Document:

<PAGE>
EXHIBIT 10.1

                                                                  EXECUTION COPY

                                  $275,000,000
                                CREDIT AGREEMENT
                                      AMONG
                             RALCORP HOLDINGS, INC.
                                  as Borrower,
                            THE LENDERS NAMED HEREIN,
                                  BANK ONE, NA,
                            as Administrative Agent,
                              WACHOVIA BANK, N.A.,
                              as Syndication Agent,

                                       and

                                  FIRSTAR BANK,
                                 PNC BANK, N.A.
                                       and
                                 SUNTRUST BANK,
                             as Documentation Agents

                                   DATED AS OF
                                October 16, 2001

                         BANC ONE CAPITAL MARKETS, INC.
                                       and
                            WACHOVIA SECURITIES, INC.
                              as Co-Lead Arrangers

<PAGE>
                                TABLE OF CONTENTS
                                -----------------

ARTICLE  I     DEFINITIONS                                                     1
ARTICLE  II     THE  FACILITY                                                 18
2.1.     The  Facility.                                                       18
2.2.     Ratable  Advances.                                                   19
2.3.     Competitive  Bid  Advances.                                          21
2.4.     Swing  Line  Loans.                                                  24
2.5.     Availability  of  Funds.                                             27
2.6.     Commitment Fee; Reductions and Increases in Aggregate Commitment.    27
2.7.     Minimum  Amount  of  Each  Ratable  Advance                          28
2.8.     Optional  Principal  Payments                                        28
2.9.     Changes  in  Interest  Rate,  etc.                                   28
2.10.    Rates  Applicable  After  Default                                    28
2.11.    Method  of  Payment                                                  29
2.12.    Notes;  Telephonic  Notices                                          29
2.13.    Interest  Payment  Dates;  Interest  and  Fee  Basis                 29
2.14.    Notification of Advances, Interest Rates, Prepayments, Commitment
         Reductions  and  Issuance  Requests                                  30
2.15.    Lending  Installations                                               30
2.16.    Non-Receipt  of  Funds  by  the  Administrative  Agent               31
2.17.    Taxes.                                                               31
2.18.    Administrative  Agent's  Fees                                        32
2.19.    Facility  Letters  of  Credit.                                       32
2.20.    Extension  of  Facility  Termination  Date                           36
ARTICLE  III     CHANGE  IN  CIRCUMSTANCES                                    37
3.1.     Yield  Protection                                                    37
3.2.     Changes  in  Capital  Adequacy  Regulations                          38
3.3.     Availability  of  Types  of  Advances                                38
3.4.     Funding  Indemnification                                             39
3.5.     Lender  Statements;  Survival  of  Indemnity.                        39
ARTICLE  IV     CONDITIONS  PRECEDENT                                         39
4.1.     Initial  Loans  and  Facility  Letters  of  Credit                   39
4.2.     Each  Future  Advance  and  Facility  Letter  of  Credit             41
ARTICLE  V     REPRESENTATIONS  AND  WARRANTIES                               41
5.1.     Corporate  Existence  and  Standing                                  42
5.2.     Authorization  and  Validity                                         42
5.3.     Compliance  with  Laws  and  Contracts                               42
5.4.     Governmental  Consents                                               43
5.5.     Financial  Statements                                                43
5.6.     Material  Adverse  Change                                            43
5.7.     Taxes                                                                43
5.8.     Litigation  and  Contingent  Obligations                             43
5.9.     Subsidiaries  and  Capitalization                                    44
5.10.    ERISA                                                                44
5.11.    Defaults                                                             44
5.12.    Federal  Reserve  Regulations                                        45
5.13.    Investment  Company;  Public  Utility  Holding  Company  Act         45
5.14.    Certain  Fees                                                        45
5.15.    Solvency                                                             45
5.16.    Ownership  of  Properties                                            45
5.17.    Indebtedness                                                         46
5.18.    Subordinated  Indebtedness                                           46
5.19.    Employee  Controversies                                              46
5.20.    Material  Agreements                                                 46
5.21.    Environmental  Laws                                                  46
5.22.    Insurance                                                            46
5.23.    Disclosure                                                           47
ARTICLE  VI     COVENANTS                                                     47
6.1.     Financial  Reporting                                                 47
6.2.     Use  of  Proceeds                                                    49
6.3.     Notice  of  Default                                                  49
6.4.     Conduct  of  Business                                                49
6.5.     Taxes                                                                49

<PAGE>

6.6.     Insurance                                                            49
6.7.     Compliance  with  Laws                                               49
6.8.     Maintenance  of  Properties                                          49
6.9.     Inspection                                                           50
6.10.    Capital  Stock  and  Dividends                                       50
6.11.    Indebtedness                                                         50
6.12.    Merger                                                               50
6.13.    Sale  of  Assets                                                     51
6.14.    Sale  of  Accounts                                                   51
6.15.    Investments  and  Purchases                                          51
6.16.    Contingent  Obligations                                              53
6.17.    Liens                                                                53
6.18.    Lease  Rentals                                                       54
6.19.    Affiliates                                                           54
6.20.    Subordinated  Indebtedness;  Other  Indebtedness                     54
6.21.    Environmental  Matters                                               54
6.22.    Change  in  Corporate  Structure;  Fiscal  Year                      54
6.23.    Inconsistent  Agreements                                             54
6.24.    Financial  Covenants                                                 55
6.25.    ERISA  Compliance.                                                   55
6.26.    Material  Subsidiaries                                               56
ARTICLE  VII   DEFAULTS                                                       56
ARTICLE  VIII  ACCELERATION,  WAIVERS,  AMENDMENTS  AND  REMEDIES             58
8.1.     Acceleration                                                         58
8.2.     Amendments                                                           59
8.3.     Preservation  of  Rights                                             59
ARTICLE  IX    GENERAL  PROVISIONS                                            60
9.1.     Survival  of  Representations                                        60
9.2.     Governmental  Regulation                                             60
9.3.     Taxes                                                                60
9.4.     Headings                                                             60
9.5.     Entire  Agreement                                                    60
9.6.     Several  Obligations;  Benefits  of  this  Agreement                 60
9.7.     Expenses;  Indemnification                                           60
9.8.     Numbers  of  Documents                                               61
9.9.     Accounting                                                           61
9.10.    Severability  of  Provisions                                         61
9.11.    Nonliability  of  Lenders                                            61
9.12.    CHOICE  OF  LAW                                                      62
9.13.    CONSENT  TO  JURISDICTION                                            62
9.14.    WAIVER  OF  JURY  TRIAL                                              62
9.15.    Disclosure                                                           63
9.16.    Counterparts                                                         63
9.17.    Confidentiality                                                      63
ARTICLE  X   THE  ADMINISTRATIVE  AGENT                                       64
10.1.    Appointment                                                          64
10.2.    Powers                                                               64
10.3.    General  Immunity                                                    64
10.4.    No  Responsibility  for  Loans,  Recitals,  etc                      64
10.5.    Action  on  Instructions  of  Lenders                                64
10.6.    Employment  of  Administrative  Agents  and  Counsel                 65
10.7.    Reliance  on  Documents;  Counsel                                    65
10.8.    Administrative  Agent's  Reimbursement  and  Indemnification         65
10.9.    Notice  of  Default                                                  65
10.10.   Rights  as  a  Lender                                                65
10.11.   Lender  Credit  Decision                                             66
10.12.   Successor  Administrative  Agent                                     67
10.13.   Syndication  Administrative  Agent                                   67
ARTICLE  XI     SETOFF;  RATABLE  PAYMENTS                                    67
11.1.    Setoff                                                               67
11.2.    Ratable  Payments                                                    68
ARTICLE  XII    BENEFIT  OF  AGREEMENT;  ASSIGNMENTS;  PARTICIPATIONS         68
12.1.    Successors  and  Assigns                                             68
12.2.    Participations.                                                      68
12.3.    Assignments.                                                         69
12.4.    Dissemination  of  Information                                       70
12.5.    Tax  Treatment                                                       70
ARTICLE  XIII  NOTICES                                                        70
13.1.    Giving  Notice                                                       70
13.2.    Change  of  Address                                                  70

<PAGE>

                                    EXHIBITS
                                    --------

Exhibit  A     -     Note (Ratable Loan)
Exhibit  B     -     Note (Competitive Bid Loan)
Exhibit  C     -     Competitive Bid Quote Request
Exhibit  D     -     Invitation for Competitive Bid Quotes
Exhibit  E     -     Competitive Bid Quote
Exhibit  F     -     Note (Swing Line Loan)
Exhibit  G     -     Compliance Certificate
Exhibit  H     -     Assignment Agreement
Exhibit  I     -     Form of General Counsel Opinion

                                    SCHEDULES
                                    ---------

Schedule  1        -     Commitments
Schedule  5.8      -     Material Contingent Obligations
Schedule  5.9      -     Subsidiaries and Capitalization
Schedule  5.10     -     ERISA
Schedule  5.14     -     Brokers' Fees
Schedule  5.16     -     Properties
Schedule  5.17     -     Indebtedness
Schedule  6.15     -     Investments
Schedule  6.17     -     Liens

<PAGE>

                                CREDIT AGREEMENT

     This  Credit  Agreement,  dated  as  of  October 16, 2001, is among RALCORP
HOLDINGS,  INC.,  a  Missouri corporation, the Lenders, BANK ONE, NA, a national
banking  association  having  its  principal  office  in  Chicago,  Illinois,
individually  and as Administrative Agent, WACHOVIA BANK, N.A., individually and
as  Syndication  Agent,  FIRSTAR  BANK,  N.A., individually and as Documentation
Agent,  PNC  BANK,  N.A.,  individually and as Documentation Agent, and SUNTRUST
BANK,  as  Documentation  Agent.

                                R E C I T A L S:
                                - - - - - - - -

     A.     The  Borrower  has  requested  that  the  Lenders  make  financial
accommodations  to  it in an initial aggregate principal amount of $275,000,000,
the  proceeds of which the Borrower will use for the (i) general corporate needs
of  the Borrower and its Subsidiaries, (ii) working capital for the Borrower and
its  Subsidiaries,  and  (iii)  non-hostile  acquisitions  by  the  Borrower.

     B.  The  Lenders are willing to extend such financial accommodations on the
terms  and  conditions  set  forth  herein.

     NOW,  THEREFORE,  in consideration of the mutual covenants and undertakings
herein contained, and for other good and valuable consideration, the receipt and
sufficiency  of which are hereby acknowledged, the Borrower, the Lenders and the
Administrative  Agent  hereby  agree  as  follows:

                                    ARTICLE  I

                                   DEFINITIONS
                                   -----------

As  used  in  this  Agreement:

"Absolute  Rate"  means,  with  respect  to  an  Absolute  Rate  Loan  made by a
given  Lender  for  the  relevant  Absolute  Rate  Interest  Period, the rate of
interest  per  annum (rounded to the nearest 1/100 of 1%) offered by such Lender
and  accepted  by  the  Borrower.

"Absolute  Rate Advance" means a borrowing hereunder consisting of the aggregate
amount  of the several Absolute Rate Loans made by some or all of the Lenders to
the  Borrower  at  the  same  time  and  for  the  same  Interest  Period.

"Absolute  Rate  Auction" means a solicitation of Competitive Bid Quotes setting
forth  Absolute  Rates  pursuant  to  Section  2.3.
                                      ------------

"Absolute Rate Interest Period" means, with respect to an Absolute Rate Advance,
a  period of not less than 7 and not more than 180 days commencing on a Business
Day  selected by the Borrower pursuant to this Agreement.  If such Absolute Rate
Interest  Period  would  end on a day which is not a Business Day, such Absolute
Rate  Interest  Period  shall  end  on  the  next  succeeding  Business  Day.

"Absolute  Rate  Loan"  means  a Loan which bears interest at the Absolute Rate.

"Accounts  Receivable  Financing  Program"  means  a  program  of  sales  or
securitization of, or transfers of interests in, accounts receivable and related
contract  rights  ("Receivables") by the Borrower or any Subsidiary on a limited
                    -----------
recourse basis pursuant to which the aggregate amount of financing thereunder at
any  time  outstanding  shall not exceed 15% of the total assets of the Borrower
and  its  Subsidiaries,  provided that such sale or transfer qualifies as a sale
under  Agreement  Accounting  Principles.

<PAGE>

"Adjusted  EBITDA"  means, for any applicable computation period, the sum of (a)
EBIT  for such period plus (b) the Borrower's and Subsidiaries' amortization and
                      ----
depreciation  deducted  in  determining  Net  Income  for such period; provided,
                                                                       --------
however,  that  (i)  Adjusted EBITDA shall be calculated giving pro forma effect
-------
for  any Permitted Purchase during such period as though such Permitted Purchase
occurred  on  the  first  day  of  such  period,  and (ii) in the event that the
Borrower  sells or otherwise disposes of all or any portion of the capital stock
of  Vail  Resorts,  Inc.  during  such  period,  then  Adjusted  EBITDA shall be
calculated  by subtracting (adding) all equity earnings (losses) attributable to
such  divested  interest  for  such  period.

"Adjusted  Net Income" means, for any computation period (a) Net Income for such
period,  minus  (plus)  (b) earnings (losses) during such period attributable to
         -----   ----
the equity investment by the Borrower and its Subsidiaries in Vail Resorts, Inc.
and  included  in the computation of Net Income for such period, plus (c) to the
                                                                 ----
extent not included in the computation of Net Income for such period, the sum of
all  proceeds  in excess of book value (net of related costs, expenses, fees and
taxes)  received  by  the Borrower or any Subsidiary of the Borrower during such
period  from the sale or other disposition of the capital stock of Vail Resorts,
Inc.

"Adjusted  Net Worth" means at any date (a) Net Worth minus (b) the value of the
                                                      -----
equity  investment  of  the  Borrower and its Subsidiaries in Vail Resorts, Inc.
included  in  the  computation  of  Net  Worth  at  such  date.

"Administrative  Agent"  means  Bank One in its capacity as administrative agent
for  the  Lenders pursuant to Article X, and not in its individual capacity as a
                              ---------
Lender,  and any successor Administrative Agent appointed pursuant to Article X.
                                                                      ---------

"Advance" means a borrowing hereunder consisting of the aggregate amount of the
several  Loans  made  by  some or all of the Lenders to the Borrower on the same
Borrowing  Date,  of the same Type (or on the same interest basis in the case of
Competitive Bid Advances) and, when applicable, for the same Interest Period and
includes  a  Competitive  Bid  Advance  and  a  Swing  Line  Loan.

"Affiliate"  of  any  Person  means  any  other  Person  directly  or indirectly
controlling,  controlled  by or under common control with such Person.  A Person
shall  be deemed to control another Person if the controlling Person owns 10% or
more  of  any  class  of voting securities (or other ownership interests) of the
controlled  Person  or possesses, directly or indirectly, the power to direct or
cause  the  direction  of  the  management or policies of the controlled Person,
whether  through  ownership  of  stock,  by  contract  or  otherwise.

 "Aggregate  Commitment"  means  the  aggregate  of  the  Commitments of all the
Lenders  hereunder.  The  initial Aggregate Commitment is $275,000,000 as of the
date  hereof,  as  adjusted  from  time  to  time  pursuant to the terms of this
Agreement.

"Agreement"  means  this  Credit  Agreement,  as it may be amended, modified  or
restated  and  in  effect  from  time  to  time.

"Agreement Accounting Principles" means generally accepted accounting principles
as  in  effect from time to time, applied in a manner consistent with those used
in  preparing  the Financial Statements; provided, however, that for purposes of
                                         --------  -------
all  computations required to be made with respect to compliance by the Borrower
with Section 6.24, such term shall mean generally accepted accounting principles
     ------------
as  in  effect  on  the  date hereof, applied in a manner consistent (except for
giving  effect  to  revised  FASB  141 and FASB 142 for reporting periods ending
after September 30, 2001) with those used in preparing the Financial Statements.

<PAGE>

"Alternate  Base Rate" means, for any day, a rate of interest per annum equal to
the  higher  of  (a)  the  Prime  Rate  for  such  day and (b) the Federal Funds
Effective Rate most recently determined by the Administrative Agent plus   of 1%
per  annum.

"Alternate  Base  Rate  Advance" means a Ratable Advance which bears interest at
the  Alternate  Base  Rate.

"Alternate  Base  Rate  Loan"  means  a Ratable Loan which bears interest at the
Alternate  Base  Rate.

"Alternate  Swing  Line  Rate" means a rate agreed upon from time to time by the
Borrower  and  the  Swing  Line  Lender.

"Applicable  Commitment  Fee  Percentage" means, subject to the last sentence of
this  definition, for any period, the applicable of the following percentages in
effect  with  respect to such period as the Leverage Ratio shall fall within the
indicated  ranges:

         Leverage Ratio                     Applicable Commitment Fee Percentage
--------------------------------------------------------------------------------
Greater than     But less than or Equal to
------------     -------------------------
   2.5:1.0                   --                            .25%
   2.0:1.0                 2.5:1.0                         .225%
   1.5:1.0                 2.0:1.0                         .20%
   1.0:1.0                 1.5:1.0                         .175%
     --                    1.0:1.0                         .15%

The  Leverage Ratio shall be calculated by the Borrower as of the end of each of
its  Fiscal  Quarters  commencing December 31, 2001 and shall be reported to the
Administrative Agent pursuant to a certificate executed by an Authorized Officer
of  the  Borrower  and  delivered in accordance with Section 6.1(d) hereof.  The
                                                     --------------
Applicable  Commitment Fee Percentage shall be adjusted, if necessary, quarterly
as  of  the  tenth  day  after  the  required  delivery date for the certificate
referenced  above;  provided,  that  if  such  certificate,  together  with  the
                    --------
financial  statements  to  which  such certificate relates, are not delivered by
such  tenth day, then the Applicable Commitment Fee Percentage shall be equal to
 .25%  until  such certificate and related financial statements are so delivered.
Until adjusted as described above for the Fiscal Quarter ended December 31, 2001
the Applicable Commitment Fee Percentage shall be equal to .225%; provided, that
                                                                  --------
the Applicable Commitment Fee Percentage shall be increased (but not decreased),
if  necessary,  based  on  the delivery of the certificate and related financial
statements  referenced  above  for  the Fiscal Quarter ending September 30, 2001
pursuant  to  the  terms  and  conditions  provided  above.

"Applicable  Eurodollar  Margin"  means,  subject  to  the last sentence of this
definition,  for  any  period,  the  applicable  of the following percentages in
effect  with  respect to such period as the Leverage Ratio shall fall within the
indicated  ranges:

         Leverage Ratio                     Applicable Commitment Fee Percentage
--------------------------------------------------------------------------------
Greater than     But less than or Equal to
------------     -------------------------
   2.5:1.0                   --                            1.25%
   2.0:1.0                 2.5:1.0                         1.00%
   1.5:1.0                 2.0:1.0                         0.875%
   1.0:1.0                 1.5:1.0                         0.75%
     --                    1.0:1.0                         0.625%

<PAGE>

The  Leverage Ratio shall be calculated by the Borrower as of the end of each of
its  Fiscal  Quarters  commencing December 31, 2001 and shall be reported to the
Administrative Agent pursuant to a certificate executed by an Authorized Officer
of  the  Borrower  and  delivered in accordance with Section 6.1(d) hereof.  The
                                                     --------------
Applicable  Eurodollar  Margin  shall be adjusted, if necessary, quarterly as of
the  tenth  day  after the required delivery date for the certificate referenced
above;  provided,  that  if  such  certificate,  together  with  the  financial
        --------
statements  to  which  such certificate relates, are not delivered by such tenth
day,  then  the  Applicable Eurodollar Margin shall be equal to 1.25% until such
certificate  and  related financial statements are so delivered.  Until adjusted
as  described  above  for  the  Fiscal  Quarter  ended  December  31,  2001, the
Applicable  Eurodollar  Margin  shall  be  equal  to  1.00%;  provided, that the
                                                              --------
Applicable  Eurodollar  Margin  shall  be  increased  (but  not  decreased),  if
necessary,  based  on  the  delivery  of  the  certificate and related financial
statements  referenced  above  for  the Fiscal Quarter ending September 30, 2001
pursuant  to  the  terms  and  conditions  provided  above.

"Arrangers"  means Banc One Capital Markets, Inc., Wachovia Securities, Inc. and
their  respective  successors.

"Article"  means  an  article  of  this  Agreement  unless  another document  is
specifically  referenced.

"Asset  Disposition"  means any sale, transfer or other disposition of any asset
of  the  Borrower  or  any  Subsidiary in a single transaction or in a series of
related  transactions  (other  than  the sale of inventory or unused or obsolete
equipment  in  the  ordinary  course).

"Authorized  Officer"  means  any  of  the  president,  chief financial officer,
treasurer  or  controller  of  the  Borrower,  acting  singly.

"Bank  One"  means  Bank  One,  NA,  a  national  banking association having its
principal  office  in  Chicago,  Illinois,  in  its individual capacity, and its
successors.

"Bankruptcy Code" means Title 11, United States Code, sections 1 et seq., as the
                                                                 -- ---
same  may be amended from time to time, and any successor thereto or replacement
therefor  which  may  be  hereafter  enacted.

"Borrower"  means  Ralcorp  Holdings,  Inc.,  a  Missouri  corporation.

"Borrowing  Date"  means a date on which an Advance is made or a Facility Letter
of  Credit  is  issued  hereunder.

"Business  Day"  means  (a)  with  respect  to  any  borrowing,  payment or rate
selection  of  Eurodollar  Advances,  a day (other than a Saturday or Sunday) on
which  banks  generally are open in Chicago for the conduct of substantially all
of  their  commercial  lending activities and on which dealings in United States
dollars  are  carried  on  in the London interbank market, and (b) for all other
purposes,  a  day (other than a Saturday or Sunday) on which banks generally are
open in Chicago for the conduct of substantially all of their commercial lending
activities.

"Capitalized  Lease"  of  a Person means any lease of Property by such Person as
lessee  which would be capitalized on a balance sheet of such Person prepared in
accordance  with  Agreement  Accounting  Principles.

"Capitalized  Lease Obligations" of a Person means the amount of the obligations
of such Person under Capitalized Leases which would be shown as a liability on a
balance  sheet  of  such Person prepared in accordance with Agreement Accounting
Principles.

<PAGE>

"Change"  is  defined  in  Section  3.2.
                           ------------

"Change  in  Control"  means  (a)  the acquisition by any Person, or two or more
Persons acting in concert, including without limitation any acquisition effected
by  means  of  any  transaction  contemplated  by  Section  6.12,  of beneficial
                                                   -------------
ownership  (within  the  meaning  of  Rule  13d-3 of the Securities and Exchange
Commission  under  the  Securities  Exchange  Act of 1934) of 20% or more of the
outstanding  shares of voting stock of the Borrower, or (b) during any period of
25  consecutive  calendar  months, commencing on the date of this Agreement, the
ceasing of those individuals (the "Continuing Directors") who (i) were directors
                                   --------------------
of the Borrower on the first day of each such period or (ii) subsequently became
directors  of  the Borrower and whose initial election or initial nomination for
election  subsequent  to  that date was approved by a majority of the Continuing
Directors  then  on  the  board  of  directors  of the Borrower, to constitute a
majority  of  the  board  of  directors  of  the  Borrower.

"Code"  means  the  Internal  Revenue  Code  of  1986,  as  amended, reformed or
otherwise  modified  from  time  to  time.

"Commercial  Letter  of  Credit"  means a trade or commercial Facility Letter of
Credit  issued  by  an  Issuer  pursuant  to  Section  2.19  hereof.
                                              -------------

"Commitment" means, for each Lender, the obligation of such Lender to make Loans
(other  than Swing Line Loans) and participate in Facility Letters of Credit not
exceeding  the  amount  set  forth  in Schedule 1 hereto and as set forth in any
Notice  of  Assignment  relating  to  any  assignment which has become effective
pursuant  to  Section  12.3.2,  as such amount may be modified from time to time
              ---------------
pursuant  to  the  terms  hereof.

"Competitive  Bid  Advance"  means  a  borrowing  hereunder  consisting  of  the
aggregate amount of the several Competitive Bid Loans made by some or all of the
Lenders  to  the  Borrower  at  the  same time and for the same Interest Period.

"Competitive  Bid  Borrowing  Notice"  is  defined  in  Section  2.3.6.
                                                        --------------

"Competitive  Bid  Loan"  means  a  Eurodollar Bid Rate Loan or an Absolute Rate
Loan,  or  both,  as  the  case  may  be.

"Competitive  Bid  Margin"  means  the  margin  above  or  below  the applicable
Eurodollar  Base  Rate  offered  for  a Eurodollar Bid Rate Loan, expressed as a
percentage  (rounded  to the nearest 1/100 of 1%) to be added or subtracted from
such  Eurodollar  Base  Rate.

"Competitive  Bid  Note"  means  a  promissory note in substantially the form of
Exhibit  B  hereto,  with appropriate insertions, duly executed and delivered to
----------
the Administrative Agent by the Borrower for the account of a Lender and payable
to  the  order of such Lender, including any amendment, modification, renewal or
replacement  of  such  promissory  note.

"Competitive  Bid Quote" means a Competitive Bid Quote substantially in the form
of  Exhibit  E  hereto completed and delivered by a Lender to the Administrative
    ----------
Agent  in  accordance  with  Section  2.3.4.
                             --------------

"Competitive  Bid  Quote  Request"  means  a  Competitive  Bid  Quote  Request
substantially  in  the  form  of Exhibit C hereto completed and delivered by the
                                 ---------
Borrower  to  the  Administrative  Agent  in  accordance  with  Section  2.3.2.
                                                                --------------

<PAGE>

"Condemnation"  is  defined  in  Section  7.8.
                                 ------------

"Consolidated"  or  "consolidated",  when  used  in  connection  with  any
calculation,  means  a  calculation to be determined on a consolidated basis for
the  Borrower  and  its  Subsidiaries  in  accordance  with Agreement Accounting
Principles.

"Consolidated  Interest  Expense"  means,  with  respect  to any period, the sum
(without  duplication)  of (i) Consolidated interest expense of the Borrower and
its  Consolidated  Subsidiaries  for  such  period before the effect of interest
income,  as  reflected on the Consolidated statements of income for the Borrower
and  its  Consolidated  Subsidiaries  for  such  period,  and  (ii) Consolidated
interest,  yield  or  discount  accrued  during  such  period  on  the aggregate
outstanding  investment  or  claim  held  by  purchasers,  assignees  or  other
transferees  of  (or  of  interests  in)  receivables  of  the  Borrower and its
Consolidated  Subsidiaries  in  connection  with a revolving Accounts Receivable
Financing  Program  (regardless  of  the  accounting  treatment of such Accounts
Receivable  Financing  Program).

"Consolidated  Person"  means,  for  the  taxable year of reference, each Person
which  is  a  member  of  the  affiliated  group of the Borrower if Consolidated
returns  are  or shall be filed for such affiliated group for federal income tax
purposes  or any combined or unitary group of which the Borrower is a member for
state  income  tax  purposes.

"Contingent  Obligation"  of  a  Person  means  any  agreement,  undertaking  or
arrangement  by  which  such  Person assumes, guarantees, endorses, contingently
agrees  to purchase or provide funds for the payment of, or otherwise becomes or
is contingently liable upon, the obligation or liability of any other Person, or
agrees to maintain the net worth or working capital or other financial condition
of  any  other  Person,  or  otherwise assures any creditor of such other Person
against  loss,  including,  without  limitation,  any  comfort letter, operating
agreement  or  take-or-pay  contract  or  application  for  a  Letter of Credit.

"Controlled  Group"  means all members of a controlled group of corporations and
all  trades  or  businesses  (whether  or not incorporated) under common control
which,  together  with the Borrower or any of its Subsidiaries, are treated as a
single  employer  under  Section  414  of  the  Code.

"Conversion/Continuation  Notice"  is  defined  in  Section  2.9.
                                                    ------------

"Default"  means  an  event  described  in  Article  VII.
                                            ------------

"EBIT"  means,  for  any  applicable  computation  period,  the  Borrower's  and
Subsidiaries' Net Income on a consolidated basis, plus (a) consolidated federal,
                                                  ----
state, local and foreign income and franchise taxes  paid or accrued during such
period  and  (b)  Consolidated Interest Expense for such period, minus (or plus)
                                                                 -----     ----
equity  earnings  (or  losses)  during  such  period  attributable  to  equity
investments  by  the Borrower and its Subsidiaries in the capital stock or other
equity  interests  in  any  Person  which  is  not a Subsidiary (other than Vail
Resorts,  Inc.).

"Environmental  Claims"  means  all  claims,  investigations,  litigation,
administrative  proceedings,  notices, requests for information, whether pending
or  threatened,  or  judgements or orders, however asserted, by any Governmental
Authority or other Person alleging potential liability or responsibility for any
violation  of  any  Environmental  Laws,  or  for  any  Release or injury to the
environment.

<PAGE>

"Environmental  Laws"  means all federal, state and local laws, statutes, common
law  duties,  rules,  regulations,  ordinances  and  codes,  together  with  all
administrative  orders,  direct  duties,  requests,  licenses,  approvals,
certificates,  decrees,  standards,  permits  and  other  authorizations of, and
agreements  with,  any  Governmental  Authority,  in  each  case  relating  to
environmental,  health,  safety  and  land  use  matters,  including  without
limitations,  chemical  substances,  air  emissions, effluent discharges and the
storage,  treatment,  transport  and  disposal  of  Hazardous  Materials.

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

"Eurodollar Advance" means a Eurodollar Bid Rate Advance or a Eurodollar Ratable
Advance,  or  both,  as  the  case  may  be.

"Eurodollar  Auction"  means  a  solicitation  of Competitive Bid Quotes setting
forth  Eurodollar  Bid  Rates  pursuant  to  Section  2.3.
                                             ------------

"Eurodollar  Base  Rate"  means,  with  respect  to a Eurodollar Advance for the
relevant Eurodollar Interest Period, the applicable British Bankers' Association
Interest  Settlement  Rate  for  deposits in U.S. dollars appearing on Bloomberg
Screen  BBAM as of 11:00 a.m. (London time) two Business Days prior to the first
day  of  such  Eurodollar  Interest  Period, and having a maturity equal to such
Eurodollar  Interest  Period, provided that, (i) if Bloomberg Screen BBAM is not
                              --------
available  to the Administrative Agent for any reason, the applicable Eurodollar
Base  Rate  for  the  relevant  Eurodollar  Interest Period shall instead be the
applicable British Bankers' Association Interest Settlement Rate for deposits in
U.S. dollars as reported by any other generally recognized financial information
service  as of 11:00 a.m. (London time) two Business Days prior to the first day
of  such  Eurodollar  Interest  Period,  and  having  a  maturity  equal to such
Eurodollar  Interest  Period,  and  (ii) if no such British Bankers' Association
Interest  Settlement  Rate  is  available  to  the  Administrative  Agent,  the
applicable  Eurodollar  Base  Rate  for  the relevant Eurodollar Interest Period
shall  instead by the rate determined by the Administrative Agent to be the rate
at which Bank One or one of its Affiliate banks offers to place deposits in U.S.
dollars  with  first-class banks in the London interbank market at approximately
11:00  a.m.  (London  time)  two  Business  Days  prior to the first day of such
Eurodollar  Interest  Period,  in  the approximate amount of Bank One's relevant
Eurodollar  Loan and having a maturity equal to such Eurodollar Interest Period.

"Eurodollar  Bid Rate" means, with respect to a Eurodollar Bid Rate Loan made by
a  given  Lender for the relevant Eurodollar Interest Period, the sum of (a) the
Eurodollar  Base  Rate and (b) the Competitive Bid Margin offered by such Lender
and  accepted  by  the  Borrower.

"Eurodollar  Bid  Rate  Advance"  means  a  Competitive  Bid Advance which bears
interest  at  a  Eurodollar  Bid  Rate.

"Eurodollar  Bid  Rate Loan" means a Loan which bears interest at the Eurodollar
Bid  Rate.

"Eurodollar Interest Period" means, with respect to a Eurodollar Ratable Advance
or  a  Eurodollar Bid Rate Advance, a period of seven days or one, two, three or
six  months  commencing  on  a Business Day selected by the Borrower pursuant to
this  Agreement.  A  Eurodollar Interest Period of one, two, three or six months
shall  end  on  (but exclude) the day which corresponds numerically to such date
one, two, three or six months thereafter; provided, however, that if there is no
                                          --------  -------
such  numerically  corresponding  day  in  such  next,  second,  third  or sixth
succeeding month, such Eurodollar Interest Period shall end on the last Business
Day  of  such  next,  second,  third or sixth succeeding month.  If a Eurodollar
Interest  Period  would otherwise end on a day which is not a Business Day, such
Eurodollar  Interest  Period  shall  end  on  the  next succeeding Business Day;

<PAGE>

provided, however, that if, with respect to a Eurodollar Interest Period of one,
--------  -------
two,  three  or  six  months,  said  next succeeding Business Day falls in a new
month,  such  Eurodollar  Interest Period shall end on the immediately preceding
Business  Day.

"Eurodollar  Loan"  means a Eurodollar Ratable Loan or Eurodollar Bid Rate Loan,
or  both,  as  the  case  may  be.

"Eurodollar  Ratable  Advance"  means  an  Advance  which  bears  interest  at a
Eurodollar  Rate  requested  by  the  Borrower  pursuant  to  Section  2.2.3.
                                                              --------------

"Eurodollar  Ratable  Loan"  means  a Loan requested by the Borrower pursuant to
Section  2.2.3  which  bears  interest  at  a  Eurodollar  Rate.
--------------

"Eurodollar  Rate"  means,  with respect to a Eurodollar Ratable Advance for the
relevant  Eurodollar  Interest  Period,  the  sum of (a) the quotient of (i) the
Eurodollar  Base  Rate applicable to such Eurodollar Interest Period, divided by
(ii)  one  minus  the Reserve Requirement (expressed as a decimal) applicable to
such  Eurodollar Interest Period, plus (b) the Applicable Eurodollar Margin plus
(c)  only in the case of Eurodollar Ratable Advances having a seven day Interest
Period, .125%.  The Eurodollar Rate shall be rounded to the next higher multiple
of  1/16  of  1%  if  the  rate  is  not  such  a  multiple.

"Existing  Credit Agreements" means (a) that certain credit agreement among Bank
One,  as  agent, the financial institutions party thereto, and Ralcorp Holdings,
Inc.  dated  as  of  April  28,  1999,  as  amended  and (b) that certain credit
agreement  among  Bank  One, as agent, the financial institutions party thereto,
and  Ralcorp  Holdings,  Inc.,  dated  as  of  July  10,  2000,  as  amended.

"Facility  Letter of Credit" means a Letter of Credit issued pursuant to Section
                                                                         -------
2.19.
----

"Facility  Letter  of  Credit Obligations" means as at the time of determination
thereof,  the  sum of (a) the Reimbursement Obligations then outstanding and (b)
the  aggregate then undrawn face amount of the then outstanding Facility Letters
of  Credit.

"Facility  Letter  of Credit Sublimit" means an aggregate amount of $20,000,000.

"Facility Termination Date" means October 16, 2004, as such date may be extended
pursuant  to  Section  2.20.
              -------------

"Federal  Funds  Effective  Rate" means, for any day, an interest 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 for such day (or, if such day is not a
Business Day, for the immediately preceding Business Day) by the Federal Reserve
Bank  of  New  York, or, if such rate is not so published for any day which is a
Business  Day,  the  average of the quotations at approximately 10 a.m. (Chicago
time) on such day on such transactions received by the Administrative Agent from
three  federal  funds  brokers  of  recognized  standing  selected  by  the
Administrative  Agent  in  its  sole  discretion.

"Financial  Statements"  is  defined  in  Section  5.5.
                                          ------------

"Fiscal  Quarter"  means  one  of  the  four  three-month  accounting  periods
comprising  a  Fiscal  Year.

<PAGE>

"Fiscal  Year"  means  the twelve-month accounting period ending September 30 of
each  year.

"Governmental Authority" means any government (foreign or domestic) or any state
or  other  political  subdivision  thereof  or  any  governmental  body, agency,
authority,  department  or  commission  (including without limitation any taxing
authority  or  political  subdivision) or any instrumentality or officer thereof
(including  without  limitation  any  court  or  tribunal) exercising executive,
legislative,  judicial,  regulatory or administrative functions of or pertaining
to  government  and  any  corporation,  partnership  or other entity directly or
indirectly  owned  or  controlled  by  or  subject  to the control of any of the
foregoing.

"Guarantors"  means  Bremner,  Inc.,  Cascade Cookie Company, Inc., Flavor House
Products,  Inc., Nutcracker Brands, Inc., RH Financial Corporation, Ripon Foods,
Inc.,  Sugar  Kake  Cookie  Inc.,  The  Red  Wing  Company,  Inc., The Torbitt &
Castleman Company, LLC, Heritage Wafers, LLC, The Carriage House Companies, Inc.
and  each  other  Material  Subsidiary.

"Hazardous  Materials" means any toxic or hazardous waste, substance or chemical
or  any pollutant, contaminant, chemical or other substance defined or regulated
pursuant  to  any  Environmental  Laws, including, without limitation, asbestos,
petroleum  or  crude  oil.

"Indebtedness"  of  a  Person  means  such Person's (a) obligations for borrowed
money,  (b)  obligations representing the deferred purchase price of Property or
services  (other  than  accounts  payable arising in the ordinary course of such
Person's  business  payable  on  terms customary in the trade), (c) obligations,
whether  or  not  assumed,  secured  by  Liens or payable out of the proceeds or
production  from Property now or hereafter owned or acquired by such Person, (d)
obligations  which  are evidenced by notes, acceptances, or similar instruments,
(e)  Capitalized Lease Obligations, (f) Rate Hedging Obligations, (g) Contingent
Obligations,  (h)  obligations for which such Person is obligated pursuant to or
in  respect  of  a  Facility  Letter  of Credit and the face amount of any other
Letter  of  Credit,  (i)  obligations under so-called "synthetic leases" and (j)
repurchase obligations or liabilities of such Person with respect to accounts or
notes  receivable  sold  by  such  Person.

"Initial  Lender"  means  any  Lender  as  of  the  date  hereof.

"Interest Expense Coverage Ratio" means for any applicable computation period of
the  Borrower, the ratio of EBIT to the Borrower's Consolidated Interest Expense
for  such  period,  all  as  determined  in accordance with Agreement Accounting
Principles.

"Interest  Period"  means  a  Eurodollar  Interest  Period  or  an Absolute Rate
Interest  Period.  Notwithstanding  the  foregoing, each Swing Line Loan bearing
interest  at  the  Alternate Swing Line Rate shall be deemed to have an Interest
Period  of  from  one  to seven days as agreed upon between the Borrower and the
Swing  Line  Lender.

"Investment"  of a Person means any loan, advance (other than commission, travel
and  similar  advances  to officers and employees made in the ordinary course of
business),  extension  of  credit (other than accounts receivable arising in the
ordinary course of business on terms customary in the trade), deposit account or
contribution of capital by such Person to any other Person or any investment in,
or  purchase  or  other acquisition of, the stock, partnership interests, notes,
debentures  or  other  securities  of  any  other  Person  made  by such Person.

"Invitation  for Competitive Bid Quotes" means an Invitation for Competitive Bid
Quotes substantially in the form of Exhibit D hereto, completed and delivered by
                                    ---------
the  Administrative  Agent  to  the  Lenders  in  accordance with Section 2.3.3.
                                                                  -------------

<PAGE>

"Issuance  Request"  is  defined  in  Section  2.19.4.
                                      ---------------

"Issuer"  means  Bank  One.

"Lenders"  means  the lending institutions listed on the signature pages of this
Agreement  and  their  respective  successors  and  assigns.

"Lending  Installation"  means,  with  respect to a Lender or the Administrative
Agent,  any  office,  branch,  subsidiary  or  affiliate  of  such Lender or the
Administrative  Agent.

"Letter  of  Credit"  of a Person means a letter of credit or similar instrument
which is issued upon the application of such Person or upon which such Person is
an  account  party  or  for  which  such  Person  is  in  any  way  liable.

"Letter  of  Credit  Cash  Collateral  Account" is defined in Section 8.1.  Such
                                                              -----------
account and the related cash collateralization shall be subject to documentation
satisfactory  to  the  Administrative  Agent.

"Leverage  Ratio"  means,  with  respect to the Borrower on a consolidated basis
with  its Subsidiaries, at the end of any Fiscal Quarter, the ratio of (a) Total
Debt  at  the  end  of  such  Fiscal Quarter to (b) Adjusted EBITDA for the four
Fiscal  Quarters  then  ending.

"Lien" means any security interest, lien (statutory or other), mortgage, pledge,
hypothecation,  assignment,  deposit  arrangement,  encumbrance  or  preference,
priority  or other security agreement or preferential arrangement of any kind or
nature  whatsoever  (including,  without limitation, the interest of a vendor or
lessor  under  any  conditional sale, Capitalized Lease or other title retention
agreement).

"Loan" means, with respect to a Lender, such Lender's portion of any Advance and
"Loans"  means, with respect to the Lenders, the aggregate of all Advances.  The
terms  "Loan"  and  "Loans"  shall  also  include  any  Swing  Line  Loans.

"Loan  Documents"  means this Agreement, the Notes, the Subsidiary Guaranty, the
Reimbursement  Agreements  and  the  other documents and agreements contemplated
hereby  and executed by the Borrower in favor of the Administrative Agent or any
Lender.

"Margin  Stock"  has  the meaning assigned to that term under Regulation U.

"Material  Adverse  Effect"  means  a  material  adverse  effect  on  (a)  the
business,  Property, condition (financial or other) and results of operations of
the  Borrower  and  its  Subsidiaries  taken  as a whole, (b) the ability of the
Borrower  to  perform  its  obligations  under  the  Loan  Documents, or (c) the
validity  or  enforceability  of  any  of  the  Loan  Documents or the rights or
remedies  of  the  Administrative  Agent  or  the  Lenders  thereunder.

"Material  Subsidiary"  means  a  Subsidiary of the Borrower organized under the
laws  of  a jurisdiction located within the United States and at any time having
assets  with  a  fair  market value in excess of $10,000,000; provided, however,
that any special purpose Subsidiary established for the purpose of entering into
the  Accounts  Receivable  Financing Program shall not be a Material Subsidiary.

"Moody's"  means  Moody's  Investor  Services,  Inc.

"Multiemployer  Plan"  means  an  employee  pension  benefit plan, as defined in
section  3(2) of ERISA, maintained pursuant to a collective bargaining agreement
or  any  other arrangement to which the Borrower or any member of the Controlled
Group is a party to which more than one employer outside of the Controlled Group
is  obligated  to  make  contributions.

<PAGE>

"Net  Income"  means,  for  any  computation  period,  with  respect  to  the
Borrower  on  a  consolidated  basis  with  its  Subsidiaries  (other  than  any
Subsidiary  which  is restricted from declaring or paying dividends or otherwise
advancing  funds to its parent whether by contract or otherwise), cumulative net
income  earned  during  such  period  as determined in accordance with Agreement
Accounting Principles, but (i) excluding any non-cash charges or gains which are
unusual,  non-recurring  or  extraordinary and (ii) including, to the extent not
otherwise  included  in  the determination of Net Income, all cash dividends and
cash distributions received by the Borrower or any Subsidiary from any Person in
which the Borrower or such Subsidiary has made an Investment pursuant to Section
                                                                         -------
6.15(j).
-------

"Net  Worth"  means  at any date the consolidated common stockholders' equity of
the  Borrower  and  its  consolidated Subsidiaries determined in accordance with
Agreement  Accounting  Principles.

"Notes"  means,  collectively,  the Competitive Bid Notes, the Ratable Notes and
the  Swing  Line  Note;  and  "Note"  means  any  one  of  the  Notes.

"Notice  of  Assignment"  is  defined  in  Section  12.3.2.
                                           ---------------

"Obligations" means all unpaid principal of and accrued and unpaid interest
on  the  Notes,  the  Facility  Letter  of  Credit  Obligations  and  all  other
liabilities (if any), whether actual or contingent, of the Borrower with respect
to  Facility  Letters  of  Credit, all accrued and unpaid fees and all expenses,
reimbursements, indemnities and other obligations of the Borrower to the Lenders
or  to  any  Lender, the Administrative Agent or any indemnified party hereunder
arising  under  any  of  the  Loan  Documents.

"Participants"  is  defined  in  Section  12.2.1.
                                 ---------------
"Payment Date" means the last day of each March, June, September and December.

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

"Permitted  Purchase"  means  an  acquisition permitted by Section 6.15(m).
                                                           ---------------

"Person"  means  any  natural  person,  corporation,  firm,  joint enture,
partnership,  association, enterprise, limited liability company, trust or other
entity  or  organization,  or  any  government  or  political subdivision or any
agency,  department  or  instrumentality  thereof.

"Plan"  means  an  employee  pension benefit plan, as defined in Section 3(2) of
ERISA,  as  to which the Borrower or any member of the Controlled Group may have
any  liability.

"Prime  Rate"  means  a  rate  per  annum  equal  to  the prime rate of interest
announced  from time to time by Bank One or its parent (which is not necessarily
the  lowest  rate charged to any customer), changing when and as said prime rate
changes.

"Property"  of  a  Person  means  any  and all property, whether real, personal,
tangible, intangible, or mixed, of such Person, or other assets owned, leased or
operated  by  such  Person.

"pro-rata"  means,  when  used  with  respect  to  a  Lender,  and any described
aggregate  or  total  amount, an amount equal to such Lender's pro-rata share or
portion  based on its percentage of the Aggregate Commitment or if the Aggregate
Commitment has been terminated, its percentage of the aggregate principal amount
of  outstanding  Advances  and  Facility  Letter  of  Credit  Obligations.

<PAGE>

"Purchase"  means  any  transaction,  or  any  series  of  related transactions,
consummated on or after the date of this Agreement, by which the Borrower or any
of  its  Subsidiaries  (a) acquires any ongoing business or all or substantially
all  of  the  assets  of  any  firm, corporation or division or line of business
thereof,  whether  through  purchase  of  assets,  merger  or  otherwise, or (b)
directly  or  indirectly  acquires  (in  one  transaction  or as the most recent
transaction  in  a  series  of  transactions)  at least a majority (in number of
votes)  of  the securities of a corporation which have ordinary voting power for
the  election  of  directors  (other  than  securities having such power only by
reason of the happening of a contingency) or a majority (by percentage or voting
power)  of  the  outstanding  partnership  interests  of  a  partnership.

"Purchasers"  is  defined  in  Section  12.3.1.
                               ---------------

"Ralston Obligations" means the indemnification obligations of the Borrower
existing  on  the date hereof in favor of Ralston Purina Company with respect to
its  guaranty  of  the  obligations  of  Ralston  Resorts, Inc. under the Sports
Facilities  Refunding  Revenue  Bonds  identified  on  Schedule  5.8.
                                                       -------------

"Ratable Advance" means a borrowing hereunder consisting of the aggregate amount
of  the  several  Ratable  Loans made by the Lenders to the Borrower at the same
time,  of  the  same  Type  and  for  the  same  Interest  Period.

"Ratable  Borrowing  Notice"  is  defined  in  Section  2.2.3.
                                               --------------
"Ratable  Loan"  means  a  Loan made by a Lender pursuant to Section 2.2 hereof.
                                                             -----------

"Ratable  Note"  means  a promissory note in substantially the form of Exhibit A
                                                                       ---------
hereto,  duly executed and delivered to the Administrative Agent by the Borrower
for  the  account  of  each  Lender  and payable to the order of a Lender in the
amount  of  its  Commitment,  including  any amendment, modification, renewal or
replacement  of  such  promissory  note.

"Rate  Hedging  Obligations"  of  a Person means any and all obligations of such
Person,  whether  absolute  or  contingent and howsoever and whensoever created,
arising,  evidenced  or  acquired  (including  all  renewals,  extensions  and
modifications  thereof  and  substitutions  therefor),  under  (a)  any  and all
agreements,  devices  or  arrangements  designed  to protect at least one of the
parties  thereto  from  the  fluctuations  of  interest rates, exchange rates or
forward  rates  applicable  to  such  party's  assets,  liabilities  or exchange
transactions,  including,  but  not  limited  to,  dollar-denominated  or
cross-currency  interest  rate exchange agreements, interest rate swaps, forward
currency exchange agreements, interest rate cap or collar protection agreements,
forward  rate  currency or interest rate options, puts and warrants, and (b) any
and  all  cancellations, buybacks, reversals, terminations or assignments of any
of  the  foregoing.

"Regulation  D"  means  Regulation  D  of  the Board of Governors of the Federal
Reserve System as from time to time in effect and any successor thereto or other
regulation  or  official  interpretation  of said Board of Governors relating to
reserve  requirements  applicable to member banks of the Federal Reserve System.

"Regulation  T"  means  Regulation  T  of  the Board of Governors of the Federal
Reserve System as from time to time in effect and shall include any successor or
other  regulation or official interpretation of such Board of Governors relating
to  the extension of credit by securities brokers and dealers for the purpose of
purchasing  or  carrying  margin  stocks  applicable  to  such  Persons.

"Regulation  U"  means  Regulation  U  of  the Board of Governors of the Federal
Reserve  System  as  from  time  to  time  in  effect and any successor or other
regulation or official interpretation of said Board of Governors relating to the
extension  of  credit  by banks for the purpose of purchasing or carrying margin
stocks  applicable  to  such  Persons.

<PAGE>

"Regulation  X"  means  Regulation  X  of  the Board of Governors of the Federal
Reserve System as from time to time in effect and shall include any successor or
other  regulation or official interpretation of said Board of Governors relating
to  the  extension  of  credit  by  the  specified  lenders  for  the purpose of
purchasing  or  carrying  margin  stocks  applicable  to  such  Persons.

"Reimbursement Agreement" means a letter of credit application and reimbursement
agreement  in  such  form  as  the  Issuer  may  from time to time employ in the
ordinary  course  of  business.

"Reimbursement  Obligations"  means,  at  any  time,  the  aggregate  (without
duplication)  of  the  Obligations  of  the  Borrower to the Lenders, the Issuer
and/or  the  Administrative  Agent  in  respect  of all unreimbursed payments or
disbursements  made  by  the Lenders, the Issuer and/or the Administrative Agent
under  or  in  respect  of  draws  made  under  the  Facility Letters of Credit.

"Release"  is  defined in the Comprehensive Environmental Response, Compensation
and  Liability  Act,  as  amended,  42  U.S.C.  39601  et  seq.
                                                       --  ---

"Rentals"  of  a Person means the aggregate fixed amounts payable by such Person
under  any  operating  lease  of  Property.

"Reportable  Event" means a reportable event as defined in Section 4043 of ERISA
and  the  regulations  issued  under  such  section,  with  respect  to  a Plan,
excluding,  however,  such  events as to which the PBGC has by regulation waived
the  requirement  of Section 4043(a) of ERISA that it be notified within 30 days
of  the  occurrence  of such event; provided, that a failure to meet the minimum
                                    --------
funding standard of Section 412 of the Code and of Section 302 of ERISA shall be
a  Reportable  Event regardless of the issuance of any such waiver of the notice
requirement in accordance with either Section 4043(a) of ERISA or Section 412(d)
of  the  Code.

"Required  Lenders"  means  Lenders  in the aggregate having at least 51% of the
Aggregate Commitment or, if the Aggregate Commitment has been terminated, 51% of
the  sum  of  (a) the aggregate unpaid principal amount of the outstanding Loans
plus  (b)  the  aggregate  amount  of  the outstanding Facility Letter of Credit
Obligations.

"Reserve  Requirement"  means,  with  respect to an Interest Period, the maximum
aggregate  reserve  requirement (including all basic, supplemental, marginal and
other reserves) which is imposed under Regulation D on Eurocurrency liabilities.

"Risk-Based  Capital  Guidelines"  is  defined  in  Section  3.2.
                                                    ------------
"S&P"  means  Standard  &  Poor's  Ratings  Group, a division of the McGraw-Hill
Companies.

"Section" means a numbered section of this Agreement, unless another document is
specifically  referenced.

"Single  Employer  Plan" means a Plan subject to Title IV of ERISA maintained by
the Borrower or any member of the Controlled Group for employees of the Borrower
or  any  member  of  the  Controlled  Group,  other  than  a Multiemployer Plan.

"Solvent"  means, when used with respect to a Person, that (a) the fair saleable
value  of  the  assets  of  such  Person is in excess of the total amount of the
present  value of its liabilities (including for purposes of this definition all
liabilities  (including  loss reserves as determined by such Person), whether or
not  reflected  on  a  balance  sheet  prepared  in  accordance  with  Agreement
Accounting  Principles  and  whether  direct  or  indirect, fixed or contingent,
secured  or  unsecured,  disputed or undisputed), (b) such Person is able to pay
its  debts  or  obligations  in  the ordinary course as they mature and (c) such
Person  does  not  have  unreasonably small capital to carry out its business as
conducted  and as proposed to be conducted.  "Solvency" shall have a correlative
meaning.

<PAGE>

"Standby  Letter  of  Credit"  means  a Facility Letter of Credit which is not a
Commercial  Letter  of  Credit.

"Subordinated  Indebtedness"  of  a Person means any Indebtedness of such Person
the  payment  of  which  is  subordinated  to  payment of the Obligations to the
written  satisfaction  of  the  Administrative  Agent.

"Subsidiary"  of  a  Person  means  (a)  any  corporation  more  than 50% of the
outstanding  securities  having ordinary voting power of which shall at the time
be owned or controlled, directly or indirectly, by such Person or by one or more
of  its  Subsidiaries  or by such Person and one or more of its Subsidiaries, or
(b)  any  partnership, association, joint venture, limited liability company  or
similar  business  organization  more than 50% of the ownership interests having
ordinary  voting  power  of  which  shall at the time be so owned or controlled.
Unless  otherwise  expressly  provided,  all references herein to a "Subsidiary"
shall  mean  a  Subsidiary  of  the  Borrower.

"Subsidiary  Guaranty" means that certain Guaranty, dated as of the date hereof,
duly  executed  and  delivered  by the Guarantors in favor of the Administrative
Agent,  on  behalf  of  the Lenders, as the same may be amended, supplemented or
otherwise  modified  from  time  to  time.

"Substantial  Portion"  means,  with respect to the Property of the Borrower and
its  Subsidiaries,  Property  which  (a)  represents  more  than  15%  of  the
consolidated  tangible  assets of the Borrower and its Subsidiaries, as would be
shown  in  the  consolidated  financial  statements  of  the  Borrower  and  its
Subsidiaries  as  at  the  end  of the Fiscal Quarter next preceding the date on
which  such determination is made, or (b) is responsible for more than 5% of the
consolidated  Net  Income  from  continuing  operations  of the Borrower and its
Subsidiaries  for the 12-month period ending as of the end of the Fiscal Quarter
next  preceding  the  date  of  determination.

"Swing Line Lender" means Bank One or any other Lender as a successor Swing Line
Lender.

"Swing  Line  Commitment"  means the obligation of the Swing Line Lender to make
Swing  Line  Loans  hereunder in an aggregate amount at any one time outstanding
not  to  exceed  $10,000,000.  The  Swing Line Commitment will automatically and
permanently  terminate  on  the  Facility  Termination  Date.
"Swing Line Loan" means a Loan made by the Swing Line Lender pursuant to Section
                                                                         -------
2.4.
---

"Swing Line Note" means a promissory note substantially in the form of Exhibit F
                                                                       ---------
hereto,  duly executed and delivered to the Administrative Agent by the Borrower
and  payable  to  the  order of the Swing Line Lender in the amount of its Swing
Line  Commitment,  including any amendment, modification, renewal or replacement
of  such  promissory  note.

"Termination  Event"  means, with respect to a Plan which is subject to Title IV
of  ERISA,  (a)  a  Reportable  Event, (b) the withdrawal of the Borrower or any
other  member of the Controlled Group from such Plan during a plan year in which
the  Borrower  or  any  other  member of the Controlled Group was a "substantial
employer"  as  defined  in  Section 4001(a)(2) of ERISA or was deemed such under
Section  4068(f)  of  ERISA,  (c)  the termination of such Plan, the filing of a
notice of intent to terminate such Plan or the treatment of an amendment of such
Plan  as  a  termination under Section 4041 of ERISA, (d) the institution by the
PBGC  of  proceedings to terminate such Plan or (e) any event or condition which
might  constitute grounds under Section 4042 of ERISA for the termination of, or
appointment  of  a  trustee  to  administer,  such  Plan.

"Thomson"  means  Thomson  BankWatch  Inc.

<PAGE>

"Total  Debt"  means  (a)  all  Indebtedness  of  the  Borrower  and  its
Subsidiaries,  on a consolidated basis, reflected on a balance sheet prepared in
accordance  with  Agreement Accounting Principles, plus, without duplication (b)
                                                   ----
the  face  amount  of  all outstanding Letters of Credit in respect of which the
Borrower  or  any  Subsidiary has any reimbursement obligation and the principal
amount  of all Contingent Obligations of the Borrower and its Subsidiaries, plus
                                                                            ----
(c)  the  aggregate  principal  amount  of all Indebtedness of a special purpose
Subsidiary  of  the  Borrower  formed  in  connection  with the sale of accounts
receivable  and  other  forms  of  off-balance sheet financing, minus (d) to the
                                                                -----
extent  included in clause (b) above, (i) up to $15,000,000 in aggregate face or
principal  amount  of  surety  bonds  and Letters of Credit relating to workers'
compensation  and  similar  benefits  and  (ii)  the  Ralston  Obligations.

"Transferee"  is  defined  in  Section  12.4.
                               -------------

"Type"  means, with respect to any Advance, its nature as an Alternate Base Rate
Advance,  Eurodollar  Advance  or  Absolute  Rate  Advance.

"UCC"  means  the Illinois Uniform Commercial Code as amended or modified and in
effect  from  time  to  time.

"Unfunded Liability" means the amount (if any) by which the present value of all
vested  and  unvested  accrued benefits under a Single Employer Plan exceeds the
fair market value of assets allocable to such benefits, all determined as of the
then  most recent valuation date for such Plans using PBGC actuarial assumptions
for  single  employer  plan  terminations.

"Unmatured Default" means an event which but for the lapse of time or the giving
of  notice,  or  both,  would  constitute  a  Default.

"Unrefunded  Swing  Line  Loans"  is  defined  in  Section  2.4(d).
                                                   ---------------

"Wholly-Owned  Subsidiary"  of  a  Person  means  (a)  any Subsidiary all of the
outstanding voting securities of which shall at the time be owned or controlled,
directly  or indirectly, by such Person or one or more Wholly-Owned Subsidiaries
of  such  Person, or by such Person and one or more Wholly-Owned Subsidiaries of
such  Person,  or  (b)  any  partnership,  association,  joint  venture, limited
liability  company  or  similar  business  organization  100%  of  the ownership
interests having ordinary voting power of which shall at the time be so owned or
controlled.

The  foregoing  definitions shall be equally applicable to both the singular and
plural  forms  of  the  defined  terms.

                                   ARTICLE  II

                                  THE FACILITY
                                  ------------

2.1.     The  Facility.
         -------------

2.1.1.   Description  of Facility.  The Lenders hereby establish in favor of the
         ------------------------
Borrower  a  revolving  credit  facility  pursuant  to which, and upon the terms
and  subject  to  the  conditions  herein  set  out:

(a)  each  Lender  severally  agrees  to  make  Ratable  Loans  to  the Borrower
in  accordance with Section 2.2 in amounts not to exceed in the aggregate at any
                    -----------
one time outstanding the amount of its Commitment less the sum of (i) the amount

<PAGE>

of  such  Lender's  pro-rata  share  of  the outstanding principal amount of all
Competitive  Bid  Advances  (regardless  of  which  Lender  or Lenders made such
Competitive  Bid  Advances)  exclusive  of Competitive Bid Advances being repaid
substantially  contemporaneously with the making of any such Ratable Loans, plus
                                                                            ----
(ii)  the  amount  of  such Lender's pro-rata share of the outstanding principal
amount  of  all  Swing  Line  Loans  exclusive  of Swing Line Loans being repaid
substantially  contemporaneously with the making of any such Ratable Loans, plus
                                                                            ----
(iii)  the  amount  of  such Lender's pro-rata share of the outstanding Facility
Letter  of Credit Obligations exclusive of Facility Letter of Credit Obligations
being repaid substantially contemporaneously with the making of any such Ratable
Loans;

(b)     each  Lender  may, in its sole discretion, make bids to make Competitive
Bid  Loans to the Borrower, and make such Loans, in accordance with Section 2.3;
                                                                    -----------
and

(c)     the Swing Line Lender agrees to make Swing Line Loans to the Borrower in
accordance  with  Section  2.4.
                  ------------

2.1.2.     Facility  Amount.  In  no  event  may the  sum  of  (a) the aggregate
           ----------------
principal  amount  of  all outstanding Advances (including the Ratable Advances,
the  Competitive Bid Advances and the Swing Line Loans) plus (b) the outstanding
                                                        ----
amount of Facility Letter of Credit Obligations at any time exceed the Aggregate
Commitment.  If at any time the aggregate amount of the sum of the Loans and the
Facility  Letter  of  Credit  Obligations  exceeds the Aggregate Commitment, the
Borrower  shall  repay  immediately its then outstanding Loans (first Swing Line
Loans,  then Ratable Loans and then Competitive Bid Loans) in such amount as may
be necessary to eliminate such excess; provided, that if an excess remains after
                                       --------
repayment  of  all outstanding Loans, then the Borrower shall cash collateralize
the  Facility  Letter  of  Credit  Obligations  by depositing into the Letter of
Credit Cash Collateral Account such amount as may be necessary to eliminate such
excess.

2.1.3.     Availability  of  Facility.  Subject  to the terms of this Agreement,
           --------------------------
from  and  including  the  date  hereof  to,  but  not  including  the  Facility
Termination Date the Borrower may borrow, repay and reborrow Advances hereunder.
All outstanding Loans and Advances and all other unpaid Obligations shall be due
and  payable  in  full  by  the  Borrower  on  the  Facility  Termination  Date.

2.2.     Ratable  Advances.
         -----------------

2.2.1.   Ratable  Advances.  Each  Ratable  Advance  hereunder  shall consist of
         -----------------
borrowings  made  from  the several Lenders ratably in proportion to the amounts
of their respective Commitments.  The Borrower's obligation to pay the principal
of,  and  interest  on,  the  Ratable Advances shall be evidenced by the Ratable
Notes.  Although  the  Ratable  Notes  shall  be  dated  the date of the initial
Advance,  interest  in  respect  thereof  shall  be payable only for the periods
during  which  the  Loans  evidenced  thereby  are outstanding and, although the
stated  amount  of  each  Ratable Note shall be equal to the applicable Lender's
Commitment,  each  Ratable  Note  shall  be  enforceable,  with  respect  to the
Borrower's obligation to pay the principal amount thereof, only to the extent of
the  unpaid principal amount of the Ratable Loans at the time evidenced thereby.

<PAGE>

2.2.2     Ratable  Advance  Rate Options.  The Ratable Advances may be Alternate
          ------------------------------
Base  Rate  Advances  or  Eurodollar Ratable Advances, or a combination thereof,
selected  by the Borrower in accordance with Section 2.2.3 or 2.2.4.  No Ratable
                                             -------------    -----
Advance  may  mature after, or have an Interest Period which extends beyond, the
Facility  Termination  Date.

2.2.3.     Method  of Selecting Types and Interest Periods for Ratable Advances.
           --------------------------------------------------------------------
The  Borrower  shall select the Type of each Ratable Advance and, in the case of
each  Eurodollar  Ratable  Advance, the Eurodollar Interest Period applicable to
such  Ratable  Advance  from  time  to  time.  The  Borrower  shall  give  the
Administrative Agent irrevocable notice (a "Ratable Borrowing Notice") not later
                                            ------------------------
than 12:00 noon (Chicago time) on the Borrowing Date of each Alternate Base Rate
Advance  and  three  Business Days before the Borrowing Date for each Eurodollar
Ratable  Advance.  Notwithstanding the foregoing, a Ratable Borrowing Notice for
an  Alternate Base Rate Advance may be given not later than 30 minutes after the
time  which  the  Borrower  is  required  to  reject one or more bids offered in
connection with an Absolute Rate Auction pursuant to Section 2.3.6 and a Ratable
                                                     -------------
Borrowing Notice for a Eurodollar Ratable Advance may be given not later than 30
minutes  after  the  time  the  Borrower  is required to reject one or more bids
offered  in  connection  with a Eurodollar Auction pursuant to Section 2.3.6.  A
                                                               -------------
Ratable  Borrowing  Notice  shall  specify:

(a)     the  Borrowing  Date,  which  shall  be  a Business Day, of such Ratable
Advance;

(b)     the  aggregate  amount of such Ratable Advance, which, when added to all
outstanding  Ratable Advances, Swing Line Loans and Competitive Bid Advances and
after  giving  effect to the repayment of any such outstanding Advances or Loans
out  of  the  proceeds  of  the  requested Ratable Advance, shall not exceed the
Aggregate  Commitment;

(c)     the  Type  of  Advance  selected;  and

(d)     in  the case of each Eurodollar Ratable Advance, the Eurodollar Interest
Period  applicable  thereto  (which  may  not end after the Facility Termination
Date).

2.2.4.     Conversion  and  Continuation  of  Outstanding Ratable Advances.
           ---------------------------------------------------------------
Alternate  Base  Rate  Advances  shall  continue as Alternate Base Rate Advances
unless  and  until  such  Alternate  Base  Rate  Advances  are  converted  into
Eurodollar  Ratable Advances.  Each Eurodollar Ratable Advance shall continue as
a  Eurodollar  Ratable  Advance  until the end of the then applicable Eurodollar
Interest Period therefor, at which time such Eurodollar Ratable Advance shall be
automatically  converted into an Alternate Base Rate Advance unless the Borrower
shall  have  given  the  Administrative  Agent  a Conversion/Continuation Notice
requesting  that, at the end of such Eurodollar Interest Period, such Eurodollar
Ratable Advance continue as a Eurodollar Ratable Advance for the same or another
Eurodollar  Interest  Period.  Subject to the terms of Section 2.7, the Borrower
                                                       -----------
may  elect  from time to time to convert all or any part of a Ratable Advance of
any  Type  into  any  other Type or Types of Ratable Advances; provided that any
                                                               --------
conversion  of any Eurodollar Ratable Advance shall be made on, and only on, the
last  day  of  the  Eurodollar Interest Period applicable thereto.  The Borrower
shall  give  the  Administrative  Agent  irrevocable  notice  (a
"Conversion/Continuation  Notice")  of  each  conversion of a Ratable Advance or
continuation  of a Eurodollar Ratable Advance not later than 10:00 a.m. (Chicago
time)  at  least one Business Day, in the case of a conversion into an Alternate

<PAGE>

Base  Rate Advance, or at least three Business Days, in the case of a conversion
into  or  continuation of a Eurodollar Ratable Advance, prior to the date of the
requested  conversion  or  continuation,  specifying:

(a)     the  requested  date,  which shall be a Business Day, of such conversion
or  continuation;

(b)     the  aggregate  amount  and  Type  of  Ratable  Advance  which  is to be
converted  or  continued;  and

(c)     the  amount  and  Type(s)  of Ratable Advance(s) into which such Ratable
Advance is to be converted or continued and, in the case of a conversion into or
continuation  of  an  Eurodollar Ratable Advance, the duration of the Eurodollar
Interest  Period  applicable  thereto.

2.3.     Competitive  Bid  Advances.
         --------------------------

2.3.1.     Competitive  Bid  Option.  In  addition  to Ratable Advances pursuant
           ------------------------
to  Section  2.2,  but  subject  to  the  terms and conditions of this Agreement
    ------------
(including,  without  limitation,  the  limitation set forth in Section 2.1.2 as
                                                                -------------
as  to  the  maximum  aggregate  principal  amount  of  all outstanding Advances
and  Facility  Letter  of  Credit  Obligations hereunder), prior to the Facility
Termination Date the Borrower may, as set forth in this Section 2.3, request the
                                                        -----------
Lenders  to  make offers to make Competitive Bid Advances to the Borrower.  Each
Lender  may,  but shall have no obligation to, make such offers and the Borrower
may,  but  shall have no obligation to, accept any such offers in the manner set
forth  in  this Section 2.3.  The Borrower's obligation to pay the principal of,
                -----------
and  interest  on,  the  Competitive  Bid  Advances  shall  be  evidenced by the
Competitive  Bid  Notes.  Although  the Competitive Bid Notes shall be dated the
date  of  the initial Advance, interest in respect thereof shall be payable only
for  the periods during which the Loans evidenced thereby are outstanding.  Each
Competitive  Bid Loan shall be repaid in full by the Borrower on the last day of
the  Interest  Period  applicable  thereto.

2.3.2.     Competitive  Bid  Quote Request.  When the Borrower wishes to request
           -------------------------------
offers  to  make Competitive Bid Loans under this Section 2.3, it shall transmit
                                                  -----------
to  the  Administrative  Agent  by  telecopy  a  Competitive  Bid  Quote Request
substantially in the form of Exhibit C hereto so as to be received no later than
                             ---------
(a) 10:00 a.m. (Chicago time) at least five Business Days prior to the Borrowing
Date  proposed  therein,  in  the  case of a Eurodollar Auction or (b) 9:00 a.m.
(Chicago  time)  at  least one Business Day prior to the Borrowing Date proposed
therein,  in  the  case  of  an  Absolute  Rate  Auction  specifying:

(a)     the  proposed  Borrowing  Date,  which  shall be a Business Day, for the
proposed  Competitive  Bid  Advance;

(b)     the  aggregate  principal  amount  of  such  Competitive  Bid  Advance;

(c)     whether  the  Competitive  Bid  Quotes  requested  are  to  set  forth a
Eurodollar  Bid  Rate,  an  Absolute  Rate,  or  both;  and

(d)     the  Interest  Period  applicable  thereto  (which may not end after the
Facility  Termination  Date).

The  Borrower may request offers to make Competitive Bid Loans for more than one
Interest  Period  in a single Competitive Bid Quote Request.  No Competitive Bid

<PAGE>

Quote  Request  shall  be  given within 5 Business Days (or such other number of
days  as  the  Borrower  and  the  Administrative  Agent may agree) of any other
Competitive  Bid  Quote  Request.  A Competitive Bid Quote Request that does not
conform  substantially  to the format of Exhibit C hereto shall be rejected, and
                                         ---------
the Administrative Agent shall promptly notify the Borrower of such rejection by
telecopy.

2.3.3.     Invitation  for  Competitive  Bid  Quotes.  Promptly and in any event
           -----------------------------------------
before  the  close  of  business  on  the  same  Business  Day  of  receipt of a
Competitive  Bid  Quote  Request that is not rejected pursuant to Section 2.3.2,
                                                                  -------------
the  Administrative Agent shall send to each of the Lenders by telex or telecopy
an  Invitation for Competitive Bid Quotes substantially in the form of Exhibit D
                                                                       ---------
hereto,  which  shall constitute an invitation by the Borrower to each Lender to
submit  Competitive  Bid  Quotes  offering  to make the Competitive Bid Loans to
which such Competitive Bid Quote Request relates in accordance with this Section
                                                                         -------
2.3.
---

2.3.4.     Submission  and  Contents  of  Competitive  Bid  Quotes.
           -------------------------------------------------------
(a)     Each  Lender  may,  in  its  sole  discretion,  submit a Competitive Bid
Quote containing an offer or offers to make Competitive Bid Loans in response to
any  Invitation  for  Competitive  Bid  Quotes.  Each Competitive Bid Quote must
comply  with the requirements of this Section 2.3.4 and must be submitted to the
                                      -------------
Administrative  Agent  by  telex  or  telecopy  at  its  offices specified in or
pursuant  to  Article  XIII not later than (i) 9:00 a.m. (Chicago time) at least
four  Business  Days  prior  to  the  proposed  Borrowing Date, in the case of a
Eurodollar  Auction  or  (ii) 9:00 a.m. (Chicago time) on the proposed Borrowing
Date,  in  the  case  of  an  Absolute  Rate  Auction  (or,  in either case upon
reasonable prior notice to the Lenders, such other time and date as the Borrower
and  the  Administrative  Agent may agree); provided that Competitive Bid Quotes
                                            --------
submitted  by Bank One may only be submitted if the Administrative Agent or Bank
One  notifies the Borrower of the terms of the offer or offers contained therein
not  later  than  15  minutes  prior  to  the  latest time at which the relevant
Competitive  Bid  Quotes  must  be  submitted  by the other Lenders.  Subject to
Articles  IV  and  VIII,  any Competitive Bid Quote so made shall be irrevocable
except  with  the  written  consent  of  the  Administrative  Agent given on the
instructions  of  the  Borrower.

(b)     Each Competitive Bid Quote shall be in substantially the form of Exhibit
                                                                         -------
E  hereto  and  shall  in  any  case  specify:
-

(i)     the  proposed  Borrowing Date, which shall be the same as that set forth
in  the  applicable  Invitation  for  Competitive  Bid  Quotes;

(ii)     the  principal  amount  of the Competitive Bid Loan for which each such
offer  is  being made, which principal amount (a) may be greater than, less than
or  equal  to  the  Commitment  of  the  quoting  Lender,  (b)  must be at least
$5,000,000  and  an  integral multiple of $1,000,000, and (c) may not exceed the
principal  amount  of  Competitive  Bid  Loans  for which offers were requested;

(iii)     in  the  case  of  a  Eurodollar  Auction,  the Competitive Bid Margin
offered  for  each  such  Competitive  Bid  Loan;

(iv)     the  minimum  amount,  if any, of the Competitive Bid Loan which may be
accepted  by  the  Borrower;

<PAGE>

(v)     in  the  case of an Absolute Rate Auction, the Absolute Rate offered for
each  such  Competitive  Bid  Loan;  and

(vi)     the  identity  of  the  quoting  Lender.

(c)     The  Administrative  Agent  shall reject any Competitive Bid Quote that:

(i)     is  not  substantially  in  the  form  of  Exhibit  E hereto or does not
                                                   ----------
specify  all  of  the  information  required  by  Section  2.3.4(b);
                                                  -----------------

(ii)     contains  qualifying,  conditional  or similar language, other than any
such  language  contained  in  Exhibit  E  hereto;
                               ----------

(iii)     proposes  terms  other  than  or in addition to those set forth in the
applicable  Invitation  for  Competitive  Bid  Quotes;  or

(iv)     arrives  after  the  time  set  forth  in  Section  2.3.4(a).
                                                    -----------------

If  any  Competitive  Bid  Quote  shall  be  rejected  pursuant  to this Section
                                                                         -------
2.3.4(c),  then  the  Administrative  Agent  shall  promptly notify the relevant
-------
Lender  of  such  rejection.

2.3.5.     Notice  to  Borrower.  The Administrative Agent shall promptly notify
           --------------------
the  Borrower  of  the  terms  (a)  of  any Competitive Bid Quote submitted by a
Lender  that  is in accordance with Section 2.3.4 and (b) of any Competitive Bid
                                    -------------
Quote  that  amends,  modifies  or  is  otherwise  inconsistent  with a previous
Competitive  Bid  Quote  submitted  by  such  Lender  with  respect  to the same
Competitive  Bid Quote Request.  Any such subsequent Competitive Bid Quote shall
be  disregarded  by  the Administrative Agent unless such subsequent Competitive
Bid  Quote specifically states that it is submitted solely to correct a manifest
error  in  such former Competitive Bid Quote.  The Administrative Agent's notice
to  the Borrower shall specify the aggregate principal amount of Competitive Bid
Loans  for which offers have been received for each Interest Period specified in
the  related  Competitive Bid Quote Request and the respective principal amounts
and  Eurodollar  Bid  Rates  or  Absolute Rates, as the case may be, so offered.

2.3.6.     Acceptance  and  Notice  by  Borrower.  Not later than (a) 10:00 a.m.
           -------------------------------------
(Chicago  time)  at  least  three  Business Days prior to the proposed Borrowing
Date,  in  the  case of a Eurodollar Auction or (b) 10:00 a.m. (Chicago time) on
the  proposed  Borrowing  Date,  in the case of an Absolute Rate Auction (or, in
either  case  upon  reasonable  prior notice to the Lenders, such other time and
date as the Borrower and the Administrative Agent may agree), the Borrower shall
notify  the Administrative Agent of its acceptance or rejection of the offers so
notified to it pursuant to Section 2.3.5; provided, however, that the failure by
                           -------------  --------  -------
the  Borrower to give such notice to the Administrative Agent shall be deemed to
be  a  rejection  of all such offers.  In the case of acceptance, such notice (a
"Competitive Bid Borrowing Notice") shall specify the aggregate principal amount
of  offers  for each Interest Period that are accepted.  The Borrower may accept
any  Competitive  Bid Quote in whole or in part (subject to the terms of Section
                                                                         -------
2.3.4(b)(iv));  provided  that:
------------    --------

(a)     the  aggregate  principal amount of each Competitive Bid Advance may not
exceed  the  applicable  amount  set  forth in the related Competitive Bid Quote
Request,

<PAGE>

(b)     acceptance  of  offers  may  only  be  made  on  the  basis of ascending
Eurodollar  Bid  Rates  or  Absolute  Rates,  as  the  case  may  be,  and

(c)     the  Borrower  may  not  accept  any  offer that is described in Section
                                                                         -------
2.3.4(c)  or  that  otherwise  fails  to  comply  with  the requirements of this
-------
Agreement.

2.3.7.     Allocation  by  Administrative  Agent.  If  offers are made by two or
           ------------------------------------
more  Lenders  with  the  same  Eurodollar  Bid  Rates or Absolute Rates, as the
case may be, for a greater aggregate principal amount than the amount in respect
of  which  offers  are  accepted  for the related Interest Period, the principal
amount  of  Competitive  Bid  Loans in respect of which such offers are accepted
shall  be  allocated by the Administrative Agent among such Lenders as nearly as
possible  (in such multiples, not greater than $1,000,000, as the Administrative
Agent  may  deem appropriate) in proportion to the aggregate principal amount of
such  offers;  provided, however, that no Lender shall be allocated a portion of
               --------  -------
any  Competitive  Bid  Advance  which is less than the minimum amount which such
Lender  has  indicated  that  it  is  willing  to  accept.  Allocations  by  the
Administrative Agent of the amounts of Competitive Bid Loans shall be conclusive
in  the absence of manifest error.  The Administrative Agent shall promptly, but
in  any  event  on the same Business Day, notify each Lender of its receipt of a
Competitive  Bid  Borrowing  Notice  and  the aggregate principal amount of such
Competitive  Bid  Advance  allocated  to  each  participating  Lender.

2.4.     Swing  Line  Loans.

(a)     On  the  terms  and  subject  to  the  conditions  and  relying upon the
representations and warranties herein set forth, the Swing Line Lender agrees at
any  time  and  from  time  to  time  from  and including the date hereof to but
excluding  the  earlier  of the Facility Termination Date and the termination of
the  Commitments  or  the  Swing  Line  Commitment, in accordance with the terms
hereof,  to  make  Swing  Line  Loans  to the Borrower in an aggregate principal
amount at any time outstanding not to exceed the lesser of (i) the amount of its
Swing Line Commitment at such time and (ii) an amount equal to (A) the Aggregate
Commitment at such time, minus (B) the sum of the aggregate principal amounts of
                         -----
all  Ratable  Loans,  Competitive  Bid Loans and Swing Line Loans outstanding at
such  time,  minus  (C)  the  aggregate  Facility  Letter  of Credit Obligations
             -----
outstanding  at  such time. The Swing Line Loans shall be made by the Swing Line
Lender,  at  the option of the Borrower, either at the Alternate Base Rate or at
the  Alternate  Swing  Line  Rate.  All  Swing  Line Loans shall be in a minimum
amount  of  $1,000,000  and  in  any  integral multiple of $100,000 if in excess
thereof.  In  no  event  shall  any Swing Line Loan be made hereunder if (i) the
Administrative  Agent  and the Swing Line Lender shall have received notice from
the  Required  Lenders  prior  to  any  such  Swing  Line  Loan that a condition
specified  in  Section 4.1 or 4.2 has not been satisfied and (ii) such condition
               -----------    ---
shall  not  have  been  subsequently  waived  in  compliance  with  Section 8.2.
                                                                    -----------

(b)     The  Borrower  shall  give  the  Swing  Line  Lender (with a copy to the
Administrative  Agent)  telephonic,  written  or telecopy notice (in the case of
telephonic  notice,  such  notice  shall  be promptly confirmed in writing or by
telecopy) not later than noon, Chicago time, on the day of a proposed Swing Line
Loan.  Such  notice  shall  be delivered on a Business Day, shall be irrevocable
and shall refer to this Agreement and shall specify the requested Borrowing Date
(which  shall  be  a  Business  Day)  and  amount  of  such  Swing  Line  Loan.

(c)     The Swing Line Lender shall by 2:00 p.m., Chicago time, on the requested
Borrowing  Date,  make  the requested Swing Line Loan by crediting the principal
amount  thereof,  in immediately available funds, to the account of the Borrower
maintained  with  the  Swing  Line  Lender  or  to  such other account as may be
designated  by  the  Borrower  and  be  acceptable  to  the  Swing  Line Lender.

<PAGE>

(d)     The  Swing Line Loans shall be evidenced by the Swing Line Note and each
Swing  Line  Loan  shall  be  paid in full by the Borrower on the earlier of the
Facility  Termination  Date  and the date five Business Days after the making of
such  Swing  Line  Loan.

(e)     Notwithstanding  the  occurrence  of any Default or Unmatured Default or
noncompliance  with  the conditions precedent set forth in Article IV, if (i) by
                                                           ----------
10:00  a.m. Chicago time on the fourth Business Day following the Borrowing Date
of  any  Swing  Line  Loan  the  Administrative  Agent shall not have received a
Ratable  Borrowing  Notice  delivered  by the Borrower pursuant to Section 2.2.3
                                                                   -------------
requesting that Ratable Loans be made pursuant to Section 2.2 on the immediately
                                                  -----------
succeeding  Business  Day in an amount at least equal to the aggregate principal
amount  of such Swing Line Loan or (ii) on any date the Swing Line Lender in its
sole  discretion  shall  so  request  with respect to the outstanding Swing Line
Loans,  the  Administrative  Agent  shall  be  deemed to have received a Ratable
Borrowing  Notice  from the Borrower pursuant to Section 2.2.3 requesting that a
                                                 -------------
Ratable  Advance of Alternate Base Rate Loans be made pursuant to Section 2.2 on
                                                                  -----------
such  immediately  succeeding  Business  Day in an amount equal to the aggregate
amount  of  such  Swing  Line Loans, and the procedures set forth in Section 2.5
                                                                     -----------
shall  be  followed  in  making such Alternate Base Rate Loans.  The proceeds of
such  Alternate  Base Rate Loans (or other Loans described in Section 2.4(e)(i),
                                                              -----------------
if  requested)  received  by  the  Administrative  Agent  shall  be  immediately
delivered  to  the Swing Line Lender and applied to the direct repayment of such
Swing Line Loans to the extent thereof.  Effective on the day such Ratable Loans
are  made,  the  portion  of  the  Swing  Line  Loans so paid shall no longer be
outstanding as Swing Line Loans and shall be outstanding as Ratable Loans of the
Lenders bearing interest at a rate determined by reference to the Alternate Base
Rate,  in  accordance  with  the  provisions  of  this Article II.  The Borrower
                                                       ----------
authorizes  the  Administrative  Agent  and  the Swing Line Lender to charge the
Borrower's  account  maintained  with  the  Swing  Line Lender (up to the amount
available  in  such account) in order to immediately pay the amount of the Swing
Line Loans to the extent amounts received from the Lenders are not sufficient to
repay in full such Swing Line Loans.  If any portion of any such amount paid (or
deemed paid) to the Swing Line Lender should be recovered by or on behalf of the
Borrower  from  the  Swing  Line  Lender  in  the  event  of  the  bankruptcy or
reorganization of the Borrower or otherwise, the loss of the amount so recovered
shall  be ratably shared among all Lenders in the manner contemplated by Section
                                                                         -------
11.2.
----

(f)     If,  for  any reason (including, without limitation, the occurrence of a
Default  described  in  Section  7.6 or 7.7 of Article VII), Alternate Base Rate
                        ------------    ---    -----------
Loans may not be, or are not, made pursuant to paragraph (e) of this Section 2.4
                                                                     -----------
to  repay  Swing Line Loans as required by such paragraph, effective on the date
such  Alternate  Base Rate Loans would otherwise have been made, (i) each Lender
severally,  unconditionally and irrevocably agrees that it shall, without regard
to  the occurrence of any Unmatured Default or Default, purchase a participating
interest  in  such Swing Line Loans ("Unrefunded Swing Line Loans") in an amount
                                      ---------------------------
equal to the amount of Alternate Base Rate Loans which would otherwise have been
made  by such Lender pursuant to paragraph (e) of this Section 2.4 and (ii) each
                                                       -----------
Unrefunded  Swing  Line  Loan previously bearing interest at the Alternate Swing
Line  Rate  shall  commence  accruing interest at the Alternate Base Rate.  Each

<PAGE>

Lender  will  immediately  transfer  to the Administrative Agent, in immediately
available  funds,  the  amount  of  its  participation, and the proceeds of such
participation shall be distributed by the Administrative Agent to the Swing Line
Lender  in  such  amount as will reduce the amount of the participating interest
retained  by  the Swing Line Lender in the Swing Line Loans to the amount of the
Alternate  Base Rate Loans which were to have been made by the Swing Line Lender
pursuant  to  paragraph (e) of this Section 2.4.  In the event a Lender fails to
                                    -----------
make  available  to  the  Swing  Line  Lender  the  amount  of  such  Lender's
participation  as provided in this paragraph (f), the Swing Line Lender shall be
entitled  to  recover  such  amount  on  demand  from  such Lender together with
interest  at  the  customary rate set by the Swing Line Lender for correction of
errors  among  banks  for  one Business Day and thereafter at the Alternate Base
Rate then in effect.  All payments in respect of Unrefunded Swing Line Loans and
participations  therein  shall  be  made  in  accordance  with  Section  2.12.
                                                                -------------

(g)     Each Lender's obligation to make Ratable Loans pursuant to paragraph (e)
of  this  Section  2.4  and  to  purchase  participating  interests  pursuant to
          ------------
paragraph  (f) of this Section 2.4 shall be absolute and unconditional and shall
                       -----------
not  be  affected  by  any  circumstance, including, without limitation, (i) any
setoff,  counterclaim,  recoupment,  defense or other right which such Lender or
the  Borrower  may have against the Swing Line Lender, the Borrower or any other
Person,  as  the  case may be, for any reason whatsoever; (ii) the occurrence or
continuance  of  a Default or Unmatured Default; (iii) any adverse change in the
condition  (financial  or otherwise) of the Borrower or any of its Subsidiaries;
(iv)  any  breach  of this Agreement by the Borrower, any of its Subsidiaries or
any  Lender;  or  (v)  any  other  circumstance,  happening or event whatsoever,
whether  or  not  similar  to  any  of  the  foregoing.

2.5.     Availability  of  Funds.  Not  later than 1 p.m. (Chicago time) on each
         -----------------------
Borrowing  Date,  each Lender (or in the case of a Competitive Bid Advance, each
Lender  making a portion of such Advance) shall make available its Loan or Loans
(other  than Swing Line Loans), in funds immediately available in Chicago to the
Administrative  Agent  at  its  address specified pursuant to Article XIII.  The
Administrative  Agent will make the funds so received from the Lenders available
to  the  Borrower  at  the  Administrative  Agent's  aforesaid  address.

2.6.     Commitment  Fee;  Reductions  and  Increases  in  Aggregate Commitment.
         ----------------------------------------------------------------------
(a)     The  Borrower  agrees  to  pay  to  the  Administrative  Agent  for  the
ratable  account  of  each  Lender  a  commitment  fee  equal  to the Applicable
Commitment  Fee  Percentage  per  annum  on the daily unborrowed portion of such
Lender's  Commitment  (without giving effect to any outstanding Swing Line Loans
or  Competitive  Bid  Loans)  from the date hereof to and including the Facility
Termination  Date  applicable to such Lender, payable in arrears on each Payment
Date  hereafter  and  on  the  Facility  Termination  Date.

(b)     The  Borrower  may permanently reduce the Aggregate Commitment in whole,
or  in part ratably among the Lenders, in a minimum amount of $10,000,000 or any
integral  multiple of $1,000,000 in excess thereof, upon at least three Business
Days' written notice to the Administrative Agent, which notice shall specify the
amount  of  any  such  reduction;  provided,  however,  that  the  amount of the
                                   --------   -------
Aggregate  Commitment  may  not  be  reduced  below the sum of (i) the aggregate
principal amount of the outstanding Loans, plus (ii) the aggregate amount of the
                                           ----
outstanding  Facility Letter of Credit Obligations.  All accrued commitment fees
shall  be payable on the effective date of any termination of the obligations of
the  Lenders  to  make  Loans  hereunder.

<PAGE>

(c)     The Borrower may, from time to time, at its option, seek to increase the
Aggregate Commitment by up to $100,000,000 in the aggregate (i.e., the Aggregate
                                                             ----
Commitment shall not exceed $375,000,000) upon at least three (3) Business Days'
prior  notice to the Administrative Agent, which notice shall specify the amount
of  any  such  requested  increase  (which  shall  be in an amount not less than
$25,000,000)  and  shall  be  delivered  at  a time when no Default or Unmatured
Default  has  occurred  or  is  continuing.  The Borrower may, after giving such
notice,  offer  the  increase in the Aggregate Commitment to any of the existing
Lenders  and/or  to  other  banks,  financial  institutions  or  other  entities
acceptable  to  the Administrative Agent on a non pro-rata basis in such amounts
as  determined  by  the Borrower and agreed to by the Administrative Agent.  The
Borrower  may  elect  to  accept  an  increase in the Aggregate Commitment in an
amount equal to the aggregate increased commitments offered to the Borrower.  No
increase  in  the  Aggregate  Commitment  shall  become  effective until (i) the
existing  or  new  Lender  extending  such incremental commitment amount and the
Borrower  shall  have  executed  and  delivered  to  the Administrative Agent an
agreement  in  writing  in  form  and  substance  reasonably  acceptable  to the
Administrative  Agent pursuant to which such Lender states its Commitment amount
and agrees to assume and accept the obligations and rights of a Lender hereunder
and  (ii)  the  Borrower has provided the Administrative Agent with such related
certificates,  opinions  and  other  documents  as  the Administrative Agent may
reasonably  request.  In  conjunction  with  such  increase, the Lenders (new or
existing)  shall  accept  (and the existing Lenders shall make) an assignment at
par  of  an  interest  in  the  Loans  and Facility Letter of Credit Obligations
outstanding  at  the time of such Aggregate Commitment increase such that, after
giving  effect  thereto, all Loans and Facility Letter of Credit Obligations are
held  by  the Lenders on a pro-rata basis.  The Borrower shall make any payments
under  Section  3.4  resulting  from  such  assignments.

2.7.     Minimum  Amount of Each Ratable Advance.  Each Ratable Advance shall be
         ---------------------------------------
in the minimum amount of $10,000,000 (and in integral multiples of $1,000,000 if
in  excess thereof); provided, however, that (a) any Alternate Base Rate Advance
                     --------  -------
may  be  in  the  amount  of  the  unused  Aggregate  Commitment or in an amount
borrowed  pursuant  to  Section 2.4(e) and (b) in no event shall more than eight
                        --------------
(8)  Eurodollar  Advances  be  permitted  to  be  outstanding  at  any  time.

2.8.     Optional  Principal  Payments.  The Borrower may from time to time pay,
         -----------------------------
without penalty or premium, all outstanding Advances (other than Competitive Bid
Advances,  which  may  not  be  voluntarily prepaid), or, in a minimum aggregate
amount  of  $5,000,000 or any integral multiple of $1,000,000 in excess thereof,
any  portion  of  the outstanding Advances (other than Competitive Bid Advances)
upon  one Business Day's prior notice to the Administrative Agent in the case of
an  Alternate  Base  Rate  Advance  or  three Business Days' prior notice to the
Administrative  Agent  in the case of a Eurodollar Advance.  Any prepayment of a
Eurodollar  Advance  prior to the last day of the applicable Eurodollar Interest
Period  shall  be  subject  to  the  indemnity  provisions  of  Section  3.4.
                                                                ------------

2.9.     Changes  in Interest Rate, etc.  Each Alternate Base Rate Advance shall
         -------------------------------
bear  interest  at  the  Alternate Base Rate from and including the date of such
Advance  or  the date on which such Advance was converted into an Alternate Base
Rate  Advance  to (but not including) the date on which such Alternate Base Rate
Advance  is  paid  or converted to a Eurodollar Ratable Advance.  Changes in the
rate  of interest on that portion of any Advance maintained as an Alternate Base
Rate  Advance  will take effect simultaneously with each change in the Alternate
Base  Rate.  Each  Eurodollar Advance, Absolute Rate Advance and Swing Line Loan
shall  bear  interest  from  and  including the first day of the Interest Period
applicable  thereto  to, but not including, the last day of such Interest Period
at  the  interest  rate  determined  as  applicable  to such Eurodollar Advance,
Absolute  Rate Advance or Swing Line Loan.  No Interest Period may end after the
Facility  Termination  Date.

<PAGE>

2.10.     Rates  Applicable  After  Default.  Notwithstanding  anything  to  the
          ---------------------------------
contrary  contained  in  Section  2.2.3  and  2.2.4,  no Advance may be made as,
                         --------------       -----
converted  into  or  continued  as a Eurodollar Ratable Advance (except with the
consent  of  the Administrative Agent and the Required Lenders) when any Default
or  Unmatured Default has occurred and is continuing.  During the continuance of
a  Default  the Required Lenders may, at their option, by notice to the Borrower
(which  notice  may  be  revoked  at  the  option  of  the  Required  Lenders
notwithstanding  any provision of Section 8.2 requiring unanimous consent of the
                                  -----------
Lenders  to  changes  in  interest rates), declare that each Eurodollar Advance,
Alternate  Base  Rate  Advance  and Swing Line Loan shall bear interest (for the
remainder  of  the applicable Interest Period in the case of Eurodollar Advances
and  Absolute  Rate  Advances)  at  a rate per annum equal to the rate otherwise
applicable  plus  two  percent  (2%)  per  annum;  provided,  however, that such
                                                   --------   -------
increased rate shall automatically and without action of any kind by the Lenders
become  and  remain  applicable  until  revoked  by  the Required Lenders in the
event  of  a  Default  described  in  Section  7.6  or  7.7.
                                      ------------      ---

2.11.     Method of Payment.  All payments of the Obligations hereunder shall be
          -----------------
made,  without  setoff,  deduction  or  counterclaim,  in  immediately available
funds  to  the  Administrative  Agent  at  the  Administrative  Agent's  address
specified  pursuant to Article XIII, or at any other Lending Installation of the
                       ------------
Administrative  Agent  specified  in  writing by the Administrative Agent to the
Borrower,  by  noon  (Chicago  time)  on  the date when due and shall be applied
ratably  by  the Administrative Agent among the Lenders.  Each payment delivered
to  the  Administrative  Agent  for the account of any Lender shall be delivered
promptly  by  the  Administrative Agent to such Lender in the same type of funds
that  the  Administrative  Agent  received  at its address specified pursuant to
Article  XIII  or  at any Lending Installation specified in a notice received by
-------------
the  Administrative  Agent from such Lender.  The Administrative Agent is hereby
authorized  to  charge  the account of the Borrower maintained with Bank One for
each payment of principal, interest and fees as it becomes due hereunder, if the
Administrative  Agent has provided the Borrower with notice of each such payment
at  least  one  day  prior  to  its  becoming  due  hereunder.

2.12.     Notes; Telephonic Notices.  Each Lender is hereby authorized to record
          -------------------------
the  principal  amount  of  each  of  its  Loans  and  each  repayment  on  the
schedule attached to its Note; provided, however, that neither the failure to so
                               --------  -------
record nor any error in such recordation shall affect the Borrower's obligations
under  such  Note.  The  Borrower  hereby  authorizes  the  Lenders  and  the
Administrative  Agent to extend, convert or continue Advances, effect selections
of  Types of Advances, submit Competitive Bid Quotes and to transfer funds based
on  telephonic notices made by any person or persons the Administrative Agent or
any  Lender  in good faith believes to be acting on behalf of the Borrower.  The
Borrower  agrees  to  deliver  promptly  to  the  Administrative Agent a written
confirmation,  if  such confirmation is requested by the Administrative Agent or
any Lender, of each telephonic notice signed by an Authorized Officer or another
management  level employee designated in writing by an Authorized Officer to the
Administrative  Agent.  If  the  written  confirmation  differs  in any material
respect  from  the action taken by the Administrative Agent and the Lenders, the
records of the Administrative Agent and the Lenders shall govern absent manifest
error.

<PAGE>

2.13.     Interest  Payment  Dates; Interest and Fee Basis.  Interest accrued on
          ------------------------------------------------
each  Alternate  Base  Rate  Advance  shall  be  payable  on  each Payment Date,
commencing  with the first such date to occur after the date hereof, on any date
on  which an Alternate Base Rate Advance is prepaid, whether due to acceleration
or  otherwise,  and  at  maturity.  Interest  upon each Swing Line Loan shall be
payable  upon  the  date  such  Swing  Line  Loan is repaid and at its maturity.
Interest  accrued  on  each Eurodollar Advance or Absolute Rate Advance shall be
payable  on the last day of its applicable Interest Period, on any date on which
the  Eurodollar  Advance  or  Absolute  Rate  Advance  is  prepaid,  whether  by
acceleration or otherwise, and at maturity.  Interest accrued on each Eurodollar
Advance  or  Absolute  Rate  Advance  having  an  Interest  Period  longer  than
three  months shall also be payable on the last day of each three-month interval
during  such  Interest Period.  Interest and commitment fees shall be calculated
for  actual  days  elapsed  on  the  basis of a 360-day year.  Interest shall be
payable for the day an Advance is made but not for the day of any payment on the
amount  paid if payment is received prior to noon (Chicago time) at the place of
payment.  If  any payment of principal of or interest on an Advance shall become
due on a day which is not a Business Day, such payment shall be made on the next
succeeding  Business Day and, in the case of a principal payment, such extension
of time shall be included in computing interest in connection with such payment.

2.14.     Notification  of  Advances,  Interest  Rates,  Prepayments, Commitment
          ----------------------------------------------------------------------
Reductions  and  Issuance  Requests.  Promptly  after  receipt  thereof,  the
-----------------------------------
Administrative  Agent  will notify each Lender of the contents of each Aggregate
Commitment  reduction  notice, Ratable Borrowing Notice, Conversion/Continuation
Notice, Invitation for Competitive Quotes, Issuance Request and repayment notice
Received  by  it  hereunder.  The  Administrative  Agent will notify each Lender
of  the  interest  rate  applicable  to  each  Eurodollar  Advance promptly upon
determination  of  such interest rate and will give each Lender prompt notice of
each  change  in  the  Alternate  Base  Rate.

2.15.     Lending  Installations.  Each Lender may book its Loans at any Lending
          ----------------------
Installation  selected  by  such  Lender and may change its Lending Installation
from  time to time.  All terms of this Agreement shall apply to any such Lending
Installation  and  the Notes shall be deemed held by each Lender for the benefit
of  such  Lending  Installation.  Each Lender may, by written or telex notice to
the  Administrative  Agent  and  the  Borrower, designate a Lending Installation
through  which  Loans will be made by it and for whose account Loan payments are
to  be  made.

2.16.    Non-Receipt  of Funds by the Administrative Agent.  Unless the Borrower
         -------------------------------------------------
or  a Lender, as the case may be, notifies the Administrative Agent prior to the
date on which it is scheduled to make payment to the Administrative Agent of (a)
in  the  case  of  a  Lender,  the proceeds of a Loan, or (b) in the case of the
Borrower,  a  payment of principal, interest or fees to the Administrative Agent
for  the  account  of the Lenders, that it does not intend to make such payment,
the  Administrative  Agent  may  assume  that  such  payment has been made.  The
Administrative Agent may, but shall not be obligated to, make the amount of such
payment  available  to  the intended recipient in reliance upon such assumption.
If  the  Borrower has not in fact made such payment to the Administrative Agent,
the  Lenders  shall,  on  demand  by  the  Administrative  Agent,  repay  to the
Administrative Agent the amount so made available together with interest thereon
in  respect of each day during the period commencing on the date such amount was
so  made available by the Administrative Agent until the date the Administrative
Agent  recovers  such  amount  at  a  rate  per annum equal to the Federal Funds
Effective Rate for such day.  If any Lender has not in fact made such payment to
the  Administrative  Agent,  such Lender or the Borrower shall, on demand by the
Administrative  Agent,  repay  to  the  Administrative  Agent the amount so made
available  together  with  interest  thereon  in  respect of each day during the

<PAGE>

period  commencing  on  the  date  such  amount  was  so  made  available by the
Administrative  Agent  until  the  date  the  Administrative Agent recovers such
amount  at a rate per annum equal to (a) in the case of payment by a Lender, the
Federal  Funds Effective Rate for such day, or (b) in the case of payment by the
Borrower,  the  interest  rate  applicable  to  the  relevant  Loan.

2.17.    Taxes.
         -----
(a)     Any  payments  made  by  the  borrower  under  this  Agreement  shall be
made  free  and clear of, and without deduction or withholding for or on account
of, any present or future income, stamp or other taxes, levies, imposts, duties,
charges,  fees,  deductions  or  withholdings, now or hereafter imposed, levied,
collected,  withheld  or  assessed  by any Governmental Authority, excluding net
income  taxes and franchise taxes or any other tax based upon any income imposed
on  the  Administrative  Agent  or  any  Lender by the jurisdiction in which the
Administrative  Agent  or such Lender is incorporated or has its principal place
of  business.  If any such non-excluded taxes, levies, imposts, duties, charges,
fees,  deductions  or  withholdings  ("Non-Excluded  Taxes")  are required to be
withheld  from  any  amounts  payable  to the Administrative Agent or any Lender
hereunder,  the  amounts  so  payable to the Administrative Agent or such Lender
shall  be increased to the extent necessary to yield to the Administrative Agent
or  such  Lender  (after payment of all Non-Excluded Taxes) interest or any such
other  amounts  payable hereunder at the rates or in the amounts specified in or
pursuant  to  this  Agreement; provided, however, that the Borrower shall not be
                               --------  -------
required  to  increase  any  such  amounts  payable  to  any  Lender that is not
organized  under the laws of the U.S. or a state thereof if such Lender fails to
comply  with  the  requirements of paragraph (b) of this Section 2.17.  Whenever
                                                         ------------
any  Non-Excluded  Taxes are payable by the Borrower, as promptly as practicable
thereafter  the  Borrower  shall  send  to  the Administrative Agent for its own
account  or for the account of such Lender, as the case may be, a certified copy
of  an  original  official  receipt  received  by  the  Borrower showing payment
thereof.  If  the  Borrower  fails to pay any Non-Excluded Taxes when due to the
appropriate  taxing  authority or fails to remit to the Administrative Agent the
required  receipts  or  other  required documentary evidence, the Borrower shall
indemnify  the  Administrative  Agent and the Lenders for any incremental taxes,
interest or penalties that may become payable by any Administrative Agent or any
Lender  as  a  result  of any such failure.  The agreements in this Section 2.17
                                                                    ------------
shall  survive  the  termination  of this Agreement and the payment of all other
amounts  payable  hereunder.

(b)     At least five Business Days prior to the first date on which interest or
fees  are  payable  hereunder for the account of any Lender, each Lender that is
not  incorporated  under  the  laws  of the United States of America, or a state
thereof,  agrees  that  it  will  deliver  to  each  of  the  Borrower  and  the
Administrative Agent two duly completed copies of United States Internal Revenue
Service  Form  W-8BEN  or  W-8ECI, certifying in either case that such Lender is
entitled  to  receive  payments  under  this  Agreement  and  the  Notes without
deduction or withholding of any United States federal income taxes.  Each Lender
which  so delivers a Form W-8BEN or W-8ECI further undertakes to deliver to each
of  the Borrower and the Administrative Agent two additional copies of such form
(or  a  successor form) on or before the date that such form expires (currently,
three  successive  calendar years for Form W-8BEN and one calendar year for Form
W-8ECI)  or  becomes  obsolete  or after the occurrence of any event requiring a
change  in the most recent forms so delivered by it, and such amendments thereto
or extensions or renewals thereof as may be reasonably requested by the Borrower
or  the  Administrative  Agent,  in  each  case  certifying  that such Lender is
entitled  to  receive  payments  under  this  Agreement  and  the  Notes without
deduction  or  withholding  of any United States federal income taxes, unless an
event  (including,  without limitation, any change in treaty, law or regulation)
has  occurred  prior  to  the date on which any such delivery would otherwise be
required  which  renders all such forms inapplicable or which would prevent such
Lender  from duly completing and delivering any such form with respect to it and
such  Lender  advises  the  Borrower and the Administrative Agent that it is not
capable  of  receiving  payments  without any deduction or withholding of United
States  federal  income  tax.

<PAGE>

2.18.    Administrative  Agent's  Fees.  The  Borrower  shall  pay  to  the
         -----------------------------
Administrative  Agent  those fees, in addition to the commitment fees referenced
in  Section 2.6(a), in the amounts and at the times separately agreed to between
    --------------
the  Administrative  Agent  and  the  Borrower.

2.19.    Facility  Letters  of  Credit.
         -----------------------------
2.19.1.      Issuance  of  Facility  Letters  of  Credit.  (a)  From  and  after
             -------------------------------------------
the  date  hereof, the Issuer agrees, upon the terms and conditions set forth in
this Agreement, to issue at the request and for the account of the Borrower, one
or more Facility Letters of Credit; provided, however, that the Issuer shall not
                                    --------  -------
be  under  any  obligation to issue, and shall not issue, any Facility Letter of
Credit  if  (i)  any  order, judgment or decree of any governmental authority or
other  regulatory  body  with  jurisdiction over the Issuer shall purport by its
terms  to  enjoin  or  restrain such Issuer from issuing such Facility Letter of
Credit,  or  any  law  or  governmental  rule,  regulation, policy, guideline or
directive  (whether  or  not  having  the  force  of  law) from any governmental
authority  or  other  regulatory  body  with  jurisdiction over the Issuer shall
prohibit,  or  request  that  the  Issuer refrain from, the issuance of Facility
Letters  of Credit in particular or shall impose upon the Issuer with respect to
any  Facility Letter of Credit any restriction or reserve or capital requirement
(for  which  the  Issuer is not otherwise compensated) or any unreimbursed loss,
cost  or  expense which was not applicable, in effect and known to the Issuer as
of  the date of this Agreement and which the Issuer in good faith deems material
to  it; (ii) one or more of the conditions to such issuance contained in Section
                                                                         -------
4.2  is  not  then satisfied; or (iii) after giving effect to such issuance, the
---
aggregate  outstanding amount of the Facility Letter of Credit Obligations would
exceed  the  Facility  Letter  of  Credit  Sublimit.

(b)     In  no  event  shall:  (i)  the  aggregate amount of the Facility Letter
of Credit Obligations at any time exceed the Facility Letter of Credit Sublimit;
(ii)  the  sum  at  any  time  of (A) the aggregate amount of Facility Letter of
Credit  Obligations  and  (B)  the  aggregate  principal  balance of outstanding
Advances  exceed the amount of the Aggregate Commitment; or (iii) the expiration
date  of  any Facility Letter of Credit (including, without limitation, Facility
Letters  of  Credit issued with an automatic "evergreen" provision providing for
renewal  absent  advance  notice by the Borrower or the Issuer), or the date for
payment  of  any draft presented thereunder and accepted by the Issuer, be later
than  the  date  five  (5)  Business  Days before the Facility Termination Date.

2.19.2      Participating  Interests.  Immediately  upon  the  issuance  by  the
            ------------------------
Issuer  of  a  Facility Letter of Credit in accordance with Section 2.19.4, each
                                                            --------------
Lender  shall  be  deemed  to have irrevocably and unconditionally purchased and
received  from  the  Issuer,  without  recourse,  representation or warranty, an
undivided  participation  interest  equal to its pro-rata share of the Aggregate
Commitment  of  the  face amount of such Facility Letter of Credit and each draw
paid  by  the  Issuer  thereunder.  Each  Lender's  obligation  to  pay  its
proportionate  share  of  all draws under the Facility Letters of Credit, absent
gross  negligence or willful misconduct by the Issuer in honoring any such draw,
shall  be absolute, unconditional and irrevocable and in each case shall be made
without  counterclaim  or  set-off  by  such  Lender.

<PAGE>

2.19.3      Facility  Letter  of  Credit  Reimbursement  Obligations.  (a)  The
            --------------------------------------------------------
Borrower  agrees to pay to the Issuer of a Facility Letter of Credit (i) on each
date  that  any  amount is drawn under each Facility Letter of Credit a sum (and
interest  on  such  sum as provided in clause (ii) below) equal to the amount so
drawn  plus  all  other  charges  and expenses with respect thereto specified in
Section 2.19.6 or in the applicable Reimbursement Agreement and (ii) interest on
--------------
any  and all amounts remaining unpaid under this Section 2.19.3 until payment in
                                                 --------------
full  at the Alternate Base Rate plus the margin specified in Section 2.10.  The
                                                              ------------
Borrower agrees to pay to the Issuer the amount of all Facility Letter of Credit
Reimbursement  Obligations  owing  in  respect  of any Facility Letter of Credit
immediately  when  due,  under all circumstances, including, without limitation,
any  of the following circumstances:  (w) any lack of validity or enforceability
of  this  Agreement or any of the other Loan Documents; (x) the existence of any
claim,  set-off,  defense or other right which the Borrower may have at any time
against  a  beneficiary  named in a Facility Letter of Credit, any transferee of
any Facility Letter of Credit (or any Person for whom any such transferee may be
acting),  any  Lender  or  any  other  Person,  whether  in connection with this
Agreement,  any  Facility Letter of Credit, the transactions contemplated herein
or  any unrelated transactions (including any underlying transaction between the
Borrower  and  the  beneficiary named in any Facility Letter of Credit); (y) the
validity,  sufficiency  or  genuineness  of  any  document  which the Issuer has
determined  in  good faith complies on its face with the terms of the applicable
Facility Letter of Credit, even if such document should later prove to have been
forged,  fraudulent,  invalid  or  insufficient  in any respect or any statement
therein  shall  have  been  untrue  or  inaccurate  in  any  respect; or (z) the
surrender or impairment of any security for the performance or observance of any
of  the  terms  hereof.

(b)     Notwithstanding  any  provisions  to  the  contrary in any Reimbursement
Agreement,  the  Borrower  agrees  to reimburse the Issuer for amounts which the
Issuer  pays  under  such  Facility  Letter  of  Credit  no  later than the time
specified  in  this  Agreement.  If  the Borrower does not pay any such Facility
Letter  of  Credit  Reimbursement  Obligations  when  due, the Borrower shall be
deemed  to  have  immediately  requested that the Lenders make an Alternate Base
Rate  Advance  under  this  Agreement  in  a  principal  amount  equal  to  such
unreimbursed  Facility  Letter  of  Credit  Reimbursement  Obligations.  The
Administrative  Agent  shall  promptly notify the Lenders of such deemed request
and, without the necessity of compliance with the requirements of Sections 2.2.3
                                                                  --------------
and  4.2,  each Lender shall make available to the Administrative Agent its Loan
     ---
in the manner prescribed for Alternate Base Rate Advances.  The proceeds of such
Loans  shall  be  paid  over  by  the Administrative Agent to the Issuer for the
account  of the Borrower in satisfaction of such unreimbursed Facility Letter of
Credit  Reimbursement  Obligations, which shall thereupon be deemed satisfied by
the  proceeds  of,  and  replaced  by,  such  Alternate  Base  Rate  Advance.

(c)     If  the  Issuer  makes  a  payment  on account of any Facility Letter of
Credit  and  is  not concurrently reimbursed therefor by the Borrower and if for
any  reason an Alternate Base Rate Advance may not be made pursuant to paragraph
(b) above, then as promptly as practical during normal banking hours on the date
of  its  receipt  of  such notice or, if not practicable on such date, not later
than noon (Chicago time) on the Business Day immediately succeeding such date of
notification,  each  Lender  shall  deliver  to the Administrative Agent for the
account  of  the  Issuer, in immediately available funds, the purchase price for
such  Lender's  interest  in  such  unreimbursed  Facility  Letter  of  Credit
Obligations,  which  shall be an amount equal to such Lender's pro-rata share of
such  payment.  Each  Lender  shall,  upon  demand by the Issuer, pay the Issuer
interest  on  such Lender's pro-rata share of such draw from the date of payment
by  the  Issuer  on  account of such Facility Letter of Credit until the date of
delivery  of  such  funds  to  the  Issuer  by  such Lender at a rate per annum,

<PAGE>

computed  for  actual days elapsed based on a 360-day year, equal to the Federal
Funds Effective Rate for such period; provided, that such payments shall be made
                                      --------
by  the  Lenders  only  in  the  event  and to the extent that the Issuer is not
reimbursed in full by the Borrower for interest on the amount of any draw on the
Facility  Letters  of  Credit.

(d)     At  any  time  after  the  Issuer  has  made a payment on account of any
Facility  Letter  of Credit and has received from any other Lender such Lender's
pro-rata share of such payment, such Issuer shall, forthwith upon its receipt of
any  reimbursement (in whole or in part) by the Borrower for such payment, or of
any  other  amount  from  the  Borrower  or  any other Person in respect of such
payment  (including, without limitation, any payment of interest or penalty fees
and  any  payment  under any collateral account agreement of the Borrower or any
Loan Document but excluding any transfer of funds from any other Lender pursuant
to Section 2.19.3(b)), transfer to such other Lender such other Lender's ratable
   -----------------
share  of  such  reimbursement  or  other  amount; provided, that interest shall
                                                   --------
accrue  for  the  benefit  of  such  Lender from the time such Issuer has made a
payment  on account of any Facility Letter of Credit; provided, further, that in
                                                      --------  -------
the  event  that the receipt by the Issuer of such reimbursement or other amount
is found to have been a transfer in fraud of creditors or a preferential payment
under the United States Bankruptcy Code or is otherwise required to be returned,
such  Lender  shall promptly return to the Issuer any portion thereof previously
transferred  by  the  Issuer  to such Lender, but without interest to the extent
that  interest  is  not  payable  by  the  Issuer  in  connection  therewith.

2.19.4      Procedure  for  Issuance.  Prior  to  the  issuance of each Facility
            ------------------------
Letter  of  Credit,  and  as  a  condition  of such issuance, the Borrower shall
deliver  to the Issuer (with a copy to the Administrative Agent) a Reimbursement
Agreement signed by the Borrower, together with such other documents or items as
may be required pursuant to the terms thereof, and the proposed form and content
of  such  Facility  Letter  of  Credit  shall  be reasonably satisfactory to the
Issuer.  Each  Facility Letter of Credit shall be issued no earlier than two (2)
Business  Days  after delivery of the foregoing documents, which delivery may be
by  the  Borrower  to  the  Issuer  by telecopy, telex or other electronic means
followed by delivery of executed originals within five (5) days thereafter.  The
documents so delivered shall be in compliance with the requirements set forth in
Section  2.19.1(b),  and  shall  specify  therein  (i)  the stated amount of the
-----------------
Facility Letter of Credit requested, (ii) the effective date of issuance of such
requested  Facility  Letter  of Credit, which shall be a Business Day, (iii) the
date on which such requested Facility Letter of Credit is to expire, which shall
be a Business Day prior to the date five (5) Business Days prior to the Facility
Termination  Date,  (iv)  the  entity  for  whose benefit the requested Facility
Letter  of  Credit is to be issued, which shall be the Borrower or a Subsidiary,
and  (v) the aggregate amount of Facility Letter of Credit Obligations which are
outstanding  and  which will be outstanding after giving effect to the requested
Facility Letter of Credit issuance.  The delivery of the foregoing documents and
information  shall  constitute  an  "Issuance  Request"  for  purposes  of  this
Agreement.  Subject  to  the terms and conditions of Section 2.19.1 and provided
                                                     --------------     --------
that  the  applicable  conditions  set  forth  in  Section  4.2 hereof have been
                                                   ------------
satisfied,  the  Issuer shall, on the requested date, issue a Facility Letter of
Credit  on  behalf  of  the  Borrower  in accordance with the Issuer's usual and
customary  business  practices.  In  addition,  any  amendment  of  an  existing
Facility  Letter  of  Credit shall be deemed to be an issuance of a new Facility
Letter  of Credit and shall be subject to the requirements set forth above.  The
Issuer shall give the Administrative Agent prompt written notice of the issuance
of  any  Facility  Letter  of  Credit.

<PAGE>

2.19.5      Nature  of  the  Lenders' Obligations.  (a)  As between the Borrower
            -------------------------------------
and the Lenders, the Borrower assumes all risks of the acts and omissions of, or
misuse of the Facility Letters of Credit by, the respective beneficiaries of the
Facility  Letters  of  Credit.  In  furtherance  and  not  in  limitation of the
foregoing,  the  Lenders  shall  not  be responsible for (i) the form, validity,
sufficiency,  accuracy, genuineness or legal effect of any document submitted by
any  party  in  connection  with  the  application for an issuance of a Facility
Letter  of  Credit, even if it should in fact prove to be in any or all respects
invalid,  insufficient,  inaccurate,  fraudulent or forged; (ii) the validity or
sufficiency  of  any  instrument  transferring  or  assigning  or  purporting to
transfer  or  assign  a  Facility  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; (iii) the failure of the beneficiary of a
Facility  Letter  of  Credit  to  comply  fully  with  conditions required to be
satisfied  by  any  Person  other  than  the  Issuer  in order to draw upon such
Facility  Letter  of  Credit; (iv) errors, omissions, interruptions or delays in
transmission  or  delivery  of any messages, by mail, cable, telegraph, telex or
otherwise;  (v)  errors  in  the  interpretation  of  technical  terms; (vi) the
misapplication by the beneficiary of a Facility Letter of Credit of the proceeds
of  any  drawing under such Facility Letter of Credit; or (vii) any consequences
arising  from  causes  beyond  control  of  the  Issuer.

(b)     In  furtherance  and  extension  and  not  in limitation of the specific
provisions  hereinabove  set  forth,  any  action taken or omitted by the Issuer
under  or  in  connection  with  the  Facility  Letters of Credit or any related
certificates,  if  taken  or  omitted  in  good  faith,  shall  not  put  the
Administrative Agent or any Lender under any resulting liability to the Borrower
or relieve the Borrower of any of its obligations hereunder to the Issuer or any
such  Person.

2.19.6      Facility  Letter  of  Credit Fees.  The  Borrower  hereby  agrees to
            ---------------------------------
pay to the Administrative Agent for the account of the Issuer or the Lenders, as
applicable, letter of credit fees with respect to each Facility Letter of Credit
from  and  including  the  date of issuance thereof until the date such Facility
Letter of Credit is fully drawn, canceled or expired, (a) for the account of the
Issuer,  computed  at such rate as may be agreed upon between the Issuer and the
Borrower, on the aggregate initial face amount of such Facility Letter of Credit
payable on the date of issuance, and (b) for the ratable account of the Lenders,
equal  to (i) in the case of Commercial Letters of Credit, 50% of the Applicable
Eurodollar  Margin  times  the  aggregate initial face amount of such Commercial
Letter  of  Credit,  payable  upon the date of issuance thereof, and (ii) in the
case  of  Standby  Letters of Credit, the Applicable Eurodollar Margin times the
aggregate  amount  from  time  to  time  available  to  be drawn on such Standby
Facility Letter of Credit, calculated with respect to actual days elapsed on the
basis of a 360-day year and payable quarterly in arrears on each Payment Date in
each  year  and upon the expiration, cancellation or utilization in full of such
Facility Letter of Credit.  In addition to the foregoing, the Borrower agrees to
pay the Issuer any other fees customarily charged by it in respect of Letters of
Credit  issued  by  it.

2.20.    Extension  of  Facility  Termination Date.  The Borrower may request an
         -----------------------------------------
extension  of  the  Facility  Termination  Date  by  submitting a request for an
extension  to  the Administrative Agent (an "Extension Request") no more than 60
days  but  no less than 40 days prior to the then effective Facility Termination
Date.  The  Extension  Request  must  specify  the new Facility Termination Date
requested by the Borrower and the date (which must be at least 30 days after the
Extension  Request  is  delivered  to  the Administrative Agent) as of which the
Lenders  must  respond  to the Extension Request (the "Extension Date"). The new
Facility  Termination  Date  shall  be no more than 364 days after the Extension
Date,  including the Extension Date as one of the days in the calculation of the
days  elapsed. Promptly upon receipt of an Extension Request, the Administrative
Agent  shall  notify  each Lender of the contents thereof and shall request each

<PAGE>

Lender  to  approve  the  Extension  Request.  Each  Lender  may,  in  its  sole
discretion,  elect  to  approve  or  deny  such Extension Request.  Failure of a
Lender  to respond to an Extension Request by the Extension Date shall be deemed
a  refusal  to  approve  such  Extension  Request.  Each  Lender  approving  the
Extension  Request shall deliver its written consent no later than the Extension
Date. Any consent delivered by a Lender to the Administrative Agent prior to the
Extension  Date  may be revoked prior to the Extension Date by the Lender giving
written  notice  of  such  revocation  to  the  Administrative  Agent before the
Extension  Date.  If  the  consent  of  each  of  the Lenders is received by the
Administrative  Agent  and remains in effect on the Extension Date, the Facility
Termination  Date  specified  in the Extension Request shall become effective on
the  Extension  Date  and  the  Administrative  Agent  shall promptly notify the
Borrower  and  each Lender of the new Facility Termination Date.  Otherwise, the
then  effective Facility Termination Date shall be unchanged.  In no event shall
the  Borrower be entitled to seek or obtain more than two extensions pursuant to
this  Section  2.20.
      -------------

                                   ARTICLE  III

                             CHANGE IN CIRCUMSTANCES
                             -----------------------

3.1.     Yield  Protection.  If,  after  the date hereof, the adoption of or any
         -----------------
change  in  any  law or any governmental or quasi-governmental rule, regulation,
policy,  guideline or directive (whether or not having the force of law), or any
interpretation  thereof,  or  the  compliance  of  any  Lender  therewith,

(a)     subjects  any  Lender  or  any  applicable  Lending  Installation to any
tax,  duty,  charge  or  withholding  on  or from payments due from the Borrower
(excluding  taxation  of  the  overall  net  income  of any Lender or applicable
Lending Installation imposed by the jurisdiction in which such Lender or Lending
Installation is incorporated or has its principal place of business), or changes
(excluding  increases  in  the  income  tax rates imposed by the jurisdiction in
which  the  applicable Lender or Lending Installation is incorporated or has its
principal place of business) the basis of taxation of principal, interest or any
other  payments  to  any Lender or Lending Installation in respect of its Loans,
its  interest  in  the  Facility  Letters  of  Credit  or  other  amounts due it
hereunder,  or

(b)     imposes  or  increases  or  deems  applicable  any  reserve, assessment,
insurance  charge,  special  deposit  or  similar requirement against assets of,
deposits  with  or  for the account of, or credit extended by, any Lender or any
applicable  Lending Installation (other than reserves and assessments taken into
account  in determining the interest rate applicable to Eurodollar Advances), or

(c)     imposes  any other condition the result of which is to increase the cost
to  any  Lender  or  any  applicable  Lending Installation of making, funding or
maintaining  Loans  or  issuing Facility Letters of Credit or reduces any amount
receivable  by  any  Lender or any applicable Lending Installation in connection
with  any  Loans  or  Facility  Letters of Credit, or requires any Lender or any
applicable  Lending  Installation to make any payment calculated by reference to
the  amount  of Loans held, Facility Letters of Credit issued or participated in
or interest received by it, by an amount deemed material by such Lender,

then,  within  15  days  of  demand  by such Lender, the Borrower shall pay such
Lender that portion of such increased expense incurred or resulting in an amount
received  which  such  Lender  determines is attributable to making, funding and
maintaining  its  Loans,  its interest in the Facility Letters of Credit and its
Commitment.

<PAGE>

3.2.     Changes  in  Capital  Adequacy Regulations.  If a Lender determines the
         ------------------------------------------
amount  of  capital  required  or  expected to be maintained by such Lender, any
Lending  Installation  of such Lender or any corporation controlling such Lender
is  increased  as  a  result of a Change, then, within 15 days of demand by such
Lender,  the  Borrower  shall pay such Lender the amount necessary to compensate
for any shortfall in the rate of return on the portion of such increased capital
which  such  Lender  determines  is  attributable  to this Agreement, its Loans,
its  interest  in the Facility Letters of Credit or its obligation to make Loans
or  participate  in  or issue Facility Letters of Credit hereunder (after taking
into account such Lender's policies as to capital adequacy).  "Change" means (a)
                                                               ------
any  change  after  the  date  of  this  Agreement  in  the  Risk-Based  Capital
Guidelines,  or  (b) any adoption of or change in any other law, governmental or
quasi-governmental  rule,  regulation,  policy,  guideline,  interpretation,  or
directive  (whether  or  not  having  the  force  of law) after the date of this
Agreement  which  affects  the  amount  of  capital  required  or expected to be
maintained  by  any  Lender  or  any  Lending  Installation  or  any corporation
controlling  any  Lender.  "Risk-Based  Capital  Guidelines"  means  (a)  the
                            -------------------------------
risk-based capital guidelines in effect in the United States on the date of this
Agreement  and  (b)  the  corresponding  capital  regulations  promulgated  by
regulatory  authorities  outside  the  United  States implementing the July 1988
report  of  the  Basle Committee on Banking Regulation and Supervisory Practices
entitled  "International  Convergence  of  Capital  Measurements  and  Capital
Standards"  and  any amendments to such regulations adopted prior to the date of
this  Agreement.

3.3.     Availability  of  Types  of  Advances.  If  any  Lender determines that
         -------------------------------------
maintenance  of  its  Eurodollar  Loans at a suitable Lending Installation would
violate  any  applicable  law,  rule,  regulation,  or directive, whether or not
having  the force of law, or if the Required Lenders determine that (a) deposits
of  a  type  and  maturity appropriate to match fund Eurodollar Advances are not
available,  or  (b)  the  interest rate applicable to a Type of Advance does not
accurately  or  fairly  reflect  the cost of making or maintaining such Advance,
then  the  Administrative  Agent  shall suspend the availability of the affected
Type  of  Advance  until  such  circumstance  no  longer  exists and require any
Eurodollar  Advances  of  the  affected  Type  to  be  repaid.

3.4.     Funding  Indemnification.  If  any  payment  of a Eurodollar Advance or
         ------------------------
Swing Line Advance bearing interest at the Alternate Swing Line Rate occurs on a
date  which  is  not  the  last  day  of the applicable Interest Period, whether
because  of  acceleration,  prepayment  or otherwise, or any such Advance is not
made  on the date specified by the Borrower for any reason other than default by
the  Lenders,  the  Borrower  will  indemnify  the Administrative Agent and each
Lender  for  any  loss  or  cost  incurred by it resulting therefrom, including,
without  limitation,  any  loss  or  cost  in  liquidating or employing deposits
acquired  to  fund  or  maintain  such  Advance.

3.5.     Lender  Statements;  Survival  of  Indemnity.  To the extent reasonably
         --------------------------------------------
possible,  each  Lender  shall  designate an alternate Lending Installation with
respect  to its Eurodollar Loans to reduce any liability of the Borrower to such
Lender  under  Sections  3.1 and 3.2 or to avoid the unavailability of a Type of
               -------------     ---
Advance under Section 3.3, so long as such designation is not disadvantageous to
              -----------
such  Lender.  Each  Lender  shall  deliver  a  written statement of such Lender
to  the Borrower (with a copy to the Administrative Agent) as to the amount due,
if  any,  under Section 3.1, 3.2 or 3.4.  Such written statement shall set forth
                -----------  ---    ---
in  reasonable  detail  the  calculations upon which such Lender determined such
amount and shall be final, conclusive and binding on the Borrower in the absence

<PAGE>

of  manifest  error.  Determination  of  amounts  payable under such Sections in
connection  with  a  Eurodollar  Loan  shall be calculated as though each Lender
funded  its  Eurodollar  Loan  through the purchase of a deposit of the type and
maturity  corresponding  to  the  deposit used as a reference in determining the
Eurodollar  Rate  applicable  to  such Loan, whether in fact that is the case or
not.  Unless  otherwise  provided  herein,  the  amount specified in the written
statement of any Lender shall be payable on demand after receipt by the Borrower
of  the  written statement.  The obligations of the Borrower under Sections 3.1,
                                                                   ------------
3.2  and  3.4  shall  survive payment of the Obligations and termination of this
---       ---
Agreement.

                                  ARTICLE  IV

                              CONDITIONS PRECEDENT
                              --------------------

4.1.     Initial Loans and Facility Letters of Credit.  The Lenders shall not be
         --------------------------------------------
required  to  make  the  initial  Advances hereunder and the Issuer shall not be
required  to  issue  any Facility Letter of Credit hereunder unless the Borrower
has  furnished  the following to the Administrative Agent with sufficient copies
for the Lenders and the other conditions set forth below have been satisfied, in
each  case  on  or  before  October  31,  2001:

(a)     Charter  Documents;  Good  Standing  Certificates.  Copies  of  the
        -------------------------------------------------
certificate  of  incorporation of the Borrower, together with all amendments and
other  modifications  thereto, certified by the appropriate governmental officer
in  its jurisdiction of incorporation, together with a good standing certificate
issued  by  the  Secretary of State of the jurisdiction of its incorporation and
such  other  jurisdictions  as  shall  be requested by the Administrative Agent.

(b)     By-Laws  and  Resolutions.  Copies,  certified  by  the  Secretary  or
        -------------------------
Assistant  Secretary  of  the  Borrower,  of  its  by-laws  and  of its Board of
Directors'  resolutions  authorizing  the execution, delivery and performance of
the  Loan  Documents  to  which  the  Borrower  is  a  party.

(c)     Secretary's  Certificate.  An  incumbency  certificate,  executed by the
        ------------------------
Secretary  or  Assistant Secretary of the Borrower, which shall identify by name
and  title  and bear the signature of the officers of the Borrower authorized to
sign the Loan Documents and to make borrowings hereunder, upon which certificate
the  Administrative  Agent  and  the  Lenders  shall  be  entitled to rely until
informed  of  any  change  in  writing  by  the  Borrower.

(d)     Officer's  Certificate.  A certificate, dated the date hereof, signed by
        ----------------------
an Authorized Officer of the Borrower, in form and substance satisfactory to the
Administrative  Agent,  to  the  effect  that: (i) on the initial Borrowing Date
(both  before and after giving effect to the making of any Loans (or issuance of
any  Facility  Letters  of Credit hereunder) no Default or Unmatured Default has
occurred  and  is  continuing; (ii) no injunction or temporary restraining order
which  would  prohibit  the  making  of  any  Loans (or issuance of any Facility
Letters  of  Credit)  or  other litigation which could reasonably be expected to
have  a  Material  Adverse  Effect  is  pending or, to the best of such Person's
knowledge,  threatened;  (iii)  each  of  the representations and warranties set
forth  in  Article  V  of  this  Agreement  is true and correct on and as of the
           ----------
initial  Borrowing  Date;  and  (iv) since June 30, 2001, no event or change has
occurred  that  has  caused  or  evidences  a  Material  Adverse  Effect.

<PAGE>

(e)     Legal  Opinions.  A  written opinion of  R. W. Lockwood, General Counsel
        ---------------
for  the  Borrower and the Guarantors, addressed to the Administrative Agent and
the  Lenders  in  the  form  of  Exhibit  I  attached  hereto.
                                 ----------

(f)     Notes.  Notes  payable to the order of each of the Lenders duly executed
        -----
by  the  Borrower.

(g)     Loan  Documents.  Executed  originals  of this Agreement and each of the
        ---------------
Loan  Documents,  which  shall  be  in  full force and effect, together with all
schedules,  exhibits,  certificates,  instruments,  opinions,  documents  and
financial  statements  required  to  be  delivered  pursuant hereto and thereto.

(h)     Letters  of Direction.  Written money transfer instructions with respect
        ---------------------
to Advances in form and substance acceptable to the Administrative Agent and its
counsel  addressed  to  the  Administrative  Agent  and  signed by an Authorized
Officer,  together  with such other related money transfer authorizations as the
Administrative  Agent  may  have  reasonably  requested.

(i)     Guarantor  Charter Documents; Good Standing Certificates.  Copies of the
        --------------------------------------------------------
articles  or  certificates of incorporation of each Guarantor, together with all
amendments  thereto,  both  certified by the Secretary or Assistant Secretary of
such  Guarantor,  together  with  a  good  standing  certificate  issued  by the
Secretary  of  State  of  the  jurisdiction  of its incorporation and such other
jurisdictions  as  shall  be  requested  by  the  Administrative  Agent.

(j)     Guarantor  By-Laws  and Resolutions.  Copies, certified by the Secretary
        -----------------------------------
or Assistant Secretary of each Guarantor, of its by-laws and Board of Directors'
resolutions  of  such  Guarantor  (and  resolutions  of other bodies, if any are
deemed  necessary  by  counsel  for  the  Administrative  Agent) authorizing the
execution,  delivery  and  performance  of the Loan Documents to which each such
Guarantor  is  a  party.

(k)     Guarantor  Secretary's Certificate.  An incumbency certificate, executed
        ----------------------------------
by  the Secretary or Assistant Secretary of each Guarantor, which shall identify
by  name  and  title  and  bear  the signature of the officers of such Guarantor
authorized  to sign the Loan Documents upon which certificate the Administrative
Agent  and the Lenders shall be entitled to rely until informed of any change in
writing  by  the  Borrower.

(l)     Termination  of Existing Credit Agreements.  Each of the Existing Credit
        ------------------------------------------
Agreements  shall  have  terminated  and  all outstanding obligations thereunder
shall  be paid in full and all commitments thereunder shall have terminated, and
the  Administrative Agent shall have received executed payoff letters evidencing
the  same.

(m)     Other.  Such  other documents as the Administrative Agent, any Lender or
        -----
their  counsel  may  have  reasonably  requested.

4.2.     Each  Future  Advance and Facility Letter of Credit.  The Lenders shall
         ---------------------------------------------------
not  be  required  to  make any Advance and the Issuer shall not be obligated to
issue  any  future  Facility Letter of Credit unless on the applicable Borrowing
Date:

<PAGE>

(a)     There  exists  no  Default  or  Unmatured  Default and none would result
from  such  Advance  or  issuance  of  such  Facility  Letter  of  Credit;

(b)     The  representations  and warranties contained in Article V are true and
                                                          ---------
correct  as  of  such  Borrowing  Date;

(c)     A  Borrowing  Notice or Issuance Request, as applicable, shall have been
properly  submitted;  and

(d)     All  legal matters incident to the making of such Advance or issuance of
such  Facility  Letter  of Credit shall be satisfactory to the Lenders and their
counsel.

     Each  Ratable  Borrowing  Notice  and  Competitive  Bid  Quote Request with
respect to each such Advance and each Issuance Request with respect to each such
Facility  Letter of Credit shall constitute a representation and warranty by the
Borrower  that the conditions contained in Section 4.2 have been satisfied.  Any
                                           -----------
Lender  may require a duly completed compliance certificate in substantially the
form  of  Exhibit  G  hereto  as  a  condition to making an Advance or issuing a
          ----------
Facility  Letter  of  Credit.

                                 ARTICLE  IV

                         REPRESENTATIONS AND WARRANTIES
                         ------------------------------

     The  Borrower  represents  and warrants to the Administrative Agent and the
Lenders  that:

5.1.     Corporate  Existence  and  Standing.  The  Borrower  and  each Material
         -----------------------------------
Subsidiary  is  a  corporation  duly  incorporated, validly existing and in good
standing  under  the laws of its respective jurisdiction of incorporation and is
duly  qualified  and  in  good  standing  as  a  foreign corporation and is duly
authorized to conduct its business in each jurisdiction in which its business is
conducted  or  proposed  to  be  conducted  except  where  the  failure to be so
qualified  or  authorized  could  not  reasonably be expected to have a Material
Adverse  Effect.

5.2.     Authorization  and  Validity.  The Borrower and each Guarantor have all
         ----------------------------
requisite  power  and  authority  (corporate  and  otherwise) and legal right to
execute  and deliver (or file, as the case may be) each of the Loan Documents to
which  it  is  a party and to perform its obligations thereunder.  The execution
and  delivery (or filing, as the case may be) by the Borrower and each Guarantor
of  the  Loan  Documents  to  which  it  is a party and the performance of their
respective  obligations thereunder have been duly authorized by proper corporate
proceedings  and  the  Loan  Documents  constitute  legal,  valid  and  binding
obligations  of  the  Borrower  or  such  Guarantor,  as applicable, enforceable
against  the Borrower or such Guarantor, as applicable, in accordance with their
terms,  except  as  enforceability  may  be limited by bankruptcy, insolvency or
similar  laws  affecting  the  enforcement  of creditors' rights generally or by
general  principles  of  equity.

5.3.     Compliance  with Laws and Contracts.  The Borrower and its Subsidiaries
         -----------------------------------
have  complied  with  all  applicable  statutes,  rules, regulations, orders and
restrictions  of  any  domestic  or foreign government or any instrumentality or
agency  thereof,  having  jurisdiction  over  the  conduct  of  their respective
businesses  or  the  ownership  of their respective properties, except where the
failure to so comply could not reasonably be expected to have a Material Adverse
Effect.  Neither  the  execution  and  delivery by the Borrower or any Guarantor
of  the  Loan  Documents  to  which  it  is  a  party,  the  application  of the

<PAGE>

proceeds  of  the  Loans and the Facility Letters of Credit, the consummation of
any  transaction  contemplated  in  the  Loan Documents, nor compliance with the
provisions  of the Loan Documents will, or at the relevant time did, (a) violate
any  law,  rule, regulation (including Regulation T, Regulation U and Regulation
X),  order,  writ, judgment, injunction, decree or award binding on the Borrower
or  any  Subsidiary  or  the Borrower's or any Subsidiary's charter, articles or
certificate  of  incorporation  or  by-laws,  (b)  violate  the provisions of or
require  the  approval  or  consent of any party to any indenture, instrument or
agreement  to  which the Borrower or any Subsidiary is a party or is subject, or
by which it, or its property, is bound, or conflict with or constitute a default
thereunder,  or  result  in  the  creation or imposition of any Lien (other than
Liens  permitted  by,  the  Loan  Documents)  in,  of  or on the property of the
Borrower  or  any  Subsidiary  pursuant  to  the  terms  of  any such indenture,
instrument  or  agreement, or (c) require any consent of the stockholders of any
Person.

5.4.     Governmental  Consents.  No  order,  consent,  approval, qualification,
         ----------------------
license,  authorization,  or validation of, or filing, recording or registration
with, or exemption by, or other action in respect of, Governmental Authority, or
any  subdivision  thereof,  any  securities  exchange  or  other Person is or at
the  relevant  time was required to authorize, or is or at the relevant time was
required in connection with the execution, delivery, consummation or performance
of,  or  the legality, validity, binding effect or enforceability of, any of the
Loan  Documents,  the  application  of the proceeds of the Loans or the Facility
Letters  of  Credit or any other transaction contemplated in the Loan Documents.

5.5.     Financial Statements.  The Borrower has heretofore furnished to each of
         --------------------
the  Lenders  (a)  the  September  30,  2000  audited  consolidated  financial
statements  of  the  Borrower  and  its  Subsidiaries,  and  (b)  the  unaudited
consolidated  financial  statements of the Borrower and its Subsidiaries through
June 30, 2001 (collectively, the "Financial Statements").  Each of the Financial
                                  --------------------
Statements  was  prepared in accordance with Agreement Accounting Principles and
fairly  presents  the  consolidated  financial  condition  and operations of the
Borrower  and  its  Subsidiaries  at  such dates and the consolidated results of
their  operations  for the respective periods then ended (except, in the case of
such  unaudited  statements,  for  normal  year-end  audit  adjustments).

5.6.     Material Adverse Change.  Since June 30, 2001, there has been no change
         -----------------------
from  that  reflected  in  the  Financial Statements, in the business, Property,
condition  (financial or otherwise) or results of operations of the Borrower and
its  Subsidiaries  taken as a whole which could reasonably be expected to have a
Material  Adverse  Effect.

5.7.     Taxes.  The  Borrower  and  its Subsidiaries have filed or caused to be
         -----
filed  in  correct  form all United States federal and applicable foreign, state
and  local  tax returns and all other tax returns which are required to be filed
and  have  paid  all  taxes  due  pursuant  to  said  returns or pursuant to any
assessment  received  by  the  Borrower or any Subsidiary, except such taxes, if
any, as are being contested in good faith and as to which adequate reserves have
been  provided  in  accordance  with  Agreement  Accounting Principles and as to
which  no  Lien  exists.  No  tax  liens have been filed and no claims are being
asserted  with  respect  to any such taxes which could reasonably be expected to
have a Material Adverse Effect.  The charges, accruals and reserves on the books
of  the  Borrower  and  its  Subsidiaries  in  respect  of  any  taxes  or other
governmental  charges  are  in  accordance with Agreement Accounting Principles.

5.8.     Litigation  and  Contingent  Obligations.  There  is  no  litigation,
         ----------------------------------------
arbitration,  proceeding,  inquiry  or  governmental  investigation  (including,
without  limitation,  by  the  Federal  Trade  Commission)  pending  or,  to the

<PAGE>

knowledge of any of their officers, threatened against or affecting the Borrower
or  any  Subsidiary  or  any  of  their  respective  Properties  which  could
reasonably  be  expected to have a Material Adverse Effect or to prevent, enjoin
or  unduly  delay the making of the Loans or the issuance of Facility Letters of
Credit  under  this  Agreement.  Neither the Borrower nor any Subsidiary has any
material  Contingent  Obligations  except  as  set  forth  on  Schedule  5.8.
                                                               -------------

5.9.     Subsidiaries  and  Capitalization.  Schedule  5.9  hereto  contains  an
         ---------------------------------   -------------
accurate  list  of  all  of  the  existing  Subsidiaries  as of the date of this
Agreement, setting forth their respective jurisdictions of incorporation and the
percentage  of  their  capital  stock  owned  by  the  Borrower  or  other
Subsidiaries.  All of the issued and outstanding shares of capital stock of each
Subsidiary  have  been  duly  authorized  and validly issued, are fully paid and
non-assessable,  and  are  free  and  clear  of  all Liens, other than the Liens
created by the Loan Documents.  No authorized but unissued or treasury shares of
capital  stock  of  the  Borrower  or  any Subsidiary are subject to any option,
warrant,  right  to  call or commitment of any kind or character.  Except as set
forth  on  Schedule  5.9,  neither  the  Borrower  nor  any  Subsidiary  has any
           -------------
outstanding  stock or securities convertible into or exchangeable for any shares
of  its  capital  stock, or any right issued to any Person (either preemptive or
other)  to  subscribe for or to purchase, or any options for the purchase of, or
any  agreements  providing for the issuance (contingent or otherwise) of, or any
calls,  commitments  or  claims  of any character relating to any of its capital
stock or any stock or securities convertible into or exchangeable for any of its
capital  stock  other than as expressly set forth in the certificate or articles
of  incorporation  of the Borrower or such Subsidiary.  Neither the Borrower nor
any  Subsidiary  is  subject  to  any  obligation  (contingent  or otherwise) to
repurchase or otherwise acquire or retire any shares of its capital stock or any
convertible securities, rights or options of the type described in the preceding
sentence  except as otherwise set forth on Schedule 5.9.  Except as set forth on
                                           ------------
Schedule  5.9, as of the date hereof the Borrower does not own or hold, directly
-------------
or  indirectly,  any  capital  stock  or  equity  security  of, or any equity or
partnership  interest  in  any  Person  other  than  such  Subsidiaries and Vail
Resorts,  Inc.

5.10.     ERISA.  Each  of  the Borrower and each member of the Controlled Group
          -----
has  fulfilled  its obligations under the minimum funding standards of ERISA and
the Code with respect to each Plan. Neither the Borrower nor any other member of
the  Controlled  Group  has  incurred,  or  is reasonably expected to incur, any
withdrawal  liability  to  any  Multiemployer  Plan  which  could  reasonably be
expected  to  have a Material Adverse Effect. Each Plan complies in all respects
with  all  applicable  requirements  of  law  and  regulations, except where the
failure to so comply could not reasonably be expected to cause the relevant Plan
to  become  disqualified  under the Code. Neither the Borrower nor any member of
the  Controlled  Group  has,  with  respect  to  any  Plan,  failed  to make any
contribution or pay any amount required under Section 412 of the Code or Section
302  of  ERISA  or  the  terms  of  such  Plan.  There are no pending or, to the
knowledge  of  the  Borrower,  threatened  claims,  actions,  investigations  or
lawsuits  against any Plan, any fiduciary thereof, or the Borrower or any member
of  the  Controlled  Group  with  respect  to  a  Plan which could reasonably be
expected  to have a Material Adverse Effect. Neither the Borrower nor any member
of the Controlled Group has engaged in any prohibited transaction (as defined in
Section  4975  of  the Code or Section 406 of ERISA) in connection with any Plan
which  would subject such Person to any material liability. Within the last five
years neither the Borrower nor any member of the Controlled Group has engaged in
a  transaction  which  resulted  in  a  Single  Employer  Plan  with an Unfunded
Liability  being  transferred  out of the Controlled Group. No Termination Event
has  occurred  or is reasonably expected to occur with respect to any Plan which
is  subject  to  Title  IV  of  ERISA.

<PAGE>

5.11.     Defaults.  No  Default  or  Unmatured  Default  has  occurred  and  is
          --------
continuing.

5.12.     Federal  Reserve Regulations.  Neither the Borrower nor any Subsidiary
          ----------------------------
is  engaged,  directly  or  indirectly,  principally, or as one of its important
activities,  in  the  business  of extending, or arranging for the extension of,
credit  for  the  purpose  of  purchasing or carrying Margin Stock.  Neither the
making  of  any Advance or issuance of any Facility Letters of Credit hereunder,
the  use  of  the  proceeds  thereof,  will  violate or be inconsistent with the
provisions  of  Regulation  T,  Regulation  U  or  Regulation  X.  Following the
application  of  the  proceeds  of  the  Loans,  less  than 25% of the value (as
determined  by  any  reasonable  method)  of  the assets of the Borrower and its
Subsidiaries  which  are  subject  to  any  limitation on sale, pledge, or other
restriction  hereunder  taken  as  a  whole  have been, and will continue to be,
represented  by  Margin  Stock.

5.13.     Investment  Company;  Public Utility Holding Company Act.  Neither the
          --------------------------------------------------------
Borrower  nor  any Subsidiary is, or after giving effect to any Advance will be,
an  "investment  company"  or  a company "controlled" by an "investment company"
within  the  meaning of the Investment Company Act of 1940, as amended.  Neither
the Borrower nor any Subsidiary 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,  as  amended.

5.14.     Certain  Fees.  Other  than as disclosed on Schedule 5.14, no broker's
          -------------                               -------------
or  finder's  fee  or  commission  was, is or will be payable by the Borrower or
any  Subsidiary with respect to the transactions contemplated by this Agreement.
The Borrower hereby agrees to indemnify the Administrative Agent and the Lenders
against  and  agrees  that  it  will  hold each of them harmless from any claim,
demand or liability for broker's or finder's fees or commissions alleged to have
been  incurred  by  the  Borrower  in  connection  with  any of the transactions
contemplated  by this Agreement and any expenses (including, without limitation,
attorneys'  fees  and  time charges of attorneys for the Administrative Agent or
any  Lender, which attorneys may be employees of the Administrative Agent or any
Lender)  arising  in  connection  with  any  such  claim,  demand  or liability.

5.15.     Solvency.  As  of  the  date  hereof,  after  giving  effect  to  the
          --------
consummation  of  the  transactions  contemplated  by the Loan Documents and the
payment  of  all  fees,  costs  and  expenses  payable  by  the  Borrower or its
Subsidiaries  with  respect  to  the  transactions  contemplated  by  the  Loan
Documents,  each  of  the  Borrower  and  each  Guarantor  is  Solvent.

5.16.     Ownership of Properties.  Except as set forth on Schedule 5.16 hereto,
          -----------------------                          -------------
the  Borrower  and  its  Subsidiaries  have  a subsisting leasehold interest in,
or  good  and marketable title, free of all Liens, other than those permitted by
Section 6.17 or by any of the other Loan Documents, to all of the properties and
------------
assets  reflected  in  the Financial Statements as being owned by it, except for
assets  sold,  transferred  or  otherwise  disposed of in the ordinary course of
business  since  the  date  thereof.  There are no actual, threatened or alleged
defaults with respect to any leases of real property under which the Borrower or
any  Subsidiary is lessee or lessor which could reasonably be expected to have a
Material  Adverse  Effect.  The  Borrower  and  its  Subsidiaries own or possess
rights  to  use all material licenses, patents, patent applications, copyrights,
service marks, trademarks and trade names necessary to continue to conduct their
business  as  heretofore conducted, and no such license, patent or trademark has
been  declared invalid, been limited by order of any court or by agreement or is
the  subject  of  any  infringement,  interference  or  similar  proceeding  or
challenge,  except  for proceedings and challenges which could not reasonably be
expected  to  have  a  Material  Adverse  Effect.

<PAGE>

5.17.     Indebtedness.  Attached  hereto  as  Schedule  5.17  is a complete and
          ------------                         --------------
correct  list  of  all  Indebtedness  of  the  Borrower  and  its  Subsidiaries
outstanding  on  the  date  of  this  Agreement  (other  than  Indebtedness in a
principal  amount  not  exceeding $100,000 for a single item of Indebtedness and
$500,000  in  the  aggregate  for  all  such  Indebtedness  listed), showing the
aggregate  principal  amount  which  was  outstanding  on  such  date.

5.18.     Subordinated Indebtedness.  The principal of and interest on the Notes
          -------------------------
and  all  other Obligations will constitute "senior debt" as that or any similar
term  is  or may be used in any other instrument evidencing or applicable to any
Subordinated  Indebtedness  of  the  Borrower.

5.19.     Employee  Controversies.  There  are  no  strikes,  work  stoppages or
          -----------------------
controversies  pending  or threatened between the Borrower or any Subsidiary and
any  of  its  employees,  other  than  strikes,  work stoppages or controversies
arising  in  the ordinary course of business, which, in the aggregate, could not
reasonably  be  expected  to  have  a  Material  Adverse  Effect.

5.20.     Material  Agreements.  Neither  the  Borrower  nor any Subsidiary is a
          --------------------
party  to  any  agreement  or  instrument  or  subject  to  any charter or other
corporate  restriction  which  could  reasonably  be expected to have a Material
Adverse  Effect or which restricts or imposes conditions upon the ability of the
Borrower  or  any Subsidiary to (a) pay dividends or make other distributions on
its capital stock (b) make loans or advances to the Borrower, (c) repay loans or
advances  from Borrower or (d) grant Liens to the Administrative Agent to secure
the  Obligations.  Neither  the Borrower nor any Subsidiary is in default in the
performance,  observance  or fulfillment of any of the obligations, covenants or
conditions  contained  in  any  agreement  to which it is a party, which default
could  reasonably  be  expected  to  have  a  Material  Adverse  Effect.

5.21.     Environmental  Laws.  The  Borrower and its Material Subsidiaries each
          -------------------
conduct  in  the  ordinary  course  of  business a review of the effects of then
existing  Environmental  Laws  and  then  existing  Environmental  Claims on its
business,  condition  (financial and other), results of operations and Property,
and  as  a  result  thereof  the  Borrower  and  its  Material Subsidiaries have
reasonably  concluded  that  the  application of such Environmental Laws and the
existence  of  such Environmental Claims, in the aggregate, could not reasonably
be  expected  to  have  a  Material  Adverse  Effect.

5.22.     Insurance.  The  Borrower  and  its  Subsidiaries  maintain  with
          ---------
financially  sound and reputable insurance companies insurance on their Property
in  such  amounts  and  covering such risks as is consistent with sound business
practice.

5.23.     Disclosure.  None  of  the  (a)  information,  exhibits  or  reports
          ----------
furnished  or  to  be  furnished  by  the  Borrower  or  any  Subsidiary  to the
Administrative  Agent or to any Lender in connection with the negotiation of the
Loan  Documents,  or  (b)  representations  or warranties of the Borrower or any
Subsidiary  contained  in  this  Agreement,  the  other  Loan  Documents  or any
certificate  or  other written information furnished to the Administrative Agent
or  the  Lenders by or on behalf of the Borrower or any Subsidiary pursuant to a
request from the Administrative Agent or the Lenders permitted hereunder and for
use  in  connection  with  the  transactions  contemplated  by  this  Agreement,
contained,  contains  or will contain any untrue statement of a material fact or
omitted,  omits or will omit to state a material fact necessary in order to make
the  statements  contained  herein  or  therein  not  misleading in light of the
circumstances  in  which the same were made. The pro forma financial information
contained  in  such materials is based upon good faith estimates and assumptions

<PAGE>

believed  by  the  Borrower to be reasonable at the time made.  There is no fact
known to the Borrower (other than matters of a general economic nature) that has
had  or  could reasonably be expected to have a Material Adverse Effect and that
has not been disclosed herein or in such other documents, certificates and other
written  information  furnished  to  the  Lenders for use in connection with the
transactions  contemplated  by  this  Agreement.

                                    ARTICLE VI

                                    COVENANTS
                                    ---------

     During  the  term  of  this  Agreement,  unless  the Required Lenders shall
otherwise  consent  in  writing:

6.1.     Financial  Reporting.  The  Borrower will maintain, for itself and each
         --------------------
Subsidiary,  a  system  of accounting established and administered in accordance
with generally accepted accounting principles, consistently applied, and furnish
to  the  Lenders:

(a)     As  soon  as  practicable  and  in  any  event  within 95 days after the
close  of  each  of  its  Fiscal Years, an unqualified audit report certified by
independent certified public accountants, acceptable to the Lenders, prepared in
accordance  with  Agreement  Accounting  Principles  on  a  consolidated  and
consolidating  basis  (consolidating  statements  need  not be certified by such
accountants) for itself and its Subsidiaries, including balance sheets as of the
end  of such period and related statements of income, retained earnings and cash
flows  (but  not  consolidating  statements  of retained earnings or cash flows)
accompanied  by  a  certificate  of  said accountants that, in the course of the
examination  necessary  for  their  certification  of  the  foregoing, they have
obtained  no knowledge of Default or Unmatured Default, or if, in the opinion of
such  accountants,  any  Default  or  Unmatured Default shall exist, stating the
nature  and  status  thereof.

(b)     As  soon  as practicable and in any event within 50 days after the close
of  the  first three Fiscal Quarters of each of its Fiscal Years, for itself and
its  Subsidiaries, consolidated and consolidating unaudited balance sheets as at
the  close  of each such period and consolidated and consolidating statements of
income,  retained  earnings  and cash flows (but not consolidating statements of
retained earnings or cash flows)for the period from the beginning of such Fiscal
Year  to  the  end  of  such  quarter,  all  certified by an Authorized Officer.

(c)     As  soon as available, but in any event not later than the last Business
Day  in  November of each year, a copy of the plan and forecast of the Borrower,
and  its  Subsidiaries for the next Fiscal Year organized by individual lines of
business  (including  a  projected consolidated and consolidating balance sheet,
income  statement  and  funds  flow  statement).

(d)     Together  with  the financial statements required by clauses (a) and (b)
                                                             -----------     ---
above,  a  compliance  certificate in substantially the form of Exhibit G hereto
                                                                ---------
signed  by an Authorized Officer showing the calculations necessary to determine
compliance  with this Agreement and stating that no Default or Unmatured Default
exists,  or  if  any Default or Unmatured Default exists, stating the nature and
status  thereof.

(e)     Within  270 days after the close of each Fiscal Year, a statement of the
Unfunded  Liabilities  of  each Single Employer Plan, certified as correct by an
actuary  enrolled  under  ERISA.

(f)     As  soon  as possible and in any event within 10 days after the Borrower
knows  that  any  Termination  Event  has  occurred  with respect to any Plan, a
statement, signed by the chief financial officer, treasurer or controller of the
Borrower,  describing  said  Termination Event and the action which the Borrower
proposes  to  take  with  respect  thereto.

<PAGE>

(g)     As  soon  as possible and in any event within 10 days after the Borrower
learns  thereof,  notice of the assertion or commencement of any claims, action,
suit  or  proceeding  against  or affecting the Borrower or any Subsidiary which
could  reasonably  be  expected  to  have  a  Material  Adverse  Effect.

(h)     Promptly  upon  the  furnishing  thereof  to  the  shareholders  of  the
Borrower,  copies  of  all financial statements, reports and proxy statements so
furnished.

(i)     Promptly  upon the filing thereof, copies of all registration statements
and  annual,  quarterly,  monthly or other regular reports which the Borrower or
any  of  its  Subsidiaries  files  with  the Securities and Exchange Commission.

(j)     Such  other  information  (including  non-financial  information) as the
Administrative  Agent  or  any  Lender may from time to time reasonably request.

6.2.     Use of Proceeds.  The Borrower will, and will cause each Subsidiary to,
         ---------------
use  the  proceeds  of  the  Advances  to meet the general corporate and working
capital  needs  of  the  Borrower  and its Subsidiaries, including the making of
stock  redemptions  and repurchases, dividends on its capital stock, Investments
and  non-hostile  Purchases,  all as permitted hereunder. The Borrower will not,
nor will it permit any Subsidiary to, use any of the proceeds of the Advances or
any  Facility  Letter  of  Credit  to  purchase  or carry any "margin stock" (as
defined  in Regulation U) or to finance the Purchase of any Person which has not
been  approved  and  recommended  by  the  board  of  directors  (or  functional
equivalent  thereof)  of  such  Person.

6.3.     Notice  of Default.  The Borrower will give prompt notice in writing to
         -------------------
the Lenders of the occurrence of (a) any Default or Unmatured Default and (b) of
any other event or development, financial or other, relating specifically to the
Borrower  or any of its Subsidiaries (and not of a general economic or political
nature)  which  could  reasonably be expected to have a Material Adverse Effect.

6.4.     Conduct of Business.  The Borrower will, and will cause each Subsidiary
         -------------------
     to,  carry  on and conduct its business in substantially the same manner as
is  presently  conducted  or  in  other  consumer  products  markets  and  the
manufacturing  of ingredients therefor, and to do all things necessary to remain
duly  incorporated,  validly  existing  and  in  good  standing  as  a  domestic
corporation  in  its  jurisdiction  of  incorporation and maintain all requisite
authority  to conduct its business in each jurisdiction in which its business is
conducted,  except  where  the  failure  to  maintain  such  authority could not
reasonably  be  expected  to  have  a  Material  Adverse  Effect.

6.5.     Taxes.  The  Borrower  will,  and will cause each Subsidiary to, timely
         -----
file  complete  and  correct United States federal and applicable foreign, state
and  local  tax  returns  required by applicable law and pay when due all taxes,
assessments  and  governmental charges and levies upon it or its income, profits
or Property, except those which are being contested in good faith by appropriate
proceedings  and  with  respect  to  which  adequate reserves have been set
aside.

6.6.     Insurance.  The  Borrower  will,  and  will  cause  each Subsidiary to,
         ---------
maintain  with  financially sound and reputable insurance companies insurance on
all their Property in such amounts and covering such risks as is consistent with
sound  business  practice for similarly situated businesses in the industries in
which  the  Borrower and its Subsidiaries operate, and the Borrower will furnish
to  the  Administrative Agent and any Lender upon request full information as to
the  insurance  carried.

<PAGE>

6.7.     Compliance  with  Laws.  The  Borrower  will,  and  will  cause  each
         ----------------------
Subsidiary  to,  comply  with  all  laws,  rules,  regulations,  orders,  writs,
judgments,  injunctions,  decrees  or  awards  to  which  it may be subject, the
failure  to  comply  with  which could reasonably be expected to have a Material
Adverse  Effect.

6.8.     Maintenance  of  Properties.  The  Borrower  will,  and will cause each
         ---------------------------
Subsidiary  to,  do all things necessary to maintain, preserve, protect and keep
its Property in good repair, working order and condition, and make all necessary
and proper repairs, renewals and replacements so that its business carried on in
connection  therewith  may  be properly conducted at all times, except where the
failure  to  do  so  could not reasonably be expected to have a Material Adverse
Effect.

6.9.     Inspection.  The  Borrower  will,  and  will  cause each Subsidiary to,
         ----------
permit  the  Administrative  Agent  and  the  Lenders,  by  their  respective
representatives  and agents, to inspect any of the Property, corporate books and
financial  records  of  the  Borrower  and  each Subsidiary, to examine and make
copies  of the books of accounts and other financial records of the Borrower and
each  Subsidiary,  and  to  discuss  the  affairs,  finances and accounts of the
Borrower  and  each  Subsidiary with, and to be advised as to the same by, their
respective  officers  at  such reasonable times and intervals as the Lenders may
designate.  The  Borrower  shall  reimburse  the  Administrative  Agent  and the
Lenders  for  any  costs  and  expenses  incurred  in  connection  with any such
inspection,  examination  or  copies made during the pendency of a Default.  The
Borrower  will  keep  or  cause to be kept, and cause each Subsidiary to keep or
cause  to  be  kept,  appropriate records and books of account in which complete
entries  are  to  be  made  reflecting  its  and  their  business  and financial
transactions,  such  entries  to be made in accordance with Agreement Accounting
Principles  consistently  applied.

6.10.     Capital  Stock  and  Dividends.  The  Borrower  will  not, nor will it
          ------------------------------
permit  any  Subsidiary  to issue or have outstanding any preferred stock, other
than  preferred  stock  not  having  mandatory  redemption, retirement and other
repurchase  dates  commencing  less  than 91 days after the Facility Termination
Date  then  in  effect.

6.11.     Indebtedness.  The  Borrower  will  not,  nor  will  it  permit  any
          ------------
Subsidiary  to,  create,  incur  or  suffer  to  exist any Indebtedness, except:

(a)     the  Loans;

(b)     Indebtedness existing on the date hereof and described in Schedule 5.17;
                                                                  -------------

(c)     Contingent  Obligations  permitted  by  Section  6.16;
                                                -------------

(d)     Rate-Hedging  Obligations  incurred  in the ordinary course of business;

(e)     Indebtedness  arising  in  connection  with  the  Accounts  Receivable
Financing  Program;  and

(f)     other  Indebtedness  so  long  as immediately after giving effect to the
incurrence  of  such  Indebtedness,  the  Borrower  is  in  compliance  with the
financial  covenants  set  forth  in  Section  6.24.
                                      -------------

<PAGE>

6.12.     Merger.  The  Borrower will not, nor will it permit any Subsidiary to,
          ------
merge  or  consolidate  with  or  into  any  other  Person,  except  that  (a) a
Wholly-Owned  Subsidiary  may  merge  into  the  Borrower  or  any  Wholly-Owned
Subsidiary  of  the  Borrower,  (b)  the Borrower or any Subsidiary may merge or
consolidate  with any other Person so long as the Borrower or such Subsidiary is
the continuing or surviving corporation and, prior to and after giving effect to
such  merger  or  consolidation,  no  Default  or Unmatured Default shall exist,
and  (c)  any  Subsidiary may enter into a merger or consolidation as a means of
effecting  a  disposition  permitted  by  Section  6.13.
                                          -------------

6.13.     Sale  of  Assets.  The  Borrower  will  not,  nor  will  it permit any
          ----------------
Subsidiary to, lease, sell, transfer or otherwise dispose of its Property to any
other  Person  except  for  (a)  sales  of  inventory  or  unused  or  obsolete
equipment  in  the ordinary course of business, and (b) leases, sales, transfers
or  other dispositions of its Property that, together with all other Property of
the  Borrower  and  its  Subsidiaries  previously  leased,  sold, transferred or
otherwise disposed of (other than inventory or unused or obsolete equipment sold
in  the  ordinary  course  of  business  and  accounts  receivables transactions
permitted  by  Section  6.14)  as  permitted by this Section 6.13 since the date
               -------------                         ------------
hereof, do not constitute a Substantial Portion of the  Property of Borrower and
its  Subsidiaries.

6.14.     Sale  of  Accounts.  The  Borrower  will  not,  nor will it permit any
          ------------------
Subsidiary  to,  sell  or  otherwise dispose of any notes receivable or accounts
receivable, with or without recourse, except that the Borrower or any Subsidiary
may  sell  or  otherwise  grant  an interest in its accounts receivable to other
Persons,  in  each  case  pursuant  to an Accounts Receivable Financing Program;
provided,  however,  that  any  such  sales or granting of interests in accounts
--------   -------
receivable  shall,  for  all  purposes  of this Agreement, and regardless of the
treatment  thereof  by  the  Borrower  on its financial statements, be deemed an
incurrence  of  Indebtedness.

6.15.     Investments  and Purchases.  The Borrower will not, nor will it permit
          --------------------------
any  Subsidiary  to, make or suffer to exist any Investments (including, without
limitation,  loans  and advances to, and other Investments in, Subsidiaries), or
commitments  therefor,  or  to  create  any  Subsidiary or to become or remain a
partner  in  any partnership or joint venture, or to make any Purchases, except:

(a)     Short-term  obligations  of,  or  fully guaranteed by, the United States
of  America  and  short-term  obligations  of United States government agencies;

(b)     Commercial paper rated A-1 or better by S&P or P-1 or better by Moody's;

(c)     Demand deposit and money market bank accounts maintained in the ordinary
course  of  business  with  Initial  Lenders  or with commercial banks which are
members  of  the  Federal  Deposit  Insurance  Corporation;

(d)     Bankers  acceptances  and  certificates  of  deposit  issued by and time
deposits  with  Initial  Lenders  or  with commercial banks (whether domestic or
foreign)  rated  B  or  better by Thomson, A or better by S&P or A2 or better by
Moody's;

(e)     Repurchase  agreements  with  Initial  Lenders  or with commercial banks
(whether  domestic  or foreign) rated B or better by Thomson, A or better by S&P
or  A2  or  better  by Moody's, so long at least 102% of the principal amount of
each  repurchase  agreement  is  collateralized  by  obligations  of,  or  fully
guaranteed  by, the United States of America or by commercial paper rated A-1 or
better  by  S&P  or  P-1  or  better  by  Moody's;

<PAGE>

(f)     Loan  participations  and  master  notes  with corporations rated A-1 or
better  by  S&P  or  P-1  or  better by Moody's and with Initial Lenders or with
commercial  banks  rated  B  or  better  by Thomson, A or better by S&P or A2 or
better  by  Moody's;

(g)     Money  market preferred stock accounts in corporations rated A or better
by  S&P  or  A2  or  better  by Moody's or in other corporations so long as such
Investments  are  secured  by  Letters of Credit issued by Initial Lenders or by
commercial  banks  rated  B  or  better  by Thomson, A or better by S&P or A2 or
better  by  Moody's;

(h)     Existing  Investments  in  Subsidiaries  and  additional  Investments in
Guarantors;

(i)     Other  Investments  in  existence  on  the  date hereof and described in
Schedule  6.15  hereto;
--------------

(j)     Other  Investments  in  Persons or Subsidiaries which are not Guarantors
(including,  without  limitation, (i) any Investment in a joint venture and (ii)
the creation of and the Investment in any Subsidiary that is not a Guarantor) in
an  aggregate  amount  not  exceeding  $20,000,000;

(k)     Investments  in,  and  the  creation  of, any special purpose Subsidiary
created  for  the  purpose  of  entering  into the Accounts Receivable Financing
Program;

(l)     Additional  equity Investments in Vail Resorts, Inc. necessary to permit
the  Borrower  to  retain  equity  accounting  treatment  for  such  Investment;

(m)     (i)  Non-hostile  Purchases  in  the same line of business or related or
ancillary  businesses  as  the  Borrower  (including but not limited to consumer
packaged goods), not exceeding $50,000,000 in the case of any single Purchase or
series  of  related Purchases, provided that (A) there shall exist no Default or
                               --------
Unmatured  Default  either immediately before or immediately after giving effect
to  any  such  Purchase  and  (B)  the pro forma Leverage Ratio calculated after
giving effect to such transaction for the most recent period of four consecutive
Fiscal  Quarters  for  which financial statements have been furnished or are due
pursuant  to Section 6.1 (treating such Purchase as having occurred on the first
             -----------
day  of  such  four-quarter  period) does not exceed 2.75:1, or (ii) non-hostile
Purchases in the same line of business or related or ancillary businesses as the
Borrower  (including  but  not limited to consumer packaged goods), in excess of
$50,000,000  in the case of  any single Purchase or series of related Purchases,
provided  that  (A)  there  shall  exist  no Default or Unmatured Default either
--------
immediately before or immediately after giving effect to any such Purchases, (B)
the  representations  and warranties contained in Article V are true and correct
                                                  ---------
both  immediately  before  and  immediately  after  giving  effect  to  any such
Purchases,  and  (C) the Borrower submits pro forma financial statements for the
most  recent  period  of  four  consecutive  Fiscal Quarters for which financial
statements  have  been  furnished  or  are  due  pursuant  to  Section 6.1 and a
                                                               -----------
certificate  executed  by an Authorized Officer of the Borrower prior to closing
any  such transaction showing that the pro forma Leverage Ratio calculated after
giving  effect to such transaction (treating such Purchase as having occurred on
the  first  day  of  such  four-quarter  period)  does  not  exceed  2.75:1; and

(n)  United  States  mutual  funds  that invest solely in any of the Investments
described  in  subsections  (a)  through  (g)  above.

<PAGE>

6.16.     Contingent Obligations.  The Borrower will not, nor will it permit any
          ----------------------
Subsidiary  to,  make  or  suffer to exist any Contingent Obligation (including,
without limitation, any Contingent Obligation with respect to the obligations of
a  Subsidiary),  except  (a)  by  endorsement  of  instruments  for  deposit  or
collection  in  the ordinary course of business, (b) the Subsidiary Guaranty and
(c)  the  Ralston  Obligations.

6.17.     Liens.  The  Borrower  will not, nor will it permit any Subsidiary to,
          -----
create,  incur,  or  suffer  to  exist any Lien in, of or on the Property of the
Borrower  or  any  of  its  Subsidiaries,  except:

(a)     Liens  for  taxes,  assessments  or  governmental  charges  or levies on
its  Property  if the same shall not at the time be delinquent or thereafter can
be paid without penalty, or are being contested in good faith and by appropriate
proceedings  and  for  which  adequate  reserves  in  accordance  with generally
accepted  principles  of  accounting  shall  have  been  set aside on its books;

(b)     Liens  imposed  by law, such as carriers', warehousemen's and mechanics'
liens  and  other similar liens arising in the ordinary course of business which
secure  the  payment  of obligations not more than 60 days past due or which are
being  contested in good faith by appropriate proceedings and for which adequate
reserves  shall  have  been  set  aside  on  its  books;

(c)     Liens  arising  out  of  pledges or deposits under worker's compensation
laws,  unemployment  insurance,  old  age  pensions, or other social security or
retirement  benefits,  or  similar  legislation;

(d)     Liens arising out of good faith deposits in connection with or to secure
performance  of  statutory  obligations,  surety  and  appeal  bonds, government
contracts, leases otherwise permitted hereunder, performance and return of money
bonds and other similar obligations incurred in the ordinary course of business;

(e)     Easements,  minor  defects  or  irregularities  in  title,  building
restrictions  and  such other encumbrances or charges against real property, all
of  which  as are of a nature generally existing with respect to properties of a
similar  character and which do not in any material way affect the marketability
of the same or interfere with the use thereof in the business of the Borrower or
the  Subsidiaries;

(f)     Liens existing on the date hereof and described in Schedule 6.17 hereto,
                                                           -------------
including  extensions, renewals and replacements thereof in whole or in part, so
long  as the principal amount of the Indebtedness secured thereby at the time of
such  extension,  renewal  or  replacement  is limited to all or any part of the
Property (including improvements thereon) securing the Lien so extended, renewed
or  replaced;

(g)     Liens  on  the  Property of a Subsidiary of the Borrower and exclusively
securing  Indebtedness  of  such  Subsidiary  to  the Borrower or any Guarantor;

(h)     Liens  of  purchasers  or  providers  of  financing  under  an  Accounts
Receivable  Financing  Program  in  accordance  with  Section  6.14  herein; and
                                                      -------------

(i)     Other  Liens  securing  aggregate  principal  Indebtedness  at  no  time
exceeding  $25,000,000.

6.18.     Lease  Rentals.  The  Borrower  will  not,  nor  will  it  permit  any
          --------------
Subsidiary  to,  create,  incur  or  suffer  to exist obligations for Rentals in
excess  of  $30,000,000  during any one Fiscal Year on a non-cumulative basis in
the  aggregate  for  the  Borrower  and  its  Subsidiaries.

<PAGE>

6.19.     Affiliates.  The Borrower will not, and will not permit any Subsidiary
          ----------
to,  enter  into any transaction (including, without limitation, the purchase or
sale  of  any Property or service) with, or make any payment or transfer to, any
Affiliate  except  (a)  in  the  ordinary course of business and pursuant to the
reasonable requirements of the Borrower's or such Subsidiary's business and upon
fair  and  reasonable terms no less favorable to the Borrower or such Subsidiary
than  the  Borrower  or such Subsidiary would obtain in a comparable arms-length
transaction,  (b)  transactions  among  the  Borrower  and Guarantors and (c) in
connection  with  the  Accounts  Receivable  Financing  Program.

6.20.     Subordinated Indebtedness; Other Indebtedness.  The Borrower will not,
          ---------------------------------------------
and will not permit any Subsidiary to, make any amendment or modification to the
indenture,  note  or  other  agreement  evidencing or governing any Subordinated
Indebtedness,  or  directly  or  indirectly  voluntarily  prepay,  defease or in
substance  defease,  purchase,  redeem,  retire  or  otherwise  acquire,  any
Subordinated  Indebtedness.

6.21.     Environmental Matters.  The Borrower shall and shall cause each of its
          ---------------------
Material  Subsidiaries to conduct in the ordinary course of its business reviews
of  the  effects  of  then  existing  Environmental  Laws  and  then  existing
Environmental  Claims  on its business, condition (financial and other), results
of  operations  and  Property  and  to  take  all  actions  required  by  such
Environmental Laws and in respect of such Environmental Claims, except where the
failure  to  so  act could not reasonably be expected to have a Material Adverse
Effect.

6.22.     Change  in  Corporate Structure; Fiscal Year.  The Borrower shall not,
          --------------------------------------------
nor  shall it permit any Subsidiary to, (a) permit any amendment or modification
to  be  made to its certificate or articles of incorporation or by-laws which is
materially adverse to the interests of the Lenders or (b) change its Fiscal Year
to  end  on  any  date  other  than  September  30  of  each  year.

6.23.     Inconsistent  Agreements.  The Borrower shall not, nor shall it permit
          ------------------------
any  Subsidiary  to,  enter  into  any indenture, agreement, instrument or other
arrangement  which,  (a)  directly  or indirectly prohibits or restrains, or has
the  effect  of  prohibiting  or  restraining,  or  imposes  materially  adverse
conditions  upon,  the  incurrence  of the Obligations, the granting of Liens to
secure the Obligations (other than agreements by the Borrower that it will grant
Liens  to  secure  any  Rate Hedging Obligations to the same extent as, and pari
passu  with,  any Liens granted to secure the Obligations), the provision of the
Subsidiary  Guaranty,  the  amending of the Loan Documents or the ability of any
Subsidiary  (other  than a special purpose Subsidiary created for the purpose of
entering into the Accounts Receivable Financing Program) to (i) pay dividends or
make  other  distributions  on its capital stock, (ii) make loans or advances to
the  Borrower or (iii) repay loans or advances from the Borrower or (b) contains
any  provision which would be violated or breached by the making of Advances, by
the issuance of Facility Letters of Credit or by the performance by the Borrower
or  any  Subsidiary  of  any  of  its  obligations  under  any  Loan  Document.

6.24.     Financial  Covenants.  The  Borrower  on a consolidated basis with its
          --------------------
Subsidiaries  shall:

6.24.1.  Adjusted  Net  Worth.  At  all  times  after  the date hereof, maintain
         --------------------
a  minimum  Adjusted  Net Worth at least equal to the sum of (a) 75% of Adjusted
Net  Worth  determined for the Borrower and its Subsidiaries as of June 30, 2001
based  on  financial  information  received by the Administrative Agent from the
Borrower, plus (b) the sum of all cash proceeds (net of related costs, expenses,
          ----

<PAGE>

fees  and taxes) received by the Borrower or any Subsidiary of the Borrower from
the issuance of its capital stock, plus (c) for each Fiscal Quarter ending after
                                   ----
the  date  hereof  and prior to the time of determination, 50% of the Borrower's
positive  Adjusted  Net  Income  for  such  Fiscal  Quarter.

6.24.2.  Leverage  Ratio.  As  of  the  end  of  each Fiscal Quarter, maintain a
         ---------------
Leverage  Ratio  of  not  more  than  3.00:1.00

6.24.3.  Interest  Expense  Coverage  Ratio.  As  of the end of each four Fiscal
         ----------------------------------
Quarters  ending  after  the  date hereof, maintain an Interest Expense Coverage
Ratio  of  not  less  than  3.00:1.00

6.25.     ERISA  Compliance.
          -----------------

With  respect  to  any Plan, neither the Borrower nor any Subsidiary shall:

(a)     engage  in  any  "prohibited  transaction"  (as  such term is defined in
Section  406  of  ERISA  or  Section 4975 of the Code) for which a civil penalty
pursuant  to  Section  502(i)  of ERISA or a tax pursuant to Section 4975 of the
Code  in  excess  of  $10,000,000  could  be  imposed;

(b)     permit  the  occurrence of any Termination Event which could result in a
liability  to the Borrower or any other member of the Controlled Group in excess
of  $10,000,000;  or

(c)     permit the establishment or amendment of any Plan or fail to comply with
the  applicable  provisions of ERISA and the Code with respect to any Plan which
could  result in liability to the Borrower or any other member of the Controlled
Group  which,  individually or in the aggregate, could reasonably be expected to
have  a  Material  Adverse  Effect.

6.26.     Material  Subsidiaries.  The  Borrower  shall  cause  each  of  its
          ----------------------
Subsidiaries  which becomes a Material Subsidiary on or after the date hereof to
join  the  Subsidiary Guaranty as a Guarantor pursuant to a joinder agreement in
the  form  attached  to  the Subsidiary Guaranty within thirty (30) days of such
Person  becoming  a  Material  Subsidiary.

                                   ARTICLE VII

                                    DEFAULTS
                                    --------

     The  occurrence of any one or more of the following events shall constitute
a  Default:

7.1.     Any  representation  or warranty made or deemed made by or on behalf of
the  Borrower  or  any  of its Subsidiaries to the Lenders or the Administrative
Agent  under  or in connection with this Agreement, any other Loan Document, any
Loan,  any Facility Letter of Credit or any certificate or information delivered
in  connection  with this Agreement or any other Loan Document shall be false in
any  material  respect  on  the  date  as  of  which  made  or  deemed  made.

7.2.     Nonpayment  of  (a)  any  principal  of  any  Note or any Reimbursement
Obligation  when due, or (b) any interest upon any Note or any commitment fee or
other  fee or obligations under any of the Loan Documents within five days after
the  same  becomes  due.

7.3.     The breach by the Borrower of any of the terms or provisions of Section
                                                                         -------
6.2,  Section  6.3(a)  or  Sections  6.10  through  6.24.
---   ---------------      --------------           ----

<PAGE>

7.4.     The  breach  by  the  Borrower (other than a breach which constitutes a
Default under Section 7.1, 7.2 or 7.3) of any of the terms or provisions of this
              -----------  ---    ---
Agreement  which  is  not  remedied within thirty (30) days after written notice
from  the  Administrative  Agent  or  any  Lender.

7.5.     Failure  of  the  Borrower  or  any  of  its  Subsidiaries  to  pay any
Indebtedness  aggregating  in  excess of $25,000,000 when due; or the default by
the  Borrower  or  any  of  its  Subsidiaries  in  the  performance of any term,
provision  or condition contained in any agreement or agreements under which any
such  Indebtedness  was  created  or is governed, or the occurrence of any other
event  or  existence  of  any  other condition, the effect of any of which is to
cause,  or  to  permit the holder or holders of such Indebtedness to cause, such
Indebtedness  to  become  due  prior  to  its  stated  maturity;  or  any  such
Indebtedness  of the Borrower or any of its Subsidiaries shall be declared to be
due  and  payable or required to be prepaid (other than by a regularly scheduled
payment)  prior  to  the  stated  maturity  thereof.

7.6.     The  Borrower  or  any  of its Subsidiaries shall (a) have an order for
relief  entered  with  respect to it under the federal bankruptcy laws as now or
hereafter  in  effect,  (b) make an assignment for the benefit of creditors, (c)
apply  for,  seek,  consent  to, or acquiesce in, the appointment of a receiver,
custodian,  trustee,  examiner,  liquidator  or  similar  official for it or any
Substantial  Portion  of  its  Property, (d) institute any proceeding seeking an
order for relief under the federal bankruptcy laws as now or hereafter in effect
or  seeking  to  adjudicate  it a bankrupt or insolvent, or seeking dissolution,
winding  up, liquidation, reorganization, arrangement, adjustment or composition
of  it  or  its  debts  under  any  law  relating  to  bankruptcy, insolvency or
reorganization  or relief of debtors or fail to file an answer or other pleading
denying  the  material  allegations of any such proceeding filed against it, (e)
take  any  corporate  action  to  authorize  or  effect  any  of  the  foregoing
actions  set  forth  in  this Section 7.6, (f) fail to contest in good faith any
                              -----------
appointment  or proceeding described in Section 7.7 or (g) become unable to pay,
                                        -----------
not  pay,  or admit in writing its inability to pay, its debts generally as they
become  due.

7.7.     Without  the application, approval or consent of the Borrower or any of
its  Subsidiaries, a receiver, trustee, examiner, liquidator or similar official
shall  be  appointed  for  the  Borrower  or  any  of  its  Subsidiaries  or any
Substantial Portion of its Property, or a proceeding described in Section 7.6(d)
                                                                  --------------
shall  be  instituted  against  the Borrower or any of its Subsidiaries and such
appointment  continues  undischarged or such proceeding continues undismissed or
unstayed  for  a  period  of  thirty  consecutive  days.

7.8.     Any  court,  government  or governmental agency shall condemn, seize or
otherwise  appropriate,  or  take custody or control of (each a "Condemnation"),
                                                                 ------------
all  or  any portion of the Property of the Borrower and its Subsidiaries which,
when taken together with all other Property of the Borrower and its Subsidiaries
so  condemned,  seized, appropriated, or taken custody or control of, during the
twelve-month period ending with the month in which any such Condemnation occurs,
constitutes  a  Substantial  Portion.

7.9.     The  Borrower  or any of its Subsidiaries shall fail within thirty days
to  pay,  bond or otherwise discharge any judgments or orders for the payment of
an aggregate amount in excess of $10,000,000, which is not covered by undisputed
insurance  or  stayed  on  appeal  or otherwise being appropriately contested in
good  faith  and  as  to  which  no  enforcement  actions  have  been commenced.

7.10.     Any  Change  in  Control  shall  occur.

<PAGE>

7.11.     The  Subsidiary  Guaranty shall fail to remain in full force or effect
or  any  action  shall  be  taken  to discontinue or to assert the invalidity or
unenforceability  of  the  Subsidiary  Guaranty,  or any Guarantor shall fail to
comply  with  any  of the terms or provisions of the Subsidiary Guaranty, or any
Guarantor  denies  that  it  has  any  further  liability  under  the Subsidiary
Guaranty,  or  gives  notice  to  such  effect.

7.12.     The  Unfunded Liabilities of all Single Employer Plans shall exceed in
the aggregate $10,000,000 or any Reportable Event shall occur in connection with
any  Plan.

7.13.     The  Borrower  or  any other member of the Controlled Group shall have
been  notified  by  the  sponsor of a Multiemployer Plan that such Multiemployer
Plan is in reorganization or is being terminated, within the meaning of Title IV
of  ERISA,  if  as  a  result  of  such  reorganization  or  termination  the
aggregate  annual  contributions  of  the  Borrower and the other members of the
Controlled Group (taken as a whole) to all Multiemployer Plans which are then in
reorganization  or  being  terminated  have  been  or will be increased over the
amounts contributed to such Multiemployer Plans for the respective plan years of
each  such  Multiemployer  Plan immediately preceding the plan year in which the
reorganization  or  termination  occurs  by  an  amount  exceeding  $10,000,000.

                                ARTICLE VIII

                 ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
                 ----------------------------------------------

8.1.     Acceleration.  If  any  Default  described in Section 7.6 or 7.7 occurs
         ------------                                  -----------    ---
with  respect  to  the Borrower, the obligations of the Lenders to make Loans or
issue Facility Letters of Credit hereunder shall automatically terminate and the
Obligations  shall  immediately  become  due  and  payable  without any election
or  action  on the part of the Administrative Agent or any Lender.  If any other
Default  occurs,  the  Required  Lenders  (or  the Administrative Agent with the
consent of the Required Lenders) may terminate or suspend the obligations of the
Lenders  to make Loans or issue Facility Letters of Credit hereunder, or declare
the  Obligations to be due and payable, or both, whereupon the Obligations shall
become  immediately  due  and  payable,  without presentment, demand, protest or
notice  of  any  kind,  all  of  which the Borrower hereby expressly waives.  In
addition  to  the foregoing, following the occurrence and during the continuance
of  a Default, so long as any Facility Letter of Credit has not been fully drawn
and  has  not  been  canceled  or  expired  by  its  terms,  upon  demand by the
Administrative  Agent,  the Borrower shall deposit in an account (the "Letter of
                                                                       ---------
Credit  Cash  Collateral  Account")  maintained with Bank One in the name of the
---------------------------------
Administrative  Agent,  for  the  ratable  benefit  of  the  Lenders  and  the
Administrative  Agent,  cash  in  an  amount equal to the aggregate undrawn face
amount  of  all  outstanding  Facility  Letters of Credit and all fees and other
amounts  due  or  which may become due with respect thereto.  The Borrower shall
have  no  control  over  funds  in the Letter of Credit Cash Collateral Account,
which  funds  shall be invested by the Administrative Agent from time to time in
its  discretion  in  certificates  of  deposit of Bank One having a maturity not
exceeding  thirty  days.  Such  funds  shall  be  promptly  applied  by  the
Administrative  Agent to reimburse the Issuer for drafts drawn from time to time
under  the  Facility  Letters  of  Credit.  Such funds, if any, remaining in the
Letter  of  Credit  Cash  Collateral  Account  following  the  payment  of  all
Obligations in full or the earlier termination of all Defaults shall, unless the
Administrative Agent is otherwise directed by a court of competent jurisdiction,
be  promptly  paid  over  to  the  Borrower.

<PAGE>

If,  within  ten  Business  Days  after  acceleration  of  the  maturity  of the
Obligations  or  termination  of  the  obligations  of the Lenders to make Loans
hereunder  as  a  result  of any Default (other than any Default as described in
Section  7.6  or  7.7  with  respect to the Borrower) and before any judgment or
------------      ---
decree  for  the  payment  of  the  Obligations  due shall have been obtained or
entered,  the  Required  Lenders (in their sole discretion) shall so direct, the
Administrative  Agent  shall,  by notice to the Borrower, rescind and annul such
acceleration  and/or  termination.

8.2.     Amendments.  Subject  to  the  provisions  of  this  Article  VIII, the
         ----------                                           -------------
Required Lenders (or the Administrative Agent with the consent in writing of the
Required  Lenders)  and  the  Borrower  may  enter  into agreements supplemental
hereto  for  the  purpose  of  adding  or  modifying  any provisions to the Loan
Documents  or  changing  in any manner the rights of the Lenders or the Borrower
hereunder  or  waiving  any  Default  hereunder; provided, however, that no such
                                                 --------  -------
supplemental  agreement  shall,  without  the  consent  of  each  Lender:

(a)     Extend  the  final  maturity  of  any  Loan  or  Note  or  reduce  the
principal  amount  thereof,  or reduce the rate or extend the time of payment of
interest  or  fees  thereon;

(b)     Reduce  the  percentage specified in the definition of Required Lenders;

(c)     Reduce  the  amount  of  or  extend  the date for the mandatory payments
required  under  Section  2.1.2,  increase  the  amount of the Commitment of any
                 --------------
Lender  hereunder  (except  in accordance with Section 2.6(c)), or amend Section
                                               --------------            -------
2.6(c)  to allow the Aggregate Commitment to increase by more than $100,000,000;
------

(d)     Subject  to Section 2.20, extend the Facility Termination Date or permit
                    ------------
any  Facility  Letter  of  Credit  to  have  an  expiry date beyond the Facility
Termination  Date  then  in  effect;

(e)     Amend  this  Section  8.2;
                     ------------

(f)     Release  any  Guarantor  from  the  Subsidiary  Guaranty;  or

(g)     Permit  any  assignment  by  the  Borrower  of  its  Obligations  or its
rights  hereunder.

No  amendment  of  any  provision  of  this  Agreement  relating  to  (i)  the
Administrative  Agent  shall  be  effective  without  the written consent of the
Administrative Agent, (ii) the Issuer or the Facility Letters of Credit shall be
effective  without  the consent of the Issuer or (iii) Swing Line Loans shall be
effective  without  the  consent  of  the Swing Line Lender.  The Administrative
Agent  may  waive  payment  of  the  fee  required  under Section 12.3.2 without
                                                          --------------
obtaining  the  consent  of  any  other  party  to  this  Agreement.

8.3.     Preservation  of  Rights.  No  delay  or omission of the Lenders or the
         ------------------------
Administrative Agent to exercise any right under the Loan Documents shall impair
Such  right  or  be  construed  to be a waiver of any Default or an acquiescence
therein,  and the making of a Loan notwithstanding the existence of a Default or
the  inability  of the Borrower to satisfy the conditions precedent to such Loan
shall not constitute any waiver or acquiescence.  Any single or partial exercise
of  any  such  right shall not preclude other or further exercise thereof or the
exercise  of any other right, and no waiver, amendment or other variation of the

<PAGE>

terms,  conditions or provisions of the Loan Documents whatsoever shall be valid
unless  in  writing  signed by the Lenders required pursuant to Section 8.2, and
                                                                -----------
then  only  to  the extent in such writing specifically set forth.  All remedies
contained  in  the Loan Documents or by law afforded shall be cumulative and all
shall  be  available  to  the  Administrative  Agent  and  the Lenders until the
Obligations  have  been  paid  in  full.

                                   ARTICLE  IX

                               GENERAL PROVISIONS
                               ------------------

9.1.     Survival of Representations.  All representations and warranties of the
         ---------------------------
Borrower  contained  in  this  Agreement  or  of  the Borrower or any Subsidiary
contained  in  any  Loan  Document  shall  survive delivery of the Notes and the
making  of  the  Loans  herein  contemplated.

9.2.     Governmental  Regulation.  Anything  contained in this Agreement to the
         ------------------------
contrary  notwithstanding,  no Lender shall be obligated to extend credit to the
Borrower  in  violation  of  any  limitation  or  prohibition  provided  by  any
applicable  statute  or  regulation.

9.3.     Taxes.  Any stamp, documentary or similar taxes, assessments or charges
         -----
payable  or  ruled  payable  by  any  governmental  authority  in respect of the
Loan  Documents  shall  be  paid  by  the  Borrower,  together with interest and
penalties,  if  any.

9.4.     Headings.  Section  headings  in the Loan Documents are for convenience
         --------
of  reference  only,  and  shall  not  govern  the  interpretation of any of the
provisions  of  the  Loan  Documents.

9.5.     Entire  Agreement.  The  Loan Documents embody the entire agreement and
         -----------------
understanding  among  the Borrower, the Administrative Agent and the Lenders and
supersede  all  prior  agreements  and  understandings  among  the Borrower, the
Administrative  Agent,  and  the  Lenders relating to the subject matter thereof
other  than  the  fee  letter  dated  September  1,  2001  in favor of Bank One.

9.6.     Several  Obligations;  Benefits  of  this  Agreement.  The  respective
         ----------------------------------------------------
obligations  of  the  Lenders  hereunder are several and not joint and no Lender
shall  be  the  partner or agent of any other (except to the extent to which the
Administrative  Agent  is authorized to act as such).  The failure of any Lender
to  perform  any of its obligations hereunder shall not relieve any other Lender
from any of its obligations hereunder.  This Agreement shall not be construed so
as  to  confer  any  right  or benefit upon any Person other than the parties to
this  Agreement  and  their  respective  successors  and  assigns.

9.7.     Expenses;  Indemnification.  The  Borrower  shall  reimburse  the
         --------------------------
Administrative  Agent,  and  the  Arrangers  for any costs, internal charges and
out-of-pocket  expenses (including attorneys' fees and time charges of attorneys
for the Administrative Agent and the Arrangers, which attorneys may be employees
of  the  Administrative  Agent  or  any  Arranger)  paid  or  incurred  by  the
Administrative  Agent  or  any  Arranger  in  connection  with  the preparation,
negotiation,  execution,  delivery, review, amendment, modification, syndication
and administration of the Loan Documents.  The Borrower also agrees to reimburse
the  Administrative Agent, the Arrangers and the Lenders for any costs, internal
charges  and  out-of-pocket expenses (including attorneys' fees and time charges
of  attorneys for the Administrative Agent, the Arrangers and the Lenders, which

<PAGE>

attorneys  may  be  employees  of  the Administrative Agent, any Arranger or the
Lenders)  paid  or  incurred  by  the  Administrative Agent, any Arranger or any
Lender  in connection with the collection and enforcement of the Loan Documents.
The Borrower further agrees to indemnify the Administrative Agent, each Arranger
and  each  Lender,  its  directors,  officers  and employees against all losses,
claims,  damages,  penalties,  judgments,  liabilities  and expenses (including,
without  limitation,  all expenses of litigation or preparation therefor whether
or  not the Administrative Agent, any Arranger or any Lender is a party thereto)
which any of them may pay or incur arising out of or relating to this Agreement,
the other Loan Documents, the transactions contemplated hereby or thereby or the
direct  or  indirect  application or proposed application of the proceeds of any
Loan  hereunder  or  the  use  or intended use of any Facility Letter of Credit,
except  to  the  extent  that  they arise out of the gross negligence or willful
misconduct  of  the  party  seeking  indemnification.  The  obligations  of  the
Borrower  under  this  Section  shall survive the termination of this Agreement.

9.8.     Numbers  of Documents.  All statements, notices, closing documents, and
         ---------------------
requests  hereunder  shall  be  furnished  to  the  Administrative  Agent  with
sufficient counterparts so that the Administrative Agent may furnish one to each
of  the  Lenders.

9.9.     Accounting.  Except  as provided to the contrary herein, all accounting
         ----------
terms  used  herein  shall  be  interpreted  and  all  accounting determinations
hereunder  shall  be  made  in  accordance with Agreement Accounting Principles.

9.10.     Severability  of  Provisions.  Any provision in any Loan Document that
          ----------------------------
is  held to be inoperative, unenforceable, or invalid in any jurisdiction shall,
as  to  that  jurisdiction,  be  inoperative,  unenforceable, or invalid without
affecting  the  remaining  provisions  in  that  jurisdiction  or the operation,
enforceability,  or validity of that provision in any other jurisdiction, and to
this  end  the  provisions  of  all Loan Documents are declared to be severable.

9.11.     Nonliability  of  Lenders.  The  relationship between the Borrower and
          -------------------------
the  Lenders  and  the Administrative Agent shall be solely that of borrower and
lender.  Neither  the  Administrative  Agent  nor  any  Lender  shall  have  any
fiduciary  responsibilities  to  the Borrower.  Neither the Administrative Agent
nor any Lender undertakes any responsibility to the Borrower to review or inform
the  Borrower  of  any  matter  in  connection  with any phase of the Borrower's
business  or operations.  The Borrower shall rely entirely upon its own judgment
with  respect  to its business, and any review, inspection or supervision of, or
information  supplied to the Borrower by the Administrative Agent or the Lenders
is  for  the  protection of the Administrative Agent and the Lenders and neither
the  Borrower  nor  any  other Person is entitled to rely thereon.  The Borrower
agrees  that  neither  the  Administrative  Agent  nor any Lender shall have any
liability  with  respect to, and the Borrower hereby waives, releases and agrees
not  to  sue  for,  any  punitive,  special,  indirect  or consequential damages
suffered  by  the  Borrower  in  connection  with, arising out of, or in any way
related  to  the  Loan Documents or the transactions contemplated thereby or the
relationship  established  by  the Loan Documents, or any act, omission or event
occurring  in  connection  therewith.

9.12.     CHOICE  OF  LAW.  THE  LOAN  DOCUMENTS  (OTHER THAN THOSE CONTAINING A
          ---------------
CONTRARY  EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH
THE  INTERNAL  LAWS, WITHOUT REGARD TO CONFLICT OF LAWS PROVISIONS, OF THE STATE
OF  ILLINOIS,  BUT  GIVING  EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

9.13.     CONSENT  TO  JURISDICTION.  THE BORROWER HEREBY IRREVOCABLY SUBMITS TO
          -------------------------
THE  NON-EXCLUSIVE  JURISDICTION  OF ANY UNITED STATES FEDERAL OR ILLINOIS STATE
COURT  SITTING IN CHICAGO IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING

<PAGE>

TO ANY LOAN DOCUMENTS AND THE BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS
IN  RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH
COURT  AND  IRREVOCABLY  WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO
THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT
SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE
ADMINISTRATIVE  AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER IN
THE  COURTS  OF  ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY THE BORROWER
AGAINST  THE  ADMINISTRATIVE  AGENT  OR  ANY  LENDER  OR  ANY  AFFILIATE  OF THE
ADMINISTRATIVE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER
IN  ANY  WAY  ARISING  OUT  OF,  RELATED  TO,  OR  CONNECTED  WITH  ANY  LOAN
DOCUMENT  SHALL  BE BROUGHT ONLY IN A COURT IN CHICAGO, ILLINOIS; PROVIDED, THAT
                                                                  --------
SUCH  PROCEEDINGS  MAY  BE  BROUGHT  IN  OTHER COURTS IF JURISDICTION MAY NOT BE
OBTAINED  IN  A  COURT  IN  CHICAGO,  ILLINOIS.

9.14.     WAIVER OF JURY TRIAL.  THE BORROWER, THE ADMINISTRATIVE AGENT AND EACH
          --------------------
LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY
OR  INDIRECTLY,  ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN
ANY  WAY  ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE
RELATIONSHIP  ESTABLISHED  THEREUNDER.

9.15.     Disclosure.  The  Borrower  and each Lender hereby (a) acknowledge and
          ----------
agree  that  Bank  One  and/or  its  Affiliates from time to time may hold other
investments  in,  make  other  loans  to  or  have  other relationships with the
Borrower,  including,  without  limitation, in connection with any interest rate
hedging  instruments  or  agreements  or  swap  transactions,  and (b) waive any
liability  of  Bank  One  or  such  Affiliate  to  the  Borrower  or any Lender,
respectively,  arising  out  of  or  resulting  from  such investments, loans or
relationships  other  than  liabilities  arising  out of the gross negligence or
willful  misconduct  of  Bank  One  or  its  Affiliates.

9.16.     Counterparts.  This  Agreement  may  be  executed  in  any  number  of
          ------------
counterparts,  all  of  which taken together shall constitute one agreement, and
any  of  the  parties  hereto  may  execute  this  Agreement by signing any such
counterpart.  This Agreement shall be effective when it has been executed by the
Borrower,  the  Administrative Agent and the Lenders and each party has notified
the  Administrative  Agent  that  it  has  taken  such  action.

9.17.     Confidentiality.  Each  Lender  agrees  to  take normal and reasonable
          ---------------
precautions  and  exercise  due  care  to  maintain  the  confidentiality of all
information  provided  to  it by the Borrower, or by the Administrative Agent on
the  Borrower's  behalf,  in  connection  with  this Agreement or any other Loan
Document, and no Lender shall use any such information for any purpose or in any
manner  other  than  pursuant  to  the  terms  contemplated  by  this Agreement,
except  to the extent such information (a) was or becomes generally available to
the  public other than as a result of a disclosure by such Lender, or (b) was or
becomes  available  on  a  non-confidential  basis  from a source other than the
Borrower,  provided that such source is not bound by a confidentiality agreement
           --------
with  the  Borrower  or  its  agents  known  to  such Lender; provided, further,
                                                              --------  -------
however,  that  any Lender may disclose such information (i) after being advised
by  counsel  (including  internal  counsel),  at  the request or pursuant to any
requirement  of any governmental or regulatory authority to which such Lender is
subject  or  in  connection  with  an  examination  of  such  Lender by any such
authority;  (ii)  pursuant to subpoena or other court process, provided that, if
                                                               --------
it  is  lawful to do so, such Lender shall give prompt notice to the Borrower of
service  thereof  so  that  the  Borrower  may  seek a protective order or other
appropriate remedy or waive compliance with the provisions of this Section 9.17;
                                                                   ------------

<PAGE>

(iii) after being advised by counsel (including internal counsel), when required
to do so in accordance with the provisions of any applicable requirement of law;
(iv)  to  the  extent  reasonably  required in connection with any litigation or
proceeding  involving  the  Borrower  or  any  of  its Subsidiaries to which the
Administrative  Agent,  any  Lender or their respective Affiliates may be party,
(v)  to  the  extent  reasonably required in connection with the exercise of any
remedy  hereunder  or  under  any  other  Loan  Document,  (vi) to such Lender's
independent  auditors  and  other  professional  advisors  as  to  which  such
information  has  been  identified  as  confidential, and (vii) to such Lender's
Affiliates which have agreed to be bound by the same confidentiality obligations
as  apply  to  such  Lender.

                                   ARTICLE  X

                            THE ADMINISTRATIVE AGENT
                            ------------------------

10.1.    Appointment.  Bank  One  is  hereby  appointed  Administrative  Agent
         -----------
hereunder and under each other Loan Document, and each of the Lenders authorizes
the  Administrative Agent to act as the administrative agent of such Lender. The
Administrative Agent agrees to act as such upon the express conditions contained
in  this  Article  X.  The  Administrative  Agent  shall  not  have  a fiduciary
          ----------
relationship  in  respect  of  the  Borrower  or  any  Lender  by reason of this
Agreement.

10.2.    Powers.  The  Administrative  Agent  shall  have  and may exercise such
         ------
powers  under  the  Loan  Documents  as  are  specifically  delegated  to  the
Administrative  Agent by the terms of each thereof, together with such powers as
are  reasonably  incidental  thereto.  The  Administrative  Agent  shall have no
implied  duties  to  the  Lenders,  or any obligation to the Lenders to take any
action thereunder, except any action specifically provided by the Loan Documents
to  be  taken  by  the  Administrative  Agent.

10.3.    General  Immunity.  Neither  the  Administrative  Agent  nor any of its
         -----------------
directors,  officers, agents or employees shall be liable to the Borrower or any
Lender  for  any  action taken or omitted to be taken by it or them hereunder or
under  any other Loan Document or in connection herewith or therewith except for
its  or  their  own  gross  negligence  or  willful  misconduct.

10.4.    No Responsibility for Loans, Recitals, etc.  Neither the Administrative
         -------------------------------------------
Agent  nor  any  of  its  directors,  officers,  agents  or  employees  shall be
responsible  for  or have any duty to ascertain, inquire into, or verify (a) any
statement,  warranty or representation made in connection with any Loan Document
or  any  borrowing  hereunder,  (b)  the performance or observance of any of the
covenants  or  agreements  of  any  obligor  under any Loan Document, including,
without  limitation, any agreement by an obligor to furnish information directly
to  each  Lender; (c) the satisfaction of any condition specified in Article IV,
                                                                     ----------
except receipt of items required to be delivered to the Administrative Agent and
not  waived  at  closing,  or  (d)  the  validity,  effectiveness,  sufficiency,
enforceability  or  genuineness  of any Loan Document or any other instrument or
writing  furnished in connection therewith.  The Administrative Agent shall have
no  duty  to  disclose  to  the  Lenders  information that is not required to be
furnished  by  the  Borrower  to  the  Administrative Agent at such time, but is
voluntarily furnished by the Borrower to the Administrative Agent (either in its
capacity  as  Administrative  Agent  or  in  its  individual  capacity).

10.5.     Action  on Instructions of Lenders.  The Administrative Agent shall in
          ----------------------------------
all  cases be fully protected in acting, or in refraining from acting, hereunder
and under any other Loan Document in accordance with written instructions signed

<PAGE>

by  the  Required  Lenders  (or,  to  the  extent  required  by Section 8.2, all
                                                                -----------
Lenders),  and such instructions and any action taken or failure to act pursuant
thereto shall be binding on all of the Lenders and on all holders of Notes.  The
Administrative Agent shall be fully justified in failing or refusing to take any
action  hereunder  and  under  any  other Loan Document unless it shall first be
indemnified  to  its  satisfaction  by  the Lenders pro rata against any and all
liability,  cost and expense that it may incur by reason of taking or continuing
to  take  any  such  action.

10.6.    Employment of Agents and Counsel.  The Administrative Agent may execute
         --------------------------------
any  of  its  duties  as  Administrative  Agent  hereunder  and  under any other
Loan  Document  by  or through employees, agents and attorneys-in-fact and shall
not  be  answerable to the Lenders, except as to money or securities received by
it or its authorized agents, for the default or misconduct of any such agents or
attorneys-in-fact selected by it with reasonable care.  The Administrative Agent
shall  be entitled to advice of counsel concerning all matters pertaining to the
agency  hereby  created  and  its  duties  hereunder  and  under  any other Loan
Document.

10.7.    Reliance  on  Documents;  Counsel.  The  Administrative  Agent shall be
         ---------------------------------
entitled to rely upon any Note, notice, consent, certificate, affidavit, letter,
telegram,  statement,  paper  or  document  believed  by  it  to  be genuine and
correct and to have been signed or sent by the proper person or persons, and, in
respect  to  legal  matters,  upon  the  opinion  of  counsel  selected  by  the
Administrative  Agent,  which  counsel  may  be  employees of the Administrative
Agent.

10.8.    Administrative  Agent's Reimbursement and Indemnification.  The Lenders
         ---------------------------------------------------------
agree  to reimburse and indemnify the Administrative Agent ratably in proportion
to their respective Commitments (or, if the Commitments have been terminated, in
proportion  to  their  Commitments  immediately  prior  to such termination) (a)
for  any  amounts  not  reimbursed  by the Borrower for which the Administrative
Agent is entitled to reimbursement by the Borrower under the Loan Documents, (b)
for  any  other  expenses  incurred by the Administrative Agent on behalf of the
Lenders, in connection with the preparation, execution, delivery, administration
and enforcement of the Loan Documents, and (c) for any liabilities, obligations,
losses,  damages,  penalties,  actions,  judgments,  suits,  costs,  expenses or
disbursements  of  any  kind  and  nature  whatsoever  which  may be imposed on,
incurred  by or asserted against the Administrative Agent in any way relating to
or  arising  out  of  the  Loan  Documents  or  any  other document delivered in
connection  therewith  or  the  transactions  contemplated  thereby,  or  the
enforcement  of  any  of  the  terms  thereof  or  of  any such other documents;
provided,  that no Lender shall be liable for any of the foregoing to the extent
they arise from the gross negligence or willful misconduct of the Administrative
Agent.  The  obligations  of  the  Lenders under this Section 10.8 shall survive
                                                      ------------
payment  of  the  Obligations  and  termination  of  this  Agreement.

10.9.    Notice  of  Default.  The  Administrative  Agent shall not be deemed to
         -------------------
have  knowledge  or notice of the occurrence of any Default or Unmatured Default
hereunder  unless  the  Administrative  Agent has received written notice from a
Lender  or  the  Borrower referring to this Agreement describing such Default or
Unmatured Default and stating that such notice is a "notice of default".  In the
event  that  the  Administrative  Agent  receives  such  a  notice,  the
Administrative  Agent  shall  give  prompt  notice  thereof  to  the  Lenders.

10.10.    Rights  as  a  Lender.  In  the  event  the  Administrative Agent is a
          ---------------------
Lender, the Administrative Agent shall have the same rights and powers hereunder
and  under  any  other  Loan  Document  as  any Lender and may exercise the same
as  though  it  were  not  the  Administrative  Agent,  and the term "Lender" or

<PAGE>

"Lenders"  shall,  at any time when the Administrative Agent is a Lender, unless
the  context  otherwise  indicates,  include  the  Administrative  Agent  in its
individual  capacity.  The  Administrative  Agent may accept deposits from, lend
money  to,  and  generally  engage  in  any kind of trust, debt, equity or other
transaction,  in  addition  to those contemplated by this Agreement or any other
Loan  Document,  with  the  Borrower  or  any  of  its Subsidiaries in which the
Borrower  or  such  Subsidiary  is  not restricted hereby from engaging with any
other  Person.  The  Administrative  Agent,  in  its individual capacity, is not
obligated  to  remain  a  Lender.

10.11.    Lender  Credit  Decision.  Each  Lender  acknowledges  that  it  has,
          ------------------------
independently  and  without  reliance upon the Administrative Agent or any other
Lender  and  based on the financial statements prepared by the Borrower and such
other  documents  and  information  as  it  has deemed appropriate, made its own
credit  analysis  and  decision  to enter into this Agreement and the other Loan
Documents.  Each  Lender  also  acknowledges  that  it  will,  independently and
without  reliance upon the Administrative Agent or any other Lender and based on
such  documents  and  information  as  it  shall  deem  appropriate at the time,
continue  to  make its own credit decisions in taking or not taking action under
this  Agreement  and  the  other  Loan  Documents.

10.12.    Successor  Administrative  Agent.  The Administrative Agent may resign
          --------------------------------
at  any  time  by giving written notice thereof to the Lenders and the Borrower,
such  resignation  to  be  effective  upon  the  appointment  of  a  successor
Administrative  Agent  or,  if  no  successor  Administrative  Agent  has  been
appointed,  forty-five days after the retiring Administrative Agent gives notice
of  its  intention  to  resign.  Upon any such resignation, the Required Lenders
shall  have  the  right  to  appoint,  on  behalf  of  the  Lenders, a successor
Administrative  Agent.  If  no successor Administrative Agent shall have been so
appointed  by  the  Required  Lenders  and  shall have accepted such appointment
within  thirty  days after the resigning Administrative Agent's giving notice of
its intention to resign, then the resigning Administrative Agent may appoint, on
behalf  of  the  Borrower  and  the  Lenders,  a successor Administrative Agent.
If  the  Administrative Agent has resigned and no successor Administrative Agent
has been appointed, the Lenders may perform all the duties of the Administrative
Agent  hereunder  and  the  Borrower  shall  make all payments in respect of the
Obligations  to  the  applicable  Lender  and  for all other purposes shall deal
directly  with the Lenders. No successor Administrative Agent shall be deemed to
be  appointed  hereunder  until such successor Administrative Agent has accepted
the  appointment.  Any such successor Administrative Agent shall be a commercial
bank  having  capital  and  retained earnings of at least $50,000,000.  Upon the
acceptance  of  any appointment as Administrative Agent hereunder by a successor
Administrative  Agent,  such  successor  Administrative  Agent  shall  thereupon
succeed  to and become vested with all the rights, powers, privileges and duties
of  the  resigning  Administrative  Agent.  Upon  the  effectiveness  of  the
resignation  of  the  Administrative  Agent,  the resigning Administrative Agent
shall be discharged from its duties and obligations hereunder and under the Loan
Documents.  After  the  effectiveness  of  the  resignation of an Administrative
Agent, the provisions of this Article X shall continue in effect for its benefit
                              ---------
in respect of any actions taken or omitted to be taken by it while it was acting
as  the  Administrative  Agent  hereunder  and  under  the other Loan Documents.

10.13.    Syndication  Agent;  Documentation  Agents.  Any  Lender identified in
          ------------------------------------------
this  Agreement  as  a Syndication Agent or a Documentation Agent shall not have
any  right,  power,  obligation,  liability,  responsibility  or duty under this
Agreement  other than those applicable to all Lenders as such.  Without limiting
the  foregoing, none of such Lenders shall have or be deemed to have a fiduciary
relationship with any Lender.  Each Lender hereby makes the same acknowledgments
with  respect  to  such  Lenders  as it makes with respect to the Administrative
Agent  in  Section  10.11.
           --------------

<PAGE>

                                  ARTICLE  XI

                            SETOFF; RATABLE PAYMENTS
                            ------------------------

11.1.    Setoff.  In  addition  to, and without limitation of, any rights of the
         ------
Lenders  under  applicable  law,  if  the  Borrower  becomes  insolvent, however
evidenced,  or  any  Default  or  Unmatured Default occurs, any and all deposits
(including all account balances, whether provisional or final and whether or not
collected  or  available)  and  any  other  Indebtedness  at  any  time  held or
owing  by  any  Lender  to  or  for the credit or account of the Borrower may be
offset  and  applied toward the payment of the Obligations owing to such Lender,
whether  or  not  the  Obligations,  or  any  part  hereof,  shall  then be due.

11.2.    Ratable  Payments.  If  any Lender, whether by setoff or otherwise, has
         -----------------
payment  made  to  it  upon  its Loans (other than payments received pursuant to
Section 3.1, 3.2 or 3.4) in a greater proportion than its pro-rata share of such
-----------  ---    ---
Loans,  such  Lender  agrees,  promptly  upon  demand,  to purchase a portion of
the Loans held by the other Lenders so that after such purchase each Lender will
hold its ratable proportion of Loans.  If any Lender, whether in connection with
setoff  or  amounts  which  might  be  subject  to setoff or otherwise, receives
collateral  or other protection for its Obligations or such amounts which may be
subject to setoff, such Lender agrees, promptly upon demand, to take such action
necessary such that all Lenders share in the benefits of such collateral ratably
in  proportion  to  their Loans.  In case any such payment is disturbed by legal
process,  or  otherwise,  appropriate  further adjustments shall be made.  If an
amount  to  be  setoff  is  to  be  applied to Indebtedness of the Borrower to a
Lender,  other  than  Indebtedness  evidenced  by  any of the Notes held by such
Lender,  such  amount shall be applied ratably to such other Indebtedness and to
the  Indebtedness  evidenced  by  such  Notes.

                                 ARTICLE  XII

                BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
                -------------------------------------------------

12.1.    Successors and Assigns.  The terms and provisions of the Loan Documents
         ----------------------
shall  be  binding  upon  and  inure  to  the  benefit  of  the Borrower and the
Lenders  and  their  respective  successors  and  assigns,  except  that (a) the
Borrower  shall not have the right to assign its rights or obligations under the
Loan  Documents, and (b) any assignment by any Lender must be made in compliance
with  Section  12.3.  Notwithstanding clause (b) of this Section, any Lender may
      -------------                   ----------
at  any  time,  without the consent of the Borrower or the Administrative Agent,
assign  all or any portion of its rights under this Agreement and its Notes to a
Federal  Reserve  Bank;  provided, however, that no such assignment to a Federal
                         --------  -------
Reserve Bank shall release the transferor Lender from its obligations hereunder.
The  Administrative  Agent  may treat the payee of any Note as the owner thereof
for  all  purposes hereof unless and until such payee complies with Section 12.3
                                                                    ------------
in  the  case  of an assignment thereof or, in the case of any other transfer, a
written  notice  of  the  transfer  is filed with the Administrative Agent.  Any
assignee or transferee of a Note agrees by acceptance thereof to be bound by all
the  terms  and  provisions  of  the  Loan Documents.  Any request, authority or
consent  of  any  Person,  who at the time of making such request or giving such
authority  or consent is the holder of any Note, shall be conclusive and binding
on  any subsequent holder, transferee or assignee of such Note or of any Note or
Notes  issued  in  exchange  therefor.

<PAGE>

12.2.    Participations.
         --------------
12.2.1.  Permitted  Participants;  Effect.  Any Lender  may,  in  the  ordinary
         --------------------------------
course  of  its business and in accordance with applicable law, at any time sell
to  one or more banks or other entities ("Participants") participating interests
                                          ------------
in  any  Loan  owing  to such Lender, any Note held by such Lender, any Lender's
interest  in  any  Facility  Letter of Credit Obligation, any Commitment of such
Lender  or  any  other interest of such Lender under the Loan Documents.  In the
event  of any such sale by a Lender of participating interests to a Participant,
such  Lender's obligations under the Loan Documents shall remain unchanged, such
Lender  shall  remain  solely  responsible  to  the other parties hereto for the
performance of such obligations, such Lender shall remain the holder of any such
Note  for  all  purposes  under  the  Loan Documents, all amounts payable by the
Borrower under this Agreement shall be determined as if such Lender had not sold
such  participating  interests,  and  the  Borrower and the Administrative Agent
shall  continue  to deal solely and directly with such Lender in connection with
such  Lender's  rights  and  obligations  under  the  Loan  Documents.

12.2.2.  Voting  Rights.  Each  Lender  shall  retain the sole right to approve,
         --------------
without the consent of any Participant, any amendment, modification or waiver of
any  provision  of  the Loan Documents other than any amendment, modification or
waiver  which effects any of the modifications referenced in clauses (a) through
(g)  of  Section  8.2.
         ------------

12.2.3.  Benefit  of Setoff.  The Borrower agrees that each Participant shall be
         ------------------
deemed  to  have  the right of setoff provided in Section 11.1 in respect of its
                                                  ------------
participating  interest  in  amounts  owing under the Loan Documents to the same
extent  as if the amount of its participating interest were owing directly to it
as  a  Lender  under the Loan Documents; provided, that each Lender shall retain
                                         --------
the  right  of  setoff  provided  in  Section 11.1 with respect to the amount of
                                      ------------
participating  interests  sold  to each Participant.  The Lenders agree to share
with  each  Participant, and each Participant, by exercising the right of setoff
provided  in Section 11.1, agrees to share with each Lender, any amount received
             ------------
pursuant  to  the  exercise of its right of setoff, such amounts to be shared in
accordance  with  Section  11.2  as  if  each  Participant  were  a  Lender.
                  -------------

12.3.    Assignments.
         -----------
12.3.1.  Permitted  Assignments.  Any  Lender  may,  in  the  ordinary course of
         ----------------------
its business and in accordance with applicable law, at any time assign to one or
more  banks  or  other entities ("Purchasers") all or any part of its rights and
                                  ----------
obligations  under the Loan Documents; provided, however, that in the case of an
                                       --------  -------
assignment  to an entity which is not a Lender or an Affiliate of a lender, such
assignment shall be in a minimum amount of $5,000,000.  Such assignment shall be
substantially  in  the  form of Exhibit H hereto or in such other form as may be
                                ---------
agreed  to by the parties thereto.  The consent of the Administrative Agent and,
so  long as no Default is continuing, the Borrower shall be required prior to an
assignment  becoming effective with respect to a Purchaser which is not a Lender
or  an  Affiliate  thereof.  Such  consent  shall  not be unreasonably withheld.

<PAGE>

12.3.2.  Effect;  Effective Date.  Upon (a) delivery to the Administrative Agent
         -----------------------
of  a  notice  of assignment, substantially in the form attached as Exhibit I to
Exhibit H hereto (a "Notice of Assignment"), together with any consents required
---------            --------------------
by  Section  12.3.1, and (b) payment of a $3,500 fee to the Administrative Agent
    ---------------
for  processing  such  assignment, such assignment shall become effective on the
effective  date  specified  in  such  Notice  of  Assignment.  On  and after the
effective  date of such assignment, (a) such Purchaser shall for all purposes be
a  Lender  party  to  this Agreement and any other Loan Document executed by the
Lenders and shall have all the rights and obligations of a Lender under the Loan
Documents,  to  the  same extent as if it were an original party hereto, and (b)
the  transferor  Lender  shall be released with respect to the percentage of the
Aggregate  Commitment  and  Loans assigned to such Purchaser without any further
consent  or  action  by  the  Borrower, the Lenders or the Administrative Agent.
Upon  the consummation of any assignment to a Purchaser pursuant to this Section
                                                                         -------
12.3.2,  the  transferor Lender, the Administrative Agent and the Borrower shall
------
make  appropriate  arrangements  so  that  replacement  Notes are issued to such
transferor  Lender  and  new  Notes  or,  as appropriate, replacement Notes, are
issued  to  such Purchaser, in each case, to the extent applicable, in principal
amounts  reflecting  their  Commitment, as adjusted pursuant to such assignment.

12.4.    Dissemination  of  Information.  The Borrower authorizes each Lender to
         ------------------------------
disclose  to  any  Participant  or  Purchaser  or  any other Person acquiring an
interest in the Loan Documents by operation of law (each a "Transferee") and any
                                                            ----------
prospective  Transferee  any  and  all  information  in such Lender's possession
concerning  the  creditworthiness  of  the  Borrower  and  its  Subsidiaries.

12.5.    Tax  Treatment.  If any interest in any Loan Document is transferred to
         --------------
any  Transferee which is organized under the laws of any jurisdiction other than
the  United  States or any State thereof, the transferor Lender shall cause such
Transferee, concurrently with the effectiveness of such transfer, to comply with
the  provisions  of  Section  2.17.
                     -------------

                                  ARTICLE  XIII

                                     NOTICES
                                     -------

13.1.    Giving  Notice.  Except  as  otherwise  permitted  by Section 2.12 with
         --------------                                        ------------
respect  to  borrowing notices, all notices and other communications provided to
any  party  hereto  under  this Agreement or any other Loan Document shall be in
writing,  by facsimile, first class U.S. mail or overnight courier and addressed
or  delivered  to such party at its address set forth below its signature hereto
or  at  such other address as may be designated by such party in a notice to the
other  parties.  Any  notice,  if mailed and properly addressed with first class
postage  prepaid,  return  receipt  requested,  shall  be deemed given three (3)
Business  Days  after  deposit  in  the U.S. mail; any notice, if transmitted by
facsimile,  shall  be  deemed  given  when  transmitted; and any notice given by
overnight  courier  shall  be  deemed  given  when  received  by  the addressee.

13.2.    Change  of  Address.  The  Borrower,  the  Administrative Agent and any
         -------------------
Lender  may each change the address for service of notice upon it by a notice in
writing  to  the  other  parties  hereto.

                           [signature pages to follow]

<PAGE>

     IN  WITNESS WHEREOF, the Borrower, the Lenders and the Administrative Agent
have  executed  this  Agreement  as  of  the  date  first  above  written.

                                  RALCORP  HOLDINGS,  INC.

                                  By:       /s/ Scott Monette              _

                                  Print Name:       Scott Monette

                                  Title:  Corporate Vice President and Treasurer

                                       Address:    800  Market  Street
                                                   St.  Louis,  Missouri  63101
                                                   Attn:  Treasurer
                                       Telecopy:   (314)  877-7729
                                       Telephone:  (314)  877-7113

                                  BANK  ONE,  NA,
                                  Individually  and  as  Administrative  Agent

                                  By:        /s/ William J. Oleferchik

                                  Print Name:    William J. Oleferchik

                                  Title:      Director, Capital Markets

                                       Address:    1  Bank  One  Plaza
                                                   Suite  IL1-0173
                                                   Chicago,  Illinois  60670
                                                   Attn:  William J. Oleferchik
                                       Telecopy:   (312)  732-3888
                                       Telephone:  (312)  732-2947

              Signature Page to Ralcorp Holdings, Inc. Credit Agreement

<PAGE>
                                  WACHOVIA  BANK,  N.A.,
                                  Individually  and  as  Syndication  Agent

                                  By:             /s/ A. B. Deskins

                                  Print Name:       Andrew B. Deskins

                                  Title:        Senior Vice President

                                       Address:    191  Peachtree  Street,  N.E.
                                                   Atlanta,  Georgia  30303
                                                   Attention:  Walter  Gillikan

                                       Phone:      (404)  332-5747
                                       Fax:        (404)  332-6898

              Signature Page to Ralcorp Holdings, Inc. Credit Agreement

<PAGE>
                                  PNC  BANK,  N.A.,
                                  Individually  and  as  Documentation  Agent

                                  By:         /s/ Richard M. Ellis

                                  Print Name:     Richard M. Ellis

                                  Title:        Senior Vice President

                                       Address:    500 West Jefferson Street
                                                   Louisville,  KY  40296
                                                   Attention: Richard M. Ellis

                                       Phone:      (502)  581-7427
                                       Fax:        (502)  581-2780

              Signature Page to Ralcorp Holdings, Inc. Credit Agreement

<PAGE>
                                  SUNTRUST  BANK,
                                  Individually  and  as  Documentation  Agent

                                  By:           /s/ Michael Pugsley

                                  Print Name:       Michael Pugsley

                                  Title:            Vice President

                                       Address:    303  Peachtree  Street,  N.A.
                                                   Mail  Code  1905
                                                   Atlanta,  GA  30308
                                                   Attention:  Michael  Pugsley

                                       Phone:      (404)  742-3635
                                       Fax:        (404)  230-5305

              Signature Page to Ralcorp Holdings, Inc. Credit Agreement

<PAGE>
                                  COBANK,  ACB,
                                  Individually  and  as  Lender

                                  By:           /s/ S. Richard Dill

                                  Print Name:       S. Richard Dill

                                  Title:             Vice President

                                       Address:    5500  South  Quebec  Street
                                                   P.O.  Box  5110
                                                   Englewood,  CO  80111
                                                   Attention:  Richard  Dill

                                       Phone:      (303)  740-4197
                                       Fax:        (303)  694-5830

              Signature Page to Ralcorp Holdings, Inc. Credit Agreement

<PAGE>
                                  U.S. BANK NATIONAL ASSOCIATION,
                                  Formerly known as
                                  Firstar  Bank,  N.A.,
                                  Individually  and  as  Documentation  Agent

                                  By:          /s/ Joseph L. Sooter, Jr.

                                  Print Name:      Joseph L. Sooter, Jr.

                                  Title:           Vice President

                                       Address:    #1  Firstar  Plaza
                                                   SL-TW-12MP
                                                   St.  Louis,  MO  63101
                                                   Attention:  Joseph Sooter

                                       Phone:      (314)  418-2462
                                       Fax:        (314)  418-2162

              Signature Page to Ralcorp Holdings, Inc. Credit Agreement

<PAGE>
                                  COMMERCE  BANK,  N.A.,
                                  Individually  and  as  Lender

                                  By:         /s/ Mary Ann Lemonds

                                  Print Name:     Mary Ann Lemonds

                                  Title:           Vice President

                                       Address:    8000  Forsyth  Boulevard
                                                   St.  Louis,  MO  63105
                                                   Attention:  Mary Ann Lemonds

                                       Phone:      (314)  746-3943
                                       Fax:        (314)  746-3783

              Signature Page to Ralcorp Holdings, Inc. Credit Agreement

<PAGE>
                                  HARRIS  TRUST  AND  SAVINGS  BANK,
                                  Individually  and  as  Lender

                                  By:          /s/ Erica T. Kuhlmann

                                  Print Name:      Erica T. Kuhlmann

                                  Title:            Managing Director

                                       Address:    111 West Monroe Street
                                                   #20W
                                                   Chicago,  IL  60603
                                                   Attention:  John  Lyons

                                       Phone:      (312)  461-5487
                                       Fax:        (312)  765-8095

              Signature Page to Ralcorp Holdings, Inc. Credit Agreement

<PAGE>

                             SCHEDULE 1

     LENDER                              COMMITMENT
     ------                              ----------

          LENDER                    COMMITMENT                %
          ------                    ----------

Bank One, NA                      $50,000,000.00          18.2%
Wachovia Bank, N.A.               $50,000,000.00          18.2%
Firstar Bank, N.A.                $33,333,333.33          12.1%
PNC Bank, N.A.                    $33,333,333.33          12.1%
SunTrust Bank                     $33,333,333.33          12.1%
CoBank, ACB                       $25,000,000.00           9.1%
Commerce Bank, N.A.               $25,000,000.00           9.1%
Harris Trust and Savings Bank     $25,000,000.00           9.1%

INITIAL AGGREGATE COMMITMENT     $275,000,000.00         100%<PAGE>

EXHIBIT 10.4

                         RECEIVABLES PURCHASE AGREEMENT
                         ------------------------------

                         DATED AS OF SEPTEMBER 25, 2001

                                      AMONG

                   RALCORP RECEIVABLES CORPORATION, AS SELLER,

                   RALCORP HOLDINGS, INC., AS MASTER SERVICER,

                     FALCON ASSET SECURITIZATION CORPORATION

                                       AND

          BANK ONE, NA (MAIN OFFICE CHICAGO), INDIVIDUALLY AND AS AGENT

<PAGE>

                         RECEIVABLES PURCHASE AGREEMENT

     THIS  RECEIVABLES  PURCHASE  AGREEMENT,  dated as of September 25, 2001, is
among  Ralcorp Receivables Corporation, a Nevada corporation ("SELLER"), Ralcorp
Holdings,  Inc.,  a Missouri corporation ("RALCORP"), as initial Master Servicer
(the  Master  Servicer  together  with  Seller,  the "SELLER PARTIES" and each a
"SELLER  PARTY"),  the entities listed on Schedule A to this Agreement (together
with  any  of  their respective successors and assigns hereunder, the "FINANCIAL
INSTITUTIONS"),  Falcon  Asset  Securitization  Corporation ("CONDUIT") and Bank
One,  NA  (Main  Office  Chicago),  as agent for the Purchasers hereunder or any
successor  agent  hereunder (together with its successors and assigns hereunder,
the  "AGENT").  Unless  defined elsewhere herein, capitalized terms used in this
Agreement  shall  have  the  meanings  assigned  to  such  terms  in  Exhibit I.

                             PRELIMINARY STATEMENTS

     Seller desires to transfer and assign Purchaser Interests to the Purchasers
from  time  to  time.

     Conduit  may,  in  its  absolute  and  sole  discretion, purchase Purchaser
Interests  from  Seller  from  time  to  time.

     In  the  event  that  Conduit  declines to make any purchase, the Financial
Institutions  shall, at the request of Seller, purchase Purchaser Interests from
time  to  time. In addition, the Financial Institutions have agreed to provide a
liquidity  facility  to  Conduit  in  accordance  with  the  terms  hereof.

     Bank One, NA (Main Office Chicago) has been requested and is willing to act
as  Agent on behalf of Conduit and the Financial Institutions in accordance with
the  terms  hereof.

                                 ARTICLE  I.

                           PURCHASE  ARRANGEMENTS

Section  1.1     Purchase  Facility.
                 -------------------

     (a) Upon the terms and subject to the conditions hereof, Seller may, at its
option,  sell and assign Purchaser Interests to the Agent for the benefit of one
or more of the Purchasers. In accordance with the terms and conditions set forth
herein,  Conduit may, at its option, instruct the Agent to purchase on behalf of
Conduit,  or  if Conduit shall decline to purchase, the Agent shall purchase, on
behalf  of  the Financial Institutions, Purchaser Interests from time to time in
an  aggregate  amount  not to exceed at such time the lesser of (i) the Purchase
Limit  and  (ii)  the aggregate amount of the Commitments during the period from
the  date  hereof  to  but  not  including  the  Facility  Termination  Date.

     (b)  Seller  may,  upon at least 30 days' notice to the Agent, terminate in
whole  or  reduce  in part, ratably among the Financial Institutions, the unused
portion  of  the  Purchase  Limit;  provided  that each partial reduction of the
Purchase Limit shall be in an amount equal to $5,000,000 or an integral multiple
thereof.

     Section 1.2 Increases Seller shall provide the Agent with prior notice in a
                 ---------
form  set  forth  as Exhibit II hereto of each Incremental Purchase (a "PURCHASE
NOTICE")  by  2:00  p.m. (Chicago time), at least two (2) Business Days prior to
the requested funding date. Each Purchase Notice shall be subject to Section 6.2
hereof  and,  except  as set forth below, shall be irrevocable and shall specify
the  requested  Purchase  Price  (which  shall  not be less than $1,000,000 or a
larger  integral  multiple of $100,000) and date of purchase and, in the case of
an  Incremental  Purchase  to  be  funded  by  the  Financial  Institutions, the
requested  Discount  Rate  and  Tranche Period; PROVIDED, HOWEVER, that not more
than  five  (5)  Purchase Notices may be delivered in any one calendar month and
not  more  than  one  (1) unfunded Purchase Notice may be outstanding at any one

<PAGE>

time.  Following  receipt of a Purchase Notice, the Agent will determine whether
Conduit  agrees  to  make  the  purchase. If Conduit declines to make a proposed
purchase,  Seller  may  cancel  the Purchase Notice or, in the absence of such a
cancellation, the Incremental Purchase of the Purchaser Interest will be made by
the  Financial  Institutions.  On  the  date  of each Incremental Purchase, upon
satisfaction  of  the  applicable  conditions precedent set forth in Article VI,
Conduit  or  the  Financial  Institutions,  as  applicable, shall deposit to the
Facility  Account,  in  immediately  available  funds,  no later than 12:00 noon
(Chicago  time),  an  amount  equal to (i) in the case of Conduit, the aggregate
Purchase  Price of the Purchaser Interests Conduit is then purchasing or (ii) in
the case of a Financial Institution, such Financial Institution's Pro Rata Share
of  the  aggregate  Purchase  Price  of  the  Purchaser  Interests the Financial
Institutions  are  purchasing.

     Section  1.3  Decreases.  Seller shall provide the Agent with prior written
                   ---------
notice  in  conformity with the Required Notice Period (a "REDUCTION NOTICE") of
any  proposed  reduction  of  Aggregate Capital from Collections. Such Reduction
Notice  shall  designate (i) the date (the "PROPOSED REDUCTION DATE") upon which
any  such  reduction  of  Aggregate  Capital  shall occur (which date shall give
effect  to  the  applicable  Required  Notice  Period),  and  (ii) the amount of
Aggregate  Capital to be reduced which shall be applied ratably to the Purchaser
Interests  of  Conduit  and  the  Financial  Institutions in accordance with the
amount  of Capital (if any) owing to Conduit, on the one hand, and the amount of
Capital  (if  any)  owing to the Financial Institutions (ratably, based on their
respective Pro Rata Shares), on the other hand (the "AGGREGATE REDUCTION"). Only
one  (1)  Reduction  Notice  shall  be  outstanding  at  any  time.

     Section  1.4  Payment Requirements.  All amounts to be paid or deposited by
                   --------------------
any  Seller  Party  pursuant to any provision of this Agreement shall be paid or
deposited  in accordance with the terms hereof no later than 11:00 a.m. (Chicago
time)  on  the  day when due in immediately available funds, and if not received
before  11:00  a.m.  (Chicago  time)  shall be deemed to be received on the next
succeeding  Business  Day. If such amounts are payable to a Purchaser they shall
be  paid to the Conduit, for the account of such Purchaser, at 1 Bank One Plaza,
Chicago,  Illinois 60670 until otherwise notified by the Conduit. Upon notice to
Seller, the Agent may debit the Facility Account for all amounts due and payable
hereunder.  All  computations of Yield, per annum fees calculated as part of any
CP Costs, per annum fees hereunder and per annum fees under the Fee Letter shall
be  made  on  the  basis  of  a  year  of 360 days for the actual number of days
elapsed.  If  any  amount  hereunder  shall  be  payable on a day which is not a
Business  Day, such amount shall be payable on the next succeeding Business Day.

                                    ARTICLE  II.

                            PAYMENTS  AND  COLLECTIONS

     Section  2.1 Payments. Notwithstanding any limitation on recourse contained
                  --------
in  this  Agreement, Seller shall immediately pay to the Agent when due, for the
account  of  the  relevant Purchaser or Purchasers on a full recourse basis: (i)
such  fees as set forth in the Fee Letter (which fees shall be sufficient to pay
all  fees  owing  to  the  Financial Institutions), (ii) all CP Costs, (iii) all
amounts  payable as Yield, (iv) all amounts payable as Deemed Collections (which
shall be immediately due and payable by Seller and applied to reduce outstanding
Aggregate Capital hereunder in accordance with Sections 2.2 and 2.3 hereof), (v)
all  amounts required pursuant to Section 2.6, (vi) all amounts payable pursuant
to  Article  X,  if any, (vii) all Master Servicer costs and expenses, including
the  Servicing  Fee,  in connection with servicing, administering and collecting
the  Receivables,  (viii)  all  Broken  Funding Costs, and (ix) all Default Fees
(collectively, the "OBLIGATIONS"). If Seller fails to pay any of the Obligations
when  due,  Seller  agrees to pay, on demand, the Default Fee in respect thereof
until paid. Notwithstanding the foregoing, no provision of this Agreement or the
Fee  Letter  shall  require  the payment or permit the collection of any amounts
hereunder  in  excess of the maximum permitted by applicable law. If at any time

<PAGE>

Seller  receives any Collections or is deemed to receive any Collections, Seller
shall  immediately  pay  such  Collections  or  Deemed Collections to the Master
Servicer for application in accordance with the terms and conditions hereof and,
at all times prior to such payment, such Collections or Deemed Collections shall
be  held  in trust by Seller for the exclusive benefit of the Purchasers and the
Agent.

     Section  2.2  Collections  Prior  to  Amortization.  Prior  to  the
                   ------------------------------------
Amortization  Date,  any  Collections  and/or Deemed Collections received by the
Master  Servicer shall be set aside and held in trust by the Master Servicer for
the payment of any accrued and unpaid Aggregate Unpaids or for a Reinvestment as
provided in this Section 2.2. If at any time any Collections are received by the
Master  Servicer  prior  to the Amortization Date, (i) the Master Servicer shall
set  aside  the  Termination  Percentage  (hereinafter  defined)  of Collections
evidenced  by  the Purchaser Interests of each Terminating Financial Institution
and  (ii)  Seller hereby requests and the Purchasers (other than any Terminating
Financial  Institutions) hereby agree to make, simultaneously with such receipt,
a  reinvestment (each a "REINVESTMENT") with that portion of the balance of each
and  every  Collection  received  by  the  Master  Servicer  that is part of any
Purchaser  Interest (other than any Purchaser Interests of Terminating Financial
Institutions), such that after giving effect to such Reinvestment, the amount of
Capital  of  such  Purchaser  Interest  immediately  after  such  receipt  and
corresponding  Reinvestment  shall be equal to the amount of Capital immediately
prior  to  such  receipt. On each Settlement Date prior to the occurrence of the
Amortization  Date,  the  Master Servicer shall remit to the Agent's account the
amounts  set  aside  during  the  preceding Settlement Period that have not been
subject  to  a  Reinvestment  and  apply such amounts (if not previously paid in
accordance  with  Section 2.1) first, to reduce unpaid CP Costs, Yield and other
Obligations  and  second,  to  reduce  the Capital of all Purchaser Interests of
Terminating  Financial  Institutions,  applied  ratably  to  each  Terminating
Financial  Institution  according  to  its respective Termination Percentage. If
such  Capital,  CP  Costs, Yield and other Obligations shall be reduced to zero,
any  additional  Collections  received by the Master Servicer (i) if applicable,
shall be remitted to the Agent's account no later than 11:00 a.m. (Chicago time)
to  the  extent required to fund any Aggregate Reduction on such Settlement Date
and  (ii)  any  balance  remaining  thereafter shall be remitted from the Master
Servicer  to  Seller  on  such  Settlement  Date.  Each  Terminating  Financial
Institution shall be allocated a ratable portion of Collections from the date of
any  assignment  by  Conduit  pursuant  to Section 13.6 (the "TERMINATION DATE")
until  such  Terminating  Financing Institution's Capital shall be paid in full.
This  ratable  portion  shall  be  calculated  on  the  Termination Date of each
Terminating  Financial  Institution as a percentage equal to (i) Capital of such
Terminating  Financial  Institution outstanding on its Termination Date, divided
by  (ii)  the  Aggregate  Capital  outstanding  on  such  Termination  Date (the
"TERMINATION  PERCENTAGE"). Each Terminating Financial Institution's Termination
Percentage  shall  remain  constant prior to the Amortization Date. On and after
the  Amortization  Date,  each  Termination Percentage shall be disregarded, and
each  Terminating  Financial Institution's Capital shall be reduced ratably with
all  Financial  Institutions  in  accordance  with  Section  2.3.

     Section  2.3  Collections  Following Amortization. On the Amortization Date
                   -----------------------------------
and  on  each  day  thereafter,  the Master Servicer shall set aside and hold in
trust,  for  the  holder of each Purchaser Interest, all Collections received on
such  day  and  an  additional  amount  (out of the funds received by the Master
Servicer  in  its  capacity  as  such) for the payment of any accrued and unpaid
Obligations  owed by Seller and not previously paid by Seller in accordance with
Section  2.1.  On and after the Amortization Date, the Master Servicer shall, at
any  time  upon  the  request  from  time  to  time  by (or pursuant to standing
instructions  from)  the  Agent (i) remit to the Agent's account the amounts set
aside  pursuant to the preceding sentence, and (ii) apply such amounts to reduce
the Capital associated with each such Purchaser Interest and any other Aggregate
Unpaids.

<PAGE>

     Section  2.4  Application  of  Collections.  If there shall be insufficient
                   ----------------------------
funds  on deposit for the Master Servicer to distribute funds in payment in full
of  the  aforementioned  amounts pursuant to Section 2.2 or 2.3 (as applicable),
the  Master  Servicer  shall  distribute  funds:

     FIRST,  to  the  payment  of the Master Servicer's reasonable out-of-pocket
costs  and  expenses  in connection with servicing, administering and collecting
the  Receivables  ,  including  the  Servicing  Fee,  if  Seller  or  one of its
Affiliates  is  not  then  acting  as  the  Master  Servicer,

     SECOND,  to  the  reimbursement  of  the  Agent's  costs  of collection and
enforcement  of  this  Agreement,

     THIRD,  ratably to the payment of all accrued and unpaid fees under the Fee
Letter,  CP  Costs  and  Yield,

     FOURTH,  (to  the  extent  applicable)  to  the  ratable  reduction  of the
Aggregate  Capital  (without  regard  to  any  Termination  Percentage),

     FIFTH,  for  the  ratable payment of all other unpaid Obligations, provided
that  to  the  extent  such Obligations relate to the payment of Master Servicer
costs  and  expenses,  including  the  Servicing  Fee, when Seller or one of its
Affiliates is acting as the Master Servicer, such costs and expenses will not be
paid  until  after  the  payment  in  full  of  all  other  Obligations,  and

     SIXTH,  after the Aggregate Unpaids have been indefeasibly reduced to zero,
to  Seller.

Collections  applied to the payment of Aggregate Unpaids shall be distributed in
accordance with the aforementioned provisions, and, giving effect to each of the
priorities  set forth above in this Section 2.4, shall be shared ratably (within
each  priority) among the Agent and the Purchasers in accordance with the amount
of  such  Aggregate  Unpaids  owing  to  each  of  them  in respect of each such
priority.

     Section  2.5  Payment Recission. No payment of any of the Aggregate Unpaids
                   -----------------
shall  be  considered paid or applied hereunder to the extent that, at any time,
all or any portion of such payment or application is rescinded by application of
law  or  judicial  authority,  or must otherwise be returned or refunded for any
reason.  Seller  shall  remain  obligated  for  the  amount  of  any  payment or
application  so  rescinded,  returned or refunded, and shall promptly pay to the
Agent  (for  application  to  the Person or Persons who suffered such recission,
return or refund) the full amount thereof, plus the Default Fee from the date of
any  such  recission,  return  or  refunding.

     Section  2.6  Maximum  Purchaser  Interests.  Seller  shall ensure that the
                   -----------------------------
Purchaser  Interests  of the Purchasers shall at no time exceed in the aggregate
100%.  If  the  aggregate  of  the Purchaser Interests of the Purchasers exceeds
100%,  Seller shall pay to the Agent within one (1) Business Day an amount to be
applied  to  reduce the Aggregate Capital (as allocated by the Agent), such that
after  giving  effect  to  such payment the aggregate of the Purchaser Interests
equals  or  is  less  than  100%.

     Section  2.7  Clean-Up  Call.  In  addition  to Seller's rights pursuant to
                   --------------
Section  1.3,  Servicer  shall have the right (after providing written notice to
the  Agent in accordance with the Required Notice Period), at any time following
the reduction of the Aggregate Capital to a level that is less than 10.0% of the
original  Purchase  Limit,  to  repurchase from the Purchasers all, but not less
than  all,  of  the  then outstanding Purchaser Interests. The purchase price in
respect  thereof  shall  be an amount equal to the Aggregate Unpaids through the
date of such repurchase, payable in immediately available funds. Such repurchase
shall  be  without  representation,  warranty or recourse of any kind by, on the
part  of,  or  against  any  Purchaser  or  the  Agent.

<PAGE>

                                 ARTICLE  III.

                               CONDUIT  FUNDING

     Section  3.1  CP  Costs.  Seller  shall  pay  CP  Costs with respect to the
                   ---------
Capital associated with each Purchaser Interest of Conduit for each day that any
Capital  in  respect  of  such Purchaser Interest is outstanding. Each Purchaser
Interest  funded substantially with Pooled Commercial Paper will accrue CP Costs
each  day  on  a  pro rata basis, based upon the percentage share the Capital in
respect  of such Purchaser Interest represents in relation to all assets held by
Conduit  and  funded  substantially  with  related  Pooled  Commercial  Paper.

     Section  3.2  CP  Costs Payments. On each Settlement Date, Seller shall pay
                   ------------------
to  the  Agent  (for  the  benefit  of Conduit) an aggregate amount equal to all
accrued  and  unpaid  CP  Costs  in  respect  of the Capital associated with all
Purchaser  Interests  of Conduit for the immediately preceding Accrual Period in
accordance  with  Article  II.

     Section  3.3  Calculation  of  CP  Costs. On or before the 5th Business Day
                   --------------------------
immediately  preceding  each  Settlement  Date,  Conduit  shall  calculate  the
aggregate amount of CP Costs allocated to the Capital of the Purchaser Interests
for  the  applicable  Accrual  Period  and shall notify Seller of such aggregate
amount.

                                       ARTICLE  IV.

                              FINANCIAL  INSTITUTION  FUNDING

     Section  4.1  Financial Institution Funding. Each Purchaser Interest of the
                   -----------------------------
Financial Institutions shall accrue Yield for each day during its Tranche Period
at  either  the  LIBO  Rate  or  the  Base Rate in accordance with the terms and
conditions  hereof.  Until  Seller gives notice to the Agent of another Discount
Rate in accordance with Section 4.4, the initial Discount Rate for any Purchaser
Interest  transferred  to  the Financial Institutions by Conduit pursuant to the
terms  and  conditions  hereof  shall  be  the  Base  Rate.  If  the  Financial
Institutions  acquire by assignment from Conduit any Purchaser Interest pursuant
to  Article  XIII,  each  Purchaser Interest so assigned shall each be deemed to
have  a  new  Tranche  Period  commencing  on  the  date of any such assignment.

     Section  4.2  Yield  Payments.  On  the  Settlement Date for each Purchaser
                   ---------------
Interest  of  the Financial Institutions, Seller shall pay to the Agent (for the
benefit  of the Financial Institutions) an aggregate amount equal to the accrued
and  unpaid  Yield for the entire Tranche Period of each such Purchaser Interest
in  accordance  with  Article  II.

     Section  4.3  Selection  and  Continuation  of  Tranche  Periods.
                   --------------------------------------------------

     (a)  With  consultation from (and approval by) the Agent, Seller shall from
time  to  time  request  Tranche  Periods  for  the  Purchaser  Interests of the
Financial Institutions, provided that, if at any time the Financial Institutions
shall  have  a  Purchaser  Interest, Seller shall always request Tranche Periods
such  that at least one Tranche Period shall end on the date specified in clause
(A)  of  the  definition  of  Settlement  Date.

     (b)  Seller  or the Agent, upon notice to and consent by the other received
at  least  three  (3)  Business  Days  prior to the end of a Tranche Period (the
"TERMINATING  TRANCHE")  for  any Purchaser Interest, may, effective on the last
day  of  the  Terminating  Tranche:  (i) divide any such Purchaser Interest into
multiple  Purchaser Interests, (ii) combine any such Purchaser Interest with one

<PAGE>

or  more other Purchaser Interests that have a Terminating Tranche ending on the
same  day  as  such  Terminating  Tranche  or  (iii)  combine any such Purchaser
Interest  with  a  new  Purchaser  Interests  to  be  purchased  on the day such
Terminating Tranche ends, provided, that in no event may a Purchaser Interest of
Conduit  be  combined  with  a Purchaser Interest of the Financial Institutions.

     Section  4.4  Financial  Institution  Discount Rates. Seller may select the
                   --------------------------------------
LIBO  Rate  or  the  Base  Rate  for  each  Purchaser  Interest of the Financial
Institutions.  Seller shall by 11:00 a.m. (Chicago time): (i) at least three (3)
Business Days prior to the expiration of any Terminating Tranche with respect to
which  the LIBO Rate is being requested as a new Discount Rate and (ii) at least
one  (1)  Business  Day  prior to the expiration of any Terminating Tranche with
respect  to  which the Base Rate is being requested as a new Discount Rate, give
the Agent irrevocable notice of the new Discount Rate for the Purchaser Interest
associated with such Terminating Tranche. Until Seller gives notice to the Agent
of  another  Discount Rate, the initial Discount Rate for any Purchaser Interest
transferred  to  the Financial Institutions pursuant to the terms and conditions
hereof  shall  be  the  Base  Rate.

     Section  4.5  Suspension  of  the  LIBO  Rate.
                   -------------------------------
     (a)     If  any  Financial  Institution  notifies  the  Agent  that  it has
determined  that  funding  its  Pro Rata Share of the Purchaser Interests of the
Financial  Institutions  at  a LIBO Rate would violate any applicable law, rule,
regulation, or directive of any governmental or regulatory authority, whether or
not  having  the  force  of  law,  or  that  (i) deposits of a type and maturity
appropriate  to  match  fund  its  Purchaser Interests at such LIBO Rate are not
available  or  (ii)  such  LIBO  Rate  does  not  accurately reflect the cost of
acquiring  or maintaining a Purchaser Interest at such LIBO Rate, then the Agent
shall  suspend  the  availability of such LIBO Rate and require Seller to select
the  Base  Rate  for  any  Purchaser  Interest accruing Yield at such LIBO Rate.

     (b)  If  less  than  all of the Financial Institutions give a notice to the
Agent  pursuant  to Section 4.5(a), each Financial Institution which gave such a
notice  shall be obliged, at the request of the Seller, Conduit or the Agent, to
assign  all  of  its  rights  and obligations hereunder to (i) another Financial
Institution or (ii) another financial institution nominated by the Seller or the
Agent that is acceptable to Conduit and willing to participate in this Agreement
through  the Liquidity Termination Date in the place of such notifying Financial
Institution;  PROVIDED  THAT  (i)  the  notifying Financial Institution receives
payment in full, pursuant to an Assignment Agreement, of an amount equal to such
notifying  Financial  Institution's  Pro  Rata Share of the Capital and Discount
owing  to all of the Financial Institutions and all accruing but unpaid fees and
other  costs  and  expenses  payable  in  respect  of  its Pro Rata Share of the
Purchaser  Interests  of  the  Financial  Institutions, and (ii) the replacement
Financial  Institution  otherwise satisfies the requirements of Section 12.1(b).

                                   ARTICLE  V.

                         REPRESENTATIONS  AND  WARRANTIES

     Section  5.1  Representations  and  Warranties  of the Seller Parties. Each
                   -------------------------------------------------------
Seller  Party hereby represents and warrants to the Agent and the Purchasers, as
to itself, as of the date hereof and as of the date of each Incremental Purchase
and  the  date  of  each  Reinvestment  that:

     (a)  Corporate Existence and Power. Such Seller Party is a corporation duly
          -----------------------------
organized,  validly existing and in good standing under the laws of its state of
incorporation. Such Seller Party is duly qualified to do business and is in good
standing as a foreign corporation, and has and holds all corporate power and all
governmental  licenses, authorizations, consents and approvals required to carry
on  its  business in each jurisdiction in which its business is conducted except
where  the  failure to so qualify or so hold could not reasonably be expected to
have  a  Material  Adverse  Effect.

<PAGE>

     (b)  Power  and  Authority;  Due Authorization, Execution and Delivery. The
          -----------------------------------------------------------------
execution  and  delivery  by  such Seller Party of this Agreement and each other
Transaction  Document  to  which  it  is  a  party,  and  the performance of its
obligations hereunder and thereunder and, in the case of Seller, Seller's use of
the  proceeds  of  purchases made hereunder, are within its corporate powers and
authority and have been duly authorized by all necessary corporate action on its
part.  This  Agreement  and each other Transaction Document to which such Seller
Party  is  a  party  has  been duly executed and delivered by such Seller Party.

     (c)  No  Conflict.  The execution and delivery by such Seller Party of this
          ------------
Agreement  and  each  other Transaction Document to which it is a party, and the
performance  of  its  obligations  hereunder and thereunder do not contravene or
violate  (i)  its  certificate or articles of incorporation or by-laws, (ii) any
law,  rule  or  regulation  applicable  to  it, (iii) any restrictions under any
agreement,  contract  or instrument to which it is a party or by which it or any
of  its  property is bound, or (iv) any order, writ, judgment, award, injunction
or  decree  binding on or affecting it or its property, and do not result in the
creation  or  imposition  of any Adverse Claim on assets of such Seller Party or
its  Subsidiaries  (except as created hereunder) except, in any case, where such
contravention  or  violation could not reasonably be expected to have a Material
Adverse  Effect; and no transaction contemplated hereby requires compliance with
any  bulk  sales  act  or  similar  law.

     (d)  Governmental  Authorization.  Other  than  the filing of the financing
          ---------------------------
statements  required hereunder, no authorization or approval or other action by,
and  no  notice to or filing with, any governmental authority or regulatory body
is  required  for  the  due  execution and delivery by such Seller Party of this
Agreement  and  each  other  Transaction Document to which it is a party and the
performance  of  its  obligations  hereunder  and  thereunder.

     (e)  Actions,  Suits.  There  are no actions, suits or proceedings pending,
          ---------------
or  to  the  knowledge  of  such Seller Party's officers, threatened, against or
affecting  such  Seller Party, or any of its properties, in or before any court,
arbitrator  or  other body, that could reasonably be expected to have a Material
Adverse Effect. Such Seller Party is not in default with respect to any order of
any  court,  arbitrator  or  governmental  body.

     (f)  Binding  Effect. This Agreement and each other Transaction Document to
          ---------------
which  such  Seller  Party  is  a  party constitute the legal, valid and binding
obligations  of  such  Seller  Party  enforceable  against  such Seller Party in
accordance  with  their  respective  terms,  except  as  such enforcement may be
limited  by  applicable  bankruptcy, insolvency, reorganization or other similar
laws  relating  to  or  limiting  creditors'  rights  generally  and  by general
principles  of  equity  (regardless  of  whether  enforcement  is  sought  in  a
proceeding  in  equity  or  at  law).

     (g)  Accuracy  of Information. All information heretofore furnished by such
          ------------------------
Seller  Party  or  any  of  its  Affiliates  to  the Agent or the Purchasers for
purposes  of  or in connection with this Agreement, any of the other Transaction
Documents  or  any transaction contemplated hereby or thereby, taken as a whole,
is,  and all such information hereafter furnished by such Seller Party or any of
its  Affiliates  to  the  Agent  or the Purchasers will be, true and accurate in
every  material  respect on the date such information is stated or certified and
does not and will not contain any material misstatement of fact or omit to state
a  material  fact or any fact necessary to make the statements contained therein
not  misleading.

<PAGE>

     (h)  Use  of  Proceeds.  No  proceeds  of  any  purchase  hereunder will be
          -----------------
used  (i) for a purpose that violates, or would be inconsistent with, Regulation
T,  U  or  X promulgated by the Board of Governors of the Federal Reserve System
from  time  to  time  or (ii) to acquire any security of any other Person in any
transaction  which is subject to Section 12, 13 or 14 of the Securities Exchange
Act  of  1934,  as  amended.

     (i)  Good  Title  .  Immediately  prior  to each purchase hereunder, Seller
          -----------
shall  be the legal and beneficial owner of the Receivables and Related Security
with  respect thereto, free and clear of any Adverse Claim, except as created by
the  Transaction  Documents. There have been duly filed all financing statements
or  other  similar  instruments  or  documents  necessary  under the UCC (or any
comparable  law)  of all appropriate jurisdictions to perfect Seller's ownership
interest  in  each  Receivable,  its  Collections  and  the  Related  Security.

     (j)  Perfection.  This Agreement, together with the filing of the financing
          ----------
statements  contemplated  hereby, is effective to, and shall, upon each purchase
hereunder,  transfer  to  the Agent for the benefit of the relevant Purchaser or
Purchasers  (and the Agent for the benefit of such Purchaser or Purchasers shall
acquire  from  Seller) a valid and perfected first priority undivided percentage
ownership interest or security interest in each Receivable existing or hereafter
arising  and  in the Related Security and Collections with respect thereto, free
and clear of any Adverse Claim, except as created by the Transactions Documents.
There have been duly filed all financing statements or other similar instruments
or  documents necessary under the UCC (or any comparable law) of all appropriate
jurisdictions  to perfect the Agent's (on behalf of the Purchasers) ownership or
security  interest in the Receivables, the Related Security and the Collections.

     (k)  Places  of  Business and Locations of Records. The principal places of
          ---------------------------------------------
business  and  chief executive office of such Seller Party and the offices where
it keeps all of its Records are located at the address(es) listed on Exhibit III
or  such other locations of which the Agent has been notified in accordance with
Section 7.2(a) in jurisdictions where all action required by Section 14.4(a) has
been  taken  and  completed.  Seller's Federal Employer Identification Number is
correctly  set  forth  on  Exhibit  III.

     (l)  Collections.  The  conditions  and  requirements  set forth in Section
          -----------
7.1(j)  and Section 8.2 have at all times been satisfied and duly performed. The
names  and  addresses of all Collection Banks, together with the account numbers
of the Collection Accounts of Seller at each Collection Bank and the post office
box  number  of  each Lock-Box, are listed on Exhibit IV. Seller has not granted
any Person, other than the Agent as contemplated by this Agreement, dominion and
control of any Lock-Box or Collection Account, or the right to take dominion and
control  of any such Lock-Box or Collection Account at a future time or upon the
occurrence  of  a  future  event.

     (m)  Material  Adverse  Effect.  (i) The initial Master Servicer represents
          -------------------------
and  warrants  that since June 30, 2001, no event has occurred that would have a
material  adverse effect on the financial condition or operations of the initial
Master  Servicer  and  its  Subsidiaries  or  the  ability of the initial Master
Servicer  to  perform  its  obligations  under  this  Agreement, and (ii) Seller
represents  and  warrants  that  since  the date of this Agreement, no event has
occurred  that  would  have  a  material  adverse  effect  on  (A) the financial
condition  or  operations  of  Seller,  (B) the ability of Seller to perform its
obligations  under  the  Transaction Documents, or (C) the collectibility of the
Receivables  generally  or  any  material  portion  of  the  Receivables.

<PAGE>

     (n)  Names.  Since  its  incorporation  in  September  2001, Seller has not
          -----
used  any  corporate  names, trade names or assumed names other than the name in
which  it  has  executed  this  Agreement.

     (o)  Ownership of Seller. Ralcorp owns, directly or indirectly, 100% of the
          -------------------
issued  and  outstanding  capital stock of Seller, free and clear of any Adverse
Claim.  Such  capital stock is validly issued, fully paid and nonassessable, and
there  are no options, warrants or other rights to acquire securities of Seller.

     (p)  Not  a  Holding  Company  or  an Investment Company. Such Seller Party
          ---------------------------------------------------
is  not  a  "holding  company"  or  a "subsidiary holding company" of a "holding
company"  within  the meaning of the Public Utility Holding Company Act of 1935,
as  amended,  or  any successor statute. Such Seller Party is not an "investment
company"  within  the meaning of the Investment Company Act of 1940, as amended,
or  any  successor  statute.

     (q)  Compliance  with  Law.  Such Seller Party has complied in all respects
          ---------------------
with  all  applicable  laws,  rules,  regulations,  orders,  writs,  judgments,
injunctions,  decrees  or  awards  to  which it may be subject, except where the
failure to so comply could not reasonably be expected to have a Material Adverse
Effect.  Each  Receivable,  together with the Contract related thereto, does not
contravene any laws, rules or regulations applicable thereto (including, without
limitation,  laws,  rules  and  regulations  relating  to truth in lending, fair
credit  billing,  fair  credit  reporting,  equal  credit opportunity, fair debt
collection  practices and privacy), and no part of such Contract is in violation
of  any  such  law,  rule  or  regulation,  except  where  such contravention or
violation  could  not  reasonably be expected to have a Material Adverse Effect.

     (r)  Compliance  with  Credit  and Collection Policy. Such Seller Party has
          -----------------------------------------------
complied  in  all  material  respects with the Credit and Collection Policy with
regard  to each Receivable and the related Contract, and has not made any change
to  such  Credit  and Collection Policy, except such material change as to which
the  Agent  has  been  notified  in  accordance  with  Section  7.1(a)(vii).

     (s) Payments to Originators. With respect to each Receivable transferred to
         -----------------------
Seller  under  the  Receivables  Sale  Agreement,  Seller  has  given reasonably
equivalent value to the applicable Originator in consideration therefor and such
transfer  was  not  made for or on account of an antecedent debt. No transfer by
any  Originator of any Receivable under the Receivables Sale Agreement is or may
be  voidable  under  any section of the Bankruptcy Reform Act of 1978 (11 U.S.C.
101  et  seq.),  as  amended.

     (t)  Enforceability  of  Contracts.  Each  Contract  with  respect  to each
          -----------------------------
Receivable  is  effective to create, and has created, a legal, valid and binding
obligation  of  the  related  Obligor  to  pay  the  Outstanding  Balance of the
Receivable  created  thereunder  and  any  accrued interest thereon, enforceable
against the Obligor in accordance with its terms, except as such enforcement may
be limited by applicable bankruptcy, insolvency, reorganization or other similar
laws  relating  to  or  limiting  creditors'  rights  generally  and  by general
principles  of  equity  (regardless  of  whether  enforcement  is  sought  in  a
proceeding  in  equity  or  at  law).

     (u)  Eligible  Receivables. Each Receivable included in the Net Receivables
          ---------------------
Balance  as  an  Eligible  Receivable  on  the  date  of  its purchase under the
Receivables  Sale  Agreement  was  an Eligible Receivable on such purchase date.

<PAGE>

     (v)  Net  Receivables  Balance.  Seller  has  determined  that, immediately
          -------------------------
after  giving  effect to each purchase hereunder, the Net Receivables Balance is
at  least equal to the sum of (i) the Aggregate Capital, plus (ii) the Aggregate
Reserves.

     (w)  Accounting.  The  manner  in  which such Seller Party accounts for the
          ----------
transactions  contemplated  by this Agreement and the Receivables Sale Agreement
does  not  jeopardize  the  analysis  of  the  transactions  described  in  the
Receivables  Sale  Agreement  as  true  sales, as set forth in the opinion to be
delivered  on  behalf  of  the  Originators  as  described on Schedule B hereto.

     Section  5.2  Financial  Institution  Representations  and Warranties. Each
                   -------------------------------------------------------
Financial  Institution  hereby  represents and warrants to the Agent and Conduit
that:

     (a)  Existence  and  Power.  Such Financial Institution is a corporation or
          ---------------------
a  banking  association  duly  organized,  validly existing and in good standing
under the laws of its jurisdiction of incorporation or organization, and has all
corporate  power  to  perform  its  obligations  hereunder.

     (b)  No  Conflict.  The  execution  and  delivery  by  such  Financial
          ------------
Institution  of  this Agreement and the performance of its obligations hereunder
are  within  its  corporate  powers,  have been duly authorized by all necessary
corporate  action,  do not contravene or violate (i) its certificate or articles
of  incorporation  or  association  or by-laws, (ii) any law, rule or regulation
applicable  to  it,  (iii)  any  restrictions  under  any agreement, contract or
instrument  to  which it is a party or any of its property is bound, or (iv) any
order, writ, judgment, award, injunction or decree binding on or affecting it or
its  property,  and  do  not result in the creation or imposition of any Adverse
Claim  on  its  assets.  This  Agreement  has been duly authorized, executed and
delivered  by  such  Financial  Institution.

     (c)  Governmental  Authorization.  No  authorization  or  approval or other
          ---------------------------
action  by,  and  no  notice  to  or  filing with, any governmental authority or
regulatory body is required for the due execution and delivery by such Financial
Institution  of this Agreement and the performance of its obligations hereunder.

     (d) Binding Effect. This Agreement constitutes the legal, valid and binding
         --------------
obligation  of  such  Financial  Institution  enforceable against such Financial
Institution  in  accordance  with  its  terms, except as such enforcement may be
limited  by  applicable  bankruptcy, insolvency, reorganization or other similar
laws  relating  to  or  limiting  creditors'  rights  generally  and  by general
principles  of  equity  (regardless  of  whether such enforcement is sought in a
proceeding  in  equity  or  at  law).

                                  ARTICLE  VI.

                            CONDITIONS  OF  PURCHASES

     Section  6.1  Conditions  Precedent  to  Initial  Incremental Purchase. The
                   --------------------------------------------------------
initial  Incremental  Purchase  of  a Purchaser Interest under this Agreement is
subject to the conditions precedent that (a) the Agent shall have received on or
before  the  date  of such purchase those documents listed on Schedule B and (b)
the  Agent shall have received all fees and expenses required to be paid on such
date  pursuant  to  the  terms  of  this  Agreement  and  the  Fee  Letter.

<PAGE>

     Section  6.2  Conditions Precedent to All Purchases and Reinvestments. Each
                   -------------------------------------------------------
purchase  of a Purchaser Interest (other than pursuant to Section 13.1) and each
Reinvestment  shall  be  subject to the further conditions precedent that (a) in
the  case  of  each such purchase or Reinvestment: (i) the Master Servicer shall
have  delivered  to  the Agent on or prior to the date of such purchase, in form
and  substance  satisfactory  to  the Agent, all Monthly Reports as and when due
under  Section  8.5 and (ii) upon the Agent's request, the Master Servicer shall
have  delivered  to  the Agent at least three (3) days prior to such purchase or
Reinvestment  an  interim  Monthly  Report  showing  the  amount  of  Eligible
Receivables;  (b) the Facility Termination Date shall not have occurred; (c) the
Agent  shall have received such other approvals, opinions or documents as it may
reasonably  request  and  (d)  on  the date of each such Incremental Purchase or
Reinvestment,  the  following  statements  shall  be true (and acceptance of the
proceeds  of  such  Incremental  Purchase  or  Reinvestment  shall  be  deemed a
representation  and  warranty  by  Seller  that  such statements are then true):

          (i)  the  representations  and warranties set forth in Section 5.1 are
     true  and  correct  on  and  as of the date of such Incremental Purchase or
     Reinvestment  as  though  made  on  and  as  of  such  date;

          (ii)  no  event  has  occurred and is continuing, or would result from
     such  Incremental  Purchase  or  Reinvestment,  that  will  constitute  an
     Amortization  Event,  and no event has occurred and is continuing, or would
     result  from  such  Incremental  Purchase  or  Reinvestment,  that  would
     constitute  a  Potential  Amortization  Event;  and

          (iii) the Aggregate Capital does not exceed the Purchase Limit and the
     aggregate  Purchaser  Interests  do  not  exceed  100%.

It  is  expressly  understood  that  each  Reinvestment  shall, unless otherwise
directed by the Agent or any Purchaser, occur automatically on each day that the
Master  Servicer  shall receive any Collections without the requirement that any
further  action  be  taken  on  the  part  of any Person and notwithstanding the
failure  of  Seller  to  satisfy  any  of  the foregoing conditions precedent in
respect  of  such  Reinvestment.  The  failure  of  Seller to satisfy any of the
foregoing conditions precedent in respect of any Reinvestment shall give rise to
a  right of the Agent, which right may be exercised at any time on demand of the
Agent, to rescind the related purchase and direct Seller to pay to the Agent for
the  benefit  of  the Purchasers an amount equal to the Collections prior to the
Amortization  Date  that  shall  have been applied to the affected Reinvestment.

                                  ARTICLE  VII.

                                   COVENANTS

     Section  7.1  Affirmative  Covenants  of the Seller Parties. Until the date
                   ---------------------------------------------
on  which  the  Aggregate  Unpaids  have been indefeasibly paid in full and this
Agreement  terminates  in  accordance  with  its terms, each Seller Party hereby
covenants,  as  to  itself,  as  set  forth  below:

          (a)  Financial  Reporting. Such Seller Party will maintain, for itself
               --------------------
and  each  of  its  Subsidiaries,  a  system  of  accounting  established  and
administered  in  accordance  with GAAP, and furnish or cause to be furnished to
the  Agent:

               (i)  Annual  Reporting.  As  soon as practicable and in any event
                    -----------------
          within  95  days after the close of each of such Seller Party's Fiscal
          Years,  (A)  the financial statements for Ralcorp and its consolidated
          subsidiaries  described  in  Section 4.1(a)(i) of the Receivables Sale
          Agreement,  and  (B)  comparable  unaudited  stand-alone  financial
          statements for the Seller certified by an Authorized Officer of Seller
          and  prepared  in  accordance  with  GAAP.

<PAGE>

               (ii) Quarterly Reporting. As soon as practicable and in any event
                    ------------------
          within  50  days after the close of the first three Fiscal Quarters of
          each  of such Seller Party's Fiscal Years: (A) the certified financial
          statements  of  Ralcorp  and  its  Subsidiaries  referenced in section
          4.1(a)(ii)  of  the  Receivables  Sale  Agreement,  and (B) comparable
          stand-alone  financial  statements  for the Seller for the period from
          the beginning of such Fiscal Year to the end of such quarter, prepared
          in  accordance  with  GAAP  and  certified by an Authorized Officer of
          Seller

               (iii)  Compliance  Certificate.  Together  with  the  financial
                      -----------------------
          statements  required  hereunder,  a  compliance  certificate  in
          substantially  the  form  of  Exhibit  V signed by such Seller Party's
          Authorized  Officer  and  dated  the  date  of  such  annual financial
          statement  or  such quarterly financial statement, as the case may be.

               (iv)  Shareholders  Statements  and  Reports.  Promptly  upon the
                     --------------------------------------
          furnishing  thereof to the shareholders of such Seller Party copies of
          all  financial  statements, reports and proxy statements so furnished,
          except for internal communications among Ralcorp and its Subsidiaries.

               (v)  S.E.C.  Filings. Promptly upon the filing thereof, copies of
                    ---------------
          all  registration  statements  and annual, quarterly, monthly or other
          regular  reports which any Originator or any of its Subsidiaries files
          with  the  Securities  and  Exchange  Commission,  except registration
          statements  on  Form  S-8.

               (vi)  Copies of Notices. Promptly upon its receipt of any notice,
                     -----------------
          request  for  consent,  financial statements, certification, report or
          other  communication  under  or  in  connection  with  any Transaction
          Document  from  any  Person other than the Agent or Conduit, copies of
          the  same.

               (vii)  Change  in  Credit  and Collection Policy. At least thirty
                      -----------------------------------------
          (30)  days  prior  to  the  effectiveness of any material change in or
          material  amendment to the Credit and Collection Policy, a copy of the
          Credit  and  Collection  Policy  then  in  effect  and  a  notice  (A)
          indicating  such  change or amendment, and (B) if such proposed change
          or  amendment  would  be  reasonably  likely  to  adversely affect the
          collectibility  of  the  Receivables or decrease the credit quality of
          any newly created Receivables, requesting the Agent's consent thereto.

               (viii) Other Information. Promptly, from time to time, such other
                      ------------------
          information, documents, records or reports relating to the Receivables
          or the condition or operations, financial or otherwise, of such Seller
          Party  as  the Agent may from time to time reasonably request in order
          to  protect  the interests of the Agent and the Purchasers under or as
          contemplated  by  this  Agreement.

     (b)  Notices.  Such  Seller  Party  will  notify  the  Agent  in writing of
          -------
any  of  the  following  promptly  upon  learning  of  the  occurrence  thereof,
describing  the  same  and,  if  applicable,  the steps being taken with respect
thereto:

          (i)  Amortization  Events  or  Potential  Amortization  Events.  The
               ---------------------------------------------------------
          occurrence  of each Amortization Event and each Potential Amortization
          Event,  by  a statement of an Authorized Officer of such Seller Party.

<PAGE>

          (ii) Material Adverse Effect. The occurrence of any event or condition
               -----------------------
          that  has  had,  or  could  reasonably be expected to have, a Material
          Adverse  Effect.

          (iii) Termination Date. The occurrence of the "TERMINATION DATE" under
                ----------------
          and  as  defined  in  the  Receivables  Sale  Agreement.

     (c)  Compliance  with  Laws  and  Preservation of Corporate Existence. Such
          -----------------------------------------------------------------
     Seller  Party  will comply in all respects with all applicable laws, rules,
     regulations,  orders,  writs,  judgments, injunctions, decrees or awards to
     which  it  may  be subject, except where the failure to so comply could not
     reasonably be expected to have a Material Adverse Effect. Such Seller Party
     will  preserve and maintain its corporate existence, rights, franchises and
     privileges in the jurisdiction of its incorporation, and qualify and remain
     qualified  in  good  standing as a foreign corporation in each jurisdiction
     where  its  business  is conducted, except where the failure to so preserve
     and maintain or qualify could not reasonably be expected to have a Material
     Adverse  Effect.

     (d)  Audits.  Such  Seller  Party  will  furnish  to the Agent from time to
          ------
time  such  information  with respect to it and the Receivables as the Agent may
reasonably  request.  Such  Seller  Party will, from time to time during regular
business  hours as requested by the Agent upon reasonable notice and at the sole
cost  of  such  Seller Party, permit the Agent, or its agents or representatives
(and  shall  cause  each  Originator  to  permit  the  Agent  or  its  agents or
representatives),  (i)  to  examine  and  make  copies of and abstracts from all
Records  in  the  possession or under the control of such Person relating to the
Receivables and the Related Security, including, without limitation, the related
Contracts,  and  (ii) to visit the offices and properties of such Person for the
purpose  of  examining  such  materials  described  in  clause (i) above, and to
discuss matters relating to such Person's financial condition or the Receivables
and  the  Related  Security  or  any  Person's  performance  under  any  of  the
Transaction  Documents  or  any Person's performance under the Contracts and, in
each  case,  with  any  of  the  officers  or  employees of Seller or the Master
Servicer having knowledge of such matters (each, a "REVIEW"); PROVIDED, HOWEVER,
that,  so  long  as  no  Amortization  Event has occurred and is continuing, the
Seller  Parties shall only be responsible for the costs and expenses of one such
Review, which shall include any two Originators, in any one calendar year unless
the  first such Review in such calendar year is reasonably deemed unsatisfactory
by  the  Agent.

          (e)  Keeping  and  Marking  of  Records  and  Books.
               ----------------------------------------------

               (i)  The Master Servicer will (and will cause each Originator to)
          maintain  and  implement  administrative  and  operating  procedures
          (including,  without  limitation,  an  ability  to  recreate  records
          evidencing  Receivables  in  the  event  of  the  destruction  of  the
          originals  thereof),  and  keep  and  maintain  all  documents, books,
          records  and  other  information reasonably necessary or advisable for
          the  collection  of  all  Receivables  (including, without limitation,
          records  adequate  to  permit the immediate identification of each new
          Receivable  and  all  Collections  of and adjustments to each existing
          Receivable).  The Master Servicer will (and will cause each Originator
          to) give the Agent notice of any material change in the administrative
          and  operating  procedures  referred  to  in  the  previous  sentence.

               (ii)  Such  Seller Party will (and will cause each Originator to)
          (A)  on  or  prior to the date hereof, mark its master data processing
          records  and  other  books  and  records  relating  to  the  Purchaser
          Interests  with  a  legend,  acceptable  to  the Agent, describing the

<PAGE>

          Purchaser  Interests  and  (B)  upon the request of the Agent upon the
          occurrence  and  during  the  continuation of an Amortization Event or
          Potential  Amortization  Event:  (x)  mark each Contract with a legend
          describing  the  Purchaser  Interests and (y) deliver to the Agent all
          Contracts  (including,  without  limitation, all multiple originals of
          any  such  Contract)  relating  to  the  Receivables.

          (f)  Compliance  with  Contracts  and  Credit  and  Collection Policy.
               ----------------------------------------------------------------
Such  Seller Party will (and will cause each Originator to) timely and fully (i)
perform  and  comply  with all material provisions, covenants and other promises
required  to  be  observed by it under the Contracts related to the Receivables,
and  (ii) comply in all respects with the Credit and Collection Policy in regard
to  each  Receivable  and  the  related  Contract.

          (g)  Performance  and  Enforcement  of  Receivables  Sale  Agreement
               ---------------------------------------------------------------
and Performance  Undertaking.  Seller  will,  and  will require each Originator
-----------------------------
to,perform  each  of  its  respective  obligations  and  undertakings  under and
pursuant to the Receivables Sale Agreement, will purchase Receivables thereunder
in  strict  compliance  with  the  terms thereof and will vigorously enforce the
rights  and  remedies  accorded  to Seller under the Receivables Sale Agreement.
Seller  will  take  all  actions to perfect and enforce its rights and interests
(and  the  rights  and  interests  of the Agent, on behalf of the Purchasers, as
Seller's  assignee)  under  the  Receivables  Sale Agreement and the Performance
Undertaking  as  the  Agent may from time to time reasonably request, including,
without  limitation,  making  claims  to  which  it  may  be  entitled under any
indemnity,  reimbursement or similar provision contained in the Receivables Sale
Agreement  or  the  Performance  Undertaking.

          (h)  Ownership.  Seller  will  (or will cause each Originator to) take
               ---------
all  necessary  action to (i) vest legal and equitable title to the Receivables,
the  Related  Security  and the Collections purchased under the Receivables Sale
Agreement irrevocably in Seller, free and clear of any Adverse Claims other than
Adverse  Claims  in  favor  of  the Agent and the Purchasers (including, without
limitation,  the filing of all financing statements or other similar instruments
or  documents necessary under the UCC (or any comparable law) of all appropriate
jurisdictions,  with  or,  to  the  fullest  extent permitted by applicable law,
without  Seller'  signature,  to  perfect Seller's interest in such Receivables,
Related  Security  and  Collections and such other action to perfect, protect or
more  fully  evidence the interest of Seller therein as the Agent may reasonably
request),  and  (ii)  establish  and  maintain,  in  favor of the Agent, for the
benefit  of  the  Purchasers,  a  valid  and  perfected first priority undivided
percentage  ownership  interest  (and/or  a  valid  and perfected first priority
security  interest)  in all Receivables, Related Security and Collections to the
full extent contemplated herein, free and clear of any Adverse Claims other than
Adverse  Claims  in  favor  of  the  Agent  for  the  benefit  of the Purchasers
(including,  without limitation, the filing of all financing statements or other
similar instruments or documents necessary under the UCC (or any comparable law)
of  all appropriate jurisdictions to perfect the Agent's (for the benefit of the
Purchasers)  interest  in such Receivables, Related Security and Collections and
such other action to perfect, protect or more fully evidence the interest of the
Agent  for  the  benefit of the Purchasers as the Agent may reasonably request).

          (i)  Purchasers' Reliance. Seller acknowledges that the Purchasers are
               ---------------------
entering  into  the transactions contemplated by this Agreement in reliance upon
Seller's  identity  as  a  legal  entity  that  is  separate  from  each  of the
Originators.  Therefore,  from  and  after the date of execution and delivery of
this  Agreement,  Seller  shall  take  all  reasonable steps, including, without
limitation,  all  steps  that  the  Agent or any Purchaser may from time to time
reasonably request, to maintain Seller's identity as a separate legal entity and
to  make  it  manifest to third parties that Seller is an entity with assets and

<PAGE>

liabilities  distinct  from  those of each Originator and any Affiliates thereof
and not just a division of an Originator or any such Affiliate. Without limiting
the generality of the foregoing and in addition to the other covenants set forth
herein,  Seller  will:

               (A) conduct its own business in its own name and require that all
          full-time employees of Seller, if any, identify themselves as such and
          not  as employees of any Originator (including, without limitation, by
          means  of  providing  appropriate  employees  with  business  or
          identification  cards  identifying  such  employees  as  Seller's
          employees);

               (B)  compensate  all  employees, consultants and agents directly,
          from  Seller's  own  funds,  for  services  provided to Seller by such
          employees,  consultants  and  agents  and, to the extent any employee,
          consultant or agent of Seller is also an employee, consultant or agent
          of  an  Originator or any Affiliate thereof, allocate the compensation
          of  such  employee,  consultant  or  agent  between  Seller  and  such
          Originator  or such Affiliate, as applicable, on a basis that reflects
          the services rendered to Seller and such Originator or such Affiliate,
          as  applicable;

               (C) clearly identify its offices (by signage or otherwise) as its
          offices  and,  if  such  office  is  located  in  the  offices  of  an
          Originator,  Seller  shall  lease  such  office at a fair market rent;

               (D) have a separate telephone number, which will be answered only
          in  its  name  and separate stationery, invoices and checks in its own
          name;

               (E)  conduct all transactions with each Originator and the Master
          Servicer  (including,  without  limitation,  any  delegation  of  its
          obligations  hereunder as Master Servicer) strictly on an arm's-length
          basis,  allocate all overhead expenses (including, without limitation,
          telephone  and  other utility charges) for items shared between Seller
          and  such  Originator  on  the  basis  of  actual  use  to  the extent
          practicable  and, to the extent such allocation is not practicable, on
          a  basis  reasonably  related  to  actual  use;

               (F) at all times have a Board of Directors consisting of at least
          three  members,  at  least  one  member  of  which  is  an Independent
          Director;

               (G)  observe  all corporate formalities as a distinct entity, and
          ensure  that  all  corporate  actions  relating  to (A) the selection,
          maintenance  or  replacement  of  the  Independent  Director,  (B) the
          dissolution  or  liquidation  of  Seller  or  (C)  the  initiation of,
          participation  in,  acquiescence  in  or  consent  to  any bankruptcy,
          insolvency, reorganization or similar proceeding involving Seller, are
          duly authorized by unanimous vote of its Board of Directors (including
          the  Independent  Director);

               (H)  maintain  Seller's  books and records separate from those of
          each  Originator  and  any  Affiliate  thereof  and  otherwise readily
          identifiable as its own assets rather than assets of an Originator and
          any  Affiliate  thereof;

               (I)  prepare  its  financial  statements separately from those of
          each  Originator and insure that any consolidated financial statements
          of  any  Originator  or  any Affiliate thereof that include Seller and
          that  are  filed  with  the  Securities and Exchange Commission or any
          other  governmental agency have notes clearly stating that Seller is a
          separate  corporate entity and that its assets will be available first
          and  foremost  to  satisfy  the  claims  of  the  creditors of Seller;

<PAGE>

               (J)  except  as  herein specifically otherwise provided, maintain
          the  funds or other assets of Seller separate from, and not commingled
          with,  those  of  any  Originator  or  any  Affiliate thereof and only
          maintain  bank  accounts  or other depository accounts to which Seller
          alone is the account party, into which Seller alone makes deposits and
          from which Seller alone (or the Agent hereunder) has the power to make
          withdrawals;

               (K)  pay  all  of  Seller's  operating expenses from Seller's own
          assets  (except for certain payments by an Originator or other Persons
          pursuant  to allocation arrangements that comply with the requirements
          of  this  Section  7.1(i));

               (L)  operate  its  business and activities such that: it does not
          engage  in  any  business  or  activity of any kind, or enter into any
          transaction  or  indenture, mortgage, instrument, agreement, contract,
          lease  or  other undertaking, other than the transactions contemplated
          and  authorized  by this Agreement and the Receivables Sale Agreement;
          and  does  not create, incur, guarantee, assume or suffer to exist any
          indebtedness or other liabilities, whether direct or contingent, other
          than  (1) as a result of the endorsement of negotiable instruments for
          deposit  or  collection or similar transactions in the ordinary course
          of  business,  (2) the incurrence of obligations under this Agreement,
          (3)  the  incurrence  of obligations, as expressly contemplated in the
          Receivables  Sale  Agreement,  to  make  payment  to  the  applicable
          Originator  thereunder  for  the  purchase  of  Receivables  from such
          Originator  under  the  Receivables  Sale  Agreement,  and  (4)  the
          incurrence of operating expenses in the ordinary course of business of
          the  type  otherwise  contemplated  by  this  Agreement;

               (M)  maintain  its  corporate  charter  in  conformity  with this
          Agreement,  such  that  it  does  not  amend,  restate,  supplement or
          otherwise  modify  its  Certificate of Incorporation or By-Laws in any
          respect  that  would  impair  its  ability to comply with the terms or
          provisions  of  any  of  the Transaction Documents, including, without
          limitation,  Section  7.1(i)  of  this  Agreement;

               (N)  maintain the effectiveness of, and continue to perform under
          the  Receivables  Sale Agreement and the Performance Undertaking, such
          that  it  does  not  amend,  restate, supplement, cancel, terminate or
          otherwise  modify  the  Receivables  Sale Agreement or the Performance
          Undertaking,  or  give  any  consent,  waiver,  directive  or approval
          thereunder  or waive any default, action, omission or breach under the
          Receivables Sale Agreement or the Performance Undertaking or otherwise
          grant  any  indulgence  thereunder,  without  (in each case) the prior
          written  consent  of  the  Agent;

               (O)  maintain  its  corporate  separateness such that it does not
          merge  or  consolidate  with  or  into,  or convey, transfer, lease or
          otherwise  dispose  of  (whether  in one transaction or in a series of
          transactions,  and  except  as  otherwise  contemplated herein) all or
          substantially  all  of  its  assets  (whether  now  owned or hereafter
          acquired)  to,  or  acquire all or substantially all of the assets of,
          any  Person,  nor  at any time create, have, acquire, maintain or hold
          any  interest  in  any  Subsidiary.

               (P) maintain at all times the Required Capital Amount (as defined
          in  the  Receivables  Sale  Agreement)  and  refrain  from  making any
          dividend,  distribution, redemption of capital stock or payment of any
          subordinated  indebtedness  which  would  cause  the  Required Capital
          Amount  to  cease  to  be  so  maintained;  and

               (Q)  take  such  other  actions  as  are necessary on its part to
          ensure  that the facts and assumptions set forth in the opinion issued
          by  Bryan  Cave  LLP,  as  counsel  for Seller, in connection with the

<PAGE>

          closing  or  initial  Incremental  Purchase  under  this Agreement and
          relating  to substantive consolidation issues, and in the certificates
          accompanying  such  opinion,  remain  true and correct in all material
          respects  at  all  times.

          (j)  Collections.  Such  Seller Party will cause (1) all proceeds from
               -----------
all  Lock-Boxes  to be directly deposited by a Collection Bank into a Collection
Account  and (2) each Lock-Box and Collection Account to be subject at all times
to a Collection Account Agreement that is in full force and effect. In the event
any  payments  relating  to  Receivables  are remitted directly to Seller or any
Affiliate  of  Seller,  Seller will remit (or will cause all such payments to be
remitted)  directly to a Collection Bank and deposited into a Collection Account
within  two (2) Business Days following receipt thereof, and, at all times prior
to  such  remittance, Seller will itself hold or, if applicable, will cause such
payments  to  be  held  in  trust for the exclusive benefit of the Agent and the
Purchasers.  Seller  will  maintain  exclusive  ownership,  dominion and control
(subject to the terms of this Agreement) of each Lock-Box and Collection Account
and  shall  not  grant the right to take dominion and control of any Lock-Box or
Collection  Account at a future time or upon the occurrence of a future event to
any  Person,  except  to  the  Agent  as  contemplated  by  this  Agreement.

          (k)  Taxes.  Such  Seller  Party will file all tax returns and reports
               -----
required  by  law  to  be  filed  by  it  and  will  promptly  pay all taxes and
governmental  charges at any time owing, except any such taxes which are not yet
delinquent  or  are  being  diligently  contested  in  good faith by appropriate
proceedings  and  for which adequate reserves in accordance with GAAP shall have
been  set  aside  on  its  books.  Seller will pay when due any taxes payable in
connection  with the Receivables, exclusive of taxes on or measured by income or
gross  receipts  of  Conduit,  the  Agent  or  any  Financial  Institution.

          (l)  Insurance.  Seller  will  maintain  in  effect,  or  cause  to be
               ---------
maintained  in  effect,  at  Seller's  own  expense, such casualty and liability
insurance  as Seller shall deem appropriate in its good faith business judgment.
The  Agent,  for  the benefit of the Purchasers, shall be named as an additional
insured  with  respect  to  all  such  liability insurance maintained by Seller.
Seller  will  pay  or cause to be paid, the premiums therefor and deliver to the
Agent  evidence  satisfactory to the Agent of such insurance coverage. Copies of
each  policy  shall  be furnished to the Agent and any Purchaser in certificated
form  upon  the  Agent's or such Purchaser's request. The foregoing requirements
shall  not  be  construed  to  negate, reduce or modify, and are in addition to,
Seller's  obligations  hereunder.

          (m)  Payment  to Applicable Originator. With respect to any Receivable
               ---------------------------------
purchased  by  Seller from an Originator, such sale shall be effected under, and
in  strict  compliance  with  the  terms  of,  the  Receivables  Sale Agreement,
including,  without  limitation,  the terms relating to the amount and timing of
payments to be made to such Originator in respect of the purchase price for such
Receivable.

     Section  7.2  Negative  Covenants  of the Seller Parties. Until the date on
                   ------------------------------------------
which  the  Aggregate  Unpaids  have  been  indefeasibly  paid  in full and this
Agreement  terminates  in  accordance  with  its terms, each Seller Party hereby
covenants,  as  to  itself,  that:

          (a)  Name  Change,  Offices  and  Records.  Such Seller Party will not
               ------------------------------------
change  its name, identity or corporate structure (within the meaning of Article
9 of any applicable enactment of the UCC) or relocate its chief executive office
or  any  office where Records are kept unless it shall have: (i) given the Agent
at  least  thirty  (30) days' prior written notice thereof and (ii) delivered to
the Agent all financing statements, instruments and other documents requested by
the  Agent  in  connection  with  such  change  or  relocation.

<PAGE>

          (b)  Change  in  Payment  Instructions  to  Obligors. Except as may be
               -----------------------------------------------
required by the Agent pursuant to Section 8.2(b), such Seller Party will not add
or  terminate  any  bank  as  a  Collection  Bank,  or  make  any  change in the
instructions  to  Obligors  regarding  payments  to  be  made to any Lock-Box or
Collection Account, unless the Agent shall have received, at least ten (10) days
before  the  proposed  effective  date  therefor,  (i)  written  notice  of such
addition,  termination  or  change  and  (ii)  with respect to the addition of a
Collection  Bank  or  a  Collection  Account or Lock-Box, an executed Collection
Account  Agreement  with  respect  to  the  new  Collection Account or Lock-Box;
provided,  however, that the Master Servicer may make changes in instructions to
Obligors  regarding  payments  if  such new instructions require such Obligor to
make  payments  to  another  existing  Collection  Account.

          (c)  Modifications to Contracts and Credit and Collection Policy. Such
               -----------------------------------------------------------
Seller Party will not, and will not permit any Originator to, make any change to
the  Credit and Collection Policy that could adversely affect the collectibility
of  the  Receivables  or  decrease  the  credit  quality  of  any  newly created
Receivables. Except as provided in Section 8.2(d), the Master Servicer will not,
and  will  not  permit  any Originator to, extend, amend or otherwise modify the
terms of any Receivable or any Contract related thereto other than in accordance
with  the  Credit  and  Collection  Policy.

          (d)  Sales,  Liens.  Seller will not sell, assign (by operation of law
               -------------
or  otherwise)  or otherwise dispose of, or grant any option with respect to, or
create or suffer to exist any Adverse Claim upon (including, without limitation,
the  filing  of  any  financing  statement)  or with respect to, any Receivable,
Related  Security  or Collections, or upon or with respect to any Contract under
which  any  Receivable  arises, or any Lock-Box or Collection Account, or assign
any  right to receive income with respect thereto (other than, in each case, the
creation  of  the  interests  therein  in  favor of the Agent and the Purchasers
provided  for  herein),  and Seller will defend the right, title and interest of
the  Agent  and  the  Purchasers in, to and under any of the foregoing property,
against  all  claims  of  third  parties claiming through or under Seller or any
Originator.

          (e) Net Receivables Balance. At no time prior to the Amortization Date
              -----------------------
shall  Seller permit the Net Receivables Balance to be less than an amount equal
to  the  sum  of  (i)  the  Aggregate  Capital plus (ii) the Aggregate Reserves.

          (f)  Termination  Date  Determination.  Seller  will not designate the
               --------------------------------
Termination  Date  (as  defined  in the Receivables Sale Agreement), or send any
written  notice  to any Originator in respect thereof, without the prior written
consent  of the Agent, except with respect to the occurrence of such Termination
Date  arising  pursuant  to  Section  5.1(d)  of the Receivables Sale Agreement.

          (g)  Restricted  Junior Payments. From and after the occurrence of any
               ---------------------------
Amortization Event, Seller will not make any Restricted Junior Payment if, after
giving  effect  thereto,  Seller would fail to meet its obligations set forth in
Section  7.2(e).

                                   ARTICLE VIII.

                          ADMINISTRATION  AND  COLLECTION

     Section  8.1  Designation  of  Master  Servicer.
                   ---------------------------------
          (a)  The  servicing,  administration and collection of the Receivables
     shall  be  conducted  by  such Person (the "MASTER SERVICER") so designated
     from  time  to  time in accordance with this Section 8.1. Ralcorp is hereby
     designated  as, and hereby agrees to perform the duties and obligations of,

<PAGE>

     the  Master Servicer pursuant to the terms of this Agreement. The Agent may
     at  any  time  following  the  occurrence and during the continuation of an
     Amortization  Event  or  Potential  Amortization Event, designate as Master
     Servicer  any  Person  to succeed Ralcorp or any successor Master Servicer.

          (b)  Ralcorp  may  delegate, and Ralcorp hereby advises the Purchasers
     and  the  Agent  that  it  has  delegated,  to  the  other  Originators, as
     sub-servicers  of  the  Master  Servicer (the Originators in such capacity,
     "PERMITTED  SUB-SERVICERS"),  certain of its duties and responsibilities as
     Master  Servicer hereunder in respect of the Receivables originated by such
     Originator. Without the prior written consent of the Agent and the Required
     Financial  Institutions,  Ralcorp shall not be permitted to delegate any of
     its  duties or responsibilities as Master Servicer to any Person other than
     (i)  the  other  Originators,  and (ii) with respect to certain Charged-Off
     Receivables,  outside  collection agencies in accordance with its customary
     practices. No Permitted Sub-Servicer shall be permitted to further delegate
     to  any  other  Person  any of the duties or responsibilities of the Master
     Servicer  delegated  to  it  by  Ralcorp.  If  at  any  time  following the
     occurrence  of  an  Amortization  Event the Agent shall designate as Master
     Servicer  any  Person  other  than Ralcorp, all duties and responsibilities
     theretofore delegated by Ralcorp to the Permitted Sub-Servicers may, at the
     discretion  of  the  Agent,  be terminated forthwith on notice given by the
     Agent  to  Ralcorp  and  to  Seller.

          (c) Notwithstanding the foregoing subsection (b), (i) Ralcorp shall be
     and  remain  primarily  liable to the Agent and the Purchasers for the full
     and  prompt  performance  of  all duties and responsibilities of the Master
     Servicer  hereunder and (ii) the Agent and the Purchasers shall be entitled
     to  deal  exclusively  with Ralcorp in matters relating to the discharge by
     the Master Servicer of its duties and responsibilities hereunder. The Agent
     and  the  Purchasers  shall not be required to give notice, demand or other
     communication  to  any  Person  other than the Master Servicer in order for
     communication  to  the  Master  Servicer and its Permitted Sub-Servicers or
     other  delegate  with  respect  thereto to be accomplished. Ralcorp, at all
     times  that  it  is the Master Servicer, shall be responsible for providing
     the  Permitted Sub-Servicers or other delegates of the Master Servicer with
     any  notice  given  to  the  Master  Servicer  under  this  Agreement.

     Section  8.2  Duties  of  Master  Servicer.
                   -----------------------------

          (a)  The  Master  Servicer  shall  take  or cause to be taken all such
     actions  as  may  be necessary or advisable to collect each Receivable from
     time  to  time,  all  in  accordance  with  applicable  laws,  rules  and
     regulations, with reasonable care and diligence, and in accordance with the
     Credit  and  Collection  Policy.

          (b)  The  Master  Servicer  will  instruct  all  Obligors  to  pay all
     Collections  directly  to  a  Lock-Box  or  Collection  Account;  PROVIDED,
     HOWEVER, that no Scheduled Originator shall be required to be so instructed
     until  an  Amortization  Event or Potential Amortization Event has occurred
     and  is  continuing.  The Master Servicer shall effect a Collection Account
     Agreement substantially in the form of Exhibit VI with each bank party to a
     Collection  Account at any time. In the case of any remittances received in
     any  Lock-Box or Collection Account that shall have been identified, to the
     satisfaction of the Master Servicer, to not constitute Collections or other
     proceeds  of  the  Receivables or the Related Security, the Master Servicer
     shall promptly remit such items to the Person identified to it as being the
     owner  of  such  remittances. From and after the date the Agent delivers to
     any  Collection Bank a Collection Notice pursuant to Section 8.3, the Agent
     may  request  that  the  Master Servicer, and the Master Servicer thereupon
     promptly  shall,  instruct all Obligors with respect to the Receivables, to
     remit  all  payments  thereon  to a new depositary account specified by the
     Agent  and,  at  all times thereafter, Seller and the Master Servicer shall
     not  deposit  or otherwise credit, and shall not permit any other Person to
     deposit  or  otherwise  credit  to  such new depositary account any cash or
     payment  item  other  than  Collections.

<PAGE>

          (c) The Master Servicer shall administer the Collections in accordance
     with the procedures described herein and in Article II. The Master Servicer
     shall  set  aside  and  hold  in  trust  for  the account of Seller and the
     Purchasers  their  respective  shares of the Collections in accordance with
     Article  II.  The  Master  Servicer  shall,  upon the request of the Agent,
     segregate,  in a manner acceptable to the Agent, all cash, checks and other
     instruments  received by it from time to time constituting Collections from
     the  general funds of the Master Servicer or Seller prior to the remittance
     thereof  in  accordance  with  Article  II. If the Master Servicer shall be
     required  to  segregate Collections pursuant to the preceding sentence, the
     Master  Servicer  shall segregate and deposit with a bank designated by the
     Agent  such allocable share of Collections of Receivables set aside for the
     Purchasers  on  the  first  Business  Day  following  receipt by the Master
     Servicer  of  such  Collections,  duly  endorsed  or  with  duly  executed
     instruments  of  transfer.

          (d)  The  Master  Servicer  may,  in  accordance  with  the Credit and
     Collection  Policy,  extend  the  maturity  of any Receivable or adjust the
     Outstanding  Balance of any Receivable as the Master Servicer determines to
     be  appropriate  to  maximize  Collections thereof; provided, however, that
     such  extension or adjustment shall not alter the status of such Receivable
     as a Delinquent Receivable or Charged-Off Receivable or limit the rights of
     the  Agent or the Purchasers under this Agreement. Notwithstanding anything
     to  the  contrary  contained  herein, the Agent shall have the absolute and
     unlimited  right  to  direct  the Master Servicer to commence or settle any
     legal  action  with  respect  to  any  Receivable  or  to foreclose upon or
     repossess  any  Related  Security.

          (e)  The  Master  Servicer  shall  hold  in  trust  for Seller and the
     Purchasers  all Records that (i) evidence or relate to the Receivables, the
     related  Contracts  and Related Security or (ii) are otherwise necessary or
     desirable to collect the Receivables and shall, as soon as practicable upon
     demand  of  the  Agent,  deliver  or  make  available to the Agent all such
     Records,  at  a  place selected by the Agent. The Master Servicer shall, as
     soon  as practicable following receipt thereof turn over to Seller any cash
     collections  or  other  cash proceeds received with respect to Indebtedness
     not  constituting Receivables. The Master Servicer shall, from time to time
     at  the request of any Purchaser, furnish to the Purchasers (promptly after
     any such request) a calculation of the amounts set aside for the Purchasers
     pursuant  to  Article  II.

          (f)  Any  payment by an Obligor in respect of any indebtedness owed by
     it to any Originator or Seller shall, except as otherwise specified by such
     Obligor  or  otherwise  required  by  contract  or law and unless otherwise
     instructed  by  the  Agent, be applied as a Collection of any Receivable of
     such  Obligor  (starting  with the oldest such Receivable) to the extent of
     any  amounts  then  due  and payable thereunder before being applied to any
     other  receivable  or  other  obligation  of  such  Obligor.

     Section  8.3  Collection  Notices.  The  Agent  is  authorized  at any time
                   -------------------
after  the  occurrence  and during the continuation of an Amortization Event, to
date  and  to  deliver  to  the  Collection Banks the Collection Notices. Seller
hereby  transfers to the Agent for the benefit of the Purchasers, effective when
the  Agent  delivers  such  notice,  the exclusive ownership and control of each
Lock-Box and the Collection Accounts. In case any authorized signatory of Seller
whose  signature  appears  on a Collection Account Agreement shall cease to have
such  authority before the delivery of such notice, such Collection Notice shall
nevertheless  be valid as if such authority had remained in force. Seller hereby
authorizes  the  Agent,  and  agrees  that the Agent shall be entitled after the
occurrence  of  an Amortization Event to (i) endorse Seller's name on checks and
other  instruments  representing  Collections, (ii) enforce the Receivables, the
related  Contracts  and the Related Security and (iii) take such action as shall
be  necessary  or  desirable  to  cause  all  cash, checks and other instruments
constituting Collections of Receivables to come into the possession of the Agent
rather  than  Seller.

<PAGE>

     Section  8.4  Responsibilities  of  Seller
                   ----------------------------
 . Anything herein to the contrary notwithstanding, the exercise by the Agent and
the  Purchasers of their rights hereunder shall not release the Master Servicer,
any Originator or Seller from any of their duties or obligations with respect to
any  Receivables  or  under  the related Contracts. The Purchasers shall have no
obligation  or  liability  with respect to any Receivables or related Contracts,
nor  shall  any  of  them  be  obligated  to  perform the obligations of Seller.

     Section  8.5  Reports. The Master Servicer shall prepare and forward to the
                   -------
Agent  (i)  on  the 24th day of each month or if any such date is not a Business
Day,  on the next succeeding Business Day thereafter (each such date, a "MONTHLY
REPORTING DATE")) and at such times as the Agent shall request, a Monthly Report
and  (ii)  at such times as the Agent shall request, a listing by Obligor of all
Receivables  together  with  an  aging  of  such  Receivables.

     Section  8.6  Servicing  Fees.  In  consideration  of  Ralcorp's  agreement
                 ---------------
to  act  as Master Servicer hereunder, the Purchasers hereby agree that, so long
as  Ralcorp shall continue to perform as Master Servicer hereunder, Seller shall
pay  over  to  Ralcorp  a fee (the "SERVICING FEE") on the first calendar day of
each  month,  in arrears for the immediately preceding month, equal to 1.18% per
annum  of  the  average  aggregate Outstanding Balance of all Receivables during
such  period,  as  compensation  for  its  servicing  activities.

                                  ARTICLE  IX.

                              AMORTIZATION  EVENTS

     Section  9.1  Amortization  Events  .  The  occurrence  of  any one or more
                   --------------------
of  the  following  events  shall  constitute  an  Amortization  Event:

          (a)  Any  Seller  Party  shall fail (i) to make any payment or deposit
     required  hereunder  when  due,  or  (ii)  to  perform or observe any term,
     covenant or agreement hereunder (other than as referred to in clause (i) of
     this  paragraph  (a)  and paragraph 9.1(e)) and such failure shall continue
     for  three  (3)  consecutive  Business  Days.

          (b)  Any  representation, warranty, certification or statement made by
     any  Seller  Party  in this Agreement, any other Transaction Document or in
     any other document delivered pursuant hereto or thereto shall prove to have
     been  incorrect  in any material respect when made or deemed made; PROVIDED
     THAT  the  materiality  threshold  in  this  Section  9.1(b)  shall  not be
     applicable  with  respect  to  any  representation or warranty which itself
     contains  a  materiality  threshold.

          (c)  (i)  Failure  of the Master Servicer to pay any Indebtedness when
     due in excess of $25,000,000 in principal amount ("MATERIAL INDEBTEDNESS");
     or  the  default  by  the  Master  Servicer in the performance of any term,
     provision  or condition contained in any agreement under which any Material
     Indebtedness  was  created or is governed, the effect of which is to cause,
     or  to permit the holder or holders of such Material Indebtedness to cause,
     such  Material  Indebtedness to become due prior to its stated maturity; or
     any  Material  Indebtedness  of the Master Servicer shall be declared to be
     due  and  payable  or  required  to  be  prepaid (other than by a regularly
     scheduled  payment)  prior  to  the  date  of  maturity  thereof;  or

               (ii)  Failure  of  Seller  to pay any Indebtedness when due in an
          aggregate  principal  amount  of  $10,750  or  more; or the default by
          Seller  in  the  performance  of  any  term,  provision  or  condition
          contained  in  any  agreement  under  which  any  Indebtedness  in  an
          aggregate  principal  amount  of  $10,750  or  more  was created or is
          governed,  the effect of which is to cause, or to permit the holder or

<PAGE>

          holders of such Indebtedness to cause, such Indebtedness to become due
          prior  to  its  stated  maturity;  or any Indebtedness of Seller in an
          aggregate  principal amount of $10,750 or more shall be declared to be
          due  and  payable or required to be prepaid (other than by a regularly
          scheduled  payment)  prior  to  the  date  of  maturity  thereof.

          (d)  (i)  Any  Seller Party or Material Originator shall generally not
     pay  its  debts  as  such  debts  become  due or shall admit in writing its
     inability to pay its debts generally or shall make a general assignment for
     the  benefit of creditors; or (ii) any proceeding shall be instituted by or
     against  any  Seller Party or any Material Originator seeking to adjudicate
     it  bankrupt  or  insolvent,  or  seeking  liquidation,  winding  up,
     reorganization,  arrangement, adjustment, protection, relief or composition
     of  it  or  its  debts  under any law relating to bankruptcy, insolvency or
     reorganization  or  relief of debtors, or seeking the entry of an order for
     relief  or the appointment of a receiver, trustee or other similar official
     for it or any substantial part of its property or (iii) any Seller Party or
     any Material Originator shall take any corporate action to authorize any of
     the  actions set forth in clauses (i) or (ii) above in this subsection (d).

          (e)  Seller shall fail to comply with the terms of Section 2.6 hereof.

          (f)  As  at  the  end  of  any  calendar  month:

               (i)  the  3-month  rolling average of the Delinquency Ratio shall
          exceed  5.0%;

               (ii)  the  3-month  rolling  average  of  the Default Ratio shall
          exceed  1.7%;  or

               (iii)  the  3-month  rolling  average of the Dilution Ratio shall
          exceed  6.0%;

          (g)  A  Change of Control shall occur with respect to either Seller or
     the  Master  Servicer.

          (h)  (i) One or more final judgments for the payment of money shall be
     entered  against Seller or (ii) one or more final judgments for the payment
     of  money  in  an  amount  in excess of $10,000,000, individually or in the
     aggregate,  shall  be  entered  against  the  Master Servicer on claims not
     covered  by  insurance  or as to which the insurance carrier has denied its
     responsibility,  and such judgment shall continue unsatisfied and in effect
     for  thirty  (30)  consecutive  days  without  a  stay  of  execution.

          (i)  The  "TERMINATION  DATE"  under and as defined in the Receivables
     Sale  Agreement  shall  occur  under  the Receivables Sale Agreement or any
     Originator  shall  for  any  reason cease to transfer, or cease to have the
     legal  capacity  to  transfer,  or  otherwise  be incapable of transferring
     Receivables  to  Seller  under  the  Receivables  Sale  Agreement.

          (j)  This  Agreement  shall  terminate  in whole or in part (except in
     accordance  with  its  terms),  or shall cease to be effective or to be the
     legally valid, binding and enforceable obligation of Seller, or any Obligor
     shall  directly  or  indirectly  contest  in any manner such effectiveness,
     validity, binding nature or enforceability, or the Agent for the benefit of
     the  Purchasers  shall  cease  to have a valid and perfected first priority
     security  interest  in  the  Receivables,  the  Related  Security  and  the
     Collections  with  respect  thereto  and  the  Collection  Accounts.

          (k)  Performance  Guarantor shall fail to perform or observe any term,
     covenant  or agreement required to be performed by it under the Performance
     Undertaking,  or the Performance Undertaking shall cease to be effective or
     to  be the legally valid, binding and enforceable obligation of Performance
     Guarantor, or Performance Guarantor shall directly or indirectly contest in
     any  manner such effectiveness, validity, binding nature or enforceability.

<PAGE>

Notwithstanding  the  foregoing, if any Originator who originated 10%-30% of the
total  Receivables originated by all Originators during any month in the past 12
months is the subject of a Change of Control, the Agent (at its own expense) may
review  the  percentages  set  forth in Section 9.1(f) and the definition of the
Loss  Reserve,  the  Dilution Reserve and/or the Yield Reserve and, if the Agent
reasonably  deems it appropriate based on changes in the Receivables as a result
of  such  Change  of Control, propose revisions to some or all of the foregoing.
If  Seller  and the Agent fail to reach agreement on such revised percentages or
reserves within 30 days after the date of such proposed revisions, a Termination
Event  shall  be  deemed  to  have  occurred.

     Section  9.2  Remedies.  Upon  the  occurrence  and during the continuation
                   --------
of  an  Amortization Event, the Agent may, or upon the direction of the Required
Financial Institutions shall, take any of the following actions: (i) replace the
Person  then  acting  as  Master Servicer, (ii) declare the Amortization Date to
have  occurred,  whereupon  the Amortization Date shall forthwith occur, without
demand, protest or further notice of any kind, all of which are hereby expressly
waived  by  each Seller Party; provided, however, that upon the occurrence of an
Amortization  Event  described  in Section 9.1(d)(ii), or of an actual or deemed
entry  of an order for relief with respect to any Seller Party under the Federal
Bankruptcy  Code,  the  Amortization  Date  shall  automatically  occur, without
demand,  protest  or  any  notice of any kind, all of which are hereby expressly
waived by each Seller Party, (iii) to the fullest extent permitted by applicable
law,  declare  that  the  Default  Fee  shall  accrue with respect to any of the
Aggregate  Unpaids outstanding at such time, (iv) deliver the Collection Notices
to  the Collection Banks, and (v) notify Obligors of the Purchasers' interest in
the  Receivables.  The  aforementioned  rights  and  remedies  shall  be without
limitation,  and  shall  be  in addition to all other rights and remedies of the
Agent  and  the Purchasers otherwise available under any other provision of this
Agreement,  by operation of law, at equity or otherwise, all of which are hereby
expressly  preserved,  including,  without  limitation,  all rights and remedies
provided  under  the  UCC,  all  of  which  rights  shall  be  cumulative.

                                 ARTICLE X.

                              INDEMNIFICATION

     Section  10.1 Indemnities by The Seller Parties. Without limiting any other
                   ---------------------------------
rights  that  the  Agent or any Purchaser may have hereunder or under applicable
law,  (A)  Seller  hereby agrees to indemnify (and pay upon demand to) the Agent
and each Purchaser and their respective assigns, officers, directors, agents and
employees  (each  an  "INDEMNIFIED  PARTY") from and against any and all damages
(excluding  consequential  and  special  damages),  losses,  claims,  taxes,
liabilities,  costs,  expenses  and  for  all  other  amounts payable, including
reasonable  attorneys'  fees  (which  attorneys may be employees of the Agent or
such  Purchaser)  and  disbursements  (all  of  the foregoing being collectively
referred to as "INDEMNIFIED AMOUNTS") awarded against or incurred by any of them
arising  out  of  or  as  a  result of this Agreement or the acquisition, either
directly  or  indirectly,  by a Purchaser of an interest in the Receivables, and
(B) the Master Servicer hereby agrees to indemnify (and pay upon demand to) each
Indemnified Party for Indemnified Amounts awarded against or reasonably incurred
by  any  of  them  arising  out  of  the  Master Servicer's activities as Master
Servicer  hereunder  excluding, however, in all of the foregoing instances under
the  preceding  clauses  (A)  and  (B):

          (a)  Indemnified  Amounts to the extent a final judgment of a court of
     competent  jurisdiction  holds  that such Indemnified Amounts resulted from
     gross negligence or willful misconduct on the part of the Indemnified Party
     seeking  indemnification;

          (b)  Indemnified  Amounts  to  the  extent the same includes losses in
     respect of Receivables that are uncollectible on account of the insolvency,
     bankruptcy  or  lack  of  creditworthiness  of  the  related  Obligor;  or

<PAGE>

          (c)  taxes  imposed  by  the  jurisdiction  in  which such Indemnified
     Party's  principal  executive  office  is  located,  on  or measured by the
     overall  net  income  of  such  Indemnified  Party  to  the extent that the
     computation  of  such  taxes  is  consistent  with the characterization for
     income  tax  purposes  of  the  acquisition  by the Purchasers of Purchaser
     Interests  as  a  loan  or loans by the Purchasers to Seller secured by the
     Receivables,  the  Related  Security,  the  Collection  Accounts  and  the
     Collections;

PROVIDED,  HOWEVER,  that  nothing  contained  in  this sentence shall limit the
liability  of  any  Seller  Party or limit the recourse of the Purchasers to any
Seller  Party  for  amounts  otherwise  specifically provided to be paid by such
Seller Party under the terms of this Agreement.  Without limiting the generality
of  the  foregoing  indemnification,  Seller  shall  indemnify the Agent and the
Purchasers  for  Indemnified  Amounts  (including, without limitation, losses in
respect  of  uncollectible  receivables,  regardless  of  whether  reimbursement
therefor would constitute recourse to Seller or the Master Servicer) relating to
or  resulting  from:

               (i)  any  representation  or warranty made by any Seller Party or
          any  Originator  (or  any  officers  of  any  such Person) under or in
          connection  with this Agreement, any other Transaction Document or any
          other  information  or  report  delivered  by any such Person pursuant
          hereto  or thereto, which shall have been false or incorrect when made
          or  deemed  made;

               (ii) the failure by Seller, the Master Servicer or any Originator
          to  comply with any applicable law, rule or regulation with respect to
          any  Receivable  or  Contract related thereto, or the nonconformity of
          any  Receivable  or Contract included therein with any such applicable
          law,  rule  or  regulation or any failure of any Originator to keep or
          perform  any  of  its obligations, express or implied, with respect to
          any  Contract;

               (iii)  any  failure  of  Seller,  the  Master  Servicer  or  any
          Originator  to  perform  its duties, covenants or other obligations in
          accordance  with  the  provisions  of  this  Agreement  or  any  other
          Transaction  Document;

               (iv)  any  products liability, personal injury or damage suit, or
          other  similar claim arising out of or in connection with merchandise,
          insurance  or  services  that  are  the subject of any Contract or any
          Receivable;

               (v)  any  dispute, claim, offset or defense (other than discharge
          in
          bankruptcy  of  the  Obligor)  of  the  Obligor  to the payment of any
          Receivable  (including,  without  limitation,  a defense based on such
          Receivable  or  the  related  Contract  not  being  a legal, valid and
          binding  obligation  of  such  Obligor  enforceable  against  it  in
          accordance with its terms), or any other claim resulting from the sale
          of  the  merchandise  or  service  related  to  such Receivable or the
          furnishing  or  failure  to  furnish  such  merchandise  or  services;

               (vi)  the  commingling  of Collections of Receivables at any time
          with  other  funds;

               (vii)  any  investigation, litigation or proceeding related to or
          arising  from  this  Agreement  or any other Transaction Document, the
          transactions  contemplated  hereby,  the  use  of  the  proceeds of an
          Incremental Purchase or a Reinvestment, the ownership of the Purchaser
          Interests  or  any  other  investigation,  litigation  or  proceeding
          relating to Seller, the Master Servicer or any Originator in which any
          Indemnified  Party  becomes  involved  as  a  result  of  any  of  the
          transactions  contemplated  hereby;

<PAGE>

               (viii) any inability to litigate any claim against any Obligor in
          respect  of  any  Receivable  as a result of such Obligor being immune
          from  civil  and commercial law and suit on the grounds of sovereignty
          or  otherwise  from  any  legal  action,  suit  or  proceeding;

               (ix)  any  Amortization  Event  described  in  Section  9.1(d);

               (x)  any  failure  of  Seller  to  acquire and maintain legal and
          equitable  title  to, and ownership of, any Receivable and the Related
          Security  and  Collections  with  respect  thereto from the applicable
          Originator, free and clear of any Adverse Claim (other than as created
          hereunder);  or  any  failure  of Seller to give reasonably equivalent
          value  to  such  Originator  under  the  Receivables Sale Agreement in
          consideration of the transfer by such Originator of any Receivable, or
          any  attempt  by  any  Person  to  void  such transfer under statutory
          provisions  or  common  law  or  equitable  action;

               (xi) any failure to vest and maintain vested in the Agent for the
          benefit of the Purchasers, or to transfer to the Agent for the benefit
          of  the  Purchasers, legal and equitable title to, and ownership of, a
          first  priority  perfected undivided percentage ownership interest (to
          the  extent  of  the  Purchaser  Interests  contemplated hereunder) or
          security  interest  in  the  Receivables, the Related Security and the
          Collections, free and clear of any Adverse Claim (except as created by
          the  Transaction  Documents);

               (xii)  the  failure  to  have  filed,  or  any  delay  in filing,
          financing  statements  or other similar instruments or documents under
          the  UCC  of any applicable jurisdiction or other applicable laws with
          respect  to  any Receivable, the Related Security and Collections with
          respect  thereto, and the proceeds of any thereof, whether at the time
          of any Incremental Purchase or Reinvestment or at any subsequent time;

               (xiii)  any  action or omission by any Seller Party which reduces
          or  impairs  the rights of the Agent or the Purchasers with respect to
          any  Receivable  or  the  value  of  any  such  Receivable;

               (xiv)  any attempt by any Person to void any Incremental Purchase
          or  Reinvestment hereunder under statutory provisions or common law or
          equitable  action;  and

               (xv) the failure of any Receivable included in the calculation of
          the  Net  Receivables  Balance  as  an  Eligible  Receivable  to be an
          Eligible  Receivable  at  the  time  so  included.

     Section  10.2  Increased Cost and Reduced Return. If after the date hereof,
                    ---------------------------------
any  Funding  Source  shall  be  charged  any  fee, expense or increased cost on
account of the adoption of any applicable law, rule or regulation (including any
applicable  law,  rule  or  regulation regarding capital adequacy) or any change
therein,  or  any  change in the interpretation or administration thereof by any
governmental  authority,  central  bank  or  comparable  agency charged with the
interpretation  or  administration  thereof,  or  compliance with any request or
directive  (whether  or  not  having  the  force  of law) of any such authority,
central bank or comparable agency (a "REGULATORY CHANGE"): (i) that subjects any
Funding  Source  to  any charge or withholding on or with respect to any Funding
Agreement  or a Funding Source's obligations under a Funding Agreement, or on or
with respect to the Receivables, or changes the basis of taxation of payments to
any  Funding  Source  of any amounts payable under any Funding Agreement (except
for  changes in the rate of tax on the overall net income of a Funding Source or
taxes  excluded  by  Section  10.1)  or  (ii)  that  imposes,  modifies or deems
applicable any reserve, assessment, insurance charge, special deposit or similar
requirement  against  assets  of,  deposits with or for the account of a Funding
Source,  or  credit extended by a Funding Source pursuant to a Funding Agreement
or (iii) that imposes any other condition the result of which is to increase the

<PAGE>

cost  to  a  Funding  Source  of  performing  its  obligations  under  a Funding
Agreement,  or  to  reduce the rate of return on a Funding Source's capital as a
consequence  of  its  obligations  under  a  Funding Agreement, or to reduce the
amount  of  any  sum  received or receivable by a Funding Source under a Funding
Agreement  or  to  require  any payment calculated by reference to the amount of
interests  or  loans  held  or interest received by it, then, upon demand by the
Agent,  Seller  shall  pay to the Agent, for the benefit of the relevant Funding
Source, such amounts charged to such Funding Source or such amounts to otherwise
compensate  such  Funding  Source  for  such  increased  cost or such reduction.

     Section  10.3  Other  Costs  and Expenses. Subject to any limitations which
                    --------------------------
may  be  agreed between Seller and the Agent in writing, Seller shall pay to the
Agent  and  Conduit on demand all costs and out-of-pocket expenses in connection
with  the preparation, execution, delivery and administration of this Agreement,
the  transactions  contemplated  hereby  and the other documents to be delivered
hereunder, including without limitation, the cost of Conduit's auditors auditing
the  books,  records and procedures of Seller, reasonable fees and out-of-pocket
expenses  of  legal counsel for Conduit and the Agent (which such counsel may be
employees  of  Conduit  or  the  Agent) with respect thereto and with respect to
advising  Conduit and the Agent as to their respective rights and remedies under
this  Agreement.  Seller  shall pay to the Agent on demand any and all costs and
expenses  of  the Agent and the Purchasers, if any, including reasonable counsel
fees  and  expenses in connection with the enforcement of this Agreement and the
other  documents delivered hereunder and in connection with any restructuring or
workout  of  this  Agreement  or  such  documents, or the administration of this
Agreement  following  an  Amortization  Event.

                                  ARTICLE  XI.

                                  THE  AGENT

     Section  11.1  Authorization  and  Action. Each Purchaser hereby designates
                    --------------------------
and  appoints  Bank  One  to  act  as  its  agent hereunder and under each other
Transaction  Document, and authorizes the Agent to take such actions as agent on
its  behalf  and  to  exercise  such powers as are delegated to the Agent by the
terms  of  this Agreement and the other Transaction Documents together with such
powers as are reasonably incidental thereto. The Agent shall not have any duties
or  responsibilities,  except  those  expressly set forth herein or in any other
Transaction  Document,  or any fiduciary relationship with any Purchaser, and no
implied  covenants,  functions,  responsibilities,  duties,  obligations  or
liabilities  on  the  part of the Agent shall be read into this Agreement or any
other  Transaction  Document or otherwise exist for the Agent. In performing its
functions  and  duties  hereunder and under the other Transaction Documents, the
Agent shall act solely as agent for the Purchasers and does not assume nor shall
be deemed to have assumed any obligation or relationship of trust or agency with
or for any Seller Party or any of such Seller Party's successors or assigns. The
Agent  shall  not  be  required  to  take  any  action that exposes the Agent to
personal  liability or that is contrary to this Agreement, any other Transaction
Document or applicable law. The appointment and authority of the Agent hereunder
shall  terminate upon the indefeasible payment in full of all Aggregate Unpaids.
Each  Purchaser hereby authorizes the Agent to execute each of the UCC financing
statements  and  Collection  Account Agreements on behalf of such Purchaser (the
terms  of  which  shall  be  binding  on  such  Purchaser).

     Section  11.2  Delegation  of  Duties.  The  Agent  may  execute any of its
                    ----------------------
duties  under  this  Agreement and each other Transaction Document by or through
agents  or  attorneys-in-fact and shall be entitled to rely on advice of counsel
concerning  all  matters  pertaining  to  such  duties.  The  Agent shall not be
responsible  for the negligence or misconduct of any agents or attorneys-in-fact
selected  by  it  with  reasonable  care.

<PAGE>

     Section  11.3  Exculpatory  Provisions.  Neither  the  Agent nor any of its
                    -----------------------
directors,  officers,  agents  or  employees  shall be (i) liable for any action
lawfully  taken or omitted to be taken by it or them under or in connection with
this  Agreement or any other Transaction Document (except for its, their or such
Person's own gross negligence or willful misconduct), or (ii) responsible in any
manner to any of the Purchasers for any recitals, statements, representations or
warranties  made  by  any  Seller  Party  contained in this Agreement, any other
Transaction  Document  or  any  certificate, report, statement or other document
referred  to  or  provided for in, or received under or in connection with, this
Agreement,  or  any  other  Transaction  Document  or  for  the value, validity,
effectiveness,  genuineness, enforceability or sufficiency of this Agreement, or
any  other  Transaction  Document  or any other document furnished in connection
herewith  or  therewith,  or  for any failure of any Seller Party to perform its
obligations  hereunder  or  thereunder, or for the satisfaction of any condition
specified  in  Article  VI, or for the perfection, priority, condition, value or
sufficiency  of  any  collateral pledged in connection herewith. The Agent shall
not  be  under  any obligation to any Purchaser to ascertain or to inquire as to
the  observance  or  performance of any of the agreements or covenants contained
in,  or  conditions  of, this Agreement or any other Transaction Document, or to
inspect  the properties, books or records of the Seller Parties. The Agent shall
not  be  deemed  to  have  knowledge  of  any  Amortization  Event  or Potential
Amortization  Event  unless  the  Agent  has  received  notice  from Seller or a
Purchaser.

     Section  11.4  Reliance  by Agent. The Agent shall in all cases be entitled
                    ------------------
to  rely,  and  shall  be  fully  protected  in  relying,  upon  any document or
conversation  believed  by it to be genuine and correct and to have been signed,
sent  or  made by the proper Person or Persons and upon advice and statements of
legal  counsel  (including,  without limitation, counsel to Seller), independent
accountants  and  other  experts  selected  by the Agent. The Agent shall in all
cases  be  fully  justified in failing or refusing to take any action under this
Agreement  or  any other Transaction Document unless it shall first receive such
advice  or  concurrence of Conduit or the Required Financial Institutions or all
of  the Purchasers, as applicable, as it deems appropriate and it shall first be
indemnified  to  its  satisfaction  by  the Purchasers, provided that unless and
until  the  Agent shall have received such advice, the Agent may take or refrain
from  taking  any  action,  as  the  Agent  shall deem advisable and in the best
interests  of the Purchasers. The Agent shall in all cases be fully protected in
acting, or in refraining from acting, in accordance with a request of Conduit or
the Required Financial Institutions or all of the Purchasers, as applicable, and
such  request  and  any action taken or failure to act pursuant thereto shall be
binding  upon  all  the  Purchasers.

     Section  11.5  Non-Reliance  on  Agent and Other Purchasers. Each Purchaser
                    --------------------------------------------
expressly  acknowledges  that  neither  the  Agent,  nor  any  of  its officers,
directors,  employees,  agents,  attorneys-in-fact  or  affiliates  has made any
representations  or  warranties  to  it  and  that no act by the Agent hereafter
taken,  including,  without  limitation, any review of the affairs of any Seller
Party,  shall  be  deemed  to  constitute  any representation or warranty by the
Agent. Each Purchaser represents and warrants to the Agent that it has and will,
independently  and  without  reliance  upon the Agent or any other Purchaser and
based  on  such documents and information as it has deemed appropriate, made its
own  appraisal  of  and  investigation  into the business, operations, property,
prospects,  financial  and  other  conditions and creditworthiness of Seller and
made  its  own  decision  to  enter  into  this Agreement, the other Transaction
Documents  and  all  other  documents  related  hereto  or  thereto.

     Section  11.6 Reimbursement and Indemnification. The Financial Institutions
                   ---------------------------------
agree  to  reimburse  and  indemnify  the  Agent  and  its  officers, directors,
employees,  representatives  and  agents  ratably  according  to  their Pro Rata
Shares,  to  the extent not paid or reimbursed by the Seller Parties (i) for any

<PAGE>

amounts  for  which  the  Agent, acting in its capacity as Agent, is entitled to
reimbursement  by  the  Seller Parties hereunder and (ii) for any other expenses
incurred  by  the  Agent,  in  its capacity as Agent and acting on behalf of the
Purchasers,  in  connection  with  the  administration  and  enforcement of this
Agreement  and  the  other  Transaction  Documents.

          Section  11.7  Agent  in  its  Individual  Capacity. The Agent and its
                         ------------------------------------
Affiliates  may  make loans to, accept deposits from and generally engage in any
kind of business with Seller or any Affiliate of Seller as though the Agent were
not  the Agent hereunder. With respect to the acquisition of Purchaser Interests
pursuant  to  this  Agreement,  the  Agent shall have the same rights and powers
under  this  Agreement  in  its  individual  capacity  as  any Purchaser and may
exercise  the  same  as  though  it were not the Agent, and the terms "FINANCIAL
INSTITUTION,"  "PURCHASER,"  "FINANCIAL  INSTITUTIONS"  and  "PURCHASERS"  shall
include  the  Agent  in  its  individual  capacity.

          Section 11.8 Successor Agent. The Agent may, upon five days' notice to
                       ---------------
Seller  and the Purchasers, and the Agent will, upon the direction of all of the
Purchasers  (other  than the Agent, in its individual capacity) resign as Agent.
If  the Agent shall resign, then the Required Financial Institutions during such
five-day  period  shall  appoint from among the Purchasers a successor agent. If
for  any  reason  no  successor  Agent  is  appointed  by the Required Financial
Institutions during such five-day period, then effective upon the termination of
such  five  day  period,  the  Purchasers shall perform all of the duties of the
Agent  hereunder  and  under  the other Transaction Documents and Seller and the
Master  Servicer  (as  applicable)  shall  make  all  payments in respect of the
Aggregate  Unpaids  directly  to  the applicable Purchasers and for all purposes
shall deal directly with the Purchasers. After the effectiveness of any retiring
Agent's  resignation  hereunder as Agent, the retiring Agent shall be discharged
from  its  duties  and  obligations  hereunder  and  under the other Transaction
Documents  and the provisions of this Article XI and Article X shall continue in
effect  for its benefit with respect to any actions taken or omitted to be taken
by  it  while  it was Agent under this Agreement and under the other Transaction
Documents.

                               ARTICLE  XII.

                        ASSIGNMENTS;  PARTICIPATIONS

          Section  12.1  Assignments.
                         -----------

               (a)  Seller  and  each  Financial  Institution  hereby  agree and
          consent to the complete or partial assignment by Conduit of all or any
          portion  of  its  rights  under, interest in, title to and obligations
          under this Agreement to the Financial Institutions pursuant to Section
          13.1  or  to any other Person, and upon such assignment, Conduit shall
          be released from its obligations so assigned. Further, Seller and each
          Financial  Institution  hereby  agree  that any assignee of Conduit of
          this  Agreement  or  all  or any of the Purchaser Interests of Conduit
          shall  have  all of the rights and benefits under this Agreement as if
          the  term  "CONDUIT"  explicitly  referred  to such party, and no such
          assignment  shall in any way impair the rights and benefits of Conduit
          hereunder. Neither Seller nor the Master Servicer shall have the right
          to  assign  its  rights  or  obligations  under  this  Agreement.

               (b)  Any  Financial  Institution may at any time and from time to
          time  assign  to  one  or  more  Persons  ("PURCHASING  FINANCIAL
          INSTITUTIONS")  all  or  any  part of its rights and obligations under
          this  Agreement  pursuant to an assignment agreement, substantially in
          the  form set forth in Exhibit VII hereto (the "ASSIGNMENT AGREEMENT")
          executed  by  such  Purchasing  Financial Institution and such selling
          Financial  Institution. The consent of Conduit shall be required prior

<PAGE>

          to  the effectiveness of any such assignment. Except for an assignment
          pursuant  to  Section 12.1(c), unless an Amortization Event shall have
          occurred and be continuing, the consent of Seller (which consent shall
          not  be unreasonably withheld or delayed) shall also be required prior
          to  the  effectiveness  of  any  such  assignment.  Each assignee of a
          Financial Institution must (i) have a short-term debt rating of A-1 or
          better  by Standard & Poor's Ratings Group and P-1 by Moody's Investor
          Service,  Inc.  and  (ii)  agree  to  deliver  to  the Agent, promptly
          following  any  request  therefor  by  the  Agent  or  Conduit,  an
          enforceability opinion in form and substance satisfactory to the Agent
          and Conduit. Upon delivery of the executed Assignment Agreement to the
          Agent,  such  selling Financial Institution shall be released from its
          obligations hereunder to the extent of such assignment. Thereafter the
          Purchasing Financial Institution shall for all purposes be a Financial
          Institution  party to this Agreement and shall have all the rights and
          obligations  of  a  Financial  Institution under this Agreement to the
          same  extent  as  if  it  were an original party hereto and no further
          consent  or  action  by  Seller,  the Purchasers or the Agent shall be
          required.

               (c)  Each  of the Financial Institutions agrees that in the event
          that  it shall cease to have a short-term debt rating of A-1 or better
          by  Standard  &  Poor's  Ratings  Group  and  P-1  by Moody's Investor
          Service,  Inc.  (an  "AFFECTED  FINANCIAL INSTITUTION"), such Affected
          Financial  Institution  shall be obliged, at the request of Conduit or
          the  Agent,  to  assign all of its rights and obligations hereunder to
          (x)  another  Financial  Institution  or  (y)  another  funding entity
          nominated  by  the  Agent  and  acceptable  to Conduit, and willing to
          participate  in  this Agreement through the Liquidity Termination Date
          in the place of such Affected Financial Institution; provided that the
          Affected  Financial  Institution receives payment in full, pursuant to
          an  Assignment  Agreement,  of  an  amount  equal  to  such  Financial
          Institution's  Pro Rata Share of the Aggregate Capital and Yield owing
          to  the  Financial  Institutions  and  all accrued but unpaid fees and
          other  costs  and expenses payable in respect of its Pro Rata Share of
          the  Purchaser  Interests  of  the  Financial  Institutions.

     Section 12.2 Participations. Any Financial Institution may, in the ordinary
                  --------------
course  of  its  business  at  any  time  sell  to  one  or more Persons (each a
"PARTICIPANT")  participating  interests  in its Pro Rata Share of the Purchaser
Interests  of  the  Financial  Institutions,  its  obligation to pay Conduit its
Acquisition  Amounts  or  any  other  interest  of  such  Financial  Institution
hereunder.  Notwithstanding  any  such  sale  by  a  Financial  Institution of a
participating interest to a Participant, such Financial Institution's rights and
obligations  under  this  Agreement  shall  remain  unchanged,  such  Financial
Institution  shall  remain  solely  responsible  for  the  performance  of  its
obligations  hereunder, and Seller, Conduit and the Agent shall continue to deal
solely  and  directly  with  such  Financial Institution in connection with such
Financial  Institution's  rights  and  obligations  under  this  Agreement. Each
Financial  Institution  agrees  that  any  agreement  between  such  Financial
Institution  and  any such Participant in respect of such participating interest
shall not restrict such Financial Institution's right to agree to any amendment,
supplement,  waiver or modification to this Agreement, except for any amendment,
supplement,  waiver  or  modification  described  in  Section  14.1(b)(i).

                               ARTICLE  XIII.

                            LIQUIDITY  FACILITY

     Section  13.1  Transfer  to  Financial  Institutions.  Each  Financial
                    -------------------------------------
Institution  hereby  agrees,  subject  to  Section  13.4,  that immediately upon
written  notice  from Conduit delivered on or prior to the Liquidity Termination
Date, it shall acquire by assignment from Conduit, without recourse or warranty,
its  Pro  Rata  Share  of  one  or more of the Purchaser Interests of Conduit as

<PAGE>

specified  by  Conduit.  Each  such assignment by Conduit shall be made pro rata
among  all of the Financial Institutions, except for pro rata assignments to one
or  more  Terminating Financial Institutions pursuant to Section 13.6. Each such
Financial  Institution shall, no later than 1:00 p.m. (Chicago time) on the date
of  such  assignment, pay in immediately available funds (unless another form of
payment  is  otherwise  agreed between Conduit and any Financial Institution) to
the Agent at an account designated by the Agent, for the benefit of Conduit, its
Acquisition  Amount.  Unless a Financial Institution has notified the Agent that
it does not intend to pay its Acquisition Amount, the Agent may assume that such
payment has been made and may, but shall not be obligated to, make the amount of
such  payment  available  to  Conduit  in reliance upon such assumption. Conduit
hereby  sells  and assigns to the Agent for the ratable benefit of the Financial
Institutions, and the Agent hereby purchases and assumes from Conduit, effective
upon  the  receipt  by  Conduit  of  the  Conduit  Transfer Price, the Purchaser
Interests  of  Conduit  which  are  the subject of any transfer pursuant to this
Article  XIII.

     Section  13.2  Transfer  Price  Reduction  Yield. If the Adjusted Liquidity
                    ---------------------------------
Price  is  included  in  the  calculation  of the Conduit Transfer Price for any
Purchaser  Interest,  each Financial Institution agrees that the Agent shall pay
to  Conduit  the  Reduction  Percentage  of any Yield received by the Agent with
respect  to  such  Purchaser  Interest.

     Section  13.3  Payments  to  Conduit. In consideration for the reduction of
                    ---------------------
the  Conduit Transfer Prices by the Conduit Transfer Price Reductions, effective
only  at  such  time  as  the  aggregate  amount of the Capital of the Purchaser
Interests  of  the  Financial  Institutions  equals  the  Conduit Residual, each
Financial  Institution  hereby agrees that the Agent shall not distribute to the
Financial  Institutions  and  shall  immediately  remit  to  Conduit  any Yield,
Collections or other payments received by it to be applied pursuant to the terms
hereof  or  otherwise  to  reduce  the Capital of the Purchaser Interests of the
Financial  Institutions.

     Section  13.4  Limitation  on  Commitment  to  Purchase  from  Conduit.
                    -------------------------------------------------------
Notwithstanding  anything  to  the  contrary  in  this  Agreement,  no Financial
Institution  shall  have  any obligation to purchase any Purchaser Interest from
Conduit,  pursuant  to  Section  13.1  or  otherwise,  if:

               (i)  Conduit  shall  have voluntarily commenced any proceeding or
          filed  any  petition  under  any bankruptcy, insolvency or similar law
          seeking  the  dissolution, liquidation or reorganization of Conduit or
          taken  any corporate action for the purpose of effectuating any of the
          foregoing;  or

               (ii)  involuntary  proceedings  or  an involuntary petition shall
          have  been  commenced or filed against Conduit by any Person under any
          bankruptcy,  insolvency  or  similar  law  seeking  the  dissolution,
          liquidation  or  reorganization  of  Conduit  and  such  proceeding or
          petition  shall  have  not  been  dismissed.

     Section  13.5  Defaulting  Financial Institutions. If one or more Financial
                    ----------------------------------
Institutions  defaults  in its obligation to pay its Acquisition Amount pursuant
to  Section  13.1 (each such Financial Institution shall be called a "DEFAULTING
FINANCIAL  INSTITUTION"  and  the aggregate amount of such defaulted obligations
being herein called the "CONDUIT TRANSFER PRICE DEFICIT"), then upon notice from
the  Agent,  each  Financial  Institution  other  than  the Defaulting Financial
Institutions  (a  "NON-DEFAULTING  FINANCIAL INSTITUTION") shall promptly pay to
the  Agent, in immediately available funds, an amount equal to the lesser of (x)
such  Non-Defaulting Financial Institution's proportionate share (based upon the
relative  Commitments  of  the  Non-Defaulting  Financial  Institutions)  of the
Conduit Transfer Price Deficit and (y) the unused portion of such Non-Defaulting

<PAGE>

Financial  Institution's  Commitment.  A Defaulting Financial Institution shall,
forthwith  upon  demand,  pay to the Agent for the account of the Non-Defaulting
Financial  Institutions  all  amounts  paid  by  each  Non-Defaulting  Financial
Institution  on  behalf  of such Defaulting Financial Institution, together with
interest  thereon,  for  each  day  from  the  date  a  payment  was  made  by a
Non-Defaulting  Financial  Institution  until  the  date  such  Non-Defaulting
Financial  Institution  has  been paid such amounts in full, at a rate per annum
equal  to  the  Federal Funds Effective Rate plus two percent (2%). In addition,
without  prejudice  to  any  other rights that Conduit may have under applicable
law,  each Defaulting Financial Institution shall pay to Conduit, forthwith upon
demand,  the  difference  between such Defaulting Financial Institution's unpaid
Acquisition  Amount  and  the  amount  paid  with  respect  thereto  by  the
Non-Defaulting  Financial Institutions, together with interest thereon, for each
day  from  the  date  of  the  Agent's  request  for  such  Defaulting Financial
Institution's  Acquisition  Amount  pursuant  to Section 13.1 until the date the
requisite  amount  is  paid to Conduit in full, at a rate per annum equal to the
Federal  Funds  Effective  Rate  plus  two  percent  (2%).

     Section  13.6  Terminating  Financial  Institutions.
                    ------------------------------------

          (a) Each Financial Institution hereby agrees to deliver written notice
     to  the  Agent  not more than 30 Business Days and not less than 5 Business
     Days  prior  to  the  Liquidity  Termination  Date  indicating whether such
     Financial  Institution  intends  to  renew its Commitment hereunder. If any
     Financial  Institution fails to deliver such notice on or prior to the date
     that  is  5  Business  Days  prior  to the Liquidity Termination Date, such
     Financial  Institution  will  be  deemed  to  have  declined  to  renew its
     Commitment  (each  Financial  Institution  which  has  declined or has been
     deemed  to have declined to renew its Commitment hereunder, a "NON-RENEWING
     FINANCIAL  INSTITUTION").  The  Agent shall promptly notify Conduit of each
     Non-Renewing Financial Institution and Conduit, in its sole discretion, may
     (A)  to  the  extent  of  Commitment  Availability,  declare  that  such
     Non-Renewing  Financial  Institution's  Commitment  shall,  to such extent,
     automatically  terminate  on  a  date specified by Conduit on or before the
     Liquidity  Termination  Date  or  (B) upon one (1) Business Days' notice to
     such  Non-Renewing  Financial  Institution  assign  to  such  Non-Renewing
     Financial  Institution on a date specified by Conduit its Pro Rata Share of
     the  aggregate Purchaser Interests then held by Conduit, subject to, and in
     accordance  with,  Section  13.1.  In  addition,  Conduit  may, in its sole
     discretion,  at  any  time  (x)  to  the extent of Commitment Availability,
     declare  that  any  Affected  Financial  Institution's  Commitment  shall
     automatically terminate on a date specified by Conduit or (y) assign to any
     Affected  Financial Institution on a date specified by Conduit its Pro Rata
     Share  of  the  aggregate Purchaser Interests then held by Conduit, subject
     to,  and  in  accordance  with,  Section  13.1  (each  Affected  Financial
     Institution  or  each  Non-Renewing  Financial  Institution  is hereinafter
     referred  to  as a "TERMINATING FINANCIAL INSTITUTION"). The parties hereto
     expressly  acknowledge  that  any  declaration  of  the  termination of any
     Commitment,  any  assignment pursuant to this Section 13.6 and the order of
     priority  of any such termination or assignment among Terminating Financial
     Institutions  shall be made by Conduit in its sole and absolute discretion.

          (b)  Upon  any  assignment  to  a Terminating Financial Institution as
     provided in this Section 13.6, any remaining Commitment of such Terminating
     Financial Institution shall automatically terminate. Upon reduction to zero
     of the Capital of all of the Purchaser Interests of a Terminating Financial
     Institution  (after application of Collections thereto pursuant to Sections
     2.2  and  2.3)  all  rights  and  obligations of such Terminating Financial
     Institution  hereunder  shall  be terminated and such Terminating Financial
     Institution  shall  no  longer  be  a  "FINANCIAL  INSTITUTION"  hereunder;
     provided,  however,  that  the  provisions  of  Article X shall continue in
     effect  for  its  benefit  with respect to Purchaser Interests held by such
     Terminating  Financial  Institution prior to its termination as a Financial
     Institution.

<PAGE>

                                   ARTICLE XIV.

                                  MISCELLANEOUS

     Section  14.1  Waivers  and  Amendments.
                    ------------------------

     (a)  No  failure  or  delay  on  the  part of the Agent or any Purchaser in
exercising  any  power,  right or remedy under this Agreement shall operate as a
waiver  thereof,  nor  shall  any  single or partial exercise of any such power,
right  or  remedy preclude any other further exercise thereof or the exercise of
any  other power, right or remedy. The rights and remedies herein provided shall
be  cumulative  and  nonexclusive of any rights or remedies provided by law. Any
waiver  of  any  provision  of  this  Agreement  shall  be effective only in the
specific  instance  and  for  the  specific  purpose  for  which  given.

     (b)  No  provision of this Agreement may be amended, supplemented, modified
or  waived  except  in writing in accordance with the provisions of this Section
14.1(b).  Conduit,  Seller  and  the  Agent,  at  the  direction of the Required
Financial  Institutions,  may enter into written modifications or waivers of any
provisions  of  this  Agreement, provided, however, that no such modification or
waiver  shall:

          (i)  without  the  consent  of each affected Purchaser, (A) extend the
     Liquidity  Termination  Date  or  the  date  of  any  payment or deposit of
     Collections by Seller or the Master Servicer, (B) reduce the rate or extend
     the  time of payment of Yield or any CP Costs (or any component of Yield or
     CP  Costs),  (C) reduce any fee payable to the Agent for the benefit of the
     Purchasers, (D) except pursuant to Article XII hereof, change the amount of
     the  Capital  of  any Purchaser, any Financial Institution's Pro Rata Share
     (except  pursuant  to Sections 13.1 or 13.5) or any Financial Institution's
     Commitment,  (E)  amend, modify or waive any provision of the definition of
     Required  Financial Institutions or this Section 14.1(b), (F) consent to or
     permit  the  assignment  or  transfer  by  Seller  of any of its rights and
     obligations  under  this  Agreement, (G) change the definition of "ELIGIBLE
     RECEIVABLE,"  "LOSS  RESERVE,"  "DILUTION  RESERVE"  or  "NET  RECEIVABLES
     BALANCE"  or (H) amend or modify any defined term (or any defined term used
     directly  or  indirectly  in such defined term) used in clauses (A) through
     (G)  above  in  a  manner  that  would  circumvent  the  intention  of  the
     restrictions  set  forth  in  such  clauses;  or

          (ii)  without  the written consent of the then Agent, amend, modify or
     waive  any  provision  of this Agreement if the effect thereof is to affect
     the  rights  or  duties  of  such  Agent.

Notwithstanding  the  foregoing,  (i)  without  the  consent  of  the  Financial
Institutions, but with the consent of Seller, the Agent may amend this Agreement
solely  to  add  additional Persons as Financial Institutions hereunder and (ii)
the  Agent,  the  Required  Financial  Institutions  and  Conduit may enter into
amendments  to modify any of the terms or provisions of Article XI, Article XII,
Section  14.13  or  any other provision of this Agreement without the consent of
Seller,  provided  that  such amendment has no negative impact upon Seller.  Any
modification  or waiver made in accordance with this Section 14.1 shall apply to
each  of the Purchasers equally and shall be binding upon Seller, the Purchasers
and  the  Agent.

     Section  14.2  Notices.  Except  as  provided  in  this  Section  14.2, all
                    -------
communications and notices provided for hereunder shall be in writing (including
bank wire, telecopy or electronic facsimile transmission or similar writing) and
shall  be  given  to  the  other parties hereto at their respective addresses or
telecopy  numbers  set  forth  on  the  signature  pages hereof or at such other
address  or telecopy number as such Person may hereafter specify for the purpose
of  notice  to  each  of  the  other  parties  hereto. Each such notice or other
communication  shall  be  effective  (i)  if given by telecopy, upon the receipt

<PAGE>

thereof,  (ii)  if  given  by  mail, three (3) Business Days after the time such
communication is deposited in the mail with first class postage prepaid or (iii)
if  given  by  any  other  means, when received at the address specified in this
Section 14.2. Seller hereby authorizes the Agent to effect purchases and Tranche
Period  and  Discount Rate selections in accordance with telephonic notices made
by  any  Person  whom the Agent in good faith believes to be acting on behalf of
Seller. Seller agrees to deliver promptly to the Agent a written confirmation of
each  telephonic  notice  signed  by  an authorized officer of Seller; provided,
however,  the absence of such confirmation shall not affect the validity of such
notice.  If the written confirmation differs from the action taken by the Agent,
the  records  of  the  Agent  shall  govern  absent  manifest  error.

     Section  14.3  Ratable  Payments.  If  any  Purchaser, whether by setoff or
                    -----------------
otherwise,  has  payment made to it with respect to any portion of the Aggregate
Unpaids  owing  to  such  Purchaser  (other  than  payments received pursuant to
Section  10.2  or  10.3) in a greater proportion than that received by any other
Purchaser  entitled  to  receive a ratable share of such Aggregate Unpaids, such
Purchaser agrees, promptly upon demand, to purchase for cash without recourse or
warranty  a  portion  of  such Aggregate Unpaids held by the other Purchasers so
that after such purchase each Purchaser will hold its ratable proportion of such
Aggregate  Unpaids; provided that if all or any portion of such excess amount is
thereafter  recovered  from such Purchaser, such purchase shall be rescinded and
the  purchase  price  restored  to  the  extent  of  such  recovery, but without
interest.

     Section  14.4  Protection  of  Ownership  Interests  of  the  Purchasers.
                    ---------------------------------------------------------
          (a)  Seller  agrees  that  from  time to time, at its expense, it will
     promptly  execute  and  deliver all instruments and documents, and take all
     actions, that may be necessary or desirable, or that the Agent may request,
     to  perfect,  protect or more fully evidence the Purchaser Interests, or to
     enable the Agent or the Purchasers to exercise and enforce their rights and
     remedies  hereunder.  At  any  time after the occurrence of an Amortization
     Event, the Agent may, or the Agent may direct Seller or the Master Servicer
     to,  notify  the  Obligors  of  Receivables,  at  Seller's  expense, of the
     ownership  or security interests of the Purchasers under this Agreement and
     may  also  direct that payments of all amounts due or that become due under
     any  or  all  Receivables  be  made  directly to the Agent or its designee.
     Seller  or  the  Master  Servicer (as applicable) shall, at any Purchaser's
     request,  withhold the identity of such Purchaser in any such notification.

          (b)  If  any  Seller  Party  fails  to  perform any of its obligations
     hereunder,  the  Agent  or any Purchaser may (but shall not be required to)
     perform, or cause performance of, such obligations, and the Agent's or such
     Purchaser's  costs  and  expenses incurred in connection therewith shall be
     payable  by  Seller  as  provided  in  Section  10.3.  Each  Seller  Party
     irrevocably  authorizes  the Agent at any time and from time to time in the
     sole  discretion  of  the  Agent,  and  appoints  the  Agent  as  its
     attorney-in-fact,  to  act on behalf of such Seller Party (i) to execute on
     behalf  of  Seller as debtor (to the extent that execution is required) and
     to  file  financing  statements  (with  or,  to  the  extent  permitted  by
     applicable  law, without, Seller's signature) necessary or desirable in the
     Agent's  sole  discretion  to  perfect  and  to maintain the perfection and
     priority  of  the interest of the Purchasers in the Receivables and (ii) to
     file  a carbon, photographic or other reproduction of this Agreement or any
     financing  statement  with  respect  to  the  Receivables  as  a  financing
     statement  in  such  offices  as  the  Agent  in  its sole discretion deems
     necessary  or  desirable  to  perfect  and  to  maintain the perfection and
     priority  of  the  interests  of  the  Purchasers  in the Receivables. This
     appointment  is  coupled  with  an  interest  and  is  irrevocable.

<PAGE>

     Section  14.5  Confidentiality.
                    ---------------
          (a)  Each  Seller  Party  and  each Purchaser shall maintain and shall
     cause each of its employees and officers to maintain the confidentiality of
     this  Agreement  and the other confidential or proprietary information with
     respect  to  the Agent and Conduit and their respective businesses obtained
     by it or them in connection with the structuring, negotiating and execution
     of  the transactions contemplated herein, except that such Seller Party and
     such Purchaser and its officers and employees may disclose such information
     to  such  Seller  Party's  and  such  Purchaser's  external accountants and
     attorneys and as required by any applicable law or order of any judicial or
     administrative  proceeding.

          (b) Anything herein to the contrary notwithstanding, each Seller Party
     hereby consents to the disclosure of any nonpublic information with respect
     to  it  (i)  to  the  Agent,  the Financial Institutions or Conduit by each
     other,  (ii)  by  the  Agent or the Purchasers to any prospective or actual
     assignee or participant of any of them and (iii) by the Agent to any rating
     agency, Commercial Paper dealer or provider of a surety, guaranty or credit
     or liquidity enhancement to Conduit or any entity organized for the purpose
     of  purchasing, or making loans secured by, financial assets for which Bank
     One  acts  as  the  administrative  agent  and  to any officers, directors,
     employees,  outside  accountants  and attorneys of any of the foregoing. In
     addition,  the  Purchasers  and  the  Agent may disclose any such nonpublic
     information  pursuant  to  any law, rule, regulation, direction, request or
     order  of  any  judicial,  administrative  or  regulatory  authority  or
     proceedings  (whether  or  not  having  the  force  or  effect  of  law).

     Section  14.6 Bankruptcy Petition. Each of Seller, the Master Servicer, the
                    --------------------
Agent  and the Financial Institutions hereby covenants and agrees that, prior to
the  date  that  is  one  year  and  one  day  after  the payment in full of all
outstanding  senior  indebtedness  of Conduit, it will not institute against, or
join  any  other  Person  in  instituting  against,  Conduit  any  bankruptcy,
reorganization,  arrangement,  insolvency  or  liquidation  proceedings or other
similar  proceeding  under  the  laws  of  the United States or any state of the
United  States.

     Section  14.7  Limitation  of  Liability.  Except with respect to any claim
                    -------------------------
arising  out of the willful misconduct or gross negligence of Conduit, the Agent
or  any  Financial  Institution, no claim may be made by any Seller Party or any
other  Person  against  Conduit, the Agent or any Financial Institution or their
respective  Affiliates,  directors, officers, employees, attorneys or agents for
any special, indirect, consequential or punitive damages in respect of any claim
for  breach  of  contract  or  any  other  theory of liability arising out of or
related to the transactions contemplated by this Agreement, or any act, omission
or event occurring in connection therewith; and each Seller Party hereby waives,
releases,  and agrees not to sue upon any claim for any such damages, whether or
not  accrued  and  whether  or  not  known  or  suspected to exist in its favor.

     Section  14.8  CHOICE  OF  LAW.  THIS  AGREEMENT  SHALL  BE  GOVERNED  AND
                    ---------------
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF
THE  STATE  OF  ILLINOIS.

     Section  14.9 CONSENT TO JURISDICTION. EACH SELLER PARTY HEREBY IRREVOCABLY
                   -----------------------
SUBMITS  TO  THE  NON-EXCLUSIVE  JURISDICTION  OF  ANY  UNITED STATES FEDERAL OR
ILLINOIS  STATE  COURT  SITTING IN CHICAGO, ILLINOIS IN ANY ACTION OR PROCEEDING
ARISING  OUT  OF  OR RELATING TO THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH
PERSON  PURSUANT  TO  THIS  AGREEMENT  AND  EACH SELLER PARTY HEREBY IRREVOCABLY
AGREES  THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND
DETERMINED  IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR
HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN

<PAGE>

SUCH  A  COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL
LIMIT  THE  RIGHT OF THE AGENT OR ANY PURCHASER TO BRING PROCEEDINGS AGAINST ANY
SELLER PARTY IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY
ANY  SELLER  PARTY  AGAINST  THE  AGENT OR ANY PURCHASER OR ANY AFFILIATE OF THE
AGENT  OR ANY PURCHASER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY
ARISING  OUT  OF,  RELATED  TO, OR CONNECTED WITH THIS AGREEMENT OR ANY DOCUMENT
EXECUTED  BY  SUCH SELLER PARTY PURSUANT TO THIS AGREEMENT SHALL BE BROUGHT ONLY
IN  A  COURT  IN  CHICAGO,  ILLINOIS.

     Section  14.10  WAIVER  OF  JURY  TRIAL.  EACH  PARTY  HERETO HEREBY WAIVES
                     -----------------------
TRIAL  BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY
MATTER  (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT
OF,  RELATED  TO, OR CONNECTED WITH THIS AGREEMENT, ANY DOCUMENT EXECUTED BY ANY
SELLER  PARTY  PURSUANT  TO  THIS  AGREEMENT  OR  THE  RELATIONSHIP  ESTABLISHED
HEREUNDER  OR  THEREUNDER.

     Section  14.11  Integration;  Binding  Effect;  Survival  of  Terms.
                     ----------------------------------------------------

          (a)  This  Agreement  and  each other Transaction Document contain the
     final  and  complete  integration  of  all prior expressions by the parties
     hereto  with  respect to the subject matter hereof and shall constitute the
     entire  agreement  among  the  parties  hereto  with respect to the subject
     matter  hereof  superseding  all  prior  oral  or  written  understandings.

          (b)  This  Agreement shall be binding upon and inure to the benefit of
     the  parties  hereto  and their respective successors and permitted assigns
     (including  any  trustee  in  bankruptcy).  This Agreement shall create and
     constitute  the  continuing obligations of the parties hereto in accordance
     with  its  terms and shall remain in full force and effect until terminated
     in  accordance  with  its  terms;  provided,  however,  that the rights and
     remedies  with respect to (i) any breach of any representation and warranty
     made  by  any  Seller Party pursuant to Article V, (ii) the indemnification
     and  payment  provisions  of Article X, and Sections 14.5 and 14.6 shall be
     continuing  and  shall  survive  any  termination  of  this  Agreement.

     Section  14.12  Counterparts;  Severability;  Section  References.  This
                     -------------------------------------------------
Agreement may be executed in any number of counterparts and by different parties
hereto  in separate counterparts, each of which when so executed shall be deemed
to  be an original and all of which when taken together shall constitute one and
the  same  Agreement.  Any  provisions of this Agreement which are prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to  the  extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction  shall not invalidate or render unenforceable such provision in any
other  jurisdiction. Unless otherwise expressly indicated, all references herein
to  "ARTICLE,"  "SECTION,"  "SCHEDULE"  or  "EXHIBIT"  shall  mean  articles and
sections  of,  and  schedules  and  exhibits  to,  this  Agreement.

     Section  14.13  Bank  One  Roles.  Each  of  the  Financial  Institutions
                     ----------------
acknowledges that Bank One acts, or may in the future act, (i) as administrative
agent for Conduit or any Financial Institution, (ii) as issuing and paying agent
for  the  Commercial Paper, (iii) to provide credit or liquidity enhancement for
the  timely  payment for the Commercial Paper and (iv) to provide other services
from  time  to  time for Conduit or any Financial Institution (collectively, the
"BANK  ONE  ROLES"). Without limiting the generality of this Section 14.13, each
Financial  Institution  hereby acknowledges and consents to any and all Bank One
Roles  and  agrees that in connection with any Bank One Role, Bank One may take,
or  refrain  from  taking,  any  action  that  it,  in  its  discretion,  deems
appropriate,  including, without limitation, in its role as administrative agent
for  Conduit,  and  the  giving  of  notice to the Agent of a mandatory purchase
pursuant  to  Section  13.1.

<PAGE>

     Section  14.14  Characterization.
                     ----------------

          (a)  It  is  the  intention  of  the parties hereto that each purchase
     hereunder  shall  constitute  and be treated as an absolute and irrevocable
     sale,  which  purchase shall provide the applicable Purchaser with the full
     benefits  of  ownership  of  the  applicable  Purchaser Interest. Except as
     specifically  provided in this Agreement, each sale of a Purchaser Interest
     hereunder  is  made without recourse to Seller; PROVIDED, HOWEVER, that (i)
     Seller  shall  be  liable  to  each  Purchaser  and  the  Agent  for  all
     representations,  warranties,  covenants  and  indemnities  made  by Seller
     pursuant  to  the  terms  of  this  Agreement,  and (ii) such sale does not
     constitute  and is not intended to result in an assumption by any Purchaser
     or  the  Agent  or  any assignee thereof of any obligation of Seller or any
     Originator  or any other Person arising in connection with the Receivables,
     the Related Security, or the related Contracts, or any other obligations of
     Seller  or  any  Originator.

          (b)  In  addition  to  any ownership interest which the Agent may from
     time to time acquire pursuant hereto, Seller hereby grants to the Agent for
     the  ratable  benefit  of  the  Purchasers  a  valid and perfected security
     interest  in all of Seller's right, title and interest in, to and under all
     Receivables  now  existing  or  hereafter  arising,  the  Collections, each
     Lock-Box,  each  Collection Account, all Related Security, all other rights
     and  payments relating to such Receivables, and all proceeds of any thereof
     prior  to  all  other liens on and security interests therein to secure the
     prompt  and  complete  payment  of the Aggregate Unpaids. The Agent and the
     Purchasers shall have, in addition to the rights and remedies that they may
     have  under  this  Agreement,  all  other rights and remedies provided to a
     secured  creditor  under the UCC and other applicable law, which rights and
     remedies  shall  be  cumulative.

                            [SIGNATURE PAGES FOLLOW]

<PAGE>

     IN  WITNESS  WHEREOF,  the  parties hereto have caused this Agreement to be
executed  and delivered by their duly authorized officers as of the date hereof.

RALCORP  RECEIVABLES  CORPORATION

By:     /s/ Scott Monette
       ---------------------

Name:       Scott Monette
       ---------------------

Title:      President
       ---------------------

ADDRESS:
Ralcorp  Receivables  Corporation
1055  East  Greg  Street
Sparks,  Nevada  89431

Attn:  Teresa  Ward,  Assistant  Treasurer
Phone:  (775)  359-4000
Fax:    (775)  352-2198

RALCORP  HOLDINGS,  INC.,  as  Master  Servicer

By:     /s/ Scott Monette
       ---------------------

Name:       Scott Monette
       ---------------------

Title:      Treasurer
       ---------------------

ADDRESS:
Ralcorp  Holdings,  Inc.
800  Market  Street
Suite  2900
St,  Louis,  MO  63101
Attn:  Scott  Monette,  Treasurer
Phone:  (314)  877-7113
Fax:      (314)  877-7729

<PAGE>

FALCON  ASSET  SECURITIZATION  CORPORATION

By:    /s/ Ronald J. Atkins
       ---------------------

Authorized  Signatory:  Ronald J. Atkins
                      ---------------------

ADDRESS:
Falcon  Asset  Securitization  Corporation
c/o  Bank  One,  NA  (Main  Office  Chicago),  as  Agent
Asset  Backed  Finance
Suite  IL1-0079,  1-19
1  Bank  One  Plaza
Chicago,  Illinois  60670-0079
Fax:  (312)  732-1844

BANK  ONE,  NA  (MAIN  OFFICE  CHICAGO), as a Financial Institution and as Agent

By:    /s/ Ronald J. Atkins
       ---------------------

Name:     Ronald J. Atkins
       ---------------------

Title:
       ---------------------

ADDRESS:
Bank  One,  NA  (Main  Office  Chicago)
Asset  Backed  Finance
Suite  IL1-0596,  1-21
1  Bank  One  Plaza
Chicago,  Illinois  60670-0596

Fax:  (312)  732-4487

<PAGE>

                                    EXHIBIT I

                                   DEFINITIONS

     AS  USED  IN  THIS  AGREEMENT, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING
MEANINGS (SUCH MEANINGS TO BE EQUALLY APPLICABLE TO BOTH THE SINGULAR AND PLURAL
FORMS  OF  THE  TERMS  DEFINED):

     "ACCRUAL  PERIOD"  means  each  calendar  month,  provided that the initial
Accrual  Period  hereunder means the period from (and including) the date of the
initial purchase hereunder to (and including) the last day of the calendar month
thereafter.

     "ACCRUED SALES DISCOUNT" means, on any date of determination, the amount of
expected  credit  memoranda  and  other  Dilutions accrued by the Originators in
respect  of  the  Receivables  in  their  "sales  discount  accrual  account" in
accordance  with  their  customary  accounting  practices.

     "ACQUISITION AMOUNT" means, on the date of any purchase from Conduit of one
or  more  Purchaser  Interests  pursuant  to  Section 13.1, with respect to each
Financial  Institution,  the lesser of (i) such Financial Institution's Pro Rata
Share  of  the sum of (A) the lesser of (1) the Adjusted Liquidity Price of each
such  Purchaser Interest and (2) the Capital of each such Purchaser Interest and
(B)  all  accrued  and unpaid CP Costs for each such Purchaser Interest and (ii)
such  Financial  Institution's  unused  Commitment.

     "ADJUSTED  LIQUIDITY  PRICE"  means  an  amount  equal  to:

                   --                   --                 --    --
                  |                    |       NDR           |     |
              RI  |     (i) DC + (ii)  |  ----------------   |     |
                  |                    |   1+ (0.50 x LR)    |     |
                   --                   --                 --    --

     WHERE:

     RI  =  the  undivided  percentage  interest  evidenced  by  such  Purchaser
Interest.

     DC  =  the  Deemed  Collections.

     NDR  =  the Outstanding Balance of all Receivables as to which any payment,
or  part  thereof, has not remained unpaid for 91 days or more from the original
due  date  for  such  payment.

     LR  =  the  percentage  specified  in clause (i) of the definition of "Loss
Percentage."

Each  of  the  foregoing shall be determined from the most recent Monthly Report
received  from  the  Master  Servicer.

     "ADVERSE  CLAIM" means a lien, security interest, charge or encumbrance, or
other  right or claim in, of or on any Person's assets or properties in favor of
any  other  Person.

     "AFFECTED  FINANCIAL  INSTITUTION"  has  the  meaning  specified in Section
12.1(c).

     "AFFILIATE"  has  the  meaning specified in the Receivables Sale Agreement.

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

     "AGGREGATE  CAPITAL"  means,  on  any  date of determination, the aggregate
amount  of  Capital  of  all  Purchaser  Interests  outstanding  on  such  date.

<PAGE>

     "AGGREGATE  REDUCTION"  has  the  meaning  specified  in  Section  1.3.

     "AGGREGATE  RESERVES"  means,  on any date of determination, the sum of the
Loss  Reserve,  the  Yield  Reserve  and  the  Dilution  Reserve.

     "AGGREGATE  UNPAIDS"  means, at any time, an amount equal to the sum of all
accrued  and unpaid fees under the Fee Letter, CP Costs, Yield Aggregate Capital
and  all  other  unpaid  Obligations  (whether  due  or  accrued)  at such time.

     "AGREEMENT" means this Receivables Purchase Agreement, as it may be amended
or  modified  and  in  effect  from  time  to  time.

     "AMORTIZATION DATE" means the earliest to occur of (i) the day on which any
of the conditions precedent set forth in Section 6.2 are not satisfied, (ii) the
Business  Day  immediately  prior to the occurrence of an Amortization Event set
forth  in  Section  9.1(d)(ii),  (iii)  the  Business Day specified in a written
notice  from the Agent following the occurrence of any other Amortization Event,
and  (iv)  the date which is 30 days after the Agent's receipt of written notice
from  Seller  that  it  wishes  to  terminate  the  facility  evidenced  by this
Agreement.

     "AMORTIZATION  EVENT"  has  the  meaning  specified  in  Article  IX.

     "ASSIGNMENT  AGREEMENT"  has  the  meaning  specified  in  Section 12.1(b).

     "AUTHORIZED  OFFICER"  means,  with  respect  to  any  Person,  any  of the
president,  chief  financial  officer,  treasurer  or controller of such Person,
acting  singly.

     "BANK  ONE"  means  Bank  One,  NA  (Main Office Chicago) in its individual
capacity  and  its  successors.

     "BASE  RATE"  means  a  rate  per annum equal to the prime rate of interest
announced  from time to time by Bank One or its parent (which is not necessarily
the  lowest  rate charged to any customer), changing when and as said prime rate
changes.

     "BROKEN  FUNDING COSTS" means for any Purchaser Interest which: (i) has its
Capital  reduced  without  compliance  by  Seller  with  the notice requirements
hereunder  or  (ii)  does not become subject to an Aggregate Reduction following
the  delivery of any Reduction Notice or (iii) is assigned under Article XIII or
terminated  prior  to  the  date on which it was originally scheduled to end; an
amount equal to the excess, if any, of (A) the CP Costs or Yield (as applicable)
that  would  have  accrued  during  the  remainder of the Tranche Periods or the
tranche  periods  for Commercial Paper determined by the Agent to relate to such
Purchaser  Interest  (as  applicable)  subsequent to the date of such reduction,
assignment  or  termination  (or  in respect of clause (ii) above, the date such
Aggregate Reduction was designated to occur pursuant to the Reduction Notice) of
the  Capital  of  such  Purchaser  Interest  if  such  reduction,  assignment or
termination  had  not  occurred or such Reduction Notice had not been delivered,
over  (B)  the  sum  of  (x)  to  the extent all or a portion of such Capital is
allocated  to  another  Purchaser  Interest,  the  amount  of  CP Costs or Yield
actually accrued during the remainder of such period on such Capital for the new
Purchaser  Interest,  and  (y)  to  the  extent such Capital is not allocated to
another  Purchaser  Interest,  the  income, if any, actually received during the
remainder of such period by the holder of such Purchaser Interest from investing
the  portion  of  such  Capital  not  so allocated. In the event that the amount
referred  to  in  clause  (B)  exceeds the amount referred to in clause (A), the
relevant  Purchaser  or  Purchasers  agree  to  pay to Seller the amount of such
excess. All Broken Funding Costs shall be due and payable hereunder upon demand.

     "BUSINESS  DAY" means any day on which banks are not authorized or required
to  close  in  New  York, New York or Chicago, Illinois and The Depository Trust
Company  of  New  York is open for business, and, if the applicable Business Day
relates  to any computation or payment to be made with respect to the LIBO Rate,
any  day  on  which  dealings  in  dollar  deposits are carried on in the London
interbank  market.

<PAGE>

     "CAPITAL"  of  any  Purchaser Interest means, at any time, (A) the Purchase
Price  of  such Purchaser Interest, minus (B) the sum of the aggregate amount of
Collections  and  other  payments  received  by the Agent which in each case are
applied  to  reduce  such Capital in accordance with the terms and conditions of
this Agreement; provided that such Capital shall be restored (in accordance with
Section  2.5) in the amount of any Collections or other payments so received and
applied  if  at  any  time  the distribution of such Collections or payments are
rescinded,  returned  or  refunded  for  any  reason.

     "CHANGE  OF  CONTROL"  has  the  meaning  specified in the Receivables Sale
Agreement.

     "CHARGED-OFF  RECEIVABLE"  means  a Receivable: (i) as to which the Obligor
thereof  has  taken  any  action,  or  suffered  any event to occur, of the type
described  in  Section 9.1(d) (as if references to Seller Party therein refer to
such  Obligor);  (ii)  as  to which the Obligor thereof, if a natural person, is
deceased,  (iii)  which, consistent with the Credit and Collection Policy, would
be  written  off  Seller's  books  as  uncollectible,  or  (iv)  which  has been
identified  by  Seller  as  uncollectible.

     "COLLECTION  ACCOUNT" means each concentration account, depositary account,
lock-box  account  or  similar account in which any Collections are collected or
deposited  and  which  is  listed  on  Exhibit  IV.

     "COLLECTION ACCOUNT AGREEMENT" means an agreement substantially in the form
of  Exhibit  VI  among  Originator,  Seller,  the  Agent  and a Collection Bank.

     "COLLECTION  BANK" means, at any time, any of the banks holding one or more
Collection  Accounts.

     "COLLECTION NOTICE" means a notice, in substantially the form of Annex A to
Exhibit  VI,  from  the  Agent  to  a  Collection  Bank.

     "COLLECTIONS"  has the meaning specified in the Receivables Sale Agreement.

     "COMMERCIAL  PAPER"  means promissory notes of Conduit issued by Conduit in
the  commercial  paper  market.

     "COMMITMENT"  means, for each Financial Institution, the commitment of such
Financial  Institution  to purchase Purchaser Interests from (i) Seller and (ii)
Conduit,  in  an amount not to exceed (i) in the aggregate, the amount set forth
opposite  such  Financial Institution's name on Schedule A to this Agreement, as
such  amount  may  be  modified  in accordance with the terms hereof (including,
without  limitation,  any  termination  of  Commitments pursuant to Section 13.6
hereof) and (ii) with respect to any individual purchase hereunder, its Pro Rata
Share  of  the  Purchase  Price  therefor.

     "COMMITMENT  AVAILABILITY"  means  at  any time the positive difference (if
any)  between  (a) an amount equal to the aggregate amount of the Commitments at
such  time  minus  (b)  the  Aggregate  Capital  at  such  time.

     "CONCENTRATION  LIMIT"  means,  at  any time, for any Obligor, 3.33% of the
aggregate Outstanding Balance of all Eligible Receivables, or such higher amount
(a  "SPECIAL  CONCENTRATION  LIMIT")  for  such Obligor designated by the Agent;
PROVIDED THAT in the case of an Obligor and any Affiliate of such Obligor (other
than  Royal  Ahold  and  its  Affiliates),  the  Concentration  Limit  shall  be
calculated  as if such Obligor and such Affiliate are one Obligor; and provided,
further,  that Conduit or the Required Financial Institutions may, upon not less
than  three  Business  Days'  notice to Seller, cancel any Special Concentration
Limit.  As  of  the  date hereof, until notice from the Agent to the contrary in
accordance  with  the  preceding  sentence,  the following Special Concentration
Limits  shall  be  in  effect:

             OBLIGOR                     PERCENTAGE  OF  ELIGIBLE  RECEIVABLES
             -------                     -------------------------------------
Walmart and Affiliates                               11.0%

Albertsons and its Affiliates                         7.5%

Each of CVS, Super Value, Kroger and
Walgreens and its Affiliates                          5.0%

<PAGE>

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

     "CONDUIT  RESIDUAL" means the sum of the Conduit Transfer Price Reductions.

     "CONDUIT  TRANSFER  PRICE" means, with respect to the assignment by Conduit
of  one  or more Purchaser Interests to the Agent for the benefit of one or more
of  the  Financial  Institutions  pursuant  to  Section 13.1, the sum of (i) the
lesser  of  (a) the Capital of each such Purchaser Interest and (b) the Adjusted
Liquidity  Price of each such Purchaser Interest and (ii) all accrued and unpaid
CP  Costs  for  each  such  Purchaser  Interest.

     "CONDUIT TRANSFER PRICE DEFICIT" has the meaning specified in Section 13.5.

     "CONDUIT  TRANSFER PRICE REDUCTION" means in connection with the assignment
of a Purchaser Interest by Conduit to the Agent for the benefit of the Financial
Institutions,  the  positive difference (if any) between (i) the Capital of such
Purchaser  Interest  and  (ii)  the  Adjusted Liquidity Price for such Purchaser
Interest.

     "CONTINGENT  OBLIGATION"  has the meaning specified in the Receivables Sale
Agreement.

     "CONTRACT"  has  the  meaning  specified in the Receivables Sale Agreement.

     "CP COSTS" means, for each day, the sum of (i) discount or yield accrued on
Pooled  Commercial  Paper on such day, plus (ii) any and all accrued commissions
in  respect  of  placement  agents and Commercial Paper dealers, and issuing and
paying  agent fees incurred, in respect of such Pooled Commercial Paper for such
day,  plus  (iii)  other  costs associated with funding small or odd-lot amounts
with  respect  to  all receivable purchase facilities which are funded by Pooled
Commercial  Paper for such day, minus (iv) any accrual of income net of expenses
received  on  such  day  from  investment  of  collections  received  under  all
receivable  purchase  facilities  funded  substantially  with  Pooled Commercial
Paper,  minus (v) any payment received on such day net of expenses in respect of
Broken  Funding  Costs  related  to  the prepayment of any Purchaser Interest of
Conduit  pursuant  to  the  terms  of  any receivable purchase facilities funded
substantially  with Pooled Commercial Paper. In addition to the foregoing costs,
if  Seller  shall  request  any  Incremental  Purchase during any period of time
determined by the Agent in its sole discretion to result in incrementally higher
CP  Costs  applicable  to such Incremental Purchase, the Capital associated with
any  such Incremental Purchase shall, during such period, be deemed to be funded
by  Conduit  in  a special pool (which may include capital associated with other
receivable  purchase  facilities) for purposes of determining such additional CP
Costs  applicable  only  to  such  special pool and charged each day during such
period  against  such  Capital.

     "CREDIT AND COLLECTION POLICY" has the meaning specified in the Receivables
Sale  Agreement.

     "DEEMED  COLLECTIONS"  means the aggregate of all amounts Seller shall have
been  deemed  to  have received as a Collection of a Receivable. Seller shall be
deemed  to have received a Collection in full of a Receivable if at any time (i)
the Outstanding Balance of any such Receivable is either (x) reduced as a result
of  any  defective or rejected goods or services, any discount or any adjustment
or  otherwise  by  Seller  (other  than  cash  Collections  on  account  of  the
Receivables)  or  (y)  reduced or canceled as a result of a setoff in respect of
any  claim by any Person (whether such claim arises out of the same or a related
transaction  or  an unrelated transaction) or (ii) any of the representations or
warranties  in  Article  V  are  no  longer true with respect to any Receivable.

     "DEFAULT FEE" means with respect to any amount due and payable by Seller in
respect  of  any  Aggregate Unpaids, an amount equal to the greater of (i) $1000
and (ii) interest on any such unpaid Aggregate Unpaids at a rate per annum equal
to  2%  above  the  Base  Rate.

<PAGE>

     "DEFAULT  RATIO"  means,  as  at  the  last  day of any calendar month, the
percentage  equal to (a) the sum of (i) all Receivables greater than 90 days but
less than 121 days past due, plus (ii) the aggregate actual amount of write-offs
during  the  calendar month then most recently ended, divided by (b) gross sales
of  the  Originators  during  the  third  calendar  month  prior  to the date of
determination.

     "DEFAULTING  FINANCIAL  INSTITUTION"  has  the meaning specified in Section
13.5.

     "DELINQUENCY  RATIO"  means,  at  any  time,  a percentage equal to (i) the
aggregate  Outstanding  Balance  of  all  Receivables  that  were  Delinquent
Receivables  at  such  time divided by (ii) the aggregate Outstanding Balance of
all  Receivables  at  such  time.

     "DELINQUENT RECEIVABLE" means a Receivable as to which any payment, or part
thereof,  remains unpaid for 61 days or more from the original due date for such
payment.

     "DESIGNATED  OBLIGOR"  means  an  Obligor  that  the Agent has notified the
Seller  is  unacceptable.

     "DILUTION  HORIZON  RATIO"  means,  on any date of determination, an amount
calculated  by dividing (a) cumulative sales generated by the Originators during
the most recent 20 days by (b) the aggregate Outstanding Balance of all Eligible
Receivables  as  of  the  last  day  of  the  month  then  most  recently ended.

     "DILUTION  PERCENTAGE"  means,  on  any date of determination, a percentage
equal  to:

     {  [  (2  x  ED)  +  (DS  -  ED)  ]  x  DS/ED  }  x  DHR

     WHERE:

     ED  =  Expected  Dilution  as  of  such  date;

     DS  =  the  Dilution  Spike  on  such  date;  and

     DHR  =  the  Dilution  Horizon  Ratio.

     "DILUTION RATIO" means, on any date of determination, a percentage equal to
the  ratio  of  Dilutions  occurring  during the month then most recently ended,
divided  by  gross  sales  for  the  Originators  for  such  month.

     "DILUTION  RESERVE" means, on any date of determination, an amount equal to
the  product  of  the  Dilution  Percentage  multiplied  by  the Net Receivables
Balance.

     "DILUTION  SPIKE" means, on any date of determination, the highest Dilution
Ratio  during  the  12  months  then  most  recently  ended.

     "DILUTIONS"  means,  at  any  time,  the  aggregate amount of reductions or
cancellations  described in clause (i) of the definition of "DEEMED COLLECTIONS"
other  than  reductions  arising from contractually agreed upon sales discounts.

     "DISCOUNT  RATE" means, the LIBO Rate or the Base Rate, as applicable, with
respect  to  each  Purchaser  Interest  of  the  Financial  Institutions.

     "ELIGIBLE  RECEIVABLE"  means,  at  any  time,  a  Receivable:

          (i) the Obligor of which (a) if a natural person, is a resident of the
     United  States  or  Canada  or,  if  a  corporation  or  other  business
     organization, is organized under the laws of the United States or Canada or
     any  political  subdivision  of  either  of the foregoing and has its chief
     executive office in the United States or Canada; (b) is not an Affiliate of
     any  of  the  parties  hereto;  and  (c)  is  not  a  Designated  Obligor,

<PAGE>

          (ii)  the  Obligor  of  which  is  not  the Obligor of any Charged-Off
     Receivable,

          (iii)  the  Obligor of which is not a Top 20 Obligor of Receivables of
     which  more  than  25%  are  Delinquent  Receivables,

          (iv)  which is not a Charged-Off Receivable, a Defaulted Receivable or
     a  Delinquent  Receivable,

          (v)  which  by its terms is due and payable within 31 days (or, in the
     case  of food service Receivables and beverage Receivables, 45 days) of the
     original  billing date therefor and has not had its payment terms extended,

          (vi)  which is an "account" within the meaning of Article 9 of the UCC
     of  all  applicable  jurisdictions,

          (vii)  which  is denominated and payable only in United States dollars
     in  the  United  States,

          (viii)  which arises under a Contract in substantially the form of one
     of  the  form  contracts  set  forth  or  described on Exhibit IX hereto or
     otherwise  approved  by  the  Agent  in  writing, which, together with such
     Receivable,  is  in  full  force  and  effect  and  constitutes  the  duly
     authorized,  legally  valid  and  binding obligation of the related Obligor
     enforceable  against  such  Obligor  in  accordance  with  its  terms,

          (ix)  which  arises  under  a  Contract which (A) does not require the
     Obligor  under such Contract to consent to the transfer, sale or assignment
     of  the  rights and duties of Originator or any of its assignees under such
     Contract and (B) does not contain a confidentiality provision that purports
     to  restrict the ability of any Purchaser to exercise its rights under this
     Agreement, including, without limitation, its right to review the Contract,

          (x) which arises under a Contract that contains an obligation to pay a
     specified  sum  of  money,  contingent  only  upon the sale of goods or the
     provision  of  services  by  Originator,

          (xi)  which,  together  with  the  Contract  related thereto, does not
     contravene  any  law,  rule  or  regulation  applicable  thereto,

          (xii)  which  satisfies  all applicable requirements of the Credit and
     Collection  Policy,

          (xiii)  which  was generated in the ordinary course of an Originator's
     business,

          (xiv)  Government  Receivables  to  the  extent  the  total  amount of
     Government  Receivables  for  any  month  is  no  greater  than  2%  of all
     Receivables  for  a  month,

          (xv)  which  arises  solely from the sale of goods or the provision of
     services  to  the  related  Obligor  by an Originator, and not by any other
     Person  (in  whole  or  in  part),

          (xvi)  which  is  not  subject  to  any  right of rescission, set-off,
     counterclaim,  any  other  defense  (including  defenses  arising  out  of
     violations  of usury laws) of the applicable Obligor against the applicable
     Originator  or  any  other  Adverse Claim, and the Obligor thereon holds no
     right  as against Originator to cause Originator to repurchase the goods or
     merchandise  the  sale  of  which  shall have given rise to such Receivable
     (except  with  respect to sale discounts effected pursuant to the Contract,
     or  defective goods returned in accordance with the terms of the Contract),

<PAGE>

          (xvii)  as  to  which Originator has satisfied and fully performed all
     obligations  on  its  part  with  respect to such Receivable required to be
     fulfilled  by  it, and no further action is required to be performed by any
     Person  with  respect  thereto other than payment thereon by the applicable
     Obligor,

          (xviii)  which  is  not proceeds of inventory which was pledged by the
     applicable  Originator,  and

          (xix)  all  right, title and interest to and in which has been validly
     transferred  by  Originator directly to Seller under and in accordance with
     the  Receivables  Sale  Agreement, and Seller has good and marketable title
     thereto  free  and  clear  of  any  Adverse  Claim

     "EXPECTED DILUTION" means, on any date of determination, the average of the
Dilution  Ratios  for  the  twelve  months  then  most  recently  ended.

     "FACILITY  ACCOUNT"  means  Seller's  Account  No.  1099456  at  Bank  One.

     "FACILITY  TERMINATION  DATE" means the earliest of (i) September 22, 2004,
(ii)  the  Liquidity  Termination  Date  and  (iii)  the  Amortization  Date.

     "FEDERAL BANKRUPTCY CODE" means Title 11 of the United States Code entitled
"Bankruptcy,"  as  amended  and  any  successor  statute  thereto.

     "FEDERAL  FUNDS  EFFECTIVE  RATE"  means,  for  any  period,  a fluctuating
interest  rate  per  annum  for  each  day  during  such period equal to (a) the
weighted  average  of  the  rates  on  overnight federal funds transactions with
members  of  the  Federal  Reserve  System arranged by federal funds brokers, as
published for such day (or, if such day is not a Business Day, for the preceding
Business  Day)  by the Federal Reserve Bank of New York in the Composite Closing
Quotations  for  U.S.  Government  Securities;  or  (b)  if  such rate is not so
published  for any day which is a Business Day, the average of the quotations at
approximately  10:30  a.m.  (Chicago  time)  for  such  day on such transactions
received  by  the  Agent from three federal funds brokers of recognized standing
selected  by  it.

     "FEE  LETTER"  means  that  certain  letter  agreement dated as of the date
hereof  among Seller, Originator and the Agent, as it may be amended or modified
and  in  effect  from  time  to  time.

     "FINANCE  CHARGES"  has  the  meaning  specified  in  the  Receivables Sale
Agreement.

     "FINANCIAL  INSTITUTIONS" has the meaning specified in the preamble in this
Agreement.

     "FUNDING  AGREEMENT"  means  this Agreement and any agreement or instrument
executed  by  any  Funding  Source  with  or  for  the  benefit  of  Conduit.

     "FUNDING  SOURCE" means (i) any Financial Institution or (ii) any insurance
company, bank or other funding entity providing liquidity, credit enhancement or
back-up  purchase  support  or  facilities  to  Conduit.

     "GAAP"  means  generally  accepted  accounting  principles in effect in the
United  States  of  America  as  of  the  date  of  this  Agreement.

     "GOVERNMENT  RECEIVABLE"  means any Receivable as to which the Obligor is a
government  or  a  governmental  subdivision  or  agency.

     "INCREMENTAL  PURCHASE" means a purchase of one or more Purchaser Interests
which  increases  the  total  outstanding  Aggregate  Capital  hereunder.

     "INDEBTEDNESS" has the meaning specified in the Receivables Sale Agreement.

<PAGE>

     "INDEPENDENT  DIRECTOR"  shall  mean  a member of the Board of Directors of
Seller  who  is  not  at  such  time,  and  has  not been at any time during the
preceding  five  (5)  years,  (A)  a director, officer, employee or affiliate of
Seller,  Originator,  or  any of their respective Subsidiaries or Affiliates, or
(B)  the  beneficial  owner  (at the time of such individual's appointment as an
Independent  Director  or at any time thereafter while serving as an Independent
Director)  of any of the outstanding common shares of Seller, Originator, or any
of  their  respective  Subsidiaries or Affiliates, having general voting rights;

     "LIBO RATE" means the rate per annum equal to the sum of (i) (a) determined
on  the  basis of the offered rate for deposits in U.S. dollars of amounts equal
or  comparable  to the principal amount of the related Liquidity Funding offered
for a term comparable to such Interest Period, which rates appear on a Bloomberg
L.P. terminal, displayed under the address "US0001M Q" effective as
of  11:00  a.m.  (London  time) two Business Days prior to the first day of such
Tranche  Period,  and  having  a maturity equal to such Tranche Period, provided
that,  (i)  if such Bloomberg L.P. address is not available to the Agent for any
reason,  the  applicable LIBO Rate for the relevant Tranche Period shall instead
be  the  applicable  British  Bankers'  Association Interest Settlement Rate for
deposits in U.S. dollars as reported by any other generally recognized financial
information  service  as  of 11:00 a.m. (London time) two Business Days prior to
the  first  day  of  such  Tranche  Period,  and having a maturity equal to such
Tranche  Period,  and  (ii)  if  no  such  British Bankers' Association Interest
Settlement  Rate  is  available  to  the Agent, the applicable LIBO Rate for the
relevant  Tranche Period shall instead be the rate determined by the Agent to be
the  rate  at  which  Bank  One  offers  to  place deposits in U.S. dollars with
first-class  banks  in  the  London interbank market at approximately 11:00 a.m.
(London  time)  two Business Days prior to the first day of such Tranche Period,
in  the  approximate  amount to be funded at the LIBO Rate and having a maturity
equal  to  such  Tranche  Period, divided by (b) one minus the maximum aggregate
reserve  requirement  (including  all  basic,  supplemental,  marginal  or other
reserves)  which  is  imposed  against  the  Agent  in  respect  of Eurocurrency
liabilities, as defined in Regulation D of the Board of Governors of the Federal
Reserve  System  as  in  effect  from  time  to  time  (expressed as a decimal),
applicable to such Tranche Period plus (ii) 1.50% per annum. The LIBO Rate shall
be  rounded,  if  necessary,  to  the  next  higher  1/16  of  1%.

     "LIQUIDITY  TERMINATION  DATE"  means  September  24,  2002.

     "LOCK-BOX"  means  each  locked postal box with respect to which a bank who
has  executed  a  Collection Account Agreement has been granted exclusive access
for  the  purpose  of retrieving and processing payments made on the Receivables
and  which  is  listed  on  Exhibit  IV.

     "LOSS  HORIZON  RATIO"  means, on any date of determination, the percentage
equal  to  (i)  gross sales of the Originators in the three calendar months then
most  recently  ended,  divided by (ii) the aggregate outstanding balance of all
Eligible Receivables as of the last day of the calendar month then most recently
ended.

     "LOSS PERCENTAGE" means, at any time, the greater of (i) 10.0% and (ii) two
times  the  product  of  the  Loss Ratio times the Loss Horizon Ratio on any day
during  the  calendar  month  then  most  recently  ended.

     "LOSS  RATIO"  means, on any date of determination, the highest three-month
rolling  average  Default  Ratio  during the 12 months then most recently ended.

     "LOSS  RESERVE" means, on any date of determination, an amount equal to the
Loss  Percentage  multiplied  by  the Net Receivables Balance as of the close of
business  of  the  Master  Servicer  on  such  date.

     "MASTER  SERVICER"  means  at  any time the Person (which may be the Agent)
then  authorized  pursuant  to  Article  VIII to service, administer and collect
Receivables.

<PAGE>

     "MATERIAL  ADVERSE  EFFECT"  means  a  material  adverse  effect on (i) the
financial  condition  or operations of the Seller Parties taken as a whole, (ii)
the  ability  of Seller or of Ralcorp, individually, as Performance Guarantor or
as  Master  Servicer, to perform its obligations under the Transaction Documents
to  which  it is a party, (iii) the legality, validity or enforceability of this
Agreement  or  any  other  Transaction  Document,  (iv) the Agent's interest, on
behalf  of  the  Purchasers,  in the Receivables generally or in any significant
portion of the Receivables, the Related Security or the Collections with respect
thereto,  or  (v)  the  collectibility  of  the  Receivables generally or of any
material  portion  of  the  Receivables.

     "MATERIAL  ORIGINATOR"  means, on any date of determination, any Originator
who  originated  more  than  30%  of the total Receivables originated during the
month  then  most  recently  ended.

     "MONTHLY  REPORT"  means  a  report, in substantially the form of Exhibit X
hereto  (appropriately completed), furnished by the Master Servicer to the Agent
pursuant  to  Section  8.5.

     "MONTHLY  REPORTING  DATE"  has  the  meaning  specified  in  Section  8.5.

     "NET  RECEIVABLES  BALANCE"  means,  at any time, the aggregate Outstanding
Balance  of  all  Eligible Receivables at such time reduced by (i) the aggregate
amount  by  which  the  Outstanding  Balance of all Eligible Receivables of each
Obligor  and  its  Affiliates  exceeds the Concentration Limit for such Obligor,
(ii) the aggregate amount of Unallocated Cash, and (iii) the aggregate amount of
Accrued  Sales  Discount.

     "NON-DEFAULTING FINANCIAL INSTITUTION" has the meaning specified in Section
13.5.

     "NON-RENEWING  FINANCIAL  INSTITUTION" has the meaning specified in Section
13.6(a).

     "OBLIGATIONS"  has  the  meaning  specified  in  Section  2.1.

     "OBLIGOR" means a Person obligated to make payments pursuant to a Contract.

     "ORIGINATOR(S)"  has  the  meaning  specified  in.

     "OUTSTANDING  BALANCE"  of  any  Receivable  at  any  time  means  the then
outstanding  principal  balance  thereof.

     "PARTICIPANT"  has  the  meaning  specified  in  Section  12.2.

     "PERFORMANCE  GUARANTOR"  means  Ralcorp.

     "PERFORMANCE UNDERTAKING" means that certain Performance Undertaking, dated
as of Ralcorp, by Performance Guarantor in favor of Seller, substantially in the
form  of  Exhibit XI, as the same may be amended, restated or otherwise modified
from  time  to  time.

     "PERMITTED  SUB-SERVICERS"  has  the  meaning  specified in Section 8.1(b).

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

     "POOLED  COMMERCIAL  PAPER" means Commercial Paper notes of Conduit subject
to any particular pooling arrangement by Conduit, but excluding Commercial Paper
issued  by  Conduit  for  a tenor and in an amount specifically requested by any
Person  in  connection  with  any  agreement  effected  by  Conduit.

<PAGE>

     "POTENTIAL  AMORTIZATION  EVENT"  means an event which, with the passage of
time  or  the giving of notice, or both, would constitute an Amortization Event.

     "PRO  RATA SHARE" means, for each Financial Institution, a percentage equal
to  (i)  the  Commitment  of  such  Financial  Institution,  divided by (ii) the
aggregate  amount  of  all  Commitments of all Financial Institutions hereunder,
adjusted as necessary to give effect to the application of the terms of Sections
13.5  or  13.6.

     "PROPOSED  REDUCTION  DATE"  has  the  meaning  specified  in  Section 1.3.

     "PURCHASE  LIMIT"  means  $61,000,000  from  March  1 through and including
December  31,  and  $66,000,000 from January 1 through and including February 28
(or,  when  applicable,  February  29).

     "PURCHASE  NOTICE"  has  the  meaning  specified  in  Section  1.2.

     "PURCHASE  PRICE"  means,  with  respect  to  any Incremental Purchase of a
Purchaser  Interest, the amount paid to Seller for such Purchaser Interest which
shall  not  exceed  the  least  of  (i)  the  amount  requested by Seller in the
applicable Purchase Notice, (ii) the unused portion of the Purchase Limit on the
applicable  purchase  date  and (iii) the excess, if any, of the Net Receivables
Balance  (less  the Aggregate Reserves) on the applicable purchase date over the
aggregate  outstanding  amount of Aggregate Capital determined as of the date of
the  most  recent  Monthly Report, taking into account such proposed Incremental
Purchase.

     "PURCHASERS"  means  Conduit  and  each  Financial  Institution.

     "PURCHASER  INTEREST" means, at any time, an undivided percentage ownership
interest  (computed  as  set forth below) associated with a designated amount of
Capital,  selected  pursuant  to  the  terms  and  conditions hereof in (i) each
Receivable  arising  prior  to  the  time  of  the  most  recent  computation or
recomputation of such undivided interest, (ii) all Related Security with respect
to  each  such  Receivable, and (iii) all Collections with respect to, and other
proceeds of, each such Receivable. Each such undivided percentage interest shall
equal:

                                        C
                                   ----------
                                    NRB - AR

     WHERE:

     C  =  the  Capital  of  such  Purchaser  Interest.

     AR  =  the  Aggregate  Reserves.

     NRB  =  the  Net  Receivables  Balance.

Such  undivided percentage ownership interest shall be initially computed on its
date  of  purchase.  Thereafter,  until  the  Amortization  Date, each Purchaser
Interest  shall be automatically recomputed (or deemed to be recomputed) on each
day  prior to the Amortization Date.  The variable percentage represented by any
Purchaser  Interest  as  computed  (or deemed recomputed) as of the close of the
business  day  immediately preceding the Amortization Date shall remain constant
at  all  times  thereafter.

     "PURCHASING  FINANCIAL  INSTITUTION"  has  the meaning specified in Section
12.1(b).

     "RECEIVABLE"  means  all  "Receivables"  under  and  as  defined  in  the
Receivables  Sale  Agreement.  Indebtedness  and  other  rights  and obligations
arising  from  any  one transaction, including, without limitation, indebtedness
and  other  rights  and  obligations represented by an individual invoice, shall

<PAGE>

constitute  a  Receivable  separate  from  a  Receivable  consisting  of  the
indebtedness  and  other  rights  and  obligations  arising  from  any  other
transaction;  provided  further,  that  any  indebtedness, rights or obligations
referred  to  in  the  immediately  preceding  sentence  shall  be  a Receivable
regardless  of  whether  the  account debtor or Seller treats such indebtedness,
rights  or  obligations  as  a  separate  payment  obligation.

     "RECEIVABLES SALE AGREEMENT" means that certain Receivables Sale Agreement,
dated  as of September 25, 2001, between Originators and Seller, as the same may
be  amended,  restated  or  otherwise  modified  from  time  to  time.

     "RECORDS"  means,  with  respect to any Receivable, all Contracts and other
documents,  books, records and other information (including, without limitation,
computer  programs,  tapes,  disks,  punch  cards,  data processing software and
related  property  and rights) relating to such Receivable, any Related Security
therefor  and  the  related  Obligor.

     "REDUCTION  NOTICE"  has  the  meaning  specified  in  Section  1.3.

     "REDUCTION  PERCENTAGE"  means,  for any Purchaser Interest acquired by the
Financial  Institutions from Conduit for less than the Capital of such Purchaser
Interest, a percentage equal to a fraction the numerator of which is the Conduit
Transfer  Price  Reduction  for  such  Purchaser Interest and the denominator of
which  is  the  Capital  of  such  Purchaser  Interest.

     "REGULATORY  CHANGE"  has  the  meaning  specified  in  Section  10.2(a).

     "REINVESTMENT"  has  the  meaning  specified  in  Section  2.2.

     "RELATED  SECURITY"  means, with respect to any Receivable, all of Seller's
now  owned  and  existing  or  hereafter  arising  or  acquired right, title and
interest  in  and  to  (i)  all  "Related  Security" under and as defined in the
Receivables  Sale  Agreement,  (ii)  the  Performance  Undertaking,  (iii)  the
Receivables  Sale  Agreement,  and  (iv)  all  proceeds of any of the foregoing.

     "REQUIRED  FINANCIAL  INSTITUTIONS"  means,  at  any  time,  Financial
Institutions  with  Commitments  in  excess  of  66-2/3%  of the Purchase Limit.

     "REQUIRED  NOTICE  PERIOD"  means  two  (2)  Business  Days.

     "RESTRICTED  JUNIOR  PAYMENT" means (i) any dividend or other distribution,
direct  or  indirect,  on account of any shares of any class of capital stock of
Seller  now or hereafter outstanding, except a dividend payable solely in shares
of  that  class  of  stock  or  in any junior class of stock of Seller, (ii) any
redemption,  retirement,  sinking  fund  or  similar  payment, purchase or other
acquisition for value, direct or indirect, of any shares of any class of capital
stock of Seller now or hereafter outstanding, (iii) any payment or prepayment of
principal  of,  premium,  if  any, or interest, fees or other charges on or with
respect  to,  and any redemption, purchase, retirement, defeasance, sinking fund
or similar payment and any claim for rescission with respect to the Subordinated
Loans  (as  defined in the Receivables Sale Agreement), (iv) any payment made to
redeem,  purchase,  repurchase  or  retire,  or  to obtain the surrender of, any
outstanding  warrants, options or other rights to acquire shares of any class of
capital  stock  of  Seller  now or hereafter outstanding, and (v) any payment of
management  fees  by  Seller  (except  for  reasonable  management  fees  to the
Originator  or  its  Affiliates  in  reimbursement of actual management services
performed).

     "SCHEDULED  ORIGINATOR"  means  an  Obligor  listed  on Exhibit XII hereto.

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

     "SELLER  PARTIES"  has  the  meaning  specified  in  the  preamble  to this
Agreement.

<PAGE>

     "SERVICING  FEE"  has  the  meaning  specified  in  Section  8.6.

     "SETTLEMENT  DATE"  means  (A)  the  2nd  Business  Day  after each Monthly
Reporting  Date,  and (B) the last day of the relevant Tranche Period in respect
of  each  Purchaser  Interest  of  the  Financial  Institutions.

     "SETTLEMENT  PERIOD"  means  (A)  in  respect of each Purchaser Interest of
Conduit,  the  immediately  preceding Accrual Period, and (B) in respect of each
Purchaser  Interest  of the Financial Institutions, the entire Tranche Period of
such  Purchaser  Interest.

     "SUBSIDIARY"  has  the meaning specified in the Receivables Sale Agreement.

     "TERMINATION  DATE"  has  the  meaning  specified  in  Section  2.2.

     "TERMINATION  PERCENTAGE"  has  the  meaning  specified  in  Section  2.2.

     "TERMINATING  FINANCIAL  INSTITUTION"  has the meaning specified in Section
13.6(a).

     "TERMINATING  TRANCHE"  has  the  meaning  specified  in  Section  4.3(b).

     "TOP  20  OBLIGOR"  means, for any month of determination, an Obligor whose
Receivables  had  one of the 20 highest aggregate Outstanding Balances as of the
last  day  of  the  month  then  most  recently  ended.

     "TRANCHE  PERIOD"  means,  with respect to any Purchaser Interest held by a
Financial  Institution:

     (a)  if Yield for such Purchaser Interest is calculated on the basis of the
LIBO Rate, a period of one, two, three or six months selected by Seller with the
approval  of  the  Agent  (which  consent  shall  not  be unreasonably withheld)
pursuant to this Agreement, or such other period as may be mutually agreeable to
the  Agent  and  Seller,  commencing on a Business Day selected by Seller or the
Agent  pursuant  to  this Agreement. Such Tranche Period shall end on the day in
the  applicable  succeeding  calendar month which corresponds numerically to the
beginning  day  of  such  Tranche Period, provided, however, that if there is no
such numerically corresponding day in such succeeding month, such Tranche Period
shall  end  on  the  last  Business  Day  of  such  succeeding  month;  or

     (b)  if Yield for such Purchaser Interest is calculated on the basis of the
Base  Rate,  a period designated by Seller commencing on a Business Day selected
by  Seller,  PROVIDED THAT no such period shall exceed one month. If any Tranche
Period would end on a day which is not a Business Day, such Tranche Period shall
end  on the next succeeding Business Day, provided, however, that in the case of
Tranche Periods corresponding to the LIBO Rate, if such next succeeding Business
Day  falls  in  a  new  month,  such Tranche Period shall end on the immediately
preceding  Business  Day.  In  the  case of any Tranche Period for any Purchaser
Interest which commences before the Amortization Date and would otherwise end on
a  date  occurring after the Amortization Date, such Tranche Period shall end on
the Amortization Date. The duration of each Tranche Period which commences after
the  Amortization  Date  shall  be  of  such  duration as selected by the Agent.

     "TRANSACTION  DOCUMENTS" means, collectively, this Agreement, each Purchase
Notice,  the  Receivables Sale Agreement, each Collection Account Agreement, the
Performance  Undertaking,  the  Fee Letter, the Subordinated Note (as defined in
the  Receivables  Sale  Agreement)  and  all  other  instruments,  documents and
agreements  executed  and  delivered  in  connection  herewith.

     "UCC"  means  the Uniform Commercial Code as from time to time in effect in
the  specified  jurisdiction.

     "UNALLOCATED  CASH"  means,  on  any  date  of  determination,  Collections
received  by  the Servicer (or a Permitted Sub-Servicer) which have not yet been
posted  to  the  invoice  evidencing  a  particular  Receivable.

<PAGE>

     "YIELD"  means  for  each  respective  Tranche Period relating to Purchaser
Interests  of  the Financial Institutions, an amount equal to the product of the
applicable  Discount  Rate for each Purchaser Interest multiplied by the Capital
of  such  Purchaser  Interest  for  each day elapsed during such Tranche Period,
annualized  on  a  360  day  basis.

     "YIELD  RESERVE"  means, on any date, an amount equal to 2.0% multiplied by
the  Net  Receivables Balance as of the close of business of the Master Servicer
on  such  date.

     ALL  ACCOUNTING TERMS NOT SPECIFICALLY DEFINED HEREIN SHALL BE CONSTRUED IN
ACCORDANCE  WITH  GAAP.  ALL  TERMS USED IN ARTICLE 9 OF THE UCC IN THE STATE OF
ILLINOIS,  AND  NOT  SPECIFICALLY  DEFINED HEREIN, ARE USED HEREIN AS DEFINED IN
SUCH  ARTICLE  9.

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