131
            12.14       Governing Law; Jurisdiction; Etc...................................................................   132
            12.15       Waiver of Jury Trial...............................................................................   132
            12.16       USA PATRIOT Act Notice.............................................................................   133
            12.17       Know Your Customer Rules...........................................................................   133
            12.18       Judgment Currency..................................................................................   133
            12.19       Designation as Senior Debt.........................................................................   134
            12.20       Offshore Borrowers' Agent..........................................................................   134
            12.21       The Administrative Agent and the Offshore Sub-Administrative Agent.................................   134
            12.22       Joint and Several Terms............................................................................   135
            12.23       Entire Agreement...................................................................................   135
            12.24       Lender Certification...............................................................................   135
            12.25       Professional Market Party..........................................................................   135

            SIGNATURES.....................................................................................................   S-1
</TABLE>

                                       iv

<PAGE>

SCHEDULES

      1.01  Mandatory Cost Formulae
      1.02  Existing Letters of Credit
      2.01  Commitments and Applicable Percentages
      7.05  Supplement to Interim Financial Statements
      12.02 Administrative Agent's Office, Offshore Sub-Administrative Agent's
            Office, Certain Addresses for Notices

EXHIBITS

            Form of

      A-1   Committed Loan Notice
      A-2   Company Hybrid Offshore Loan Notice
      B     Swing Line Loan Notice
      C     UK Offshore Loan Notice
      D-1   Domestic Note
      D-2   Offshore Note
      E     Compliance Certificate
      F     Assignment and Assumption
      G     Company Guaranty
      H-1   Bid Request
      H-2   Competitive Bid

                                       i

<PAGE>

                       CLEAR CHANNEL COMMUNICATIONS, INC.

                                 $1,750,000,000
             (WITH AN UNCOMMITTED INCREASE OPTION TO $2,500,000,000)

                                CREDIT AGREEMENT

      This CREDIT AGREEMENT ("Agreement") is entered into as of July 13, 2004,
among Clear Channel Communications, Inc., a Texas corporation (the "Company"),
Clear Channel International Limited and Clear Channel International BV, Clear
Channel Netherlands BV, Clear Channel International Holdings BV, and CCW
International BV (together with such other offshore borrowers selected by the
Company and added to this Agreement in accordance with the terms of Section
3.07, the "Offshore Borrowers" and such Offshore Borrowers, collectively
referred to together with the Company, the "Borrowers" and each, a "Borrower"),
each lender from time to time party hereto, BANK OF AMERICA, N.A., as
Administrative Agent, Offshore Sub-Administrative Agent, Swing Line Lender and
L/C Issuer, and JPMORGAN CHASE BANK, as Syndication Agent.

      The Company has requested that the Domestic Lenders provide a revolving
credit Domestic Facility to the Company, and that the Offshore Lenders provide a
revolving credit Offshore Facility to the Borrowers.

      The Domestic Lenders are willing to provide the Domestic Facility, and the
Offshore Lenders are willing to provide the Offshore Facility, in each case on
the terms and conditions set forth herein.

      In consideration of the mutual covenants and agreements herein contained,
the parties hereto covenant and agree as follows:

                                   ARTICLE I.
                        DEFINITIONS AND ACCOUNTING TERMS

      1.01  DEFINED TERMS. As used in this Agreement, the following terms shall
have the meanings set forth below:

      "Absolute Rate" means a fixed rate of interest expressed in multiples of
1/100th of one basis point.

      "Absolute Rate Loan" means a Bid Loan that bears interest at a rate
determined with reference to an Absolute Rate.

      "Acquisition" means (whether by purchase, exchange, issuance of stock or
other equity or debt securities, merger, reorganization or any other method) (i)
any acquisition by the Company or any of its Subsidiaries of any other Person,
which Person shall then become consolidated with the Company or any such
Subsidiary in accordance with GAAP, or (ii) any acquisition by the Company or
any of its Subsidiaries of all or any substantial amount of the assets of any
other

                                       1

<PAGE>

Person. For purposes of the preceding sentence, an amount of assets shall be
deemed to be "substantial" if such assets have a fair market value in excess of
$1,000,000; provided, however, that the purchase of equipment and other goods
and services in the ordinary course of business shall not be deemed to be
"Acquisitions".

      "Administrative Agent" means Bank of America in its capacity as
administrative agent under any of the Loan Documents, or any successor
administrative agent.

      "Administrative Agent's Office" means, with respect to any currency, the
Administrative Agent's address and, as appropriate, account as set forth on
Schedule 12.02 with respect to such currency, or such other address or account
with respect to such currency as the Administrative Agent may from time to time
notify to the Company and the Domestic Lenders.

      "Administrative Questionnaire" means an Administrative Questionnaire in a
form supplied by the Administrative Agent.

      "Affiliate" means, with respect to any Person, another Person that
directly, or indirectly through one or more intermediaries, Controls or is
Controlled by or is under common Control with the Person specified.

      "Agents" means the Administrative Agent and the Offshore
Sub-Administrative Agent.

      "Aggregate Domestic Commitments" means the Domestic Commitments of all the
Domestic Lenders, which shall not be in excess of $1,600,000,000, except to the
extent increased in accordance with the terms of Section 2.10.

      "Aggregate Offshore Commitments" means the Offshore Commitments of all the
Offshore Lenders, which shall not be in excess of $150,000,000.

      "Aggregate Total Commitments" means the sum of the Aggregate Domestic
Commitments and the Aggregate Offshore Commitments of all the Domestic Lenders
and Offshore Lenders, which shall not be in excess of $1,750,000,000, except to
the extent increased in accordance with the terms of Section 2.10.

      "Agreement" means this Credit Agreement.

      "Alternative Currency" means (a) with respect to Committed Loans, each of
Euro, Sterling, and the lawful currency of Switzerland and Australia, provided
that in the opinion of Administrative Agent, in its discretion, such currency is
at such time freely traded in the offshore interbank foreign exchange markets
and is freely transferable and freely convertible into Dollars, and each other
currency (other than Dollars) that is approved in accordance with Section 1.05,
(b) with respect to Letters of Credit, each of Euro, Sterling, and the lawful
currency of Switzerland, Australia, Canada, Mexico, Denmark, Norway, Sweden, New
Zealand, Singapore, Taiwan, Thailand and Hong Kong, provided that in the opinion
of the applicable L/C Issuer in its sole discretion, such currency is at such
time freely traded in the offshore interbank foreign exchange markets and is
freely transferable and freely convertible into Dollars, and each other

                                       2

<PAGE>

currency (other than Dollars) that is approved in accordance with Section 1.05,
(c) with respect to Swing Line Loans, the lawful currency of Mexico, Denmark,
Norway, Sweden, New Zealand, Singapore, Taiwan, Thailand and Hong Kong, provided
that, in the opinion of the Swing Line Lender, in its sole discretion, such
currency is at such time freely traded in the offshore interbank foreign
exchange markets and is freely transferable and freely convertible into Dollars
and each other currency (other than Dollars) that is approved in accordance with
Section 1.05), and (d) with respect to Offshore Loans, each of Euro, Sterling,
Dollars, and the lawful currency of Switzerland, Australia, Norway, Sweden,
Denmark, Singapore and Canada, provided that (i) in the opinion of the
Administrative Agent and the Offshore Sub-Administrative Agent, in their sole
discretion, such currency is at such time freely traded in the offshore
interbank foreign exchange markets and is freely transferable and freely
convertible into Dollars and (ii) if any Offshore Lender is unable to fund in
any such currency it shall have the option to fund in Euro in accordance with
the terms of Section 1.05(a), and each other currency (other than Dollars) that
is approved in accordance with Section 1.05.

      "Alternative Currency Equivalent" means, at any time, with respect to any
amount denominated in Dollars, the equivalent amount thereof in the applicable
Alternative Currency as determined by the Administrative Agent, the Offshore
Sub-Administrative Agent, the Swing Line Lender or the applicable L/C Issuer, as
the case may be, at such time on the basis of the Spot Rate (determined in
respect of the most recent Revaluation Date) for the purchase of such
Alternative Currency with Dollars.

      "Applicable Law" means (a) in respect of any Person, all provisions of
Laws applicable to such Person, and all orders and decrees of all courts and
determinations of arbitrators applicable to such Person including, without
limitation, the Communications Act and all FCC Regulations, and (b) in respect
of contracts made or performed in the State of Texas, "Applicable Law" shall
also mean the laws of the United States of America, including, without
limitation in addition to the foregoing, 12 USC Sections 85 and 86, as amended
to the date hereof and as the same may be amended at any time and from time to
time hereafter, and any other statute of the United States of America now or at
any time hereafter prescribing the maximum rates of interest on loans and
extensions of credit, and the laws of the State of Texas.

      "Applicable Rate" means, from time to time, the following percentages per
annum, based upon the Debt Rating as set forth below:

<TABLE>
<CAPTION>
                                                              APPLICABLE RATE

PRICING                                                               EUROCURRENCY RATE AND LETTER OF
 LEVEL                 DEBT RATING               FACILITY FEE                   CREDIT FEE                   BASE RATE
------              -----------------            ------------         -------------------------------        ---------
<S>                 <C>                          <C>                  <C>                                    <C>
   I                  A/A3 OR BETTER                0.090%                        0.200%                       0.000%
  II                   BBB+ / Baa1                  0.100%                        0.300%                       0.000%
  III                   BBB / Baa2                  0.125%                        0.375%                       0.000%
  IV                   BBB- / Baa3                  0.175%                        0.450%                       0.000%
   V                    BB+ / Ba1                   0.225%                        0.525%                       0.000%
  VI                BB / Ba2 OR LOWER               0.300%                        1.200%                       0.000%
</TABLE>

            "Debt Rating" means, as of any date of determination, the rating as
      determined by either S&P or Moody's (collectively, the "Debt Ratings") of
      the

                                       3

<PAGE>

      Company's non-credit-enhanced, senior unsecured long-term debt; provided
      that if a different Debt Rating is issued by each of the foregoing rating
      agencies, then the higher of such Debt Ratings shall apply (with the Debt
      Rating for Pricing Level 1 being the highest and the Debt Rating for
      Pricing Level 6 being the lowest), unless there is a split in Debt Ratings
      of more than one level, in which case the Pricing Level that is one level
      lower than the Pricing Level of the highest Debt Rating shall apply.

Initially, the Applicable Rate shall be determined based upon the Debt Rating
specified as of the Closing Date. Thereafter, each change in the Applicable Rate
resulting from a publicly announced change in the Debt Rating shall be effective
commencing on the date of the public announcement thereof and ending on the date
immediately preceding the effective date of the next such change.

      "Applicable Time" means, with respect to any borrowings and payments in
any Alternative Currency, the local time in the place of settlement for such
Alternative Currency as may be determined by the Administrative Agent, the
Offshore Sub-Administrative Agent, the Swing Line Lender or the applicable L/C
Issuer, as the case may be, to be necessary for timely settlement on the
relevant date in accordance with normal banking procedures in the place of
payment.

      "Approved Fund" means any Fund that is administered or managed by (a) a
Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an
entity that administers or manages a Lender, provided that, so long as there
exists no Default, no Approved Fund may be a Public Lender.

      "Arrangers" means Banc of America Securities LLC and J.P. Morgan
Securities Inc., in their capacity as lead arrangers and book managers.

      "Assignment and Assumption" means an assignment and assumption entered
into by a Lender and an Eligible Assignee (with the consent of any party whose
consent is required by Section 12.06(b)), and accepted by the Administrative
Agent (and the Offshore Sub-Administrative Agent, if Offshore Loans are being
assigned), in substantially the form of Exhibit F, or any other form approved by
the Administrative Agent.

      "Attributable Indebtedness" means, on any date, (a) in respect of any
capital lease of any Person, the capitalized amount thereof that would appear on
a balance sheet of such Person prepared as of such date in accordance with GAAP,
and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of
the remaining lease payments under the relevant lease that would appear on a
balance sheet of such Person prepared as of such date in accordance with GAAP if
such lease were accounted for as a capital lease.

      "Audited Financial Statements" means the audited consolidated balance
sheet of the Company and its Subsidiaries for the fiscal year ended December 31,
2003, and the related consolidated statements of operations, changes in
shareholders' equity and cash flows for such fiscal year of the Company and its
Subsidiaries, including the notes thereto.

                                       4

<PAGE>

      "Availability Period" means the period from and including the Closing Date
to the earliest of (a) the Maturity Date, (b) the date of termination of the
Aggregate Domestic Commitments and the Aggregate Offshore Commitments pursuant
to Section 2.07 and Section 3.03, and (c) the date of termination of the
commitment of each Lender to make Loans and of the obligation of the L/C Issuers
to make L/C Credit Extensions pursuant to Section 10.02.

      "Bank of America" means Bank of America, N.A. and its successors.

      "Base Rate" means for any day a fluctuating rate per annum equal to the
higher of (a) the Federal Funds Rate plus 1/2 of 1% and (b) the rate of interest
in effect for such day as publicly announced from time to time by Bank of
America as its "prime rate." The "prime rate" is a rate set by Bank of America
based upon various factors including Bank of America's costs and desired return,
general economic conditions and other factors, and is used as a reference point
for pricing some loans, which may be priced at, above, or below such announced
rate. Any change in such rate announced by Bank of America shall take effect at
the opening of business on the day specified in the public announcement of such
change.

      "Base Rate Committed Loan" means a Committed Loan that is a Base Rate
Loan.

      "Base Rate Hybrid Offshore Loan" means a Hybrid Offshore Loan that is a
Base Rate Loan.

      "Base Rate Loan" means a Loan that bears interest based on the Base Rate.
All Base Rate Loans shall be denominated in Dollars.

      "BAS Fee Letter" means the letter agreement, dated May 17, 2004, among the
Company, the Administrative Agent and Banc of America Securities LLC.

      "Bid Borrowing" means a borrowing consisting of simultaneous Bid Loans of
the same Type from each of the Domestic Lenders whose offer to make one or more
Bid Loans as part of such borrowing has been accepted under the auction bidding
procedures described in Section 2.03.

      "Bid Loan" has the meaning specified in Section 2.03(a).

      "Bid Loan Lender" means, in respect of any Bid Loan, the Domestic Lender
making such Bid Loan to the Company.

      "Bid Loan Sublimit" means an amount equal to the lesser of (a)
$300,000,000 and (b) the Aggregate Domestic Commitments. The Bid Loan Sublimit
is part of, and not in addition to, the Aggregate Domestic Commitments.

      "Bid Request" means a written request for one or more Bid Loans
substantially in the form of Exhibit H-1, or in such other form acceptable to
the Administrative Agent.

                                       5

<PAGE>

      "Borrower" and "Borrowers" each has the meaning specified in the
introductory paragraph hereto.

      "Borrower Materials" has the meaning ascribed thereto in Section 8.02.

      "Borrowing" means a Committed Borrowing, a Bid Borrowing, a Hybrid
Offshore Borrowing, a UK Offshore Borrowing or a Swing Line Borrowing, as the
context may require.

      "Business Day" means (a) with respect to Domestic Loans and Hybrid
Offshore Loans, any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the Laws of, or are in fact
closed in, the state of Texas and where the Administrative Agent's Office with
respect to Obligations denominated in Dollars is located (and in the case of
Hybrid Offshore Loans, which satisfies clause (b) as well), and (b) with respect
to UK Offshore Loans, any day other than a Saturday or Sunday on which banks are
open for general business in London, and, in each case of (a) and (b) preceding:

            (1)   if such day relates to any interest rate settings as to a
      Eurocurrency Rate Loan denominated in Dollars, any fundings,
      disbursements, settlements and payments in Dollars in respect of any such
      Eurocurrency Rate Loan, or any other dealings in Dollars to be carried out
      pursuant to this Agreement in respect of any such Eurocurrency Rate Loan,
      means any such day on which dealings in deposits in Dollars are conducted
      by and between banks in the London interbank eurodollar market;

            (2)   if such day relates to any interest rate settings as to a
      Eurocurrency Rate Loan denominated in Euro, any fundings, disbursements,
      settlements and payments in Euro in respect of any such Eurocurrency Rate
      Loan, or any other dealings in Euro to be carried out pursuant to this
      Agreement in respect of any such Eurocurrency Rate Loan, means a TARGET
      Day;

            (3)   if such day relates to any interest rate settings as to a
      Eurocurrency Rate Loan denominated in a currency other than Dollars or
      Euro, means any such day on which dealings in deposits in the relevant
      currency are conducted by and between banks in the London or other
      applicable offshore interbank market for such currency; and

            (4)   if such day relates to any fundings, disbursements,
      settlements and payments in a currency other than Dollars or Euro in
      respect of a Eurocurrency Rate Loan denominated in a currency other than
      Dollars or Euro, or any other dealings in any currency other than Dollars
      or Euro to be carried out pursuant to this Agreement in respect of any
      such Eurocurrency Rate Loan (other than any interest rate settings), means
      any such day on which banks are open for foreign exchange business in the
      principal financial center of the country of such currency.

      "Cash Collateral" has the meaning specified in Section 2.04(g).

      "Cash Collateralize" has the meaning specified in Section 2.04(g).

                                       6

<PAGE>

      "Change in Law" means the occurrence, after the date of this Agreement, of
any of the following: (a) the adoption or taking effect of any law, rule,
regulation or treaty, (b) any change in any law, rule, regulation or treaty or
in the administration, interpretation or application thereof by any Governmental
Authority or (c) the making or issuance of any request, guideline or directive
(whether or not having the force of law) by any Governmental Authority.

      "Change of Control" means an event or series of events by which:

            (a)   any "person" or "group" (as such terms are used in Sections
      13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any
      employee benefit plan of such person or its subsidiaries, and any person
      or entity acting in its capacity as trustee, agent or other fiduciary or
      administrator of any such plan) becomes the "beneficial owner" (as defined
      in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except
      that a person or group shall be deemed to have "beneficial ownership" of
      all securities that such person or group has the right to acquire (such
      right, an "option right"), whether such right is exercisable immediately
      or only after the passage of time), directly or indirectly, other than
      Permitted Holders, of 50% or more of the equity securities of the Company,
      normally entitled (without regard to the occurrence of any contingency) to
      vote for members of the board of directors or equivalent governing body of
      the Company on a fully-diluted basis (and taking into account all such
      securities that such person or group has the right to acquire pursuant to
      any option right); or

            (b)   during any period of 24 consecutive months, a majority of the
      members of the board of directors or other equivalent governing body of
      the Company cease to be composed of individuals (i) who were members of
      that board or equivalent governing body on the first day of such period,
      (ii) whose election or nomination to that board or equivalent governing
      body was approved by individuals referred to in clause (i) above
      constituting at the time of such election or nomination at least a
      majority of that board or equivalent governing body or (iii) whose
      election or nomination to that board or other equivalent governing body
      was approved by individuals referred to in clauses (i) and (ii) above
      constituting at the time of such election or nomination at least a
      majority of that board or equivalent governing body or by Permitted
      Holders.

      "Closing Date" means the first date all the conditions precedent in
Section 6.01 are satisfied or waived in accordance with Section 12.01.

      "Code" means the Internal Revenue Code of 1986.

      "Commitment" means, as to each Lender, its Domestic Commitment and its
Offshore Commitment, in an aggregate principal amount at any one time
outstanding not to exceed the aggregate Dollar amount set forth opposite such
Lender's name on Schedule 2.01 or in the Assignment and Assumption pursuant to
which such Lender becomes a party hereto, as applicable, as such amount may be
adjusted from time to time in accordance with this Agreement.

                                       7

<PAGE>

      "Committed Borrowing" means a borrowing consisting of simultaneous
Committed Loans of the same Type, in the same currency and, in the case of
Eurocurrency Rate Loans, having the same Interest Period made by each of the
Domestic Lenders pursuant to Section 2.01.

      "Committed Loan" means a Domestic Loan that has the meaning specified in
Section 2.01.

      "Committed Loan Notice" means a notice of (a) a Committed Borrowing, (b) a
conversion of Committed Loans from one Type to the other, or (c) a continuation
of Eurocurrency Rate Loans that are Committed Loans pursuant to Section 2.02(a),
which, if in writing, shall be substantially in the form of Exhibit A-1, or in
such other form acceptable to the Administrative Agent.

      "Communications Act" shall mean the Communications Act of 1934, and any
similar or successor federal statute, and the rules and regulations of the FCC
thereunder, all as the same may be in effect from time to time.

      "Company" has the meaning specified in the introductory paragraph hereto.

      "Company Guaranty" means the Company Guaranty made by the Company in favor
of the Offshore Sub-Administrative Agent, the Administrative Agent and the
Offshore Lenders, substantially in the form of Exhibit G, guaranteeing the
obligations of the Offshore Borrowers under the Offshore Loan.

      "Company Hybrid Offshore Loan Notice" means a notice of (a) a Hybrid
Offshore Borrowing to be made by the Company in the United States through the
Administrative Agent, in accordance with the provisions of Section 3.06, or (b)
a conversion to, or continuation of a Hybrid Offshore Loan requested by the
Company in the United States through the Administrative Agent in accordance with
the provisions of Section 3.06, which, if in writing, shall be substantially in
the form of Exhibit A-2, or in such other form acceptable to the Administrative
Agent.

      "Competitive Bid" means a written offer by a Domestic Lender to make one
or more Bid Loans, substantially in the form of Exhibit H-2, or in such other
form acceptable to the Administrative Agent, duly completed and signed by a
Domestic Lender.

      "Compliance Certificate" means a certificate substantially in the form of
Exhibit E, or in such other form acceptable to the Administrative Agent.

      "Consolidated Funded Indebtedness" means, as of any date of determination,
for any Person and its Subsidiaries on a consolidated basis, without
duplication, the sum of (a) the outstanding principal amount of all indebtedness
and other obligations, whether current or long-term, for borrowed money
(including, with respect to the Company, Obligations hereunder) and all
obligations evidenced by bonds, debentures, notes, loan agreements or other
similar instruments, (b) all purchase money indebtedness, (c) all direct or
contingent obligations arising under letters of credit (including standby and
commercial), bankers' acceptances, bank guaranties

                                       8

<PAGE>

and similar instruments, excluding surety, bid, appeal or performance bonds, (d)
all obligations in respect of the deferred purchase price of property or
services, but only if such deferral is in excess of 120 days, (other than trade
accounts payable and other accrued liabilities arising in the ordinary course of
business), (e) Attributable Indebtedness in respect of capital leases and
Synthetic Lease Obligations, (f) without duplication, all Guarantees with
respect to outstanding indebtedness of the types specified in clauses (a)
through (e) above of Persons other than such Person or a Subsidiary of such
Person, and (g) all indebtedness of the types referred to in clauses (a) through
(f) above of any partnership or joint venture as to which creditors have
recourse to the holders of its equity interests, unless such indebtedness is
expressly made non-recourse to such Person or such Subsidiary.

      "Consolidated Interest Coverage Ratio" means, as of any date of
determination, the ratio of (a) Operating Cash Flow for the period of the four
prior fiscal quarters ending on such date to (b) Interest Expense for such
period.

      "Consolidated Leverage Ratio" means, as of any date of determination, the
ratio of (a) Consolidated Funded Indebtedness of the Company as of such date to
(b) Operating Cash Flow for the period of the four prior fiscal quarters ending
on such date. For purposes of calculating the Consolidated Leverage Ratio as of
any date of determination, Consolidated Funded Indebtedness shall (i) be reduced
by the amount of cash on hand of the Company as of such date in excess of
$150,000,000 up to a maximum amount of $750,000,000, and (ii) exclude 80% of the
principal amount of any issued and outstanding Mandatory Convertible Securities
as of such date.

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

      "Control" means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a Person, whether
through the ability to exercise voting power, by contract or otherwise.
"Controlling" and "Controlled" have meanings correlative thereto.

      "Credit Extension" means each of the following: (a) a Borrowing and (b) an
L/C Credit Extension.

      "Debt Rating" has the meaning specified in the definition of "Applicable
Rate."

      "Debtor Relief Laws" means the Bankruptcy Code of the United States, and
all other liquidation, conservatorship, bankruptcy, assignment for the benefit
of creditors, moratorium, rearrangement, receivership, insolvency,
reorganization, or similar debtor relief Laws of the United States or other
applicable jurisdictions from time to time in effect and affecting the rights of
creditors generally.

      "Default" means any event or condition that constitutes an Event of
Default or that, with the giving of any notice, the passage of time, or both,
would be an Event of Default.

                                       9

<PAGE>

      "Default Rate" means (a) when used with respect to Obligations other than
Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the
Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per annum;
provided, however, that with respect to a Eurocurrency Rate Loan, the Default
Rate shall be an interest rate equal to the interest rate (including any
Applicable Rate and any Mandatory Cost) otherwise applicable to such Loan plus
2% per annum, and (b) when used with respect to Letter of Credit Fees, a rate
equal to the Applicable Rate plus 2% per annum.

      "Defaulting Lender" means any Lender that (a) has failed to fund any
portion of the Loans, participations in L/C Obligations or participations in
Swing Line Loans required to be funded by it hereunder within one Business Day
of the date required to be funded by it hereunder, (b) has otherwise failed to
pay over to the Administrative Agent, the Offshore Sub-Administrative Agent or
any other Lender any other amount required to be paid by it hereunder within one
Business Day of the date when due, unless the subject of a good faith dispute,
or (c) has been deemed insolvent or become the subject of a bankruptcy or
insolvency proceeding.

      "Disposition" or "Dispose" means the sale, transfer, lease or other
disposition (including any sale and leaseback transaction) of any property by
any Person, including any sale, assignment, transfer or other disposal, with or
without recourse, of any notes or accounts receivable or any rights and claims
associated therewith.

      "Dollar" and "$" mean lawful money of the United States.

      "Dollar Equivalent" means, at any time, (a) with respect to any amount
denominated in Dollars, such amount, and (b) with respect to any amount
denominated in any Alternative Currency, the equivalent amount thereof in
Dollars as determined by the Administrative Agent, the Offshore
Sub-Administrative Agent, the Swing Line Lender or the applicable L/C Issuer, as
the case may be, at such time on the basis of the Spot Rate (determined in
respect of the most recent Revaluation Date) for the purchase of Dollars with
such Alternative Currency.

      "Domestic Applicable Percentage" means with respect to any Domestic Lender
at any time, the percentage (carried out to the ninth decimal place) of the
Aggregate Domestic Commitments represented by such Domestic Lender's Domestic
Commitment at such time. If the commitment of each Domestic Lender to make
Committed Loans and the obligation of the L/C Issuers to make L/C Credit
Extensions have been terminated pursuant to Section 10.02 or if the Aggregate
Domestic Commitments have expired, then the Domestic Applicable Percentage of
each Domestic Lender shall be determined based on the Domestic Applicable
Percentage of such Domestic Lender most recently in effect, giving effect to any
subsequent assignments. The initial Domestic Applicable Percentage of each
Domestic Lender is set forth opposite the name of such Domestic Lender on
Schedule 2.01 or in any Assignment and Assumption or amendment pursuant to which
such Domestic Lender becomes a party hereto, as applicable.

      "Domestic Commitment" means, as to each Domestic Lender, its obligation to
(a) make Committed Loans to the Company pursuant to Section 2.01, (b) purchase
participations in L/C Obligations, and (c) purchase participations in Swing Line
Loans, in an aggregate principal amount at any one time outstanding not to
exceed the Dollar amount set forth opposite such

                                       10

<PAGE>

Domestic Lender's name on Schedule 2.01 or in the Assignment and Assumption
pursuant to which such Domestic Lender becomes a party hereto, as applicable, as
such amount may be adjusted from time to time in accordance with this Agreement.

      "Domestic Facility" means the Domestic Loans and the L/C Credit Extensions
extended to the Company by the Domestic Lenders in accordance with Article II
and the other terms and provisions of this Agreement and the Loan Documents, in
a maximum amount not to exceed $1,600,000,000, unless increased in accordance
with the terms of Section 2.10.

      "Domestic Lender" means on any date of determination in respect of
Domestic Loans, the Lenders making such Domestic Loans on such date, including
the Swing Line Lender and each Bid Loan Lender on such date.

      "Domestic Loan" means an extension of credit by a Domestic Lender to the
Company under Article II in the form of a Committed Loan, a Bid Loan, or a Swing
Line Loan.

      "Domestic Note" means a promissory note made by the Company in favor of a
Domestic Lender evidencing Domestic Loans and Credit Extensions made by such
Domestic Lender to the Company, substantially in the form of Exhibit D-1.

      "Domestic Subsidiary" means any Subsidiary that is organized under the
laws of any political subdivision of the United States.

      "Domestic Total Outstandings" means the aggregate Outstanding Amount of
all Domestic Loans and all L/C Obligations.

      "Domestic Uncommitted Increase Amount" has the meaning ascribed thereto in
Section 2.10.

      "Eligible Assignee" means (a) a Lender; (b) an Affiliate of a Lender; (c)
an Approved Fund; and (d) any other Person (other than a natural person)
approved by (i) the Administrative Agent, each of the L/C Issuers and the Swing
Line Lender with respect to Domestic Loans, and the Offshore Sub-Administrative
Agent with respect to Offshore Loans, and (ii) unless an Event of Default has
occurred and is continuing, the Company (each such approval not to be
unreasonably withheld or delayed, provided that the Company may withhold
approval with respect to any Person because they are a Public Lender); provided
that notwithstanding the foregoing, "Eligible Assignee" shall not include the
Company, any other Borrower or any of the Company's or other Borrower's
Affiliates or Subsidiaries; and provided further, however, that an Eligible
Assignee shall include only a Lender, an Affiliate of a Lender or another
Person, which, through its Lending Offices, is capable of lending the applicable
Alternative Currencies to the relevant Borrowers without the imposition of any
Taxes or additional Taxes, as the case may be.

      "EMU" means the economic and monetary union in accordance with the Treaty
of Rome 1957, as amended by the Single European Act 1986, the Maastricht Treaty
of 1992 and the Amsterdam Treaty of 1998.

                                       11

<PAGE>

      "EMU Legislation" means the legislative measures of the European Council
for the introduction of, changeover to or operation of a single or unified
European currency.

      "Environmental Laws" means any and all applicable Federal, state, local,
and foreign statutes, laws, regulations, ordinances, rules, judgments, orders,
decrees, permits, licenses, agreements or governmental restrictions relating to
pollution and the protection of the environment or the release of any Hazardous
Materials into the environment.

      "Environmental Liability" means any liability, contingent or otherwise
(including any liability for damages, costs of environmental remediation, fines,
penalties or indemnities), of the Company, any other Borrower or any of their
respective Subsidiaries directly or indirectly resulting from or based upon (a)
violation of any Environmental Law, (b) the generation, use, handling,
transportation, storage, treatment or disposal of any Hazardous Materials, (c)
exposure to any Hazardous Materials, (d) the release or threatened release of
any Hazardous Materials into the environment or (e) any contract, agreement or
other consensual arrangement pursuant to which liability is assumed or imposed
with respect to any of the foregoing.

      "Equity Interests" means, with respect to any Person, all of the shares of
capital stock of (or other ownership or profit interests in) such Person, all of
the warrants, options or other rights for the purchase or acquisition from such
Person of shares of capital stock of (or other ownership or profit interests in)
such Person, all of the securities convertible into or exchangeable for shares
of capital stock of (or other ownership or profit interests in) such Person or
warrants, rights or options for the purchase or acquisition from such Person of
such shares (or such other interests), and all of the other ownership or profit
interests in such Person (including partnership, member or trust interests
therein), whether voting or nonvoting, and whether or not such shares, warrants,
options, rights or other interests are outstanding on any date of determination,
provided that, "Equity Interests" when used with respect to the Company shall
specifically exclude the Mandatory Convertible Securities and debt securities
convertible into any of the foregoing.

      "ERISA" means the Employee Retirement Income Security Act of 1974.

      "ERISA Affiliate" means any trade or business (whether or not
incorporated) under common control with the Company within the meaning of
Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for
purposes of provisions relating to Section 412 of the Code).

      "ERISA Event" means (a) a Reportable Event with respect to a Pension Plan;
(b) a withdrawal by the Company or any ERISA Affiliate from a Pension Plan
subject to Section 4063 of ERISA during a plan year in which it was a
substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation
of operations that is treated as such a withdrawal under Section 4062(e) of
ERISA; (c) a complete or partial withdrawal by the Company or any ERISA
Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is
in reorganization; (d) the filing of a notice of intent to terminate, the
treatment of a Plan amendment as a termination under Sections 4041 or 4041A of
ERISA, or the commencement of proceedings by the PBGC to terminate a Pension
Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds
under Section 4042 of ERISA for the termination of, or the appointment of a

                                       12

<PAGE>

trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the
imposition of any liability under Title IV of ERISA, other than for PBGC
premiums due but not delinquent under Section 4007 of ERISA, upon the Company or
any ERISA Affiliate.

      "EURIBOR" means, in relation to any UK Offshore Loan in Euro:

            (a)   the applicable Screen Rate; or

            (b)   (if no Screen Rate is available for the Interest Period of
      that UK Offshore Loan) the arithmetic mean of the rates (rounded upwards
      to four decimal places) as supplied to the Offshore Sub-Administrative
      Agent at its request quoted by the Reference Banks to leading banks in the
      European interbank market,

as of 11:00 am (Brussels time) on the Quotation Day for the offering of deposits
in Euro for a period comparable to the Interest Period of the relevant UK
Offshore Loan.

      "Euro" and "EUR" mean the lawful currency of the Participating Member
States introduced in accordance with the EMU Legislation.

      "Euro Equivalent" means, at any time, (a) with respect to any amount
denominated in Euro, such amount, and (b) with respect to any amount denominated
in Dollars or any Alternative Currency other than Euro, the equivalent amount
thereof in Euro, as determined by the Administrative Agent or the Offshore
Sub-Administrative Agent, as the case may be, at such time on the basis of the
Spot Rate (determined in respect of the most recent Revaluation Date) for the
purchase of Euro with Dollars or such Alternative Currency.

      "Eurocurrency Bid Margin" means the margin above or below the Eurocurrency
Rate determined for Dollars to be added to or subtracted from the Eurocurrency
Rate determined for Dollars, which margin shall be expressed in multiples of
1/100th of one basis point.

      "Eurocurrency Margin Bid Loan" means a Bid Loan that bears interest at a
rate based upon the Eurocurrency Rate determined for Dollars.

      "Eurocurrency Rate" means for any Interest Period with respect to a
Eurocurrency Rate Loan:

            (a)   with respect to Domestic Loans and Offshore Loans, the
      applicable Screen Rate for such Interest Period; or

            (b)   with respect to Domestic Loans and Hybrid Offshore Loans only,
      if the applicable Screen Rate shall not be available, the rate per annum
      determined by the Administrative Agent as the rate of interest at which
      deposits in the relevant currency for delivery on the first day of such
      Interest Period in Same Day Funds in the approximate amount of the
      Eurocurrency Rate Loan being made, continued or converted by the
      Administrative Agent and with a term equivalent to such Interest Period
      would be offered by the Administrative Agent or the Offshore
      Sub-Administrative Agent to major banks in the London or other offshore
      interbank market for such currency at their request at

                                       13

<PAGE>

      approximately 4:00 p.m. (London time) two Business Days prior to the first
      day of such Interest Period.

      "Eurocurrency Rate Loan" means (a) a Committed Loan that bears interest at
a rate based on the Eurocurrency Rate, (b) a Eurocurrency Margin Bid Loan, (c) a
Swing Line Alternative Currency Loan, (d) a UK Offshore Loan, or (e) a Hybrid
Offshore Loan that bears interest at a rate based on the Eurocurrency Rate, in
each case as applicable in the context used, and "Eurocurrency Rate Loans" means
all such Loans. Eurocurrency Rate Loans that are Committed Loans or Hybrid
Offshore Loans may be denominated in Dollars or in an Alternative Currency, but
all Committed Loans and Hybrid Offshore Loans denominated in an Alternative
Currency must be Eurocurrency Rate Loans.

      "Event of Default" has the meaning specified in Section 10.01.

      "Excluded Taxes" means, with respect to any Agent, any Lender, the L/C
Issuers or any other recipient of any payment to be made by or on account of any
obligation of any Borrower hereunder, (a) taxes imposed on or measured by its
overall net income (however denominated), and franchise taxes imposed on it (in
lieu of net income taxes), by the jurisdiction (or any political subdivision
thereof) under the laws of which such recipient is organized or in which its
principal office is located or, in the case of any Lender, in which its
applicable Lending Office is located, (b) any branch profits taxes imposed by
the United States or any similar tax imposed by any other jurisdiction in which
such Borrower is located and (c) except as provided in the following sentence,
in the case of a Foreign Lender (other than an assignee pursuant to a request by
the Company under Section 12.13), any withholding tax that is imposed on amounts
payable to such Foreign Lender at the time such Foreign Lender becomes a party
hereto (or designates a new Lending Office) or is attributable to such Foreign
Lender's failure or inability (other than as a result of a Change in Law) to
comply with Section 5.01(e), except to the extent that such Foreign Lender (or
its assignor, if any) was entitled, at the time of designation of a new Lending
Office (or assignment), to receive additional amounts from the applicable
Borrower with respect to such withholding tax pursuant to Section 5.01(a).

      "Existing $2 Billion Credit Agreement" means that certain Fourth Amended
and Restated Credit Agreement, among the Company, Bank of America, N.A. as
administrative agent, Fleet National Bank, as documentation agent, Bank of
Montreal, as co-syndication agent and Toronto Dominion (Texas), Inc., as
co-syndication agent and certain lenders, dated as of June 15, 2000, as amended
through the date hereof.

      "Existing $3 Billion Credit Agreement" means that certain Credit
Agreement, among the Company, Bank of America, N.A. as administrative agent,
Chase Securities Inc., as syndication agent and certain lenders, dated as of
August 30, 2000, as amended through the date hereof.

      "Existing Letters of Credit" means those Letters of Credit listed on
Schedule 1.02 hereto.

      "Facility Fee Letter" means the letter agreement, dated May 17, 2004,
among the Company, the Administrative Agent, the Syndication Agent and the
Arrangers.

                                       14

<PAGE>

      "FCC" shall mean the Federal Communications Commission and any successor
or substitute governmental commission, agency, department, board or authority
performing functions similar to those performed by the Federal Communications
Commission on the date hereof.

      "FCC Regulations" shall mean all rules, regulations, written policies,
orders and decisions of the FCC under the Communications Act.

      "Federal Funds Rate" means, for any day, the rate per annum equal to the
weighted average of the rates on overnight Federal funds transactions with
members of the Federal Reserve System arranged by Federal funds brokers on such
day, as published by the Federal Reserve Bank of New York on the Business Day
next succeeding such day; provided that (a) if such day is not a Business Day,
the Federal Funds Rate for such day shall be such rate on such transactions on
the next preceding Business Day as so published on the next succeeding Business
Day, and (b) if no such rate is so published on such next succeeding Business
Day, the Federal Funds Rate for such day shall be the average rate (rounded
upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of
America on such day on such transactions as determined by the Administrative
Agent.

      "Fee Letters" means the Facility Fee Letters and the BAS Fee Letter.

      "Foreign Lender" means, with respect to any Borrower, any Lender that is
organized under the laws of a jurisdiction other than that in which such
Borrower is resident for tax purposes. For purposes of this definition, the
United States, each State thereof and the District of Columbia shall be deemed
to constitute a single jurisdiction.

      "Foreign Obligor" means a Borrower that is a Foreign Subsidiary.

      "Foreign Subsidiary" means any Subsidiary that is organized under the laws
of a jurisdiction other than the United States, a State thereof or the District
of Columbia.

      "FRB" means the Board of Governors of the Federal Reserve System of the
United States.

      "Fund" means any Person (other than a natural person) that is (or will be)
engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course of its business.

      "GAAP" means generally accepted accounting principles in the United States
set forth in the opinions and pronouncements of the Accounting Principles Board
and the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or such other
principles as may be approved by a significant segment of the accounting
profession in the United States, that are applicable to the circumstances as of
the date of determination, consistently applied.

                                       15

<PAGE>

      "Governmental Authority" means the government of the United States or any
other nation, or of any political subdivision thereof, whether state or local,
and any agency, authority, instrumentality, regulatory body, court, central bank
or other entity exercising executive, legislative, judicial, taxing, regulatory
or administrative powers or functions of or pertaining to government (including
any supra-national bodies such as the European Union or the European Central
Bank).

      "Granting Lender" has the meaning specified in Section 12.06(h).

      "Guarantee" means, as to any Person, (a) any obligation, contingent or
otherwise, of such Person guaranteeing or having the economic effect of
guaranteeing any Consolidated Funded Indebtedness payable by another Person (the
"primary obligor") in any manner, whether directly or indirectly, and including
any obligation of such Person, direct or indirect, (i) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Consolidated Funded
Indebtedness, (ii) to purchase or lease property, securities or services for the
purpose of assuring the obligee in respect of such Consolidated Funded
Indebtedness of the payment of such Consolidated Funded Indebtedness, (iii) to
maintain working capital, equity capital or any other financial statement
condition or liquidity or level of income or cash flow of the primary obligor so
as to enable the primary obligor to pay such Consolidated Funded Indebtedness,
or (iv) entered into for the purpose of assuring in any other manner the obligee
in respect of such Consolidated Funded Indebtedness of the payment or
performance thereof or to protect such obligee against loss in respect thereof
(in whole or in part), but in each case excluding the endorsement of checks,
drafts and other negotiable instruments and documents in the ordinary course of
business, or (b) any Lien on any assets of such Person securing any Consolidated
Funded Indebtedness of any other Person, whether or not such Consolidated Funded
Indebtedness is assumed by such Person (or any right, contingent or otherwise,
of any holder of such Consolidated Funded Indebtedness to obtain any such Lien).
The amount of any Guarantee shall be deemed to be an amount equal to the stated
or determinable amount of the related primary obligation, or portion thereof, in
respect of which such Guarantee is made or, if not stated or determinable, the
maximum reasonably anticipated liability in respect thereof as determined by the
guaranteeing Person in good faith. The term "Guarantee" as a verb has a
corresponding meaning.

      "Hazardous Materials" means all explosive or radioactive substances or
wastes and all hazardous or toxic substances, wastes or pollutants, including
petroleum or petroleum distillates, asbestos or asbestos-containing materials,
polychlorinated biphenyls, radon gas, infectious or medical wastes and all other
substances or wastes of any nature regulated pursuant to any Environmental Law.

      "Highest Lawful Rate" means at the particular time in question the maximum
rate of interest which, under Applicable Law, any Lender is then permitted to
charge on the Obligations. If the maximum rate of interest which, under
Applicable Law, any Lender is permitted to charge on the Obligations shall
change after the date hereof, the Highest Lawful Rate shall be automatically
increased or decreased, as the case may be, from time to time as of the
effective time of each change in the Highest Lawful Rate without notice to any
Borrower. For purposes of determining the Highest Lawful Rate under Applicable
Law, the indicated rate ceiling shall be

                                       16

<PAGE>

the lesser of (a)(i) the "weekly ceiling", as that expression is defined in
Section 303.003 of the Texas Finance Code, as amended, or (ii) if available in
accordance with the terms thereof and at the Administrative Agent's option after
notice to any Borrower and otherwise in accordance with the terms of Section
303.103 of the Texas Finance Code, as amended, the "annualized ceiling" and
(b)(i) if the amount outstanding under this Agreement is less than $250,000,
twenty-four percent (24%), or (ii) if the amount under this Agreement is equal
to or greater than $250,000, twenty-eight percent (28%) per annum.

      "Hybrid Offshore Borrowing" means a borrowing consisting of simultaneous
Hybrid Offshore Loans in the same currency and if such Hybrid Offshore Loans are
not Base Rate Hybrid Offshore Loans, having the same Interest Period, made by
each of the Offshore Lenders pursuant to Article III.

      "Hybrid Offshore Loans" has the meaning ascribed thereto in Section 3.06.

      "Indemnified Taxes" means Taxes other than Excluded Taxes.

      "Indemnitees" has the meaning specified in Section 12.04(b).

      "Interest Expense" means, for any period, determined in accordance with
GAAP on a consolidated basis for the Company and its Subsidiaries, the gross
interest expense (after giving effect to interest rate swaps, caps, collars and
hedges) for such period on Consolidated Funded Indebtedness of the Company,
minus the sum of (a) interest income for such period, plus (b) to the extent not
included in the determination of such gross interest expense, upfront costs or
fees expended during such period in connection with the execution and delivery
of documentation relating to the Loan Documents, provided that, if any upfront
costs and fees have been previously included in a prior period, such costs and
fees shall be deducted in determining Interest Expense for such period. If
during any period for which Interest Expense is being determined the Company or
any of its Subsidiaries shall have made an Acquisition or asset disposition,
then, for all purposes of this Agreement, Interest Expense shall be adjusted for
the relevant period on a pro forma basis as if the relevant Acquisition or asset
disposition had been made or consummated on the first day of such period and
assuming (i) in the case of an Acquisition, the principal amount of any
Consolidated Funded Indebtedness of the Company incurred in connection with such
Acquisition had been outstanding for the entire duration of such period at the
rate of interest applicable to such Consolidated Funded Indebtedness at the time
of incurrence of such Consolidated Funded Indebtedness or (ii) in the case of
any asset disposition, any Consolidated Funded Indebtedness of the Company which
on a pro forma basis has been repaid or which is no longer an obligation of the
Company or any of its Subsidiaries as a result of such asset disposition had
been repaid or was not an obligation of the Company or any of its Subsidiaries
as of the first day of such period.

      "Interest Payment Date" means, (a) as to any Loan other than a Base Rate
Loan, the last day of each Interest Period applicable to such Loan and the
Maturity Date; provided, however, that if any Interest Period for a Eurocurrency
Rate Loan exceeds three months, the respective dates that fall every three
months after the beginning of such Interest Period shall also be the

                                       17

<PAGE>

Interest Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line
Loan), the last Business Day of each March, June, September and December and the
Maturity Date.

      "Interest Period" means (a) as to each Committed Loan that is a
Eurocurrency Rate Loan, the period commencing on the date such Eurocurrency Rate
Loan is disbursed or converted to or continued as a Eurocurrency Rate Loan and
ending on the date one, two, three, six and, subject to Lenders' availability,
nine or twelve months thereafter, as selected by the Company in its Committed
Loan Notice, (b) as to each Eurocurrency Margin Bid Loan, the period commencing
on the date such Eurocurrency Margin Bid Loan is disbursed or converted to or
continued as a Eurocurrency Margin Bid Loan and ending on the date one, two,
three, six and, subject to Lenders' availability, nine or twelve months
thereafter, as selected by the Company in its Bid Request, (c) as to each Swing
Line Alternative Currency Loan, the period commencing on the date such Swing
Line Alternative Currency Loan is disbursed and ending on the date one, two or
three months thereafter as selected by the Company, (d) as to each UK Offshore
Loan and each Hybrid Offshore Loan except Base Rate Hybrid Offshore Loans, the
period commencing on the date such Offshore Loan is disbursed or converted to or
continued as a Eurocurrency Rate Loan and ending on the date one, two, three,
six and, subject to Lenders' availability, nine or twelve months thereafter, as
selected by (i) the Offshore Borrowers' Agent in its Offshore Loan Notice, or,
for Offshore Loans made in Euro, Sterling and the lawful currency of Switzerland
only, any Interest Period between seven days and six months, in each case for
this subsection (i) for UK Offshore Loans, or (ii) the Company in its Company
Hybrid Offshore Loan Notice, subject to Lenders' availability, as applicable,
and (e) as to each Absolute Rate Loan, a period of not less than 14 days and not
more than 180 days as selected by the Company in its Bid Request; provided that:

            (i)   any Interest Period that would otherwise end on a day that is
      not a Business Day shall be extended to the next succeeding Business Day
      unless such Business Day falls in another calendar month, in which case
      such Interest Period shall end on the next preceding Business Day;

            (ii)  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 the calendar month at the
      end of such Interest Period; and

            (iii) no Interest Period shall extend beyond the Maturity Date.

      "Investment" means, as to any Person, any direct or indirect acquisition
or investment by such Person, whether by means of (a) the purchase or other
acquisition of capital stock or other securities of another Person, (b) a loan,
advance or capital contribution to, Guarantee or assumption of debt of, or
purchase or other acquisition of any other debt or equity participation or
interest in, another Person, including any partnership or joint venture interest
in such other Person and any arrangement pursuant to which the investor
Guarantees Consolidated Funded Indebtedness of such other Person, or (c) the
purchase or other acquisition (in one transaction or a series of transactions)
of assets of another Person if such assets have a fair market value in

                                       18

<PAGE>

excess of $10,000,000, in each case in this subsection (c) that constitute a
business unit, but excluding purchases of equipment and goods and services in
the ordinary course of business.

      "IP Rights" has the meaning specified in Section 7.15.

      "IRS" means the United States Internal Revenue Service.

      "ISP" means, with respect to any Letter of Credit, the "International
Standby Practices 1998" published by the Institute of International Banking Law
& Practice (or such later version thereof as may be in effect at the time of
issuance).

      "Issuer Documents" means with respect to any Letter of Credit, the Letter
Credit Application and any other document, agreement and instrument entered into
by any L/C Issuer and the Company (or any Subsidiary) or in favor of any L/C
Issuer and relating to any such Letter of Credit.

      "Laws" means, collectively, all international, foreign, Federal, state and
local statutes, treaties, rules, guidelines, regulations, ordinances, codes and
administrative or judicial precedents or authorities, including the
interpretation or administration thereof by any Governmental Authority charged
with the enforcement, interpretation or administration thereof, and all
applicable administrative orders, directed duties, requests, licenses,
authorizations and permits of, any Governmental Authority, in each case whether
or not having the force of law.

      "L/C Advance" means, with respect to each Domestic Lender, such Domestic
Lender's funding of its participation in any L/C Borrowing in accordance with
its Domestic Applicable Percentage. All L/C Advances shall be denominated in
Dollars.

      "L/C Borrowing" means an extension of credit resulting from a drawing
under any Letter of Credit which has not been reimbursed on the date when made
or refinanced as a Committed Borrowing. All L/C Borrowings shall be denominated
in Dollars.

      "L/C Credit Extension" means, with respect to any Letter of Credit, the
issuance thereof or extension of the expiry date thereof, or the increase of the
amount thereof.

      "L/C Issuer" means, as applicable in the context used, Bank of America or
such other Domestic Lender as selected by Company to be an L/C Issuer hereunder,
and consented to by the Administrative Agent (such consent not to be
unreasonably withheld), in each case in its capacity as issuer of Letters of
Credit hereunder, or any successor issuer of Letters of Credit hereunder, and
"L/C Issuers" means collectively Bank of America and such other Domestic Lender
as selected by Company to be an L/C Issuer hereunder, and consented to by the
Administrative Agent (such consent not to be unreasonably withheld), and all
successor issuers of Letters of Credit hereunder.

      "L/C Obligations" means, as at any date of determination, the aggregate
amount available to be drawn under all outstanding Letters of Credit plus the
aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For
purposes of computing the amount available to be

                                       19

<PAGE>

drawn under any Letter of Credit, the amount of such Letter of Credit shall be
determined in accordance with Section 1.08. For all purposes of this Agreement,
if on any date of determination a Letter of Credit has expired by its terms but
any amount may still be drawn thereunder by reason of the operation of Rule 3.14
of the ISP, such Letter of Credit shall be deemed to be "outstanding" in the
amount so remaining available to be drawn.

      "Lender Certification" has the meaning ascribed thereto in Section 12.24.

      "Lenders" means the Domestic Lenders and the Offshore Lenders that are
party to this Agreement from time to time.

      "Lending Office" means, as to any Lender, the office or offices of such
Lender described as such in such Lender's Administrative Questionnaire, or such
other office or offices as a Domestic Lender may from time to time notify the
Company and the Administrative Agent, or an Offshore Lender may from time to
time notify the Offshore Borrowers' Agent, the Administrative Agent and the
Offshore Sub-Administrative Agent.

      "Letter of Credit" means any standby letter of credit issued hereunder and
shall include the Existing Letters of Credit. Letters of Credit may be issued in
Dollars or in an Alternative Currency.

      "Letter of Credit Application" means an application and agreement for the
issuance or amendment of a Letter of Credit in the form from time to time in use
by any of the L/C Issuers.

      "Letter of Credit Expiration Date" means the day that is seven days prior
to the Maturity Date then in effect (or, if such day is not a Business Day, the
next preceding Business Day).

      "Letter of Credit Fee" has the meaning specified in Section 2.04(i).

      "Letter of Credit Sublimit" means an amount equal to the lesser of the
Dollar Equivalent of (a) $500,000,000 and (b) the Aggregate Domestic
Commitments. The Letter of Credit Sublimit is part of, and not in addition to,
the Aggregate Domestic Commitments.

      "LIBOR" means, in relation to any UK Offshore Loan:

            (a)   the applicable Screen Rate; or

            (b)   (if no Screen Rate is available for the currency or Interest
      Period of that UK Offshore Loan) the arithmetic mean of the rates (rounded
      upwards to four decimal places) as supplied to the Offshore
      Sub-Administrative Agent at its request quoted by the Reference Banks to
      leading banks in the London interbank market,

as of 11:00 am on the Quotation Day for the offering of deposits in the currency
of that UK Offshore Loan and for a period comparable to the Interest Period for
that UK Offshore Loan.

      "Lien" means any mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), charge, or other security
interest or preferential

                                       20

<PAGE>

arrangement in the nature of a security interest of any kind or nature
whatsoever (including any conditional sale or other title retention agreement,
any easement, right of way or other encumbrance on title to real property, and
any financing lease having substantially the same economic effect as any of the
foregoing).

      "Loan" means an extension of credit by a Lender to a Borrower under
Article II in the form of a Committed Loan, a Bid Loan or a Swing Line Loan, or
under Article III in the form of an Offshore Loan.

      "Loan Documents" means this Agreement, each Domestic Note, each Offshore
Note, each Issuer Document, the Fee Letters, and each other agreement executed
by any of the Borrowers from time to time in connection with this Agreement.

      "Mandatory Convertible Securities" means securities issued by the Company
that are payable by their terms solely in equity securities of the Company
within three years from their issuance date.

      "Mandatory Cost" means, with respect to any period, the percentage rate
per annum determined in accordance with Schedule 1.01.

      "Market Disruption Event" has the meaning ascribed thereto in Section
3.05(d).

      "Material Adverse Effect" means (a) any act or circumstance that otherwise
would reasonably be expected to be material and adverse to the business,
consolidated assets, liabilities, financial condition or results of operations
of the Company and its Subsidiaries, together taken as a whole, (b) a material
impairment of the ability of the Company to perform its obligations under this
Agreement; or (c) a material adverse effect upon the legality, validity, binding
effect or enforceability of this Agreement against the Company.

      "Material Subsidiary" means the Borrowers (other than the Company), Clear
Channel Broadcasting, Inc., a Nevada corporation, Clear Channel Broadcasting
Licenses, Inc. (a Nevada corporation), Clear Channel Holdings, Inc. (a Nevada
corporation), Clear Channel Outdoor, Inc., (also known as Eller Media Company),
Universal Outdoor, Inc., Jacor Communications Company, AMFM Inc, Katz Media
Group, Inc. and SFX Entertainment, Inc.

      "Maturity Date" means July 12, 2009, or such earlier date as the
Obligations shall become due and payable in full, whether by prepayment,
commitment reduction, acceleration or otherwise.

      "Moody's" means Moody's Investors Service, Inc. and any successor thereto.

      "Multicurrency Sublimit" means an amount equal to the lesser of the Dollar
Equivalent of (a) $1,000,000,000 and (b) the Aggregate Domestic Commitments. The
Multicurrency Sublimit is part of, and not in addition to, the Aggregate
Domestic Commitments.

      "Multiemployer Plan" means any employee benefit plan of the type described
in Section 4001(a)(3) of ERISA, to which the Company or any ERISA Affiliate
makes or is

                                       21

<PAGE>

obligated to make contributions, or during the preceding five plan years, has
made or been obligated to make contributions.

      "Necessary Authorization" means any license, permit, consent, approval or
authorization from, or any filing or registration with, any governmental or
other regulatory authority (including without limitation the FCC) necessary or
appropriate to enable the Company and its Subsidiaries to maintain and operate
their businesses and properties, in each case, the revocation or non-renewal of
which would reasonably be expected to have a Material Adverse Effect.

      "Note" means a Domestic Note or an Offshore Note, as applicable in the
context used, and "Notes" means the Domestic Notes and the Offshore Notes.

      "Obligations" means all advances to, and debts, liabilities, obligations,
covenants and duties of, any Borrower arising under any Loan Document or
otherwise with respect to any Loan or Letter of Credit, whether direct or
indirect (including those acquired by assumption), absolute or contingent, due
or to become due, now existing or hereafter arising and including interest and
fees that accrue after the commencement by or against any Borrower or any
Affiliate thereof of any proceeding under any Debtor Relief Laws naming such
Person as the debtor in such proceeding, regardless of whether such interest and
fees are allowed claims in such proceeding.

      "Offshore Applicable Percentage" means with respect to any Offshore Lender
at any time, the percentage (carried out to the ninth decimal place) of the
Aggregate Offshore Commitments represented by such Offshore Lender's Offshore
Commitment at such time. If the commitment of each Offshore Lender to make
Offshore Loans have been terminated pursuant to Section 10.02 or if the
Aggregate Offshore Commitments have expired, then the Offshore Applicable
Percentage of each Offshore Lender shall be determined based on the Offshore
Applicable Percentage of such Offshore Lender most recently in effect, giving
effect to any subsequent assignments. The initial Offshore Applicable Percentage
of each Offshore Lender is set forth opposite the name of such Offshore Lender
on Schedule 2.01 or in any Assignment and Assumption or amendment pursuant to
which such Offshore Lender becomes a party hereto, as applicable.

      "Offshore Borrowers" has the meaning specified in the introductory
paragraph hereto.

      "Offshore Borrowers' Agent" means Clear Channel International Limited, as
agent for the Offshore Borrowers and the Company in accordance with the terms
of, and pursuant to, Section 12.20.

      "Offshore Commitment" means, as to each Offshore Lender, its obligation to
make Offshore Loans to the Offshore Borrowers and the Company pursuant to
Article III, in the form of both UK Offshore Loans and Hybrid Offshore Loans, in
an aggregate principal amount at any one time outstanding not to exceed the
Dollar amount set forth opposite such Offshore Lender's name on Schedule 2.01 or
in the Assignment and Assumption pursuant to which such Offshore Lender becomes
a party hereto, as applicable, as such amount may be adjusted from time to time
in accordance with this Agreement.

                                       22

<PAGE>

      "Offshore Facility" means the Offshore Loans extended to the Offshore
Borrowers and the Company by the Offshore Lenders in accordance with Article III
and the other terms and provisions of this Agreement and the Loan Documents, in
amounts the aggregate Dollar Equivalent of which may not exceed $150,000,000.

      "Offshore Lenders" means, in respect of the Offshore Loans, the Lenders
making such Offshore Loans to the Offshore Borrowers and the Company.

      "Offshore Loan" has the meaning specified in Section 3.01, which includes
UK Offshore Loans and Hybrid Offshore Loans.

      "Offshore Note" means a promissory note made by the Borrowers in favor of
an Offshore Lender evidencing Offshore Loans made by such Offshore Lender to
such Borrowers, substantially in the form of Exhibit D-2.

      "Offshore Obligations" means, on any date of determination, that portion
of the outstanding Obligations on such date of determination, ratably
attributable to the borrowing by the Offshore Borrowers and the Company of the
Offshore Loans, as determined by the Administrative Agent and the Offshore
Sub-Administrative Agent.

      "Offshore Sub-Administrative Agent" means Bank of America, N.A., London,
or any successor Offshore Sub-Administrative Agent.

      "Offshore Sub-Administrative Agent's Office" means, with respect to any
currency, the Offshore Sub-Administrative Agent's address and, as appropriate,
account as set forth on Schedule 12.02 with respect to such currency, or such
other address or account with respect to such currency as the Offshore
Sub-Administrative Agent may from time to time notify the Offshore Borrowers'
Agent, the Administrative Agent and the Offshore Lenders.

      "Offshore Total Outstandings" means the aggregate Outstanding Amount of
all Offshore Loans.

      "Operating Cash Flow" means, for any period, determined in accordance with
GAAP on a consolidated basis for the Company and its Subsidiaries, the sum of
(a) pre-tax net income (excluding therefrom (but only to the extent included in
pre-tax net income) (i) any items of extraordinary gain, including net gains on
the sale of assets other than asset sales in the ordinary course of business,
and (ii) any items of extraordinary loss, including net losses on the sale of
assets other than asset sales in the ordinary course of business), plus (b)
interest expense, depreciation and amortization (including amortization of film
contracts), deferred and other non-cash charges, and minus (c) cash payments
made or scheduled to be made with respect to film contracts. Operating Cash Flow
shall be adjusted to exclude (i) any extraordinary non-cash items deducted from
or included in the calculation of pre-tax net income and (ii) without
duplication, any accrued but not paid income or loss from Investments. For
purpose of calculation of Operating Cash Flow with respect to assets not owned
at all times during the four fiscal quarters preceding the date of determination
of Operating Cash Flow there shall be (i) included in Operating Cash Flow on a
pro forma basis, the Operating Cash Flow of any assets

                                       23

<PAGE>

acquired since the start of such four fiscal quarter period, and (ii) excluded
from Operating Cash Flow on a pro forma basis, the Operating Cash Flow of any
assets disposed of since the start of such four fiscal quarter period.

      "Organization Documents" means, (a) with respect to any corporation, the
certificate or articles of incorporation and the bylaws (or equivalent or
comparable constitutive documents with respect to any non-U.S. jurisdiction);
(b) with respect to any limited liability company, the certificate or articles
of formation or organization and operating agreement; and (c) with respect to
any partnership, joint venture, trust or other form of business entity, the
partnership, joint venture or other applicable agreement of formation or
organization and any agreement, instrument, filing or notice with respect
thereto filed in connection with its formation or organization with the
applicable Governmental Authority in the jurisdiction of its formation or
organization and, if applicable, any certificate or articles of formation or
organization of such entity.

      "Other Taxes" means 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 under any other Loan Document or from the execution,
delivery or enforcement of, or otherwise with respect to, this Agreement or any
other Loan Document.

      "Outstanding Amount" means (i) with respect to Committed Loans on any
date, the Dollar Equivalent amount of the aggregate outstanding principal amount
thereof after giving effect to any borrowings and prepayments or repayments of
such Committed Loans occurring on such date; (ii) with respect to Swing Line
Loans on any date, the Dollar Equivalent amount of the aggregate outstanding
principal amount thereof after giving effect to any borrowings and prepayments
or repayments of such Swing Line Loans occurring on such date; (iii) with
respect to the Offshore Loans, the Dollar Equivalent amount of the aggregate
outstanding principal amount thereof after giving effect to any borrowings and
prepayments or repayments of such Offshore Loans occurring on such date, (iv)
with respect to Bid Loans on any date, the aggregate outstanding principal
amount thereof after giving effect to any borrowings and prepayments or
repayments of such Bid Loans occurring on such date; and (v) with respect to any
L/C Obligations on any date, the Dollar Equivalent amount of the aggregate
outstanding amount of such L/C Obligations on such date after giving effect to
any L/C Credit Extension occurring on such date and any other changes in the
aggregate amount of the L/C Obligations as of such date, including as a result
of any reimbursements by the Company of Unreimbursed Amounts.

      "Overnight Rate" means, for any day, (a) with respect to any amount
denominated in Dollars, the greater of (i) the Federal Funds Rate and (ii) an
overnight rate determined by the Administrative Agent, any L/C Issuer, or the
Swing Line Lender, as the case may be, in accordance with banking industry rules
on interbank compensation, and (b) with respect to any amount denominated in an
Alternative Currency, the rate of interest per annum at which overnight deposits
in the applicable Alternative Currency, in an amount approximately equal to the
amount with respect to which such rate is being determined, would be offered for
such day by a branch or Affiliate of the Administrative Agent in the applicable
offshore interbank market for such currency to major banks in such interbank
market.

                                       24

<PAGE>

      "Participant" has the meaning specified in Section 12.06(d).

      "Participating Member State" means each state so described in any EMU
Legislation.

      "PBGC" means the Pension Benefit Guaranty Corporation.

      "Pension Plan" means any "employee pension benefit plan" (as such term is
defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is
subject to Title IV of ERISA and is sponsored or maintained by the Company or
any ERISA Affiliate or to which the Company or any ERISA Affiliate contributes
or has an obligation to contribute, or in the case of a multiple employer or
other plan described in Section 4064(a) of ERISA, has made contributions at any
time during the immediately preceding five plan years.

      "Permitted Holder" means L. Lowry Mays, Mark P. Mays, Randall T. Mays and
any person related to any of them by kinship or marriage, trusts or similar
arrangements established for the benefit of one or more of them or any of their
estates, and partnerships and other entities that are controlled by them.

      "Person" means any natural person, corporation, limited liability company,
trust, joint venture, association, company, partnership, Governmental Authority
or other entity.

      "Plan" means any "employee benefit plan" (as such term is defined in
Section 3(3) of ERISA) established by the Company or, with respect to any such
plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA
Affiliate.

      "Principal Property" means any radio broadcasting, television or outdoor
advertising property located in the United States owned or leased by the Company
or any Subsidiary, excluding any such properties that, in the opinion of the
board of directors of the Company, are not in the aggregate of material
importance to the total business conducted by the Company and its Subsidiaries
as an entirety.

      "Private Lender" means those Lenders who are not Public Lenders.

      "Professional Market Party" means a professional market party
(professionele marktpartij) as defined from time to time under the Dutch
Exemption Regulation pursuant to the Act on the Supervision of the Credit System
1992 (Vrijstellingsregeling WTK 1992).

      "Public Lender" has the meaning ascribed thereto in Section 8.02.

      "Quotation Day" means, in relation to any period for which an interest
rate is to be determined with respect to a UK Offshore Loan:

            (a)   (if the currency is Sterling) the first day of that period; or

            (b)   (for any other currency) two Business Days before the first
      day of that period,

                                       25

<PAGE>

unless (i) the Offshore Borrowers' Agent gives the Offshore Sub-Administrative
Agent less than three Business Days notice for a UK Offshore Loan, or
continuation of a UK Offshore Loan denominated in Euro or (ii) market practice
differs in the Relevant Interbank Market for a currency, in which case the
Quotation Day for that currency will be determined by the Offshore
Sub-Administrative Agent in accordance with market practice in the Relevant
Interbank Market (and if quotations would normally be given by leading banks in
the Relevant Interbank Market on more than one day, the Quotation Day will be
the last of those days).

      "Reference Banks" means with respect to UK Offshore Loans, the principal
London offices of Bank of America, N.A., JPMorgan Chase Bank and Citibank, N.A.,
or such other banks as may be appointed by the Offshore Sub-Administrative Agent
in consultation with the Offshore Borrowers' Agent and the Company.

      "Relevant Interbank Market" means in relation to Euro, the European
interbank market, and, in relation to any other currency, the London interbank
market.

      "Register" has the meaning specified in Section 12.06(c).

      "Related Parties" means, with respect to any Person, such Person's
Affiliates and the partners, directors, officers, employees, agents and advisors
of such Person and of such Person's Affiliates.

      "Reportable Event" means any of the events set forth in Section 4043(c) of
ERISA, other than events for which the 30 day notice period has been waived.

      "Request for Credit Extension" means (a) with respect to a Committed
Borrowing, conversion or continuation of Committed Loans, a Committed Loan
Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit
Application, (c) with respect to a Bid Borrowing, of a Bid Loan, a Bid Request,
(d) with respect to a UK Offshore Borrowing, or continuation of a UK Offshore
Loan, a UK Offshore Loan Notice, (e) with respect to a Hybrid Offshore
Borrowing, or continuation or conversion of a Hybrid Offshore Loan, a Company
Hybrid Offshore Loan Notice, and (f) with respect to Swing Line Borrowing of a
Swing Line Loan, a Swing Line Loan Notice.

      "Required Domestic Lenders" means, as of any date of determination,
Domestic Lenders having more than 50% of the Aggregate Domestic Commitments or,
if the commitment of each Domestic Lender to make Committed Loans and the
obligation of the L/C Issuers to make L/C Credit Extensions have been terminated
pursuant to Section 10.02, Domestic Lenders holding in the aggregate more than
50% of the Domestic Total Outstandings (with the aggregate amount of each
Domestic Lender's risk participation and funded participation in L/C Obligations
and Swing Line Loans being deemed "held" by such Domestic Lender for purposes of
this definition); provided that the Domestic Commitment of, and the portion of
the Domestic Total Outstandings held or deemed held by, any Defaulting Lender
shall be excluded for purposes of making a determination of Required Domestic
Lenders.

                                       26

<PAGE>

      "Required Offshore Lenders" means, as of any date of determination,
Offshore Lenders having more than 50% of the Aggregate Offshore Commitments or,
if the commitment of each Offshore Lender to make Offshore Loans has been
terminated pursuant to Section 10.02, Offshore Lenders holding in the aggregate
more than 50% of the Offshore Total Outstandings; provided that the Offshore
Commitment of, and the portion of the Offshore Total Outstandings held or deemed
held by, any Defaulting Lender shall be excluded for purposes of making a
determination of Required Offshore Lenders.

      "Required Total Lenders" means, as of any date of determination, Lenders
having more than 50% of the Aggregate Total Commitments or, if the commitment of
each Lender to make Loans and the obligation of the L/C Issuers to make L/C
Credit Extensions have been terminated pursuant to Section 10.02, Lenders
holding in the aggregate more than 50% of the Total Outstandings (with the
aggregate amount of each Lender's risk participation and funded participation in
L/C Obligations and Swing Line Loans being deemed "held" by such Lender for
purposes of this definition); provided that the Commitment of, and the portion
of the Total Outstandings held or deemed held by, any Defaulting Lender shall be
excluded for purposes of making a determination of Required Total Lenders.

      "Responsible Officer" means the Chief Executive Officer, President, Chief
Financial Officer, Treasurer or Senior Vice President-Finance of a Borrower, and
with regard to Offshore Borrowers, the Director of Finance and Chief Executive
Officer, Europe. Any document delivered hereunder that is signed by a
Responsible Officer of a Borrower shall be conclusively presumed to have been
authorized by all necessary corporate, partnership and/or other action on the
part of such Borrower and such Responsible Officer shall be conclusively
presumed to have acted on behalf of such Borrower.

      "Restricted Payment" means any dividend or other distribution (whether in
cash, securities or other property) with respect to any capital stock or other
Equity Interest of the Company or any Subsidiary, or any payment (whether in
cash, securities or other property), including any sinking fund or similar
deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any such capital stock or other Equity Interest,
or on account of any return of capital to the Company's stockholders, partners
or members (or the equivalent Person thereof).

      "Revaluation Date" means (a) with respect to any Loan, each of the
following: (i) each date of a Borrowing of a Eurocurrency Rate Loan denominated
in an Alternative Currency, (ii) each date of a continuation of a Eurocurrency
Rate Loan denominated in an Alternative Currency pursuant to Section 2.02 and
Section 3.01, and (iii) such additional dates as the Administrative Agent, the
Offshore Sub-Administrative Agent or the Swing Line Lender shall reasonably
determine, or the Required Domestic Lenders or the Required Offshore Lenders
shall require, as applicable; and (b) with respect to any Letter of Credit, each
of the following: (i) each date of issuance of a Letter of Credit denominated in
an Alternative Currency, (ii) each date of an amendment of any such Letter of
Credit having the effect of increasing the amount thereof (solely with respect
to the increased amount), (iii) each date of any payment by any L/C Issuer under
any Letter of Credit denominated in an Alternative Currency, (iv) in the case of
the Existing Letters of Credit, July 1, 2004, and (v) such additional dates as
the Administrative

                                       27

<PAGE>

Agent, the Offshore Sub-Administrative Agent, the Swing Line Lender or any L/C
Issuer shall reasonably determine, or the Required Domestic Lenders or the
Required Offshore Lenders shall require, as applicable.

      "S&P" means Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc. and any successor thereto.

      "Sale and Leaseback Transaction" means any arrangement, directly or
indirectly, with any Person, whereby the Company or any Subsidiary, as a seller
or transferor, shall sell or otherwise transfer any real or personal property
and then or thereafter lease, or repurchase under an extended purchase contract,
conditional sales or other title retention agreement, the same or similar
property, provided that, this provision shall not include any such Sale and
Leaseback Transaction that occurs within 120 days from the date of acquisition
of the relevant Principal Property or the date of the completion of construction
or commencement of full operations on such Principal Property, whichever is
later.

      "Same Day Funds" means (a) with respect to disbursements and payments in
Dollars, immediately available funds, and (b) with respect to disbursements and
payments in an Alternative Currency, same day or other funds as may be
determined by the Administrative Agent, the Offshore Sub-Administrative Agent,
the Swing Line Lender or the applicable L/C Issuer, as the case may be, to be
customary in the place of disbursement or payment for the settlement of
international banking transactions in the relevant Alternative Currency.

      "Screen Rate" means, for any Interest Period,

      (a)   with respect to Domestic Loans and Hybrid Offshore Loans,

                  (i)   the rate per annum equal to the rate determined by the
            Administrative Agent to be the offered rate that appears on the page
            of the Telerate screen (or any successor thereto) that displays an
            average British Bankers Association Interest Settlement Rate for
            deposits in the relevant currency (for delivery on the first day of
            such Interest Period) with a term equivalent to such Interest
            Period, determined as of approximately 11:00 a.m. (London time) two
            Business Days prior to the first day of such Interest Period; or

                  (ii)  if the rate referenced in the preceding clause (a) does
            not appear on such page or service or such page or service shall
            cease to be available, the rate per annum equal to the rate
            determined by the Administrative Agent to be the offered rate on
            such other page or other service that displays an average British
            Bankers Association Interest Settlement Rate for deposits in the
            relevant currency (for delivery on the first day of such Interest
            Period) with a term equivalent to such Interest Period, determined
            as of approximately 11:00 a.m. (London time) two Business Days prior
            to the first day of such Interest Period, and

                                       28

<PAGE>

      (b)   with respect to UK Offshore Loans,

                  (i)   that are made in all currencies except Euro, LIBOR, the
            British Bankers Association Interest Settlement Rate for the
            relevant currency and period; and

                  (ii)  that are made in Euro, EURIBOR, the percentage rate per
            annum determined by the Banking Federation of the European Union for
            the relevant period,

      displayed on the appropriate page of the Telerate/Reuters screen. If the
      agreed page is replaced or service ceases to be available, the Offshore
      Sub-Administrative Agent may specify another page or service displaying
      the appropriate rate after consultation with the Offshore Borrowers' Agent
      and the Offshore Lenders.

      "SEC" means the Securities and Exchange Commission, or any Governmental
Authority succeeding to any of its principal functions.

      "Shareholder's Equity" means, as of any date of determination,
consolidated shareholder's equity of the Company and its Subsidiaries as of that
date determined in accordance with GAAP.

      "Significant Subsidiary" means any Subsidiary of the Company whose TTM
Operating Cash Flow was greater than five percent of the TTM Operating Cash Flow
of the Company and its Subsidiaries, on a consolidated basis, for the period of
four fiscal quarters ended on the last day of the fiscal quarter most recently
ended, or whose assets comprised more than five percent of the total assets of
the Company and its Subsidiaries, on a consolidated basis, as of the last day of
the fiscal quarter most recently ended.

      "Solvent" means, with respect to any Person, as of any date of
determination, that the fair value of the assets of such Person (at fair
valuation) is, on the date of determination, greater than the total amount of
liabilities (including contingent and unliquidated liabilities) of such Person
as of such date, that 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 probable liability of such Person on its debts as such debts become
absolute and matured, and that, as of such date, such Person will be able to pay
all liabilities of such Person as such liabilities mature and such Person does
not have unreasonably small capital with which to carry on its business. In
computing the amount of contingent or unliquidated liabilities at any time, such
liabilities will be computed at the amount which, in light of all the facts and
circumstances existing at such time, represents the amount that can reasonably
be expected to become an actual or matured liability discounted to present value
at rates believed to be reasonable by such Person acting in good faith.

      "SPC" has the meaning specified in Section 12.06(h).

      "Special Notice Currency" means at any time an Alternative Currency, other
than the currency of a country that is a member of the Organization for Economic
Cooperation and Development at such time located in North America or Europe.

                                       29

<PAGE>

      "Spot Rate" for a currency means the rate determined by the Administrative
Agent, the Offshore Sub-Administrative Agent, the Swing Line Lender or the
applicable L/C Issuer, as applicable, to be the rate quoted by the Person acting
in such capacity as the spot rate for the purchase by such Person of such
currency with another currency through its principal foreign exchange trading
office at approximately 11:00 a.m. on the date two Business Days prior to the
date as of which the foreign exchange computation is made with respect to
Domestic Loans and Hybrid Offshore Loans, and three Business Days prior to the
date as of which the foreign exchange computation is made with respect to UK
Offshore Loans; provided that, with respect to UK Offshore Loans made in
Sterling and Euro, "Spot Rate" will be determined by the Offshore
Sub-Administrative Agent approximately 11:00 a.m. on the date that is one
Business Day prior to the date as of which the foreign exchange computation is
made; provided further that the Administrative Agent, the Offshore
Sub-Administrative Agent, the Swing Line Lender or the applicable L/C Issuer may
obtain such spot rate from another financial institution designated by the
Administrative Agent, the Offshore Sub-Administrative Agent, the Swing Line
Lender or the applicable L/C Issuer if the Person acting in such capacity does
not have as of the date of determination a spot buying rate for any such
currency; and provided further that the applicable L/C Issuer may use such spot
rate quoted on the date as of which the foreign exchange computation is made in
the case of any Letter of Credit denominated in an Alternative Currency.

      "Sterling", "GBP" and "(pound)" mean the lawful currency of the United
Kingdom.

      "Subsidiary" of a Person means a corporation, partnership, joint venture,
limited liability company or other business entity of which a majority of the
shares of securities or other interests having ordinary voting power for the
election of directors or other governing body (other than securities or
interests having such power only by reason of the happening of a contingency)
are at the time beneficially owned, or the management of which is otherwise
controlled, directly, or indirectly through one or more intermediaries, or both,
by such Person. Unless otherwise specified, all references herein to a
"Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries of
the Company.

      "Swap Contract" means any and all rate swap transactions, basis swaps,
credit derivative transactions, forward rate transactions, commodity swaps,
commodity options, forward commodity contracts, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index
transactions, interest rate options, forward foreign exchange transactions, cap
transactions, floor transactions, collar transactions, currency swap
transactions, cross-currency rate swap transactions, currency options, spot
contracts, or any other similar transactions or any combination of any of the
foregoing (including any options to enter into any of the foregoing), whether or
not any such transaction is governed by or subject to any master agreement.

      "Swap Termination Value" means, in respect of any one or more Swap
Contracts, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Contracts, (a) for any date on or after
the date such Swap Contracts have been closed out and termination value(s)
determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amount(s) determined as the
mark-to-market value(s) for such Swap Contracts, as determined based upon one or
more mid-market or

                                       30

<PAGE>

other readily available quotations provided by any recognized dealer in such
Swap Contracts (which may include a Lender or any Affiliate of a Lender).

      "Swing Line" means the revolving credit facility made available by the
Swing Line Lender pursuant to Section 2.05.

      "Swing Line Alternative Currency Loan" means a Swing Line Loan made in an
Alternative Currency.

      "Swing Line Borrowing" means a borrowing of a Swing Line Loan pursuant to
Section 2.05.

      "Swing Line Lender" means Bank of America in its capacity as provider of
Swing Line Loans, or any successor swing line lender hereunder.

      "Swing Line Loan" has the meaning specified in Section 2.05(a), and
includes Swing Line Alternative Currency Loans.

      "Swing Line Loan Notice" means a notice of a Swing Line Borrowing pursuant
to Section 2.05(b), which, if in writing, shall be substantially in the form of
Exhibit B, or in such other form acceptable to the Administrative Agent.

      "Swing Line Sublimit" means an amount equal to the lesser of the Dollar
Equivalent of (a) $150,000,000 and (b) the Aggregate Domestic Commitments. The
Swing Line Sublimit is part of, and not in addition to, the Aggregate Domestic
Commitments.

      "Syndication Agent" means JPMorgan Chase Bank in its capacity as
syndication agent under any of the Loan Documents, or any successor syndication
agent.

      "Synthetic Lease Obligation" means the monetary obligation of a Person
under (a) a so-called synthetic, off-balance sheet or tax retention lease, or
(b) a lease agreement for the use of property creating liabilities that do not
appear on the balance sheet of such Person but which, upon the insolvency or
bankruptcy of such Person, would be characterized as indebtedness of such Person
(without regard to accounting treatment), in each case excluding (i) any lease
that would be classified as an operating lease in accordance with GAAP and (ii)
contracts (non-cancelable or otherwise) that do not constitute leases of real or
personal property.

      "TARGET Day" means any day on which the Trans-European Automated Real-time
Gross Settlement Express Transfer (TARGET) payment system (or, if such payment
system ceases to be operative, such other payment system (if any) determined by
the Administrative Agent or the Offshore Sub-Administrative Agent to be a
suitable replacement) is open for the settlement of payments in Euro.

      "Taxes" means all present or future taxes, levies, imposts, duties,
deductions, withholdings, assessments, fees or other charges imposed by any
Governmental Authority, including any interest, additions to tax or penalties
applicable thereto.

                                       31

<PAGE>

      "Threshold Amount" means $250,000,000.

      "Total Applicable Percentage" means with respect to any Lender at any
time, the percentage (carried out to the ninth decimal place) of the Aggregate
Total Commitments represented by such Lender's Domestic Commitment and such
Lender's Offshore Commitment at such time. If the commitment of each Lender to
make Loans and/or the obligation of the L/C Issuers to make L/C Credit
Extensions have been terminated pursuant to Section 10.02, or if the Aggregate
Total Commitments have expired, then the Total Applicable Percentage of each
Lender shall be determined based on the Total Applicable Percentage of such
Lender most recently in effect, giving effect to any subsequent assignments. The
initial Total Applicable Percentage of each Lender is set forth opposite the
name of such Lender on Schedule 2.01 or in any Assignment and Assumption or
amendment pursuant to which such Lender becomes a party hereto, as applicable.

      "Total Outstandings" means the aggregate Outstanding Amount of all Loans
and all L/C Obligations.

      "TTM Operating Cash Flow" means, at any date of determination, Operating
Cash Flow for the most recently completed twelve month period.

      "Type" means (a) with respect to a Committed Loan, its character as a Base
Rate Loan or Eurocurrency Rate Loan, (b) with respect to a Bid Loan, its
character as an Absolute Rate Loan or a Eurocurrency Margin Bid Loan, and (c)
with respect to a Hybrid Offshore Loan, its character as a Base Rate Loan or
Eurocurrency Rate Loan.

      "UK Offshore Borrowing" means a borrowing consisting of simultaneous UK
Offshore Loans in the same currency having the same Interest Period, made by
each of the Offshore Lenders to the Offshore Borrowers pursuant to Section
3.01(b).

      "UK Offshore Loan Notice" means a notice of (a) a UK Offshore Borrowing
that is a Eurocurrency Rate Loan, or (b) a continuation of a UK Offshore
Borrowing that is a Eurocurrency Rate Loan pursuant to Section 3.01, which shall
be substantially in the form of Exhibit C, or in such other form acceptable to
the Offshore Sub-Administrative Agent.

      "UK Offshore Loans" means Offshore Loans that are Eurocurrency Rate Loans
made by the Offshore Lenders to the Offshore Borrowers through the Offshore
Sub-Administrative Agent in accordance with the terms of Sections 3.01(a), (b),
(c) and 3.02.

      "Unfunded Pension Liability" means the excess of a Pension Plan's benefit
liabilities under Section 4001(a)(16) of ERISA, over the current value of that
Pension Plan's assets, determined in accordance with the assumptions used for
funding the Pension Plan pursuant to Section 412 of the Code for the applicable
plan year.

      "United States" and "U.S." mean the United States of America.

      "Unreimbursed Amount" has the meaning specified in Section 2.04(c)(i).

                                       32

<PAGE>

      1.02  OTHER INTERPRETIVE PROVISIONS. With reference to this Agreement and
each other Loan Document, unless otherwise specified herein or in such other
Loan Document:

            (a)   The definitions of terms herein shall apply equally to the
      singular and plural forms of the terms defined. Whenever the context may
      require, any pronoun shall include the corresponding masculine, feminine
      and neuter forms. The words "include," "includes" and "including" shall be
      deemed to be followed by the phrase "without limitation." The word "will"
      shall be construed to have the same meaning and effect as the word
      "shall." Unless the context requires otherwise, (i) any definition of or
      reference to any agreement, instrument or other document (including any
      Organization Document) shall be construed as referring to such agreement,
      instrument or other document as from time to time amended, supplemented or
      otherwise modified (subject to any restrictions on such amendments,
      supplements or modifications set forth herein or in any other Loan
      Document), (ii) any reference herein to any Person shall be construed to
      include such Person's successors and assigns, (iii) the words "herein,"
      "hereof" and "hereunder," and words of similar import when used in any
      Loan Document, shall be construed to refer to such Loan Document in its
      entirety and not to any particular provision thereof, (iv) all references
      in a Loan Document to Articles, Sections, Exhibits and Schedules shall be
      construed to refer to Articles and Sections of, and Exhibits and Schedules
      to, the Loan Document in which such references appear, (v) any reference
      to any law shall include all statutory and regulatory provisions
      consolidating, amending, replacing or interpreting such law and any
      reference to any law or regulation shall, unless otherwise specified,
      refer to such law or regulation as amended, modified or supplemented from
      time to time, and (vi) 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, securities, accounts
      and contract rights.

            (b)   In the computation of periods of time from a specified date to
      a later specified date, the word "from" means "from and including;" the
      words "to" and "until" each mean "to but excluding;" and the word
      "through" means "to and including."

            (c)   Section headings herein and in the other Loan Documents are
      included for convenience of reference only and shall not affect the
      interpretation of this Agreement or any other Loan Document.

      1.03  ACCOUNTING TERMS.

            (a)   Generally. All accounting terms not specifically or completely
      defined herein shall be construed in conformity with, and all financial
      data (including financial ratios and other financial calculations)
      required to be submitted pursuant to this Agreement shall be prepared in
      conformity with, GAAP applied on a consistent basis, as in effect from
      time to time, applied in a manner consistent with that used in preparing
      the Audited Financial Statements, except as otherwise specifically
      prescribed herein, provided that Audited Financial Statements shall be
      prepared in compliance with the standards of the Public Company Accounting
      and Oversight Board Rule 3100.

                                       33

<PAGE>

            (b)   Changes in GAAP. If at any time any change in GAAP would
      affect the computation of any financial ratio or requirement set forth in
      any Loan Document, and either the Company or the Required Total Lenders
      shall so request, the Administrative Agent, the Lenders and the Company
      shall negotiate in good faith to amend such ratio or requirement to
      preserve the original intent thereof in light of such change in GAAP
      (subject to the approval of the Required Total Lenders); provided that,
      until so amended, (i) such ratio or requirement shall continue to be
      computed in accordance with GAAP prior to such change therein and (ii) the
      Company shall provide to the Administrative Agent and the Lenders
      financial statements and other documents required under this Agreement or
      as reasonably requested hereunder setting forth a reconciliation between
      calculations of such ratio or requirement made before and after giving
      effect to such change in GAAP.

      1.04  EXCHANGE RATES; CURRENCY EQUIVALENTS.

            (a)   The Administrative Agent, the Offshore Sub-Administrative
      Agent, the Swing Line Lender or the applicable L/C Issuer, as applicable,
      shall determine the Spot Rates as of each Revaluation Date to be used for
      calculating Dollar Equivalent amounts of Credit Extensions and Outstanding
      Amounts denominated in Alternative Currencies. Such Spot Rates shall
      become effective as of such Revaluation Date and shall be the Spot Rates
      employed in converting any amounts between the applicable currencies until
      the next Revaluation Date to occur. Except for purposes of financial
      statements delivered by the Company hereunder or calculating financial
      covenants hereunder or except as otherwise provided herein, the applicable
      amount of any currency (other than Dollars) for purposes of the Loan
      Documents shall be such Dollar Equivalent amount as so determined by the
      Administrative Agent, the Offshore Sub-Administrative Agent, the Swing
      Line Lender or the applicable L/C Issuer, as applicable.

            (b)   Wherever in this Agreement in connection with a Committed
      Borrowing, Swing Line Loan, Offshore Loan, conversion, continuation or
      prepayment of a Eurocurrency Rate Loan or the issuance, amendment or
      extension of a Letter of Credit, an amount, such as a required minimum or
      multiple amount, is expressed in Dollars, but such Committed Borrowing,
      Swing Line Loan, Offshore Loan, Eurocurrency Rate Loan or Letter of Credit
      is denominated in an Alternative Currency, such amount shall be the
      relevant Alternative Currency Equivalent of such Dollar amount (rounded to
      the nearest unit of such Alternative Currency, with 0.5 of a unit being
      rounded upward), as determined by the Administrative Agent, the Offshore
      Sub-Administrative Agent, Swing Line Lender or the applicable L/C Issuer,
      as the case may be.

      1.05  ADDITIONAL ALTERNATIVE CURRENCIES.

            (a)   The Company (or with respect to the UK Offshore Loans, the
      Offshore Borrowers' Agent) may from time to time request that Eurocurrency
      Rate Loans, Offshore Loans and Swing Line Loans be made and/or Letters of
      Credit be issued in a currency other than those specifically listed in the
      definition of "Alternative Currency;" provided that such requested
      currency is a lawful currency (other than Dollars) that is

                                       34

<PAGE>

      readily available and freely transferable and convertible into Dollars. In
      the case of any such request with respect to the making of Eurocurrency
      Rate Loans that are Domestic Loans or Hybrid Offshore Loans, such request
      shall be subject to the approval of the Administrative Agent; in the case
      of any such request with respect to the making of Eurocurrency Rate Loans
      that are UK Offshore Loans, such request shall be subject to the approval
      of the Offshore Sub-Administrative Agent; in the case of any such request
      with respect to the making of Swing Line Loans, such request shall be
      subject to the approval of the Administrative Agent and the Swing Line
      Lender, and in the case of any such request with respect to the issuance
      of Letters of Credit, such request shall be subject to the approval of the
      Administrative Agent and the applicable L/C Issuer. If, with respect to
      any UK Offshore Loan, any Offshore Lender is unable to fund such Offshore
      Loan in the Alternative Currency selected by the Offshore Borrowers' Agent
      (other than Sterling, Euro and Dollar Offshore Loans) in accordance with
      the terms of this Agreement and has timely notified the Offshore
      Sub-Administrative Agent to that effect, such Offshore Lender will be
      required to participate in such Offshore Loan in Euro (in each case, in an
      amount equal to such Offshore Lender's Offshore Applicable Percentage of
      such Offshore Loan in the Euro Equivalent amount of such Offshore Loan).
      Unless Euro is unavailable as determined by the Offshore
      Sub-Administrative Agent, failure by such Offshore Lender to participate
      in such Offshore Loan in Euro in accordance with the preceding sentence
      will result in such Offshore Lender being designated as a Defaulting
      Lender.

            (b)   Any such request shall be made to the Administrative Agent or
      the Offshore Sub-Administrative Agent, as applicable, not later than 11:00
      a.m., seven Business Days prior to the date of the desired Credit
      Extension (or such other time or date as may be agreed by the
      Administrative Agent, or the Offshore Sub-Administrative Agent, as
      applicable, the Swing Line Lender and, in the case of any such request
      pertaining to Letters of Credit, the applicable L/C Issuer, in its or
      their sole discretion). In the case of any such request pertaining to
      Committed Loans, the Administrative Agent shall promptly notify each
      Domestic Lender thereof; in the case of any such request pertaining to
      Swing Line Loans, the Administrative Agent shall promptly notify the Swing
      Line Lender thereof, in the case of any such request pertaining to
      Offshore Loans, the Offshore Sub-Administrative Agent shall promptly
      notify the Offshore Lenders thereof, and in the case of any such request
      pertaining to Letters of Credit, the Administrative Agent shall promptly
      notify the applicable L/C Issuer thereof. Each Domestic Lender (in the
      case of any such request pertaining to Committed Loans) or each Offshore
      Lender (in the case of any such request pertaining to Offshore Loans)
      shall notify the Administrative Agent or the Offshore Sub-Administrative
      Agent, as the case may be, not later than 11:00 a.m., three Business Days
      after receipt of such request whether it will make available its Domestic
      Applicable Percentage or Offshore Applicable Percentage, as appropriate,
      of the Committed Loans or the Offshore Loans in such requested currency.
      The applicable L/C Issuer (in the case of a request pertaining to Letters
      of Credit) shall notify the Administrative Agent not later than 11:00
      a.m., three Business Days after receipt of such request whether it
      consents to the issuance of a Letter of Credit in such requested currency.

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            (c)   Any failure by a Lender or the applicable L/C Issuer, as the
      case may be, to respond to such request within the time period specified
      in the preceding sentence shall be deemed to be a refusal by such Lender
      or the applicable L/C Issuer, as the case may be, to permit Loans to be
      made or Letters of Credit to be issued in such requested currency. If the
      Administrative Agent consents to making Committed Loans (or the Offshore
      Sub-Administrative Agent consents to making Offshore Loans) in such
      requested currency, the Administrative Agent or the Offshore
      Sub-Administrative Agent, as the case may be, shall so notify the Company
      or the Offshore Borrowers' Agent, as the case may be, and such currency
      shall thereupon be deemed for all purposes to be an Alternative Currency
      hereunder for purposes of any Committed Borrowings of Eurocurrency Rate
      Loans or Hybrid Offshore Borrowings or UK Offshore Borrowings of Offshore
      Loans; and if the Administrative Agent and the applicable L/C Issuer
      consent to the issuance of Letters of Credit in such requested currency,
      the Administrative Agent shall so notify the Company and such currency
      shall thereupon be deemed for all purposes to be an Alternative Currency
      hereunder for purposes of any Letter of Credit issuances. If the
      Administrative Agent or the Offshore Sub-Administrative Agent shall fail
      to obtain consent to any request for an additional currency under this
      Section 1.05, the Administrative Agent or the Offshore Sub-Administrative
      Agent, as the case may be, shall promptly so notify the Company or the
      Offshore Borrowers' Agent, as the case may be. Any specified currency of
      an Existing Letter of Credit that is neither Dollars nor one of the
      Alternative Currencies specifically listed in the definition of
      "Alternative Currency" shall be deemed an Alternative Currency with
      respect to such Existing Letter of Credit only.

      1.06  CHANGE OF CURRENCY.

            (a)   Each obligation of the Borrowers to make a payment denominated
      in the national currency unit of any member state of the European Union
      that adopts the Euro as its lawful currency after the date hereof shall be
      redenominated into Euro at the time of such adoption (in accordance with
      the EMU Legislation). If, in relation to the currency of any such member
      state, the basis of accrual of interest expressed in this Agreement in
      respect of that currency shall be inconsistent with any convention or
      practice in the London interbank market for the basis of accrual of
      interest in respect of the Euro, such expressed basis shall be replaced by
      such convention or practice with effect from the date on which such member
      state adopts the Euro as its lawful currency; provided that if any
      Borrowing in the currency of such member state is outstanding immediately
      prior to such date, such replacement shall take effect, with respect to
      such Borrowing, at the end of the then current Interest Period.

            (b)   Each provision of this Agreement shall be subject to such
      reasonable changes of construction as the Administrative Agent or the
      Offshore Sub-Administrative Agent, as applicable, may from time to time
      specify to be appropriate to reflect the adoption of the Euro by any
      member state of the European Union and any relevant market conventions or
      practices relating to the Euro.

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<PAGE>

            (c)   Each provision of this Agreement also shall be subject to such
      reasonable changes of construction as the Administrative Agent or the
      Offshore Sub-Administrative Agent may from time to time specify to be
      appropriate to reflect a change in currency of any other country and any
      relevant market conventions or practices relating to the change in
      currency.

      1.07 TIMES OF DAY. Unless otherwise specified, all references herein to
times of day shall be references to Dallas, Texas time, provided that all time
references with respect to the UK Offshore Loan, the Offshore Sub-Administrative
Agent and Offshore Borrowers' Agent shall be references to London time.

      1.08 LETTER OF CREDIT AMOUNTS. Unless otherwise specified herein, the
amount of a Letter of Credit at any time shall be deemed to be the Dollar
Equivalent of the stated amount of such Letter of Credit in effect at such time;
provided, however, that with respect to any Letter of Credit that, by its terms
or the terms of any Issuer Document related thereto, provides for one or more
automatic increases in the stated amount thereof, the amount of such Letter of
Credit shall be deemed to be the Dollar Equivalent of the maximum stated amount
of such Letter of Credit after giving effect to all such increases, whether or
not such maximum stated amount is in effect at such time.

                                   ARTICLE II.
                              THE DOMESTIC FACILITY

      2.01 DOMESTIC COMMITTED LOANS. Subject to the terms and conditions set
forth herein, each Domestic Lender severally agrees to make loans (each such
loan, a "Committed Loan") to the Company in Dollars or in one or more
Alternative Currencies from time to time, on any Business Day during the
Availability Period, in an aggregate amount not to exceed at any time
outstanding the amount of such Domestic Lender's Domestic Commitment; provided,
however, that after giving effect to any Committed Borrowing,

            (a)   the Dollar Equivalent of the Total Outstandings shall not
      exceed the Aggregate Total Commitments,

            (b)   the Dollar Equivalent of the Outstanding Amount of the
      Committed Loans of any Domestic Lender, plus such Domestic Lender's
      Domestic Applicable Percentage of the Dollar Equivalent of the Outstanding
      Amount of all L/C Obligations, plus such Domestic Lender's Domestic
      Applicable Percentage of the Dollar Equivalent of the Outstanding Amount
      of all Swing Line Loans shall not exceed such Domestic Lender's Domestic
      Commitment,

            (c)   the Dollar Equivalent of the aggregate Outstanding Amount of
      all Committed Loans plus the Dollar Equivalent of the aggregate
      Outstanding Amount of all L/C Obligations, plus the Dollar Equivalent of
      the aggregate Outstanding Amount of all Swing Line Loans, plus the
      aggregate Outstanding Amount of all Bid Loans shall not exceed the
      Aggregate Domestic Commitment, and

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<PAGE>

            (d)   the Dollar Equivalent of the aggregate Outstanding Amount of
      all Committed Loans denominated in Alternative Currencies shall not exceed
      the Multicurrency Sublimit.

Within the limits of each Domestic Lender's Domestic Commitment, and subject to
the other terms and conditions hereof, the Company may borrow under this Section
2.01, prepay under Section 2.06, and reborrow under this Section 2.01. Committed
Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided
herein.

      2.02  BORROWINGS, CONVERSIONS AND CONTINUATIONS OF DOMESTIC COMMITTED
            LOANS.

            (a)   Each Committed Borrowing, each conversion of Committed Loans
      from one Type to the other, and each continuation of Eurocurrency Rate
      Loans shall be made upon the Company's irrevocable notice to the
      Administrative Agent, which may be given by telephone. Each such notice
      must be received by the Administrative Agent not later than 11:00 a.m. (i)
      three Business Days prior to the requested date of any Committed Borrowing
      of, conversion to or continuation of Eurocurrency Rate Loans denominated
      in Dollars or of any conversion of Eurocurrency Rate Loans denominated in
      Dollars to Base Rate Committed Loans, (ii) four Business Days (or five
      Business Days in the case of a Special Notice Currency) prior to the
      requested date of any Committed Borrowing or continuation of Eurocurrency
      Rate Loans denominated in Alternative Currencies, and (iii) on the
      requested date of any Borrowing of Base Rate Committed Loans. Each
      telephonic notice by the Company pursuant to this Section 2.02(a) must be
      confirmed promptly by delivery to the Administrative Agent of a written
      Committed Loan Notice, appropriately completed and signed by a Responsible
      Officer of the Company. Each Committed Borrowing of, conversion to, or
      continuation of, Eurocurrency Rate Loans shall be in a principal amount of
      $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Except as
      provided in Sections 2.04(c) and 2.05(c), each Committed Borrowing of, or
      conversion to, Base Rate Committed Loans shall be in a principal amount of
      $1,000,000 or a whole multiple of $100,000 in excess thereof. Each
      Committed Loan Notice (whether telephonic or written) shall specify (i)
      whether the Company is requesting a Committed Borrowing, a conversion of
      Committed Loans from one Type to the other, or a continuation of
      Eurocurrency Rate Loans, (ii) the requested date of the Committed
      Borrowing, conversion or continuation, as the case may be (which shall be
      a Business Day), (iii) the principal amount of Committed Loans to be
      borrowed, converted or continued, (iv) the Type of Committed Loans to be
      borrowed or to which existing Committed Loans are to be converted, (v) if
      applicable, the duration of the Interest Period with respect thereto and
      (vi) the currency of the Committed Loans to be borrowed. If the Company
      fails to specify a currency in a Committed Loan Notice requesting a
      Committed Borrowing, then the Committed Loans so requested shall be made
      in Dollars. If the Company fails to specify a Type of Committed Loan in a
      Committed Loan Notice or if the Company fails to give a timely notice
      requesting a conversion or continuation, then the applicable Committed
      Loans shall be made as, or converted to, Base Rate Loans; provided,
      however, that in the case of a failure to timely request a continuation of
      Committed Loans denominated in an Alternative Currency, such Loans shall
      be

                                       38

<PAGE>

      continued as Eurocurrency Rate Loans in their original currency with an
      Interest Period of one month. Any automatic conversion to Base Rate Loans
      shall be effective as of the last day of the Interest Period then in
      effect with respect to the applicable Eurocurrency Rate Loans. If the
      Company requests a Committed Borrowing of, conversion to, or continuation
      of Eurocurrency Rate Loans in any such Committed Loan Notice, but fails to
      specify an Interest Period, it will be deemed to have specified an
      Interest Period of one month. No Committed Loan may be converted into or
      continued as a Committed Loan denominated in a different currency, but
      instead must be prepaid in the original currency of such Committed Loan
      and reborrowed in the other currency.

            (b)   Following receipt of a Committed Loan Notice, the
      Administrative Agent shall promptly notify each Domestic Lender of the
      amount (and currency) of its Domestic Applicable Percentage of the
      applicable Committed Loans, and if no timely notice of a conversion or
      continuation is provided by the Company, the Administrative Agent shall
      notify each Domestic Lender of the details of any automatic conversion to
      Base Rate Loans or continuation of Committed Loans denominated in a
      currency other than Dollars, in each case as described in the preceding
      subsection. In the case of a Committed Borrowing, each Domestic Lender
      shall make the amount of its Committed Loan available to the
      Administrative Agent in Same Day Funds at the Administrative Agent's
      Office for the applicable currency not later than 1:00 p.m., in the case
      of any Committed Loan denominated in Dollars, and not later than the
      Applicable Time specified by the Administrative Agent in the case of any
      Committed Loan in an Alternative Currency, in each case on the Business
      Day specified in the applicable Committed Loan Notice. Upon satisfaction
      of the applicable conditions set forth in Section 6.02 (and, if such
      Committed Borrowing is the initial Credit Extension, Section 6.01), the
      Administrative Agent shall make all funds so received available to the
      Company in like funds as received by the Administrative Agent either by
      (i) crediting the account of the Company on the books of Bank of America
      with the amount of such funds or (ii) wire transfer of such funds, in each
      case in accordance with instructions provided to (and reasonably
      acceptable to) the Administrative Agent by the Company; provided, however,
      that if, on the date the Committed Loan Notice with respect to such
      Committed Borrowing denominated in Dollars is given by the Company, there
      are L/C Borrowings outstanding, then the proceeds of such Committed
      Borrowing, first, shall be applied to the payment in full of any such L/C
      Borrowings, and, second, shall be made available to the Company as
      provided above.

            (c)   Except as otherwise provided herein, a Eurocurrency Rate Loan
      may be continued or converted only on the last day of an Interest Period
      for such Eurocurrency Rate Loan. During the existence of an Event of
      Default, (i) no Domestic Loans may be requested as, converted to or
      continued as Eurocurrency Rate Loans (whether in Dollars or any
      Alternative Currency) without the consent of the Required Domestic
      Lenders, and (ii) the Required Domestic Lenders may demand that any or all
      of the then outstanding Domestic Loans denominated in an Alternative
      Currency be redenominated into Dollars in the amount of the Dollar
      Equivalent thereof, on the last day of the then current Interest Period
      with respect thereto.

                                       39

<PAGE>

            (d)   The Administrative Agent shall promptly notify the Company and
      the Domestic Lenders of the interest rate applicable to any Interest
      Period for Committed Loans that are Eurocurrency Rate Loans upon
      determination of such interest rate. At any time that Base Rate Loans are
      outstanding, the Administrative Agent shall notify the Company and the
      Domestic Lenders of any change in Bank of America's prime rate used in
      determining the Base Rate promptly following the public announcement of
      such change.

            (e)   After giving effect to all Committed Borrowings, all
      conversions of Committed Loans from one Type to the other, and all
      continuations of Committed Loans as the same Type, there shall not be more
      than 20 Interest Periods in effect with respect to Committed Loans.

      2.03  DOMESTIC BID LOANS.

            (a)   General. Subject to the terms and conditions set forth herein,
      each Lender agrees that the Company may from time to time request the
      Domestic Lenders to submit offers to make loans (each such loan, a "Bid
      Loan") to the Company prior to the Maturity Date pursuant to this Section
      2.03; provided, however, that after giving effect to any Bid Borrowing,

                  (i)   the Dollar Equivalent of the Total Outstandings shall
            not exceed the Aggregate Total Commitments,

                  (ii)  the Dollar Equivalent of the aggregate Outstanding
            Amount of the Committed Loans of any Domestic Lender, plus such
            Domestic Lender's Domestic Applicable Percentage of the Dollar
            Equivalent of the Outstanding Amount of all L/C Obligations, plus
            such Domestic Lender's Domestic Applicable Percentage of the Dollar
            Equivalent of the Outstanding Amount of all Swing Line Loans shall
            not exceed such Domestic Lender's Domestic Commitment,

                  (iii) the Dollar Equivalent of the aggregate Outstanding
            Amount of all Committed Loans, plus the Dollar Equivalent of the
            Outstanding Amount of all Swing Line Loans, plus the Outstanding
            Amount of all Bid Loans, plus the Dollar Equivalent of the
            Outstanding Amount of all L/C Obligations, shall not exceed the
            Aggregate Domestic Commitment, and

                  (iv)  the aggregate Outstanding Amount of all Bid Loans shall
            not exceed the Bid Loan Sublimit,

      notwithstanding the fact that such Bid Loans, when aggregated with the
      Domestic Applicable Percentage of the Outstanding Amount of Committed
      Loans, L/C Obligations and Swing Line Loans of the Domestic Lender acting
      as a Bid Loan Lender, may exceed the amount of such Bid Loan Lender's
      Domestic Commitment. There shall not be more than twenty different
      Interest Periods in effect with respect to Bid Loans at any time.

                                       40

<PAGE>

            (b)   Requesting Competitive Bids. The Company may request the
      submission of Competitive Bids by delivering a Bid Request to the
      Administrative Agent not later than 12:00 noon (i) one Business Day prior
      to the requested date of any Bid Borrowing that is to consist of Absolute
      Rate Loans, or (ii) four Business Days prior to the requested date of any
      Bid Borrowing that is to consist of Eurocurrency Margin Bid Loans. Each
      Bid Request shall specify (i) the requested date of the Bid Borrowing
      (which shall be a Business Day), (ii) the aggregate principal amount of
      Bid Loans requested (which must be $10,000,000 or a whole multiple of
      $1,000,000 in excess thereof), (iii) the Type of Bid Loans requested, and
      (iv) the duration of the Interest Period with respect thereto, and shall
      be signed by a Responsible Officer of the Company. No Bid Request shall
      contain a request for (i) more than one Type of Bid Loan or (ii) Bid Loans
      having more than five different Interest Periods. Unless the
      Administrative Agent otherwise agrees in its sole and absolute discretion,
      the Company may not submit a Bid Request if it has submitted another Bid
      Request within the prior five Business Days.

            (c)   Submitting Competitive Bids.

                  (i)   The Administrative Agent shall promptly notify each
            Domestic Lender of each Bid Request received by it from the Company
            and the contents of such Bid Request.

                  (ii)  Each Domestic Lender may (but shall have no obligation
            to) submit a Competitive Bid containing an offer to make one or more
            Bid Loans in response to such Bid Request. Such Competitive Bid must
            be delivered to the Administrative Agent not later than 10:30 a.m.
            (A) on the requested date of any Bid Borrowing that is to consist of
            Absolute Rate Loans, and (B) three Business Days prior to the
            requested date of any Bid Borrowing that is to consist of
            Eurocurrency Margin Bid Loans; provided, however, that any
            Competitive Bid submitted by Bank of America in its capacity as a
            Domestic Lender in response to any Bid Request must be submitted to
            the Administrative Agent not later than 10:15 a.m. on the date on
            which Competitive Bids are required to be delivered by the other
            Domestic Lenders in response to such Bid Request. Each Competitive
            Bid shall specify (A) the proposed date of the Bid Borrowing; (B)
            the principal amount of each Bid Loan for which such Competitive Bid
            is being made, which principal amount (x) may be equal to, greater
            than or less than the Domestic Commitment of the bidding Domestic
            Lender, (y) must be $5,000,000 or a whole multiple of $1,000,000 in
            excess thereof, and (z) may not exceed the principal amount of Bid
            Loans for which Competitive Bids were requested; (C) if the proposed
            Bid Borrowing is to consist of Absolute Rate Bid Loans, the Absolute
            Rate offered for each such Bid Loan and the Interest Period
            applicable thereto; (D) if the proposed Bid Borrowing is to consist
            of Eurocurrency Margin Bid Loans, the Eurocurrency Bid Margin with
            respect to each such Eurocurrency Margin Bid Loan and the Interest
            Period applicable thereto; and (E) the identity of the bidding
            Domestic Lender.

                                       41
<PAGE>

                  (iii) Any Competitive Bid shall be disregarded if it (A) is
            received after the applicable time specified in clause (ii) above,
            (B) is not substantially in the form of a Competitive Bid as
            specified herein, (C) contains qualifying, conditional or similar
            language, (D) proposes terms other than or in addition to those set
            forth in the applicable Bid Request, or (E) is otherwise not
            responsive to such Bid Request. Any Domestic Lender may correct a
            Competitive Bid containing a manifest error by submitting a
            corrected Competitive Bid (identified as such) not later than the
            applicable time required for submission of Competitive Bids. Any
            such submission of a corrected Competitive Bid shall constitute a
            revocation of the Competitive Bid that contained the manifest error.
            The Administrative Agent may, but shall not be required to, notify
            any Domestic Lender of any manifest error it detects in such
            Domestic Lender's Competitive Bid.

                  (iv)  Subject only to the provisions of Sections 5.02, 5.03
            and 6.02 and clause (iii) above, each Competitive Bid shall be
            irrevocable.

            (d)   Notice to Company of Competitive Bids. Not later than 11:00
      a.m. (i) on the requested date of any Bid Borrowing that is to consist of
      Absolute Rate Loans, or (ii) three Business Days prior to the requested
      date of any Bid Borrowing that is to consist of Eurocurrency Margin Bid
      Loans, the Administrative Agent shall notify the Company of the identity
      of each Domestic Lender that has submitted a Competitive Bid that complies
      with Section 2.03(c) and of the terms of the offers contained in each such
      Competitive Bid.

            (e)   Acceptance of Competitive Bids. Not later than 12:00 noon (i)
      on the requested date of any Bid Borrowing that is to consist of Absolute
      Rate Loans, and (ii) three Business Days prior to the requested date of
      any Bid Borrowing that is to consist of Eurocurrency Margin Bid Loans, the
      Company shall notify the Administrative Agent of its acceptance or
      rejection of the offers notified to it pursuant to Section 2.03(d). The
      Company shall be under no obligation to accept any Competitive Bid and may
      choose to reject all Competitive Bids. In the case of acceptance, such
      notice shall specify the aggregate principal amount of Competitive Bids
      for each Interest Period that is accepted. The Company may accept any
      Competitive Bid in whole or in part; provided that:

                  (i)   the aggregate principal amount of each Bid Borrowing may
            not exceed the applicable amount set forth in the related Bid
            Request;

                  (ii)  the principal amount of each Bid Loan must be $5,000,000
            or a whole multiple of $1,000,000 in excess thereof;

                  (iii) the acceptance of offers may be made only on the basis
            of ascending Absolute Rates or Eurocurrency Bid Margins within each
            Interest Period; and

                                       42
<PAGE>

                  (iv)  the Company may not accept any offer that is described
            in Section 2.03(c)(iii) or that otherwise fails to comply with the
            requirements hereof.

            (f)   Procedure for Identical Bids. If two or more Domestic Lenders
      have submitted Competitive Bids at the same Absolute Rate or Eurocurrency
      Bid Margin, as the case may be, for the same Interest Period, and the
      result of accepting all of such Competitive Bids in whole (together with
      any other Competitive Bids at lower Absolute Rates or Eurocurrency Bid
      Margins, as the case may be, accepted for such Interest Period in
      conformity with the requirements of Section 2.03(e)(iii)) would be to
      cause the aggregate outstanding principal amount of the applicable Bid
      Borrowing to exceed the amount specified therefor in the related Bid
      Request, then, unless otherwise agreed by the Company, the Administrative
      Agent and such Domestic Lenders, such Competitive Bids shall be accepted
      as nearly as possible in proportion to the amount offered by each such
      Domestic Lender in respect of such Interest Period, with such accepted
      amounts being rounded to the nearest whole multiple of $1,000,000.

            (g)   Notice to Domestic Lenders of Acceptance or Rejection of Bids.
      The Administrative Agent shall promptly notify each Domestic Lender having
      submitted a Competitive Bid whether or not its offer has been accepted
      and, if its offer has been accepted, of the amount of the Bid Loan or Bid
      Loans to be made by it on the date of the applicable Bid Borrowing. Any
      Competitive Bid or portion thereof that is not accepted by the Company by
      the applicable time specified in Section 2.03(e) shall be deemed rejected.

            (h)   Notice of Eurocurrency Rate. If any Bid Borrowing is to
      consist of Eurocurrency Margin Loans, the Administrative Agent shall
      determine the Eurocurrency Rate for the relevant Interest Period, and
      promptly after making such determination, shall notify the Company and the
      Domestic Lenders that will be participating in such Bid Borrowing of such
      Eurocurrency Rate.

            (i)   Funding of Bid Loans. Each Domestic Lender that has received
      notice pursuant to Section 2.03(g) that all or a portion of its
      Competitive Bid has been accepted by the Company shall make the amount of
      its Bid Loan(s) available to the Administrative Agent in immediately
      available funds at the Administrative Agent's Office not later than 1:00
      p.m. on the date of the requested Bid Borrowing. Upon satisfaction of the
      applicable conditions set forth in Section 6.02, the Administrative Agent
      shall make all funds so received available to the Company in like funds as
      received by the Administrative Agent.

            (j)   Notice of Range of Bids. After each Competitive Bid auction
      pursuant to this Section 2.03, the Administrative Agent shall notify each
      Domestic Lender that submitted a Competitive Bid in such auction of the
      ranges of bids submitted (without the bidder's name) and accepted for each
      Bid Loan and the aggregate amount of each Bid Borrowing.

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<PAGE>

      2.04  DOMESTIC LETTERS OF CREDIT.

            (a)   The Letter of Credit Commitment.

                  (i)   Subject to the terms and conditions set forth herein,
            (A) the L/C Issuers agree, in reliance upon the agreements of the
            Domestic Lenders set forth in this Section 2.04, (1) from time to
            time on any Business Day during the period from the Closing Date
            until the Letter of Credit Expiration Date, to issue Letters of
            Credit denominated in Dollars or in one or more Alternative
            Currencies for the account of the Company, and to amend or extend
            Letters of Credit previously issued by them, in accordance with
            subsection (b) below, and (2) to honor drawings under the Letters of
            Credit; and (B) the Domestic Lenders severally agree to participate
            in Letters of Credit issued for the account of the Company and any
            drawings thereunder; provided that after giving effect to any L/C
            Credit Extension with respect to any Letter of Credit,

                  (w)   the Dollar Equivalent of the Total Outstandings shall
            not exceed the Aggregate Total Commitments,

                  (x)   the Dollar Equivalent of the aggregate Outstanding
            Amount of the Committed Loans of any Domestic Lender, plus such
            Domestic Lender's Domestic Applicable Percentage of the Dollar
            Equivalent of the Outstanding Amount of all L/C Obligations, plus
            such Domestic Lender's Domestic Applicable Percentage of the
            Outstanding Amount of the Dollar Equivalent of all Swing Line Loans
            shall not exceed such Domestic Lender's Domestic Commitment,

                  (y)   the Dollar Equivalent of the aggregate Outstanding
            Amount of all Committed Loans, plus the Dollar Equivalent of the
            Outstanding Amount of all Swing Line Loans, plus the Outstanding
            Amount of all Bid Loans, plus the Dollar Equivalent of the
            Outstanding Amount of all L/C Obligations, shall not exceed the
            Aggregate Domestic Commitment, and

                  (z)   the Dollar Equivalent of the Outstanding Amount of the
            L/C Obligations shall not exceed the Letter of Credit Sublimit.

      Each request by the Company for the issuance or amendment of a Letter of
      Credit shall be deemed to be a representation by the Company that the L/C
      Credit Extension so requested complies with the conditions set forth in
      the provisos to the preceding sentence. Within the foregoing limits, and
      subject to the terms and conditions hereof, the Company's ability to
      obtain Letters of Credit shall be fully revolving, and accordingly the
      Company may, during the foregoing period, obtain Letters of Credit to
      replace Letters of Credit that have expired or that have been drawn upon
      and reimbursed. All Existing Letters of Credit shall be deemed to have
      been issued pursuant hereto, and from and after the Closing Date shall be
      subject to and governed by the terms and conditions hereof.

                                       44
<PAGE>

                  (ii)  The L/C Issuers shall not issue any Letter of Credit,
            if:

                        (A)   subject to Section 2.04(b)(iii), the expiry date
                  of such requested Letter of Credit would occur more than
                  twelve months after the date of issuance or last extension,
                  unless the Required Domestic Lenders have approved such expiry
                  date; or

                        (B)   the expiry date of such requested Letter of Credit
                  would occur after the Letter of Credit Expiration Date, unless
                  all the Domestic Lenders have approved such expiry date.

                  (iii) An L/C Issuer shall not be under any obligation to issue
            any Letter of Credit if:

                        (A)   any order, judgment or decree of any Governmental
                  Authority or arbitrator shall by its terms purport to enjoin
                  or restrain such L/C Issuer from issuing such Letter of
                  Credit, or any Law applicable to such L/C Issuer or any
                  request or directive (whether or not having the force of law)
                  from any Governmental Authority with jurisdiction over such
                  L/C Issuer shall prohibit, or request that such L/C Issuer
                  refrain from, the issuance of letters of credit generally or
                  such Letter of Credit in particular or shall impose upon such
                  L/C Issuer with respect to such Letter of Credit any
                  restriction, reserve or capital requirement (for which such
                  L/C Issuer is not otherwise compensated hereunder) not in
                  effect on the Closing Date, or shall impose upon such L/C
                  Issuer any unreimbursed loss, cost or expense which was not
                  applicable on the Closing Date and which such L/C Issuer in
                  good faith deems material to it;

                        (B)   the issuance of such Letter of Credit would
                  violate one or more generally applicable policies of such L/C
                  Issuer not implemented in contemplation of such proposed
                  Letter of Credit;

                        (C)   except as otherwise agreed by the Administrative
                  Agent and such L/C Issuer, such Letter of Credit is to be
                  denominated in a currency other than Dollars or an Alternative
                  Currency;

                        (D)   such L/C Issuer does not as of the issuance date
                  of such requested Letter of Credit issue Letters of Credit in
                  the requested currency;

                        (E)   such Letter of Credit contains any provisions for
                  automatic reinstatement of the stated amount after any drawing
                  thereunder; or

                        (F)   a default of any Domestic Lender's obligations to
                  fund under Section 2.04(c) exists or any Domestic Lender is at
                  such time a Defaulting Lender hereunder, unless the L/C
                  Issuers have entered into

                                       45
<PAGE>

                  satisfactory arrangements with the Company or such Domestic
                  Lender to eliminate the L/C Issuers' risk with respect to such
                  Domestic Lender.

                  (iv)  The L/C Issuers shall not amend any Letter of Credit if
            there shall exist an Event of Default at the time of such amendment.

                  (v)   The L/C Issuers shall be under no obligation to amend
            any Letter of Credit if (A) the L/C Issuers would have no obligation
            at such time to issue such Letter of Credit in its amended form
            under the terms hereof, or (B) the beneficiary of such Letter of
            Credit does not accept the proposed amendment to such Letter of
            Credit.

                  (vi)  The L/C Issuers shall act on behalf of the Domestic
            Lenders with respect to any Letters of Credit issued by them and the
            documents associated therewith, and the L/C Issuers shall have all
            of the benefits and immunities (A) provided to the Administrative
            Agent in Article XI with respect to any acts taken or omissions
            suffered by the L/C Issuers in connection with Letters of Credit
            issued by them or proposed to be issued by them and Issuer Documents
            pertaining to such Letters of Credit as fully as if the term
            "Administrative Agent" as used in Article XI included the L/C
            Issuers with respect to such acts or omissions, and (B) as
            additionally provided herein with respect to each of the L/C
            Issuers.

            (b)   Procedures for Issuance and Amendment of Letters of Credit;
      Auto-Extension Letters of Credit.

                  (i)   Each Letter of Credit shall be issued or amended, as the
            case may be, upon the request of the Company delivered to the L/C
            Issuer selected by the Company (with a copy to the Administrative
            Agent stating on such copy in writing the L/C Issuer selected by the
            Company) in the form of a Letter of Credit Application,
            appropriately completed and signed by a Responsible Officer of the
            Company. Such Letter of Credit Application must be received by the
            applicable L/C Issuer and the Administrative Agent (A) not later
            than 11:00 a.m. at least two Business Days prior to the proposed
            issuance date or date of amendment, as the case may be, of any
            Letter of Credit denominated in Dollars, and (B) not later than
            11:00 a.m. at least three Business Days prior to the proposed
            issuance date or date of amendment, as the case may be, of any
            Letter of Credit denominated in an Alternative Currency; or in each
            case such later date and time as the Administrative Agent and the
            applicable L/C Issuer may agree in a particular instance in their
            reasonable discretion. In the case of a request for an initial
            issuance of a Letter of Credit, such Letter of Credit Application
            shall specify in form and detail satisfactory to the applicable L/C
            Issuer: (A) the proposed issuance date of the requested Letter of
            Credit (which shall be a Business Day); (B) the amount and currency
            thereof; (C) the expiry date thereof; (D) the name and address of
            the beneficiary thereof; (E) the documents to be presented by such
            beneficiary in case of any drawing thereunder; (F) the full text of
            any certificate to

                                       46
<PAGE>

            be presented by such beneficiary in case of any drawing thereunder;
            and (G) such other matters as the applicable L/C Issuer may
            reasonably require. In the case of a request for an amendment of any
            outstanding Letter of Credit, such Letter of Credit Application
            shall specify in form and detail satisfactory to the applicable L/C
            Issuer (A) the Letter of Credit to be amended; (B) the proposed date
            of amendment thereof (which shall be a Business Day); (C) the nature
            of the proposed amendment; and (D) such other matters as the
            applicable L/C Issuer may reasonably require. Additionally, the
            Company shall furnish to the applicable L/C Issuer and the
            Administrative Agent such other documents and information pertaining
            to such requested Letter of Credit issuance or amendment, including
            any Issuer Documents, as the applicable L/C Issuer or the
            Administrative Agent may reasonably require.

                  (ii)  Promptly after receipt of any Letter of Credit
            Application, the applicable L/C Issuer will confirm with the
            Administrative Agent (by telephone or in writing) that the
            Administrative Agent has received a copy of such Letter of Credit
            Application from the Company and, if not, the applicable L/C Issuer
            will provide the Administrative Agent with a copy thereof. Unless
            the applicable L/C Issuer has received written notice from any
            Domestic Lender, the Administrative Agent or the Company, at least
            one Business Day prior to the requested date of issuance or
            amendment of the applicable Letter of Credit, that one or more
            applicable conditions contained in Article VI shall not then be
            satisfied, then, subject to the terms and conditions hereof, the
            applicable L/C Issuer shall, on the requested date, issue a Letter
            of Credit for the account of the Company or enter into the
            applicable amendment, as the case may be, in each case in accordance
            with the applicable L/C Issuer's usual and customary business
            practices. Immediately upon the issuance of each Letter of Credit,
            each Domestic Lender shall be deemed to, and hereby irrevocably and
            unconditionally agrees to, purchase from the applicable L/C Issuer a
            risk participation in such Letter of Credit in an amount equal to
            the product of such Domestic Lender's Domestic Applicable Percentage
            times the amount of such Letter of Credit.

                  (iii) If the Company so requests in any applicable Letter of
            Credit Application, the applicable L/C Issuer may, in its sole and
            absolute discretion, agree to issue a Letter of Credit that has
            automatic extension provisions (each, an "Auto-Extension Letter of
            Credit"); provided that any such Auto-Extension Letter of Credit
            must permit the applicable L/C Issuer to prevent any such extension
            at least once in each twelve-month period (commencing with the date
            of issuance of such Letter of Credit) by giving prior notice to the
            beneficiary thereof not later than a day (the "Non-Extension Notice
            Date") in each such twelve-month period to be agreed upon at the
            time such Letter of Credit is issued. Unless otherwise directed by
            the applicable L/C Issuer, the Company shall not be required to make
            a specific request to the applicable L/C Issuer for any such
            extension. Once an Auto-Extension Letter of Credit has been issued,
            the Domestic Lenders shall be deemed to have authorized (but may not
            require) the applicable L/C Issuer to

                                       47
<PAGE>

            permit the extension of such Letter of Credit at any time to an
            expiry date not later than the Letter of Credit Expiration Date;
            provided, however, that the applicable L/C Issuer shall not permit
            any such extension if (A) the applicable L/C Issuer has determined
            that it would not be permitted, or would have no obligation, at such
            time to issue such Letter of Credit in its revised form (as
            extended) under the terms hereof (by reason of the provisions of
            clause (ii) or (iii) of Section 2.04(a) or otherwise), or (B) it has
            received notice (which may be by telephone or in writing) on or
            before the day that is five Business Days before the Non-Extension
            Notice Date (1) from the Administrative Agent that the Required
            Domestic Lenders have elected not to permit such extension or (2)
            from the Administrative Agent, any Domestic Lender or the Company
            that one or more of the applicable conditions specified in Section
            6.02 is not then satisfied, and in each such case directing the
            applicable L/C Issuer not to permit such extension.

                  (iv)  Promptly after its delivery of any Letter of Credit or
            any amendment to a Letter of Credit to an advising bank with respect
            thereto or to the beneficiary thereof, the applicable L/C Issuer
            will also deliver to the Company and the Administrative Agent a true
            and complete copy of such Letter of Credit or amendment.

            (c)   Drawings and Reimbursements; Funding of Participations.

                  (i)   Upon receipt from the beneficiary of any Letter of
            Credit of any notice of a drawing under such Letter of Credit, the
            applicable L/C Issuer shall notify the Company and the
            Administrative Agent thereof. In the case of a Letter of Credit
            denominated in an Alternative Currency, the Company shall reimburse
            the applicable L/C Issuer in Dollars, unless the Company shall have
            notified the applicable L/C Issuer promptly following receipt of the
            notice of drawing that the Company will reimburse the applicable L/C
            Issuer in such Alternative Currency. In the absence of such prompt
            notice from the Company that it will pay in Alternative Currency,
            the Company will reimburse the applicable L/C Issuer in Dollars. In
            the case of any such reimbursement in Dollars of a drawing under a
            Letter of Credit denominated in an Alternative Currency, the
            applicable L/C Issuer shall notify the Company of the Dollar
            Equivalent of the amount of the drawing promptly following the
            determination thereof. Not later than 11:00 a.m. on the date of any
            payment by the applicable L/C Issuer under a Letter of Credit to be
            reimbursed in Dollars, or the Applicable Time on the date of any
            payment by the applicable L/C Issuer under a Letter of Credit to be
            reimbursed in an Alternative Currency (each such date, an "Honor
            Date"), the Company shall reimburse the applicable L/C Issuer
            through the Administrative Agent in an amount equal to the amount of
            such drawing and in the applicable currency. If the Company fails to
            so reimburse the applicable L/C Issuer by such time, the
            Administrative Agent shall promptly notify each Domestic Lender of
            the Honor Date, the amount of the unreimbursed drawing (expressed in
            Dollars in the amount of the Dollar Equivalent thereof in the case
            of a Letter of Credit

                                       48
<PAGE>

            denominated in an Alternative Currency) (the "Unreimbursed Amount"),
            and the amount of such Domestic Lender's Domestic Applicable
            Percentage thereof. In such event, the Company shall be deemed to
            have requested a Committed Borrowing of Base Rate Loans to be
            disbursed on the Honor Date in an amount equal to the Unreimbursed
            Amount, without regard to the minimum and multiples specified in
            Section 2.02 for the principal amount of Base Rate Loans, but
            subject to the amount of the unutilized portion of the Aggregate
            Domestic Commitments and the conditions set forth in Section 6.02
            (other than the delivery of a Committed Loan Notice). Any notice
            given by the applicable L/C Issuer or the Administrative Agent
            pursuant to this Section 2.04(c)(i) may be given by telephone if
            immediately confirmed in writing; provided that the lack of such an
            immediate confirmation shall not affect the conclusiveness or
            binding effect of such notice.

                  (ii)  Each Domestic Lender shall upon any notice pursuant to
            Section 2.04(c)(i) make funds available to the Administrative Agent
            for the account of the applicable L/C Issuer, in Dollars, at the
            Administrative Agent's Office for Dollar-denominated payments in an
            amount equal to its Domestic Applicable Percentage of the
            Unreimbursed Amount not later than 1:00 p.m. on the Business Day
            specified in such notice by the Administrative Agent, whereupon,
            subject to the provisions of Section 2.04(c)(iii), each Domestic
            Lender that so makes funds available shall be deemed to have made a
            Base Rate Committed Loan to the Company in such amount, and such
            Unreimbursed Amount shall be reduced by the amount of such funds
            made available. The Administrative Agent shall remit the funds so
            received to the applicable L/C Issuer in Dollars.

                  (iii) With respect to any Unreimbursed Amount that is not
            fully refinanced by a Committed Borrowing of Base Rate Loans because
            the conditions set forth in Section 6.02 cannot be satisfied or for
            any other reason, the Company shall be deemed to have incurred from
            the applicable L/C Issuer an L/C Borrowing in the amount of the
            Unreimbursed Amount that is not so refinanced, which L/C Borrowing
            shall be due and payable on demand (together with interest) and
            shall bear interest at the Default Rate. In such event, each
            Domestic Lender's payment to the Administrative Agent for the
            account of the applicable L/C Issuer pursuant to Section 2.04(c)(ii)
            shall be deemed payment in respect of its participation in such L/C
            Borrowing and shall constitute an L/C Advance from such Domestic
            Lender in satisfaction of its participation obligation under this
            Section 2.04.

                  (iv)  Until each Domestic Lender funds its Committed Loan or
            L/C Advance pursuant to this Section 2.04(c) to reimburse the
            applicable L/C Issuer for any amount drawn under any Letter of
            Credit, interest in respect of such Domestic Lender's Domestic
            Applicable Percentage of such amount shall be solely for the account
            of the applicable L/C Issuer.

                                       49
<PAGE>

                  (v)   Each Domestic Lender's obligation to make Committed
            Loans or L/C Advances to reimburse the applicable L/C Issuer for
            amounts drawn under Letters of Credit, as contemplated by this
            Section 2.04(c), shall be absolute and unconditional and shall not
            be affected by any circumstance, including (A) any setoff,
            counterclaim, recoupment, defense or other right which such Domestic
            Lender may have against the applicable L/C Issuer, the Company, any
            Subsidiary or any other Person for any reason whatsoever; (B) the
            occurrence or continuance of a Default; or (C) any other occurrence,
            event or condition, whether or not similar to any of the foregoing;
            provided, however, that each Domestic Lender's obligation to make
            Committed Loans pursuant to this Section 2.04(c) is subject to the
            conditions set forth in Section 6.02 (other than delivery by the
            Company of a Committed Loan Notice in accordance with Section
            6.02(c). No such making of an L/C Advance shall relieve or otherwise
            impair the obligation of the Company to reimburse the applicable L/C
            Issuer for the amount of any payment made by the applicable L/C
            Issuer under any Letter of Credit, together with interest as
            provided herein.

                  (vi)  If any Domestic Lender fails to make available to the
            Administrative Agent for the account of the applicable L/C Issuer
            any amount required to be paid by such Domestic Lender pursuant to
            the foregoing provisions of this Section 2.04(c) by the time
            specified in Section 2.04(c)(ii), the applicable L/C Issuer shall be
            entitled to recover from such Domestic Lender (acting through the
            Administrative Agent), on demand, such amount with interest thereon
            for the period from the date such payment is required to the date on
            which such payment is immediately available to the applicable L/C
            Issuer at a rate per annum equal to the applicable Overnight Rate
            from time to time in effect. A certificate of the applicable L/C
            Issuer submitted to any Domestic Lender (through the Administrative
            Agent) with respect to any amounts owing under this clause (vi)
            shall be conclusive absent manifest error.

                  (vii) Each L/C Issuer will provide to the Administrative Agent
            reports in detail acceptable to the Administrative Agent (including
            draws, payments and reconciliation reports) with respect to
            outstanding Letters of Credit issued by such L/C Issuer, in such
            frequency as reasonably requested by the Administrative Agent. The
            Administrative Agent will provide quarterly reports to each Lender
            with respect to the outstanding Letters of Credit at such time
            issued by each L/C Issuer, and such other information regarding
            outstanding Letters of Credit or L/C Obligations reasonably
            requested by any Lender from time to time.

            (d)   Repayment of Participations.

                  (i)   At any time after an L/C Issuer has made a payment under
            any Letter of Credit and has received from any Domestic Lender such
            Domestic Lender's L/C Advance in respect of such payment in
            accordance with Section 2.04(c), if the Administrative Agent
            receives for the account of such L/C Issuer any payment in respect
            of the related Unreimbursed Amount or interest

                                       50
<PAGE>

            thereon (whether directly from the Company or otherwise, including
            proceeds of Cash Collateral applied thereto by the Administrative
            Agent), the Administrative Agent will distribute to such Domestic
            Lender its Domestic Applicable Percentage thereof (appropriately
            adjusted, in the case of interest payments, to reflect the period of
            time during which such Domestic Lender's L/C Advance was
            outstanding) in Dollars and in the same funds as those received by
            the Administrative Agent.

                  (ii)  If any payment received by the Administrative Agent for
            the account of an L/C Issuer pursuant to Section 2.04(c)(i) is
            required to be returned under any of the circumstances described in
            Section 12.05 (including pursuant to any settlement entered into by
            the applicable L/C Issuer in its discretion), each Domestic Lender
            shall pay to the Administrative Agent for the account of the
            applicable L/C Issuer its Domestic Applicable Percentage thereof on
            demand of the Administrative Agent, plus interest thereon from the
            date of such demand to the date such amount is returned by such
            Domestic Lender, at a rate per annum equal to the applicable
            Overnight Rate from time to time in effect. The obligations of the
            Domestic Lenders under this clause shall survive the payment in full
            of the Obligations and the termination of this Agreement.

            (e)   Obligations Absolute. The obligation of the Company to
      reimburse the applicable L/C Issuer for each drawing under each Letter of
      Credit and to repay each L/C Borrowing shall be absolute, unconditional
      and irrevocable, and shall be paid strictly in accordance with the terms
      of this Agreement under all circumstances, including the following:

                  (i)   any lack of validity or enforceability of such Letter of
            Credit, this Agreement, or any other Loan Document;

                  (ii)  the existence of any claim, counterclaim, setoff,
            defense or other right that the Company or any Subsidiary may have
            at any time against any beneficiary or any transferee of such Letter
            of Credit (or any Person for whom any such beneficiary or any such
            transferee may be acting), any L/C Issuer or any other Person,
            whether in connection with this Agreement, the transactions
            contemplated hereby or by such Letter of Credit or any agreement or
            instrument relating thereto, or any unrelated transaction;

                  (iii) any draft, demand, certificate or other document
            presented under such Letter of Credit proving to be forged,
            fraudulent, invalid or insufficient in any respect or any statement
            therein being untrue or inaccurate in any respect; or any loss or
            delay in the transmission or otherwise of any document required in
            order to make a drawing under such Letter of Credit;

                  (iv)  any payment by any L/C Issuer under such Letter of
            Credit against presentation of a draft or certificate that does not
            strictly comply with the terms of such Letter of Credit provided
            that payment thereof shall not constitute gross

                                       51
<PAGE>

            negligence or willful misconduct; or any payment made by any L/C
            Issuer under such Letter of Credit to any Person purporting to be a
            trustee in bankruptcy, debtor-in-possession, assignee for the
            benefit of creditors, liquidator, receiver or other representative
            of or successor to any beneficiary or any transferee of such Letter
            of Credit, including any arising in connection with any proceeding
            under any Debtor Relief Law;

                  (v)   any adverse change in the relevant exchange rates or in
            the availability of the relevant Alternative Currency to the Company
            or any Subsidiary or in the relevant currency markets generally; or

                  (vi)  any other circumstance or happening whatsoever, whether
            or not similar to any of the foregoing, including any other
            circumstance that might otherwise constitute a defense available to,
            or a discharge of, the Company or any Subsidiary; provided that,
            such circumstance or event shall not have been the result of gross
            negligence or willful misconduct of the applicable L/C Issuer.

      The Company shall promptly examine a copy of each Letter of Credit and
each amendment thereto that is delivered to it and, in the event of any claim of
noncompliance with the Company's instructions or other irregularity, the Company
will immediately notify the applicable L/C Issuer. The Company shall be
conclusively deemed to have waived any such claim against the applicable L/C
Issuer and its correspondents unless such notice is given as aforesaid.

            (f)   Role of L/C Issuers. Each Domestic Lender and the Company
      agree that, in paying any drawing under a Letter of Credit, the L/C
      Issuers shall not have any responsibility to obtain any document (other
      than any sight draft, certificates and documents expressly required by the
      Letter of Credit) or to ascertain or inquire as to the validity or
      accuracy of any such document or the authority of the Person executing or
      delivering any such document. None of the L/C Issuers, the Administrative
      Agent, any of their respective Related Parties nor any correspondent,
      participant or assignee of the L/C Issuers shall be liable to any Domestic
      Lender for (i) any action taken or omitted in connection herewith at the
      request or with the approval of the Domestic Lenders or the Required
      Domestic Lenders, as applicable; (ii) any action taken or omitted in the
      absence of gross negligence or willful misconduct; or (iii) the due
      execution, effectiveness, validity or enforceability of any document or
      instrument related to any Letter of Credit or Issuer Document. The Company
      hereby assumes all risks of the acts or omissions of any beneficiary or
      transferee with respect to its use of any Letter of Credit; provided,
      however, that this assumption is not intended to, and shall not, preclude
      the Company's pursuing such rights and remedies as it may have against the
      beneficiary or transferee at law or under any other agreement. None of the
      L/C Issuers, the Administrative Agent, any of their respective Related
      Parties nor any correspondent, participant or assignee of the L/C Issuers
      shall be liable or responsible for any of the matters described in clauses
      (i) through (v) of Section 2.04(e); provided, however, that anything in
      such clauses to the contrary notwithstanding, the Company may have a claim
      against the L/C Issuers, and the L/C Issuers may be liable to the Company,
      to the extent, but only to the extent, of any

                                       52
<PAGE>

      direct, as opposed to consequential or exemplary, damages suffered by the
      Company which the Company proves were caused by the L/C Issuers' willful
      misconduct or gross negligence or the L/C Issuers' willful failure to pay
      under any Letter of Credit after the presentation to it by the beneficiary
      of a sight draft and certificate(s) strictly complying with the terms and
      conditions of a Letter of Credit. In furtherance and not in limitation of
      the foregoing, the L/C Issuers may accept documents that appear on their
      face to be in order, without responsibility for further investigation,
      regardless of any notice or information to the contrary, and the L/C
      Issuers shall not be responsible for the validity or sufficiency of any
      instrument transferring or assigning or purporting to transfer or assign a
      Letter of Credit or the rights or benefits thereunder or proceeds thereof,
      in whole or in part, which may prove to be invalid or ineffective for any
      reason.

            (g)   Cash Collateral. (i) Upon the request of the Administrative
      Agent, (A) if the L/C Issuers have honored any full or partial drawing
      request under any Letter of Credit and such drawing has resulted in an L/C
      Borrowing that is continuing, or (B) if, as of the Letter of Credit
      Expiration Date, any L/C Obligation for any reason remains outstanding,
      the Company shall, in each case, immediately Cash Collateralize the then
      Outstanding Amount of all L/C Obligations.

                  (ii)   In addition, if the Administrative Agent notifies the
            Company at any time that the Outstanding Amount of all L/C
            Obligations at such time exceeds 110% of the Letter of Credit
            Sublimit then in effect, then, within 30 days after receipt of such
            notice, the Company shall Cash Collateralize the L/C Obligations in
            an amount equal to the amount by which the Outstanding Amount of all
            L/C Obligations exceeds the Letter of Credit Sublimit.

                  (iii)  The Administrative Agent may, at any time and from time
            to time after the initial deposit of Cash Collateral, request that
            additional Cash Collateral be provided as reasonably necessary in
            order to protect against the results of exchange rate fluctuations.

                  (iv) Sections 2.06 and 10.02(c) set forth certain additional
            requirements to deliver Cash Collateral hereunder. For purposes of
            this Section 2.04, Section 2.06 and Section 10.02(c), "Cash
            Collateralize" means to pledge and deposit with or deliver to the
            Administrative Agent, for the benefit of the applicable L/C Issuers
            and the Domestic Lenders, as collateral for the L/C Obligations,
            cash or deposit account balances ("Cash Collateral") pursuant to
            documentation in form and substance reasonably satisfactory to the
            Administrative Agent and the applicable L/C Issuers (which documents
            are hereby consented to by the Domestic Lenders). Derivatives of
            such term have corresponding meanings. The Company hereby grants to
            the Administrative Agent, for the benefit of the applicable L/C
            Issuers and the Domestic Lenders, a security interest in all such
            cash, deposit accounts and all balances therein and all proceeds of
            the foregoing. Cash Collateral shall be maintained in blocked,
            interest bearing deposit accounts at Bank of America, and such Cash
            Collateral shall be returned to the Company with such interest when
            the requirements for

                                       53
<PAGE>

            delivery of such Cash Collateral are no longer applicable (but Cash
            Collateral may be required to be delivered again from time to time
            in accordance with the terms of this Agreement).

            (h)   Applicability of ISP. Unless otherwise expressly agreed by the
      L/C Issuers and the Company when a Letter of Credit is issued (including
      any such agreement applicable to an Existing Letter of Credit), the rules
      of the ISP shall apply to each standby Letter of Credit.

            (i)   Letter of Credit Fees. The Company shall pay to the
      Administrative Agent for the account of each Domestic Lender in accordance
      with its Domestic Applicable Percentage, in Dollars, a Letter of Credit
      fee (the "Letter of Credit Fee") for each standby Letter of Credit in an
      aggregate amount for all Domestic Lenders equal to the Applicable Rate
      times the Dollar Equivalent of the daily amount available to be drawn
      under such Letter of Credit. For purposes of computing the daily amount
      available to be drawn under any Letter of Credit, notwithstanding Section
      1.08, the amount of such Letter of Credit shall be deemed to be the Dollar
      Equivalent of the stated amount of such Letter of Credit in effect at such
      time of calculation (such Letter of Credit amount shall not be determined
      in accordance with Section 1.08 for purposes of this Section 2.04(i)).
      Letter of Credit Fees shall be (i) computed on a quarterly basis in
      arrears and (ii) due and payable on the first Business Day after the end
      of each March, June, September and December, commencing with the first
      such date to occur after the issuance of such Letter of Credit, on the
      Letter of Credit Expiration Date and thereafter on demand. If there is any
      change in the Applicable Rate during any quarter, the daily amount
      available to be drawn under each standby Letter of Credit shall be
      computed and multiplied by the Applicable Rate separately for each period
      during such quarter that such Applicable Rate was in effect.
      Notwithstanding anything to the contrary contained herein, while any Event
      of Default exists, all Letter of Credit Fees shall accrue at the Default
      Rate.

            (j)   Fronting Fee and Documentary and Processing Charges Payable to
      L/C Issuers. The Company shall pay directly to each L/C Issuer for its own
      account, in Dollars, a fronting fee with respect to each Letter of Credit,
      as specified in the Facility Fee Letter. In addition, the Company shall
      pay directly to each L/C Issuer for its own account, in Dollars, the
      customary issuance, presentation, amendment and other processing fees, and
      other standard costs and charges of the L/C Issuers relating to letters of
      credit as from time to time in effect. Such customary fees and standard
      costs and charges are due and payable on demand and are nonrefundable.
      Bank of America has delivered to the Company a letter listing as of the
      date specified therein, the amounts of such customary fees and standard
      costs and charges associated with the issuances of Letters of Credit.

            (k)   Conflict with Issuer Documents. In the event of any conflict
      between the terms hereof and the terms of any Issuer Document, the terms
      hereof shall control.

            (l)   Letters of Credit Issued for Subsidiaries. Notwithstanding
      that a Letter of Credit issued or outstanding hereunder is in support of
      any obligations of a Subsidiary,

                                       54
<PAGE>

      the Company shall be obligated to reimburse the L/C Issuers hereunder for
      any and all drawings under such Letter of Credit. The Company hereby
      acknowledges that the issuance of Letters of Credit for the obligations of
      Subsidiaries inures to the benefit of the Company, and that the Company's
      business derives substantial benefits from the businesses of such
      Subsidiaries.

      2.05  DOMESTIC SWING LINE LOANS.

            (a)   The Swing Line. Subject to the terms and conditions set forth
      herein, the Swing Line Lender agrees, in reliance upon the agreements of
      the other Domestic Lenders set forth in this Section 2.05, to make loans
      in Dollars or in one or more Alternative Currencies (each such loan, a
      "Swing Line Loan") to the Company from time to time on any Business Day
      during the Availability Period in an aggregate Dollar Equivalent
      outstanding amount not to exceed at any time the Swing Line Sublimit,
      notwithstanding the fact that such Swing Line Loans, when aggregated with
      the Domestic Applicable Percentage of the Outstanding Amount of Committed
      Loans and L/C Obligations of the Domestic Lender acting as Swing Line
      Lender, may exceed the amount of such Swing Line Lender's Domestic
      Commitment; provided, however, that after giving effect to any Swing Line
      Loan,

                  (i)   the Dollar Equivalent of the Total Outstandings shall
            not exceed the Aggregate Total Commitment,

                  (ii)  the Dollar Equivalent of the aggregate Outstanding
            Amount of the Committed Loans of any Domestic Lender, plus such
            Domestic Lender's Domestic Applicable Percentage of the Dollar
            Equivalent of the Outstanding Amount of all L/C Obligations, plus
            such Domestic Lender's Domestic Applicable Percentage of the Dollar
            Equivalent of the Outstanding Amount of all Swing Line Loans shall
            not exceed such Domestic Lender's Domestic Commitment,

                  (iii) the Dollar Equivalent of the aggregate Outstanding
            Amount of all Committed Loans, plus the Dollar Equivalent of the
            Outstanding Amount of all Swing Line Loans, plus the Outstanding
            Amount of all Bid Loans, plus the Dollar Equivalent of the
            Outstanding Amount of all L/C Obligations, shall not exceed the
            Aggregate Domestic Commitment, and

                  (iv)  the aggregate Dollar Equivalent of the Outstanding
            Amount of all Swing Line Loans of the Swing Line Lender shall not
            exceed the Swing Line Sublimit.

      Within the foregoing limits, and subject to the other terms and conditions
      hereof, the Company may borrow under this Section 2.05, prepay under
      Section 2.06, and reborrow under this Section 2.05. Each Swing Line Loan
      made in Dollars shall be a Base Rate Loan. Each Swing Line Loan made in an
      Alternative Currency shall be a Eurocurrency Rate Loan. Immediately upon
      the making of a Swing Line Loan, each Domestic Lender

                                       55
<PAGE>

      shall be deemed to, and hereby irrevocably and unconditionally agrees to,
      purchase from the Swing Line Lender a risk participation in such Swing
      Line Loan in an amount equal to the product of such Domestic Lender's
      Domestic Applicable Percentage times the amount of such Swing Line Loan.
      Swing Line Alternative Currency Loans must be repaid in the currency
      borrowed. During the existence of an Event of Default, the Swing Line
      Lender may demand that any or all of the then outstanding Swing Line
      Alternative Currency Loans be redenominated in Dollars in the amount of
      the Dollar Equivalent thereof.

            (b)   Borrowing Procedures. Each Swing Line Borrowing shall be made
      upon the Company's irrevocable notice to the Swing Line Lender and the
      Administrative Agent, which may be given by telephone. Each such notice
      must be received by the Swing Line Lender and the Administrative Agent not
      later than (i) 1:00 p.m. on the requested borrowing date for Swing Line
      Loans that are Base Rate Loans, and (ii) four Business Days (or five
      Business Days in the case of a Special Notice Currency) prior to the
      requested date of any Swing Line Alternative Currency Loan, and shall
      specify (x) the amount to be borrowed, which shall be a minimum of the
      Dollar Equivalent of $100,000, (y) whether such Swing Line Loan will be a
      Base Rate Loan or a Swing Line Alternative Currency Loan, and if a Swing
      Line Alternative Currency Loan, the currency to be borrowed and the
      duration of the Interest Period and (z) the requested borrowing date,
      which shall be a Business Day. If the Company fails to specify either a
      currency or an Interest Period duration, the Swing Line Loan shall be made
      in Dollars as a Base Rate Loan. Each such telephonic notice must be
      confirmed promptly by delivery to the Swing Line Lender and the
      Administrative Agent of a written Swing Line Loan Notice, appropriately
      completed and signed by a Responsible Officer of the Company. Promptly
      after receipt by the Swing Line Lender of any telephonic Swing Line Loan
      Notice, the Swing Line Lender will confirm with the Administrative Agent
      (by telephone or in writing) that the Administrative Agent has also
      received such Swing Line Loan Notice and, if not, the Swing Line Lender
      will notify the Administrative Agent (by telephone or in writing) of the
      contents thereof. Unless the Swing Line Lender has received notice (by
      telephone or in writing) from the Administrative Agent (including at the
      request of any Domestic Lender) prior to 2:00 p.m. on the date of the
      proposed Swing Line Borrowing (A) directing the Swing Line Lender not to
      make such Swing Line Loan as a result of the limitations set forth in the
      proviso to the first sentence of Section 2.05(a), or (B) that one or more
      of the applicable conditions specified in Article VI is not then
      satisfied, then, subject to the terms and conditions hereof, the Swing
      Line Lender will, not later than 3:00 p.m. on the borrowing date specified
      in such Swing Line Loan Notice, make the amount of its Swing Line Loan
      available to the Company at its office by crediting the account of the
      Company on the books of the Swing Line Lender in Same Day Funds.

            (c)   Refinancing of Swing Line Loans.

                  (i)   The Swing Line Lender at any time in its sole and
            absolute discretion may request, on behalf of the Company (which
            hereby irrevocably authorizes the Swing Line Lender to so request on
            its behalf), that each Domestic

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<PAGE>

            Lender make a Base Rate Committed Loan in an amount equal to such
            Domestic Lender's Domestic Applicable Percentage of the Dollar
            Equivalent of the amount of Swing Line Loans then outstanding. Such
            request shall be made in writing (which written request shall be
            deemed to be a Committed Loan Notice for purposes hereof) and in
            accordance with the requirements of Section 2.02, without regard to
            the minimum and multiples specified therein for the principal amount
            of Base Rate Loans, but subject to the unutilized portion of the
            Aggregate Domestic Commitments and the conditions set forth in
            Section 6.02. The Swing Line Lender shall furnish the Company with a
            copy of the applicable Committed Loan Notice promptly after
            delivering such notice to the Administrative Agent. Each Domestic
            Lender shall make an amount equal to its Domestic Applicable
            Percentage of the amount specified in such Committed Loan Notice
            available to the Administrative Agent in Same Day Funds for the
            account of the Swing Line Lender at the Administrative Agent's
            Office for Dollar-denominated payments not later than 1:00 p.m. on
            the day specified in such Committed Loan Notice, whereupon, subject
            to Section 2.05(c)(ii), each Domestic Lender that so makes funds
            available shall be deemed to have made a Base Rate Committed Loan to
            the Company in such amount, and such Swing Line Loan shall be deemed
            to have been repaid in such amount. The Administrative Agent shall
            remit the funds so received to the Swing Line Lender.

                  (ii)  If for any reason any Swing Line Loan cannot be
            refinanced by such a Committed Borrowing in accordance with Section
            2.05(c)(i), the request for Base Rate Committed Loans submitted by
            the Swing Line Lender as set forth herein shall be deemed to be a
            request by the Swing Line Lender that each of the Domestic Lenders
            fund its risk participation in the relevant Swing Line Loan and each
            Domestic Lender's payment to the Administrative Agent for the
            account of the Swing Line Lender pursuant to Section 2.05(c)(i)
            shall be deemed payment in respect of such participation.

                  (iii) If any Domestic Lender fails to make available to the
            Administrative Agent for the account of the Swing Line Lender any
            amount required to be paid by such Domestic Lender pursuant to the
            foregoing provisions of this Section 2.05(c) by the time specified
            in Section 2.05(c)(i), the Swing Line Lender shall be entitled to
            recover from such Domestic Lender (acting through the Administrative
            Agent), on demand, such amount with interest thereon for the period
            from the date such payment is required to the date on which such
            payment is immediately available to the Swing Line Lender at a rate
            per annum equal to the applicable Overnight Rate from time to time
            in effect. A certificate of the Swing Line Lender submitted to any
            Domestic Lender (through the Administrative Agent) with respect to
            any amounts owing under this clause (iii) shall be conclusive absent
            manifest error.

                  (iv)  Each Domestic Lender's obligation to make Committed
            Loans or to purchase and fund risk participations in Swing Line
            Loans pursuant to this

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<PAGE>

            Section 2.05(c) shall be absolute and unconditional and shall not be
            affected by any circumstance, including (A) any setoff,
            counterclaim, recoupment, defense or other right which such Domestic
            Lender may have against the Swing Line Lender, the Company or any
            other Person for any reason whatsoever, (B) the occurrence or
            continuance of a Default, or (C) any other occurrence, event or
            condition, whether or not similar to any of the foregoing; provided,
            however, that each Domestic Lender's obligation to make Committed
            Loans pursuant to this Section 2.05(c) is subject to the conditions
            set forth in Section 6.02. No such funding of risk participations
            shall relieve or otherwise impair the obligation of the Company to
            repay Swing Line Loans, together with interest as provided herein.

            (d)   Repayment of Participations.

                  (i)   At any time after any Domestic Lender has purchased and
            funded a risk participation in a Swing Line Loan, if the Swing Line
            Lender receives any payment on account of such Swing Line Loan, the
            Swing Line Lender will distribute to such Domestic Lender its
            Domestic Applicable Percentage of such payment (appropriately
            adjusted, in the case of interest payments, to reflect the period of
            time during which such Domestic Lender's risk participation was
            funded) in the same funds as those received by the Swing Line
            Lender.

                  (ii)  If any payment received by the Swing Line Lender in
            respect of principal or interest on any Swing Line Loan is required
            to be returned by the Swing Line Lender under any of the
            circumstances described in Section 12.05 (including pursuant to any
            settlement entered into by the Swing Line Lender in its discretion),
            each Domestic Lender shall pay to the Swing Line Lender its Domestic
            Applicable Percentage thereof on demand of the Administrative Agent,
            plus interest thereon from the date of such demand to the date such
            amount is returned, at a rate per annum equal to the applicable
            Overnight Rate. The Administrative Agent will make such demand upon
            the request of the Swing Line Lender. The obligations of the
            Domestic Lenders under this clause shall survive the payment in full
            of the Obligations and the termination of this Agreement.

            (e)   Interest for Account of Swing Line Lender. The Swing Line
      Lender shall be responsible for invoicing the Company for interest on the
      Swing Line Loans. Until each Domestic Lender funds its Base Rate Committed
      Loan or risk participation pursuant to this Section 2.05 to refinance such
      Domestic Lender's Domestic Applicable Percentage of any Swing Line Loan,
      interest in respect of such Domestic Applicable Percentage shall be solely
      for the account of the Swing Line Lender.

            (f)   Payments Directly to Swing Line Lender. The Company shall make
      all payments of principal and interest in respect of the Swing Line Loans
      directly to the Swing Line Lender.

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      2.06  PREPAYMENTS OF DOMESTIC LOANS AND CREDIT EXTENSIONS.

            (a)   Committed Loans. Company may, upon notice from the Company to
      the Administrative Agent, at any time or from time to time voluntarily
      prepay Committed Loans in whole or in part without premium or penalty;
      provided that (i) such notice must be received by the Administrative Agent
      not later than 11:00 a.m. (A) three Business Days prior to any date of
      prepayment of Eurocurrency Rate Loans denominated in Dollars, (B) four
      Business Days (or five, in the case of prepayment of Loans denominated in
      Special Notice Currencies) prior to any date of prepayment of Eurocurrency
      Rate Loans denominated in Alternative Currencies, and (C) on the date of
      prepayment of Base Rate Committed Loans; (ii) any prepayment of
      Eurocurrency Rate Loans denominated in Dollars shall be in a principal
      amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof;
      (iii) any prepayment of Eurocurrency Rate Loans denominated in Alternative
      Currencies shall be in a minimum principal amount of the Dollar Equivalent
      of $5,000,000 or a whole multiple of the Dollar Equivalent of $1,000,000
      in excess thereof; and (iv) any prepayment of Base Rate Committed Loans
      shall be in a principal amount of $500,000 or a whole multiple of $100,000
      in excess thereof or, in each case, if less, the entire principal amount
      thereof then outstanding. Each such notice shall specify the date and
      amount of such prepayment and the Type(s) of Committed Loans to be prepaid
      and, if Eurocurrency Loans are to be prepaid, the Interest Period(s) of
      such Loans. The Administrative Agent will promptly notify each Domestic
      Lender of its receipt of each such notice, and of the amount of such
      Domestic Lender's Domestic Applicable Percentage of such prepayment. If
      such notice is given by the Company, the Company shall make such
      prepayment and the payment amount specified in such notice shall be due
      and payable on the date specified therein. Any prepayment of a
      Eurocurrency Rate Loan shall be accompanied by all accrued interest on the
      amount prepaid, together with any additional amounts required pursuant to
      Section 5.05. Each such prepayment shall be applied to the Committed Loans
      of the Domestic Lenders in accordance with their respective Domestic
      Applicable Percentages.

            (b)   Bid Loans. No Bid Loan may be prepaid without the prior
      consent of the applicable Bid Loan Lender.

            (c)   Swing Line Loans. The Company may, upon notice to the Swing
      Line Lender (with a copy to the Administrative Agent), at any time or from
      time to time, voluntarily prepay Swing Line Loans in whole or in part
      without premium or penalty; provided that (i) such notice must be received
      by the Swing Line Lender not later than 11:00 a.m. (A) four Business Days
      (or five, in the case of prepayment of Swing Line Alternative Currency
      Loans denominated in Special Notice Currencies) prior to any date of
      prepayment of Swing Line Alternative Currency Loans, and (B) on the date
      of the prepayment of Swing Line Loans that are Base Rate Loans, and (ii)
      any partial prepayment shall be in a minimum principal amount of $100,000.
      Each such notice shall specify the date and amount of such prepayment,
      and, if Swing Line Alternative Currency Loans are to be prepaid, the
      Interest Period(s) of such Loans. If such notice is given by the Company,
      the Company shall make such prepayment and the payment

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<PAGE>

      amount specified in such notice shall be due and payable on the date
      specified therein. All Swing Line Alternative Currency Loans shall be
      repaid in the currency borrowed. Any prepayment of a Swing Line
      Alternative Currency Loan shall be accompanied by all accrued interest on
      the amount prepaid, together with any additional amounts required pursuant
      to Section 5.05.

            (d)   Excess of Aggregate Domestic Commitments. If the
      Administrative Agent notifies the Company at any time that the Domestic
      Total Outstandings at such time exceed the Aggregate Domestic Commitments
      then in effect, then, within five Business Days after receipt of such
      notice, the Company shall prepay Domestic Loans and/or the Company shall
      Cash Collateralize the L/C Obligations in an aggregate amount sufficient
      to reduce (or Cash Collateralize) such Domestic Total Outstandings as of
      such date of payment to an amount not to exceed the Aggregate Domestic
      Commitments then in effect; provided, however, that, subject to the
      provisions of Section 2.04(g)(ii), the Company shall not be required to
      Cash Collateralize the L/C Obligations pursuant to this Section 2.06(d)
      unless after the prepayment in full of the Domestic Loans the Domestic
      Total Outstandings exceed the Aggregate Domestic Commitments then in
      effect.

            (e)   Alternative Currencies. If the Administrative Agent notifies
      the Company at any time that the Dollar Equivalent of the Outstanding
      Amount of all Committed Loans denominated in Alternative Currencies at
      such time exceeds an amount equal to 110% of the Multicurrency Sublimit
      then in effect, then, within five Business Days after receipt of such
      notice, the Company shall prepay Committed Loans in an aggregate amount
      sufficient to reduce such Outstanding Amount of Committed Loans as of such
      date of payment to an amount not to exceed 100% of the Multicurrency
      Sublimit then in effect.

      2.07  TERMINATION OR REDUCTION OF DOMESTIC COMMITMENTS. The Company may,
upon notice to the Administrative Agent, terminate the Aggregate Domestic
Commitments, or from time to time permanently reduce the Aggregate Domestic
Commitments; provided that (i) any such notice shall be received by the
Administrative Agent not later than 11:00 a.m. three Business Days prior to the
date of termination or reduction, (ii) any such partial reduction shall be in an
aggregate amount of the Dollar Equivalent of $10,000,000 or any whole multiple
of the Dollar Equivalent of $1,000,000 in excess thereof, (iii) the Company
shall not terminate or reduce the Aggregate Domestic Commitments if, after
giving effect thereto and to any concurrent prepayments hereunder, the Total
Domestic Outstandings would exceed the Aggregate Domestic Commitments, and (iv)
if, after giving effect to any reduction of the Aggregate Domestic Commitments
(whether pursuant to this Section 2.07 or Section 2.11), the Multicurrency
Sublimit, the Letter of Credit Sublimit, the Bid Loan Sublimit, or the Swing
Line Sublimit exceeds the amount of the Aggregate Domestic Commitments, such
Sublimit shall be automatically reduced by the amount of such excess. The
Administrative Agent will promptly notify the Domestic Lenders of any such
notice of termination or reduction of the Aggregate Domestic Commitments. The
amount of any such Aggregate Domestic Commitment reduction shall not be applied
to reduce the Multicurrency Sublimit, the Bid Loan Sublimit, the Swing Line
Sublimit or the Letter of Credit Sublimit unless such sublimit is in excess of
the Aggregate

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<PAGE>

Domestic Commitment or as otherwise specifically directed in writing by the
Company. Except reductions in Domestic Commitments made in accordance with
Section 2.11 hereof, any reduction of the Aggregate Domestic Commitments shall
be applied to the Domestic Commitment of each Domestic Lender according to its
Domestic Applicable Percentage. All fees accrued until the effective date of any
termination of the Aggregate Domestic Commitments shall be paid on the effective
date of such termination.

      2.08  REPAYMENT OF DOMESTIC LOANS AND CREDIT EXTENSIONS.

            (a)   The Company shall repay to the Domestic Lenders on the
      Maturity Date the aggregate principal amount of Committed Loans made to
      Company outstanding on such date, together with all other outstanding
      Obligations.

            (b)   The Company shall repay each Bid Loan on the last day of the
      Interest Period in respect thereof.

            (c)   The Company shall repay each Swing Line Loan that is a Base
      Rate Loan on the earlier to occur of (i) the date ten Business Days after
      such Loan is made and (ii) the Maturity Date, provided that, except with
      respect to payments due on the Maturity Date, the Company may use proceeds
      of Swing Line Loans to repay amounts due under this Section 2.08.

            (d)   The Company shall repay each Swing Line Alternative Currency
      Loan on the earlier to occur of (i) last day of the Interest Period in
      respect thereof and (ii) the Maturity Date, provided that, except with
      respect to payments due on the Maturity Date, the Company may use proceeds
      of Swing Line Loans to repay amounts due under this Section 2.08.

      2.09  INTEREST ON DOMESTIC LOANS AND CREDIT EXTENSIONS. Subject to the
provisions of Section 4.01,

            (a)   each Domestic Loan that is a Eurocurrency Rate Loan shall bear
      interest on the outstanding principal amount thereof for each Interest
      Period at a rate per annum equal to the lesser of (i) the Highest Lawful
      Rate and (ii) the sum of the Eurocurrency Rate for such Interest Period
      plus the Applicable Rate plus (in the case of a Eurocurrency Rate Loan of
      any Lender which is lent from a Lending Office in the United Kingdom or a
      Participating Member State) the Mandatory Cost;

            (b)   each Base Rate Committed Loan shall bear interest on the
      outstanding principal amount thereof from the applicable borrowing date at
      a rate per annum equal to the lesser of (i) the Highest Lawful Rate and
      (ii) the Base Rate plus the Applicable Rate;

            (c)   each Bid Loan shall bear interest on the outstanding principal
      amount thereof for the Interest Period therefor at a rate per annum equal
      to the lesser of (i) the Highest Lawful Rate and (ii) the Eurocurrency
      Rate for such Interest Period plus (or

                                       61
<PAGE>

      minus) the Eurocurrency Bid Margin, or at the Absolute Rate for such
      Interest Period, as the case may be; and

            (d)   each Swing Line Loan shall bear interest on the outstanding
      principal amount thereof (i) with respect to Swing Line Loans that are
      Base Rate Loans, from the applicable borrowing date at a rate per annum
      equal to the lesser of (A) the Highest Lawful Rate and (B) the Base Rate
      plus the Applicable Rate, and (ii) with respect to Swing Line Alternative
      Currency Loans, for each Interest Period at a rate per annum equal to the
      lesser of (A) the Highest Lawful Rate and (B) the sum of the Eurocurrency
      Rate for such Interest Period plus the Applicable Rate.

            (e)   Interest on each Domestic Loan shall be due and payable in
      arrears on each Interest Payment Date applicable thereto and at such other
      times as may be specified herein. Interest hereunder shall be due and
      payable in accordance with the terms hereof before and after judgment, and
      before and after the commencement of any proceeding under any Debtor
      Relief Law.

      2.10  INCREASE IN DOMESTIC COMMITMENTS.

            (a)   Request for Increase. Provided there exists no Default, upon
      notice to the Administrative Agent (which shall promptly notify the
      Domestic Lenders), the Company may from time to time, request an increase
      in the Aggregate Domestic Commitments by an amount (for all such requests)
      not exceeding $750,000,000 (as increased pursuant to Section 2.11, the
      "Domestic Uncommitted Increase Amount") (except to the extent increased
      pursuant to Section 2.11(h)); provided that (i) any such request for an
      increase shall be in a minimum amount of $100,000,000, and (ii) the
      Company may make a maximum of three such requests. At the time of sending
      such notice, the Company (in consultation with the Administrative Agent)
      shall specify the time period within which each Domestic Lender is
      requested to respond (which shall in no event be less than ten Business
      Days from the date of delivery of such notice to the Domestic Lenders).

            (b)   Domestic Lender Elections to Increase. Each Domestic Lender
      shall notify the Administrative Agent within such time period whether or
      not it agrees to increase its Domestic Commitment and, if so, whether by
      an amount equal to, greater than, or less than its Domestic Applicable
      Percentage of such requested increase. Any Domestic Lender not responding
      within such time period shall be deemed to have declined to increase its
      Domestic Commitment.

            (c)   Notification by Administrative Agent; Additional Domestic
      Lenders. The Administrative Agent shall notify the Company and each
      Domestic Lender of the Domestic Lenders' responses to each request made
      hereunder. To achieve the full amount of a requested increase and subject
      to the approval of the Administrative Agent and the L/C Issuers (which
      approvals shall not be unreasonably withheld), the Company may also invite
      additional Persons reasonably acceptable to the Company and the
      Administrative Agent to become Domestic Lenders pursuant to a joinder
      agreement in form and substance satisfactory to the Administrative Agent
      and its counsel.

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<PAGE>

            (d)   Effective Date and Allocations. If the Aggregate Domestic
      Commitments are increased in accordance with this Section, the
      Administrative Agent and the Company shall determine the effective date
      (the "Increase Effective Date") and the final allocation of such increase.
      The Administrative Agent shall promptly notify the Company and the
      Domestic Lenders of the final allocation of such increase and the Increase
      Effective Date.

            (e)   Conditions to Effectiveness of Increase. As a condition
      precedent to such increase, the Company shall deliver to the
      Administrative Agent a certificate of the Company dated as of the Increase
      Effective Date (in sufficient copies for each Domestic Lender) signed by a
      Responsible Officer of the Company (i) certifying and attaching the
      resolutions adopted by the Company approving or consenting to such
      increase, and (ii) certifying that, before and after giving effect to such
      increase, (A) the representations and warranties contained in Article VII
      and the other Loan Documents are true and correct in all material respects
      on and as of the Increase Effective Date, except to the extent that such
      representations and warranties specifically refer to an earlier date, in
      which case they are true and correct as of such earlier date, and except
      that for purposes of this Section 2.10, the representations and warranties
      contained in subsections (a) and (b) of Section 7.05 shall be deemed to
      refer to the most recent statements furnished pursuant to clauses (a) and
      (b), respectively, of Section 8.01, and (B) no Default exists. The Company
      shall prepay any Committed Loans outstanding on the Increase Effective
      Date (and pay any additional amounts required pursuant to Section 5.05) to
      the extent necessary to keep the outstanding Committed Loans ratable with
      any revised Domestic Applicable Percentages arising from any nonratable
      increase in the Aggregate Domestic Commitments under this Section.

            (f)   Conflicting Provisions. This Section shall supersede any
      provisions in Sections 4.07 or 12.01 to the contrary.

      2.11  COMPANY PURCHASE OF DOMESTIC LOANS.

      Notwithstanding anything herein or in any other Loan Document to the
contrary, with the prior consent of the Administrative Agent, the Company may,
in accordance with each of the following terms and conditions, purchase from the
Domestic Lenders, Domestic Loans in an amount in the aggregate over the term of
this Agreement not to exceed more than 10% of the Aggregate Total Commitments:

            (a)   The Domestic Loans shall have been trading below par (as
      determined by the principal trading desk of the Administrative Agent);

            (b)   There shall exist no Default both before and after giving
      effect to any such purchase;

            (c)   There shall exist no circumstance, event or condition which
      could reasonably be expected to cause a Material Adverse Effect both
      before and after giving effect to any such purchase;

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<PAGE>

            (d)   All Domestic Loans purchased by the Company shall be
      immediately retired, and in no event shall the Company be entitled to
      sell, assign, participate, convey, encumber, pledge or otherwise transfer
      any such purchased Domestic Loans;

            (e)   The Domestic Commitment of each such Domestic Lender that
      sells any portion of its Domestic Loans pursuant to this Section 2.11
      shall be automatically reduced by the amount of such sale immediately upon
      consummation of such sale;

            (f)   The Company shall never be a Domestic Lender hereunder or
      under any of the Loan Documents, and the Company shall never be entitled
      to any of the rights or privileges of a Domestic Lender, including,
      without limitation, the right to vote any portion of the Domestic Loans;

            (g)   In no event shall any purchase by the Company under this
      Section be deemed to be a payment, prepayment or any other type of payment
      of any kind on the Domestic Loans;

            (h)   The Domestic Uncommitted Increase Amount shall be increased by
      any amount of Loans repurchased and retired by the Company in accordance
      with this Section;

            (i)   The Company shall pay all costs incurred by each affected
      Lender in connection with any such purchase of Loans in accordance with
      the terms of Section 5.05 and all other out-of-pocket expenses of the
      Administrative Agent and the Domestic Lenders incurred in connection with
      any such purchase;

            (j)   The Company may only purchase Domestic Loans outstanding under
      the Domestic Facility and may not in any event purchase any Domestic
      Commitment of any Domestic Lender, and each offer to purchase by the
      Company shall be made pro rata to all Domestic Lenders based on their
      respective Domestic Applicable Percentages and pursuant to the same terms
      and conditions;

            (k)   After giving notice to the Administrative Agent of its intent
      to purchase, such notice by the Company shall be irrevocable;

            (l)   Company shall give not less than 10 Business Day's prior
      written irrevocable notice to the Administrative Agent (which shall
      promptly notify the Domestic Lenders); provided that (i) any such request
      for a purchase shall be in a minimum purchase amount of $20,000,000 and
      (ii) the Company may make a maximum of ten such requests over the term of
      this Agreement. Such notice shall constitute Company's irrevocable and
      unconditional obligation to purchase Domestic Loans on the terms and
      conditions specified in such notice. At the time of sending such notice,
      the Company (in consultation with the Administrative Agent) shall specify
      the time period within which each Domestic Lender is requested to respond
      (which shall in no event be less than ten Business Days from the date of
      delivery of such notice to the Domestic Lenders). Each Domestic Lender
      shall notify the Administrative Agent within such time period whether

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      or not it agrees to sell the specified portion or any other portion of its
      Domestic Loan and, if so, whether by an amount equal to, greater than, or
      less than its Domestic Applicable Percentage of such requested sale. Any
      Domestic Lender not responding within such time period shall be deemed to
      have declined to sell any portion of its Domestic Loans. The
      Administrative Agent shall notify the Company and each Domestic Lender of
      the Domestic Lenders' responses to each request made hereunder;

            (m)   The Company shall deliver to the Administrative Agent a
      certificate of the Company dated as of the Company Purchase Effective Date
      (as defined below) (in sufficient copies for each Domestic Lender) signed
      by a Responsible Officer of the Company:

                  (i)   certifying and attaching the resolutions adopted by the
            Company approving or consenting to such purchase, and

                  (ii)  certifying that, before and after giving effect to such
            purchase,

                        (A)   no Default exists,

                        (B)   no circumstance, event or condition exists which
                  could reasonably be expected to cause a Material Adverse
                  Effect, and

                        (C)   there is no material nonpublic information
                  regarding the Company at the time of the purchase which has
                  not been disclosed to the Administrative Agent and the
                  Domestic Lenders (unless a Domestic Lender does not expressly
                  agree to maintain the disclosed information confidential); and

            (n)   The Administrative Agent and the Company shall determine the
      effective date (the "Company Purchase Effective Date") of the sale, and
      the Administrative Agent will reallocate the Domestic Loans based on those
      Domestic Lenders selling portions of their Domestic Loans. The
      Administrative Agent shall promptly notify the Company and all Domestic
      Lenders of the final allocation on the Company Purchase Effective Date.
      Each Lender hereby authorizes the Administrative Agent to reallocate the
      Domestic Applicable Percentages, L/C Obligations and other related
      provisions to give effect to any non pro-rata purchase of Domestic Loans
      by the Company under this Section.

                                  ARTICLE III.
                              THE OFFSHORE FACILITY

      3.01  OFFSHORE LOANS.

            (a)   Availability of Offshore Loans. Subject to the terms and
      conditions set forth herein, each Offshore Lender severally agrees to make
      loans (each such loan, including UK Offshore Loans and Hybrid Offshore
      Loans, an "Offshore Loan") to the Borrowers, in Dollars or in one or more
      Alternative Currencies from time to time, on any

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      Business Day during the Availability Period, in an aggregate amount not to
      exceed at any time outstanding the amount of such Offshore Lender's
      Offshore Commitment; provided, however, that after giving effect to any UK
      Offshore Borrowing and Hybrid Offshore Borrowing and the use of proceeds
      thereof,

                  (i)   the Dollar Equivalent of the Total Outstandings shall
            not exceed the Aggregate Total Commitments,

                  (ii)  the Dollar Equivalent of the aggregate Outstanding
            Amount of the Offshore Loans of any Offshore Lender shall not exceed
            such Offshore Lender's Offshore Commitment; and

                  (iii) the Dollar Equivalent of the aggregate Outstanding
            Amount of all Offshore Loans shall not exceed the Aggregate Offshore
            Commitment.

      Within the limits of each Offshore Lender's Offshore Commitment, and
      subject to the other terms and conditions hereof, the Borrowers may borrow
      under this Article III, prepay and reborrow under this Article III. UK
      Offshore Loans may only be Eurocurrency Rate Loans and may only be
      borrowed by Offshore Borrowers under Section 3.01.

            (b)   Borrowing of UK Offshore Loans by Offshore Borrowers.

                  (i)   Each UK Offshore Borrowing and each continuation of UK
            Offshore Loans shall be made upon the Offshore Borrowers' Agent's
            irrevocable notice to the Offshore Sub-Administrative Agent in the
            form of a UK Offshore Loan Notice. Each such notice must be received
            by the Offshore Sub-Administrative Agent not later than 10:00 a.m.
            (A) one Business Day prior to the requested date of any UK Offshore
            Borrowing of, or continuation of, UK Offshore Loans denominated in
            Sterling, or (B) three Business Days (or five Business Days in the
            case of a Special Notice Currency) prior to the requested date of
            any UK Offshore Borrowing of, or continuation of, UK Offshore Loans
            denominated in other Alternative Currencies; provided that,
            notwithstanding the foregoing, the Offshore Borrowers' Agent may
            give one Business Day prior notice to the requested date of any UK
            Offshore Borrowing of, or continuation of, UK Offshore Loans
            denominated in Euro, but the Eurocurrency Rate of any such UK
            Offshore Loan shall be determined by the Offshore Sub-Administrative
            Agent using subsection (b) of the definition of EURIBOR in this
            Agreement. The UK Offshore Loan Notice must be appropriately
            completed and signed by a Responsible Officer of the Offshore
            Borrowers' Agent. Each UK Offshore Borrowing of, or continuation of
            UK Offshore Loans shall be in integral amounts of 1,000,000 with the
            minimum at least the Dollar Equivalent of $5,000,000.

                  (ii)  Each UK Offshore Loan Notice shall specify (A) the
            Offshore Borrower on whose behalf the request is being made, (B)
            whether such Offshore Borrower is requesting a UK Offshore Borrowing
            or a continuation of UK

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<PAGE>

            Offshore Loans, (C) the requested date of the UK Offshore Borrowing,
            or continuation, as the case may be (which shall be a Business Day),
            (D) the principal amount of UK Offshore Loans to be borrowed or
            continued, (E) the duration of the Interest Period with respect
            thereto and (F) the currency of the UK Offshore Loans to be
            borrowed. If the Offshore Borrowers' Agent fails to specify a
            currency in a UK Offshore Loan Notice requesting a UK Offshore
            Borrowing, then the UK Offshore Loans so requested shall be made in
            Sterling.

                  (iii) If the Offshore Borrowers' Agent fails to give a timely
            notice requesting a continuation, then the applicable UK Offshore
            Loans shall be due and payable at the end of their respective
            Interest Periods and be repaid by the applicable Borrowers. If the
            Offshore Borrowers' Agent requests a UK Offshore Borrowing of or
            continuation of UK Offshore Loans in any such UK Offshore Loan
            Notice, but fails to specify an Interest Period, it will be deemed
            to have specified an Interest Period of one month. No UK Offshore
            Loan may be converted into or continued as a UK Offshore Loan
            denominated in a different currency, but instead must be prepaid in
            the original currency of such UK Offshore Loan and reborrowed in the
            other currency.

                  (iv)  Following receipt of a UK Offshore Loan Notice, the
            Offshore Sub-Administrative Agent shall promptly notify each
            Offshore Lender of the amount (and currency) of its Offshore
            Applicable Percentage of the applicable UK Offshore Loans. Each
            Offshore Lender shall make the amount of its UK Offshore Loan
            available to the Offshore Sub-Administrative Agent in Same Day Funds
            at the Offshore Sub-Administrative Agent's Office for the applicable
            currency. Upon satisfaction of the applicable conditions set forth
            in Section 6.02 (and, if such UK Offshore Borrowing is the initial
            Credit Extension, Section 6.01), the Offshore Sub-Administrative
            Agent shall make all funds so received available to the applicable
            Offshore Borrower in like funds as received by the Offshore
            Sub-Administrative Agent either by (A) crediting the account of the
            applicable Offshore Borrower on the books of Bank of America, London
            with the amount of such funds or (B) wire transfer of such funds, in
            each case in accordance with instructions provided to (and
            reasonably acceptable to) the Offshore Sub-Administrative Agent by
            the Offshore Borrowers' Agent.

                  (v)   The Offshore Sub-Administrative Agent shall promptly
            notify the Administrative Agent, the Offshore Borrowers' Agent and
            the Offshore Lenders of the interest rate applicable to any Interest
            Period for UK Offshore Loans upon determination of such interest
            rate.

            (c)   After giving effect to all UK Offshore Borrowings and all
      continuations of UK Offshore Loans, there shall not be more than 15
      Interest Periods in effect with respect to all Offshore Loans.

      3.02  PREPAYMENTS OF UK OFFSHORE LOANS. Borrowers may, upon notice from
the Offshore Borrowers' Agent to the Offshore Sub-Administrative Agent, at any
time or from time

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to time voluntarily prepay UK Offshore Loans in whole or in part without premium
or penalty; provided that (i) such notice must be received by the Offshore
Sub-Administrative Agent not later than 11:00 a.m. (A) four Business Days prior
to any date of prepayment of UK Offshore Loans denominated in Sterling, Dollars
or Euro and (B) five Business Days (or ten, in the case of prepayment of Loans
denominated in Special Notice Currencies) prior to any date of prepayment of UK
Offshore Loans denominated in other Alternative Currencies; (ii) any prepayment
of UK Offshore Loans denominated in Dollars, Euro or Sterling shall be in a
principal amount of the Dollar Equivalent of $5,000,000 or a whole multiple of
$1,000,000 in excess thereof; and (iii) any prepayment of UK Offshore Loans
denominated in other Alternative Currencies shall be in a minimum principal
amount of the Dollar Equivalent of $5,000,000 or a whole multiple of the Dollar
Equivalent of $1,000,000 in excess thereof; or, in each case, if less, the
entire principal amount thereof then outstanding. Each such notice shall specify
the date and amount of such prepayment and the Interest Period(s) of such UK
Offshore Loans. The Offshore Sub-Administrative Agent will promptly notify each
Offshore Lender of its receipt of each such notice, and of the amount of such
Offshore Lender's Offshore Applicable Percentage of such prepayment. If such
notice is given by the Offshore Borrowers' Agent, the Borrowers shall make such
prepayment, and the payment amount specified in such notice shall be due and
payable, on the date specified therein. Any prepayment of a UK Offshore Loan
shall be accompanied by all accrued interest on the amount prepaid, together
with any additional amounts required pursuant to Section 5.05. Each such
prepayment shall be applied to the UK Offshore Loans of the Offshore Lenders in
accordance with their respective Offshore Applicable Percentages.

      3.03  TERMINATION OR REDUCTION OF OFFSHORE COMMITMENTS. The Company may,
upon notice to both the Administrative Agent and the Offshore Sub-Administrative
Agent, terminate the Aggregate Offshore Commitments, or from time to time
permanently reduce the Aggregate Offshore Commitments; provided that (i) any
such notice shall be received by the Administrative Agent and the Offshore
Sub-Administrative Agent not later than 11:00 a.m. ten Business Days prior to
the date of termination or reduction, (ii) any such partial reduction shall be
in an aggregate amount of the Dollar Equivalent of $10,000,000 or any whole
multiple of the Dollar Equivalent of $1,000,000 in excess thereof and (iii) the
Company shall not terminate or reduce the Aggregate Offshore Commitments if,
after giving effect thereto and to any concurrent prepayments hereunder, the
Offshore Total Outstandings would exceed the Aggregate Offshore Commitments. The
Offshore Sub-Administrative Agent will promptly notify the Offshore Lenders of
any such notice of termination or reduction of the Aggregate Offshore
Commitments. Any reduction of the Aggregate Offshore Commitments shall be
applied to the Offshore Commitment of each Offshore Lender according to its
Offshore Applicable Percentage. All fees accrued until the effective date of any
termination of the Aggregate Offshore Commitments shall be paid on the effective
date of such termination.

      3.04  REPAYMENT OF OFFSHORE LOANS.

            (a)   The Borrowers shall repay each UK Offshore Loan on the last
      day of the Interest Period in respect thereof, but any such repayment may
      be made with the proceeds of any continuation of such UK Offshore Loan
      borrowed by such Offshore Borrower in accordance with the terms of Section
      3.01(b).

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<PAGE>

            (b)   The Borrowers shall repay the Offshore Lenders on the Maturity
      Date the aggregate principal amount of the Offshore Loans made to all of
      the Borrowers outstanding on such date, together with all other
      outstanding Obligations.

      3.05  INTEREST ON OFFSHORE LOANS.

            (a)   Subject to the provisions of subsection (d) below and Section
      4.01, each UK Offshore Loan and each Hybrid Offshore Loan that is a
      Eurocurrency Rate Loan shall bear interest on the outstanding principal
      amount thereof for each Interest Period at a rate per annum equal to the
      lesser of (i) the Highest Lawful Rate and (ii) the sum of the Eurocurrency
      Rate for such Interest Period plus the Applicable Rate plus (in the case
      of a Eurocurrency Rate Loan of any Lender which is lent from a Lending
      Office in the United Kingdom or a Participating Member State) the
      Mandatory Cost.

            (b)   Each Base Rate Hybrid Offshore Loan shall bear interest on the
      outstanding principal amount thereof from the applicable borrowing date at
      a rate per annum equal to the lesser of (i) the Highest Lawful Rate and
      (ii) the Base Rate plus the Applicable Rate.

            (c)   Interest on each Offshore Loan shall be due and payable in
      arrears on each Interest Payment Date applicable thereto and at such other
      times as may be specified herein. Interest hereunder shall be due and
      payable in accordance with the terms hereof before and after judgment, and
      before and after the commencement of any proceeding under any Debtor
      Relief Law.

            (d)   In addition to the foregoing and the other provisions of this
      Agreement, if a Market Disruption Event occurs in relation to a UK
      Offshore Loan for any Interest Period, then the rate of interest on each
      Offshore Lender's share of that UK Offshore Loan for the Interest Period
      shall be the rate per annum which is the lesser of the Highest Lawful Rate
      and the sum of:

                  (i)   the Applicable Rate;

                  (ii)  the rate notified to the Offshore Sub-Administrative
            Agent by that Offshore Lender as soon as practicable and in any
            event before interest is due to be paid in respect of that Interest
            Period, to be that which expresses as a percentage rate per annum
            the cost to that Offshore Lender of funding its participation in
            that UK Offshore Loan from whatever source it may reasonably select;
            and

                  (iii) the Mandatory Cost, if any, applicable to that Offshore
            Lender's participation in the UK Offshore Loan.

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            (e)   In this Agreement "Market Disruption Event" means:

                  (i)   at or about noon on the Quotation Day for the relevant
            Interest Period the Screen Rate is not available and none or only
            one of the Reference Banks supplies a rate to the Offshore
            Sub-Administrative Agent to determine LIBOR or, if applicable,
            EURIBOR, for the relevant currency and Interest Period; or

                  (ii)  before close of business in London on the Quotation Day
            for the relevant Interest Period, the Offshore Sub-Administrative
            Agent receives notifications from an Offshore Lender or Offshore
            Lenders (whose participations in a UK Offshore Loan exceed 50% of
            that UK Offshore Loan) that the cost to it of obtaining matching
            deposits in the Relevant Interbank Market would be in excess of
            LIBOR;

      provided that, if there exists a Market Disruption Event, the applicable
      Offshore Borrower may withdraw its UK Offshore Loan Notice after payment
      of all costs and expenses incurred by the UK Offshore Lenders through such
      date of withdrawal in accordance with the terms of Section 5.05.

      3.06  HYBRID OFFSHORE LOANS. At any time that the Domestic Total
Outstandings are equal to the Aggregate Domestic Commitment, and only if, and so
long as, the Offshore Borrowers are entitled to borrow under Section 3.01(a) and
the other terms and provisions of this Agreement, the Company may borrow
Offshore Loans under the Offshore Facility in the United States from Offshore
Lenders lending from their United States offices, and may request conversions
to, and continuations of, Offshore Loans under the Offshore Facility in the
United States from Offshore Lenders lending from their United States offices, in
each case through the Administrative Agent (the "Hybrid Offshore Loans"), upon
the Company's irrevocable notice to the Administrative Agent in the form of a
Company Hybrid Offshore Loan Notice. Hybrid Offshore Loans may be Base Rate
Loans or Eurocurrency Rate Loans, as further provided herein.

            (a)   BORROWING OF HYBRID OFFSHORE LOANS BY THE COMPANY IN THE
      UNITED STATES. Each Hybrid Offshore Borrowing, each conversion of Hybrid
      Offshore Loans from one Type to the other, and each continuation of Hybrid
      Offshore Loans shall be made upon the Company's irrevocable notice to the
      Administrative Agent, which may be given by telephone. Each telephonic
      notice by the Company pursuant to this Section 3.06(a) must be confirmed
      promptly by delivery to the Administrative Agent of a written Company
      Hybrid Offshore Loan Notice, appropriately completed and signed by a
      Responsible Officer of the Company.

                  (i)   Each such Company Hybrid Offshore Loan Notice must be
            received by the Administrative Agent not later than 9:00 a.m. (A) on
            the requested Business Day of any Hybrid Offshore Borrowing of, or
            continuation of, Hybrid Offshore Loans denominated in Dollars but
            requested by the Company to be a Base Rate Hybrid Offshore Loan, (B)
            three Business Days prior to the

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            requested date of any Hybrid Offshore Borrowing of, or continuation
            of Hybrid Offshore Loans denominated in Dollars but requested by the
            Company to be made as, or continued as, a Eurocurrency Rate Loan or
            (C) four Business Days (or five Business Days in the case of a
            Special Notice Currency) prior to the requested date of any Hybrid
            Offshore Borrowing of, or continuation of, Hybrid Offshore Loans
            denominated in Alternative Currencies; provided that,
            notwithstanding anything in this Agreement to the contrary, for
            purposes of this Section 3.06 with respect to the use of the term
            "Business Day", the requirements of both subsections (a) and (b) of
            the definition of "Business Days" in this Agreement must be
            satisfied. Each Hybrid Offshore Borrowing of, conversion to, or
            continuation of, Hybrid Offshore Loans shall be in a principal
            amount of $5,000,000 or a whole multiple of $1,000,000 in excess
            thereof. Each Hybrid Offshore Borrowing of, or conversion to, Base
            Rate Hybrid Offshore Loans shall be in a principal amount of
            $1,000,000 or a whole multiple of $100,000 in excess thereof.

                  (ii)  Each Company Hybrid Offshore Loan Notice (whether
            telephonic or written) shall specify (A) whether the Company is
            requesting a Borrowing, a conversion of Hybrid Offshore Loans from
            one Type to the other, or a continuation of Hybrid Offshore Loans
            that are Eurocurrency Rate Loans, (B) the requested date of the
            Borrowing, conversion or continuation, as the case may be (which
            shall be a Business Day), (C) the principal amount of Hybrid
            Offshore Loans to be borrowed, converted or continued, (D) the Type
            of Hybrid Offshore Loans to be borrowed or to which existing Hybrid
            Offshore Loans are to be converted, (E) if applicable, the duration
            of the Interest Period with respect thereto and (F) the currency of
            the Hybrid Offshore Loans to be borrowed. If the Company fails to
            specify a currency in a Company Hybrid Offshore Loan Notice
            requesting a Borrowing, then the Hybrid Offshore Loans so requested
            shall be made in Dollars. If the Company fails to specify a Type of
            Hybrid Offshore Loan in a Company Hybrid Offshore Loan Notice or if
            the Company fails to give a timely notice requesting a conversion or
            continuation, then the applicable Hybrid Offshore Loans shall be
            made as, or converted to, Base Rate Hybrid Offshore Loans; provided,
            however, that in the case of a failure to timely request a
            continuation of Hybrid Offshore Loans denominated in an Alternative
            Currency, such Hybrid Offshore Loans shall be continued as
            Eurocurrency Rate Loans in their original currency with an Interest
            Period of one month. Any automatic conversion to Base Rate Hybrid
            Offshore Loans shall be effective as of the last day of the Interest
            Period then in effect with respect to the applicable Eurocurrency
            Rate Loans. If the Company requests a Hybrid Offshore Borrowing of,
            conversion to, or continuation of Eurocurrency Rate Loans in any
            such Company Hybrid Offshore Loan Notice, but fails to specify an
            Interest Period, it will be deemed to have specified an Interest
            Period of one month.

                  (iii) No Hybrid Offshore Loan may be converted into or
            continued as a Hybrid Offshore Loan denominated in a different
            currency, but instead must be

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            prepaid in the original currency of such Hybrid Offshore Loan and
            reborrowed in the other currency. After giving effect to all
            Borrowings under the Hybrid Offshore Loans, all conversions of
            Hybrid Offshore Loans from one Type to the other, and all
            continuations of Hybrid Offshore Loans as the same Type, there shall
            not be more than 15 Interest Periods in effect with respect to
            Offshore Loans, including Hybrid Offshore Loans.

                  (iv)  Following receipt of a Company Hybrid Offshore Loan
            Notice, the Administrative Agent shall promptly notify the Offshore
            Sub-Administrative Agent, and shall promptly notify each Offshore
            Lender of the amount (and currency) of its Offshore Applicable
            Percentage of the applicable Hybrid Offshore Loans, and if no timely
            notice of a conversion or continuation is provided by the Company,
            the Administrative Agent shall notify the Offshore
            Sub-Administrative Agent and each Offshore Lender of the details of
            any automatic conversion to Base Rate Hybrid Offshore Loans or
            continuation of Hybrid Offshore Loans denominated in a currency
            other than Dollars, in each case as described in the preceding
            subsection. In the case of a Hybrid Offshore Borrowing, each
            Offshore Lender shall make the amount of its Hybrid Offshore Loan
            available to the Administrative Agent in Same Day Funds at the
            Administrative Agent's Office for the applicable currency not later
            than 1:00 p.m., in the case of any Hybrid Offshore Loan denominated
            in Dollars, and not later than the Applicable Time specified by the
            Administrative Agent in the case of any Hybrid Offshore Loan in an
            Alternative Currency, in each case on the Business Day specified in
            the applicable Company Hybrid Offshore Loan Notice. Upon
            satisfaction of the applicable conditions set forth in Section 6.02
            (and, if such Hybrid Offshore Borrowing is the initial Credit
            Extension, Section 6.01), the Administrative Agent shall make all
            funds so received available to the Company in like funds as received
            by the Administrative Agent either by (A) crediting the account of
            the Company on the books of Bank of America with the amount of such
            funds or (B) wire transfer of such funds, in each case in accordance
            with instructions provided to (and reasonably acceptable to) the
            Administrative Agent by the Company.

                  (v)   Except as otherwise provided herein, any Hybrid Offshore
            Loan that is a Eurocurrency Rate Loan may be continued or converted
            only on the last day of an Interest Period for such Hybrid Offshore
            Loan. During the existence of an Event of Default, no Hybrid
            Offshore Loans may be requested as, converted to or continued as
            Eurocurrency Rate Loans (whether in Dollars or any Alternative
            Currency) without the consent of the Required Offshore Lenders, and
            the Required Offshore Lenders may demand that any or all of the then
            outstanding Hybrid Offshore Loans denominated in an Alternative
            Currency be redenominated into Dollars in the amount of the Dollar
            Equivalent thereof, on the last day of the then current Interest
            Period with respect thereto. The Administrative Agent shall promptly
            notify the Company and the Offshore Lenders of the interest rate
            applicable to any Interest Period for Hybrid Offshore

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            Loans that are Eurocurrency Rate Loans upon determination of such
            interest rate. At any time that Base Rate Hybrid Offshore Loans are
            outstanding, the Administrative Agent shall notify the Company and
            the Offshore Lenders of any change in Bank of America's prime rate
            used in determining the Base Rate promptly following the public
            announcement of such change.

            (b)   PREPAYMENT OF HYBRID OFFSHORE LOANS. The Company may, upon
      notice from the Company to the Administrative Agent, at any time or from
      time to time voluntarily prepay Hybrid Offshore Loans in whole or in part
      without premium or penalty; provided that (i) such notice must be received
      by the Administrative Agent not later than 9:00 a.m. (A) three Business
      Days prior to any date of prepayment of Hybrid Offshore Loans that are
      Eurocurrency Rate Loans denominated in Dollars, (B) four Business Days (or
      five, in the case of prepayment of Hybrid Offshore Loans denominated in
      Special Notice Currencies) prior to any date of prepayment of Hybrid
      Offshore Loans that are Eurocurrency Rate Loans denominated in Alternative
      Currencies, and (C) on the date of prepayment of Base Rate Hybrid Offshore
      Loans; (ii) any prepayment of Hybrid Offshore Loans that are Eurocurrency
      Rate Loans denominated in Dollars shall be in a principal amount of
      $5,000,000 or a whole multiple of $1,000,000 in excess thereof; (iii) any
      prepayment of Hybrid Offshore Loans that are Eurocurrency Rate Loans
      denominated in Alternative Currencies shall be in a minimum principal
      amount of the Dollar Equivalent of $5,000,000 or a whole multiple of the
      Dollar Equivalent of $1,000,000 in excess thereof; and (iv) any prepayment
      of Base Rate Hybrid Offshore Loans shall be in a principal amount of
      $500,000 or a whole multiple of $100,000 in excess thereof or, in each
      case, if less, the entire principal amount thereof then outstanding. Each
      such notice shall specify the date and amount of such prepayment and the
      Type(s) of Hybrid Offshore Loans to be prepaid and, if Eurocurrency Loans
      are to be prepaid, the Interest Period(s) of such Hybrid Offshore Loans.
      The Administrative Agent will promptly notify each Offshore Lender and the
      Offshore Sub-Administrative Agent of its receipt of each such notice, and
      of the amount of such Offshore Lender's Offshore Applicable Percentage of
      such prepayment. If such notice is given by the Company, the Company shall
      make such prepayment and the payment amount specified in such notice shall
      be due and payable on the date specified therein. Any prepayment of a
      Hybrid Offshore Loan that is a Eurocurrency Rate Loan shall be accompanied
      by all accrued interest on the amount prepaid, together with any
      additional amounts required pursuant to Section 5.05. Each such prepayment
      shall be applied to the Hybrid Offshore Loans of the Offshore Lenders in
      accordance with their respective Offshore Applicable Percentages.

            (c)   OFFSHORE LENDERS' AGREEMENT WITH RESPECT TO HYBRID OFFSHORE
      LOANS. Each Offshore Lender agrees that it will fund its Hybrid Offshore
      Loans to the Company under this Section 3.06 from an office in the United
      States in the applicable requested currency under the terms of this
      Section 3.06.

            (d)   EXCESS OF AGGREGATE OFFSHORE COMMITMENTS. If the
      Administrative Agent or the Offshore Sub-Administrative Agent notifies the
      Company or the Offshore Borrowers' Agent at any time that the Offshore
      Total Outstandings at such time exceed

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      the Aggregate Offshore Commitments then in effect, then, within five
      Business Days after receipt of such notice, the Borrowers shall prepay
      Offshore Loans in an aggregate amount sufficient to reduce such Offshore
      Total Outstandings as of such date of payment to an amount not to exceed
      the Aggregate Offshore Commitments then in effect.

      3.07  ADDITIONAL OFFSHORE BORROWERS. The Company may, upon satisfaction of
each of the following terms and conditions, designate additional wholly-owned
Subsidiaries of the Company as Offshore Borrowers under the Offshore Facility:

            (a)   The Company shall have given the Administrative Agent and the
      Offshore Sub-Administrative Agent not less than 10 Business Days prior
      written notice of its intention to designate a wholly-owned Subsidiary of
      the Company as an Offshore Borrower (a "New Offshore Borrower"), and the
      Administrative Agent and the Offshore Sub-Administrative Agent shall have
      given their prior written consent thereto (such consent not to be
      unreasonably withheld).

            (b)   There shall exist no Default both before such designation and
      immediately after giving effect to any such New Offshore Borrower.

            (c)   The New Offshore Borrower shall have executed a joinder
      agreement in form and substance reasonably satisfactory to the
      Administrative Agent and its counsel, assuming the obligations of the
      Borrowers under this Agreement and the other Loan Documents and agreeing
      to be bound by the terms of this Agreement and the other Loan Documents.

            (d)   The New Offshore Borrower shall have executed Notes for each
      Offshore Lender requesting a Note from such New Offshore Borrower.

            (e)   The New Offshore Borrower shall have provided:

                  (i)   resolutions, certificates of resolutions or other
            action, incumbency certificates and/or other certificates of
            Responsible Officers of such New Offshore Borrower evidencing the
            identity, authority and capacity of each Responsible Officer thereof
            authorized to act as a Responsible Officer in connection with this
            Agreement

                  (ii)  documents and certifications evidencing that such New
            Offshore Borrower is duly organized or formed, and that such New
            Offshore Borrower is validly existing, in good standing and
            qualified to engage in business in each jurisdiction where it is
            organized, and in each other jurisdiction where its ownership, lease
            or operation of properties or the conduct of its business requires
            such qualification, except to the extent that failure to do so could
            not reasonably be expected to have a Material Adverse Effect;

                  (iii) a favorable opinion of counsel to such New Offshore
            Borrower, addressed to the Administrative Agent, the Offshore
            Sub-Administrative Agent

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            and each Lender, in each case substantially similar in form and
            substance as those opinions delivered on the Closing Date, and to
            such other matters concerning the Borrowers and the Loan Documents
            as the Administrative Agent, the Offshore Sub-Administrative Agent
            or the Required Totals Lenders may reasonably request, and

                  (iv)  a certificate of a Responsible Officer of such New
            Offshore Borrower either (A) attaching copies of all consents,
            licenses and approvals required in connection with the execution,
            delivery and performance by such New Offshore Borrower and the
            validity against such New Offshore Borrower of the Loan Documents to
            which it is a party, and such consents, licenses and approvals shall
            be in full force and effect, or (B) stating that no such consents,
            licenses or approvals are so required.

            (f)   The Company shall have provided an acknowledgment and consent
      with respect to its Company Guaranty, acknowledging that the New Offshore
      Borrower is an Offshore Borrower under the Offshore Facility and that the
      Company Guaranty effectively guarantees the obligations of the New
      Offshore Borrower under this Agreement and the Loan Documents, such
      acknowledgment and consent to be in form and substance acceptable to the
      Administrative Agent, the Offshore Sub-Administrative Agent, their counsel
      and the Required Total Lenders.

            (g)   The Company, the Offshore Borrowers' Agent and the New
      Offshore Borrower shall have provided such other documents and instruments
      as reasonably requested by the Administrative Agent and the Offshore
      Sub-Administrative Agent to effectuate the intent of this Section 3.07.

                                  ARTICLE IV.
             THE DOMESTIC FACILITY AND OFFSHORE FACILITY, GENERALLY

      4.01  INTEREST AFTER DEFAULT.

            (a)   If any amount of principal of any Loan is not paid when due,
      whether at stated maturity, by acceleration or otherwise, such amount
      shall thereafter bear interest at a fluctuating interest rate per annum at
      all times equal to the lesser of (x) the Highest Lawful Rate and (y) the
      Default Rate, to the fullest extent permitted by Applicable Laws.

            (b)   If any amount (other than principal of any Loan) payable by
      any Borrower under any Loan Document is not paid when due, whether at
      stated maturity, by acceleration or otherwise, then upon the request of
      the Required Total Lenders, such amount shall thereafter bear interest at
      a fluctuating interest rate per annum at all times equal to the lesser of
      (x) the Highest Lawful Rate and (y) the Default Rate, to the fullest
      extent permitted by Applicable Laws.

            (c)   Upon the request of the Required Total Lenders, while any
      Event of Default exists, the Borrowers shall pay interest on the principal
      amount of all outstanding

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      Obligations hereunder at a fluctuating interest rate per annum at all
      times equal to the lesser of (x) the Highest Lawful Rate and (y) the
      Default Rate, to the fullest extent permitted by Applicable Laws.

            (d)   Accrued and unpaid interest on past due amounts (including
      interest on past due interest) shall be due and payable upon demand.

      4.02  FEES. In addition to certain fees described in subsections (i) and
(j) of Section 2.04:

            (a)   Facility Fee. Subject to Applicable Laws, the Company shall
      pay to the Administrative Agent for the account of each Lender in
      accordance with its Total Applicable Percentage, a facility fee in Dollars
      in an aggregate amount for all Lenders equal to the Applicable Rate times
      the actual daily amount of the Aggregate Total Commitments (or, if the
      Aggregate Total Commitments have terminated, on the Total Outstandings),
      regardless of usage. The facility fee shall accrue at all times during the
      Availability Period (and thereafter so long as any Committed Loans, Swing
      Line Loans, Bid Loans, Offshore Loans or L/C Obligations remain
      outstanding), including at any time during which one or more of the
      conditions in Article VI is not met, and shall be due and payable
      quarterly in arrears on the last Business Day of each March, June,
      September and December, commencing with the first such date to occur after
      the Closing Date, and on the Maturity Date (and, if applicable, thereafter
      on demand). The facility fee shall be calculated quarterly in arrears, and
      if there is any change in the Applicable Rate during any quarter, the
      actual daily amount shall be computed and multiplied by the Applicable
      Rate separately for each period during such quarter that such Applicable
      Rate was in effect.

            (b)   Other Fees.

                  (i)   Subject to Applicable Laws, the Company shall pay to the
            Arrangers and the Administrative Agent for their own respective
            accounts, in Dollars, fees in the amounts and at the times specified
            in the Fee Letters. Such fees shall be fully earned when paid and
            shall not be refundable for any reason whatsoever.

                  (ii)  Subject to Applicable Laws, the Company shall pay to the
            Lenders, in Dollars, such fees as shall have been separately agreed
            upon in writing in the amounts and at the times so specified. Such
            fees shall be fully earned when paid and shall not be refundable for
            any reason whatsoever.

      4.03  COMPUTATION OF INTEREST AND FEES. All computations of interest for
Base Rate Loans when the Base Rate is determined by Bank of America's "prime
rate" shall be made on the basis of a year of 365 or 366 days, as the case may
be, and actual days elapsed. All computations of interest for UK Offshore Loans
denominated in Sterling shall be made on the basis of a year of 365 days and
actual days elapsed. All other computations of fees and interest shall be made
on the basis of a 360-day year and actual days elapsed (which results in more
fees

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or interest, as applicable, being paid than if computed on the basis of a
365-day year), or, in the case of interest in respect of Loans denominated in
Alternative Currencies as to which market practice differs from the foregoing,
in accordance with such market practice. Interest shall accrue on each Loan for
the day on which the Loan is made, and shall not accrue on a Loan, or any
portion thereof, for the day on which the Loan or such portion is paid, provided
that any Loan that is repaid on the same day on which it is made shall, subject
to Section 4.06(a), bear interest for one day. Each determination by the
Administrative Agent or Offshore Sub-Administrative Agent of an interest rate or
fee hereunder shall be conclusive and binding for all purposes, absent manifest
error.

      4.04  EXCESS OF COMMITMENTS. If the Administrative Agent notifies the
Company at any time that the Total Outstandings at such time exceed the
Aggregate Total Commitments then in effect, then, within (a) five Business Days
after receipt of such notice, if such excess is due to a fluctuation in an
Alternative Currency, or (b) two Business Days after receipt of such notice, if
such excess is due to a borrowing, commitment reduction or other circumstance
other than as set forth in subsection (a) preceding, the Borrowers shall prepay
Loans and/or the Company shall Cash Collateralize the L/C Obligations in an
aggregate amount sufficient to reduce (or Cash Collateralize) such Total
Outstandings as of such date of payment to an amount not to exceed the Aggregate
Total Commitments then in effect; provided, however, that, subject to the
provisions of Section 2.04(g)(ii), the Company shall not be required to Cash
Collateralize the L/C Obligations pursuant to this Section 4.04 unless after the
prepayment in full of the Loans the Total Outstandings exceed the Aggregate
Total Commitments then in effect.

      4.05  EVIDENCE OF DEBT.

            (a)   The Credit Extensions made by each Lender shall be evidenced
      by one or more accounts or records maintained by such Lender and by the
      Administrative Agent or the Offshore Sub-Administrative Agent in the
      ordinary course of business. The accounts or records maintained by the
      Administrative Agent, the Offshore Sub-Administrative Agent and each
      Lender shall be conclusive absent manifest error of the amount of the
      Credit Extensions made by the Lenders to the Borrowers and the interest
      and payments thereon. Any failure to so record or any error in doing so
      shall not, however, limit or otherwise affect the obligation of the
      Borrowers hereunder to pay any amount owing with respect to the
      Obligations. In the event of any conflict between the accounts and records
      maintained by any Lender and the accounts and records of the
      Administrative Agent or the Offshore Sub-Administrative Agent in respect
      of such matters, the accounts and records of the Administrative Agent
      and/or the Offshore Sub-Administrative Agent shall control in the absence
      of manifest error. Upon the request of any Lender to a Borrower made
      through the Administrative Agent or the Offshore Sub-Administrative Agent,
      such Borrower shall execute and deliver to such Lender (through the
      Administrative Agent or the Offshore Sub-Administrative Agent) the
      applicable Note, which shall evidence such Lender's Loans to such Borrower
      in addition to such accounts or records. Each Lender may attach schedules
      to a Note and endorse thereon the date, Type (if applicable), amount,
      currency and maturity of its Loans and payments with respect thereto.

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            (b)   In addition to the accounts and records referred to in
      subsection (a), each Domestic Lender and the Administrative Agent shall
      maintain in accordance with its usual practice accounts or records
      evidencing the purchases and sales by such Domestic Lender of
      participations in Letters of Credit and Swing Line Loans. In the event of
      any conflict between the accounts and records maintained by the
      Administrative Agent and the accounts and records of any Domestic Lender
      in respect of such matters, the accounts and records of the Administrative
      Agent shall control in the absence of manifest error.

      4.06  PAYMENTS GENERALLY; ADMINISTRATIVE AGENT'S CLAWBACK.

            (a)   General. All payments to be made by the Borrowers shall be
      made without condition or deduction for any counterclaim, defense,
      recoupment or setoff. Except as otherwise expressly provided herein and
      except with respect to principal of and interest on Loans denominated in
      an Alternative Currency, all payments by the Borrowers hereunder shall be
      made to the Administrative Agent or the Offshore Sub-Administrative Agent,
      as applicable, for the account of the respective Lenders to which such
      payment is owed, at the applicable Administrative Agent's Office or
      Offshore Sub-Administrative Agent's Office, as appropriate, in Dollars and
      in Same Day Funds (not later than 2:00 p.m., with respect to Domestic
      Loans and Hybrid Offshore Loans) on the date specified herein. Except as
      otherwise expressly provided herein, all payments by the Borrowers
      hereunder with respect to principal and interest on Loans denominated in
      an Alternative Currency shall be made to the Administrative Agent or the
      Offshore Sub-Administrative Agent, as applicable, for the account of the
      respective Lenders to which such payment is owed, at the applicable
      Administrative Agent's Office or the Offshore Sub-Administrative Agent's
      Office, as appropriate, in such Alternative Currency and in Same Day Funds
      not later than the Applicable Time specified by the Administrative Agent
      or the Offshore Sub-Administrative Agent on the dates specified herein.
      Without limiting the generality of the foregoing, the Administrative Agent
      may require that any payments due under this Agreement be made in the
      United States. If, for any reason, any Borrower is prohibited by any Law
      from making any required payment hereunder in an Alternative Currency,
      such Borrower shall make such payment in Dollars in the Dollar Equivalent
      of the Alternative Currency payment amount. The Administrative Agent and
      the Offshore Sub-Administrative Agent will promptly distribute to each
      Lender, as appropriate, its Domestic Applicable Percentage, Offshore
      Applicable Percentage or Total Applicable Percentage, as applicable (or
      other applicable share as provided herein), of such payment in like funds
      as received by wire transfer to such Lender's Lending Office. With respect
      to Domestic Loans and Hybrid Offshore Loans, all payments received by the
      Administrative Agent 's Office (i) after 2:00 p.m., in the case of
      payments in Dollars, or (ii) after the Applicable Time specified by the
      Administrative Agent 's Office in the case of payments in an Alternative
      Currency, shall in each case be deemed received on the next succeeding
      Business Day for interest and fee computation purposes and any applicable
      interest or fee shall continue to accrue. With respect to UK Offshore
      Loans, all payments received by the Offshore Sub-Administrative Agent's
      Office (i) after 2:00 p.m., in the case of payments in Sterling, Dollars
      and Euro, or (ii) after the Applicable Time specified by the Offshore
      Sub-Administrative Agent's Office in the case

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<PAGE>

      of payments in another Alternative Currency, shall in each case be deemed
      received on the next succeeding Business Day for interest and fee
      computation purposes and any applicable interest or fee shall continue to
      accrue. If any payment to be made by any Borrower shall come due on a day
      other than a Business Day, payment shall be made on the next following
      Business Day, and such extension of time shall be reflected in computing
      interest or fees, as the case may be.

            (b)   (i)   Funding by Lenders; Presumption by Administrative Agent
            and the Offshore Sub-Administrative Agent. Unless the Administrative
            Agent shall have received notice from a Domestic Lender prior to the
            proposed (A) time, with respect to Base Rate Loans and (B) date,
            with respect to Eurocurrency Rate Loans, of any Committed Borrowing
            that such Domestic Lender will not make available to the
            Administrative Agent such Domestic Lender's share of such Committed
            Borrowing, the Administrative Agent may assume that such Domestic
            Lender has made such share available on such date in accordance with
            Section 2.02 and may, in reliance upon such assumption, make
            available to the Company a corresponding amount. Unless the Offshore
            Sub-Administrative Agent shall have received sufficient notice from
            an Offshore Lender prior to the proposed date of any UK Offshore
            Borrowing that such Offshore Lender will not make available to the
            Offshore Sub-Administrative Agent such Offshore Lender's share of
            such UK Offshore Borrowing, the Offshore Sub-Administrative Agent
            may assume that such Offshore Lender has made such share available
            on such date in accordance with Section 3.01 and may, in reliance
            upon such assumption, make available to the applicable Borrower a
            corresponding amount. Unless the Administrative Agent shall have
            received sufficient notice from an Offshore Lender prior to the
            proposed date of any Hybrid Offshore Borrowing that such Offshore
            Lender will not make available to the Administrative Agent such
            Offshore Lender's share of such Hybrid Offshore Borrowing, the
            Administrative Agent may assume that such Offshore Lender has made
            such share available on such date in accordance with Section 3.06
            and may, in reliance upon such assumption, make available to the
            Company a corresponding amount. In any of such events, if a Lender
            has not in fact made its share of the applicable Borrowing available
            to the applicable Agent, then the applicable Lender and the Company
            severally agree to pay to the Administrative Agent (on behalf of the
            Offshore Sub-Administrative Agent, if applicable) forthwith on
            demand such corresponding amount in Same Day Funds with interest
            thereon, for each day from and including the date such amount is
            made available to such Borrower to but excluding the date of payment
            to the applicable Agent, at (A) in the case of a payment to be made
            by such Lender, the Overnight Rate and (B) in the case of a payment
            to be made by the Company, the interest rate applicable to Base Rate
            Loans. If the Company and such Lender shall pay such interest to the
            Administrative Agent for the same or an overlapping period, the
            Administrative Agent shall promptly remit to the Company the amount
            of such interest paid by the Company for such period. If such Lender
            pays its share of the applicable Borrowing to the Administrative
            Agent, then the amount so paid shall constitute

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            such Lender's Loan included in such Borrowing. Any payment by the
            Company shall be without prejudice to any claim the Company may have
            against a Lender that shall have failed to make such payment to the
            Administrative Agent or the Offshore Sub-Administrative Agent.

                  (ii)  Payments by Borrowers; Presumptions by Administrative
            Agent or the Offshore Sub-Administrative Agent. Unless the
            Administrative Agent or the Offshore Sub-Administrative Agent, as
            applicable, shall have received sufficient notice from a Borrower
            prior to the date on which any payment is due to the Administrative
            Agent or the Offshore Sub-Administrative Agent, as applicable, for
            the account of the Lenders or the L/C Issuers hereunder that such
            Borrower will not make such payment, the Administrative Agent or the
            Offshore Sub-Administrative Agent, as applicable, may assume that
            such Borrower has made such payment on such date in accordance
            herewith and may, in reliance upon such assumption, distribute to
            the applicable Lenders or the L/C Issuers, as the case may be, the
            amount due. In such event, if such Borrower has not in fact made
            such payment, then each of the applicable Lenders or the L/C
            Issuers, as the case may be, severally agrees to repay to the
            Administrative Agent or the Offshore Sub-Administrative Agent, as
            applicable, forthwith on demand the amount so distributed to such
            Lender or the L/C Issuers, in Same Day Funds with interest thereon,
            for each day from and including the date such amount is distributed
            to it to but excluding the date of payment to the Administrative
            Agent or the Offshore Sub-Administrative Agent, as applicable, at
            the Overnight Rate.

                  A notice of the Administrative Agent or the Offshore
            Sub-Administrative Agent, as applicable, to any Lender or Borrower
            with respect to any amount owing under this subsection (b) shall be
            conclusive, absent manifest error.

            (c)   Failure to Satisfy Conditions Precedent. If any Lender makes
      available to the Administrative Agent or the Offshore Sub-Administrative
      Agent, as applicable, funds for any Loan to be made by such Lender to any
      Borrower as provided in the foregoing provisions of this Article II, and
      such funds are not made available to such Borrower by the Administrative
      Agent or the Offshore Sub-Administrative Agent, as applicable, because the
      conditions to the applicable Credit Extension set forth in Article VI are
      not satisfied or waived in accordance with the terms hereof, the
      Administrative Agent or the Offshore Sub-Administrative Agent, as
      applicable, shall promptly return such funds (in like funds as received
      from such Lender) to such Lender, without interest.

            (d)   Obligations of Lenders Several. The obligations of the Lenders
      hereunder to make Loans, to fund participations in Letters of Credit and
      Swing Line Loans and to make payments pursuant to Section 12.04(c) are
      several and not joint. The failure of any Lender to make any Loan, to fund
      any such participation or to make any payment under Section 12.04(c) on
      any date required hereunder shall not relieve any other Lender of its
      corresponding obligation to do so on such date, and no Lender shall be
      responsible for the failure of any other Lender to so make its Loan, to
      purchase its participation or to make its payment under Section 12.04(c).

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<PAGE>

            (e)   Funding Source. Nothing herein shall be deemed to obligate any
      Lender to obtain the funds for any Loan in any particular place or manner
      or to constitute a representation by any Lender that it has obtained or
      will obtain the funds for any Loan in any particular place or manner.

      4.07  SHARING OF PAYMENTS BY LENDERS. If any Lender shall, by exercising
any right of setoff or counterclaim or otherwise, obtain payment in respect of
any principal of or interest on any of the Committed Loans or Offshore Loans
made by it, or the participations in L/C Obligations or in Swing Line Loans held
by it resulting in such Lender's receiving payment of a proportion of the
aggregate amount of such Committed Loans, Offshore Loans or participations and
accrued interest thereon greater than its pro rata share thereof as provided
herein, then the Lender receiving such greater proportion shall (a) notify the
Administrative Agent or the Offshore Sub-Administrative Agent, as applicable, of
such fact, and (b)(i) if such Lender is a Domestic Lender, purchase (for cash at
face value) participations in the Committed Loans and subparticipations in L/C
Obligations and Swing Line Loans of the other Domestic Lenders, or make such
other adjustments as shall be equitable, and (ii) if such Lender is an Offshore
Lender, purchase (for cash at face value) participations in the Offshore Loans
of the other Offshore Lenders, or make such other adjustments as shall be
equitable, so that in each case of (i) and (ii) preceding, the benefit of all
such payments shall be shared by such Lenders ratably in accordance with the
aggregate amount of principal of and accrued interest on their respective Loans
and other amounts owing them, provided that:

            (a)   if any such participations or subparticipations are purchased
      and all or any portion of the payment giving rise thereto is recovered,
      such participations or subparticipations shall be rescinded and the
      purchase price restored to the extent of such recovery, without interest;
      and

            (b)   the provisions of this Section shall not be construed to apply
      to (x) any payment made by a Borrower pursuant to and in accordance with
      the express terms of this Agreement, (y) any payment obtained by a Lender
      as consideration for the assignment of or sale of a participation in any
      of its Loans or subparticipations in L/C Obligations or Swing Line Loans
      to any assignee or participant, other than to the Company or any
      Subsidiary thereof (as to which the provisions of this Section shall
      apply) or (z) any payment obtained by a Domestic Lender as consideration
      for the sale of all or any portion its Domestic Loans in accordance with
      the terms of Section 2.11.

      Each Borrower consents to the foregoing and agrees, to the extent it may
effectively do so under Applicable Law, that any Lender acquiring a
participation in an Obligation of such Borrower pursuant to the foregoing
arrangements may exercise against such Borrower rights of setoff and
counterclaim with respect to such participation as fully as if such Lender were
a direct creditor of such Borrower in the amount of such participation.

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                                   ARTICLE V.
                     TAXES, YIELD PROTECTION AND ILLEGALITY

      5.01  TAXES.

            (a)   Payments Free of Taxes. Any and all payments by or on account
      of any obligation of the respective Borrowers hereunder or under any other
      Loan Document shall be made free and clear of and without reduction or
      withholding for any Indemnified Taxes or Other Taxes, provided that if the
      applicable Borrower shall be required by Applicable Law to deduct any
      Indemnified Taxes (including any Other Taxes) from such payments, then (i)
      the sum payable shall be increased as necessary so that after making all
      required deductions (including deductions applicable to additional sums
      payable under this Section) the Administrative Agent, the Offshore
      Sub-Administrative Agent, any Lender or L/C Issuers, as the case may be,
      receives an amount equal to the sum it would have received had no such
      deductions been made, (ii) such Borrower shall make such deductions and
      (iii) such Borrower shall timely pay the full amount deducted to the
      relevant Governmental Authority in accordance with Applicable Law.

            (b)   Payment of Other Taxes by the Borrowers. Without limiting the
      provisions of subsection (a) above, each Borrower shall timely pay any
      Other Taxes to the relevant Governmental Authority in accordance with
      Applicable Law.

            (c)   INDEMNIFICATION BY THE BORROWERS. THE RELEVANT BORROWER AND
      THE COMPANY SHALL EACH INDEMNIFY THE ADMINISTRATIVE AGENT, THE OFFSHORE
      SUB-ADMINISTRATIVE AGENT, EACH LENDER AND EACH OF THE L/C ISSUERS, WITHIN
      30 DAYS AFTER DEMAND THEREFOR, FOR THE FULL AMOUNT OF ANY INDEMNIFIED
      TAXES OR OTHER TAXES (INCLUDING INDEMNIFIED TAXES OR OTHER TAXES IMPOSED
      OR ASSERTED ON OR ATTRIBUTABLE TO AMOUNTS PAYABLE UNDER THIS SECTION) PAID
      BY THE ADMINISTRATIVE AGENT, THE OFFSHORE SUB-ADMINISTRATIVE AGENT, SUCH
      LENDER OR ANY OF THE L/C ISSUERS, AS THE CASE MAY BE, AND ANY PENALTIES,
      INTEREST AND REASONABLE EXPENSES ARISING THEREFROM OR WITH RESPECT
      THERETO, WHETHER OR NOT SUCH INDEMNIFIED TAXES OR OTHER TAXES WERE
      CORRECTLY OR LEGALLY IMPOSED OR ASSERTED BY THE RELEVANT GOVERNMENTAL
      AUTHORITY. A CERTIFICATE AS TO THE AMOUNT OF SUCH PAYMENT OR LIABILITY
      DELIVERED TO A BORROWER BY A LENDER OR ANY L/C ISSUER (WITH A COPY TO THE
      ADMINISTRATIVE AGENT OR THE OFFSHORE SUB-ADMINISTRATIVE AGENT, AS
      APPLICABLE), OR BY THE ADMINISTRATIVE AGENT OR THE OFFSHORE
      SUB-ADMINISTRATIVE AGENT ON ITS OWN BEHALF OR ON BEHALF OF A LENDER OR ANY
      L/C ISSUER, SHALL BE CONCLUSIVE ABSENT MANIFEST ERROR.

            (d)   Evidence of Payments. As soon as practicable after any payment
      of Indemnified Taxes or Other Taxes by any Borrower to a Governmental
      Authority, such Borrower shall deliver to the Administrative Agent the
      Offshore Sub-Administrative Agent, as applicable, the original or a
      certified copy of a receipt issued by such Governmental Authority
      evidencing such payment, a copy of the return reporting such payment or
      other evidence of such payment reasonably satisfactory to the
      Administrative Agent or the Offshore Sub-Administrative Agent, as
      applicable.

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            (e)   Status of Lenders. Any Foreign Lender that is entitled to an
      exemption from or reduction of withholding tax under the law of the
      jurisdiction in which a Borrower is resident for tax purposes, or any
      treaty to which such jurisdiction is a party, with respect to payments
      hereunder or under any other Loan Document shall deliver to the Company or
      the Offshore Borrowers' Agent, as applicable (with a copy to the
      Administrative Agent or the Offshore Sub-Administrative Agent, as
      applicable), at the time or times prescribed by Applicable Law or
      reasonably requested by the Company, the Offshore Borrowers' Agent or the
      Administrative Agent or the Offshore Sub-Administrative Agent, as
      applicable, such properly completed and executed documentation prescribed
      by Applicable Law as will permit such payments to be made without
      withholding or at a reduced rate of withholding. In addition, any Lender,
      if requested by the Company, or the Offshore Borrowers' Agent, as
      applicable, or the Administrative Agent or the Offshore Sub-Administrative
      Agent, as applicable, shall deliver such other documentation prescribed by
      Applicable Law or reasonably requested by the Company or the Offshore
      Borrowers' Agent, as applicable or the Administrative Agent (or the
      Offshore Sub-Administrative Agent), as will enable the Company or the
      Offshore Borrowers' Agent, as applicable, or the Administrative Agent (or
      the Offshore Sub-Administrative Agent) to determine whether or not such
      Lender is subject to backup withholding or information reporting
      requirements.

      Without limiting the generality of the foregoing, in the event that a
      Borrower is resident for tax purposes in the United States, any Foreign
      Lender shall deliver to Company or the Offshore Borrowers' Agent, as
      applicable, and the Administrative Agent (or the Offshore
      Sub-Administrative Agent) (in such number of copies as shall be requested
      by the recipient) on or prior to the date on which such Foreign Lender
      becomes a Lender under this Agreement (and from time to time thereafter
      upon the request of the Company or the Offshore Borrowers' Agent, as
      applicable, or the Administrative Agent (or the Offshore
      Sub-Administrative Agent), but only if such Foreign Lender is legally
      entitled to do so), whichever of the following is applicable:

                  (i)   duly completed copies of Internal Revenue Service Form
            W-8BEN claiming eligibility for benefits of an income tax treaty to
            which the United States is a party,

                  (ii)  duly completed copies of Internal Revenue Service Form
            W-8ECI,

                  (iii) in the case of a Foreign Lender claiming the benefits of
            the exemption for portfolio interest under section 881(c) of the
            Code, (x) a certificate to the effect that such Foreign Lender is
            not (A) a "bank" within the meaning of section 881(c)(3)(A) of the
            Code, (B) a "10 percent shareholder" of the applicable Borrower
            within the meaning of section 881(c)(3)(B) of the Code, or (C) a
            "controlled foreign corporation" described in section 881(c)(3)(C)
            of the Code and (y) duly completed copies of Internal Revenue
            Service Form W-8BEN, or

                  (iv)  any other form prescribed by Applicable Law as a basis
            for claiming exemption from or a reduction in United States Federal
            withholding tax

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<PAGE>

            duly completed together with such supplementary documentation as may
            be prescribed by Applicable Law to permit the Company or the
            Offshore Borrowers' Agent, as applicable, to determine the
            withholding or deduction required to be made.

      Without limiting the obligations of the Lenders set forth above regarding
      delivery of certain forms and documents to establish each Lender's status
      for U.S. withholding tax purposes, each Lender agrees promptly to deliver
      to the Administrative Agent (or the Offshore Sub-Administrative Agent) or
      the Company or the Offshore Borrowers' Agent, as applicable, as the
      Administrative Agent (or the Offshore Sub-Administrative Agent) or the
      Company, or the Offshore Borrowers' Agent, as applicable, shall reasonably
      request, on or prior to the Closing Date, and in a timely fashion
      thereafter, such other documents and forms required by any relevant taxing
      authorities under the Laws of any other jurisdiction, duly executed and
      completed by such Lender, as are required under such Laws to confirm such
      Lender's entitlement to any available exemption from, or reduction of,
      applicable withholding taxes in respect of all payments to be made to such
      Lender outside of the U.S. by the Borrowers pursuant to this Agreement or
      otherwise to establish such Lender's status for withholding tax purposes
      in such other jurisdiction. Each Lender shall promptly (i) notify the
      Administrative Agent (or the Offshore Sub-Administrative Agent) of any
      change in circumstances which would modify or render invalid any such
      claimed exemption or reduction, and (ii) take such steps as shall not be
      materially disadvantageous to it, in the reasonable judgment of such
      Lender, and as may be reasonably necessary (including the re-designation
      of its Lending Office) to avoid any requirement of Applicable Laws of any
      such jurisdiction that any Borrower make any deduction or withholding for
      taxes from amounts payable to such Lender. Additionally, each of the
      Borrowers shall promptly deliver to the Administrative Agent (or the
      Offshore Sub-Administrative Agent) or any Lender, as the Administrative
      Agent (or the Offshore Sub-Administrative Agent) or such Lender shall
      reasonably request, on or prior to the Closing Date, and in a timely
      fashion thereafter, such documents and forms required by any relevant
      taxing authorities under the Laws of any jurisdiction, duly executed and
      completed by such Borrower, as are required to be furnished by such Lender
      or the Administrative Agent (or the Offshore Sub-Administrative Agent)
      under such Laws in connection with any payment by the Administrative Agent
      (or the Offshore Sub-Administrative Agent) or any Lender of Taxes or Other
      Taxes, or otherwise in connection with the Loan Documents, with respect to
      such jurisdiction.

            (f)   Treatment of Certain Refunds. If the Administrative Agent, the
      Offshore Sub-Administrative Agent, any Lender or any L/C Issuer
      determines, in its sole discretion, that it has received a refund of any
      Taxes or Other Taxes as to which it has been indemnified by any Borrower
      or with respect to which any Borrower has paid additional amounts pursuant
      to this Section, it shall pay to such Borrower an amount equal to such
      refund (but only to the extent of indemnity payments made, or additional
      amounts paid, by such Borrower under this Section with respect to the
      Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket
      expenses of the Administrative Agent, the Offshore Sub-Administrative
      Agent, such Lender or any L/C Issuer, as the

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      case may be, and without interest (other than any interest paid by the
      relevant Governmental Authority with respect to such refund), provided
      that each Borrower, upon the request of the Administrative Agent, the
      Offshore Sub-Administrative Agent, such Lender or any L/C Issuer, agrees
      to repay the amount paid over to such Borrower (plus any penalties,
      interest or other charges imposed by the relevant Governmental Authority)
      to the Administrative Agent, the Offshore Sub-Administrative Agent, such
      Lender or any L/C Issuer in the event the Administrative Agent, the
      Offshore Sub-Administrative Agent, such Lender or any L/C Issuer is
      required to repay such refund to such Governmental Authority. This
      subsection shall not be construed to require the Administrative Agent, the
      Offshore Sub-Administrative Agent, any Lender or any L/C Issuer to make
      available its tax returns (or any other information relating to its taxes
      that it deems confidential) to any Borrower or any other Person.

      5.02  ILLEGALITY. If any Lender determines that any Law has made it
unlawful, or that any Governmental Authority has asserted that it is unlawful,
for any Lender or its applicable Lending Office to make, maintain or fund
Eurocurrency Rate Loans (whether denominated in Dollars or an Alternative
Currency), or to determine or charge interest rates based upon the Eurocurrency
Rate, or any Governmental Authority has imposed material restrictions on the
authority of such Lender to purchase or sell, or to take deposits of, Dollars or
any Alternative Currency in the applicable interbank market, then, on notice
thereof by such Lender to the Company or the Offshore Borrowers' Agent, as
applicable, through the Administrative Agent or the Offshore Sub-Administrative
Agent, as applicable, any obligation of such Lender to make or continue
Eurocurrency Rate Loans in the affected currency or currencies or, in the case
of Eurocurrency Rate Loans in Dollars, to convert Base Rate Committed Loans to
Eurocurrency Rate Loans, shall be suspended until such Lender notifies the
Administrative Agent or the Offshore Sub-Administrative Agent, as applicable,
and the Company or the Offshore Borrowers' Agent, as applicable, that the
circumstances giving rise to such determination no longer exist. Upon receipt of
such notice, the Borrowers shall, upon demand from such Lender (with a copy to
the Administrative Agent or the Offshore Sub-Administrative Agent), prepay or,
if applicable and such Loans are denominated in Dollars, convert all such
Eurocurrency Rate Loans of such Lender to Base Rate Loans, either on the last
day of the Interest Period therefor, if such Lender may lawfully continue to
maintain such Eurocurrency Rate Loans to such day, or immediately, if such
Lender may not lawfully continue to maintain such Eurocurrency Rate Loans. Upon
any such prepayment or conversion, the Borrowers shall also pay accrued interest
on the amount so prepaid or converted.

      5.03  INABILITY TO DETERMINE RATES. If the Required Total Lenders
determine or Swing Line Lender determines that for any reason in connection with
any request for a Eurocurrency Rate Loan or a conversion to or continuation
thereof that (a) deposits (whether in Dollars or an Alternative Currency) are
not being offered to banks in the applicable offshore interbank market for such
currency for the applicable amount and Interest Period of such Eurocurrency Rate
Loan, (b) adequate and reasonable means do not exist for determining the
Eurocurrency Rate for any requested Interest Period with respect to a proposed
Eurocurrency Rate Loan (whether denominated in Dollars or an Alternative
Currency), or (c) the Eurocurrency Rate for any requested Interest Period with
respect to a proposed Eurocurrency Rate Loan does not adequately

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and fairly reflect the cost to such Lenders of funding such Eurocurrency Rate
Loan, the Administrative Agent will promptly so notify the Company and each
Domestic Lender, and the Offshore Sub-Administrative Agent will promptly notify
the Offshore Borrowers' Agent and each Offshore Lender. Thereafter, the
obligation of the Lenders to make or maintain Eurocurrency Rate Loans in the
affected currency or currencies shall be suspended until the Administrative
Agent and the Offshore Sub-Administrative Agent (upon the instruction of the
Required Total Lenders or the Swing Line Lender, as applicable) revoke such
notice. Upon receipt of such notice, the Company or the Offshore Borrowers'
Agent, as applicable, may revoke any pending request for a Borrowing of,
conversion to or continuation of Eurocurrency Rate Loans in the affected
currency or currencies or, with respect to a Domestic Loan or Hybrid Offshore
Loan only, failing that, will be deemed to have converted such request into a
request for a Committed Borrowing of Base Rate Loans or a Base Rate Hybrid
Offshore Loan, respectively, in the amount specified therein.

      5.04  INCREASED COSTS.

            (a)   Increased Costs Generally. If any Change in Law shall:

                  (i)   impose, modify or deem applicable any reserve, special
            deposit, compulsory loan, insurance charge or similar requirement
            against assets of, deposits with or for the account of, or credit
            extended or participated in by, any Lender (except (A) any reserve
            requirement contemplated by Section 5.04(e) and (B) the requirements
            of the Bank of England and the Financial Services Authority or the
            European Central Bank reflected in the Mandatory Cost, other than as
            set forth below) or any L/C Issuer;

                  (ii)  subject any Lender or any L/C Issuer to any tax of any
            kind whatsoever with respect to this Agreement, any Letter of
            Credit, any participation in a Letter of Credit or any Eurocurrency
            Loan made by it, or change the basis of taxation of payments to such
            Lender or any L/C Issuer in respect thereof (except for Indemnified
            Taxes or Other Taxes covered by Section 5.01 and the imposition of,
            or any change in the rate of, any Excluded Tax payable by such
            Lender or any L/C Issuer);

                  (iii) result in the Mandatory Cost, as calculated hereunder,
            not representing the cost to any Lender of complying with the
            requirements of the Bank of England and/or the Financial Services
            Authority or the European Central Bank in relation to its making,
            funding or maintaining Eurocurrency Rate Loans; or

                  (iv)  impose on any Lender or any L/C Issuer or the London
            interbank market any other condition, cost or expense affecting this
            Agreement or Eurocurrency Loans made by such Lender or any Letter of
            Credit or participation therein;

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            and the result of any of the foregoing shall be to increase the cost
            to such Lender of making or maintaining any Eurocurrency Loan (or of
            maintaining its obligation to make any such Loan), or to increase
            the cost to such Lender or any L/C Issuer of participating in,
            issuing or maintaining any Letter of Credit (or of maintaining its
            obligation to participate in or to issue any Letter of Credit), or
            to reduce the amount of any sum received or receivable by such
            Lender or any L/C Issuer hereunder (whether of principal, interest
            or any other amount) then, upon request of such Lender or any L/C
            Issuer, the Company or the applicable Borrower will pay to such
            Lender or any L/C Issuer, as the case may be, such additional amount
            or amounts as will compensate such Lender or such L/C Issuer, as the
            case may be, for such additional costs incurred or reduction
            suffered.

                  (b)   Capital Requirements. If any Lender or any L/C Issuer
            determines that any Change in Law affecting such Lender or such L/C
            Issuer or any Lending Office of such Lender or such Lender's or such
            L/C Issuer's holding company, if any, regarding capital requirements
            has or would have the effect of reducing the rate of return on such
            Lender's or such L/C Issuer's capital or on the capital of such
            Lender's or such L/C Issuer's holding company, if any, as a
            consequence of this Agreement, the Commitments of such Lender or the
            Loans made by, or participations in Letters of Credit held by, such
            Lender, or the Letters of Credit issued by any L/C Issuer, to a
            level below that which such Lender or such L/C Issuer or such
            Lender's or such L/C Issuer's holding company could have achieved
            but for such Change in Law (taking into consideration such Lender's
            or such L/C Issuer's policies and the policies of such Lender's or
            such L/C Issuer's holding company with respect to capital adequacy),
            then from time to time the applicable Borrower will pay to such
            Lender or such L/C Issuer, as the case may be, such additional
            amount or amounts as will compensate such Lender or such L/C Issuer
            or such Lender's or such L/C Issuer's holding company for any such
            reduction suffered, but only to the extent such Lender is seeking
            such reimbursement from all similarly situated Borrowers (if any).

                  (c)   Certificates for Reimbursement. A certificate of a
            Lender or of an L/C Issuer setting forth the amount or amounts
            necessary to compensate such Lender or such L/C Issuer or its
            holding company, as the case may be, as specified in subsection (a)
            or (b) of this Section and delivered to the Company or the Offshore
            Borrowers' Agent, as applicable, shall be conclusive absent manifest
            error. The applicable Borrower shall pay such Lender or such L/C
            Issuer, as the case may be, the amount shown as due on any such
            certificate within 30 days after receipt thereof.

                  (d)   Delay in Requests. Failure or delay on the part of any
            Lender or any L/C Issuer to demand compensation pursuant to the
            foregoing provisions of this Section shall not constitute a waiver
            of such Lender's or such L/C Issuer's right to demand such
            compensation, provided that no Borrower shall be required to
            compensate a Lender or an L/C Issuer pursuant to the foregoing
            provisions of this Section for any increased costs incurred or
            reductions suffered more than six months prior to the date that such
            Lender or such L/C Issuer, as the case may be, notifies the Company
            or the Offshore Borrowers' Agent (as the case may be) of the Change
            in Law giving rise to such increased costs or

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            reductions and of such Lender's or such L/C Issuer's intention to
            claim compensation therefor (except that, if the Change in Law
            giving rise to such increased costs or reductions is retroactive,
            then the six-month period referred to above shall be extended to
            include the period of retroactive effect thereof).

                  (e)   Additional Reserve Requirements. The Borrowers shall pay
            to each Lender (y) to the extent such Lender is not otherwise being
            compensated for such costs pursuant to the Mandatory Cost Formulae
            set forth in Schedule 1.01 and (z) to the extent such Lender is
            seeking such reimbursement from all similarly situated Borrowers (if
            any) (i) as long as such Lender shall be required to maintain
            reserves with respect to liabilities or assets consisting of or
            including Eurocurrency funds or deposits (currently known as
            "Eurocurrency liabilities"), additional interest on the unpaid
            principal amount of each Eurocurrency Rate Loan equal to the actual
            costs of such reserves allocated to such Loan by such Lender (as
            determined by such Lender in good faith, which determination shall
            be conclusive), and (ii) as long as such Lender shall be required to
            comply with any reserve ratio requirement or analogous requirement
            of any other central banking or financial regulatory authority
            imposed in respect of the maintenance of the Commitments or the
            funding of Eurocurrency Rate Loans, such additional costs (expressed
            as a percentage per annum and rounded upwards, if necessary, to the
            nearest five decimal places) equal to the actual costs allocated to
            such Commitment or Loan by such Lender (as determined by such Lender
            in good faith, which determination shall be conclusive), which in
            each case, shall be due and payable on each date on which interest
            is payable on such Loan, provided the Company or the Offshore
            Borrower's Agent, as applicable, shall have received at least 10
            days' prior notice (with a copy to the Administrative Agent and the
            Offshore Sub-Administrative Agent,) of such additional interest or
            costs from such Lender. If a Lender fails to give notice 10 days
            prior to the relevant Interest Payment Date, such additional
            interest or costs shall be due and payable 10 days from receipt of
            such notice.

            5.05  COMPENSATION FOR LOSSES. Upon demand of any Lender (with a
copy to the Administrative Agent or the Offshore Sub-Administrative Agent, as
applicable) from time to time, the Company shall promptly compensate such Lender
for and hold such Lender harmless from any loss, cost or expense incurred by it
as a result of:

                  (a)   any continuation, conversion, payment or prepayment of
            any Loan other than a Base Rate Loan on a day other than the last
            day of the Interest Period for such Loan (whether voluntary,
            mandatory, automatic, by reason of acceleration, or otherwise);

                  (b)   any failure by any Borrower (for a reason other than the
            failure of such Lender to make a Loan) to prepay, borrow, continue
            or convert any Loan other than a Base Rate Loan on the date or in
            the amount notified by the Company or the Offshore Borrowers' Agent;

                  (c)   any failure by any Borrower to make payment of any Loan
            or drawing under any Letter of Credit (or interest due thereon)
            denominated in an Alternative Currency on its scheduled due date or
            any payment thereof in a different currency;

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            (d)   any assignment of a Eurocurrency Rate Loan on a day other than
      the last day of the Interest Period therefor as a result of a request by
      the Company pursuant to Section 12.13; or

            (e)   any failure to consummate any purchase of a Domestic Loan in
      accordance with the provisions of Section 2.11;

including any foreign exchange losses and any loss or expense arising from the
liquidation or reemployment of funds obtained by it to maintain such Loan, from
fees payable to terminate the deposits from which such funds were obtained or
from the performance of any foreign exchange contract. The Company shall also
pay any customary administrative fees charged by such Lender in connection with
the foregoing.

For purposes of calculating amounts payable by the Company to the Lenders under
this Section 5.05, each Lender shall be deemed to have funded each Eurocurrency
Rate Loan made by it at the Eurocurrency Rate for such Loan by a matching
deposit or other borrowing in the offshore interbank market for such currency
for a comparable amount and for a comparable period, whether or not such
Eurocurrency Rate Loan was in fact so funded.

      5.06  MITIGATION OBLIGATIONS; REPLACEMENT OF LENDERS.

            (a)   Designation of a Different Lending Office. If any Lender
      requests compensation under Section 5.04, or any Borrower is required to
      pay any additional amount to any Lender or any Governmental Authority for
      the account of any Lender pursuant to Section 5.01, or if any Lender gives
      a notice pursuant to Section 5.02, then such Lender shall use reasonable
      efforts to designate a different Lending Office for funding or booking its
      Loans hereunder or to assign its rights and obligations hereunder to
      another of its offices, branches or affiliates, if, in the judgment of
      such Lender, such designation or assignment (i) would eliminate or reduce
      amounts payable pursuant to Section 5.01 or 5.04, as the case may be, in
      the future, or eliminate the need for the notice pursuant to Section 5.02,
      as applicable, and (ii) in each case, would not subject such Lender to any
      unreimbursed cost or expense and would not otherwise be disadvantageous to
      such Lender. The Company hereby agrees to pay all reasonable costs and
      expenses incurred by any Lender in connection with any such designation or
      assignment.

            (b)   Replacement of Lenders. If (i) any Lender requests
      compensation under Section 5.04, (ii) any Borrower is required to pay any
      additional amount to any Lender or any Governmental Authority for the
      account of any Lender pursuant to Section 5.01, (iii) any Lender fails to
      comply with any of the provisions of Section 5.01(e), or (iv) any Lender
      fails to make any Loan available to any Borrower in accordance with the
      terms of Section 5.02, the Company may replace such Lender in accordance
      with Section 12.13.

      5.07  SURVIVAL. All of the Borrowers' obligations under this Article V
shall survive termination of the Aggregate Domestic Commitments, Aggregate
Offshore Commitments and repayment of the Total Outstandings and all other
Obligations hereunder.

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                                  ARTICLE VI.
                    CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

      6.01  CONDITIONS OF INITIAL CREDIT EXTENSION. The obligation of each L/C
Issuer and each Lender to make its initial Credit Extension hereunder is subject
to satisfaction of the following conditions precedent:

            (a)   The Administrative Agent's receipt of the following, each of
      which shall be originals or telecopies (followed promptly by originals)
      unless otherwise specified, each properly executed by a Responsible
      Officer of the signing Borrower, each dated the Closing Date (or, in the
      case of certificates of governmental officials, a recent date before the
      Closing Date) and each in form and substance reasonably satisfactory to
      the Administrative Agent and each of the Lenders:

                  (i)   executed counterparts of this Agreement and the Company
            Guaranty, sufficient in number for distribution to the
            Administrative Agent, each Lender and the Company;

                  (ii)  applicable Notes executed by the applicable Borrowers in
            favor of each Lender requesting such Notes not less than 5 Business
            Days before the Closing Date;

                  (iii) certificates of resolutions or other action, incumbency
            certificates and/or other certificates of Responsible Officers of
            each Borrower evidencing the identity, authority and capacity of
            each Responsible Officer thereof authorized to act as a Responsible
            Officer in connection with this Agreement and the other Loan
            Documents to which such Borrower is a party;

                  (iv)  documents and certifications evidencing that each
            Borrower is duly organized or formed, and that each Borrower and
            each Material Subsidiary is validly existing, in good standing and
            qualified to engage in business in each jurisdiction where it is
            organized, and in each other jurisdiction where its ownership, lease
            or operation of properties or the conduct of its business requires
            such qualification, except to the extent that failure to do so could
            not reasonably be expected to have a Material Adverse Effect;

                  (v)   a favorable opinion of (i) counsel to the Company,
            addressed to the Administrative Agent, the Offshore
            Sub-Administrative Agent and each Lender, in each case as to matters
            reasonably acceptable to the Administrative Agent, Lead Arrangers
            and counsel to the Administrative Agent, and such other matters
            concerning the Borrowers and the Loan Documents as the
            Administrative Agent or the Required Total Lenders may reasonably
            request, and (ii) counsel to the Offshore Borrowers, addressed to
            the Administrative Agent, the Offshore Sub-Administrative Agent and
            each Offshore Lender, in each case as to matters reasonably
            acceptable to the Administrative Agent, Lead Arrangers and counsel
            to the Administrative Agent, and such other matters concerning the
            Borrowers

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            and the Loan Documents as the Administrative Agent or the Required
            Total Lenders may reasonably request;

                  (vi)  a certificate of a Responsible Officer of each Borrower
            either (A) attaching copies of all consents, licenses and approvals
            required in connection with the execution, delivery and performance
            by such Borrower and the validity against such Borrower of the Loan
            Documents to which it is a party, and such consents, licenses and
            approvals shall be in full force and effect, or (B) stating that no
            such consents, licenses or approvals are so required;

                  (vii) a certificate signed by a Responsible Officer of the
            Company certifying (A) that the conditions specified in Sections
            6.02(a) and (b) have been satisfied, and (B) that there has not
            occurred a material adverse change since December 31, 2003 in the
            business, assets, liabilities (actual or contingent), operations,
            condition (financial or otherwise) or prospects of the Company and
            its Subsidiaries taken as a whole or in the facts and information
            regarding such entities as represented through the Closing Date; and
            (C) the current Debt Ratings of the Company;

                  (viii) a duly completed Compliance Certificate as of March 31,
            2004, signed by a Responsible Officer of the Company;

                  (ix)  there shall exist no Default or Event of Default under
            the Existing $2 Billion Credit Agreement both before and after
            giving effect to this Agreement, and there shall exist no Default or
            Event of Default under the Existing $3 Billion Credit Agreement
            before giving effect to this Agreement;

                  (x)   evidence that the Existing $3 Billion Credit Agreement
            has been or concurrently with the Closing Date is being terminated,
            repaid or refinanced in full, except for the Existing Letters of
            Credit; and

                  (xi)  such other assurances, certificates, documents, consents
            or opinions as the Administrative Agent, each L/C Issuer, the Swing
            Line Lender or the Required Total Lenders reasonably may require.

            (b)   Any fees (except reimbursement for legal fees) required to be
      paid by the Company on or before the Closing Date shall have been paid.

            (c)   Unless waived by the Administrative Agent, the Company shall
      have paid all reasonable fees, charges and disbursements of counsel to the
      Administrative Agent to the extent invoiced not less than two Business
      Days prior to the Closing Date.

            (d)   The Closing Date shall have occurred on or before July 15,
      2004.

Without limiting the generality of the provisions of Section 11.04, for purposes
of determining compliance with the conditions specified in this Section 6.01,
each Lender that has signed this

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Agreement shall be deemed to have consented to, approved or accepted or to be
satisfied with, each document or other matter required thereunder to be
consented to or approved by or acceptable or satisfactory to a Lender unless the
Administrative Agent shall have received notice from such Lender prior to the
proposed Closing Date specifying its objection thereto.

      6.02  CONDITIONS TO ALL CREDIT EXTENSIONS. The obligation of each Lender
to honor any Request for Credit Extension (other than (x) a Committed Loan
Notice (1) requesting only a conversion of Committed Loans to the other Type,
(2) requesting a continuation of Eurocurrency Rate Loans, (3) as a result of a
draw under a Letter of Credit or (4) as a result of an event under Section 5.02
or Section 5.03, (y) a UK Offshore Loan Notice requesting only a continuation of
a UK Offshore Loan, or (z) a Company Hybrid Offshore Loan Notice requesting (1)
a conversion of Hybrid Offshore Loans to the other Type, or (2) a continuation
of Eurocurrency Rate Loans) is subject to the following conditions precedent:

            (a)   The representations and warranties of (i) the Borrowers
      contained in Article VII and (ii) each Borrower contained in each other
      Loan Document or in any document furnished at any time under or in
      connection herewith or therewith, shall be true and correct in all
      material respects on and as of the date of such Credit Extension, except
      to the extent that such representations and warranties specifically refer
      to an earlier date, in which case they shall be true and correct as of
      such earlier date, and except that for purposes of this Section 6.02, the
      representations and warranties contained in subsections (a) and (b) of
      Section 7.05 shall be deemed to refer to the most recent statements
      furnished pursuant to clauses (a) and (b), respectively, of Section 8.01.

            (b)   No Default shall exist, or would result from such proposed
      Credit Extension or the application of the proceeds thereof.

            (c)   The Administrative Agent and as applicable, the Offshore
      Sub-Administrative Agent, and, if applicable, the applicable L/C Issuer or
      the Swing Line Lender shall have received a Request for Credit Extension
      in accordance with the requirements hereof.

            (d)   In the case of a Credit Extension to be denominated in an
      Alternative Currency, there shall not have occurred any change in national
      or international financial, political or economic conditions or currency
      exchange rates or exchange controls which in the reasonable opinion of the
      Administrative Agent, the Offshore Sub-Administrative Agent (in the case
      of Offshore Loans), or the Required Total Lenders (in the case of any
      Loans to be denominated in an Alternative Currency), or the applicable L/C
      Issuer (in the case of any Letter of Credit to be denominated in an
      Alternative Currency) would make it impracticable for such Credit
      Extension to be denominated in the relevant Alternative Currency.

      Each Request for Credit Extension (other than (x) a Committed Loan Notice
(1) requesting only a conversion of Committed Loans to the other Type, (2)
requesting a continuation of Eurocurrency Rate Loans, (3) as a result of a draw
under a Letter of Credit or (4) as a result of an event under Section 5.02 or
Section 5.03, (y) a UK Offshore Loan Notice

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requesting only a continuation of a UK Offshore Loan, or (z) a Company Hybrid
Offshore Loan Notice requesting (1) a conversion of Hybrid Offshore Loans to the
other Type, or (2) a continuation of Eurocurrency Rate Loans) submitted by the
Company shall be deemed to be a representation and warranty that the conditions
specified in Sections 6.02(a) and (b) have been satisfied on and as of the date
of the applicable Credit Extension.

                                  ARTICLE VII.
                         REPRESENTATIONS AND WARRANTIES

      Except as otherwise provided in Section 7.16, each Borrower represents and
warrants to the Administrative Agent, the Offshore Sub-Administrative Agent and
the Lenders that:

      7.01  EXISTENCE, QUALIFICATION AND POWER; COMPLIANCE WITH LAWS. Each
Borrower and each Significant Subsidiary (a) is duly organized or formed,
validly existing and in good standing under the Laws of the jurisdiction of its
incorporation or organization, (b) has all requisite power and authority and all
requisite governmental licenses, authorizations, consents and approvals to (i)
own its assets and carry on its business and (ii) execute, deliver and perform
its obligations under the Loan Documents to which it is a party and (c) is duly
qualified and is licensed and in good standing under the Laws of each
jurisdiction where its ownership, lease or operation of properties or the
conduct of its business requires such qualification or license, except in each
case referred to in clause (b)(i) or (c), to the extent that failure to do so
could not reasonably be expected to have a Material Adverse Effect.

      7.02  AUTHORIZATION; NO CONTRAVENTION. The execution, delivery and
performance by each Borrower of each Loan Document to which such Person is
party, have been duly authorized by all necessary corporate or other
organizational action, and do not and will not (a) contravene the terms of any
of such Person's Organization Documents; (b) conflict with or result in any
breach or contravention of, or the creation of any Lien under, or require any
payment to be made under (i) any Contractual Obligation to which such Person is
a party or affecting such Person or the properties of such Person or any of its
Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental
Authority or any arbitral award to which such Person or its property is subject;
or (c) violate any Law, except in each case referred to in (b) and (c) above,
that could not reasonably be expected to have a Material Adverse Effect. Each
Borrower and each Subsidiary thereof is in compliance with all Contractual
Obligations referred to in clause (b)(i), except to the extent that failure to
do so could not reasonably be expected to have a Material Adverse Effect.

      7.03  GOVERNMENTAL AUTHORIZATION; OTHER CONSENTS. No approval, consent,
exemption, authorization, or other action by, or notice to, or filing with, any
Governmental Authority or any other Person is necessary or required in
connection with the execution, delivery or performance by, or enforcement
against, any Borrower of this Agreement or any other Loan Document, except for
notice filings of this Agreement with the FCC and SEC.

      7.04  BINDING EFFECT. This Agreement has been, and each other Loan
Document, when delivered hereunder, will have been, duly executed and delivered
by each Borrower that is party thereto. This Agreement constitutes, and each
other Loan Document when so delivered will

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constitute, a legal, valid and binding obligation of such Borrower, enforceable
against each Borrower that is party thereto in accordance with its terms,
subject to enforcement of remedies to the following qualifications: (i)
equitable principles generally, and (ii) Debtor Relief Laws (insofar as any such
law relates to the bankruptcy, insolvency or similar event of any Borrower or
any Subsidiary of any Borrower).

      7.05  FINANCIAL STATEMENTS; NO MATERIAL ADVERSE EFFECT.

            (a)   The Audited Financial Statements (i) were prepared in
      accordance with GAAP consistently applied throughout the period covered
      thereby, except as otherwise expressly noted therein; and (ii) fairly
      present in all material respects the financial condition of the Company
      and its Subsidiaries as of the date thereof and their results of
      operations for the period covered thereby in accordance with GAAP
      consistently applied throughout the period covered thereby, except as
      otherwise expressly noted therein.

            (b)   The unaudited consolidated balance sheet of the Company and
      its Subsidiaries dated March 31, 2004, and the related consolidated
      statements of operations, changes in shareholders' equity and cash flows
      for the fiscal quarter ended on that date (i) were prepared in accordance
      with GAAP consistently applied throughout the period covered thereby,
      except as otherwise expressly noted therein, and (ii) fairly present in
      all material respects the financial condition of the Company and its
      Subsidiaries as of the date thereof and their results of operations for
      the period covered thereby, subject, in the case of clauses (i) and (ii),
      to the absence of footnotes and to normal year-end audit adjustments.
      Schedule 7.05 sets forth the maximum amount of Consolidated Funded
      Indebtedness of the Company and its consolidated Subsidiaries as of June
      30, 2004. There have been no material and adverse variations as of the
      Closing Date from the liabilities, direct or contingent, of the Company
      and its consolidated Subsidiaries, including liabilities for taxes and
      material commitments, disclosed on the Company's Form 10-K for the fiscal
      year ended December 31, 2003 as updated on the Company's Form 10-Q for the
      fiscal quarter ended March 31, 2004.

            (c)   Since the date of the Audited Financial Statements, there has
      been no event or circumstance, either individually or in the aggregate,
      that has had or could reasonably be expected to have a Material Adverse
      Effect.

      7.06  LITIGATION. There are no actions, suits, proceedings, claims or
disputes pending or, to the knowledge of the Company, threatened or
contemplated, at law, in equity, in arbitration or before any Governmental
Authority, by or against the Company or any of its Subsidiaries or against any
of their properties or revenues that (a) purport to affect or pertain to this
Agreement or any other Loan Document, or any of the transactions contemplated
hereby, or (b) either individually or in the aggregate, if determined adversely,
would reasonably be expected to have a Material Adverse Effect.

      7.07  OWNERSHIP OF PROPERTY; LIENS. The Company and its Subsidiaries have
good title to, or valid leasehold interests in, all real property necessary in
the ordinary conduct of their business, except for such defects in title as
could not, individually or in the aggregate, reasonably

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be expected to have a Material Adverse Effect. The property of the Company and
its Subsidiaries is subject to no Liens, other than Liens permitted by Section
9.01.

      7.08  ENVIRONMENTAL COMPLIANCE. To the Company's knowledge, the Company
has no Environmental Law claims that could, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

      7.09  INSURANCE. The properties of the Company and its Subsidiaries are
insured with financially sound and reputable insurance companies not Affiliates
of the Company, in such amounts, with such deductibles and covering such risks
as are customarily carried by companies engaged in similar businesses and owning
similar properties in localities where the Company or the applicable Subsidiary
operates, except to the extent Company and its Subsidiaries maintain reasonable
self-insurance with respect to such risks (through an Affiliate or otherwise).

      7.10  TAXES. The Company and its Subsidiaries have filed all Federal,
state and other material tax returns and reports required to be filed, and have
paid all Federal, state and other material taxes, assessments, fees and other
governmental charges levied or imposed upon them or their properties, income or
assets otherwise due and payable, except those which are being contested in good
faith by appropriate proceedings diligently conducted and for which adequate
reserves have been provided in accordance with GAAP, in each case except where
failure to file or pay could reasonably be expected to have a Material Adverse
Effect.

      7.11  ERISA COMPLIANCE.

            (a)   Each Plan (i) is in compliance with the applicable provisions
      of ERISA, the Code and other Federal or state Laws, and (ii) that is
      intended to qualify under Section 401(a) of the Code has received a
      favorable determination letter from the IRS or an application for such a
      letter is currently being processed by the IRS with respect thereto and,
      to the best knowledge of the Company, nothing has occurred which would
      prevent, or cause the loss of, such qualification, except in each case of
      (i) and (ii) preceding, to the extent that failure to do so could not
      reasonably be expected to have a Material Adverse Effect. The Company and
      each ERISA Affiliate have made all required contributions to each Plan
      subject to Section 412 of the Code, and no application for a funding
      waiver or an extension of any amortization period pursuant to Section 412
      of the Code has been made with respect to any Plan.

            (b)   There are no pending or, to the best knowledge of the Company,
      threatened claims, actions or lawsuits, or action by any Governmental
      Authority, with respect to any Plan that could reasonably be expected to
      have a Material Adverse Effect. There has been no prohibited transaction
      or violation of the fiduciary responsibility rules with respect to any
      Plan that has resulted or could reasonably be expected to result in a
      Material Adverse Effect.

            (c)   (i) No ERISA Event has occurred or is reasonably expected to
      occur; (ii) no Pension Plan has any Unfunded Pension Liability; (iii)
      neither the Company nor any ERISA Affiliate has incurred, or reasonably
      expects to incur, any liability under Title

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      IV of ERISA with respect to any Pension Plan (other than premiums due and
      not delinquent under Section 4007 of ERISA); (iv) neither the Company nor
      any ERISA Affiliate has incurred, or reasonably expects to incur, any
      liability (and no event has occurred which, with the giving of notice
      under Section 4219 of ERISA, would result in such liability) under
      Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and
      (v) neither the Company nor any ERISA Affiliate has engaged in a
      transaction that could be subject to Sections 4069 or 4212(c) of ERISA,
      except in each case of (ii), (iii), (iv) and (v) preceding, to the extent
      that failure to do so could not reasonably be expected to have a Material
      Adverse Effect.

      7.12  MARGIN REGULATIONS; INVESTMENT COMPANY ACT; PUBLIC UTILITY HOLDING
COMPANY ACT.

            (a)   No Borrower is engaged or will engage, principally or as one
      of its important activities, in the business of purchasing or carrying
      margin stock (within the meaning of Regulation U issued by the FRB), or
      extending credit for the purpose of purchasing or carrying margin stock.
      Following the application of the proceeds of each Borrowing or drawing
      under each Letter of Credit, not more than 25% of the value of the assets
      (either of the Company or the Company and its Subsidiaries on a
      consolidated basis) subject to the provisions of Section 9.01 or Section
      9.06 or subject to any restriction contained in any agreement or
      instrument between the Company and any Lender or any Affiliate of any
      Lender relating to indebtedness and within the scope of Section 10.01(e)
      will be margin stock.

            (b)   None of the Company, any Person Controlling the Company, or
      any Subsidiary (i) is a "holding company," or a "subsidiary company" of a
      "holding company," or an "affiliate" of a "holding company" or of a
      "subsidiary company" of a "holding company," within the meaning of the
      Public Utility Holding Company Act of 1935, or (ii) is or is required to
      be registered as an "investment company" under the Investment Company Act
      of 1940.

      7.13  DISCLOSURE. The Company has disclosed to the Administrative Agent
and the Lenders all agreements, instruments and corporate or other restrictions
to which it or any of its Subsidiaries is subject, and all other matters known
to it, that, individually or in the aggregate, could reasonably be expected to
result in a Material Adverse Effect. No report, financial statement, certificate
or other information furnished (whether in writing or orally) by or on behalf of
any Borrower to the Administrative Agent, the Offshore Sub-Administrative Agent
or any Lender in connection with the transactions contemplated hereby and the
negotiation of this Agreement or delivered hereunder or under any other Loan
Document (in each case, as modified or supplemented by other information so
furnished) contains any material misstatement of fact or omits to state any
material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that, with
respect to projected financial information, the Company represents only that
such information was prepared in good faith based upon assumptions believed to
be reasonable at the time. Any forward looking statements contained therein are
inherently subject to risk and uncertainties, many of which cannot be predicted
with accuracy, and some of which might not be anticipated. Future

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events and actual results, financial and otherwise, could differ materially from
those set forth therein or contemplated by the forward looking statements
contained therein.

      7.14  COMPLIANCE WITH LAWS. Each of the Company and each Significant
Subsidiary is in compliance in all material respects with the requirements of
all Laws and all orders, writs, injunctions and decrees applicable to it or to
its properties, except in such instances in which (a) such requirement of Law or
order, writ, injunction or decree is being contested in good faith by
appropriate proceedings diligently conducted or (b) the failure to comply
therewith, either individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect. Each of the Company and each
Subsidiary is in compliance with the rules and regulations of the FCC relating
to the operation of television and radio stations, except to the extent that any
failure to file or failure to comply could not reasonably be expected to have a
Material Adverse Effect. The Company and its Subsidiaries have obtained all
appropriate approvals and consents of, and have made all filings with, the FCC
in connection with the acquisition and ownership of each of their television and
radio stations, and no Person has filed or submitted any document or instrument
to the FCC challenging or contesting the FCC order approving any assignment of a
FCC license to the Company or any of its Subsidiaries, except to the extent that
any such action could not reasonably be expected to have a Material Adverse
Effect.

      7.15  INTELLECTUAL PROPERTY; LICENSES, ETC. The Company and its
Subsidiaries own, or possess the right to use, all of the trademarks, service
marks, trade names, copyrights, patents, patent rights, franchises, licenses and
other intellectual property rights (collectively, "IP Rights") that are
reasonably necessary for the operation of their respective businesses, without
conflict with the rights of any other Person, except for any conflicts that
could not reasonably be expected to have a Material Adverse Effect. To the best
knowledge of the Company, no slogan or other advertising device, product,
process, method, substance, part or other material now employed, or now
contemplated to be employed, by the Company or any Subsidiary infringes upon any
rights held by any other Person, except where such infringement could not
reasonably be expected to have a Material Adverse Effect.

      7.16  REPRESENTATIONS AS TO FOREIGN OBLIGORS. The Company and each Foreign
Obligor represents and warrants to the Administrative Agent, the Offshore
Sub-Administrative Agent and the Lenders that:

            (a)   Such Foreign Obligor is subject to civil and commercial Laws
      with respect to its obligations under this Agreement and the other Loan
      Documents to which it is a party (collectively as to such Foreign Obligor,
      the "Applicable Foreign Obligor Documents"), and the execution, delivery
      and performance by such Foreign Obligor of the Applicable Foreign Obligor
      Documents constitute and will constitute private and commercial acts and
      not public or governmental acts. Neither such Foreign Obligor nor any of
      its property has any immunity from jurisdiction of any court or from any
      legal process (whether through service or notice, attachment prior to
      judgment, attachment in aid of execution, execution or otherwise) under
      the laws of the jurisdiction in which such Foreign Obligor is organized
      and existing in respect of its obligations under the Applicable Foreign
      Obligor Documents.

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            (b)   The Applicable Foreign Obligor Documents are in proper legal
      form under the Laws of the jurisdiction in which such Foreign Obligor is
      organized and existing for the enforcement thereof against such Foreign
      Obligor under the Laws of such jurisdiction, and to ensure the legality,
      validity, enforceability, priority or admissibility in evidence of the
      Applicable Foreign Obligor Documents. It is not necessary to ensure the
      legality, validity, enforceability, priority or admissibility in evidence
      of the Applicable Foreign Obligor Documents that the Applicable Foreign
      Obligor Documents be filed, registered or recorded with, or executed or
      notarized before, any court or other authority in the jurisdiction in
      which such Foreign Obligor is organized and existing or that any
      registration charge or stamp or similar tax be paid on or in respect of
      the Applicable Foreign Obligor Documents or any other document, except for
      (i) any such filing, registration, recording, execution or notarization as
      has been made or is not required to be made until the Applicable Foreign
      Obligor Document or any other document is sought to be enforced and (ii)
      any charge or tax as has been timely paid.

            (c)   There is no tax, levy, impost, duty, fee, assessment or other
      governmental charge, or any deduction or withholding, imposed by any
      Governmental Authority in or of the jurisdiction in which such Foreign
      Obligor is organized and existing either (i) on or by virtue of the
      execution or delivery of the Applicable Foreign Obligor Documents or (ii)
      on any payment to be made by such Foreign Obligor pursuant to the
      Applicable Foreign Obligor Documents, except as has been disclosed both to
      the Administrative Agent and the Offshore Sub-Administrative Agent.

            (d)   The execution, delivery and performance of the Applicable
      Foreign Obligor Documents executed by such Foreign Obligor are, under
      applicable foreign exchange control regulations of the jurisdiction in
      which such Foreign Obligor is organized and existing, not subject to any
      notification or authorization except (i) such as have been made or
      obtained or (ii) such as cannot be made or obtained until a later date
      (provided that any notification or authorization described in clause (ii)
      shall be made or obtained as soon as is reasonably practicable).

provided that, the Company shall not, nor shall any Foreign Obligor, be in
breach of, or failure to comply with, any of the terms or provisions of
subsections (a), (b), (c) or (d) preceding, unless such breach or failure to
comply would reasonably be expected to have a Material Adverse Effect.

      7.17  SOLVENT. The Company is, and the Company and its Subsidiaries are on
a consolidated basis, Solvent.

      7.18  BLOCKED PERSONS LIST. None of the Company, Subsidiaries of the
Company, or Affiliates of the Company are named on the United States Department
of the Treasury's Specially Designated Nationals or Blocked Persons list
available through http://www.treas.gov/offices/eotffc/ofac/sdn/index.html as of
the Closing Date.

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                                 ARTICLE VIII.
                             AFFIRMATIVE COVENANTS

      So long as any Lender shall have any Commitment hereunder, any Loan or
other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of
Credit shall remain outstanding, the Company shall, and shall (except in the
case of the covenants set forth in Sections 8.01, 8.02, and 8.03) cause each
Significant Subsidiary to:

      8.01  FINANCIAL STATEMENTS. Deliver to the Administrative Agent, in form
and detail satisfactory to the Administrative Agent and the Required Total
Lenders:

            (a)   as soon as available, but in any event within 90 days after
      the end of each fiscal year of the Company, a consolidated balance sheet
      of the Company and its consolidated Subsidiaries as at the end of such
      fiscal year, and the related consolidated statements of operations,
      changes shareholders' equity and cash flows for such fiscal year, setting
      forth in each case in comparative form the figures for the previous fiscal
      year, all in reasonable detail and prepared in accordance with GAAP,
      audited and accompanied by a report and opinion of an independent
      certified public accountant of nationally recognized standing, which
      report and opinion shall be prepared in accordance with generally accepted
      auditing standards and shall not be subject to any qualifications or
      exceptions as to the scope of such audit nor to any qualifications or
      exceptions not reasonably acceptable to the Administrative Agent; and

            (b)   as soon as available, but in any event within 45 days after
      the end of each of the first three fiscal quarters of the Company, a
      consolidated balance sheet of the Company and its consolidated
      Subsidiaries as at the end of such fiscal quarter, and the related
      consolidated statements of operations, changes shareholders' equity and
      cash flows for such fiscal quarter and for the portion of the Company's
      fiscal year then ended, setting forth in each case in comparative form the
      figures for the corresponding fiscal quarter of the previous fiscal year
      and the corresponding portion of the previous fiscal year, all in
      reasonable detail, such consolidated statements to be certified by a
      Responsible Officer of the Company as fairly presenting the financial
      condition, results of operations, changes in shareholders' equity and cash
      flows of the Company and its Subsidiaries in accordance with GAAP, subject
      only to normal year-end audit adjustments and the absence of footnotes.

As to any information contained in materials furnished pursuant to Section
8.02(c), the Company shall not be separately required to furnish such
information under clause (a) or (b) above, but the foregoing shall not be in
derogation of the obligation of the Company to furnish the information and
materials described in clauses (a) and (b) above at the times specified therein.

      8.02  CERTIFICATES; OTHER INFORMATION. Deliver to the Administrative
Agent, in form and detail satisfactory to the Administrative Agent and the
Required Total Lenders:

            (a)   concurrently with the delivery of the financial statements
      referred to in Section 8.01(a), a certificate of its independent certified
      public accountants certifying

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      such financial statements and stating that in connection with their audit,
      nothing came to their attention that caused them to believe that the
      Company failed to comply with the terms, covenants, provisions, or
      conditions of Section 9.03(b), Section 9.03(c) and Section 9.10 insofar as
      they relate to accounting matters, or if the Company did fail to comply,
      stating the nature and status of such event;

            (b)   concurrently with the delivery of the financial statements
      referred to in Sections 8.01(a) and (b), a duly completed Compliance
      Certificate signed by a Responsible Officer of the Company;

            (c)   promptly after the same are publicly available, copies of each
      annual report, proxy or financial statement or other report or
      communication sent to the stockholders of the Company, and copies of all
      annual, regular, periodic and special reports and registration statements
      which the Company may file or be required to file with the SEC under
      Section 13 or 15(d) of the Securities Exchange Act of 1934, and not
      otherwise required to be delivered to the Administrative Agent pursuant
      hereto;

            (d)   promptly upon receipt thereof, information with respect to and
      copies of any notices received from the FCC or any other federal, state or
      local regulatory agencies or any tribunal relating to any order, ruling,
      law, information or policy that relates to a breach of or noncompliance
      with the Communications Act, which in each case could reasonably be
      expected to result in the payment of money by the Company or any
      Subsidiary in excess of the Threshold Amount, or otherwise have a Material
      Adverse Effect, or result in the loss or suspension of any Necessary
      Authorization; provided, however, no information shall be required to be
      delivered hereunder if, in the opinion of counsel to the Company or such
      Subsidiary, there is no reasonable possibility of an adverse determination
      with respect to such notice;

            (e)   promptly, such additional information regarding outstanding
      Equity Interests in Subsidiaries of the Company and equity investments of
      the Company and its Subsidiaries in other corporations or entities other
      than Subsidiaries of the Company as reasonably requested by the
      Administrative Agent or any Lender through the Administrative Agent from
      time to time, and

            (f)   promptly, such additional information regarding the business,
      financial or corporate affairs of the Company or any Subsidiary, or
      compliance with the terms of the Loan Documents, as the Administrative
      Agent or any Lender through the Administrative Agent may from time to time
      reasonably request.

      Documents required to be delivered pursuant to Section 8.01(a) or (b) or
Section 8.02(d) (to the extent any such documents are included in materials
otherwise filed with the SEC) may be delivered electronically and if so
delivered, shall be deemed to have been delivered on the date (i) on which the
Company posts such documents, or provides a link thereto on the Company's
website on the Internet at the website address listed on Schedule 12.02; or (ii)
on which such documents are posted on the Company's behalf on an Internet or
intranet website, if any, to which each Lender and the Administrative Agent have
access (whether a commercial,

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third-party website or whether sponsored by the Administrative Agent); provided
that: (i) the Company shall deliver paper copies of such documents to the
Administrative Agent or any Lender that requests the Company to deliver such
paper copies until a written request to cease delivering paper copies is given
by the Administrative Agent or such Lender and (ii) the Company shall notify the
Administrative Agent (by telecopier or electronic mail) of the posting of any
such documents and provide to the Administrative Agent by electronic mail
electronic versions (i.e., soft copies) of such documents. Notwithstanding
anything contained herein, in every instance the Company shall be required to
provide paper copies of the Compliance Certificates required by Section 8.02(b)
to the Administrative Agent. Except for such Compliance Certificates, the
Administrative Agent shall have no obligation to request the delivery or to
maintain copies of the documents referred to above, and in any event shall have
no responsibility to monitor compliance by the Company with any such request for
delivery, and each Lender shall be solely responsible for requesting delivery to
it or maintaining its copies of such documents.

      Each Borrower hereby acknowledges that (a) the Administrative Agent, the
Offshore Sub-Administrative Agent and/or the Arrangers will make available to
the Lenders and the L/C Issuers materials and/or information provided by or on
behalf of such Borrower hereunder (collectively, "Borrower Materials") by
posting the Borrower Materials on IntraLinks or another similar electronic
system (the "Platform") and (b) certain of the Lenders may be "public-side"
Lenders (i.e., Lenders that do not wish to receive material non-public
information with respect to any Borrower or its securities) (each, a "Public
Lender"). Each Borrower hereby agrees that (w) all Borrower Materials that are
to be made available to Public Lenders shall be clearly and conspicuously marked
"PUBLIC" which, at a minimum, shall mean that the word "PUBLIC" shall appear
prominently on the first page thereof; (x) by marking Borrower Materials
"PUBLIC", the Borrowers shall be deemed to have authorized the Administrative
Agent, the Offshore Sub-Administrative Agent, the Arrangers, the L/C Issuers and
the Lenders to treat such Borrower Materials as either publicly available
information or not material information (although it may be sensitive and
proprietary) with respect to the Borrowers or their respective securities for
purposes of United States Federal and state securities laws; (y) all Borrower
Materials marked "PUBLIC" are permitted to be made available through a portion
of the Platform designated "Public Investor"; and (z) the Administrative Agent,
Offshore Sub-Administrative Agent, L/C Issuers and the Arrangers shall be
entitled to treat any Borrower Materials that are not marked "PUBLIC" as being
suitable only for posting on a portion of the Platform not designated as "Public
Investor."

      8.03  NOTICES. Promptly notify the Administrative Agent, the Offshore
Sub-Administrative Agent and each Lender:

            (a)   of the occurrence of any Default;

            (b)   of any matter including (i) breach or non-performance of, or
      any default under, a Contractual Obligation of the Company or any
      Subsidiary; (ii) any dispute, litigation, investigation, proceeding or
      suspension between the Company or any Subsidiary and any Governmental
      Authority; or (iii) the commencement of, or any material development in,
      any litigation or proceeding affecting the Company or any

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      Subsidiary, including pursuant to any applicable Environmental Laws, in
      each case that has resulted or could reasonably be expected to result in a
      Material Adverse Effect;

            (c)   of the occurrence of any ERISA Event which could reasonably be
      expected to result in a Material Adverse Effect;

            (d)   of any material change in accounting policies or financial
      reporting practices by the Company or any Subsidiary;

            (e)   of any public announcement by Moody's or S&P of any change or
      pending change in a Debt Rating of which the Company has actual knowledge;
      and

            (f)   of the commencement of all proceedings and investigations of
      which the Company has actual knowledge by or before the FCC or any other
      governmental body, and all actions and proceedings of which any Borrower
      or any Subsidiary has actual knowledge in any court or before any
      arbitrator involving claims for damages, fines or penalties (including
      punitive damages) in excess of $50,000,000 per claim and $250,000,000 in
      the aggregate (after deducting the amount with respect to the Company or
      any Subsidiary such Person is insured, provided such claim has not been
      denied), against or in any other way relating directly to the Company, any
      Subsidiary, or any of their properties or businesses; provided, however,
      no notice shall be required to be delivered hereunder if, in the opinion
      of counsel to the Company or such Subsidiary, there is no reasonable
      possibility of an adverse determination in such action or proceeding;

      Each notice pursuant to Section 8.03(a), (b), (c) and (f) shall be
accompanied by a statement of a Responsible Officer of the Company setting forth
details of the occurrence referred to therein and stating what action the
Company has taken and proposes to take with respect thereto. Each notice
pursuant to Section 8.03(a) shall describe with particularity any and all
provisions of this Agreement and any other Loan Document that have been
breached.

      8.04  PAYMENT OF OBLIGATIONS. Pay and discharge as the same shall become
due and payable, all its material obligations and liabilities, including all
material tax liabilities, assessments and governmental charges or levies upon it
or its properties or assets, unless the same are being contested in good faith
by appropriate proceedings diligently conducted and adequate reserves in
accordance with GAAP are being maintained by the Company or such Subsidiary.

      8.05  PRESERVATION OF EXISTENCE, ETC. (a) Except as permitted by the terms
of this Agreement, preserve, renew and maintain in full force and effect its
legal existence and good standing under the Laws of the jurisdiction of its
organization except in a transaction permitted by Section 9.05 or 8.13; (b) take
all reasonable action to maintain all rights, privileges, permits, licenses and
franchises necessary or desirable in the normal conduct of its business, except
to the extent that failure to do so could not reasonably be expected to have a
Material Adverse Effect; and (c) preserve or renew all of its registered
patents, trademarks, trade names and service marks, the non-preservation of
which could reasonably be expected to have a Material Adverse Effect.

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      8.06  MAINTENANCE OF PROPERTIES. (a) Maintain, preserve and protect all of
its material properties and equipment necessary in the operation of its business
in reasonably good working order and condition, ordinary wear and tear excepted
and (b) make all necessary repairs thereto and renewals and replacements
thereof, in each case except where the failure to do so could not reasonably be
expected to have a Material Adverse Effect.

      8.07  MAINTENANCE OF INSURANCE. Maintain with financially sound and
reputable insurance companies not Affiliates of the Company, insurance with
respect to its properties and business against loss or damage of the kinds
customarily insured against by Persons engaged in the same or similar business,
of such types and in such amounts as are customarily carried under similar
circumstances by such other Persons, except to the extent the Company maintains
reasonable self-insurance with respect to such risks (through an Affiliate or
otherwise).

      8.08  COMPLIANCE WITH LAWS. Comply in all material respects with the
requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its business or property, except in such instances in
which (a) such requirement of Law or order, writ, injunction or decree is being
contested in good faith by appropriate proceedings diligently conducted; or (b)
the failure to comply therewith could not reasonably be expected to have a
Material Adverse Effect.

      8.09  BOOKS AND RECORDS. (a) Maintain proper books of record and account,
in which full, true and correct entries in conformity with GAAP consistently
applied shall be made of all financial transactions and matters involving the
assets and business of the Company or such Subsidiary, as the case may be; and
(b) maintain such books of record and account in material conformity with all
applicable requirements of any Governmental Authority having regulatory
jurisdiction over the Company or such Subsidiary, as the case may be.

      8.10  INSPECTION RIGHTS. Permit representatives and independent
contractors of the Administrative Agent, the Offshore Sub-Administrative Agent
and each Lender to visit and inspect any of its properties, to examine its
corporate, financial and operating records, and make copies thereof or abstracts
therefrom, and to discuss its affairs, finances and accounts with its directors,
officers, and independent public accountants, all at such reasonable times
during normal business hours and as often as may be reasonably desired, upon
reasonable advance notice to the Company and the Administrative Agent; provided,
however, that when an Event of Default exists the Administrative Agent, the
Offshore Sub-Administrative Agent or any Lender (or any of their respective
representatives or independent contractors) may do any of the foregoing at the
expense of the Company at any time during normal business hours.

      8.11  USE OF PROCEEDS. Use the proceeds of the Credit Extensions for
working capital, capital expenditures, consummation of Acquisitions, repayment
of commercial paper, support for any commercial paper program, repayment of
outstanding amounts under the Existing $3 Billion Credit Agreement, repayment of
long term debt and general and other corporate purposes not in contravention of
any Law or of any Loan Document.

      8.12  APPROVALS AND AUTHORIZATIONS. Maintain all authorizations, consents,
approvals and licenses from, exemptions of, and filings and registrations with,
each Governmental

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Authority of the jurisdiction in which each Foreign Obligor is organized and
existing, and all approvals and consents of each other Person in such
jurisdiction, in each case that are required in connection with the Loan
Documents, except to the extent failure to do so would not reasonably be
expected to have a Material Adverse Effect.

      8.13  PRIMARY LINES OF BUSINESS. Maintain, on a consolidated basis, the
Company's media, communications, entertainment, internet and related businesses
as its primary lines of business.

                                  ARTICLE IX.
                               NEGATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder, any Loan or other
Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit
shall remain outstanding, the Company shall not, nor shall it permit any
Subsidiary to, directly or indirectly:

      9.01  LIENS. Create, incur, assume or suffer to exist any Lien upon any of
its property, assets or revenues, whether now owned or hereafter acquired, other
than the following:

            (a)   Liens pursuant to any Loan Document;

            (b)   (i) Liens for taxes not yet delinquent, (ii) Liens created by
      lease agreements to secure the payments of rental amounts and other sums
      not yet due thereunder, (iii) Liens on leasehold interests created by the
      lessor in favor of any mortgagee of the leased premises, and (iv) Liens
      for taxes, assessments, governmental charges, levies or claims that are
      being diligently contested in good faith by appropriate proceedings and
      for which adequate reserves shall have been set aside on such Person's
      books, but only so long as no foreclosure, restraint, sale or similar
      proceedings have been commenced with respect thereto;

            (c)   Liens of carriers, warehousemen, mechanics, laborers and
      materialmen and other similar Liens incurred in the ordinary course of
      business for sums not yet due or being contested in good faith, if such
      reserve or appropriate provision, if any, as shall be required by GAAP
      shall have been made therefor;

            (d)   Liens incurred in the ordinary course of business in
      connection with worker's compensation, unemployment insurance or similar
      legislation;

            (e)   Easements, right-of-way and zoning restrictions and other
      similar encumbrances on the use of real property which do not interfere
      with the ordinary conduct of the business of such Person;

            (f)   Liens securing Swap Contracts of the Company and indebtedness
      permitted by Section 9.03 hereof, so long as in each case such Liens do
      not in the aggregate secure indebtedness which, when aggregated with the
      aggregate amount of net sale proceeds from Sale and Leaseback Transactions
      permitted by Section 9.04, exceed

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      an amount equal to 15% of the Company's total consolidated Shareholder's
      Equity (including preferred stock) as shown on the Company's audited
      consolidated balance sheet contained in the latest annual report to
      stockholders of the Company, provided that indebtedness secured by Liens
      permitted by subsections (a)-(e) above and (g) below shall not be included
      in the amount of such indebtedness; and

            (g)   Liens in respect of judgments or awards for which appeals or
      proceedings for review are being prosecuted and in respect of which a stay
      of execution upon any such appeal or proceeding for review shall have been
      secured, provided that (i) such Person shall have established adequate
      reserves for such judgments or awards, (ii) such judgments or awards shall
      be fully insured and the insurer shall not have denied coverage, or (iii)
      such judgments or awards shall have been bonded to the satisfaction of the
      Required Total Lenders.

      9.02  INVESTMENTS AND ACQUISITIONS. Make any Investment, unless both prior
to and after giving effect to any such Investment, there exists no Default,
provided that, notwithstanding the foregoing, the Company and its Subsidiaries
may, during the existence and continuance of a Default, so long as such
Investments are in the ordinary course of business and in accordance with past
practices:

            (a)   make Investments in cash equivalents and in accounts
      receivable that are current assets;

            (b)   make advances to employees for moving and travel expenses,
      drawing accounts and similar expenditures in an amount not to exceed
      $5,000,000 during the continuance of such Default;

            (c)   make intercompany Investments among the Company and its
      wholly-owned Subsidiaries, and investments by less than wholly owned
      Subsidiaries in the Company and its wholly owned Subsidiaries; and

            (d)   make Investments constituting endorsement of checks, drafts,
      and other instruments and documents, leases, prepaid utilities, worker's
      compensation and other similar deposits and prepaid expenses.

      9.03  INDEBTEDNESS. Create, incur, assume or suffer to exist any
Consolidated Funded Indebtedness, except:

            (a)   Consolidated Funded Indebtedness under the Loan Documents;

            (b)   Consolidated Funded Indebtedness of the Company (including,
      without limitation, Guarantees by the Company of the Indebtedness of AMFM,
      Inc. existing on the Closing Date); and

            (c)   so long as there exists no Default both before and after
      giving effect to any such incurrence, Consolidated Funded Indebtedness of
      the Subsidiaries (including,

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      without limitation, Consolidated Funded Indebtedness of AMFM, Inc.,
      Consolidated Funded Indebtedness under the Existing $2 Billion Credit
      Agreement and all other existing Consolidated Funded Indebtedness) which
      will not exceed an amount equal to 15% of the Company's total consolidated
      Shareholder's Equity (including preferred stock) as shown on the Company's
      audited consolidated balance sheet contained in the latest annual report
      to stockholders of the Company, provided that, (i) the intercompany
      indebtedness of the Company and its Subsidiaries and (ii) Guaranties of
      indebtedness by the Company or a Subsidiary of the Company where the
      primary obligor of such indebtedness is the Company or a Subsidiary of the
      Company shall be excluded from Consolidated Funded Indebtedness of the
      Subsidiaries.

      9.04  SALE AND LEASEBACK TRANSACTIONS. Enter into any Sale and Leaseback
Transaction, provided that, so long as there exists no Default both before and
after giving effect to any such transaction on the date such transaction is
consummated, the Company and its Subsidiaries may enter into Sale and Leaseback
Transactions in such amount that when all net sale proceeds from Sale and
Leaseback Transactions are aggregated with the outstanding principal amount of
all Consolidated Funded Indebtedness secured by Liens in accordance with the
terms of Section 9.01(f) above, such aggregate amount will not exceed an amount
equal to 15% of the Company's total consolidated Shareholder's Equity (including
preferred stock) as shown on the Company's audited consolidated balance sheet
contained in the latest annual report to stockholders of the Company.

      9.05  FUNDAMENTAL CHANGES. Merge , liquidate, dissolve or consolidate with
or into another Person,

            (a)   provided that, nothing in this Section 9.05 shall be construed
      to prohibit the Company from reincorporating in another domestic
      jurisdiction, changing its form of organization or merging into, or
      transferring all or substantially all of its assets to, another domestic
      Person, so long as

                  (i)   either (x) the Company shall be the surviving entity
            with substantially the same assets immediately following the
            reincorporation or reorganization or (y) the surviving entity or
            transferee (the "Successor Corporation") shall be a domestic Person
            and shall, immediately following the merger or transfer, as the case
            may be, (A) have substantially all of the assets of the Company
            immediately preceding the merger or transfer, as the case may be,
            (B) have duly assumed all of the Company's obligations hereunder and
            under the other Loan Documents in form and substance satisfactory to
            the Administrative Agent (and, if requested, by Administrative
            Agent, the Successor Corporation shall have delivered an opinion of
            counsel as to the assumption of such obligations) and (C) either (I)
            have then-effective ratings (or implied ratings) published by
            Moody's or S&P applicable to such Successor Corporation's senior,
            unsecured, non-credit-enhanced, long term indebtedness for borrowed
            money, which ratings shall be either Baa2 or higher (if assigned by
            Moody's) or BBB or higher (if assigned by S&P) or (II) be acceptable
            to Total Required Lenders; and

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                  (ii)  immediately after giving effect to such transaction, no
            Default shall have occurred and be continuing, and

                  (iii) the Company shall be in compliance with Section 8.13,
            and

            (b)   any Subsidiary that is not a Significant Subsidiary may merge,
      consolidate, liquidate or dissolve,

            (c)   any Significant Subsidiary may merge with or consolidate into
      (i) the Company if the Company shall be the continuing or surviving Person
      or (ii) any other Subsidiary; provided that, if any such transaction shall
      be between a Subsidiary and a wholly owned Subsidiary, such wholly owned
      subsidiary shall be the continuing or surviving Person;

            (d)   any Significant Subsidiary may liquidate or dissolve into the
      Company or a wholly owned Subsidiary of the Company; and

            (e)   any Significant Subsidiary may merge or consolidate with or
      into any other Person if, both before and after giving effect thereto, no
      Default shall have occurred and be continuing.

      9.06  DISPOSITIONS. Make any Disposition of all or substantially all of
the assets of the Company.

      9.07  RESTRICTED PAYMENTS. Declare or make, directly or indirectly, any
Restricted Payment, or incur any obligation (contingent or otherwise) to do so,
except that, so long as no Default shall have occurred and be continuing at the
time of any action described below or would result therefrom:

            (a)   each Subsidiary may make Restricted Payments to the Company
      and any other Person that owns an Equity Interest in such Subsidiary,
      ratably according to their respective holdings of the type of Equity
      Interest in respect of which such Restricted Payment is being made;

            (b)   the Company and each Subsidiary may declare and make dividend
      payments or other distributions payable in the common stock or other
      common Equity Interests of such Person;

            (c)   the Company and each Subsidiary may purchase, redeem or
      otherwise acquire Equity Interests issued by it with the proceeds received
      from the substantially concurrent issue of new shares of its common stock
      or other common Equity Interests; and

            (d)   so long as there exists no Default both before and after
      giving effect to any such Restricted Payment, the Company may declare or
      pay cash dividends to its stockholders, and purchase, redeem or otherwise
      acquire for cash Equity Interests issued by it.

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      9.08  TRANSACTIONS WITH AFFILIATES. Enter into any transaction of any kind
with any Affiliate of the Company, whether or not in the ordinary course of
business, other than on fair and reasonable terms substantially as favorable to
the Company or such Subsidiary as would be obtainable by the Company or such
Subsidiary at the time in a comparable arm's length transaction with a Person
other than an Affiliate, provided that the foregoing restriction shall not apply
to transactions between or among the Company and any of its Subsidiaries or
joint ventures, or between and among any Subsidiaries or joint ventures.

      9.09  RESTRICTIVE AGREEMENTS. Enter into any Contractual Obligation (other
than this Agreement or any other Loan Document) pursuant to which the ability of
the Company or any Subsidiary to (a) accept any waiver or consent with respect
to any provision of this Agreement or (b) enter into any amendment, amendment
and restatement, replacement or other substitution of this Agreement or any Loan
Document, is prohibited or limited in any manner.

      9.10  FINANCIAL COVENANTS.

            (a)   Consolidated Leverage Ratio. Permit the Consolidated Leverage
      Ratio as of the end of any fiscal quarter of the Company to be greater
      than 5.25 to 1.00.

            (b)   Consolidated Interest Coverage Ratio. Permit the Consolidated
      Interest Coverage Ratio as of the end of any fiscal quarter of the Company
      to be less than 2.50 to 1.00.

                                   ARTICLE X.
                         EVENTS OF DEFAULT AND REMEDIES

      10.01 EVENTS OF DEFAULT. Any of the following shall constitute an Event of
Default:

            (a)   Non-Payment. Any Borrower fails to pay (i) when and as
      required to be paid herein, and in the currency required hereunder, any
      amount of principal of any Loan or any L/C Obligation, or to consummate
      any purchase of a Domestic Loan in accordance with the provisions of
      Section 2.11, or (ii) within five Business Days after the same becomes
      due, any interest on any Loan or on any L/C Obligation, or any fee due
      hereunder, or any other amount payable hereunder or under any other Loan
      Document; or

            (b)   Specific Covenants. Any Borrower fails to perform or observe
      any term, covenant or agreement contained in any of Section 8.03(a), 8.11
      or Article IX; or

            (c)   Other Defaults. Any Borrower fails to perform or observe any
      other covenant or agreement (not specified in subsection (a) or (b) above)
      contained in any Loan Document on its part to be performed or observed,
      and such failure shall not be cured within a period of 30 days after the
      earlier of (i) written notice from the Administrative Agent thereof and
      (ii) actual knowledge thereof by any member of senior management of the
      Company; or

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            (d)   Representations and Warranties. Any representation, warranty,
      certification or statement of fact made or deemed made by or on behalf of
      the Company or any other Borrower herein, in any other Loan Document, or
      in any document delivered in connection herewith or therewith shall be
      incorrect or misleading in any material respect when made or deemed made;
      or

            (e)   Cross-Default. (i) The Company or any Subsidiary (A) fails to
      make any payment when due (whether by scheduled maturity, required
      prepayment, acceleration, demand, or otherwise) in respect of any
      Consolidated Funded Indebtedness of the Company and its Subsidiaries or
      Guarantee (other than Consolidated Funded Indebtedness hereunder) having
      an outstanding aggregate principal amount (including amounts owing to all
      creditors under any combined or syndicated credit arrangement) of more
      than the $200,000,000, or (B) fails to observe or perform any other
      agreement or condition relating to any such Consolidated Funded
      Indebtedness or Guarantee of more than the $200,000,000 or contained in
      any instrument or agreement evidencing, securing or relating thereto, or
      any other event occurs, the effect of which default or other event is to
      cause, or to permit the holder or holders of such Consolidated Funded
      Indebtedness of more than the $200,000,000 or the beneficiary or
      beneficiaries of such Guarantee (or a trustee or agent on behalf of such
      holder or holders or beneficiary or beneficiaries) to cause, with the
      giving of notice if required, such Consolidated Funded Indebtedness of
      more than the $200,000,000 to be demanded or to become due or to be
      repurchased, prepaid, defeased or redeemed (automatically or otherwise),
      or an offer to repurchase, prepay, defease or redeem such Consolidated
      Funded Indebtedness of more than the $200,000,000 to be made, prior to its
      stated maturity, or such Guarantee to become payable or cash collateral in
      respect thereof to be demanded and all applicable cure periods shall have
      expired; (ii) there occurs under any Swap Contract an Early Termination
      Date (as defined in such Swap Contract) resulting from (A) any event of
      default under such Swap Contract as to which the Company or any Subsidiary
      is the Defaulting Party (as defined in such Swap Contract) or (B) any
      Termination Event (as so defined) under such Swap Contract as to which the
      Company or any Subsidiary is an Affected Party (as so defined) and, in
      either event, the Swap Termination Value owed by the Company or such
      Subsidiary as a result thereof is greater than $200,000,000; or (iii)
      there exists an "Event of Default" as defined in, and under the Existing
      $2 Billion Credit Agreement; or

            (f)   Insolvency Proceedings, Etc. Any Borrower or any of its
      Subsidiaries institutes or consents to the institution of any proceeding
      under any Debtor Relief Law, or makes an assignment for the benefit of
      creditors; or applies for or consents to the appointment of any receiver,
      trustee, custodian, conservator, liquidator, rehabilitator or similar
      officer for it or for all or any material part of its property; or any
      receiver, trustee, custodian, conservator, liquidator, rehabilitator or
      similar officer is appointed without the application or consent of such
      Person and the appointment continues undischarged or unstayed for 60
      calendar days; or any proceeding under any Debtor Relief Law relating to
      any such Person or to all or any material part of its property is
      instituted without the

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      consent of such Person and continues undismissed or unstayed for 60
      calendar days, or an order for relief is entered in any such proceeding;
      or

            (g)   Inability to Pay Debts; Attachment. (i) The Company or any
      Significant Subsidiary becomes unable or admits in writing its inability
      or fails generally to pay its debts as they become due, or (ii) any writ
      or warrant of attachment or execution or similar process is issued or
      levied against all or any material part of the property of any such Person
      and is not released, vacated or fully bonded within 30 days after its
      issue or levy; or

             (h)   Judgments. There is entered against the Company or any
      Subsidiary (i) a final judgment or order for the payment of money in an
      aggregate amount exceeding the Threshold Amount (to the extent not covered
      by independent third-party insurance as to which the insurer does not
      dispute coverage), or (ii) any one or more non-monetary final judgments
      that have, or could reasonably be expected to have, individually or in the
      aggregate, a Material Adverse Effect and, in either case, (A) enforcement
      proceedings are commenced by any creditor upon such judgment or order, or
      (B) there is a period of 30 consecutive days during which a stay of
      enforcement of such judgment, by reason of a pending appeal or otherwise,
      is not in effect; or

            (i)   ERISA. (i) An ERISA Event occurs with respect to a Pension
      Plan or Multiemployer Plan which has resulted or could reasonably be
      expected to result in liability of the Company under Title IV of ERISA to
      the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in
      excess of the Threshold Amount, or (ii) the Company or any ERISA Affiliate
      fails to pay when due, after the expiration of any applicable grace
      period, any installment payment with respect to its withdrawal liability
      under Section 4201 of ERISA under a Multiemployer Plan in an aggregate
      amount in excess of the Threshold Amount; or

            (j)   Invalidity of Loan Documents. Any material provision of any
      Loan Document, at any time after its execution and delivery and for any
      reason other than as expressly permitted hereunder or satisfaction in full
      of all the Obligations, ceases to be in full force and effect; or any
      Borrower, any Subsidiary of any Borrower or any Affiliate of any Borrower
      contests in any manner the validity or enforceability of any material
      provision of any Loan Document; or any Borrower denies that it has any or
      further liability or obligation under any Loan Document, or purports to
      revoke, terminate or rescind any material provision of any Loan Document,
      and in each case, such Default shall not be cured within a period of five
      Business Days after the earlier of (i) written notice from the
      Administrative Agent thereof and (ii) actual knowledge thereof by any
      member of senior management of the Company; or

            (k)   Change of Control. There occurs any Change of Control; or

            (l)   FCC and the Communications Act. The Company or any Subsidiary
      shall fail to comply with the Communications Act, or any rule or
      regulation promulgated by

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      the FCC, and such failure could reasonably be expected to have a Material
      Adverse Effect.

      10.02 REMEDIES UPON EVENT OF DEFAULT.

      If any Event of Default occurs and is continuing, the Administrative Agent
shall, at the request of, or may, with the consent of, the Required Total
Lenders, take any or all of the following actions:

            (a)   declare the commitment of each Lender to make Loans and any
      obligation of the L/C Issuers to make L/C Credit Extensions to be
      terminated, whereupon such commitments and obligation shall be terminated;

            (b)   declare the unpaid principal amount of all outstanding Loans,
      all interest accrued and unpaid thereon, and all other amounts owing or
      payable hereunder or under any other Loan Document to be immediately due
      and payable, without presentment, demand, notice of acceleration, notice
      of intent to accelerate, protest or other notice of any kind, all of which
      are hereby expressly waived by the Borrowers;

            (c)   require that the Company Cash Collateralize the L/C
      Obligations (in an amount equal to the then Outstanding Amount thereof);
      and

            (d)   exercise on behalf of itself and the Lenders all rights and
      remedies available to it and the Lenders under the Loan Documents;

      provided, however, that upon the occurrence of an actual or deemed entry
      of an order for relief with respect to any Borrower under the Bankruptcy
      Code of the United States, the obligation of each Lender to make Loans and
      any obligation of the L/C Issuers to make L/C Credit Extensions shall
      automatically terminate, the unpaid principal amount of all outstanding
      Loans and all interest and other amounts as aforesaid shall automatically
      become due and payable, and the obligation of the Company to Cash
      Collateralize the L/C Obligations as aforesaid shall automatically become
      effective, in each case without further act of the Administrative Agent,
      the Offshore Sub-Administrative Agent or any Lender.

      10.03 APPLICATION OF FUNDS. After the exercise of remedies provided for in
Section 10.02 (or after the Loans have automatically become immediately due and
payable and the L/C Obligations have automatically been required to be Cash
Collateralized as set forth in the proviso to Section 10.02), any amounts
received on account of the Obligations shall be applied by the Administrative
Agent in the following order:

      First, to payment of that portion of the Obligations constituting fees,
indemnities, expenses and other amounts (including fees, charges and
disbursements of counsel to the Administrative Agent and the Offshore
Sub-Administrative Agent and amounts payable under Article V) payable to the
Administrative Agent and the Offshore Sub-Administrative Agent in their capacity
as such;

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      Second, to payment of that portion of the Obligations constituting fees,
indemnities and other amounts (other than principal and interest) payable to the
respective Lenders and the L/C Issuers (including fees, charges and
disbursements of counsel to the respective Lenders and the L/C Issuers and
amounts payable under Article V), ratably among them in proportion to the
amounts described in this clause Second payable to them;

      Third, to payment of that portion of the Obligations constituting accrued
and unpaid interest on the Loans, L/C Borrowings and other Obligations, ratably
among the Lenders and the L/C Issuers in proportion to the respective amounts
described in this clause Third payable to them;

      Fourth, to payment of that portion of the Obligations constituting unpaid
principal of the Loans and L/C Borrowings, ratably among the Lenders and the L/C
Issuers in proportion to the respective amounts described in this clause Fourth
held by them;

      Fifth, to the Administrative Agent for the account of the L/C Issuers, to
Cash Collateralize that portion of L/C Obligations comprised of the aggregate
undrawn amount of Letters of Credit;

      Sixth, to the payment of all other unpaid Obligations, ratably among the
Domestic Lenders, the Offshore Lenders and the L/C Issuers in proportion to the
respective amounts described in this clause Sixth held by them; and

      Last, the balance, if any, after all of the Obligations have been
indefeasibly paid in full, to the Company or as otherwise required by Law.

Subject to Section 2.04(c), amounts used to Cash Collateralize the aggregate
undrawn amount of Letters of Credit pursuant to clause Fifth above shall be
applied to satisfy drawings under such Letters of Credit as they occur. If any
amount remains on deposit as Cash Collateral after all Letters of Credit have
either been fully drawn or expired, such remaining amount shall be applied to
the other Obligations, if any, in the order set forth above.

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                                  ARTICLE XI.
           ADMINISTRATIVE AGENT AND OFFSHORE SUB-ADMINISTRATIVE AGENT

      11.01 APPOINTMENT AND AUTHORITY. Each of the Lenders and the L/C Issuers
hereby irrevocably appoints Bank of America to act on its behalf as the
Administrative Agent hereunder and Bank of America, London to act as Offshore
Sub-Administrative Agent hereunder, and in each case, under the other Loan
Documents, and authorizes the Administrative Agent or the Offshore
Sub-Administrative Agent, or both, as appropriate, to take such actions on its
behalf and to exercise such powers as are delegated to the Administrative Agent
or the Offshore Sub-Administrative Agent, or both, as appropriate, by the terms
hereof or thereof, together with such actions and powers as are reasonably
incidental thereto. Except for the rights of the Company pursuant to Section
11.06, the provisions of this Article are solely for the benefit of the
Administrative Agent, the Offshore Sub-Administrative Agent, the Lenders and the
L/C Issuers, and no Borrower shall have rights as a third party beneficiary of
any of such provisions.

      11.02 RIGHTS AS A LENDER. The Persons serving as the Administrative Agent
or the Offshore Sub-Administrative Agent hereunder shall have the same rights
and powers in its capacity as a Lender as any other Lender and may exercise the
same as though it were not the Administrative Agent or the Offshore
Sub-Administrative Agent, and the term "Lender" or "Lenders" shall, unless
otherwise expressly indicated or unless the context otherwise requires, include
the Person serving as the Administrative Agent or the Offshore
Sub-Administrative Agent, as applicable, hereunder in its individual capacity.
Such Person and its Affiliates may accept deposits from, lend money to, act as
the financial advisor or in any other advisory capacity for and generally engage
in any kind of business with the Borrowers or any Subsidiary or other Affiliate
thereof as if such Person were not the Administrative Agent or the Offshore
Sub-Administrative Agent hereunder and without any duty to account therefor to
the Lenders.

      11.03 EXCULPATORY PROVISIONS. The Administrative Agent and the Offshore
Sub-Administrative Agent shall not have any duties or obligations except those
expressly set forth herein and in the other Loan Documents. Without limiting the
generality of the foregoing, the Administrative Agent and the Offshore
Sub-Administrative Agent:

            (a)   shall not be subject to any fiduciary or other implied duties,
      regardless of whether a Default has occurred and is continuing;

            (b)   shall not have any duty to take any discretionary action or
      exercise any discretionary powers, except discretionary rights and powers
      expressly contemplated hereby or by the other Loan Documents that the
      Administrative Agent or the Offshore Sub-Administrative Agent is required
      to exercise as directed in writing by the Required Total Lenders, the
      Required Domestic Lenders or the Required Offshore Lenders, as appropriate
      (or such other number or percentage of the Lenders as shall be expressly
      provided for herein or in the other Loan Documents), provided that the
      Administrative Agent and the Offshore Sub-Administrative Agent shall not
      be required to take any action that, in their opinion or the opinion of
      their counsel, may expose the Administrative Agent or the Offshore
      Sub-Administrative Agent to liability or that is contrary to any Loan
      Document or Applicable Law; and

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            (c)   shall not, except as expressly set forth herein and in the
      other Loan Documents, have any duty to disclose, and shall not be liable
      for the failure to disclose, any information relating to any of the
      Borrowers or any of their respective Affiliates that is communicated to or
      obtained by the Person serving as the Administrative Agent or the Offshore
      Sub-Administrative Agent or any of their Affiliates in any capacity.

      Neither of the Administrative Agent and the Offshore Sub-Administrative
Agent shall be liable for any action taken or not taken by it (i) with the
consent or at the request of the Required Total Lenders, the Required Domestic
Lenders or the Required Offshore Lenders, as applicable (or such other number or
percentage of the Lenders as shall be necessary, or as the Administrative Agent
or the Offshore Sub-Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 12.01 and 10.02) or
(ii) in the absence of its own gross negligence or willful misconduct. The
Administrative Agent and the Offshore Sub-Administrative Agent shall be deemed
not to have knowledge of any Default unless and until notice describing such
Default is given to the Administrative Agent or the Offshore Sub-Administrative
Agent by the Company, a Lender or the L/C Issuers.

      The Administrative Agent and the Offshore Sub-Administrative Agent shall
not be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with this
Agreement or any other Loan Document, (ii) the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection
herewith or therewith, (iii) the performance or observance of any of the
covenants, agreements or other terms or conditions set forth herein or therein
or the occurrence of any Default, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement, any other Loan Document or any
other agreement, instrument or document or (v) the satisfaction of any condition
set forth in Article VI or elsewhere herein, other than to confirm receipt of
items expressly required to be delivered to the Administrative Agent or the
Offshore Sub-Administrative Agent, as applicable.

      11.04 RELIANCE BY ADMINISTRATIVE AGENT AND THE OFFSHORE SUB-ADMINISTRATIVE
AGENT. The Administrative Agent and the Offshore Sub-Administrative Agent shall
be entitled to rely upon, and shall not incur any liability for relying upon,
any notice, request, certificate, consent, statement, instrument, document or
other writing (including any electronic message, Internet or intranet website
posting or other distribution) believed by it to be genuine and to have been
signed, sent or otherwise authenticated by the proper Person. The Administrative
Agent and the Offshore Sub-Administrative Agent also may rely upon any statement
made to them orally or by telephone and believed by them to have been made by
the proper Person, and shall not incur any liability for relying thereon. In
determining compliance with any condition hereunder to the making of a Loan, or
the issuance of a Letter of Credit, that by its terms must be fulfilled to the
satisfaction of a Lender or the L/C Issuers, the Administrative Agent and the
Offshore Sub-Administrative Agent may presume that such condition is
satisfactory to such Lender or the L/C Issuers unless the Administrative Agent
or the Offshore Sub-Administrative Agent, as applicable, shall have received
notice to the contrary from such Lender or any L/C Issuer prior to the making of
such Loan or the issuance of such Letter of Credit. The Administrative Agent and
the Offshore Sub-Administrative Agent may consult with legal

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counsel (who may be counsel for the Company), independent accountants and other
experts selected by them, and shall not be liable for any action taken or not
taken by them in accordance with the advice of any such counsel, accountants or
experts.

      11.05 DELEGATION OF DUTIES. The Administrative Agent and the Offshore
Sub-Administrative Agent may perform any and all of their duties and exercise
their rights and powers hereunder or under any other Loan Document by or through
any one or more sub-agents appointed by the Administrative Agent and the
Offshore Sub-Administrative Agent. The Administrative Agent, the Offshore
Sub-Administrative Agent and any other such sub-agent may perform any and all of
its duties and exercise its rights and powers by or through their respective
Related Parties. The exculpatory provisions of this Article shall apply to any
such sub-agent and to the Related Parties of the Administrative Agent, the
Offshore Sub-Administrative Agent and any such sub-agent, and shall apply to
their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as Administrative Agent and
the Offshore Sub-Administrative Agent.

      11.06 RESIGNATION OF ADMINISTRATIVE AGENT AND THE OFFSHORE
SUB-ADMINISTRATIVE AGENT. The Administrative Agent may at any time give notice
of its resignation to the Lenders, the L/C Issuers and the Company, and such
notice shall constitute resignation for both the Administrative Agent and the
Offshore Sub-Administrative Agent. Upon receipt of any such notice of
resignation, the Required Total Lenders shall have the right, subject to, if no
Default exists, the consent of the Company, such consent not to be unreasonably
withheld, to appoint a successor Administrative Agent and Offshore
Sub-Administrative Agent, which shall be a bank with an office in the United
States, or an Affiliate of any such bank with an office in the United States,
with an offshore capability to handle the UK Offshore Loan and the Hybrid
Offshore Loan. If no such successor shall have been so appointed by the Required
Total Lenders and shall have accepted such appointment within 30 days after the
retiring Administrative Agent gives notice of resignation, then the retiring
Administrative Agent may on behalf of the Lenders and the L/C Issuers, subject
to, if no Default exists, the consent of the Company, such consent not to be
unreasonably withheld, appoint a successor Administrative Agent meeting the
qualifications set forth above; provided that if the Administrative Agent shall
notify the Company and the Lenders that no qualifying Person has accepted such
appointment, then such resignation shall nonetheless become effective in
accordance with such notice and (1) the retiring Administrative Agent and the
Offshore Sub-Administrative Agent shall be discharged from their duties and
obligations hereunder and under the other Loan Documents and (2) all payments,
communications and determinations provided to be made by, to or through the
Administrative Agent and the Offshore Sub-Administrative Agent shall instead be
made by or to each Lender and the applicable L/C Issuers directly, until such
time as the Required Total Lenders appoint a successor Administrative Agent as
provided for above in this Section. Upon the acceptance of a successor's
appointment as Administrative Agent hereunder, such successor shall succeed to
and become vested with all of the rights, powers, privileges and duties of the
retiring (or retired) Administrative Agent and the Offshore Sub-Administrative
Agent, and the retiring Administrative Agent and the Offshore Sub-Administrative
Agent shall be discharged from all of their duties and obligations hereunder or
under the other Loan Documents (if not already discharged therefrom as provided
above in this Section). The fees payable by the Company to a

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successor Administrative Agent and the Offshore Sub-Administrative Agent shall
be the same as those payable to its predecessor unless otherwise agreed between
the Company and such successor. After the retiring Administrative Agent's and
the Offshore Sub-Administrative Agent's resignation hereunder and under the
other Loan Documents, the provisions of this Article and Section 12.04 shall
continue in effect for the benefit of such retiring Administrative Agent, the
Offshore Sub-Administrative Agent, their sub-agents and their respective Related
Parties in respect of any actions taken or omitted to be taken by any of them
while the retiring Administrative Agent and the Offshore Sub-Administrative
Agent was acting as Administrative Agent and the Offshore Sub-Administrative
Agent.

      Any resignation by Bank of America as Administrative Agent pursuant to
this Section shall also constitute its resignation as the Offshore
Sub-Administrative Agent, an L/C Issuer and Swing Line Lender. Upon the
acceptance of a successor's appointment as Administrative Agent hereunder, (a)
such successor shall succeed to and become vested with all of the rights,
powers, privileges and duties of Offshore Sub-Administrative Agent, the retiring
L/C Issuer and Swing Line Lender, (b) the retiring L/C Issuer and Swing Line
Lender shall be discharged from all of their respective duties and obligations
hereunder or under the other Loan Documents, and (c) the successor L/C Issuer
shall issue letters of credit in substitution for the Letters of Credit, if any,
outstanding at the time of such succession or make other arrangement
satisfactory to the retiring L/C Issuer to effectively assume the obligations of
the retiring L/C Issuer with respect to such Letters of Credit.

      11.07 NON-RELIANCE ON ADMINISTRATIVE AGENT AND OTHER LENDERS. Each Lender
and each L/C Issuer acknowledges that it has, independently and without reliance
upon the Administrative Agent, the Offshore Sub-Administrative Agent or any
other Lender or any of their Related Parties and based on such documents and
information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Agreement. Each Lender and each L/C Issuer also
acknowledges that it will, independently and without reliance upon the
Administrative Agent, the Offshore Sub-Administrative Agent or any other Lender
or any of their Related Parties and based on such documents and information as
it shall from time to time deem appropriate, continue to make its own decisions
in taking or not taking action under or based upon this Agreement, any other
Loan Document or any related agreement or any document furnished hereunder or
thereunder.

      11.08 NO OTHER DUTIES, ETC. Anything herein to the contrary
notwithstanding, none of the Arrangers, the "Joint Book Managers" or the
Co-Documentation Agents listed on the cover page hereof shall have any powers,
duties or responsibilities under this Agreement or any of the other Loan
Documents, except in its capacity, as applicable, as the Administrative Agent,
the Offshore Sub-Administrative Agent, a Lender or an L/C Issuer hereunder.

      11.09 ADMINISTRATIVE AGENT AND THE OFFSHORE SUB-ADMINISTRATIVE AGENT MAY
FILE PROOFS OF CLAIM. In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to any Borrower, the Administrative Agent and
the Offshore Sub-Administrative Agent (irrespective of whether the principal of
any Loan or L/C Obligation shall then be due and payable as herein expressed or
by declaration or otherwise and irrespective of whether the

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Administrative Agent or the Offshore Sub-Administrative Agent shall have made
any demand on any Borrower) shall be entitled and empowered, by intervention in
such proceeding or otherwise

            (a)   to file and prove a claim for the whole amount of the
      principal and interest owing and unpaid in respect of the Loans, L/C
      Obligations and all other Obligations that are owing and unpaid and to
      file such other documents as may be necessary or advisable in order to
      have the claims of the Lenders, the L/C Issuers, the Administrative Agent
      and the Offshore Sub-Administrative Agent (including any claim for the
      reasonable compensation, expenses, disbursements and advances of the
      Lenders, the L/C Issuers, the Administrative Agent and the Offshore
      Sub-Administrative Agent and their respective agents and counsel and all
      other amounts due the Lenders, the L/C Issuers, the Administrative Agent
      and the Offshore Sub-Administrative Agent under Sections 2.04(i) and (j),
      2.10 and 12.04) allowed in such judicial proceeding; and

            (b)   to collect and receive any monies or other property payable or
      deliverable on any such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Lender and the L/C Issuers to make such payments to the Administrative
Agent and the Offshore Sub-Administrative Agent as appropriate, and, in the
event that the Administrative Agent or the Offshore Sub-Administrative Agent, as
applicable, shall consent to the making of such payments directly to the Lenders
and the L/C Issuers, to pay to the Administrative Agent or the Offshore
Sub-Administrative Agent any amount due for the reasonable compensation,
expenses, disbursements and advances of the Administrative Agent and the
Offshore Sub-Administrative Agent, and their agents and counsel, and any other
amounts due the Administrative Agent and the Offshore Sub-Administrative Agent
under Sections 2.10 and 12.04.

      Nothing contained herein shall be deemed to authorize the Administrative
Agent and the Offshore Sub-Administrative Agent to authorize or consent to or
accept or adopt on behalf of any Lender or the L/C Issuers any plan of
reorganization, arrangement, adjustment or composition affecting the Obligations
or the rights of any Lender or to authorize the Administrative Agent or the
Offshore Sub-Administrative Agent to vote in respect of the claim of any Lender
in any such proceeding.

                                  ARTICLE XII.
                                  MISCELLANEOUS

      12.01 AMENDMENTS, ETC. No amendment or waiver of any provision of this
Agreement or any other Loan Document, and no consent to any departure by the
Company or any other Borrower therefrom,

            (a)   shall be effective with respect to the Domestic Facility
      unless in writing signed by the Required Domestic Lenders and the Company,
      and acknowledged by the Administrative Agent, and each such waiver or
      consent shall be effective only in the specific instance and for the
      specific purpose for which given;

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            (b)   shall be effective with respect to the Offshore Facility
      unless in writing signed by the Required Offshore Lenders, the Company and
      the Offshore Borrowers, and acknowledged by the Administrative Agent and
      the Offshore Sub-Administrative Agent, and each such waiver or consent
      shall be effective only in the specific instance and for the specific
      purpose for which given;

            (c)   shall be effective with respect to the any other term or
      provision of this Agreement not covered by (a) or (b) above unless in
      writing signed by the Required Total Lenders and the Company, and
      acknowledged by the Administrative Agent, and each such waiver or consent
      shall be effective only in the specific instance and for the specific
      purpose for which given;

      provided, however, that no such amendment, waiver or consent shall:

                  (i)   waive any condition set forth in Section 6.01(a) without
            the written consent of each Lender;

                  (ii)  extend or increase the Commitment of any Lender (or
            reinstate any Commitment terminated pursuant to Section 10.02)
            without the written consent of such Lender;

                  (iii) postpone any date fixed by this Agreement or any other
            Loan Document for any payment (excluding mandatory prepayments) of
            principal, interest, fees or other amounts due to the Lenders (or
            any of them) hereunder or under any other Loan Document without the
            written consent of each Lender directly affected thereby;

                  (iv)  reduce the principal of, or the rate of interest
            specified herein on, any Loan or L/C Borrowing, or (subject to
            clause (v) of the second proviso to this Section 12.01) any fees or
            other amounts payable hereunder or under any other Loan Document,
            without the written consent of each Lender directly affected
            thereby; provided, however, that only the consent of the Required
            Domestic Lenders or Required Offshore Lenders, as applicable, shall
            be necessary to amend the definition of "Default Rate" or to waive
            any obligation of any Borrower to pay interest or Letter of Credit
            Fees at the Default Rate;

                  (v)   change Section 4.07 or Section 10.03 in a manner that
            would alter the pro rata sharing of payments required thereby
            without the written consent of each Lender;

                  (vi)  amend Section 1.06 or the definition of "Alternative
            Currency" without the written consent of each Lender;

                  (vii) change any provision of this Section or (except as a
            result of the operation of Section 2.11), the definition of
            "Required Total Lenders", "Required Domestic Lenders", "Required
            Offshore Lenders", or any other provision hereof

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            specifying the number or percentage of Lenders required to amend,
            waive or otherwise modify any rights hereunder or make any
            determination or grant any consent hereunder, without the written
            consent of each Lender;

                  (viii) release the Company from the Company Guaranty without
            the written consent of each Offshore Lender; or

                  (ix)  after the occurrence of, and during the continuance of
            an Event of Default, release any of the Cash Collateral granted
            pursuant to the terms of Section 10.02(c) if there are any
            outstanding Letters of Credit or unpaid L/C Obligations without the
            written consent of each Domestic Lender;

      and, provided further, that (i) no amendment, waiver or consent shall,
      unless in writing and signed by each of the L/C Issuers in addition to the
      Lenders required above, affect the rights or duties of the L/C Issuers
      under this Agreement or any Issuer Document relating to any Letter of
      Credit issued or to be issued by it; (ii) no amendment, waiver or consent
      shall, unless in writing and signed by the Swing Line Lender in addition
      to the Lenders required above, affect the rights or duties of the Swing
      Line Lender under this Agreement; (iii) no amendment, waiver or consent
      shall, unless in writing and signed by the Administrative Agent in
      addition to the Lenders required above, affect the rights or duties of the
      Administrative Agent under this Agreement or any other Loan Document; (iv)
      no amendment, waiver or consent shall, unless in writing and signed by the
      Offshore Sub-Administrative Agent in addition to the Lenders required
      above, affect the Offshore Loan, or the rights or duties of the Offshore
      Sub-Administrative Agent under this Agreement; (v) Section 12.06(h) may
      not be amended, waived or otherwise modified without the consent of each
      Granting Lender all or any part of whose Loans are being funded by an SPC
      at the time of such amendment, waiver or other modification; and (vi) the
      Fee Letters may be amended, or rights or privileges thereunder waived, in
      a writing executed only by the parties thereto. Notwithstanding anything
      to the contrary herein, no Defaulting Lender shall have any right to
      approve or disapprove any amendment, waiver or consent hereunder, except
      that the Commitment of such Lender may not be increased or extended
      without the consent of such Lender.

      12.02 NOTICES; EFFECTIVENESS; ELECTRONIC COMMUNICATION.

            (a)   Notices Generally. Except in the case of notices and other
      communications expressly permitted to be given by telephone (and except as
      provided in subsection (b) below), all notices and other communications
      provided for herein shall be in writing and shall be delivered by hand or
      overnight courier service, mailed by certified or registered mail or sent
      by telecopier as follows, and all notices and other communications
      expressly permitted hereunder to be given by telephone shall be made to
      the applicable telephone number, as follows:

                  (i)   if to the Borrowers, the Administrative Agent, the
            Offshore Sub-Administrative Agent, the L/C Issuers or the Swing Line
            Lender, to the address,

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            telecopier number, electronic mail address or telephone number
            specified for such Person on Schedule 12.02; and

                  (ii)  if to any other Lender, to the address, telecopier
            number, electronic mail address or telephone number specified in its
            Administrative Questionnaire.

      Notices sent by hand or overnight courier service, or mailed by certified
      or registered mail, shall be deemed to have been given when received;
      notices sent by telecopier shall be deemed to have been given when sent
      (except that, if not given during normal business hours for the recipient,
      shall be deemed to have been given at the opening of business on the next
      business day for the recipient). Notices delivered through electronic
      communications to the extent provided in subsection (b) below, shall be
      effective as provided in such subsection (b).

            (b)   Electronic Communications. Notices and other communications to
      the Lenders and the L/C Issuers hereunder may be delivered or furnished by
      electronic communication (including e-mail and Internet or intranet
      websites) pursuant to procedures approved by the Administrative Agent,
      provided that the foregoing shall not apply to notices to any Lender or
      any L/C Issuer pursuant to Article II if such Lender or such L/C Issuer,
      as applicable, has notified the Administrative Agent that it is incapable
      of receiving notices under such Article by electronic communication. The
      Administrative Agent or the Company may, in its discretion, agree to
      accept notices and other communications to it hereunder by electronic
      communications pursuant to procedures approved by it, provided that
      approval of such procedures may be limited to particular notices or
      communications.

            Unless the Administrative Agent otherwise prescribes, (i) notices
      and other communications sent to an e-mail address shall be deemed
      received upon the sender's receipt of an acknowledgement from the intended
      recipient (such as by the "return receipt requested" function, as
      available, return e-mail or other written acknowledgement), provided that
      if such notice or other communication is not sent during the normal
      business hours of the recipient, such notice or communication shall be
      deemed to have been sent at the opening of business on the next business
      day for the recipient, and (ii) notices or communications posted to an
      Internet or intranet website shall be deemed received upon the deemed
      receipt by the intended recipient at its e-mail address as described in
      the foregoing clause (i) of notification that such notice or communication
      is available and identifying the website address therefor.

            (c)   Change of Address, Etc. Each of the Borrowers, the
      Administrative Agent, the Offshore Sub-Administrative Agent, each L/C
      Issuer and the Swing Line Lender may change its address, telecopier or
      telephone number for notices and other communications hereunder by notice
      to the other parties hereto. Each other Lender may change its address,
      telecopier or telephone number for notices and other communications
      hereunder by notice to the Company, the Administrative Agent, the Offshore
      Sub-Administrative Agent, the L/C Issuers and the Swing Line Lender.

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            (d)   Reliance by Administrative Agent, L/C Issuers and Lenders. The
      Administrative Agent, the Offshore Sub-Administrative Agent, the L/C
      Issuers and the Lenders shall be entitled to rely and act upon any notices
      (including telephonic Committed Loan Notices and Swing Line Loan Notices)
      purportedly given by or on behalf of any Borrower even if (i) such notices
      were not made in a manner specified herein, were incomplete or were not
      preceded or followed by any other form of notice specified herein, or (ii)
      the terms thereof, as understood by the recipient, varied from any
      confirmation thereof. The Company shall indemnify the Administrative
      Agent, the Offshore Sub-Administrative Agent, the L/C Issuers, each Lender
      and the Related Parties of each of them from all losses, costs, expenses
      and liabilities resulting from the reliance by such Person on each notice
      purportedly given by or on behalf of any Borrower. All telephonic notices
      to and other telephonic communications with the Administrative Agent and
      the Offshore Sub-Administrative Agent, may be recorded by the
      Administrative Agent or the Offshore Sub-Administrative Agent, and each of
      the parties hereto hereby consents to such recording.

      12.03 NO WAIVER; CUMULATIVE REMEDIES. No failure by any Lender, the
Offshore Sub-Administrative Agent or the Administrative Agent to exercise, and
no delay by any such Person in exercising, any right, remedy, power or privilege
hereunder 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.

      12.04 EXPENSES; INDEMNITY; DAMAGE WAIVER.

            (a)   Costs and Expenses. The Company and each other Borrower shall
      pay (i) all reasonable out-of-pocket expenses incurred by the
      Administrative Agent and the Offshore Sub-Administrative Agent and their
      Affiliates (including the reasonable fees, charges and disbursements of
      counsel for the Administrative Agent and the Offshore Sub-Administrative
      Agent), in connection with (A) the syndication of the credit facilities
      provided for herein, (B) the preparation, negotiation, execution and
      delivery of this Agreement and the Loan Documents, (C) the administration
      of this Agreement and the other Loan Documents and (D) any amendments,
      modifications or waivers of the provisions hereof or thereof, (in each
      case of (A) (B) and (D) preceding, whether or not the transactions
      contemplated hereby or thereby shall be consummated), provided that,
      notwithstanding the foregoing, (I) the Company will not be required to
      reimburse the Administrative Agent for legal fees incurred on behalf of an
      Eligible Assignee in connection with any assignment as set forth in
      Section 12.06(b)(v) and (II) all reimbursement requests for legal fees and
      disbursements of counsel for time and expenses incurred after the Closing
      Date shall only include charges arising from work directly requested by
      the Agents, except with respect to legal expenses incurred in connection
      with amendments, modifications or waivers set forth in subsection
      (a)(i)(D) above, (ii) all reasonable out-of-pocket expenses incurred by
      each of the L/C Issuers in connection with the issuance, amendment,
      renewal or extension of any Letter of Credit or

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      any demand for payment thereunder and (iii) all out-of-pocket expenses
      incurred by the Administrative Agent, the Offshore Sub-Administrative
      Agent, any Lender or each of the L/C Issuers (including the fees, charges
      and disbursements of any counsel for the Administrative Agent, the
      Offshore Sub-Administrative Agent, any Lender or the L/C Issuers), and
      shall pay all reasonable fees and time charges for attorneys who may be
      employees of the Administrative Agent, the Offshore Sub-Administrative
      Agent, any Lender or the L/C Issuers, in connection with the enforcement
      or protection of its rights (A) in connection with this Agreement and the
      other Loan Documents, including its rights under this Section, or (B) in
      connection with the Loans made or Letters of Credit issued hereunder,
      including all such out-of-pocket expenses incurred during any workout,
      restructuring or negotiations in respect of such Loans or Letters of
      Credit.

            (b)   Indemnification by the Company. The Company shall indemnify
      the Administrative Agent, the Offshore Sub-Administrative Agent (and any
      sub-agent of either thereof), each Lender and each L/C Issuer, and each
      Related Party of any of the foregoing Persons (each such Person being
      called an "Indemnitee") against, and hold each Indemnitee harmless from,
      any and all losses, claims, damages, liabilities and related expenses
      (including the fees, charges and disbursements of any counsel for any
      Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee
      by any third party or by any Borrower arising out of, in connection with,
      or as a result of (i) the execution or delivery of this Agreement, any
      other Loan Document or any agreement or instrument contemplated hereby or
      thereby, the performance by the parties hereto of their respective
      obligations hereunder or thereunder or the consummation of the
      transactions contemplated hereby or thereby, (ii) any Loan or Letter of
      Credit or the use or proposed use of the proceeds therefrom (including any
      refusal by any L/C Issuer to honor a demand for payment under a Letter of
      Credit if the documents presented in connection with such demand do not
      strictly comply with the terms of such Letter of Credit), (iii) any actual
      or alleged presence or release of Hazardous Materials on or from any
      property owned or operated by any Borrower or any of its Subsidiaries, or
      any Environmental Liability related in any way to any Borrower or any of
      its Subsidiaries, or (iv) any actual or prospective claim, litigation,
      investigation or proceeding relating to any of the foregoing, whether
      based on contract, tort or any other theory, whether brought by a third
      party or by the Company or any other Borrower, and regardless of whether
      any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY
      OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR
      SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity shall not,
      as to any Indemnitee, be available to the extent that such losses, claims,
      damages, liabilities or related expenses (x) are determined by a court of
      competent jurisdiction by final and nonappealable judgment to have
      resulted from the gross negligence or willful misconduct of such
      Indemnitee, (y) result from a claim brought by the Company or any other
      Borrower against an Indemnitee for breach in bad faith of such
      Indemnitee's obligations hereunder or under any other Loan Document, if
      the Company or such other Borrower has obtained a final and nonappealable
      judgment in its favor on such claim as determined by a court of competent
      jurisdiction or arise solely out of claims between or among Indemnitees.

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            (c)   Reimbursement by Lenders. To the extent that the Company for
      any reason fails to indefeasibly pay any amount required under subsection
      (a) or (b) of this Section to be paid by it to the Administrative Agent or
      the Offshore Sub-Administrative Agent (or any sub-agent of either
      thereof), any L/C Issuer or any Related Party of any of the foregoing,
      each Lender severally agrees to pay to the Administrative Agent, the
      Offshore Sub-Administrative Agent (or any such sub-agent of either of
      them), the L/C Issuers or such Related Party, as the case may be, such
      Lender's Total Applicable Percentage, Domestic Applicable Percentage or
      Offshore Applicable Percentage, as applicable (determined as of the time
      that the applicable unreimbursed expense or indemnity payment is sought)
      of such unpaid amount, provided that the unreimbursed expense or
      indemnified loss, claim, damage, liability or related expense, as the case
      may be, was incurred by or asserted against the Administrative Agent or
      the Offshore Sub-Administrative Agent (or any such sub-agent of either
      thereof) or such L/C Issuer in its capacity as such, or against any
      Related Party of any of the foregoing acting for the Administrative Agent
      (or any such sub-agent) or such L/C Issuer in connection with such
      capacity. The obligations of the Lenders under this subsection (c) are
      subject to the provisions of Section 4.06(d).

            (d)   Waiver of Consequential Damages, Etc. To the fullest extent
      permitted by Applicable Law, no Borrower shall assert, and hereby waives,
      any claim against any Indemnitee, on any theory of liability, for special,
      indirect, consequential or punitive damages (as opposed to direct or
      actual damages) arising out of, in connection with, or as a result of,
      this Agreement, any other Loan Document or any agreement or instrument
      contemplated hereby, the transactions contemplated hereby or thereby, any
      Loan or Letter of Credit or the use of the proceeds thereof. In the
      absence of gross negligence and willful misconduct, no Indemnitee referred
      to in subsection (b) above shall be liable for any damages arising from
      the use by unintended recipients of any information or other materials
      distributed by it through telecommunications, electronic or other
      information transmission systems in connection with this Agreement or the
      other Loan Documents or the transactions contemplated hereby or thereby.

            (e)   Payments. All amounts due under this Section shall be payable
      not later than 30 Business Days after demand therefor.

            (f)   Survival. The agreements in this Section shall survive the
      resignation of the Administrative Agent and any L/C Issuer, the
      replacement of any Lender, the termination of the Aggregate Domestic
      Commitments, Aggregate Offshore Commitments and the repayment,
      satisfaction or discharge of all the other Obligations.

      12.05 PAYMENTS SET ASIDE. To the extent that any payment by or on behalf
of any Borrower is made to the Administrative Agent, the Offshore
Sub-Administrative Agent, any L/C Issuer or any Lender, or the Administrative
Agent, the Offshore Sub-Administrative Agent, any L/C Issuer or any Lender
exercises its right of setoff, and such payment or the proceeds of such setoff
or any part thereof is subsequently invalidated, declared to be fraudulent or
preferential, set aside or required (including pursuant to any settlement
entered into by the Administrative Agent, the Offshore Sub-Administrative Agent,
any L/C Issuer or such Lender in its discretion)

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to be repaid to a trustee, receiver or any other party, in connection with any
proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of
such recovery, the obligation or part thereof originally intended to be
satisfied shall be revived and continued in full force and effect as if such
payment had not been made or such setoff had not occurred, and (b) each Lender
and each L/C Issuer severally agrees to pay to the Administrative Agent or the
Offshore Sub-Administrative Agent, as applicable, upon demand its applicable
share (without duplication) of any amount so recovered from or repaid by the
Administrative Agent or the Offshore Sub-Administrative Agent, plus interest
thereon from the date of such demand to the date such payment is made at a rate
per annum equal to the applicable Overnight Rate from time to time in effect, in
the applicable currency of such recovery or payment. The obligations of the
Lenders and the L/C Issuers under clause (b) of the preceding sentence shall
survive the payment in full of the Obligations and the termination of this
Agreement.

      12.06 SUCCESSORS AND ASSIGNS.

            (a)   Successors and Assigns Generally. 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,
      except that subject to the provisions of Section 9.05, no Borrower may
      assign or otherwise transfer any of its rights or obligations hereunder
      without the prior written consent of the Administrative Agent (and, with
      respect to an Offshore Borrower, the Offshore Sub-Administrative Agent),
      and each Lender, and no Lender may assign or otherwise transfer any of its
      rights or obligations hereunder except (i) to an Eligible Assignee in
      accordance with the provisions of subsection (b) of this Section, (ii) by
      way of participation in accordance with the provisions of subsection (d)
      of this Section, (iii) by way of pledge or assignment of a security
      interest subject to the restrictions of subsection (f) of this Section, or
      (iv) to an SPC in accordance with the provisions of subsection (h) of this
      Section (and any other attempted assignment or transfer by any party
      hereto shall be null and void). Nothing in this Agreement, expressed or
      implied, shall be construed to confer upon any Person (other than the
      parties hereto, their respective successors and assigns permitted hereby,
      Participants to the extent provided in subsection (d) of this Section and,
      to the extent expressly contemplated hereby, the Related Parties of each
      of the Administrative Agent, the Offshore Sub-Administrative Agent, the
      L/C Issuers and the Lenders) any legal or equitable right, remedy or claim
      under or by reason of this Agreement.

            (b)   Assignments by Lenders. Any Lender may at any time assign to
      one or more Eligible Assignees all or a portion of its rights and
      obligations under this Agreement (including all or a portion of its
      Domestic Commitment, Offshore Commitment and the Loans (including for
      purposes of this subsection (b), participations in L/C Obligations and in
      Swing Line Loans) at the time owing to it); provided that

                  (i)   except in the case of an assignment of the entire
            remaining amount of the assigning Lender's Commitment, Offshore
            Commitment or Domestic Commitment and the Domestic Loans, Offshore
            Loans or Loans at the time owing to it or in the case of an
            assignment to a Lender or an Affiliate of a Lender or an Approved
            Fund with respect to a Lender, the aggregate amount of the Offshore

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            Commitment, Domestic Commitment or Commitment (which for this
            purpose includes Loans outstanding thereunder) or, if the Commitment
            is not then in effect, the principal outstanding balance of the
            Offshore Loans, the Domestic Loans or the 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 or, if "Trade Date" is
            specified in the Assignment and Assumption, as of the Trade Date,
            shall not be less than $5,000,000 unless each of the Administrative
            Agent and, so long as no Event of Default has occurred and is
            continuing, the Company otherwise consents (each such consent not to
            be unreasonably withheld or delayed);

                  (ii)  each partial assignment shall be made as an assignment
            of a proportionate part of all the assigning Lender's rights and
            obligations under this Agreement with respect to the Offshore Loans,
            Domestic Loans or Loans, or the Offshore Commitment, Domestic
            Commitment or Commitment assigned, except that this clause (ii)
            shall not apply to rights in respect of Bid Loans or Swing Line
            Loans;

                  (iii) any assignment of a Commitment must be approved by (A)
            so long as there is no continuing Default, the Company (such
            approval not to be unreasonably withheld or delayed, provided that
            the Company may withhold consent with respect to any Person solely
            because they are a Public Lender), (B) the Administrative Agent, (C)
            with respect to an assignment of the Domestic Commitment only, each
            of the L/C Issuers and the Swing Line Lender and (D) with respect to
            an assignment of the Offshore Commitment only, the Offshore
            Sub-Administrative Agent, unless in each case of (A) through (D)
            above, the Person that is the proposed assignee is itself a Domestic
            Lender or Offshore Lender, an Affiliate of such Lender or an
            Approved Fund of such Lender, as applicable, (whether or not the
            proposed assignee would otherwise qualify as an Eligible Assignee);

                  (iv)  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, (except such fee
            shall not be required to be paid with respect to assignments to
            Affiliates of Lenders) and the Eligible Assignee, if it shall not be
            a Lender, shall deliver to the Administrative Agent an
            Administrative Questionnaire; and

                  (v)   each Eligible Assignee will reimburse the Administrative
            Agent for the legal costs incurred by the Administrative Agent (if
            any) as a direct result of such Assignment and Assumption, except
            for legal costs incurred by the Company in connection with obtaining
            "reliance letters" to permit new lenders to rely on the opinions
            issued on the Closing Date with respect to the Offshore Borrowers
            (provided that no such legal costs will be incurred on behalf of any
            such Eligible Assignee unless such Eligible Assignee requests the
            assistance of counsel to the Administrative Agent.)

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            Subject to acceptance and recording thereof by the Administrative
            Agent pursuant to subsection (c) of this Section, from and after the
            effective date specified in each Assignment and Assumption, the
            Eligible Assignee thereunder shall be a party to this Agreement 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 (other than its
            obligations under Section 12.07) (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 5.01, 5.04, 5.05, and 12.04 with respect to facts and
            circumstances occurring prior to the effective date of such
            assignment. Upon request, each Borrower (at its expense) shall
            execute and deliver an appropriate Note to the assignee Lender. Any
            assignment or transfer by a Lender of rights or obligations under
            this Agreement that does not comply with this subsection 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
            subsection (d) of this Section.

                  (c)   Register. The Administrative Agent and the Offshore
            Sub-Administrative Agent,, acting solely for this purpose as agents
            of the Borrowers, shall maintain at the Administrative Agent's
            Office or the Offshore Sub-Administrative Agent's Office, 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 amounts of the Loans and L/C
            Obligations owing to, each Lender, as applicable to the Domestic
            Loan and the Offshore Loan, pursuant to the terms hereof from time
            to time (collectively, the "Register"). The entries in the Register
            shall be conclusive, and the Borrowers, the Administrative Agent and
            the Offshore Sub-Administrative Agent 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. The Register shall be
            available for inspection by each of the Borrowers and the L/C
            Issuers at any reasonable time and from time to time upon reasonable
            prior notice. In addition, at any time that a request for a consent
            for a material or substantive change to the Loan Documents is
            pending, any Lender wishing to consult with other Lenders in
            connection therewith may request and receive from the Administrative
            Agent or the Offshore Sub-Administrative Agent, as applicable, a
            copy of the applicable portion of the Register.

                  (d)   Participations. Any Lender may at any time, without the
            consent of, or notice to, any Borrower or the Administrative Agent,
            sell participations to any Person (other than a natural person or
            the Company or any of the Company's Affiliates or Subsidiaries)
            (each, a "Participant") in all or a portion of such Lender's rights
            and/or obligations under this Agreement (including all or a portion
            of its Commitments and/or the Loans (including such Lender's
            participations in L/C Obligations and/or Swing Line Loans) owing to
            it); provided that (i) such Lender's obligations under this
            Agreement shall remain unchanged, (ii) such Lender shall remain
            solely responsible to the other

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            parties hereto for the performance of such obligations and (iii) the
            Borrowers, the Administrative Agent, the Lenders and the L/C Issuers
            shall continue to deal solely and directly with such Lender in
            connection with such Lender's rights and obligations under this
            Agreement.

                  Any agreement or instrument 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 amendment,
            modification or waiver of any provision of this Agreement; provided
            that such agreement or instrument may provide that such Lender will
            not, without the consent of the Participant, agree to any amendment,
            waiver or other modification described in the first proviso to
            Section 12.01 that affects such Participant. Subject to subsection
            (e) of this Section, each Borrower agrees that each Participant
            shall be entitled to the benefits of Sections 5.01, 5.04 and 5.05 to
            the same extent as if it were a Lender and had acquired its interest
            by assignment pursuant to subsection (b) of this Section. To the
            extent permitted by law, each Participant also shall be entitled to
            the benefits of Section 12.08 as though it were a Lender, provided
            such Participant agrees to be subject to Section 4.07 as though it
            were a Lender.

                  (e)   Limitation upon Participant Rights. A Participant shall
            not be entitled to receive any greater payment under Section 5.01 or
            5.04 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 the
            Company's prior written consent. A Participant that would be a
            Foreign Lender if it were a Lender shall not be entitled to the
            benefits of Section 5.01 unless the Company is notified of the
            participation sold to such Participant and such Participant agrees,
            for the benefit of the Borrowers, to comply with Section 5.01(e) as
            though it were a Lender.

                  (f)   Certain Pledges. Any Lender may at any time pledge or
            assign a security interest in all or any portion of its rights under
            this Agreement (including under its Note(s), if any) to secure
            obligations of such Lender, including any pledge or assignment to
            secure obligations to a Federal Reserve Bank; provided that no such
            pledge or assignment shall release such Lender from any of its
            obligations hereunder or substitute any such pledgee or assignee for
            such Lender as a party hereto.

                  (g)   Electronic Execution of Assignments. The words
            "execution," "signed," "signature," and words of like import in any
            Assignment and Assumption shall be deemed to include electronic
            signatures or the keeping of records in electronic form, each of
            which shall be of the same legal effect, validity or enforceability
            as a manually executed signature or the use of a paper-based
            recordkeeping system, as the case may be, to the extent and as
            provided for in any Applicable Law, including the Federal Electronic
            Signatures in Global and National Commerce Act, Chapter 43 of the
            Texas Business and Commerce Code, or any other similar state laws
            based on the Uniform Electronic Transactions Act.

                  (h)   Special Purpose Funding Vehicles. Notwithstanding
            anything to the contrary contained herein, any Lender (a "Granting
            Lender") may grant to a special

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            purpose funding vehicle identified as such in writing from time to
            time by the Granting Lender to the Administrative Agent and the
            Company (an "SPC") the option to provide all or any part of any Loan
            that such Granting Lender would otherwise be obligated to make
            pursuant to this Agreement; provided that (i) nothing herein shall
            constitute a commitment by any SPC to fund any Loan, and (ii) if an
            SPC elects not to exercise such option or otherwise fails to make
            all or any part of such Loan, the Granting Lender shall be obligated
            to make such Loan pursuant to the terms hereof or, if it fails to do
            so, to make such payment to the Administrative Agent as is required
            under Section 4.06(b)(ii). Each party hereto hereby agrees that (i)
            neither the grant to any SPC nor the exercise by any SPC of such
            option shall increase the costs or expenses or otherwise increase or
            change the obligations of the Borrowers under this Agreement
            (including its obligations under Section 5.04), (ii) no SPC shall be
            liable for any indemnity or similar payment obligation under this
            Agreement for which a Lender would be liable, and (iii) the Granting
            Lender shall for all purposes, including the approval of any
            amendment, waiver or other modification of any provision of any Loan
            Document, remain the lender of record hereunder. The making of a
            Loan by an SPC hereunder shall utilize the Commitments of the
            Granting Lender to the same extent, and as if, such Loan were made
            by such Granting Lender. In furtherance of the foregoing, each party
            hereto hereby agrees (which agreement shall survive the termination
            of this Agreement) that, prior to the date that is one year and one
            day after the payment in full of all outstanding commercial paper or
            other senior debt of any SPC, it will not institute against, or join
            any other Person in instituting against, such SPC any bankruptcy,
            reorganization, arrangement, insolvency, or liquidation proceeding
            under the laws of the United States or any State thereof.
            Notwithstanding anything to the contrary contained herein, any SPC
            may (i) with notice to, but without prior consent of the Company and
            the Administrative Agent and with the payment of a processing fee of
            $1,000, assign all or any portion of its right to receive payment
            with respect to any Loan to the Granting Lender and (ii) disclose on
            a confidential basis any non-public information relating to its
            funding of Loans to any rating agency, commercial paper dealer or
            provider of any surety or Guarantee or credit or liquidity
            enhancement to such SPC.

                  (i)   Resignation as L/C Issuers or Swing Line Lender after
            Assignment. Notwithstanding anything to the contrary contained
            herein, if at any time Bank of America assigns all of its Domestic
            Commitments and Domestic Loans pursuant to subsection (b) above,
            Bank of America may (i) resign as an L/C Issuer and/or (ii) upon 10
            days' notice to the Company, resign as Swing Line Lender. In the
            event of any such resignation as an L/C Issuer or Swing Line Lender,
            the Company shall be entitled to appoint from among the Domestic
            Lenders a successor L/C Issuer or Swing Line Lender hereunder;
            provided, however, that no failure by the Company to appoint any
            such successor shall affect the resignation of Bank of America as an
            L/C Issuer or Swing Line Lender, as the case may be. If Bank of
            America resigns as an L/C Issuer, it shall retain all the rights and
            obligations of the an L/C Issuer hereunder with respect to all
            Letters of Credit outstanding as of the effective date of its
            resignation as an L/C Issuer and all L/C Obligations with respect
            thereto (including the right to require the Domestic Lenders to make
            Base Rate Committed Loans or fund risk participations in
            Unreimbursed Amounts

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            pursuant to Section 2.04c)). If Bank of America resigns as Swing
            Line Lender, it shall retain all the rights of the Swing Line Lender
            provided for hereunder with respect to Swing Line Loans made by it
            and outstanding as of the effective date of such resignation,
            including the right to require the Domestic Lenders to make Base
            Rate Committed Loans or fund risk participations in outstanding
            Swing Line Loans pursuant to Section 2.05c).

      12.07 TREATMENT OF CERTAIN INFORMATION; CONFIDENTIALITY. Each of the
Administrative Agent, the Offshore Sub-Administrative Agent, the Lenders and
each of the L/C Issuers agrees to maintain the confidentiality of the
Information (as defined below), except that Information may be disclosed (a) to
its Affiliates and to its and its Affiliates' respective partners, directors,
officers, employees, agents, advisors and representatives (it being understood
that the Persons to whom such disclosure is made will be informed of the
confidential nature of such Information and instructed to keep such Information
confidential), (b) to the extent requested by any regulatory authority
purporting to have jurisdiction over it (including any self-regulatory
authority, such as the National Association of Insurance Commissioners), (c) to
the extent required by Applicable Laws or regulations or by any subpoena or
similar legal process, (d) to any other party hereto, (e) in connection with the
exercise of any remedies hereunder or under any other Loan Document or any
action or proceeding relating to this Agreement or any other Loan Document or
the enforcement of rights hereunder or thereunder, (f) subject to an agreement
containing provisions substantially the same as those of this Section, to (i)
any assignee of or Participant in, or any prospective assignee of or Participant
in, any of its rights or obligations under this Agreement or (ii) any actual or
prospective counterparty (or its advisors) to any swap or derivative transaction
relating to a Borrower and its obligations, (g) with the consent of the Company
or (h) to the extent such Information (x) becomes publicly available other than
as a result of a breach of this Section or (y) becomes available to the
Administrative Agent, the Offshore Sub-Administrative Agent, any Lender, any L/C
Issuer or any of their respective Affiliates on a nonconfidential basis from a
source other than the Company.

      For purposes of this Section, "Information" means all information received
from the Company or any Subsidiary relating to the Company or any Subsidiary or
any of their respective businesses, other than any such information that is
available to the Administrative Agent, the Offshore Sub-Administrative Agent,
any Lender or any L/C Issuer on a nonconfidential basis prior to disclosure by
the Company or any Subsidiary, provided that, in the case of information
received from the Company or any Subsidiary after the date hereof, such
information is clearly identified at the time of delivery as confidential. Any
Person required to maintain the confidentiality of Information as provided in
this Section shall be considered to have complied with its obligation to do so
if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own
confidential information.

      12.08 RIGHT OF SETOFF. If an Event of Default shall have occurred and be
continuing, each Lender, each L/C Issuer and each of their respective Affiliates
is hereby authorized at any time and from time to time, to the fullest extent
permitted by Applicable Law, to set off and apply any and all deposits (general
or special, time or demand, provisional or final, in whatever currency but
excluding deposits held by a Borrower as a fiduciary for others) at any time
held

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and other obligations (in whatever currency) at any time owing by such
Lender, any such L/C Issuer or any such Affiliate to or for the credit or the
account of any Borrower against any and all of the obligations of such Borrower
now or hereafter existing under this Agreement or any other Loan Document to
such Lender or any such L/C Issuer, irrespective of whether or not such Lender
or such L/C Issuer shall have made any demand under this Agreement or any other
Loan Document and although such obligations of such Borrower may be contingent
or unmatured or are owed to a branch or office of such Lender or such L/C Issuer
different from the branch or office holding such deposit or obligated on such
indebtedness. The rights of each Lender, each L/C Issuer and their respective
Affiliates under this Section are in addition to other rights and remedies
(including other rights of setoff) that such Lender, such L/C Issuer or their
respective Affiliates may have. Each Lender and each L/C Issuer agrees to notify
the Company, the Administrative Agent and the Offshore Sub-Administrative Agent,
as applicable, promptly after any such setoff and application, provided that the
failure to give such notice shall not affect the validity of such setoff and
application.

      12.09 INTEREST RATE LIMITATION. Notwithstanding anything to the contrary
contained in any Loan Document, the interest paid or agreed to be paid under the
Loan Documents shall not exceed the Highest Lawful Rate. If the Administrative
Agent, the Offshore Sub-Administrative Agent or any Lender shall receive
interest in an amount that exceeds the Highest Lawful Rate, the excess interest
shall be applied to the principal of the Loans or, if it exceeds such unpaid
principal, refunded to the Company or the appropriate Borrower. In determining
whether the interest contracted for, charged, or received by the Administrative
Agent, the Offshore Sub-Administrative Agent or a Lender exceeds the Highest
Lawful Rate, such Person may, to the extent permitted by Applicable Law, (a)
characterize any payment that is not principal as an expense, fee, or premium
rather than interest, (b) exclude voluntary prepayments and the effects thereof,
and (c) amortize, prorate, allocate, and spread in equal or unequal parts the
total amount of interest throughout the actual term of the Obligations
hereunder.

      12.10 COUNTERPARTS; INTEGRATION; EFFECTIVENESS. This Agreement may be
executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when
taken together shall constitute a single contract. This Agreement and the other
Loan Documents constitute the entire contract among the parties relating to the
subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Except
as provided in Section 6.01, this Agreement shall become effective when it shall
have been executed by the Administrative Agent and when the Administrative Agent
shall have received counterparts hereof that, when taken together, bear the
signatures of each of the other parties hereto. Delivery of an executed
counterpart of a signature page of this Agreement by telecopy shall be effective
as delivery of a manually executed counterpart of this Agreement.

      12.11 SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All representations and
warranties made hereunder and in any other Loan Document or other document
delivered pursuant hereto or thereto or in connection herewith or therewith
shall survive the execution and delivery hereof and thereof. Such
representations and warranties have been or will be relied upon by the
Administrative Agent, the Offshore Sub-Administrative Agent and each Lender,

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regardless of any investigation made by the Administrative Agent or any Lender
or on their behalf and notwithstanding that the Administrative Agent, the
Offshore Sub-Administrative Agent or any Lender may have had notice or knowledge
of any Default at the time of any Credit Extension, and shall continue in full
force and effect as long as any Loan or any other Obligation hereunder shall
remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

      12.12 SEVERABILITY. If any provision of this Agreement or the other Loan
Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and
the other Loan Documents shall not be affected or impaired thereby and (b) the
parties shall endeavor in good faith negotiations to replace the illegal,
invalid or unenforceable provisions with valid provisions the economic effect of
which comes as close as possible to that of the illegal, invalid or
unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

      12.13 REPLACEMENT OF LENDERS. If the Company is entitled to replace any
Lender in accordance with the terms of Section 5.06(b), if any Lender is a
Defaulting Lender, or if any Lender does not vote in favor of an amendment or
waiver that requires the consent or vote of each of the Lenders and is approved
by the Required Total Lenders, or if any other circumstance exists hereunder
that gives the Company the right to replace a Lender as a party hereto, then the
Company may, at its sole expense and effort, upon notice to such Lender and the
Administrative Agent (and, with respect to Offshore Loans, the Offshore
Sub-Administrative Agent), require such Lender to assign and delegate, without
recourse (in accordance with and subject to the restrictions contained in, and
consents required by, Section 12.06), all of its interests, rights and
obligations under this Agreement and the related Loan Documents to an assignee
that shall assume such obligations (which assignee may be another Lender, if a
Lender accepts such assignment), provided that:

            (a)   the Company shall have paid to the Administrative Agent the
      assignment fee specified in Section 12.06(b);

            (b)   such Lender shall have received payment of an amount equal to
      the outstanding principal of its Loans and L/C Advances, accrued interest
      thereon, accrued fees and all other amounts payable to it hereunder and
      under the other Loan Documents (including any amounts under Section 5.05)
      from the assignee (to the extent of such outstanding principal and accrued
      interest and fees) or the Company (in the case of all other amounts);

            (c)   in the case of any such assignment resulting from a claim for
      compensation under Section 5.04 or payments required to be made pursuant
      to Section 5.01, such assignment will result in a reduction in such
      compensation or payments thereafter; and

            (d)   such assignment does not conflict with Applicable Laws.

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      A Lender shall not be required to make any such assignment or delegation
if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Company to require such assignment and delegation
cease to apply.

      12.14 GOVERNING LAW; JURISDICTION; ETC.

            (a)   THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
      ACCORDANCE WITH, the LAW OF THE STATE OF TEXAS APPLICABLE TO AGREEMENTS
      MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE; PROVIDED THAT THE
      ADMINISTRATIVE Agent, THE OFFSHORE SUB-ADMINISTRATIVE AGENT AND EACH
      LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.

            (b)   The parties hereto agree that Chapter 346 (other than Section
      346.004) of the Texas Finance Code (which regulates certain revolving
      credit accounts and revolving tri-party accounts) shall not apply to the
      Loans or the other Obligations.

            (c)   ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT
      OR ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF
      TEXAS SITTING IN DALLAS COUNTY, TEXAS OR OF THE UNITED STATES DISTRICT
      COURT FOR THE NORTHERN DISTRICT OF TEXAS (DALLAS DIVISION), AND ANY
      APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT
      OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR
      RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO
      IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY
      SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH TEXAS COURT
      OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL
      COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH
      ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
      JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY
      LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT
      ANY RIGHT THAT THE ADMINISTRATIVE AGENT, THE OFFSHORE SUB-ADMINISTRATIVE
      AGENT ANY LENDER OR ANY L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION
      OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
      AGAINST ANY BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

      12.15 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY).

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<PAGE>

EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

      12.16 USA PATRIOT ACT NOTICE. Each Lender that is subject to the Act (as
hereinafter defined) and the Administrative Agent and the Offshore
Sub-Administrative Agent (for itself and not on behalf of any Lender) hereby
notifies the Borrowers that pursuant to the requirements of the USA Patriot Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "Act"), it
is required to obtain, verify and record information that identifies the
Borrowers, which information includes the name and address of each Borrower and
other information that will allow such Lender or the Administrative Agent and
the Offshore Sub-Administrative Agent, as applicable, to identify such Borrower
in accordance with the Act.

      12.17 KNOW YOUR CUSTOMER RULES. (a) The Company and the Offshore Borrowers
shall promptly upon the request of the Offshore Sub-Administrative Agent, the
Administrative Agent or any Offshore Lender supply, or procure the supply of,
such documentation and other evidence as is reasonably requested by the
Administrative Agent, the Offshore Sub-Administrative Agent (for themselves or
on behalf of any Offshore Lender) or any Offshore Lender (for itself or on
behalf of any prospective new Lender) in order for the Administrative Agent, the
Offshore Sub-Administrative Agent, such Lender or any prospective new Lender to
carry out and be satisfied with the results of all necessary "know your
customer" or other checks in relation to any person that it is required to carry
out pursuant to the transactions contemplated in the Loan Documents.

      (b)   Each Offshore Lender shall promptly upon the request of the Offshore
Sub-Administrative Agent or the Administrative Agent supply, or procure the
supply of, such documentation and other evidence as is reasonably requested by
the Administrative Agent (for itself) or the Offshore Sub-Administrative Agent
(for itself) in order for the Offshore Sub-Administrative Agent or the
Administrative Agent to carry out and be satisfied with the results of all
necessary "know your customer" or other checks in relation to any person that it
is required to carry out pursuant to the transactions contemplated in the Loan
Documents.

      12.18 JUDGMENT CURRENCY. If, for the purposes of obtaining judgment in any
court, it is necessary to convert a sum due hereunder or under any other Loan
Document in one currency into another currency, the rate of exchange used shall
be that at which in accordance with normal banking procedures the Administrative
Agent and the Offshore Sub-Administrative Agent could purchase the first
currency with such other currency on the Business Day preceding that on which
final judgment is given. The obligation of each Borrower in respect of any such
sum due from it to the Administrative Agent, the Offshore Sub-Administrative
Agent or the Lenders hereunder or under the other Loan Documents shall,
notwithstanding any judgment in a currency (the "Judgment Currency") other than
that in which such sum is denominated in accordance with

                                      133
<PAGE>
the applicable provisions of this Agreement (the "Agreement Currency"), be
discharged only to the extent that on the Business Day following receipt by the
Administrative Agent or the Offshore Sub-Administrative Agent of any sum
adjudged to be so due in the Judgment Currency, the Administrative Agent or the
Offshore Sub-Administrative Agent, as applicable, may in accordance with normal
banking procedures 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 Administrative Agent or the Offshore Sub-Administrative
Agent from any Borrower in the Agreement Currency, such Borrower agrees, as a
separate obligation and notwithstanding any such judgment, to indemnify the
Administrative Agent or the Offshore Sub-Administrative Agent or the Person to
whom such obligation was owing against such loss. If the amount of the Agreement
Currency so purchased is greater than the sum originally due to the
Administrative Agent or the Offshore Sub-Administrative Agent in such currency,
the Administrative Agent and the Offshore Sub-Administrative Agent, as
applicable agree to return the amount of any excess to such Borrower (or to any
other Person who may be entitled thereto under Applicable Law).

      12.19 DESIGNATION AS SENIOR DEBT.

      All Obligations hereunder and under the other Loan Documents shall be
designated as "Senior Indebtedness" for purposes of and as defined in, any
indenture or other similar agreement of the Company, any other Borrower and any
of their Subsidiaries.

      12.20 OFFSHORE BORROWERS' AGENT.

      The Company and each Offshore Borrower irrevocably appoints Clear Channel
International Limited as Offshore Borrowers' Agent, to act as its agent in
connection with the UK Offshore Loan and each UK Offshore Borrowing. Each
Offshore Borrower and the Company irrevocably authorizes the Offshore Borrowers'
Agent:

            (a)   to issue UK Offshore Loan Notices and give and receive any
      other notices on the Company's and each such Offshore Borrower's behalf;

            (b)   on its behalf to perform the other duties and to exercise the
      other rights, powers and discretions that are specifically delegated to it
      under or in connection with the Loan Documents, together with any other
      incidental rights, powers and discretions; and

            (c)   on its behalf to execute any Loan Document and/or any
      amendment, waiver or other document related to any Loan Document.

and agrees to be bound by the acts, consents, waivers, commitments and
acquiescences of, and notices given by, Offshore Borrowers' Agent under the Loan
Documents.

      12.21 THE ADMINISTRATIVE AGENT AND THE OFFSHORE SUB-ADMINISTRATIVE AGENT.

      The Company and each other Borrower agrees that the Administrative Agent
and the Offshore Sub-Administrative Agent may perform any and all of their
duties,and exercise their

                                      134
<PAGE>
rights and powers hereunder or under any other Loan Document, by or through
their own institution, each other, or by or through any one or more sub-agents
appointed by the Administrative Agent or the Offshore Sub-Administrative Agent,
notwithstanding the delineation of certain duties in this Agreement and in the
other Loan Documents. The Administrative Agent, the Offshore Sub-Administrative
Agent and any other such sub-agent may perform any and all of its duties and
exercise its rights and powers by or through their respective Related Parties.
The exculpatory provisions of this Agreement and each of the Loan Documents
shall apply to the Administrative Agent, the Offshore Sub-Administrative Agent
and any such sub-agent, and to the Related Parties of the Administrative Agent,
the Offshore Sub-Administrative Agent and any such sub-agent, and shall apply to
their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as Administrative Agent and
the Offshore Sub-Administrative Agent.

      12.22 JOINT AND SEVERAL TERMS. Each and every representation and warranty
of the Borrowers or any two or more Borrowers or of the Company and its
Subsidiaries contained herein shall be, and shall be deemed to be, the joint and
several representation and warranty of each of the Borrowers or such Borrowers
or of the Company and each of its Subsidiaries, respectively, and of all such
Persons.

      12.23 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

      12.24 LENDER CERTIFICATION. Each Lender certifies to the Administrative
Agent that it is a Private Lender on the Closing Date (such certification as a
Private Lender or Public Lender to the Administrative Agent by a Lender is
herein referred to as a "Lender Certification"). Each Person subsequently
becoming a Lender hereunder through an Assignment and Assumption, an amendment
to this Agreement, a joinder agreement or otherwise, must concurrently therewith
deliver a Lender Certification to the Administrative Agent, certifying whether
such assignee will be a Private Lender or Public Lender. Once such Lender
Certification is delivered to the Administrative Agent, no Lender shall be
entitled to change its status as a Private Lender during the term of this
Agreement, unless there shall at such time exist an Event of Default or unless
another Lender is a Public Lender at that time.

      12.25 PROFESSIONAL MARKET PARTY. Each Offshore Lender hereby certifies
that, as of the date hereof, it qualifies as a Professional Market Party. Each
Person subsequently becoming an Offshore Lender hereunder through an Assignment
and Assumption, an amendment to this Agreement, a joinder agreement or
otherwise, is deemed to have made such certification as of the date on which
that Person becomes an Offshore Lender.

             THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.

                                      135
<PAGE>
         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the date first above written.

                                      CLEAR CHANNEL COMMUNICATIONS, INC., as
                                      Company, Borrower and guarantor

                                      By:  /s/ JULIANA HILL
                                           -------------------------------------

                                      Name:  Juliana Hill
                                             -----------------------------------

                                      Title:  Senior Vice  President - Finance
                                              ----------------------------------

                                      CLEAR CHANNEL INTERNATIONAL LIMITED, as
                                      Offshore Borrowers' Agent, Offshore
                                      Borrower and Borrower

                                      By:  /s/ TIM MAUNDER
                                           -------------------------------------

                                      Name:  Tim Maunder
                                             -----------------------------------

                                      Title:  Director
                                              ----------------------------------

                                      CLEAR CHANNEL INTERNATIONAL BV, as
                                      Offshore Borrower and Borrower

                                      By:  /s/ STEPHANIE ROSALES
                                           -------------------------------------

                                      Name:  Stephanie Rosales
                                             -----------------------------------

                                      Title:  Managing Director
                                              ----------------------------------

                                      CLEAR CHANNEL NETHERLANDS BV, as Offshore
                                      Borrower and Borrower

                                      By:  /s/ STEPHANIE ROSALES
                                           -------------------------------------

                                      Name:  Stephanie Rosales
                                             -----------------------------------

                                      Title:  Managing Director
                                              ----------------------------------

                                      CLEAR CHANNEL INTERNATIONAL HOLDINGS BV,
                                      as Offshore Borrower and Borrower

                                      By:  /s/ STEPHANIE ROSALES
                                           -------------------------------------

                                      Name:  Stephanie Rosales
                                             -----------------------------------

                                      Title:  Managing Director
                                              ----------------------------------

                                      CCW INTERNATIONAL BV, as Offshore Borrower
                                      and Borrower

                                      By:  /s/ STEPHANIE ROSALES
                                           -------------------------------------

                                      Name:  Stephanie Rosales
                                             -----------------------------------

                                      Title:  Managing Director
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      BANK OF AMERICA, N.A.,
                                      as Administrative Agent

                                      By:  /s/ RICHARD M. PECK
                                           -------------------------------------

                                      Name:  Richard M. Peck
                                             -----------------------------------

                                      Title:  Principal
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      BANK OF AMERICA, N.A.,
                                      as Offshore Sub-Administrative Agent

                                      By:  /s/ GRAHAM RADFORD
                                           -------------------------------------

                                      Name:  Graham Radford
                                             -----------------------------------

                                      Title:  Assistant Vice President
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      BANK OF AMERICA, N.A., as a Domestic
                                      Lender, an Offshore Lender, L/C Issuer
                                      and Swing Line Lender

                                      By:  /s/ RICHARD M. PECK
                                           -------------------------------------

                                      Name:  Richard M. Peck
                                             -----------------------------------

                                      Title:  Principal
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      JPMORGAN CHASE bank,
                                      as Syndication Agent

                                      By:  /s/ TRACEY NAVIN EWING
                                           -------------------------------------

                                      Name:  Tracey Navin Ewing
                                             -----------------------------------

                                      Title:  Vice President
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      JPMORGAN CHASE bank, as a Domestic Lender
                                      and an Offshore Lender

                                      By:  /s/ TRACEY NAVIN EWING
                                           -------------------------------------

                                      Name:  Tracey Navin Ewing
                                             -----------------------------------

                                      Title:  Vice President
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      BARCLAYS BANK PLC, as Co-Documentation
                                      Agent, a Domestic Lender and an Offshore
                                      Lender

                                      By:  /s/ L. PETER YETMAN
                                           -------------------------------------

                                      Name:  L. Peter Yetman
                                             -----------------------------------

                                      Title:  Director
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      CITIBANK, N.A., as Co-Documentation Agent,
                                      a Domestic Lender and an Offshore Lender

                                      By:  /s/ EILEEN L. CASSON
                                           -------------------------------------

                                      Name:  Eileen L. Casson
                                             -----------------------------------

                                      Title:  Vice President
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      CREDIT SUISSE FIRST BOSTON, ACTING THROUGH
                                      ITS CAYMAN ISLANDS BRANCH, as
                                      Co-Documentation Agent, a Domestic Lender
                                      and an Offshore Lender

                                      By:  /s/ THOMAS S. HALL
                                           -------------------------------------

                                      Name:  Thomas S. Hall
                                           -------------------------------------

                                      Title:  Vice President
                                            ------------------------------------

                                      By:  /s/ DAVID J. DODD
                                           -------------------------------------

                                      Name:  David J. Dodd
                                           -------------------------------------

                                      Title:  Associate
                                            ------------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      DEUTSCHE BANK SECURITIES INC., as
                                      Co-Documentation Agent

                                      By:  /s/ WILLIAM W. MCGINTY
                                         ---------------------------------------

                                      Name:  William W. McGinty
                                             -----------------------------------

                                      Title:  Director
                                              ----------------------------------

                                      By:  /s/ DEEPAK K. MENGHRAJANI
                                         ---------------------------------------

                                      Name:  Deepak K. Menghrajani
                                             -----------------------------------

                                      Title:  Vice President
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      DEUTSCHE BANK AG, NEW YORK BRANCH, as a
                                      Domestic Lender

                                      By:  /s/ WILLIAM W. MCGINTY
                                         ---------------------------------------

                                      Name:  William W. McGinty
                                             -----------------------------------

                                      Title:  Director
                                              ----------------------------------

                                      By:  /s/ DEEPAK K. MENGHRAJANI
                                         ---------------------------------------

                                      Name:  Deepak K. Menghrajani
                                             -----------------------------------

                                      Title:  Vice President
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      DEUTSCHE BANK LUXEMBOURG SA, as an
                                      Offshore Lender

                                      By:  /s/ A. SCHNEIDER
                                           -------------------------------------

                                      Name:  Astrid Schneider
                                             -----------------------------------

                                      Title:  Vice President
                                              ----------------------------------

                                      By:  /s/ S. SCHREINER
                                           -------------------------------------

                                      Name:  Stephanie Schreiner
                                             -----------------------------------

                                      Title:  Assistant Vice President
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      SUNTRUST BANK, as a Domestic Lender

                                      By:  /s/  JEFFREY E. HAUSER
                                           -------------------------------------

                                      Name:  Jeffrey E. Hauser
                                             -----------------------------------

                                      Title:  Managing Director
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      THE BANK OF NEW YORK,
                                      as a Domestic Lender

                                      By:  /s/ KRISTEN TALABER
                                           -------------------------------------

                                      Name:  Kristen Talaber
                                             -----------------------------------

                                      Title:  Vice President
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      WILLIAM STREET CREDIT CORPORATION,
                                      as a Domestic Lender

                                      By:  /s/ J.M. HILL
                                           -------------------------------------

                                      Name:  Jennifer M. Hill
                                             -----------------------------------

                                      Title:  CFO
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      MORGAN STANLEY BANK,
                                      as a Domestic Lender

                                      By:  /s/ DANIEL TWEGNE
                                           -------------------------------------

                                      Name:  Daniel Twenge
                                             -----------------------------------

                                      Title:  Vice President
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      SUMITOMO MITSUI BANKING CORP.,
                                      NEW YORK, as a Domestic Lender

                                      By:  /s/ LEO PAGARIGAN
                                           -------------------------------------

                                      Name:  Leo E. Pagarigan
                                             -----------------------------------

                                      Title:  Senior Vice President
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      UBS LOAN FINANCE LLC,
                                      as a Domestic Lender

                                      By:  /s/ JOSOLIN FERNANDES
                                           -------------------------------------

                                      Name:  Josolin Fernandes
                                             -----------------------------------

                                      Title: Associate Director, Banking
                                      Products Services, US
                                      ------------------------------------------

                                      By:  /s/ WINSLOWE OGBOURNE
                                           -------------------------------------

                                      Name:  Winslow Ogbourne
                                             -----------------------------------

                                      Title: Associate Director, Banking
                                      Products Services, US
                                      ------------------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      WACHOVIA BANK, NATIONAL ASSOCIATION, as a
                                      Domestic Lender

                                      By:  /s/ JAMES F. HEATWOLE
                                           -------------------------------------

                                      Name:  James F. Heatwole
                                             -----------------------------------

                                      Title:  Director
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      HARRIS NESBITT FINANCING, INC.,
                                      as a Domestic Lender

                                      By:  /s/ SARAH KIM
                                           -------------------------------------

                                      Name:  Sarah Kim
                                             -----------------------------------

                                      Title:  Managing Director
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      BNP PARIBAS, as a Domestic Lender

                                      By:  /s/ GREGG BONARDI
                                           -------------------------------------

                                      Name:  Gregg Bonardi
                                             -----------------------------------

                                      Title:  Director Media & Telecom Finance
                                              ----------------------------------

                                      By:  /s/ STEPHANIE ROGERS
                                           -------------------------------------

                                      Name:  Stephanie Rogers
                                             -----------------------------------

                                      Title:  Vice President
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      SOCIETE GENERALE, as a Domestic Lender

                                      By:  /s/ MARK VIGIL
                                           -------------------------------------

                                      Name:  Mark Vigil
                                             -----------------------------------

                                      Title:  Managing Director
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      UFJ BANK LIMITED, NEW YORK BRANCH,
                                      as a Domestic Lender

                                      By:  /s/ JOHN T. FEENEY
                                           -------------------------------------

                                      Name:  John T. Feeney
                                             -----------------------------------

                                      Title:  Vice President
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      UNION BANK OF CALIFORNIA, N.A.,
                                      as a Domestic Lender

                                      By:  /s/ PETE CONROY
                                           -------------------------------------

                                      Name:  Pete Conroy
                                             -----------------------------------

                                      Title:  Senior Vice President
                                              ----------------------------------

                       Signature Page to Credit Agreement
<PAGE>

                                      US BANK, NATIONAL ASSOCIATION,
                                      as a Domestic Lender

                                      By:  /s/ COLLEEN MCEVOY
                                           -------------------------------------

                                      Name:  Colleen B. McEvoy
                                             -----------------------------------

                                      Title:  Vice president
                                              ----------------------------------

                       Signature Page to Credit Agreement

<PAGE>

                                                                   SCHEDULE 1.01

                             MANDATORY COST FORMULAE

1.    The Mandatory Cost (to the extent applicable) is an addition to the
      interest rate to compensate Lenders for the cost of compliance with:

      (a)   the requirements of the Bank of England and/or the Financial
            Services Authority (or, in either case, any other authority which
            replaces all or any of its functions); or

      (b)   the requirements of the European Central Bank.

2.    On the first day of each Interest Period (or as soon as practicable
      thereafter) the Administrative Agent or the Offshore Sub-Administrative
      Agent shall calculate, as a percentage rate, a rate (the "Additional Cost
      Rate") for each Lender, in accordance with the paragraphs set out below.
      The Mandatory Cost will be calculated by the Administrative Agent or the
      Offshore Sub-Administrative Agent as a weighted average of the Lenders'
      Additional Cost Rates (weighted in proportion to the percentage
      participation of each Lender in the relevant Loan) and will be expressed
      as a percentage rate per annum. The Administrative Agent or the Offshore
      Sub-Administrative Agent, as applicable, will, at the request of the
      Company, the Offshore Borrowers' Agent or any Lender, deliver to the
      Company, the Offshore Borrowers' Agent or such Lender as the case may be,
      a statement setting forth the calculation of any Mandatory Cost.

3.    The Additional Cost Rate for any Lender lending from a Lending Office in a
      Participating Member State will be the percentage notified by that Lender
      to the Administrative Agent or the Offshore Sub-Administrative Agent. This
      percentage will be certified by such Lender in its notice to the
      Administrative Agent or the Offshore Sub-Administrative Agent, as
      applicable, as the cost (expressed as a percentage of such Lender's
      participation in all Loans made from such Lending Office) of complying
      with the minimum reserve requirements of the European Central Bank in
      respect of Loans made from that Lending Office.

4.    The Additional Cost Rate for any Lender lending from a Lending Office in
      the United Kingdom will be calculated by the Administrative Agent or the
      Offshore Sub-Administrative Agent, as applicable, as follows:

      (a)   in relation to any Loan in Sterling:

                 AB+C(B-D)+E x 0.01
                 ------------------- per cent per annum
                     100 - (A+C)

      (b)   in relation to any Loan in any currency other than Sterling:

                       E x 0.01
                       --------- per cent per annum
                          300

                                  Schedule 1.01
                                     Page 1

<PAGE>

Where:

      "A"   is the percentage of Eligible Liabilities (assuming these to be in
            excess of any stated minimum) which that Lender is from time to time
            required to maintain as an interest free cash ratio deposit with the
            Bank of England to comply with cash ratio requirements.

      "B"   is the percentage rate of interest (excluding the Applicable Rate,
            the Mandatory Cost and any interest charged on overdue amounts
            pursuant to the first sentence of Section 4.01 and, in the case of
            interest (other than on overdue amounts) charged at the Default
            Rate, without counting any increase in interest rate effected by the
            charging of the Default Rate) payable for the relevant Interest
            Period of such Loan.

      "C"   is the percentage (if any) of Eligible Liabilities which that Lender
            is required from time to time to maintain as interest bearing
            Special Deposits with the Bank of England.

      "D"   is the percentage rate per annum payable by the Bank of England to
            the Administrative Agent or the Offshore Sub-Administrative Agent on
            interest bearing Special Deposits.

      "E"   is designed to compensate Lenders for amounts payable under the Fees
            Regulations and is calculated by the Administrative Agent or the
            Offshore Sub-Administrative Agent as being the average of the most
            recent rates of charge supplied by the Lenders to the Administrative
            Agent or the Offshore Sub-Administrative Agent pursuant to paragraph
            7 below and expressed in Sterling per (pound)1,000,000.

5.    For the purposes of this Schedule:

      (a)   "Eligible Liabilities" and "Special Deposits" have the meanings
            given to them from time to time under or pursuant to the Bank of
            England Act 1998 or (as may be appropriate) by the Bank of England;

      (b)   "Fees Regulations" means the FSA Supervision Manual or such other
            law or regulation as may be in force from time to time in respect of
            the payment of fees for the acceptance of deposits;

      (c)   "Fee Tariffs" means the fee tariffs specified in the Fees
            Regulations under the activity group A.1 Deposit acceptors (ignoring
            any minimum fee or zero rated fee required pursuant to the Fees
            Regulations but taking into account any applicable discount rate);
            and

      (d)   "Tariff Base" has the meaning given to it in, and will be calculated
            in accordance with, the Fees Regulations.

6.    In application of the above formulae, A, B, C and D will be included in
      the formulae as percentages (i.e. 5% will be included in the formula as 5
      and not as 0.05). A negative result

                                  Schedule 1.01
                                     Page 2
<PAGE>

      obtained by subtracting D from B shall be taken as zero. The resulting
      figures shall be rounded to four decimal places.

7.    If requested by the Administrative Agent, the Offshore Sub-Administrative
      Agent, the Offshore Borrowers' Agent or the Company, each Lender with a
      Lending Office in the United Kingdom or a Participating Member State
      shall, as soon as practicable after publication by the Financial Services
      Authority, supply to the Administrative Agent, the Offshore
      Sub-Administrative Agent, the Offshore Borrowers' Agent and the Company,
      the rate of charge payable by such Lender to the Financial Services
      Authority pursuant to the Fees Regulations in respect of the relevant
      financial year of the Financial Services Authority (calculated for this
      purpose by such Lender as being the average of the Fee Tariffs applicable
      to such Lender for that financial year) and expressed in Sterling
      per(pound)1,000,000 of the Tariff Base of such Lender.

8.    Each Lender shall supply any information required by the Administrative
      Agent and the Offshore Sub-Administrative Agent for the purpose of
      calculating its Additional Cost Rate. In particular, but without
      limitation, each Lender shall supply the following information in writing
      on or prior to the date on which it becomes a Lender:

      (a)   its jurisdiction of incorporation and the jurisdiction of the
            Lending Office out of which it is making available its participation
            in the relevant Loan; and

      (b)   any other information that the Administrative Agent or the Offshore
            Sub-Administrative Agent may reasonably require for such purpose.

Each Lender shall promptly notify the Administrative Agent or the Offshore
Sub-Administrative Agent, as applicable, in writing of any change to the
information provided by it pursuant to this paragraph.

9.    The percentages or rates of charge of each Lender for the purpose of A, C
      and E above shall be determined by the Administrative Agent or the
      Offshore Sub-Administrative Agent, as applicable, based upon the
      information supplied to it pursuant to paragraphs 7 and 8 above and on the
      assumption that, unless a Lender notifies the Administrative Agent or the
      Offshore Sub-Administrative Agent, as applicable, to the contrary, each
      Lender's obligations in relation to cash ratio deposits, Special Deposits
      and the Fees Regulations are the same as those of a typical bank from its
      jurisdiction of incorporation with a Lending Office in the same
      jurisdiction as such Lender's Lending Office.

10.   The Administrative Agent and the Offshore Sub-Administrative Agent shall
      have no liability to any Person if such determination results in an
      Additional Cost Rate which over- or under-compensates any Lender and shall
      be entitled to assume that the information provided by any Lender pursuant
      to paragraphs 3, 7 and 8 above is true and correct in all respects.

11.   The Administrative Agent or the Offshore Sub-Administrative Agent, as
      applicable, shall distribute the additional amounts received as a result
      of the Mandatory Cost to the Lenders on the basis of the Additional Cost
      Rate for each Lender based on the information provided by each Lender
      pursuant to paragraphs 3, 7 and 8 above.

                                  Schedule 1.01
                                     Page 3
<PAGE>

12.   Any determination by the Administrative Agent or the Offshore
      Sub-Administrative Agent pursuant to this Schedule in relation to a
      formula, the Mandatory Cost, an Additional Cost Rate or any amount payable
      to a Lender shall, in the absence of manifest error, be conclusive and
      binding on all parties hereto.

13.   The Administrative Agent or the Offshore Sub-Administrative Agent, as
      applicable, may from time to time, after consultation with the Company,
      the Offshore Borrowers' Agent and the Lenders, as applicable, determine
      and notify to all parties any amendments which are required to be made to
      this Schedule in order to comply with any change in law, regulation or any
      requirements from time to time imposed by the Bank of England, the
      Financial Services Authority or the European Central Bank (or, in any
      case, any other authority which replaces all or any of its functions) and
      any such determination shall, in the absence of manifest error, be
      conclusive and binding on all parties hereto.

                                  Schedule 1.01
                                     Page 4
<PAGE>

                                                                   SCHEDULE 2.01

                                   COMMITMENTS
                           AND APPLICABLE PERCENTAGES

<TABLE>
<CAPTION>
                                                       OFFSHORE                             DOMESTIC               TOTAL
                                     OFFSHORE         APPLICABLE         DOMESTIC          APPLICABLE            APPLICABLE
         INSTITUTION                COMMITMENT        PERCENTAGES       COMMITMENT         PERCENTAGES           PERCENTAGE
         -----------                ----------        -----------       ----------         -----------           ----------
<S>                                 <C>              <C>              <C>                  <C>                  <C>
Bank of America, N.A.               $25,000,000      16.666666667%    $  121,669,170       7.604323125%         8.381095429%
JPMorgan Chase Bank                 $25,000,000      16.666666667%    $  121,669,170       7.604323125%         8.381095429%
Barclays Bank PLC                   $25,000,000      16.666666667%    $  102,500,000       6.406250000%         7.285714286%
Citibank, N.A.                      $25,000,000      16.666666667%    $  102,500,000       6.406250000%         7.285714286%
Credit Suisse First Boston
acting through its Cayman
Islands Branch                      $25,000,000      16.666666667%    $  102,500,000       6.406250000%         7.285714286%
Deutsche Bank Luxembourg SA         $25,000,000      16.666666667%                 -                 -          1.428571428%
Deutsche Bank AG New York Branch              -                 -     $  102,500,000       6.406250000%         5.857142857%
SunTrust Bank                                 -                 -     $  110,000,000       6.875000000%         6.285714286%
The Bank of New York                          -                 -     $   95,000,000       5.937500000%         5.428571429%
William Street Credit
Corporation                                   -                 -     $   95,000,000       5.937500000%         5.428571429%
Morgan Stanley Bank                           -                 -     $   95,000,000       5.937500000%         5.428571429%
Sumitomo Mitsui Banking
Corp., New York                               -                 -     $   95,000,000       5.937500000%         5.428571429%
UBS Loan Finance, LLC                         -                 -     $   95,000,000       5.937500000%         5.428571429%
Wachovia Bank, National
Association                                   -                 -     $   95,000,000       5.937500000%         5.428571429%
Harris Nesbitt Financing, Inc.                -                 -     $   50,000,000       3.125000000%         2.857142857%
BNP Paribas                                   -                 -     $   50,000,000       3.125000000%         2.857142857%
Societe Generale                              -                 -     $   50,000,000       3.125000000%         2.857142857%
UFJ Bank Limited, New York
Branch                                        -                 -     $   50,000,000       3.125000000%         2.857142857%
Union Bank of California, N.A.                -                 -     $   36,661,660       2.291353750%         2.094952000%
US Bank, National Association                 -                 -     $   30,000,000       1.875000000%         1.714285714%
                                   ------------     -------------     --------------     -------------        -------------
TOTAL                              $150,000,000     100.000000000%    $1,600,000,000     100.000000000%       100.000000000%
                                   ------------     -------------     --------------     -------------        -------------
                                                                                                           Total Percentage
</TABLE>

                                  Schedule 2.01
                                     Page 1
<PAGE>

                                                                   SCHEDULE 7.05

                   SUPPLEMENT TO INTERIM FINANCIAL STATEMENTS

                                  Schedule 7.13
                                     Page 1
<PAGE>

                                                                  SCHEDULE 12.02

                          CERTAIN ADDRESSES FOR NOTICES
                         ADMINISTRATIVE AGENT'S OFFICE;
                   OFFSHORE SUB-ADMINISTRATIVE AGENT'S OFFICE;

CLEAR CHANNEL COMMUNICATIONS, INC.:
Clear Channel Communications, Inc.
200 East Basse Road
San Antonio, Texas 78209
Attention: Brian Coleman, Vice President, Treasurer
Telephone: 210.832.3311
Telecopier: 210.822.3888
Electronic Mail: BrianColeman@clearchannel.com
Website Address: www.clearchannel.com

CLEAR CHANNEL INTERNATIONAL LIMITED
Clear Channel International Limited
1 Cluny Mews
London SW5 9EG
Attention: Wendy Guscott, Treasury and Finance Manager
Telephone: +44 20 7341 5421
Telecopier: +44 20 7341 5430
Electronic Mail: WendyGuscott@clearchannelint.com
Website Address:  www.clearchannel.com/international

                                  Schedule 7.13
                                     Page 2

<PAGE>

ADMINISTRATIVE AGENT:
Administrative Agent's Office
(for payments and Requests for Credit Extensions):

Bank of America, N.A.
901 Main St. 14th Floor
Dallas, TX 75201
Attention: Nita Gerstung
Telephone: 214 209-9126
Telecopier: 214 290-9478
Electronic Mail: nita.gerstung@bankofamerica.com

Account No. (for Dollars): 1292000883
Ref: Clear Channel Communications, Inc., Attn: Credit Services
ABA# 111000012

Account No. (for Euro):  65280019
Ref: Clear Channel Communications, Inc., Attn: Credit Services
Swift Address: BOFAGB22

[ACCOUNT NO. (FOR STERLING): 65280027
REF: CLEAR CHANNEL COMMUNICATIONS, INC., ATTN: CREDIT SERVICES
LONDON SORT CODE: 16-50-50
SWIFT ADDRESS: BOFAGB22]

                                  Schedule 7.13
                                     Page 3
<PAGE>

Other Notices as Administrative Agent:
Bank of America, N.A.
Agency Management
Street Address
901 Main Street
Mail Code: TX1-492-14-11
Dallas, Texas, 75202
City, State ZIP Code
Attention: Richard Peck
Attention: Maurice Washington
Telephone: 214-209-2576
Telecopier: 214-209-9390
Telephone: 214-209-4128
Telecopier: 214-290-9544
Electronic Mail: richard.m.peck@bankofamerica.com
Electronic Mail: maurice.washington@bankofamerica.com

L/C ISSUER:

Bank of America, N.A.
Trade Operations-Los Angeles #22621
333 S. Beaudry Avenue, 19th Floor
Mail Code: CA9-703-19-23
Los Angeles, CA 90017-1466
Attention: Sandra Leon
Vice President
Telephone: 213.345.5231
Telecopier: 213.345.6694
Electronic Mail: Sandra.Leon@bankofamerica.com

SWING LINE LENDER:

Bank of America, N.A.
Street Address 901 Main St 14th Floor
Mail Code: TX1-492-14-12
Dallas, TX  75202
Attention: Nita Gerstung
Telephone: 214 209-9126
Telecopier: 214 290-9478
Electronic Mail: nita.gerstung@bankofamerica.com
Account No.: 1292000883
Ref: Clear Channel Communications, Inc.
ABA# 111000012

                                  Schedule 7.13
                                     Page 4
<PAGE>

OFFSHORE SUB-ADMINISTRATIVE AGENT:
(for payments and Request for Credit Extensions)

Bank of America, N.A.
5 Canada Square
London E14 5AQ
United Kingdom
Attention: Loans Agency

Telephone: +44 20 8313 2992
Telecopied: +44 20 8313 2149

ACCOUNT NO. (FOR US DOLLARS)
Bank of America N.A., New York
ABA No: 026009593
Account: Bank of America, N.A., London
Account No. 37/60564
Attention: Karen Hall, Loans Agency

ACCOUNT NO. (FOR STERLING)
Bank of America, N.A., London
Sort Code: 16-50-50
SWIFT: BOFAGB22
Attention: Karen Hall, Loans Agency

ACCOUNT NO. (FOR EURO)
Bank of America, N.A., London
SWIFT: BOFAGB22
Attention: Karen Hall, Loans Agency

                                  Schedule 7.13
                                     Page 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]